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January–June 2021 half year financial report
Release Presentation Teleconference Webcast
Browse 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.
The second 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 half year financial report January–June 2021 will be published on Wednesday, 28 July 2021, and the silent period starts on Wednesday, 7 July 2021. On 23 June we will arrange a pre-silent call with our CFO Mikko Puolakka present. If you would like to join that call, please contact Tiina (tiina.aaltonen@
Cargotec Corporation will disclose the following financial information in 2021:
Half year financial report January-June 2021, on Wednesday, 28 July 2021
Interim report January-September 2021, on Thursday, 28 October 2021
| Date (booking quarter) | Business area | Description | Country/ Customer | Value |
| 24 May (Q2/21) | Kalmar | Two Kalmar Gloria reachstackers and three Kalmar diesel-electric straddle carriers | US/Tropical Shipping | Not disclosed |
| 28 April (Q1/21) | Hiab | 108 HIAB loader cranes with connected service HiConnect™ and ProCare™ Total Repair and Maintenance contracts for eight years | UK/Marshalls |
MEUR 4.9 million |
Vision and strategy refined: a million tonne CO2 emission reduction in the value chain
We announced in April our refined strategy and vision. Breakthrough objectives are sustainability and profitable growth. Our vision is to become the global leader in sustainable cargo flow. In concrete terms, Cargotec aims to reduce the CO2 emissions of its value chain by 1 million tons by 2024.
Strategy progress is measured by financial reporting, leadership index, eco portfolio share of sales and, in the future, CO2 emission reduction and the net promoter score as well.
Cargotec has set an ambitious climate target and climate is an integral part of Cargotec's strategy. In a recent video on Cargotec's Youtube channel, Päivi Koivisto, Vice President, Sustainability, tells more about Cargotec's view on sustainability.
In May, Cargotec’s IR pages were nominated the best in Finland in the large cap category in 2021. The award was given by the Finnish Foundation for Share Promotion and the Finnish Society of Financial Analysts. The Best investor pages (link opens a page in Finnish) is an annual competition that aims to improve the investor communications of companies listed on the Helsinki Stock Exchange. According to the jury, Cargotec’s IR pages provide relevant information to investors in a versatile and easy-to-use manner. Read about how to create winning IR web content.
During Q2, 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.
Tiina Aaltonen, Cargotec’s long time Executive Assistant to the CFO and Investor Relations, retires after 16 years in the company. Tiina’s last day at Cargotec is 30 July, 2021.
“We would like to thank Tiina for her hard-working attitude and dedication during all these years at Cargotec. Tiina’s contributions have been crucial when developing Cargotec’s financial and IR services to their present high level. We all wish Tiina a long and happy retirement!”, say Mikko Puolakka, Cargotec’s CFO and Carina Geber-Teir, Cargotec’s head of communications.
Heidi Gustafsson will take on Tiina's role as Executive Assistant to the CFO and Investor relations as of 16 August.
You can always find us from the address IR@cargotec.com. Note also contact information at the bottom of this newsletter.
Aki Vesikallio (M.Sc.Econ) will be heading Cargotec’s Investor Relations when Hanna-Maria Heikkinen, Head of Investor Relations at Cargotec, will pursue a new career opportunity outside Cargotec as of 30 June 2021. Aki has been working at Cargotec as Investor Relations Director since December 2019.
“I would like to thank Hanna-Maria for the excellent work to develop Cargotec Investor Relations. Aki knows the company and has excellent prerequisites to continue our great investor relations work,” says Carina Geber-Teir.
As of May, Martti Henttunen, Senior Manager, Communications and IR, has taken a more active role in the IR team.
Julia Klemola, Communications and IR Trainee, strengthens the IR team this summer. Julia recently finished her bachelor's degree studies at the University of Vaasa, majoring in Economics. Julia will be working at Cargotec until end-August.
We are on Instagram! You can now 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.
Cargotec’s investor relations offers a podcast channel in Finnish and English, listen to it here. You can also find our leadership podcasts there. Both Finnish and English podcasts are also available on iTunes.
Did you know that after participating in a Cargotec investor or analyst call, you can give immediate feedback about it. After the session, we send participants a link to a brief web form, with which you can anonymously share your thoughts about the event, and about Cargotec as a company. Your feedback is valuable to us - have a look at the form at www.cargotec.com/pulse.
Have 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:
Cargotec published its 2018 Financial review, Annual review, Corporate governance statement, Remuneration statement, and GRI index on 19 February 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 6 November, Hiab announced it had completed the acquisition of Effer S.p.A. from CTE Group. Signing of the transaction was announced on 31 July 2018.
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.
