This section contains Cargotec's IR newsletters, mainly published quarterly before the three-week silent period. You can find the most recent letter below.
The first quarter of 2021 is soon behind us, and we would like to remind you of some of the quarter's most important events. Cargotec’s interim report January-March 2021 will be published on Wednesday, 28 April 2021, and the silent period will commence on Wednesday, 7 April 2021. If you would like to book a call with us before our silent period, please contact Tiina (email@example.com).
Cargotec Corporation will disclose the following financial information in 2021:
|Date (and booking quarter)||Business area||Description||Country/ Customer||Value|
|15 March (Q1/21)||Kalmar||11 reachstackers, four empty container handlers and 12 heavy terminal tractors||YILPORT Holding Inc.||Not disclosed|
|11 March (Q1/21)||MacGregor||Wide range of electrically operated equipment, quarter stern ramps and doors, side ramps and doors, internal ramps and covers, internal doors, a liftable car deck, and the patented Load Monitoring System||Japan/Nippon Yusen Kaisha (NYK Line)||Not disclosed|
|Kalmar||12 fully automated AutoStrad™ straddle carriers||Australia/Patrick Terminals||Not disclosed|
|8 March (Q1/21)||Kalmar||2 rubber-tyred gantry cranes (RTGs), 3 reachstackers, 2 empty container handlers, 6 terminal tractors||Laos/Sitthi Logistics (Thailand) Co., Ltd.||Not disclosed|
|24 February (Q1/21)||Hiab||100 HIAB loader cranes||UK/MV Commercial||over EUR 5.7 million|
|17 February (Q1/21)||Kalmar||10 hybrid straddle carriers||Netherlands/Hutchison Ports ECT Rotterdam||Not disclosed|
On 24 February, we announced that Cargotec Corporation's Board of Directors has decided to exercise the authorisation of the Annual General Meeting on 27 May 2021 to repurchase company's own shares. Cargotec will repurchase 75,691 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. The repurchases started on 25 February 2021.
On 4 February, we announced that the Board of Directors has resolved on the performance criteria for the share-based incentive programme for the year 2021. The performance share programme, approved by the Board of Directors in 2020, includes three performance periods, calendar years 2020–2022, 2021–2023 and 2022–2024. Each performance period includes one to three measuring periods.
On 28 January, we announced that Cargotec has closed the syndication regarding an EUR 300 million Term Loan Facility. The syndication was launched on the 30th November 2020 and the commitments received from the banks in the syndication led to significant oversubscription.
On 12 January, we announced that MacGregor concluded a settlement agreement on the TTS marine and offshore businesses purchase price.The settlement amount will have an approximately EUR 7 million positive impact on MacGregor’s first quarter 2021 operating profit.
Cargotec's annual report 2020 and financial statements for the financial year 1 January–31 December 2020 was published in February. The report consists of the annual review, financial review, corporate governance statement and remuneration report.
Along with the annual report, we have collected other interesting 2020-related stories under one roof at the address www.cargotec.com/2020. Stories cover topics like strategy progress and business area activities in 2020, and our response to COVID-19 pandemic, among others.
Cargotec's Investor Relations arranged a sustainability presentation for analysts in early March. In the event, Päivi Koivisto, Cargotec's VP Sustainability, and Noora Jukkola, Manager Sustainability, presented Cargotec's sustainability approach, covered current topics like taxonomy and governance, and answered questions from the audience.
We created several videos during the first quarter. Have a look at the pre-recorded Annual General Meeting reviews from our Chairman of the Board of Directors, Ilkka Herlin, and CEO Mika Vehviläinen. Below please also find links to videos where our business area presidents summarise their business area performances in 2020, and our service business leaders present their views on their respective businesses.
During Q1, our investor meetings have been virtual meetings where we have convened online and shared material virtually. Joining the IR staff, our CEO Mika Vehviläinen and CFO Mikko Puolakka have provided insights and knowledge about Cargotec, its business areas, and the business environment.
While the coronavirus situation prevails, we continue with high safety standards, following the regulatory travel and social restrictions. We thank you for your support and appreciate the positive feedback we have received about the meetings.
Visit the IR calendar section on the Cargotec website for more information about upcoming and past events.
In our IR blog section, VP IR Hanna-Maria Heikkinen writes about investor relations in the WSB era: who has the right to give recommendations and who should retail investors listen to? Read also about the most frequently asked Q4 2020 questions, and many other stories.
Cargotec maintains a list with all mergers and acquisitions as well as divestments on the investor webpage - take a look at it here.
Take a look at the latest Vara consensus estimates.
The most important events of the Q4 2018 can be found from the below newsletter.
