menu
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.
As our silent period is about to start, we would like to highlight some of the most notable events of the very eventful fourth and last quarter of 2022. Cargotec’s Financial Statements Review 2022 will be published on Thursday, 2 February 2023, and the silent period starts on Thursday, 12 January 2023.
Cargotec hosted its Capital Markets Day in Helsinki, Finland, in mid-November. About 30 investors and analysts participated in the event on site, hearing leadership presentations and insights about Cargotec’s core business Hiab and Kalmar prospects for the future, and the company ambitions in sustainability, service, technology and innovation. Read more about the event from Cargotec's IR blog here.
On the next day after the CMD, 15 participants climbed on a bus and took a ride to Raisio, Western Finland, to see and hear about Hiab business area’s assembly unit activities there. The Raisio unit focuses on assembling Hiab’s world leading Multilift hooklifts, a demountables solution. Read the story at Cargotec's IR blog.
All information and materials published at the event is available here. Thank you for participating the event, either virtually or on-site!
Date (booking quarter): 11 January (Q4/22)
Business area: Kalmar
Description: Total 64 Kalmar medium and heavy forklift trucks
Country/Customer: Germany/
Value: Not disclosed (significant order)
Date (booking quarter): 9 January (Q4/22)
Business area: Hiab
Description: Premium heavy duty WALTCO WDV railgates for a US national retailer
Country/Customer: USA/
Value: almost EUR 4 million
Date (booking quarter): 29 December (Q4/22)
Business area: MacGregor
Description: RoRo equipment for two 6,900 CEU Pure Car and Truck Carrier vessels.
Country/Customer: Japan/K Line
Value: Not disclosed (large order)
Date (booking quarter): 23 December (Q4/22)
Business area: Kalmar
Description: Six Kalmar Gloria reachstackers with a lifting capacity of 45 tons to a German rental equipment provider.
Country/Customer: Germany/Uwe Kleinwort GmbH
Value: Not disclosed (large order)
Date (booking quarter): 22 December (Q4/22)
Business area: MacGregor
Description: Comprehensive packages of RoRo equipment for a total of 15 Pure Car and Truck Carrier vessels to be built at three shipyards in China and South Korea for three different ship owners.
Country/Customer: Not disclosed/Three different ship owners
Value: EUR 90 million
Date (booking quarter): 19 December (Q4/22)
Business area: Hiab
Description: 135 MULTILIFT hooklifts and seven HIAB loader cranes with installation, accessories and training, with option for 127 additional MULTILIFT hooklifts. The equipment will be installed on trucks and delivered to the Finnish Defence Forces.
Country/Customer: Finland/Veho Oy Ab
Value: Not disclosed (large order)
Date (booking quarter): 19 December (Q4/22)
Business area: Hiab
Description: MULTILIFT Optima hooklifts and medium and heavy range HIAB loader cranes for a manufacturer of commercial vehicles for the construction and concrete industry in Germany.
Country/Customer: Germany/
Value: EUR 4.75 million
Date (booking quarter): 15 December (Q4/22)
Business area: Kalmar
Description: Comprehensive five-year service agreement including the provision of equipment, parts and service personnel.
Country/Customer: Sweden/
Value: EUR 25 million
Date (booking quarter): 9 December (Q4/22)
Business area: MacGregor
Description: Heavy-duty cranes for ten floating crane barges.
Country/Customer: Indonesia/PT Karya Teknik Utama
Value: Not disclosed (Two large orders)
Other releases from Q4 2022
In November, Cargotec published new performance targets for its core businesses Hiab and Kalmar ahead of the Capital Markets Day. Cargotec’s Board of Directors has set the following performance targets:
Cargotec also aims for a growing dividend 30–50% of EPS and to keep gearing below 50%.
1) Scopes 1, 2 & 3, compared to 2019
2) global GDP, IMF World Economic Outlook, current prices.
In November, we also announced that Cargotec has completed the strategic evaluation of MacGregor. Based on the evaluation, Cargotec’s Board of Directors has concluded that MacGregor will not be part of Cargotec’s portfolio in the future. Cargotec will focus on profitable growth of its core businesses, Hiab and Kalmar, by solving customers' sustainability challenges.
