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08.04.2024 09:00:05 - dpa-AFX: GNW-Adhoc: Cargotec's restated financial information for 2023, Kalmar will be presented as discontinued operations due to the proposed demerger
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 8 APRIL 2024 AT 10:00 AM (EEST)
Cargotec's restated financial information for 2023, Kalmar will be presented as
discontinued operations due to the proposed demerger
As announced in a stock exchange release on 1 February 2024, the Board of
Directors of Cargotec Corporation ("Cargotec") has approved a demerger plan
concerning the separation of the Kalmar business area into an independent listed
company (the "Demerger"). The planned completion date of the Demerger is 30 June
2024. The Demerger is subject to approval by the Annual General Meeting of
Cargotec to be held on 30 May 2024. Certain major shareholders of Cargotec,
including Wipunen varainhallinta oy, Mariatorp Oy, Pivosto Oy and Kone
Foundation, holding in the aggregate approximately 41 percent of the shares and
approximately 75 percent of the votes in Cargotec, have indicated their support
for the proposed Demerger.
Due to the proposed Demerger, Cargotec presents the Kalmar business area as
discontinued operations under IFRS 5 Non-current Assets held for Sale and
Discontinued operations starting from the first quarter of 2024 and publishes
restated quarterly financial information on its 2023 financials. These restated
financials constitute comparative information for Cargotec when the 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. Comparative periods are restated accordingly. The consolidated balance
sheet is not restated. The presented discontinued operations include revenue and
operating expenses directly related to the Kalmar business area and other income
and costs related to continuing operations that are not expected to continue
after the Demerger, or would have been avoided without the Demerger. As a
result, financial information presented for Cargotec as continuing and Kalmar
business area as discontinued operations do not reflect the past or future
profitability of either business on a stand-alone basis before the Demerger or
after it.
The restated financial information included in this release is unaudited.
Cargotec Corporation
For further information, please contact:
Mikko Puolakka, CFO, tel. +358 20 777 4105
Aki Vesikallio, Vice President, Investor Relations, tel. +358 40 729 1670
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better
everyday with its leading cargo handling solutions and services. Cargotec's
business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through
their unique position in ports, at sea and on roads, they optimise global cargo
flows and create sustainable customer value. Cargotec has signed the United
Nations Global Compact Business Ambition for 1.5C. The company's sales in 2023
totalled approximately EUR 4.6 billion and it employs around 11,400 people.
www.cargotec.com
Cargotec's key figures 2023
Restated
---------------------------------------------------------------------------
MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023
+---------------------------------+-------+-------+-------+-------+-------+
| Continuing operations | | | | | |
+---------------------------------+-------+-------+-------+-------+-------+
| Orders received | 588 | 562 | 522 | 610 | 2,282 |
+---------------------------------+-------+-------+-------+-------+-------+
| Service orders received | 219 | 190 | 183 | 194 | 787 |
+---------------------------------+-------+-------+-------+-------+-------+
| Order book, end of period | 2,078 | 1,961 | 1,894 | 1,788 | 1,788 |
+---------------------------------+-------+-------+-------+-------+-------+
| Sales | 589 | 648 | 598 | 684 | 2,519 |
+---------------------------------+-------+-------+-------+-------+-------+
| Service sales | 200 | 201 | 197 | 208 | 806 |
+---------------------------------+-------+-------+-------+-------+-------+
| Service sales, % of sales | 34% | 31% | 33% | 30% | 32% |
+---------------------------------+-------+-------+-------+-------+-------+
| Eco portfolio sales | 186 | 217 | 192 | 202 | 797 |
+---------------------------------+-------+-------+-------+-------+-------+
| Eco portfolio sales, % of sales | 32% | 33% | 32% | 30% | 32% |
+---------------------------------+-------+-------+-------+-------+-------+
| Operating profit | 41.7 | 78.6 | 76.7 | 39.0 | 236.0 |
+---------------------------------+-------+-------+-------+-------+-------+
| Operating profit, % | 7.1% | 12.1% | 12.8% | 5.7% | 9.4% |
+---------------------------------+-------+-------+-------+-------+-------+
| Comparable operating profit | 49.7 | 80.6 | 60.9 | 45.5 | 236.7 |
+---------------------------------+-------+-------+-------+-------+-------+
| Comparable operating profit, % | 8.4% | 12.4% | 10.2% | 6.7% | 9.4% |
+---------------------------------+-------+-------+-------+-------+-------+
| Profit before taxes | 35.4 | 74.0 | 73.9 | 36.2 | 219.5 |
+---------------------------------+-------+-------+-------+-------+-------+
| Profit for the period | 23.7 | 54.7 | 62.2 | 21.7 | 162.4 |
+---------------------------------+-------+-------+-------+-------+-------+
| Basic earnings per share, EUR | 0.37 | 0.85 | 0.97 | 0.31 | 2.49 |
+---------------------------------+-------+-------+-------+-------+-------+
| | | | | | |
+---------------------------------+-------+-------+-------+-------+-------+
| Discontinued operations | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
+---------------------------------+-------+-------+-------+-------+-------+
| Orders received | 471 | 437 | 392 | 405 | 1,705 |
+---------------------------------+-------+-------+-------+-------+-------+
| Service orders received | 143 | 136 | 129 | 137 | 545 |
+---------------------------------+-------+-------+-------+-------+-------+
| Order book, end of period | 1,389 | 1,281 | 1,172 | 1,024 | 1,024 |
+---------------------------------+-------+-------+-------+-------+-------+
| Sales | 485 | 552 | 503 | 509 | 2,049 |
+---------------------------------+-------+-------+-------+-------+-------+
| Service sales | 146 | 143 | 137 | 147 | 574 |
+---------------------------------+-------+-------+-------+-------+-------+
| Service sales, % of sales | 30% | 26% | 27% | 29% | 28% |
+---------------------------------+-------+-------+-------+-------+-------+
| Eco portfolio sales | 160 | 181 | 175 | 202 | 718 |
+---------------------------------+-------+-------+-------+-------+-------+
| Eco portfolio sales, % of sales | 33% | 33% | 35% | 40% | 35% |
+---------------------------------+-------+-------+-------+-------+-------+
| Operating profit | 62.3 | 71.9 | 63.6 | 50.0 | 247.8 |
+---------------------------------+-------+-------+-------+-------+-------+
| Operating profit, % | 12.8% | 13.0% | 12.6% | 9.8% | 12.1% |
+---------------------------------+-------+-------+-------+-------+-------+
| Comparable operating profit | 62.7 | 77.7 | 70.6 | 65.7 | 276.7 |
+---------------------------------+-------+-------+-------+-------+-------+
| Comparable operating profit, % | 12.9% | 14.1% | 14.0% | 12.9% | 13.5% |
+---------------------------------+-------+-------+-------+-------+-------+
| Profit before taxes | 60.3 | 67.1 | 60.4 | 45.7 | 233.5 |
+---------------------------------+-------+-------+-------+-------+-------+
| Profit for the period | 48.9 | 52.9 | 44.8 | 39.6 | 186.2 |
+---------------------------------+-------+-------+-------+-------+-------+
| Basic earnings per share, EUR | 0.76 | 0.82 | 0.70 | 0.62 | 2.89 |
+---------------------------------+-------+-------+-------+-------+-------+
+-------------------------------------------+----------------------------------+
| | Published | +-------------------------------------------+------+------+------+------+------+
|Cargotec total | Q1/23| Q2/23| Q3/23| Q4/23| 2023| +-------------------------------------------+------+------+------+------+------+
|Orders received | 1,059| 999| 914| 1,015| 3,987| +-------------------------------------------+------+------+------+------+------+
|Service orders received | 362| 326| 312| 331| 1,331| +-------------------------------------------+------+------+------+------+------+
|Order book, end of period | 3,467| 3,242| 3,065| 2,812| 2,812| +-------------------------------------------+------+------+------+------+------+
|Sales | 1,074| 1,200| 1,102| 1,193| 4,569| +-------------------------------------------+------+------+------+------+------+
|Service sales | 346| 344| 334| 355| 1,379| +-------------------------------------------+------+------+------+------+------+
|Service sales, % of sales | 32%| 29%| 30%| 30%| 30%| +-------------------------------------------+------+------+------+------+------+
|Eco portfolio sales | 346| 397| 367| 404| 1,515| +-------------------------------------------+------+------+------+------+------+
