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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.
The fourth quarter of 2017 has ended, and we would like to remind you of some highlights of the quarter. Cargotec’s financial statements review 2017 will be published on 8 February 2018. The silent period will commence on 18 January 2018. If you would like to book a call with us before that, please contact Tiina (tiina.aaltonen@cargotec.com).
Orders announced during Q4 2017
|
Date |
Business unit |
Description |
Country / customer |
Value |
|
Kalmar |
Four automated straddle carriers and an emulation system |
Germany |
Not disclosed |
|
|
Kalmar |
12 Classic Straddle Carriers |
Russia |
Not disclosed |
|
|
MacGregor |
Orders to optimise the container carrying capabilities of 31 MSC Mediterranean Shipping Company vessels |
Mediterranean shipping company |
Not disclosed |
|
|
Kalmar |
Two rail-mounted gantry cranes (RMGs) for intermodal operation |
Spain |
Not disclosed |
|
|
MacGregor |
Fabrication, engineering and project management of a complete subsea mooring and riser system |
Bangladesh-based company |
Not disclosed |
|
|
Kalmar |
Ten Kalmar Rough Terrain Container Handlers (RTCH) |
North America |
Approx. EUR 10 million |
|
|
Kalmar |
Xvela collaborative stowage solution |
Ocean Network Express |
Not disclosed |
|
|
Kalmar |
Siwertell ST 490-M ship unloader |
Norway |
Not disclosed |
Other announcements during Q4 2017
On 21 December, Kalmar signed an agreement to acquire the port services business of Inver Engineering in Australia. Inver Port Services sales account for approximately EUR 5 million and it employs 23 people.
On 21 December, MacGregor signed an agreement to acquire Rapp Marine Group (RMG) in order to strengthen its offering for the fishery and research vessel segment. The enterprise value of the acquisition was approximately EUR 16 million. Rapp Marine Group’s sales in 2017 is estimated to be approximately EUR 40 million, of which approximately 30% is related to services.
On 29 November, Kalmar announced the introduction of new essential range of reachstackers, empty container handlers and forklifts and TL2 terminal tractor in Asia-Pacific region.
On 9 November, MacGregor announced a plan to achieve annual cost savings of approximately EUR 13 million. According to preliminary estimates, the planned efficiency improvement actions may lead to the reduction of approximately 190 employees globally.
On 9 October, Cargotec announced its financial calendar for 2018. The dates for result publications are:
- Financial Statements review 2017, on Thursday, 8 February 2018
- Interim report January-March 2018, on Tuesday, 24 April 2018
- Half year financial report January-June 2018, on Thursday, 19 July 2018
- Interim report January-September 2018, on Friday, 26 October 2018
Investor activities and events during Q4 2017
Cargotec’s investor relations organised an investor day for Hiab on 1 December in Helsinki. The event included presentations by Hiab’s President Roland Sundén, CFO Simon Greaves, Services VP Anna Almlöf as well as New Business Solutions VP Jan-Erik Lindfors. Take a look at the presentation material, webcast, interviews with Hiab’s management as well as the IR blog posting about the event.
In addition to the Hiab Investor Day, we hosted roadshows in London, Edinburgh, Amsterdam, Singapore, Hong Kong, Tokyo, Chicago and New York. CFO lunch, targeted to sell-side analysts, was also organised in Helsinki.
New content on the website
Announced orders are available here
M&A history in new format
Have you already visited the IR video gallery?
Consensus
Take a look at the latest consensus estimates.
Upcoming activities
We will host a site visit to the production facilities of Hiab and Kalmar in Stargard Szczecinski, Poland, on 28 March 2018. The Annual General Meeting will take place in Helsinki on 20 March. Take a look at our IR calendar for other upcoming events. The preliminary roadshow program has also been updated to our calendar.
Updated 11 January 2018
