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Interim report January–March 2023
Release Presentation Teleconference WebcastBrowse all Cargotec’s investor publications in this section. In case you need additional information, please contact Cargotec Investor Relations team.
This section contains Cargotec's IR newsletters, mainly published quarterly before the three-week silent period. You can find the most recent letter below.
As our silent period is about to start, we would like to highlight some of the most notable events of the first quarter of 2023. Cargotec’s interim report January-March 2023 will be published on Thursday, 27 April 2023, and the silent period starts on Thursday, 6 April 2023.
Cargotec Investor Event on Eco portfolio and taxonomy was held on Monday 3 April, recording and material available below!
Cargotec had the pleasure to invite analysts, investors and media to join Cargotec’s Eco portfolio and taxonomy investor event on Monday 3 April 2023. The event was a success, with around 30 participants attending the event either virtually or in Helsinki.
The event included presentations by Cargotec’s Head of Sustainability, Päivi Koivisto, Mette Kjems Bærentzen, Head of Sustainability of Kalmar and Tobias Bunne, Head of Sustainability of Hiab.
The recording of the event can be viewed at https://cargotec.videosync.fi/
Cargotec changed the definition of the alternative performance measure comparable operating profit and discloses figures in accordance with the new definition for the comparison periods 2020, 2021 and 2022.
The restated comparable operating profit will also include the impacts of the purchase price allocation, which amounted to EUR 16 million in 2022. Of these items, EUR 1 million were related to Kalmar, EUR 3 million to Hiab, and EUR 12 million to MacGregor. Comparison figures have been calculated based on the new definition, which is identical to the definition used prior to the previous change in 2021. Outlook for 2023 remains unchanged.
All figures in table form are available from the stock exchange release published on 4 April 2023.
Figures in accordance with the new definition for the comparison periods are unaudited.
Date (booking quarter): 5 April (Q1/23)
Business area: MacGregor
Description: comprehensive packages of RoRo equipment for five PCTC vessels.
Country/Customer: Italy/
Value: more than 20 MEUR
Date (booking quarter): 30 March (Q1/23)
Business area: MacGregor
Description: RoRo equipment packages for two dual-fuel LNG PCTC vessels
Country/Customer: Switzerland/
Value: Not disclosed (large order)
Date (booking quarter): 20 February (Q1/23)
Business area: Kalmar
Description: 8 Kalmar Eco reachstackers with a fuel saving guarantee
Country/Customer: Italy/PSA Italy
Value: Not disclosed (large order)
Date (booking quarter): 15 February (Q1/23)
Business area: MacGregor
Description: RoRo-equipment for 2 8000 LM vessels
Country/Customer: Built in South Korea for CLdN/Luxembourg
Value: Not disclosed (significant order)
Date (booking quarter): 7 February (Q1/23)
Business area: Kalmar
Description: 9 Kalmar hybrid straddle carriers
Country/Customer: Belgium/DP World
Value: Not disclosed (significant order)
In January, Cargotec published that the Board of Directors appointed Casimir Lindholm (M.Sc. (Econ.), MBA), b. 1971, as Cargotec's new President and CEO, a role which Lindholm started on 1 April 2023. The announcement comes after former CEO Mika Vehvilainen announced his intention to retire from Cargotec's CEO position during 2023.
Mr. Lindholm has held CEO positions both in Eltel and Lemminkäinen and many board memberships, bringing a wealth of experience to Cargotec. Casimir Lindholm has been a member of Cargotec's Board of Directors since 2021, and due to his appointment, he was no longer available for re-election in Cargotec’s AGM held on 23 March 2023.
“I’m honored and excited to be leading Cargotec at such a pivotal moment in the company’s history, with a strong foundation and a clear vision into its next development phase of growth as we have communicated before. With a talented team, a strong portfolio of businesses with decision making close to customers, and a commitment to sustainability and profitable growth, I believe that the company is in an excellent position to create value by empowering our businesses even further in the years to come,” says Casimir Lindholm.
In February, Cargotec's Annual Report 2022 and financial statements for the financial year 2022 was published in English and Finnish.