|Eco portfolio sales, % of sales | 32%| 33%| 33%| 34%| 33%| +-------------------------------------------+------+------+------+------+------+
|Operating profit | 104.0| 150.5| 140.3| 89.0| 483.8| +-------------------------------------------+------+------+------+------+------+
|Operating profit, % | 9.7%| 12.5%| 12.7%| 7.5%| 10.6%| +-------------------------------------------+------+------+------+------+------+
|Comparable operating profit | 112.4| 158.3| 131.5| 111.2| 513.3| +-------------------------------------------+------+------+------+------+------+
|Comparable operating profit, % | 10.5%| 13.2%| 11.9%| 9.3%| 11.2%| +-------------------------------------------+------+------+------+------+------+
|Profit before taxes | 95.7| 141.0| 134.3| 81.9| 453.0| +-------------------------------------------+------+------+------+------+------+
|Profit for the period | 72.6| 107.7| 107.1| 61.3| 348.7| +-------------------------------------------+------+------+------+------+------+
|Basic earnings per share, EUR | 1.13| 1.67| 1.66| 0.92| 5.38| +-------------------------------------------+------+------+------+------+------+
| | | | | | | +-------------------------------------------+------+------+------+------+------+
|Cash flow from operations before finance | | | | | | |items and taxes | 26.5| 41.2| 184.4| 292.1| 544.2| +-------------------------------------------+------+------+------+------+------+
|Interest-bearing net debt, end of the | | | | | | |period | 393| 503| 406| 179| 179| +-------------------------------------------+------+------+------+------+------+
|Gearing, % | 26.4%| 31.9%| 24.2%| 10.2%| 10.2%| +-------------------------------------------+------+------+------+------+------+
|Interest-bearing net debt / EBITDA* | 1.0| 5.1| 4.4| 5.7| 0.3| +-------------------------------------------+------+------+------+------+------+
|Return on capital employed (ROCE), last 12 | | | | | | |months, % | 7.5%| 4.3%| 3.7%| 4.8%| 19.9%| +-------------------------------------------+------+------+------+------+------+
|Personnel at the end of the period |11,640|11,745|11,786|11,391|11,391| +-------------------------------------------+------+------+------+------+------+
|*Last 12 months` EBITDA | | | | | | +-------------------------------------------+------+------+------+------+------+
Consolidated statement of income (restated)
+------+------+------+------+--------+ MEUR | Q1/23| Q2/23| Q3/23| Q4/23| 2023| +-----------------------------------------+------+------+------+------+--------+
|Sales | 588.8| 648.2| 598.4| 684.0| 2,519.4| +-----------------------------------------+------+------+------+------+--------+
|Cost of goods sold |-455.9|-479.2|-455.2|-532.7|-1,923.0| +-----------------------------------------+------+------+------+------+--------+
|Gross profit | 132.9| 169.1| 143.3| 151.3| 596.5| +-----------------------------------------+------+------+------+------+--------+
|Gross profit, % | 22.6%| 26.1%| 23.9%| 22.1%| 23.7%| +-----------------------------------------+------+------+------+------+--------+
|Selling and marketing expenses | -30.8| -31.8| -30.5| -34.9| -128.0| +-----------------------------------------+------+------+------+------+--------+
|Research and development expenses | -10.3| -11.0| -10.3| -12.8| -44.4| +-----------------------------------------+------+------+------+------+--------+
|Administration expenses | -47.7| -45.9| -45.9| -58.7| -198.2| +-----------------------------------------+------+------+------+------+--------+
|Restructuring costs | -3.3| -1.7| -2.0| -6.4| -13.4| +-----------------------------------------+------+------+------+------+--------+
|Other operating income | 1.9| 1.9| 3.3| 1.6| 8.7| +-----------------------------------------+------+------+------+------+--------+
|Other operating expenses | -1.0| -1.9| 17.8| -2.2| 12.7| +-----------------------------------------+------+------+------+------+--------+
|Share of associated companies' and joint | | | | | | |ventures' net result | 0.0| 0.0| 0.9| 1.1| 2.1| +-----------------------------------------+------+------+------+------+--------+
|Operating profit | 41.7| 78.6| 76.7| 39.0| 236.0| +-----------------------------------------+------+------+------+------+--------+
|Operating profit, % | 7.1%| 12.1%| 12.8%| 5.7%| 9.4%| +-----------------------------------------+------+------+------+------+--------+
|Finance income | 1.3| 0.7| 2.0| 3.1| 7.0| +-----------------------------------------+------+------+------+------+--------+
|Finance expenses | -7.5| -5.3| -4.8| -5.9| -23.5| +-----------------------------------------+------+------+------+------+--------+
|Profit before taxes | 35.4| 74.0| 73.9| 36.2| 219.5| +-----------------------------------------+------+------+------+------+--------+
|Profit before taxes, % | 6.0%| 11.4%| 12.4%| 5.3%| 8.7%| +-----------------------------------------+------+------+------+------+--------+
|Income taxes | -11.7| -19.3| -11.7| -14.5| -57.1| +-----------------------------------------+------+------+------+------+--------+
|Profit for the period, continuing | | | | | | |operations | 23.7| 54.7| 62.2| 21.7| 162.4| +-----------------------------------------+------+------+------+------+--------+
|Profit for the period, continuing | | | | | | |operations, % | 4.0%| 8.5%| 10.4%| 2.9%| 6.4%| +-----------------------------------------+------+------+------+------+--------+
|Profit for the period, discontinued | | | | | | |operations | 48.9| 52.9| 44.8| 39.6| 186.2| +-----------------------------------------+------+------+------+------+--------+
|Profit for the period | 72.6| 107.7| 107.1| 61.3| 348.7| +-----------------------------------------+------+------+------+------+--------+
|Profit for the period, % | 12.3%| 16.6%| 17.9%| 9.0%| 13.8%| +-----------------------------------------+------+------+------+------+--------+
Profit for the period attributable to: | | | | | +-----------------------------------------+------+------+------+------+--------+
|Shareholders of the parent company | 72.7| 107.7| 107.2| 59.2| 346.9| +-----------------------------------------+------+------+------+------+--------+
|Non-controlling interest | -0.1| -0.1| -0.1| 2.1| 1.8| +-----------------------------------------+------+------+------+------+--------+
|Total | 72.6| 107.7| 107.1| 61.3| 348.7| +-----------------------------------------+------+------+------+------+--------+
Earnings per share for profit | | | | | attributable to the shareholders of the | | | | | parent company: | | | | | +-----------------------------------------+------+------+------+------+--------+
|Basic earnings per share, EUR | | | | | | +-----------------------------------------+------+------+------+------+--------+
|Continuing operations | 0.37| 0.85| 0.97| 0.31| 2.49| +-----------------------------------------+------+------+------+------+--------+
|Discontinued operations | 0.76| 0.82| 0.70| 0.62| 2.89| +-----------------------------------------+------+------+------+------+--------+
|Diluted earnings per share, EUR | | | | | | +-----------------------------------------+------+------+------+------+--------+
|Continuing operations |0.37 |0.85 |0.96 |0.31 |2.48 | +-----------------------------------------+------+------+------+------+--------+
|Discontinued operations |0.76 |0.82 |0.69 |0.62 |2.88 | +-----------------------------------------+------+------+------+------+--------+
Consolidated statement of comprehensive income (restated)
+------------------------------------------------+-----+-----+-----+-----+-----+
|MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|Profit for the period | 72.6|107.7|107.1| 61.3|348.7| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Other comprehensive income | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Items that cannot be reclassified to statement | | | | | | |of income: | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Actuarial gains (+) / losses (-) from defined | | | | | | |benefit plans | 0.2| 0.7| -0.1| -8.2| -7.4| +------------------------------------------------+-----+-----+-----+-----+-----+
|Taxes relating to items that cannot be | | | | | | |reclassified to statement of income | 0.0| -0.1| 0.0| 1.7| 1.5| +------------------------------------------------+-----+-----+-----+-----+-----+
|Items that can be reclassified to statement of | | | | | | |income: | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Gains (+) / losses (-) on cash flow hedges | 9.2|-12.3| -9.5| 32.5| 19.9| +------------------------------------------------+-----+-----+-----+-----+-----+
|Gains (+) / losses (-) on cash flow hedges | | | | | | |transferred to statement of income | -6.8| 2.0| 2.1|-16.4|-19.2| +------------------------------------------------+-----+-----+-----+-----+-----+
|Translation differences |-30.1|-14.0| 18.0| 3.6|-22.5| +------------------------------------------------+-----+-----+-----+-----+-----+