Cargotec Corporation will disclose the following financial information in 2019:
|Date (and booking quarter)||Business area||Description||Country/ Customer||Value|
|17 January (Q4/18)||Kalmar||Complete AutoRTG system which will comprise eight automated rubber-tyred gantry cranes (AutoRTGs) controlled by the Kalmar Terminal Logistic System (TLS) and new-generation remote control (RC) desks||Belfast Container Terminal (BCT) in Northern Ireland||Not disclosed|
|15 January (Q4/18)||Kalmar||Four rubber-tyred gantry cranes (RTGs) with hybrid drivelines. The order includes the supply of a spare parts package for the machines||Exolgan container terminal, Buenos Aires||Not disclosed|
|9 January (Q4/18)||MacGregor||Deck machinery destined for heavy-duty naval operations||US Naval Sea Systems Command (NAVSEA) T-ATSX-class vessel||Not disclosed|
|3 January (Q4/18)||Kalmar||Four Kalmar SmartPower rubber-tyred gantry cranes (RTGs) equipped with a suite of process automation solutions||Norfolk Southern intermodal terminals in USA||Not disclosed|
|21 December (Q4/18)||MacGregor||Cruise access equipment orders||Three European shipyards||EUR 22 million|
|19 December (Q4/18)||Kalmar||Six Gloria reachstackers||Sitrans Servicios Integrados de Transportes Limitada (Sitrans), part of the Ultramar Group, Chile||Not disclosed|
|18 December (Q4/18)||MacGregor||Hatch cover orders for eight 1,800 TEU containerships||Hyundai Mipo Dockyard (HMD)||Not disclosed|
|17 December (Q4/18)||Kalmar||41 units of Kalmar TL2 Terminal Tractors||SPT Services Sdn Bhd, Malaysia||Not disclosed
On 14 December, Cargotec lowered 2018 guidance for operating profit excluding restructuring costs and expects the operating profit excluding restructuring costs for 2018 to be EUR 235-245 million. Earlier, based on the guidance given on 8 February 2018 Cargotec expected the operating profit excluding restructuring costs for 2018 to improve from 2017 (EUR 258.6 million, IFRS 15 restated).
Weaker profitability development in Hiab and MacGregor has resulted in lower than expected operating profit. Continuing bottlenecks in component supply chain and equipment installation capacity have resulted in extended delivery lead times in certain Hiab product categories and weaker than anticipated product mix. The component shortages have lead also to inefficiency and additional costs in assembly operations.
During the fourth quarter, MacGregor received clearances from both German and South Korean competition regulators for the acquisition of the marine and offshore business of TTS. MacGregor is still waiting for the approvals from the authorities in China, and that is why TTS acquisition is expected to close in Q1 2019. MacGregor earlier announced that it expects to receive all the needed approvals by the end of 2018 and to complete the transaction, according to the agreement, as soon as possible thereafter.
On 7 November, Cargotec announced it had issued Schuldschein loans in the amount of EUR 150 million. The transaction included floating and fixed rate tranches with maturities of 5 and 7 years. The Schuldschein loans were targeted to banks and institutional investors, with the proceeds going towards general corporate purposes, including refinancing and acquisitions.
On 21 December, Cargotec announced it had won its appeal in the USA to dispute a USD 13 million verdict of damages. In October 2016, Cargotec received a verdict of damages of USD 13 million in the USA in a local jury trial in Hempstead, USA. The verdict was related to business acquisition negotiations Cargotec USA had in 2010 and 2011. The negotiations were closed without results. The claim was based on Cargotec allegedly having breached confidentiality obligations related to the negotiations.
On 30 October, Cargotec announced MacGregor and China State Shipbuilding Corporation (CSSC) had signed a Letter of Intent (LOI) on strategic cooperation. MacGregor sees that this cooperation will further strengthen its presence in Asia and specifically in China, the world's biggest shipbuilding market. CSSC is a very important partner for MacGregor, as it is the primary shipbuilding group in China and well positioned as a global leader in the industry. The LOI relates to MacGregor's planned acquisition of the marine and offshore businesses of TTS Group and future cooperation potential between the two groups.
During the quarter, Cargotec announced it had made two major investments to support digitalisation and innovation capabilities. On 20 November, Cargotec announced it will invest EUR 32 million in accelerating the development of digital solutions to secure growth of new digital business. As part of the investment, Cargotec will open a new Digital Solutions Hub in Tampere, Finland. On 22 November, Kalmar announced it had officially inaugurated its new Innovation Centre in Ljungby, southern Sweden. Approximately 200 people will be based at the state of the art facility that has been designed to support new collaborative ways of working with modern architecture and cutting edge technology.
On 27 December, Cargotec announced the change of auditor. The Finnish Patent and Registration Office had designated Markku Katajisto, Authorised Public Accountant, as the company's statutory auditor for the financial year 2018, with the role taking effect immediately. Markku Katajisto will replace Tomi Hyryläinen as the company's auditor, as Tomi Hyryläinen has on 20 December 2018 announced his resignation from this position.
After the change, Cargotec's statutory auditors are PricewaterhouseCoopers Oy, Authorised Public Accountants and Markku Katajisto, Authorised Public Accountant.
On 19 December, Cargotec announced it will start to repurchase its own shares. Between 20 and 28 December, a total of 160,000 own shares were repurchased. There was also a purchase of 40,000 shares on 2 January 2019. The total price of the purchases was 5,507,796.00 euros. Cargotec Corporation now holds a total of 419,603 shares including the shares repurchased in December and January. Read more details about the repurchase on Cargotec’s Investors webpage.
During the fourth quarter, Cargotec organised an investor event in Singapore in cooperation with KONE and Kemira. Cargotec hosted its part of the two-day event on 31 October, and the programme consisted of presentations given by Peter Cederholm, President of Bromma and Michel van Roozendaal, President of MacGregor. There was also a visit to PSA Singapore, the second largest container port in the world. Read a blog post of the event, watch video recaps or take a look at the material from the event here.
In addition, Cargotec hosted roadshows in Edinburgh, London, New York, and Toronto.
Take a look at the consensus estimates.
Come to meet Scott Phillips, new president of Hiab, on 27 February 2019 in Helsinki.
Take a look at our IR calendar for other upcoming events and roadshows in 2019.
Cargotec organised an investor event in Singapore in October 2018. In the below videos, MacGregor President Michel van Roozendaal as well as Bromma President Peter Cederholm tell about their businesses. The videos have English subtitles.