The Annual Report 2022 consists of the annual review, financial review, corporate governance statement and remuneration report. The financial review includes the Board of Directors’ report, the financial statements and the auditor’s report. Cargotec also reports the eco portfolio sales, in accordance with the revised criteria, for the first time. More information on these can be found from the release, where also the whole report is attached.
In March, the Annual General Meeting of Cargotec Corporation was held in Helsinki on Thursday, 23 March 2023. The AGM decided in line with the Board's proposals. Information about the AGM and the decisions made can be found at Cargotec's investor pages.
Cargotec hosted its Q1/2023 pre-silent call on 4 April. In this video, Cargotec's CFO Mikko Puolakka is interviewed by Atte Leskinen from Cargotec's Investor Relations, with most frequent questions received from investors during the first months of 2023.
You can follow Cargotec investor-related and other news also in Instagram. Be sure to go to @cargotecglobal and subscribe!
Check our IR blog section for interesting stories about various topics around our industry and activities.
We maintain a list with all mergers and acquisitions as well as divestments on the Cargotec website Investors section - you can find the M&A history here.
Visit the IR calendar section on the Cargotec website for more information about upcoming and past events.
Have a look at the latest VARA consensus estimates.
The fourth quarter of 2020 is behind us, and we would like to remind you of some of the quarter's most important events. Cargotec’s Financial Statements review 2020 will be published on Thursday, 4 February 2021, and the silent period will commence on Thursday, 14 January 2021. If you would like to book a call with us before our silent period, please contact Tiina (tiina.aaltonen@cargotec.com).
Cargotec Corporation will disclose the following financial information in 2021:
Cargotec's Financial Statements 2020 and Annual Report 2020 will be available at www.cargotec.com on week 8.
The Annual General Meeting of Cargotec Corporation will be held on Tuesday, 23 March 2021.
| Date (and booking quarter) | Business area | Description | Country/ Customer | Value |
| 7 January 2021 (Q4/2020) | Kalmar | 6 hybrid RTGs equipped with a suite of Kalmar SmartPort process automation solutions and a two-year M&S Services agreement for the Kalmar SmartPort software | USA/Total Terminals International, LLC | EUR 11 million |
| 4 January 2021 (Q4/2020) | Kalmar | 42 next-generation electric (NGE) straddle carriers | USA/Maher Terminals LLC | Not disclosed |
| 17 December (Q4/20) | Kalmar | Approximately 400 terminal tractors | Not disclosed | Over EUR 30 million |
| 16 November (Q4/20) | Kalmar | six-year Kalmar Care service agreement covering the supply of maintenance support personnel | North Ireland/Belfast Container Terminal Ltd. | Not disclosed |
On 18 December, Cargotec’s Extraordinary General Meeting resolved to approve the merger of Cargotec and Konecranes and the resolutions relating to the merger proposed to the general meeting. See below for more information about the merger.
On 3 December, we announced that Cargotec the Board of Directors has decided to initiate the actual sales process of Navis. We had earlier announced that we are evaluating the strategic options of Navis, which would include new ownership structures or a potential sale of Navis software business.
Also on 3 December, we announced that the Finnish Financial Supervisory Authority has approved the merger prospectus concerning the combination of Cargotec and Konecranes.
On 28 October, we announced that the Board of Directors has decided to establish a new share-based incentive programme for the Group key employees. The new Restricted Share Unit Programme 2020 is intended to function as a bridge programme for the transition period before the closing of the Transaction and forming the combined company in the merger.
On 9 October, we announced that the judicial process concerning Cargotec has been completed in the US. The claim was based on Cargotec allegedly having breached confidentiality obligations related to the negotiations. On 2 October 2020, the Supreme Court of Texas denied Cargotec’s opponent’s Petition for Review.
On 1 October, we announced that Cargotec's and Konecranes' respective Boards of Directors had signed a combination agreement and a merger plan to combine the two companies through a merger. More information about the merger.
Our current strategy period runs until end-2021. We have made good progress in services, digitalisation and productivity. The importance of sustainability continues to increase. Read about how our strategy progressed during 2020. Watch a video about the strategy progress in 2020.