|Taxes relating to items that can be reclassified| | | | | | |to statement of income | -1.0| 1.9| 1.6| -3.0| -0.5| +------------------------------------------------+-----+-----+-----+-----+-----+
|Share of other comprehensive income of | | | | | | |associates and JV, net of tax | 0.7| 0.0| 0.0| 0.0| 0.7| +------------------------------------------------+-----+-----+-----+-----+-----+
|Other comprehensive income, net of tax |-27.9|-21.8| 12.2| 10.1|-27.4| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Comprehensive income for the period | 44.7| 85.8|119.2| 71.5|321.2| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Comprehensive income for the period attributable| | | | | | |to: | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Shareholders of the parent company | 44.8| 85.8|119.4| 69.4|319.5| +------------------------------------------------+-----+-----+-----+-----+-----+
|Non-controlling interest | -0.1| 0.0| -0.1| 2.1| 1.7| +------------------------------------------------+-----+-----+-----+-----+-----+
|Total | 44.7| 85.8|119.2| 71.5|321.2| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Comprehensive income for the period attributable| | | | | | |to the shareholders of the parent company | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations | -6.2| 36.7| 76.8| 28.2|135.6| +------------------------------------------------+-----+-----+-----+-----+-----+
|Discontinued operations | 51.1| 49.1| 42.6| 41.1|183.9| +------------------------------------------------+-----+-----+-----+-----+-----+
|Total | 44.8| 85.8|119.4| 69.4|319.5| +------------------------------------------------+-----+-----+-----+-----+-----+
Segment information
+------------------------------------------------+-----+-----+-----+-----+-----+
|Sales, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|Kalmar | 485| 552| 503| 509|2,050| +------------------------------------------------+-----+-----+-----+-----+-----+
|Hiab | 432| 485| 420| 450|1,787| +------------------------------------------------+-----+-----+-----+-----+-----+
|MacGregor |157| 164| 179| 234| 733|
+------------------------------------------------+-----+-----+-----+-----+-----+
|Internal sales | 0| 0| 0| 0| 0| +------------------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published |1,074|1,200|1,102|1,193|4,569| +------------------------------------------------+-----+-----+-----+-----+-----+
|Adjustment items related to discontinued | | | | | | |operations | 485| 552| 503| 509|2,049| +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated | 589| 648| 598| 684|2,519| +------------------------------------------------+-----+-----+-----+-----+-----+
+----------------------------------+---------------------------------------+
| | Published |
+----------------------------------+-------+-------+-------+-------+-------+
| Sales by geographical area, MEUR | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
+----------------------------------+-------+-------+-------+-------+-------+
| EMEA | 512 | 532 | 473 | 542 | 2,059 |
+----------------------------------+-------+-------+-------+-------+-------+
| Americas | 412 | 468 | 426 | 412 | 1,717 |
+----------------------------------+-------+-------+-------+-------+-------+
| Asia-Pacific | 151 | 199 | 203 | 240 | 792 |
+----------------------------------+-------+-------+-------+-------+-------+
| Cargotec total | 1,074 | 1,200 | 1,102 | 1,193 | 4,569 |
+----------------------------------+-------+-------+-------+-------+-------+
+----------------------------------+---------------------------------------+
| | Restated |
+----------------------------------+-------+-------+-------+-------+-------+
| Sales by geographical area, MEUR | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
+----------------------------------+-------+-------+-------+-------+-------+
| EMEA | 315 | 335 | 273 | 314 | 1,237 |
+----------------------------------+-------+-------+-------+-------+-------+
| Americas | 176 | 198 | 194 | 198 | 766 |
+----------------------------------+-------+-------+-------+-------+-------+
| Asia-Pacific | 97 | 115 | 132 | 172 | 516 |
+----------------------------------+-------+-------+-------+-------+-------+
| Continuing operations total | 589 | 648 | 598 | 684 | 2,519 |
+----------------------------------+-------+-------+-------+-------+-------+
+-------------------------------+--------------------------------------+
| | Published |
+-------------------------------+-------+-------+-------+-------+------+
| Sales by geographical area, % | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
+-------------------------------+-------+-------+-------+-------+------+
| EMEA | 48% | 44% | 43% | 45% | 45% |
+-------------------------------+-------+-------+-------+-------+------+
| Americas | 38% | 39% | 39% | 35% | 38% |
+-------------------------------+-------+-------+-------+-------+------+
| Asia-Pacific | 14% | 17% | 18% | 20% | 17% |
+-------------------------------+-------+-------+-------+-------+------+
| Cargotec total | 100% | 100% | 100% | 100% | 100% |
+-------------------------------+-------+-------+-------+-------+------+
+-------------------------------+--------------------------------------+
| | Restated |
+-------------------------------+-------+-------+-------+-------+------+
| Sales by geographical area, % | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
+-------------------------------+-------+-------+-------+-------+------+
| EMEA | 54% | 52% | 46% | 46% | 49% |
+-------------------------------+-------+-------+-------+-------+------+
| Americas | 30% | 30% | 32% | 29% | 30% |
+-------------------------------+-------+-------+-------+-------+------+
| Asia-Pacific | 16% | 18% | 22% | 25% | 20% |
+-------------------------------+-------+-------+-------+-------+------+
| Continuing operations total | 100% | 100% | 100% | 100% | 100% |
+-------------------------------+-------+-------+-------+-------+------+
+----------------------------------------------+-----------------------------+
|Cargotec total | Published |
+----------------------------------------------+-----+-----+-----+-----+-----+
|Operating profit and EBITDA, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023|
+----------------------------------------------+-----+-----+-----+-----+-----+
|Kalmar | 62.8| 78.4| 64.1| 58.9|264.2|
+----------------------------------------------+-----+-----+-----+-----+-----+
|Hiab | 61.4| 81.5| 61.5| 47.8|252.1|
+----------------------------------------------+-----+-----+-----+-----+-----+
|MacGregor | -7.4| 8.2| 24.3| 6.7| 31.8|
+----------------------------------------------+-----+-----+-----+-----+-----+
|Corporate administration and support functions|-12.8|-17.6| -9.6|-24.3|-64.4|
+----------------------------------------------+-----+-----+-----+-----+-----+
|Operating profit |104.0|150.5|140.3| 89.0|483.8|
+----------------------------------------------+-----+-----+-----+-----+-----+
|Depreciation, amortisation and impairment* | 28.5| 28.2| 29.5| 28.7|114.9|
+----------------------------------------------+-----+-----+-----+-----+-----+
|EBITDA |132.5|178.7|169.8|117.7|598.7|
+----------------------------------------------+-----+-----+-----+-----+-----+
+----------------------------------------------------+----+----+----+----+-----+
|*Includes the effects of allocating the acquisition | | | | | | |cost of businesses | | | | | | +----------------------------------------------------+----+----+----+----+-----+
|Kalmar |-0.2|-0.2|-0.2|-0.2| -0.8| +----------------------------------------------------+----+----+----+----+-----+
|Hiab |-0.8|-0.8|-0.8|-0.8| -3.1| +----------------------------------------------------+----+----+----+----+-----+
|MacGregor |-1.8|-1.7|-1.7|-1.7| -6.9| +----------------------------------------------------+----+----+----+----+-----+
|Cargotec total |-2.8|-2.7|-2.7|-2.7|-10.8| +----------------------------------------------------+----+----+----+----+-----+
+-----------------------------------------+-----------------------------+
|Continuing operations | Restated |
+-----------------------------------------+-----+-----+-----+-----+-----+
|Operating profit and EBITDA, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023|
+-----------------------------------------+-----+-----+-----+-----+-----+
|Operating profit | 41.7| 78.6| 76.7| 39.0|236.0|
+-----------------------------------------+-----+-----+-----+-----+-----+
|Depreciation, amortisation and impairment| 14.4| 14.1| 15.5| 13.8| 57.7|
+-----------------------------------------+-----+-----+-----+-----+-----+
|EBITDA | 56.0| 92.7| 92.2| 52.8|293.7|
+-----------------------------------------+-----+-----+-----+-----+-----+
| | | | | | |
+-----------------------------------------+-----+-----+-----+-----+-----+
|Operating profit, % |Q1/23|Q2/23|Q3/23|Q4/23| 2023|
+-----------------------------------------+-----+-----+-----+-----+-----+
|Kalmar |12.9%|14.2%|12.7%|11.6%|12.9%|
