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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 fourth quarter of 2023. Cargotec’s financial statements review 2023 will be published on Thursday, 1 February 2023, and the silent period starts on Thursday, 11 January 2024.
Cargotec will disclose the following financial information in 2024:
Cargotec's Financial Statements 2023 and Annual Report 2023 will be available at www.cargotec.com on week 8.
The Annual General Meeting of Cargotec Corporation will be held on Thursday, 30 May 2024.
In April, 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. Cargotec’s intention would be to separate Kalmar as a new listed company by means of a partial demerger from Cargotec. The Board of Directors of Cargotec estimates that the separation of Kalmar and Hiab could unlock shareholder value by allowing both businesses to pursue sustainable profitable growth opportunities independently.
The Board decided in August to establish a new Demerger Committee to oversee the preparations for listing readiness and corporate governance matters for the potential standalone Kalmar. In November, Cargotec announced that the Board of Directors has decided that Jaakko Eskola will act as the Chair of The Demerger Committee. The Demerger Committee will consist of Jaakko Eskola, Teresa Kemppi-Vasama and Tapio Kolunsarka going forward.
On 9 November 2023, Cargotec's Board of Directors appointed Sami Niiranen (M.Sc. Mining), born 1972, as the President of Kalmar as of May 2024 at the latest. Sami Niiranen will also become a member of the Cargotec Leadership team and, if the demerger is pursued, he shall also be proposed as the President and CEO of the proposed standalone Kalmar. Cargotec’s President and CEO Casimir Lindholm will hold his interim position as Kalmar President until Sami Niiranen has started in his position.
Date (booking quarter): 9 January (Q4/23)
Business area: Kalmar
Description: 20 Kalmar hybrid straddle carriers, Kalmar Insight performance management tool to all machines
Country/Customer: Uruguay/Katoen Natie
Value: Not disclosed (major order)
Date (booking quarter): 8 January (Q4/23)
Business area: Kalmar
Description: four heavy electric forklift trucks, two electric reachstackers, three heavy terminal tractors, Kalmar Insight fleet performance management tool
Country/Customer: Norway/Wallenius Wilhelmsen
Value: Not disclosed (large order)
Date (booking quarter): 22 December (Q4/23)
Business area: MacGregor
Description: design, hardware and supply for hatch covers, lashing bridges, deck stanchions, fixed and removable cell guides in hold and container fixed fittings for three 1,822 FEU sized container carriers
Country/Customer: US / SM Solution/Philly Shipyard
Value: Not disclosed (significant order)
Date (booking quarter): 18 December (Q4/23)
Business area: Kalmar
Description: 12 Kalmar empty container handlers and a six-year Kalmar Complete Care service contract
Country/Customer: Netherlands/Star Container Services B.V.
Value: Not disclosed (large order)
Date (booking quarter): 8 December (Q4/23)
Business area: MacGregor
Description: comprehensive packages of RoRo equipment for an additional four multi-fuel and zero-carbon ready Aurora class PCTCs
Country/Customer: Norway/Höegh Autoliners
Value: Not disclosed (significant order)
Date (booking quarter): 22 November (Q4/23 and Q3/23)
Business area: Kalmar
Description: 17 Kalmar Essential reachstackers (total order size is 21 machines)
Country/Customer: Brazil/Brasmaq Portuaria
Value: Not disclosed (large order)
Date (booking quarter): 16 November (Q4/23)
Business area: MacGregor
Description: comprehensive packages of RoRo equipment for two PCTC vessels
Country/Customer: Not disclosed
Value: Not disclosed (significant repeat order)
Other releases from Q4
In December, Cargotec announced that the Board of Directors of Cargotec Corporation has resolved to establish a new share-based incentive programme directed to the key employees of Cargotec. The performance share programme includes calendar years 2024–2026 as a performance period. The programme is targeted to approximately 100 selected key employees, including the members of Cargotec Leadership Team.
In December, Kalmar announced that it will start producing its electric reachstacker and Essential forklift truck range at its Shanghai manufacturing plant. The production launch was celebrated on 6 December.