On 8 December, we held a virtual sell side analyst call. In the call, Cargotec's CEO Mika Vehviläinen discussed Cargotec's and Konecranes' 1 October announcement and answered the participants' questions, among others.
Analyst call presentation (EGM material)
During Q4, our investor meetings have been virtual meetings where we have convened online and shared material virtually. Even though we miss meeting you in person and having informal discussions on the road, according to your feedback and participation the virtual meetings have worked well, and we thank you for your support and cooperation.
While the coronavirus situation prevails, we continue with high safety standards, following the regulatory travel and social restrictions.
Visit the IR calendar section on the Cargotec website for more information about upcoming and past events.
We created several videos during the quarter, and focused particularly on MacGregor.
Cargotec maintains a list with all mergers and acquisitions as well as divestments on the investor webpage - take a look at it here.
Cargotec’s investor relations offers a podcast channel in Finnish and English, listen to it here. Both Finnish and English podcasts are also available on iTunes.
Take a look at the latest Vara consensus estimates.
The third quarter of 2020 is soon ending, and we would like to remind you of some of the quarter's most important events. Cargotec’s January–September 2020 interim report will be published on Thursday, 22 October 2020, and the silent period will commence on Thursday, 1 October 2020. If you would like to book a call with us before our silent period, please contact Tiina (tiina.aaltonen@cargotec.com).
Cargotec Corporation will disclose the following financial information in 2020:
| Date (and booking quarter) | Business area | Description | Country/ Customer | Value |
| 14 September (Q3/2020) | MacGregor | two new orders, one for two RoPAX ferries and another for a group of linkspans | Asia (RoPAX), Scandinavia (linkspans) | EUR 13 million |
| 3 September (Q3/2020) | Kalmar | Three Kalmar rubber-tyred gantry (RTG) cranes | Morocco/Marsa Maroc | Not disclosed |
| 1 September (Q3/20) | Kalmar | 20 Kalmar Hybrid Shuttle Carriers | USA/The Port of Virginia | Not disclosed |
| 28 August (Q3/20) | Kalmar | Four SmartPower Rubber-Tyred Gantry (RTG) Cranes | Cambodia/Phnom Penh Autonomous Port (PPAP) | Not disclosed |
| 27 August (Q3/20) | MacGregor | A significant order, the largest single vessel contract secured to date by MacGregor, for delivery of the mission-critical system to be installed on the OHT offshore wind foundation installation vessel, Alfa Lift | OHT | Not disclosed |
| 13 August (Q3/20) | MacGregor | Two orders to provide full hardware supply including ramps and lifting platforms for two RoPax vessels and two material supply vessels | Japan | EUR 18 million |
| 23 July (Q3/20) | Kalmar | Two Zero Emission rubber-tyred gantry cranes (RTGs) and Kalmar SmartPort solutions (part of Kalmar One automation system) | Turkey/Safi Derince International Port | Not disclosed |
On 1 October, we announced that Cargotec's and Konecranes's respective Boards of Directors have on that day signed a combination agreement and a merger plan to combine the two companies through a merger.
Also on 1 October, we announced that Cargotec has decided to continue to evaluate strategic alternatives for its Navis business to identify the best options to support future development of Navis.
On 15 September, we announced that our third quarter 2020 would be better than expected. We estimate that orders received and comparable operating profit are to increase compared to the second quarter 2020.
On 25 August, we announced that Cargotec's Board of Directors has decided on the second instalment of the dividend based on the authorisation granted to the Board by the Annual General Meeting. The second instalment of the dividend distribution is a dividend of EUR 0.60 for each of class A shares and a dividend of EUR 0.60 for each of class B shares outstanding. The second instalment payment date was 3 September 2020.
Cargotec has set ambitious science-based greenhouse gas emission reduction targets to address the impacts of both its own operations and the chain. In May, we announced our commitment to the United Nations Global Compact’s Business Ambition for 1.5°C to pursue science-based measures to limit global temperature rise to 1.5°C. In August, the targets were approved by the Science Based Targets initiative.