+-----------------------------------------+-----+-----+-----+-----+-----+
|Hiab |14.2%|16.8%|14.7%|10.6%|14.1%|
+-----------------------------------------+-----+-----+-----+-----+-----+
|MacGregor |-4.7%| 5.0%|13.6%| 2.8%| 4.3%|
+-----------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published | 9.7%|12.5%|12.7%| 7.5%|10.6%|
+-----------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated | 7.1%|12.1%|12.8%| 5.7%| 9.4%|
+-----------------------------------------+-----+-----+-----+-----+-----+
+------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|Kalmar | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Restructuring costs | -0.4| 0.0| -0.5| -0.3| -1.2| +------------------------------------------------+-----+-----+-----+-----+-----+
|Other items affecting comparability | -| -| -6.6| -7.4|-14.0| +------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, total | -0.4| 0.0| -7.1| -7.7|-15.2| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Hiab | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Restructuring costs | 0.0| 0.1| 0.0| 0.0| 0.1| +------------------------------------------------+-----+-----+-----+-----+-----+
|Other items affecting comparability | 0.0| -| 0.0| 0.0| 0.0| +------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, total | 0.0| 0.1| 0.0| 0.0| 0.1| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|MacGregor | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Restructuring costs | -3.3| -1.8| -2.0| -6.4|-13.5| +------------------------------------------------+-----+-----+-----+-----+-----+
|Other items affecting comparability | -4.7| -0.3| 17.8| -0.1| 12.7| +------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, total | -8.0| -2.1| 15.8| -6.5| -0.8| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Corporate administration and support functions | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Restructuring costs | 0.0| 0.0| 0.0| 0.0| 0.0| +------------------------------------------------+-----+-----+-----+-----+-----+
|Other items affecting comparability | 0.0| -5.8| 0.1| -7.9|-13.6| +------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, total | 0.0| -5.8| 0.1| -7.9|-13.6| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, Cargotec total, | | | | | | |published | -8.4| -7.8| 8.8|-22.1|-29.6| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, continuing | | | | | | |operations total, MEUR | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Restructuring costs | -3.3| -1.7| -2.0| -6.4|-13.4| +------------------------------------------------+-----+-----+-----+-----+-----+
|Other items affecting comparability | -4.7| -0.3| 17.8| -0.1| 12.7| +------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, continuing | | | | | | |operations total | -8.0| -2.0| 15.8| -6.5| -0.7| +------------------------------------------------+-----+-----+-----+-----+-----+
|Comparable operating profit, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|Kalmar | 63.2| 78.4| 71.2| 66.6|279.4| +------------------------------------------------+-----+-----+-----+-----+-----+
|Hiab | 61.4| 81.4| 61.5| 47.8|252.1| +------------------------------------------------+-----+-----+-----+-----+-----+
|MacGregor | 0.7| 10.3| 8.5| 13.1| 32.6| +------------------------------------------------+-----+-----+-----+-----+-----+
|Corporate administration and support functions |-12.8|-11.8| -9.7|-16.4|-50.8| +------------------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published |112.4|158.3|131.5|111.2|513.3| +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated | 49.7| 80.6| 60.9| 45.5|236.7| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Comparable operating profit, % |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|Kalmar |13.0%|14.2%|14.1%|13.1%|13.6%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Hiab |14.2%|16.8%|14.7%|10.6%|14.1%| +------------------------------------------------+-----+-----+-----+-----+-----+
|MacGregor | 0.4%| 6.3%| 4.8%| 5.6%| 4.5%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published |10.5%|13.2%|11.9%| 9.3%|11.2%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated | 8.4%|12.4%|10.2%| 6.7%| 9.4%| +------------------------------------------------+-----+-----+-----+-----+-----+
+------------------------------------------------+-----+-----+-----+-----+-----+
|Orders received, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|Kalmar | 471| 437| 392| 405|1,705| +------------------------------------------------+-----+-----+-----+-----+-----+
|Hiab | 380| 375| 311| 401|1,466| +------------------------------------------------+-----+-----+-----+-----+-----+
|MacGregor | 208| 187| 211| 209| 816| +------------------------------------------------+-----+-----+-----+-----+-----+
|Internal orders received | 0| 0| 0| 0| 0| +------------------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published |1,059| 999| 914|1,015|3,987| +------------------------------------------------+-----+-----+-----+-----+-----+
|Adjustment items related to discontinued | | | | | | |operations | 471| 437| 392| 405|1,705| +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated | 588| 562| 522| 610|2,282| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Orders received by geographical area, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|EMEA | 456| 480| 431| 416|1,784| +------------------------------------------------+-----+-----+-----+-----+-----+
|Americas | 382| 328| 239| 357|1,307| +------------------------------------------------+-----+-----+-----+-----+-----+
|Asia-Pacific | 220| 191| 244| 242| 896| +------------------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published |1,059| 999| 914|1,015|3,987| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Orders received by geographical area, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|EMEA | 242| 263| 237| 239| 981| +------------------------------------------------+-----+-----+-----+-----+-----+
|Americas | 197| 179| 133| 187| 697| +------------------------------------------------+-----+-----+-----+-----+-----+
|Asia-Pacific | 149| 120| 152| 184| 604| +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated | 588| 562| 522| 610|2,282| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Orders received by geographical area, % |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|EMEA | 43%| 48%| 47%| 41%| 45%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Americas | 36%| 33%| 26%| 35%| 33%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Asia-Pacific | 21%| 19%| 27%| 24%| 22%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published | 100%| 100%| 100%| 100%| 100%| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Orders received by geographical area, % |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|EMEA | 41%| 47%| 45%| 39%| 43%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Americas | 34%| 32%| 26%| 31%| 31%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Asia-Pacific | 25%| 21%| 29%| 30%| 26%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated | 100%| 100%| 100%| 100%| 100%| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Order book, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|Kalmar |1,390|1,281|1,172|1,024|1,024| +------------------------------------------------+-----+-----+-----+-----+-----+
|Hiab |1,121|1,007| 900| 799| 799| +------------------------------------------------+-----+-----+-----+-----+-----+
|MacGregor | 956| 953| 993| 988| 988| +------------------------------------------------+-----+-----+-----+-----+-----+
|Internal order book | 1| 1| 1| 1| 1| +------------------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published |3,467|3,242|3,065|2,812|2,812| +------------------------------------------------+-----+-----+-----+-----+-----+
|Adjustment items related to discontinued | | | | | | |operations |1,389|1,281|1,172|1,024|1,024| +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated |2,078|1,961|1,894|1,788|1,788| +------------------------------------------------+-----+-----+-----+-----+-----+
+-------------------------------------------+----------------------------------+
| | Published | +-------------------------------------------+------+------+------+------+------+
|Number of employees at the end of period | Q1/23| Q2/23| Q3/23| Q4/23| 2023| +-------------------------------------------+------+------+------+------+------+
|Kalmar | 5,024| 5,087| 5,101| 4,907| 4,907| +-------------------------------------------+------+------+------+------+------+
|Hiab | 3,897| 3,961| 3,972| 3,877| 3,877| +-------------------------------------------+------+------+------+------+------+
|MacGregor | 1,975| 1,935| 1,945| 1,853| 1,853| +-------------------------------------------+------+------+------+------+------+
|Corporate administration and support | | | | | | |functions | 744| 762| 768| 754| 754| +-------------------------------------------+------+------+------+------+------+