In November, Hiab announced the introduction of HiPerform™, a suite of smart solutions to maximise the Hiab equipment lifecycle value by optimising the performance and productivity of operators, equipment and fleets. HiPerform is the umbrella brand for a range of smart solutions.
Also in November, Hiab launched two new MULTILIFT hooklifts, the versatile heavy-duty MULTILIFT Ultima 28Z and MULTILIFT Ultima ZERO. Both solutions are made with low-emission recycled steel, helping customers reduce carbon emissions in their operations.
Cargotec hosted its Q4/2023 pre-silent call on 8 January 2024. In this video, Cargotec's CFO Mikko Puolakka answers the most frequent questions received from investors and analysts during the last quarter of 2023. Martti Henttunen from Cargotec's IR team interviews.
The year 2023 was full of insightful meetings and events. Road shows and investor conferences took us to Norway, the UK and USA, Belgium, Denmark, Netherlands, France and Sweden, and we hosted several investor visits and calls at our headquarters in Helsinki, Finland. We are available for virtual and hybrid meetings and events also in 2024!
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.com to agree on the details.
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 third quarter of 2023. Cargotec’s interim report January-September 2023 will be published on Thursday, 26 October 2023, and the silent period starts on Thursday, 5 October 2023.
In April, 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. Cargotec’s intention would be to separate Kalmar as a new listed company by means of a partial demerger from Cargotec. The Board of Directors of Cargotec estimates that the separation of Kalmar and Hiab could unlock shareholder value by allowing both businesses to pursue sustainable profitable growth opportunities independently.
In August, Cargotec announced that Pekka Ala-Pietilä has been proposed as the Chair of the Board of the potential separately listed standalone Kalmar. Until the consummation of the proposed demerger, Pekka Ala-Pietilä will serve as consultant for Cargotec to assist in forming of standalone Kalmar. In addition, the Cargotec Board proposes that current Board members Teresa Kemppi-Vasama and Tapio Kolunsarka would be elected as members of the Board of standalone Kalmar upon the completion of the contemplated demerger.
Also, to strengthen the leadership at Kalmar, Michel Van Roozendaal has stepped down from the position of the President of Kalmar and as member of Cargotec Leadership Team. Cargotec's President and CEO Casimir Lindholm acts as interim President of Kalmar until the search for a permanent CEO of Kalmar has been completed.
Date (booking quarter): 29 September (Q3/23)
Business area: MacGregor
Description: design and deliver the key components consisting of external and internal ramps, covers, electrically operated doors, and liftable car decks, as well as installation support for two of the world's first methanol-fueled Pure Car and Truck Carriers (PCTC)
Country/Customer: China/China Merchant Energy Shipping
Value: Not disclosed (large order)
Date (booking quarter): 28 September (Q3/23)
Business area: Kalmar
Description: six Kalmar hybrid straddle carriers
Country/Customer: Netherlands/Rotterdam Short Sea Terminals
Value: Not disclosed (large order)
Date (booking quarter): 20 September (Q3/23)
Business area: MacGregor
Description: 40 general cargo cranes for ten 84,500 dwt multipurpose vessels
Country/Customer: Not disclosed
Value: More than EUR 25 million
Date (booking quarter): 27 July (Q3/23)
Business area: Kalmar
Description: Ten Kalmar hybrid straddle carriers
Country/Customer: Australia/Patrick Terminals
Value: Not disclosed (significant order)
Other releases from Q3
In August, Kalmar announced that it has signed an agreement to acquire the product rights of the electric terminal tractor product line from Lonestar Specialty Vehicles (LSV) in the United States. Lonestar Specialty Vehicles, headquartered in Texarkana, Texas, is specialized in the development and manufacturing of turnkey electric vehicle solutions for the commercial vehicle market.
In August, Cargotec announced that it had completed share repurchases announced in July. Cargotec now holds 407,043 own shares including the shares repurchased. In July, 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. Cargotec will repurchase 400,000 class B shares to be used as reward payments for Cargotec's share-based incentive programmes. The shares will be purchased at public trading on Nasdaq Helsinki Ltd. at the market price.
Cargotec hosted its Q3/2023 pre-silent call on 4 October. In this video, Cargotec's CFO Mikko Puolakka answers the most frequent questions received from investors during July–September 2023. Martti Henttunen from Cargotec's IR team interviews.