On 15 September, we held a virtual analyst call with 15 analysts participating over the web. In the call, Cargotec's CEO Mika Vehviläinen discussed Cargotec's 15 September announcement, business development and financial position, and answered the participants' questions, among others.
Sell-side analyst call presentation
During the Q3, our investor meetings have been virtual meetings where we have convened online and shared material virtually. Even though we miss meeting you in person and having informal discussions on the road, according to your feedback and participation the virtual meetings have worked well, and we thank you for your support and cooperation.
While the coronavirus situation prevails, we continue with high safety standards, following the regulatory travel and social restrictions. Depending on the development of pandemia and safety requirements in Q4, we can also consider opportunities to host even face-to-face meetings in Helsinki, Finland.
Visit the IR calendar section on the Cargotec website for more information about upcoming and past events.
Cargotec maintains a list with all mergers and acquisitions as well as divestments on the investor webpage - take a look at it here.
Cargotec’s investor relations offers a podcast channel in Finnish and English, listen to it here. Both Finnish and English podcasts are also available on iTunes.
Take a look at the latest Vara consensus estimates.
The second quarter of 2020 is soon ending, and we would like to remind you of some of the quarter's most important events. Cargotec’s January–June 2020 interim report will be published on Friday, 17 July 2020, and the silent period will commence on Friday, 26 June 2020. If you would like to book a call with us before our silent period, please contact Tiina (tiina.aaltonen@cargotec.com).
Cargotec Corporation will disclose the following financial information in 2020:
| Date (and booking quarter) | Business area | Description | Country/ Customer | Value |
| 4 June (Q2/20) | Kalmar | Three Kalmar Zero Emission rubber-tyred gantry (RTG) cranes | Brazil/Klabin | Not disclosed |
Cargotec’s Annual General Meeting was held on 27 May 2020 in Helsinki, Finland. Due to coronavirus pandemic restrictions, shareholders were advised not to participate in the meeting in person, but to follow it via the video presentation. In his presentation, Cargotec’s CEO Mika Vehviläinen concentrated on Cargotec’s financial results in 2019, company performance during the first quarter of 2020, and Cargotec’s Climate Ambition.
Watch the video - Chairman of the Board at the 2020 AGM
Watch the video - CEO review at the 2020 AGM
On 27 May, we announced our commitment to the United Nations Global Compact’s Business Ambition for 1.5°C (see below for more information). In his recent blog, Cargotec's CEO Mika Vehviläinen writes about his concerns about what kind of world we leave for our children and their children. Even when climate change represents a significant business opportunity for us in Cargotec, "we have an opportunity - an obligation - to serve our customers with solutions that enable us to live in a better world."
On 9 June, we held a virtual sell-side analyst call with 14 analysts participating over the web. In the call, Cargotec's CEO Mika Vehviläinen went through the corona virus impact on our business, our financial position, the latest development on sustainability (see below for more information), among others.
Sell-side analyst call presentation
On 3 June, Kalmar and MacGregor announced their participation in AEGIS, a three-year project funded by the EU’s Horizon 2020 Research and Innovation programme. The AEGIS project aims to integrate smaller ships, inland transport and short-sea shipping with larger terminals to create a completely new European transport system (AEGIS stands for Advanced, Efficient and Green Intermodal Systems).
On 2 June, we announced the completion of the sale of the share of the joint venture Rainbow-Cargotec Industries Co., Ltd (RCI) in China. As part of the agreement, Cargotec acquired certain operations and assets of the joint venture from Jiangsu Rainbow Heavy Industries Co., Ltd. (RHI), and ca. 160 employees have moved over from RCI to Kalmar.
On 27 May, we announced our commitment to the United Nations Global Compact’s Business Ambition for 1.5°C, joining leading companies in a promise to pursue science-based measures to limit global temperature rise to 1.5°C. By making this commitment, Cargotec strives to mitigate climate change through making the logistics industry more efficient and in developing solutions to enable a low-carbon economy.