During the strategic evaluation, it became clear that there is considerable interest in MacGregor. However, from a value creation perspective, the timing for divesting the business is not ideal at the moment. This is due to the current uncertainty in the financial market combined with the early phase of MacGregor turnaround. Hence, Cargotec has decided not to initiate an active sales process now. The Board of Directors continues to evaluate the timing of the divestment. In the meanwhile, MacGregor will focus on improving the profitability of the business and has started a restructuring program in its offshore business.
On 20 December, Cargotec announced that CEO Mika Vehviläinen has informed Cargotec’s Board of Directors of his intention to retire from Cargotec during 2023, in accordance with the terms of his CEO service contract. The Board has initiated a search for a successor. Mika Vehviläinen was appointed as Cargotec CEO in 2013, and the announcement comes after nearly 10-year period as CEO of Cargotec.
“Mika’s retirement next year will mark the end of a remarkable career with Cargotec. Under his leadership, Cargotec has made critical changes to its strategy, structure and performance that position it strongly for success. The work to develop the company to its full potential continues, and we will thank Mika warmly for his leadership and contribution to our business when he leaves next year,” says Jaakko Eskola, Chair of the Board of Directors.
On the same day, Hiab announced the acquisition of a family-owned Swedish industrial group Olsbergs, which designs, manufactures and supplies hydraulic valves and remote control systems used to manoeuvre Hiab’s truck mounted loader cranes and forestry cranes. The closing took place on 1 January 2023 and the integration of Olsbergs into Hiab as a separate business unit started immediately after closing. After the acquisition is completed, Olsbergs will become a business unit in Hiab’s Loader Cranes Light & Medium division and all 100 employees join Hiab.
On 21 December, Cargotec announced that it has entered into an EUR 330 million sustainability-linked revolving credit facility with a syndicate of its seven relationship banks on 21 December 2022. The facility has a tenor of five years with two one-year extension options. The purpose of this facility is to refinance the existing EUR 300 million revolving credit facility maturing in June 2024. With this facility, Cargotec strengthens its long-term liquidity and includes sustainability targets to the facility.
The key performance indicator (KPI) of the facility is directly linked to Cargotec's climate-related performance target, which is to reduce CO2 emissions in our value chain by 50% by 2030.
Cargotec hosted its Q4/2022 pre-silent call on 11 January. In this video, CFO Mikko Puolakka summarises the key messages and answers the most common questions we have received during the quarter.
IR activities during Q4
The quarter was full of exciting meetings, with the CMD and the following site visit bringing a lot of investors to Helsinki in November. During the fourth quarter, road shows took us to US, Canada, UK and Denmark, and we have also hosted some visits at our headquarters in Helsinki, Finland. We are also available for virtual and hybrid events.
If you are interested to meet with us, please do not hesitate to contact Heidi at heidi.gustafsson(at)cargotec.
The third quarter of 2022 is soon behind us and we would like to take the opportunity and highlight some of our most notable events of the past quarter. Cargotec’s interim report January–September 2022 will be published on Wednesday, 26 October 2022, and the silent period starts on Wednesday, 5 October 2022.
Cargotec's Capital Markets Day 2022 will be held in Helsinki, Finland, on Tuesday 15 November 2022. The event focuses on Cargotec’s refocused strategy published in March and future shareholder potential.
On the following day, Wednesday 16 November 2022, registered participants have the opportunity to also visit Cargotec's Hiab business area assembly unit in Raisio, Finland. Raisio unit focuses on assembling Hiab’s world-leading Multilift hooklifts, a demountables solution.
Further information and details about the event is available here. Please register by clicking the link below by no later than Wednesday, 5 October 2022 (virtual attendance is also available). The final moments to register are at hand!
Other releases from Q3 2022
In July, we announced that Kalmar and Rainbow Industries Co. Ltd. (RIC) have entered into an agreement whereby Kalmar would transfer heavy cranes’ related intellectual properties and assets to RIC in China. The agreement would strengthen Kalmar’s strategic transfer to focus on offering industry shaping, eco-efficient cargo handling equipment. Further, Kalmar continues to offer crane automation and crane related services for its customers globally.