The third quarter was full of insightful meetings and events. During the third quarter, road shows and investor conferences took us to the Norway, the UK, Belgium, Netherlands, France and Sweden, and we have also hosted investor visits at our headquarters in Helsinki, Finland. We are also available for virtual and hybrid meetings and events.
In Q4, you can meet us at roadshows in North America, London and in Paris, at an investor seminar in Copenhagen, and also at a virtual roadshow.
Please note that the schedule is preliminary and subject to change. You will always find the up-to-date listing of the conferences and events from our IR calendar. Please reach out to us to set up a meeting! Do not hesitate to contact Heidi at heidi.gustafsson(at)cargotec.com to agree on the details.
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.
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 second quarter of 2023. Cargotec’s half year report January-June 2023 will be published on Thursday, 20 July 2023, and the silent period starts on Thursday, 29 June 2023.
In April, 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. Cargotec’s intention would be to separate Kalmar as a new listed company by means of a partial demerger from Cargotec. Based on the initial assessment, the Board of Directors of Cargotec has estimated that the separation of Kalmar and Hiab could unlock shareholder value by allowing both businesses to pursue sustainable profitable growth opportunities independently.
Date (booking quarter): 6 June (Q2/23)
Business area: Kalmar
Description: Four Kalmar hybrid straddle carriers
Country/Customer: New Zealand/The Port of Tauranga
Value: Not disclosed (large order)
Other releases from Q2 2023
In May, Cargotec announced that its SSAB partnership is progressing to the next level with the introduction of SSAB Zero™, a fossil carbon emission-free recycled steel, to the cargo and load handling industry. Cargotec plans to gradually start using this steel in its products this year. The collaboration on SSAB Zero™ is a natural next step where Cargotec and SSAB continue their work together to reduce impact on climate in cargo and load handling solutions. The partnership has already resulted in the introduction of the world’s first load-handling equipment, a MULTILIFT hooklift, made with fossil-free steel.
In April, Cargotec announced that it has 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. 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 are available in a table form on the 4 April 2023 release linked above.
Also in April, Cargotec announced that the Board of Directors has decided to establish a new share-based incentive programme for the Group key employees. The reward from the new Restricted Share Unit Programme 2023–2025 is conditional on the achievement of strategic goals set by the Board of Directors. In addition, the reward is based on a valid employment or service and the continuity of the employment or service. The reward is paid in the beginning of 2025.
Cargotec hosted its Q2/2023 pre-silent call on 19 June. In this video, Cargotec's CFO Mikko Puolakka answers the most frequent questions received from investors during April–June 2023. Nicole Gustafsson from Cargotec's IR team interviews.
The quarter was full of exciting meetings and events. During the second quarter, road shows and investor conferences took us to the US, the UK, France, Germany and Sweden, and we have also hosted investor visits at our headquarters in Helsinki, Finland. We are also available for virtual and hybrid meetings and events.
In Q3, you can meet us at following events:
- 21 July, virtual roadshow by Danske Bank
- 23 August, half year result lunch by OP Financial Group
- 29 August, roadshow by DNB, Oslo/Norway
- 7 September, Morgan Stanley Industrial CEOs Unplugged, London/UK
- 13 September, Kepler Cheuvreux Autumn Conference 2023, Paris/France
- 19 September, roadshow by Nordea, London/UK
- 20–21 September, roadshow by DNB, Belgium and the Netherlands
Please note that the schedule is preliminary and subject to change. You will always find the up-to-date listing of the conferences and events from our IR calendar. Please reach out to us to set up a meeting! Do not hesitate to contact Heidi at heidi.gustafsson(at)cargotec.com to agree on the details.
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.
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 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 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/2023-eco-portfolio and all materials, including event slides and presentations are available at www.cargotec.com/eco2023.
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.
Announced orders in Q1 2023
Date (booking quarter): 5 April (Q1/23)
Business area: MacGregor
Description: comprehensive packages of RoRo equipment for five PCTC vessels.
Country/Customer: Italy/Grimaldi Group
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/Sallaum Lines
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)
Other releases from Q1 2023
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.
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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.
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