|Cargotec total |11,640|11,745|11,786|11,391|11,391| +-------------------------------------------+------+------+------+------+------+
+-------------------------------------------+----------------------------------+
| | Published | +-------------------------------------------+------+------+------+------+------+
|Average number of employees | Q1/23| Q2/23| Q3/23| Q4/23| 2023| +-------------------------------------------+------+------+------+------+------+
|Kalmar | 5,025| 5,037| 5,063| 5,041|5,041|
+-------------------------------------------+------+------+------+------+------+
|Hiab | 3,877| 3,914| 3,929| 3,932| 3,932| +-------------------------------------------+------+------+------+------+------+
|MacGregor | 1,982| 1,965| 1,958| 1,938| 1,938| +-------------------------------------------+------+------+------+------+------+
|Corporate administration and support | | | | | | |functions | 746| 752| 757| 758| 758| +-------------------------------------------+------+------+------+------+------+
|Cargotec total |11,630|11,667|11,707|11,669|11,669| +-------------------------------------------+------+------+------+------+------+
Capital expenditure, depreciation, amortisation and impairment of continuing
operations (restated)
+-----------------------------------------------+-----+-----+-----+-----+----+
|Capital expenditure, MEUR |Q1/23|Q2/23|Q3/23|Q4/23|2023|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Owned assets | | | | | |
+-----------------------------------------------+-----+-----+-----+-----+----+
|Intangible assets | 0.3| 1.3| 0.5| 0.5| 2.6|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Land and buildings | 0.4| 0.1| 1.1| 0.9| 2.6|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Machinery and equipment | 5.0| 5.2| 4.5| 5.3|20.1|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Right-of-use assets | | | | | |
+-----------------------------------------------+-----+-----+-----+-----+----+
|Land and buildings | 3.1| 4.2| 2.6| 5.3|15.3|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Machinery and equipment | 3.4| 3.7| 3.7| 4.0|14.8|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Total | 12.2| 14.6| 12.4| 16.1|55.3|
+-----------------------------------------------+-----+-----+-----+-----+----+
| | | | | | |
+-----------------------------------------------+-----+-----+-----+-----+----+
|Depreciation, amortisation and impairment, MEUR|Q1/23|Q2/23|Q3/23|Q4/23|2023|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Owned assets | | | | | |
+-----------------------------------------------+-----+-----+-----+-----+----+
|Intangible assets | 3.5| 3.4| 3.4| 3.2|13.5|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Land and buildings | 0.7| 0.7| 0.6| 0.6| 2.5|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Machinery and equipment | 2.8| 2.6| 2.7| 3.3|11.5|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Right-of-use assets | | | | | |
+-----------------------------------------------+-----+-----+-----+-----+----+
|Land and buildings | 4.6| 4.5| 5.8| 3.2|18.0|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Machinery and equipment | 2.8| 2.9| 3.0| 3.5|12.2|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Total | 14.4| 14.1| 15.5| 13.8|57.7|
+-----------------------------------------------+-----+-----+-----+-----+----+
| | | | | | |
+-----------------------------------------------+-----+-----+-----+-----+----+
Statement of income for discontinued operations
+-----------------------------------------+------+------+------+------+--------+
|MEUR | Q1/23| Q2/23| Q3/23| Q4/23| 2023| +-----------------------------------------+------+------+------+------+--------+
|Sales | 485.3| 551.6| 503.1| 509.4| 2,049.4| +-----------------------------------------+------+------+------+------+--------+
|Cost of goods sold |-363.1|-419.3|-381.4|-376.8|-1,540.6| +-----------------------------------------+------+------+------+------+--------+
|Gross profit | 122.2| 132.4| 121.7| 132.5| 508.8| +-----------------------------------------+------+------+------+------+--------+
|Gross profit, % | 25.2%| 24.0%| 24.2%| 26.0%| 24.8%| +-----------------------------------------+------+------+------+------+--------+
|Selling and marketing expenses | -19.9| -21.8| -19.8| -24.0| -85.5| +-----------------------------------------+------+------+------+------+--------+
|Research and development expenses | -12.8| -12.1| -12.1| -16.8| -53.9| +-----------------------------------------+------+------+------+------+--------+
|Administration expenses | -28.0| -29.6| -18.6| -35.0| -111.2| +-----------------------------------------+------+------+------+------+--------+
|Restructuring costs | -0.4| 0.0| -0.5| -0.3| -1.2| +-----------------------------------------+------+------+------+------+--------+
|Other operating income | 7.6| 8.1| 7.8| 7.7| 31.2| +-----------------------------------------+------+------+------+------+--------+
|Other operating expenses | -8.0| -7.2| -16.7| -17.4| -49.4| +-----------------------------------------+------+------+------+------+--------+
|Share of associated companies' and joint | | | | | | |ventures' net result | 1.7| 2.1| 1.9| 3.3| 9.0| +-----------------------------------------+------+------+------+------+--------+
|Operating profit | 62.3| 71.9| 63.6| 50.0| 247.8| +-----------------------------------------+------+------+------+------+--------+
|Operating profit, % | 12.8%| 13.0%| 12.6%| 9.8%| 12.1%| +-----------------------------------------+------+------+------+------+--------+
|Finance income | 1.5| 1.0| 1.5| 1.7| 5.7| +-----------------------------------------+------+------+------+------+--------+
|Finance expenses | -3.6| -5.9| -4.7| -5.9| -20.0| +-----------------------------------------+------+------+------+------+--------+
|Profit before taxes | 60.3| 67.1| 60.4| 45.7| 233.5| +-----------------------------------------+------+------+------+------+--------+
|Profit before taxes % | 12.4%| 12.2%| 12.0%| 9.0%| 11.4%| +-----------------------------------------+------+------+------+------+--------+
|Income taxes | -11.4| -14.1| -15.6| -6.1| -47.3| +-----------------------------------------+------+------+------+------+--------+
|Profit for the period, discontinued | | | | | | |operations | 48.9| 52.9| 44.8| 39.6| 186.2| +-----------------------------------------+------+------+------+------+--------+
|Profit for the period, % | 10.1%| 9.6%| 8.9%| 7.8%| 9.1%| +-----------------------------------------+------+------+------+------+--------+
| | | | | | | +-----------------------------------------+------+------+------+------+--------+
|Profit for the period attributable to: | | | | | | +-----------------------------------------+------+------+------+------+--------+
|Shareholders of the parent company | 48.9| 52.9| 44.8| 39.6| 186.2| +-----------------------------------------+------+------+------+------+--------+
| | | | | | | +-----------------------------------------+------+------+------+------+--------+
|Earnings per share for profit | | | | | | |attributable to the shareholders of the | | | | | | |parent company: | | | | | | +-----------------------------------------+------+------+------+------+--------+
|Basic earnings per share, EUR | 0.76| 0.82| 0.70| 0.62| 2.89| +-----------------------------------------+------+------+------+------+--------+
|Diluted earnings per share, EUR | 0.76| 0.82| 0.69| 0.62| 2.88| +-----------------------------------------+------+------+------+------+--------+
Discontinued operations, other information
+-----------------------------------------------+-----+-----+-----+-----+----+
|Capital expenditure, MEUR |Q1/23|Q2/23|Q3/23|Q4/23|2023|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Owned assets | 17.7| 10.4| 12.6| 15.1|55.8|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Right-of-use assets | 2.6| 5.2| 13.3| 4.7|25.9|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Total | 20.3| 15.6| 26.0| 19.8|81.7|
+-----------------------------------------------+-----+-----
Cargotec's restated financial information for 2023, Kalmar will be presented as
discontinued operations due to the proposed demerger
As announced in a stock exchange release on 1 February 2024, the Board of
Directors of Cargotec Corporation ("Cargotec") has approved a demerger plan
concerning the separation of the Kalmar business area into an independent listed
company (the "Demerger"). The planned completion date of the Demerger is 30 June
2024. The Demerger is subject to approval by the Annual General Meeting of
Cargotec to be held on 30 May 2024. Certain major shareholders of Cargotec,
including Wipunen varainhallinta oy, Mariatorp Oy, Pivosto Oy and Kone
Foundation, holding in the aggregate approximately 41 percent of the shares and
approximately 75 percent of the votes in Cargotec, have indicated their support
for the proposed Demerger.