Safety is important to all of us, and during the coronavirus crisis we have strictly complied with regulatory travel and social restrictions. With this in mind, our investor meetings are now virtual meetings, where we share material via Google Meet.
During Q2 2020, Cargotec's Investor Relations held many virtual roadshows over the web, and we will continue to offer those in the future as well.
Visit the IR calendar section on the Cargotec website for more information about upcoming and past events.
What would you like to ask about Cargotec as an investment? Cargotec's IR team is looking for questions especially from investors and analysts for our next IR blog Q&A. Send your questions via our web form www.cargotec.com/feedback.
Cargotec maintains a list with all mergers and acquisitions as well as divestments on the investor webpage - take a look at it here.
Cargotec’s investor relations offers a podcast channel in Finnish and English, listen to it here. Both Finnish and English podcasts are also available on iTunes.
Take a look at the latest Vara consensus estimates.
The first quarter of 2020 is soon ending, and we would like to remind you of some of the quarter's most important events. Cargotec’s January-March 2020 interim report will be published on Thursday, 23 April 2020, and the silent period will commence on Thursday, 2 April 2020. If you would like to book a call with us before our silent period, please contact Tiina (tiina.aaltonen@cargotec.com).
Cargotec Corporation will disclose the following financial information in 2020:
| Date (and booking quarter) | Business area | Description | Country/ Customer | Value |
| 18 March (Q1/20) | Kalmar | Six Kalmar rubber-tyred gantry (RTG) cranes | Tanzania/Tanzania Ports Authority (TPA) | Not disclosed |
We have received several questions related to the coronavirus (COVID-19) and its impact on the company. In this blog text we have collected some typical questions and provided answers to them. The most recent update is from 17 March 2020.
The Finnish Government announced in 16 March that public gatherings will be limited to a maximum of ten persons. Based on the development of the coronavirus situation and the Finnish Government announcement, we decided to cancel the 17 March 2020 Annual General Meeting.
Updates on the AGM situation will be available on our AGM pages, as well as on our news pages. Follow us on Twitter for latest information.
From now on, all our investor meetings are virtual meetings with a link to a Google Hangouts meeting. This way we can share also slides with you during the meeting. Safety is important to all of us.
What kind of information/content would you like us to produce to you? Send your comments and suggestions to ir@cargotec.com. We collect material and share them with you.
We announced in February that we will evaluate strategic alternatives for our Navis business to identify the best options to support its future development. To secure the best possible growth and value creation for the next development phase for Navis, we will review alternative development paths, including new ownership structures and a potential sale of Navis software business. Cargotec’s other software business will not be part of the evaluation.
We also announced that Navis entered into an agreement to acquire the assets of Biarri Rail from Australia. Biarri Rail is a global provider of planning and scheduling optimisation software for freight railroads. This supports Navis’s expansion into inland solutions.
Watch the video: CEO Mika Vehviläinen talks about the Navis evaluation
Cargotec's annual report 2019 and financial statements for the financial year 1 January-31 December 2019 was published in February in English and Finnish. The annual report 2019 consists of the Annual review and the Financial review. In conjunction with the annual report we also published our GRI index for the year 2019.
In February, Stefan Lampa, the head of Kalmar Mobile Solutions, met the investor community in Helsinki, Finland. Read how Stefan thinks the market will develop and how he sees the robotics and automation to boost the business forward. Watch Stefan's video interview from the same event.
During Q1 2020, Cargotec's Investor Relations held roadshows in London/UK and in Oslo/Norway. In Copenhagen/Denmark we participated in an investor conference. We also held several investor calls and organised sell-side breakfasts in Helsinki/Finland and in London.
Visit the IR calendar section on the Cargotec website for more information about upcoming and past events.
Cargotec maintains a list with all mergers and acquisitions as well as divestments on the investor webpage - take a look at it here.
Cargotec’s investor relations offers a podcast channel in Finnish and English, listen to it here. Both Finnish and English podcasts are also available on iTunes.
In a recent Cargotec IR blog entry we interviewed Jane Chen, VP Strategy and Head of China at MacGregor about MacGregor's near and long-term future.
Take a look at the latest Vara consensus estimates.