Cargotec hosted its Q3/2022 pre-silent call on 4 October. In this video, CFO Mikko Puolakka summarises the key messages and answers the most common questions we have received during the quarter.
IR activities during Q3
It has been a great pleasure to start meeting investors and analysts more in person again. During the third quarter, road shows took us to UK and France, and we have also hosted many visits at our headquarters in Helsinki, Finland. While the face-to-face meetings are increasing in numbers, we are also available for virtual and hybrid events.
If you are interested to meet with us, please do not hesitate to contact Heidi at heidi.gustafsson(at)cargotec.com to agree on the details.
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 second quarter of 2022 is soon behind us and we would like to take the opportunity and highlight some of our most notable events of the past quarter. Cargotec’s interim report January–June 2022 will be published on Wednesday, 20 July 2022, and the silent period starts on Wednesday, 29 June 2022.
Cargotec, the global leader in sustainable cargo flow arranges Capital Markets Day in Helsinki, Finland, on Tuesday 15 November 2022. The event will focus on Cargotec’s refocused strategy published in March and future shareholder potential. Attending the event will be possible both physically in Helsinki or virtually over an online stream.
Other releases from Q2 2022
During the second quarter, we announced changes in the Board of Directors and in the Cargotec Leadership Team. In April, the Board of Directors announced the appointment of Mr. Jaakko Eskola as the new Company Chair. Jaakko Eskola will succeed Mr. Ilkka Herlin who has chosen to step down as the Chair of the Board having served as Chair for 17 years since 2005. Ilkka Herlin will continue as a member of the board and as the Vice Chair.
As previously announced in March, Cargotec will shift Kalmar’s focus towards mobile solutions aiming for higher financial performance through sustainability and profitable growth. Cargotec is also planning to combine Kalmar Mobile Solutions and Kalmar Automation Solutions strategic business units to create a unified Kalmar. Michel van Roozendaal (M.Sc. Aerospace Engineering; MBA INSEAD, b.1963), currently President of Kalmar Mobile Solutions, was selected to lead the planning. Antti Kaunonen, President of Kalmar Automation Solutions, has decided to retire on 1 July 2022.
On 7 June, we announced that Kalmar invests in upgrading and expanding its manufacturing plant in Ottawa, Kansas, USA. The investment, worth close to EUR 20 million, is driven by the growing demand from the logistics industry for eco-efficient equipment solutions that do not rely on fossil fuels to operate. The investment will eventually enable the plant’s annual production capacity to be doubled, making it the largest terminal tractor manufacturing facility in North America.
Cargotec hosted its Q2/2022 pre-silent call on 22 June. In the video, Cargotec's CFO Mikko Puolakka summarises the key messages and answers the most common questions we have received in the call and during the quarter.
IR Blog: Sustainability metrics increasingly important in leadership incentive programmes
“Cargotec's Board strongly supports sustainability themes, and the need to include elements that emphasise sustainability in leadership remuneration has long been discussed in the Board. Themes related to all ESG aspects, environment, social and governance, are important for Cargotec’s Board,” says Vesa-Pekka Lankinen, VP Performance and Rewards, Cargotec.
Read more about his thoughts and management compensation in Cargotec in the latest IR blog.
IR activities during Q2
It has been a great pleasure for us to start meeting investors and analysts more in person again. During the second quarter, road shows took us to the UK, France, Belgium and the Netherlands. We also attended several investor conferences and meetings and hosted investors at our headquarters in Helsinki, Finland. While the face-to-face meetings are taking more and more time on our agendas, we are also available for virtual and hybrid events.
If you are interested to meet with us, please do not hesitate to contact Heidi at heidi.gustafsson(at)cargotec.com to agree on the details.
You asked, we answered!
In May, we asked the investor community about which Cargotec-related topics they would like to know more about. We received more questions than we could have hoped for - thank you everyone who participated! Have a look at the questions and answers here.