Due to the proposed Demerger, Cargotec presents the Kalmar business area as
discontinued operations under IFRS 5 Non-current Assets held for Sale and
Discontinued operations starting from the first quarter of 2024 and publishes
restated quarterly financial information on its 2023 financials. These restated
financials constitute comparative information for Cargotec when the 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. Comparative periods are restated accordingly. The consolidated balance
sheet is not restated. The presented discontinued operations include revenue and
operating expenses directly related to the Kalmar business area and other income
and costs related to continuing operations that are not expected to continue
after the Demerger, or would have been avoided without the Demerger. As a
result, financial information presented for Cargotec as continuing and Kalmar
business area as discontinued operations do not reflect the past or future
profitability of either business on a stand-alone basis before the Demerger or
after it.
The restated financial information included in this release is unaudited.
Cargotec Corporation
For further information, please contact:
Mikko Puolakka, CFO, tel. +358 20 777 4105
Aki Vesikallio, Vice President, Investor Relations, tel. +358 40 729 1670
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better
everyday with its leading cargo handling solutions and services. Cargotec's
business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through
their unique position in ports, at sea and on roads, they optimise global cargo
flows and create sustainable customer value. Cargotec has signed the United
Nations Global Compact Business Ambition for 1.5C. The company's sales in 2023
totalled approximately EUR 4.6 billion and it employs around 11,400 people.
www.cargotec.com
Cargotec's key figures 2023
Restated
---------------------------------------------------------------------------
MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023
+---------------------------------+-------+-------+-------+-------+-------+
| Continuing operations | | | | | |
+---------------------------------+-------+-------+-------+-------+-------+
| Orders received | 588 | 562 | 522 | 610 | 2,282 |
+---------------------------------+-------+-------+-------+-------+-------+
| Service orders received | 219 | 190 | 183 | 194 | 787 |
+---------------------------------+-------+-------+-------+-------+-------+
| Order book, end of period | 2,078 | 1,961 | 1,894 | 1,788 | 1,788 |
+---------------------------------+-------+-------+-------+-------+-------+
| Sales | 589 | 648 | 598 | 684 | 2,519 |
+---------------------------------+-------+-------+-------+-------+-------+
| Service sales | 200 | 201 | 197 | 208 | 806 |
+---------------------------------+-------+-------+-------+-------+-------+
| Service sales, % of sales | 34% | 31% | 33% | 30% | 32% |
+---------------------------------+-------+-------+-------+-------+-------+
| Eco portfolio sales | 186 | 217 | 192 | 202 | 797 |
+---------------------------------+-------+-------+-------+-------+-------+
| Eco portfolio sales, % of sales | 32% | 33% | 32% | 30% | 32% |
+---------------------------------+-------+-------+-------+-------+-------+
| Operating profit | 41.7 | 78.6 | 76.7 | 39.0 | 236.0 |
+---------------------------------+-------+-------+-------+-------+-------+
| Operating profit, % | 7.1% | 12.1% | 12.8% | 5.7% | 9.4% |
+---------------------------------+-------+-------+-------+-------+-------+
| Comparable operating profit | 49.7 | 80.6 | 60.9 | 45.5 | 236.7 |
+---------------------------------+-------+-------+-------+-------+-------+
| Comparable operating profit, % | 8.4% | 12.4% | 10.2% | 6.7% | 9.4% |
+---------------------------------+-------+-------+-------+-------+-------+
| Profit before taxes | 35.4 | 74.0 | 73.9 | 36.2 | 219.5 |
+---------------------------------+-------+-------+-------+-------+-------+
| Profit for the period | 23.7 | 54.7 | 62.2 | 21.7 | 162.4 |
+---------------------------------+-------+-------+-------+-------+-------+
| Basic earnings per share, EUR | 0.37 | 0.85 | 0.97 | 0.31 | 2.49 |
+---------------------------------+-------+-------+-------+-------+-------+
| | | | | | |
+---------------------------------+-------+-------+-------+-------+-------+
| Discontinued operations | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
+---------------------------------+-------+-------+-------+-------+-------+
| Orders received | 471 | 437 | 392 | 405 | 1,705 |
+---------------------------------+-------+-------+-------+-------+-------+
| Service orders received | 143 | 136 | 129 | 137 | 545 |
+---------------------------------+-------+-------+-------+-------+-------+
| Order book, end of period | 1,389 | 1,281 | 1,172 | 1,024 | 1,024 |
+---------------------------------+-------+-------+-------+-------+-------+
| Sales | 485 | 552 | 503 | 509 | 2,049 |
+---------------------------------+-------+-------+-------+-------+-------+
| Service sales | 146 | 143 | 137 | 147 | 574 |
+---------------------------------+-------+-------+-------+-------+-------+
| Service sales, % of sales | 30% | 26% | 27% | 29% | 28% |
+---------------------------------+-------+-------+-------+-------+-------+
| Eco portfolio sales | 160 | 181 | 175 | 202 | 718 |
+---------------------------------+-------+-------+-------+-------+-------+
| Eco portfolio sales, % of sales | 33% | 33% | 35% | 40% | 35% |
+---------------------------------+-------+-------+-------+-------+-------+
| Operating profit | 62.3 | 71.9 | 63.6 | 50.0 | 247.8 |
+---------------------------------+-------+-------+-------+-------+-------+
| Operating profit, % | 12.8% | 13.0% | 12.6% | 9.8% | 12.1% |
+---------------------------------+-------+-------+-------+-------+-------+
| Comparable operating profit | 62.7 | 77.7 | 70.6 | 65.7 | 276.7 |
+---------------------------------+-------+-------+-------+-------+-------+
| Comparable operating profit, % | 12.9% | 14.1% | 14.0% | 12.9% | 13.5% |
+---------------------------------+-------+-------+-------+-------+-------+
| Profit before taxes | 60.3 | 67.1 | 60.4 | 45.7 | 233.5 |
+---------------------------------+-------+-------+-------+-------+-------+
| Profit for the period | 48.9 | 52.9 | 44.8 | 39.6 | 186.2 |
+---------------------------------+-------+-------+-------+-------+-------+
| Basic earnings per share, EUR | 0.76 | 0.82 | 0.70 | 0.62 | 2.89 |
+---------------------------------+-------+-------+-------+-------+-------+
+-------------------------------------------+----------------------------------+
| | Published | +-------------------------------------------+------+------+------+------+------+
|Cargotec total | Q1/23| Q2/23| Q3/23| Q4/23| 2023| +-------------------------------------------+------+------+------+------+------+
|Orders received | 1,059| 999| 914| 1,015| 3,987| +-------------------------------------------+------+------+------+------+------+
|Service orders received | 362| 326| 312| 331| 1,331| +-------------------------------------------+------+------+------+------+------+
|Order book, end of period | 3,467| 3,242| 3,065| 2,812| 2,812| +-------------------------------------------+------+------+------+------+------+
|Sales | 1,074| 1,200| 1,102| 1,193| 4,569| +-------------------------------------------+------+------+------+------+------+
|Service sales | 346| 344| 334| 355| 1,379| +-------------------------------------------+------+------+------+------+------+
|Service sales, % of sales | 32%| 29%| 30%| 30%| 30%| +-------------------------------------------+------+------+------+------+------+
|Eco portfolio sales | 346| 397| 367| 404| 1,515| +-------------------------------------------+------+------+------+------+------+
