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Half-year report January-June 2024 will be published on 8 August, 2024
Invitation release 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 half of 2024. Cargotec's half year financial report January–June 2024 will be published on Thursday, 8 August 2024, and the silent period starts on Thursday, 18 July 2024.
Cargotec will disclose the following financial information in 2024:
The completion of the partial demerger of Cargotec Corporation and the incorporation of a new Kalmar Corporation was registered in the Finnish Trade Register on 30 June 2024. Cargotec's Annual General Meeting had resolved on the partial demerger of Cargotec in accordance with the demerger plan on 30 May 2024. In April 2023, Cargotec's Board of Directors had decided to investigate and initiate a process to separate Kalmar and Hiab into two standalone companies.
Trading in the Kalmar class B shares on Nasdaq Helsinki commenced on 1 July 2024. Trading in Cargotec’s class B shares has continued on Nasdaq Helsinki with a new ISIN code FI4000571013. The new ISIN code for Cargotec’s class A shares is FI4000571005.
More information about the demerger can be found here.
As announced on 14 November 2022, MacGregor will not be part of Cargotec’s portfolio in the future. Since then, as MacGregor’s performance and market conditions have improved, and as a dispute with a monopile installation vessel customer has been settled, Cargotec has decided to proceed with the sale process of MacGregor.
If a solution to MacGregor is found so that MacGregor would not thereafter be part of the Cargotec group, Cargotec’s Board of Directors is planning to propose to Cargotec’s General Meeting of shareholders that the company’s name would be changed from Cargotec to Hiab. Should such actions be carried out as planned in the leadership of the current President and CEO of Cargotec, Casimir Lindholm has announced his intention to step down as President and CEO at such point. The Board of Directors would then appoint the President of the Hiab business Scott Phillips as the President and CEO of the renamed company being the current Cargotec. Cargotec currently estimates that these changes to transform into standalone Hiab could take place during 2025. The current Cargotec CFO Mikko Puolakka would continue as CFO of standalone Hiab.
As a result of the the completion of the partial demerger of Cargotec Corporation, Cargotec has updated its segment reporting and from 30 June 2024 onwards Cargotec has two reporting segments, Hiab and MacGregor. The Kalmar segment has been removed. The new reporting structure will be used in Cargotec’s half-year financial report January–June 2024.
To provide a basis for comparison, Cargotec publishes its reclassified financial information of reportable segments and Corporate administration and support functions for all quarters of 2023 and the first quarter of 2024 separately, as well as for the full year 2023. Corporate administration and support functions now reflect continuing operations. Hiab and MacGregor financial information remains unchanged.
Additionally, Cargotec starts publishing a new alternative performance measure for its Hiab segment; Operative return on capital employed (Operative ROCE, defined as operating profit / operative capital employed, last 12 months). To provide a basis for comparison, Cargotec publishes Hiab’s operative ROCE for all quarters of 2023 and first quarter of 2024 separately.
The change in the reporting structure will not impact Cargotec’s outlook for 2024 which was updated on 26 June 2024:
Cargotec estimates* Hiab’s comparable operating profit margin in 2024 to be above 12 percent and MacGregor’s comparable operating profit in 2024 to improve from 2023 (EUR 33 million).
* The business area 2024 profitability outlook is presented using the same principles which are applied in the 2023 external financial reporting.
Read more from the 3 July 2024 release
Cargotec's Capital Markets Day 2024 was held in Helsinki, Finland, on 28–29** May. Around 60 investors and analysts participated in the event, either on site or virtually. Cargotec's President and CEO Casimir Lindholm opened the event, summarising the latest development of Cargotec, including the partial demerger activities at that time.
Hiab's President Scott Phillips presented Hiab's investment highlights, elaborating on the main topics, which include #1 or #2 Position in all segments; Positioned to grow faster than the market; Profitability upside, and Sustainable value creation.
Scott was followed Barry McGrane, SVP, Loader Cranes Light & Medium, Michael Bruninx, SVP, Service, and Magdalena Wojtowicz, SVP, Tail Lifts, who introduced the audience to their respective topics of Outperforming the market by focusing on growth in key segments and North America, Driving scalable service growth and customer engagement, and Unlocking productivity gains through Business Excellence.
CMD presentations and videos are available at the CMD page.
** The CMD second day focused on Kalmar. More information is available from www.kalmarglobal.com.
In connection with the CMD, Cargotec published Hiab's new long term financial targets which are valid for Hiab to measure success by 2028:
1) as a business area of Cargotec
2) as a business area of Cargotec, defined as (Operating profit / Operative capital employed)
In addition to the Hiab-specific long term targets, Cargotec’s climate target to reduce greenhouse gas emissions in all three emission scopes by at least 50 percent by 2030 compared to a 2019 baseline remains valid.