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 first quarter of 2022 is now behind us and we would like to take the opportunity and highlight some of our most notable events of the quarter past. Cargotec’s interim report January – March 2022 will be published on Wednesday, 27 April 2022, and the silent period starts on Wednesday, 6 April 2022.
Cargotec announced its refocused strategy on 30 March following the cancellation of the planned merger with Konecranes the day before
Cargotec will focus on sustainability and growth in profitable core businesses Hiab, Kalmar Mobile Solutions and Kalmar’s horizontal transportation business. Cargotec’s vision and breakthrough objectives sustainability and profitable growth remain.
Cargotec will initiate an evaluation of strategic options of MacGregor including a potential sale of the business.
Kalmar’s focus will shift towards mobile solutions and will start planning an exit from the heavy port cranes business.
Hiab will remain at the core of Cargotec’s strategy and its business portfolio will remain the same, but Cargotec plans to further accelerate the development of Hiab’s M&A pipeline.
Cargotec’s capital allocation priorities for upcoming 12 months are planned to be acceleration of M&A, research and development investments in electrification, robotics and digitalisation as well as Cargotec’s climate programme Mission Climate.
Cargotec is planning to host a capital markets day later this year.
Release | Presentation | Webcast recording
Other releases from Q1 2022
In January, Kalmar announced to supply world's first electric reach stacker with combined charging system to Westport AS in Norway, and signed a one-year agreement with Norwegian rail operator CargoNet covering the field-testing of a Kalmar Electric Reachstacker.
Hiab introduced the MOFFETT E5 NX as the third model in the eSeries of all-electric truck mounted forklifts. It is the world's first electric truck mounted forklift with a moving mast.
In February, Cargotec published its 2021 annual report and financial statements. The Annual Report 2021 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.
In the Board of Directors’ report, Cargotec for the first time also reports the group sales, capital expenditure and operating expenditure according to the EU taxonomy classification system. In 2021, the proportion of taxonomy-eligible economic activities in Cargotec’s total turnover was 100 percent, 100 percent in the capital expenditure, and 100 percent in the operational expenditure.
In March, Cargotec's Annual General Meeting was held virtually. The Annual General Meeting approved a distribution of a dividend of EUR 1.08 for each outstanding class B shares. The dividend payment day was 28 March 2022.
After the AGM, Cargotec's Board of Directors organising meeting 2022 elected Ilkka Herlin to continue as Chair of the Board. Jaakko Eskola was elected as Vice Chair of the Board.
We regret to see that the conflict has escalated into war after Russia’s military attack. The attack is a violation of human rights and there is no justification for it. Our thoughts are with those people suffering from the shocking actions. Despite the horrific consequences of the war, the general impact, however, in Cargotec's overall business at this stage is low. Below some Q&A about the situation.
Q: How big a share of your sales comes from Russia and Ukraine?
A: We have stopped all sales to Russia and Belarus until further notice. We have had sales to Russia and Ukraine, but the countries have not been among our top 10 markets. In 2021, Russia’s share of total sales was below 1%. Ukraine's share was even smaller.
Q: Do you have any assembly operations or suppliers in Russia or in Ukraine?
A: We don’t have assembly units either in Russia or in Ukraine. We have a limited number of suppliers in the countries. However, some of our suppliers get some of the steel from Ukraine.
Q: Do we have any employees in Ukraine and/or in Russia?
A: We don't have any of employees in Ukraine. In Russia, we have roughly 50 employees.
Q: What are the long term implications of the war for Cargotec?
The situation is evolving rapidly, on a daily basis, and it is too early to draw any conclusions. A prolonged conflict situation would most probably affect global economic growth adversely.
Q: Has Cargotec supported the civil victims of the war by donating money through charities?
A: The Cargotec Board of Directors has made the decision to donate 100,000 euros to charities supporting the people in need. The donation will be made through two international charities; the Red Cross Disaster Relief Fund (50%) and Unicef (50%).
IR activities during Q1
During Q1, we have kept up our active engagement with the financial markets. We met investors on virtual roadshows and hosted standalone meetings and calls with investors and analysts.
If you are interested to meet with us, please do not hesitate to contact Heidi at heidi.gustafsson(at)cargotec.com to agree on the details.
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.