Cargotec also aims for a growing dividend of 30–50 percent of EPS and to keep gearing below 50 percent. Read more about Hiab's financial targets from our 27 May release.
Have a look at the latest VARA consensus estimates from the link below.
In July, Hiab launched HIAB eX.HIPRO crane, featuring cutting edge technological advancements in load handling for energy efficiency, increased productivity and ease of use with minimal environmental impact. The new crane provides unprecedented efficiency with energy savings of up to 30%. The robust construction and superior quality components ensure long-lasting performance, backed by extensive warranties and a wide network of service support.
In June, Cargotec announced that it updates its 2024 outlook due to the completion of the Kalmar demerger. Cargotec estimates* Hiab’s comparable operating profit margin in 2024 to be above 12 percent and MacGregor’s comparable operating profit in 2024 to improve from 2023 (EUR 33 million).
In June, Hiab launched the WALTCO MDV liftgate series for speedy and hassle-free dock loading and distribution. Combined with intuitive controls for easy operations, the new liftgate series offers several sustainability advantages and safety features.
In June, Hiab announced the launch of MyHiab mobile app to improve operator productivity and safety. The digital companion provides features and content about Hiab equipment throughout its lifecycle. It also establishes a communication channel between Hiab and the end-users.
Cargotec's Annual General Meeting 2024 was held on 30 May 2024 in Helsinki, Finland. The AGM decided in line with the Board's proposals, including the partial demerger of Cargotec and the separate listing of Kalmar. In its organising meeting, the elected Board of Directors elected Ilkka Herlin as the Board Chair.
In May, Cargotec announced that MacGregor has settled the dispute it had related to one and only monopile installation vessel project. The settlement will have an approximately EUR 25 million negative impact on MacGregor’s second quarter 2024 operating profit. The costs will be reported as items affecting comparability as the costs are related to a one of its kind pilot project and the product is no longer in MacGregor’s sales portfolio.
In May, Hiab announced that it expands its spare parts offering so every customer finds a solution tailored to their needs, with the introduction of Red Parts and Exchange Parts to complement Original Parts.
Cargotec hosted its Q2/2024 pre-silent call on 18 June 2024. In this video, Cargotec's CFO Mikko Puolakka answers the most frequent questions received from investors and analysts during the first half of 2024.
During the first half of 2024, road shows and investor conferences took us to Switzerland, France, England, Germany and Sweden, and we have also hosted investor visits and calls at our headquarters in Helsinki, Finland. We are also available for virtual and hybrid meetings and events.
An up-to-date listing of the conferences and events we participate in is available on our IR calendar. Please note though that the schedule is preliminary and subject to change. If you are interested to meet with us, please do not hesitate to contact Heidi at heidi.gustafsson(at)cargotec.
Check our IR blog section for interesting stories about various topics around our industry anc 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.
As our silent period is about to start, we would like to highlight some of the most notable events of the first quarter of 2024. Cargotec’s Interim report January–March 2024 will be published on Tuesday, 30 April 2024, and the silent period starts on Tuesday, 9 April 2024.
Cargotec will disclose the following financial information in 2024:
Cargotec's Financial Statements 2023 and Annual Report 2023 was published on 22 February 2024.
The Annual General Meeting of Cargotec Corporation will be held on Thursday, 30 May 2024.
Notice to Annual General Meeting.
In April 2023, Cargotec announced that the Board of Directors of Cargotec has decided to investigate and initiate a process to potentially separate its core businesses Kalmar and Hiab into two standalone companies. In February 2024, Cargotec's Board of Directors approved a demerger plan concerning the separation of Kalmar into a new listed company.
Also in February, Cargotec announced that, as part of the planned separation of Kalmar by partial demerger, there will be changes in its leadership team:
Cargotec previously announced on 9 November 2023 that Sami Niiranen (M.Sc. Mining) was appointed as President of Kalmar and proposed as the new CEO of the potential standalone Kalmar. As announced on the 1 February 2024 release, on 1 April 2024 Sami Niiranen started as President of Kalmar and joined Cargotec’s Leadership team.
According to the same release, as part of the planned separation of Kalmar, Carina Geber-Teir has transitioned from her role as SVP Communications at Cargotec to assume the position of Head of Investor Relations, Communications and Marketing at Kalmar. From 1 April 2024 onwards Carina has joined Kalmar’s leadership team, and is no longer a member of the Cargotec Leadership Team.
Cargotec’s two-day Capital Markets Day event will take place on 28–29 May 2024 in Helsinki, Finland. On 28 May, the focus is on Cargotec and Hiab while on 29 May, Kalmar will present itself in detail.
More information can be found on our website.
Save the dates on your calendar and register for the event through this link.
Date (booking quarter): 8 April (Q1/24)
Business area: Kalmar
Description: Six Kalmar hybrid straddle carriers
Country/Customer: France/Med Europe Terminal
Value: Not disclosed (large order)
Date (booking quarter): 3 April (Q1/24)
Business area: Hiab
Description: WALTCO tail lifts
Country/Customer: USA/a national discount retailer
Value: Large order of EUR 7 million
Date (booking quarter): 27 March (Q1/24)
Business area: Hiab
Description: Loader cranes to be used in offshore wind turbines
Country/Customer: Not disclosed
Value: Large order of EUR 5 million
Date (booking quarter): 7 March (Q1/24)
Business area: MacGregor
Description: A 100-tonne active heave-compensated (AHC) crane, a 20T Offshore crane and a 3T deck crane, and MacGregor's OnWatch solution, including 24/7 technical service support worldwide
Country/Customer: Norway/VARD
Value: Not disclosed (large order)
Date (booking quarter): 5 March (Q1/24)
Business area: Kalmar
Description: Two new electric AutoStrads™, retrofitting of two existing hybrid straddle carriers
Country/Customer: USA/APM Terminals
Value: Not disclosed (large order)
Date (booking quarter): 21 February (Q1/24)
Business area: Kalmar
Description: Two fully electric and eight hybrid straddle carriers
Country/Customer: The Netherland/Hutchison Ports ECT Rotterdam
Value: Not disclosed (significant order)
In April, Cargotec announced restated financial information for 2023 due to the proposed demerger, and Kalmar business area is presented as discontinued operations. Under IFRS 5, the result from discontinued operations is reported separately from continuing operations’ income and expenses in the consolidated statement of income.
In April, Cargotec announced that the public prosecutor has decided to press charges against Tapio Kolunsarka, a member of the Board of Directors of Cargotec, in a criminal matter concerning certain Ramirent Plc’s disclosures as a listed company. Tapio Kolunsarka acted as the Managing Director of Ramirent Plc during the period referred to in the charges in 2019. According to information received by Cargotec, Tapio Kolunsarka denies any involvement in criminal activity. Cargotec is not a party to the matter. The charges do not affect the work of the Cargotec Board of Directors.
In March, Cargotec announced the Board of Directors had decided on a direct share issue related to the reward payments for share-based incentive programmes. 172,993 own class B shares held by the company were transferred without consideration to the key employees participating in the share-based incentive programmes. After the transfer of shares, Cargotec holds a total of 384,050 own class B shares.
In March, Hiab announced that they have launched a new eco-friendly crane solution – the HIAB wspr. This new line of emission-free, electric-hybrid cranes combine clean operation with a space-saving design.
In March, Kalmar announced that they have signed a joint development agreement for autonomous terminal tractor solutions with Forterra (formerly RRAI). Kalmar will be responsible for developing the automation-ready terminal tractor – including the drive-by-wire solution integration – as well as the Kalmar One fleet management system to manage the operation of automated terminal tractor fleets. Forterra will be responsible for the integration of their AutoDrive platform for autonomous operations for the terminal tractor.
In March, it was also announced that Kalmar was awarded ISO 27001 certification for its Information Security Management System (ISMS). The certification process was completed during 2023 by Cargotec’s Information Security team and the certification was confirmed in December 2023. ISO 27001 is the world's best-known standard for ISMSs and defines requirements that these systems must meet.
In February, Cargotec announced that the Board of Directors has decided to exercise the authorisation of the Annual General Meeting on 23 March 2023 to repurchase the company's own shares. Later in March, Cargotec announced that it has completed share repurchases and repurchased 150,000 own class B shares. After the repurchase Cargotec held a total of 557,043 shares including the shares repurchased.
In February, Cargotec announced that it commences written procedures to solicit consents, waivers and decisions to amend the terms and conditions of its senior unsecured notes due 2025 and 2026. In February, it was later announced that the procedures yielded successful results after the approval was secured from a majority of participating noteholders. The consents and waivers became effective immediately upon approval in the written procedures, and the amendments will become effective at the completion of the demerger, expected to take place on 30 June 2024.
Cargotec hosted its Q1/2024 pre-silent call on 8 April 2024. In this video, Cargotec's CFO Mikko Puolakka answers the most frequent questions received from investors and analysts during the first quarter of 2024.
During the first quarter, road shows and investor conferences took us to Switzerland, France, England and Sweden, and we have also hosted investor visits and calls at our headquarters in Helsinki, Finland. We are also available for virtual and hybrid meetings and events.
An up-to-date listing of the conferences and events we participate in is available on our IR calendar. Please note though that the schedule is preliminary and subject to change. If you are interested to meet with us, please do not hesitate to contact Heidi at heidi.gustafsson(at)cargotec.
IR calendar on the Cargotec website
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.
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.