|Eco portfolio sales, % of sales | 32%| 33%| 33%| 34%| 33%| +-------------------------------------------+------+------+------+------+------+
|Operating profit | 104.0| 150.5| 140.3| 89.0| 483.8| +-------------------------------------------+------+------+------+------+------+
|Operating profit, % | 9.7%| 12.5%| 12.7%| 7.5%| 10.6%| +-------------------------------------------+------+------+------+------+------+
|Comparable operating profit | 112.4| 158.3| 131.5| 111.2| 513.3| +-------------------------------------------+------+------+------+------+------+
|Comparable operating profit, % | 10.5%| 13.2%| 11.9%| 9.3%| 11.2%| +-------------------------------------------+------+------+------+------+------+
|Profit before taxes | 95.7| 141.0| 134.3| 81.9| 453.0| +-------------------------------------------+------+------+------+------+------+
|Profit for the period | 72.6| 107.7| 107.1| 61.3| 348.7| +-------------------------------------------+------+------+------+------+------+
|Basic earnings per share, EUR | 1.13| 1.67| 1.66| 0.92| 5.38| +-------------------------------------------+------+------+------+------+------+
| | | | | | | +-------------------------------------------+------+------+------+------+------+
|Cash flow from operations before finance | | | | | | |items and taxes | 26.5| 41.2| 184.4| 292.1| 544.2| +-------------------------------------------+------+------+------+------+------+
|Interest-bearing net debt, end of the | | | | | | |period | 393| 503| 406| 179| 179| +-------------------------------------------+------+------+------+------+------+
|Gearing, % | 26.4%| 31.9%| 24.2%| 10.2%| 10.2%| +-------------------------------------------+------+------+------+------+------+
|Interest-bearing net debt / EBITDA* | 1.0| 5.1| 4.4| 5.7| 0.3| +-------------------------------------------+------+------+------+------+------+
|Return on capital employed (ROCE), last 12 | | | | | | |months, % | 7.5%| 4.3%| 3.7%| 4.8%| 19.9%| +-------------------------------------------+------+------+------+------+------+
|Personnel at the end of the period |11,640|11,745|11,786|11,391|11,391| +-------------------------------------------+------+------+------+------+------+
|*Last 12 months` EBITDA | | | | | | +-------------------------------------------+------+------+------+------+------+
Consolidated statement of income (restated)
+------+------+------+------+--------+ MEUR | Q1/23| Q2/23| Q3/23| Q4/23| 2023| +-----------------------------------------+------+------+------+------+--------+
|Sales | 588.8| 648.2| 598.4| 684.0| 2,519.4| +-----------------------------------------+------+------+------+------+--------+
|Cost of goods sold |-455.9|-479.2|-455.2|-532.7|-1,923.0| +-----------------------------------------+------+------+------+------+--------+
|Gross profit | 132.9| 169.1| 143.3| 151.3| 596.5| +-----------------------------------------+------+------+------+------+--------+
|Gross profit, % | 22.6%| 26.1%| 23.9%| 22.1%| 23.7%| +-----------------------------------------+------+------+------+------+--------+
|Selling and marketing expenses | -30.8| -31.8| -30.5| -34.9| -128.0| +-----------------------------------------+------+------+------+------+--------+
|Research and development expenses | -10.3| -11.0| -10.3| -12.8| -44.4| +-----------------------------------------+------+------+------+------+--------+
|Administration expenses | -47.7| -45.9| -45.9| -58.7| -198.2| +-----------------------------------------+------+------+------+------+--------+
|Restructuring costs | -3.3| -1.7| -2.0| -6.4| -13.4| +-----------------------------------------+------+------+------+------+--------+
|Other operating income | 1.9| 1.9| 3.3| 1.6| 8.7| +-----------------------------------------+------+------+------+------+--------+
|Other operating expenses | -1.0| -1.9| 17.8| -2.2| 12.7| +-----------------------------------------+------+------+------+------+--------+
|Share of associated companies' and joint | | | | | | |ventures' net result | 0.0| 0.0| 0.9| 1.1| 2.1| +-----------------------------------------+------+------+------+------+--------+
|Operating profit | 41.7| 78.6| 76.7| 39.0| 236.0| +-----------------------------------------+------+------+------+------+--------+
|Operating profit, % | 7.1%| 12.1%| 12.8%| 5.7%| 9.4%| +-----------------------------------------+------+------+------+------+--------+
|Finance income | 1.3| 0.7| 2.0| 3.1| 7.0| +-----------------------------------------+------+------+------+------+--------+
|Finance expenses | -7.5| -5.3| -4.8| -5.9| -23.5| +-----------------------------------------+------+------+------+------+--------+
|Profit before taxes | 35.4| 74.0| 73.9| 36.2| 219.5| +-----------------------------------------+------+------+------+------+--------+
|Profit before taxes, % | 6.0%| 11.4%| 12.4%| 5.3%| 8.7%| +-----------------------------------------+------+------+------+------+--------+
|Income taxes | -11.7| -19.3| -11.7| -14.5| -57.1| +-----------------------------------------+------+------+------+------+--------+
|Profit for the period, continuing | | | | | | |operations | 23.7| 54.7| 62.2| 21.7| 162.4| +-----------------------------------------+------+------+------+------+--------+
|Profit for the period, continuing | | | | | | |operations, % | 4.0%| 8.5%| 10.4%| 2.9%| 6.4%| +-----------------------------------------+------+------+------+------+--------+
|Profit for the period, discontinued | | | | | | |operations | 48.9| 52.9| 44.8| 39.6| 186.2| +-----------------------------------------+------+------+------+------+--------+
|Profit for the period | 72.6| 107.7| 107.1| 61.3| 348.7| +-----------------------------------------+------+------+------+------+--------+
|Profit for the period, % | 12.3%| 16.6%| 17.9%| 9.0%| 13.8%| +-----------------------------------------+------+------+------+------+--------+
Profit for the period attributable to: | | | | | +-----------------------------------------+------+------+------+------+--------+
|Shareholders of the parent company | 72.7| 107.7| 107.2| 59.2| 346.9| +-----------------------------------------+------+------+------+------+--------+
|Non-controlling interest | -0.1| -0.1| -0.1| 2.1| 1.8| +-----------------------------------------+------+------+------+------+--------+
|Total | 72.6| 107.7| 107.1| 61.3| 348.7| +-----------------------------------------+------+------+------+------+--------+
Earnings per share for profit | | | | | attributable to the shareholders of the | | | | | parent company: | | | | | +-----------------------------------------+------+------+------+------+--------+
|Basic earnings per share, EUR | | | | | | +-----------------------------------------+------+------+------+------+--------+
|Continuing operations | 0.37| 0.85| 0.97| 0.31| 2.49| +-----------------------------------------+------+------+------+------+--------+
|Discontinued operations | 0.76| 0.82| 0.70| 0.62| 2.89| +-----------------------------------------+------+------+------+------+--------+
|Diluted earnings per share, EUR | | | | | | +-----------------------------------------+------+------+------+------+--------+
|Continuing operations |0.37 |0.85 |0.96 |0.31 |2.48 | +-----------------------------------------+------+------+------+------+--------+
|Discontinued operations |0.76 |0.82 |0.69 |0.62 |2.88 | +-----------------------------------------+------+------+------+------+--------+
Consolidated statement of comprehensive income (restated)
+------------------------------------------------+-----+-----+-----+-----+-----+
|MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|Profit for the period | 72.6|107.7|107.1| 61.3|348.7| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Other comprehensive income | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Items that cannot be reclassified to statement | | | | | | |of income: | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Actuarial gains (+) / losses (-) from defined | | | | | | |benefit plans | 0.2| 0.7| -0.1| -8.2| -7.4| +------------------------------------------------+-----+-----+-----+-----+-----+
|Taxes relating to items that cannot be | | | | | | |reclassified to statement of income | 0.0| -0.1| 0.0| 1.7| 1.5| +------------------------------------------------+-----+-----+-----+-----+-----+
|Items that can be reclassified to statement of | | | | | | |income: | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Gains (+) / losses (-) on cash flow hedges | 9.2|-12.3| -9.5| 32.5| 19.9| +------------------------------------------------+-----+-----+-----+-----+-----+
|Gains (+) / losses (-) on cash flow hedges | | | | | | |transferred to statement of income | -6.8| 2.0| 2.1|-16.4|-19.2| +------------------------------------------------+-----+-----+-----+-----+-----+
|Translation differences |-30.1|-14.0| 18.0| 3.6|-22.5| +------------------------------------------------+-----+-----+-----+-----+-----+
|Taxes relating to items that can be reclassified| | | | | | |to statement of income | -1.0| 1.9| 1.6| -3.0| -0.5| +------------------------------------------------+-----+-----+-----+-----+-----+
|Share of other comprehensive income of | | | | | | |associates and JV, net of tax | 0.7| 0.0| 0.0| 0.0| 0.7| +------------------------------------------------+-----+-----+-----+-----+-----+
|Other comprehensive income, net of tax |-27.9|-21.8| 12.2| 10.1|-27.4| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Comprehensive income for the period | 44.7| 85.8|119.2| 71.5|321.2| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Comprehensive income for the period attributable| | | | | | |to: | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Shareholders of the parent company | 44.8| 85.8|119.4| 69.4|319.5| +------------------------------------------------+-----+-----+-----+-----+-----+
|Non-controlling interest | -0.1| 0.0| -0.1| 2.1| 1.7| +------------------------------------------------+-----+-----+-----+-----+-----+
|Total | 44.7| 85.8|119.2| 71.5|321.2| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Comprehensive income for the period attributable| | | | | | |to the shareholders of the parent company | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations | -6.2| 36.7| 76.8| 28.2|135.6| +------------------------------------------------+-----+-----+-----+-----+-----+
|Discontinued operations | 51.1| 49.1| 42.6| 41.1|183.9| +------------------------------------------------+-----+-----+-----+-----+-----+
|Total | 44.8| 85.8|119.4| 69.4|319.5| +------------------------------------------------+-----+-----+-----+-----+-----+
Segment information
+------------------------------------------------+-----+-----+-----+-----+-----+
|Sales, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|Kalmar | 485| 552| 503| 509|2,050| +------------------------------------------------+-----+-----+-----+-----+-----+
|Hiab | 432| 485| 420| 450|1,787| +------------------------------------------------+-----+-----+-----+-----+-----+
|MacGregor |157| 164| 179| 234| 733|
+------------------------------------------------+-----+-----+-----+-----+-----+
|Internal sales | 0| 0| 0| 0| 0| +------------------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published |1,074|1,200|1,102|1,193|4,569| +------------------------------------------------+-----+-----+-----+-----+-----+
|Adjustment items related to discontinued | | | | | | |operations | 485| 552| 503| 509|2,049| +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated | 589| 648| 598| 684|2,519| +------------------------------------------------+-----+-----+-----+-----+-----+
+----------------------------------+---------------------------------------+
| | Published |
+----------------------------------+-------+-------+-------+-------+-------+
| Sales by geographical area, MEUR | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
+----------------------------------+-------+-------+-------+-------+-------+
| EMEA | 512 | 532 | 473 | 542 | 2,059 |
+----------------------------------+-------+-------+-------+-------+-------+
| Americas | 412 | 468 | 426 | 412 | 1,717 |
+----------------------------------+-------+-------+-------+-------+-------+
| Asia-Pacific | 151 | 199 | 203 | 240 | 792 |
+----------------------------------+-------+-------+-------+-------+-------+
| Cargotec total | 1,074 | 1,200 | 1,102 | 1,193 | 4,569 |
+----------------------------------+-------+-------+-------+-------+-------+
+----------------------------------+---------------------------------------+
| | Restated |
+----------------------------------+-------+-------+-------+-------+-------+
| Sales by geographical area, MEUR | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
+----------------------------------+-------+-------+-------+-------+-------+
| EMEA | 315 | 335 | 273 | 314 | 1,237 |
+----------------------------------+-------+-------+-------+-------+-------+
| Americas | 176 | 198 | 194 | 198 | 766 |
+----------------------------------+-------+-------+-------+-------+-------+
| Asia-Pacific | 97 | 115 | 132 | 172 | 516 |
+----------------------------------+-------+-------+-------+-------+-------+
| Continuing operations total | 589 | 648 | 598 | 684 | 2,519 |
+----------------------------------+-------+-------+-------+-------+-------+
+-------------------------------+--------------------------------------+
| | Published |
+-------------------------------+-------+-------+-------+-------+------+
| Sales by geographical area, % | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
+-------------------------------+-------+-------+-------+-------+------+
| EMEA | 48% | 44% | 43% | 45% | 45% |
+-------------------------------+-------+-------+-------+-------+------+
| Americas | 38% | 39% | 39% | 35% | 38% |
+-------------------------------+-------+-------+-------+-------+------+
| Asia-Pacific | 14% | 17% | 18% | 20% | 17% |
+-------------------------------+-------+-------+-------+-------+------+
| Cargotec total | 100% | 100% | 100% | 100% | 100% |
+-------------------------------+-------+-------+-------+-------+------+
+-------------------------------+--------------------------------------+
| | Restated |
+-------------------------------+-------+-------+-------+-------+------+
| Sales by geographical area, % | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
+-------------------------------+-------+-------+-------+-------+------+
| EMEA | 54% | 52% | 46% | 46% | 49% |
+-------------------------------+-------+-------+-------+-------+------+
| Americas | 30% | 30% | 32% | 29% | 30% |
+-------------------------------+-------+-------+-------+-------+------+
| Asia-Pacific | 16% | 18% | 22% | 25% | 20% |
+-------------------------------+-------+-------+-------+-------+------+
| Continuing operations total | 100% | 100% | 100% | 100% | 100% |
+-------------------------------+-------+-------+-------+-------+------+
+----------------------------------------------+-----------------------------+
|Cargotec total | Published |
+----------------------------------------------+-----+-----+-----+-----+-----+
|Operating profit and EBITDA, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023|
+----------------------------------------------+-----+-----+-----+-----+-----+
|Kalmar | 62.8| 78.4| 64.1| 58.9|264.2|
+----------------------------------------------+-----+-----+-----+-----+-----+
|Hiab | 61.4| 81.5| 61.5| 47.8|252.1|
+----------------------------------------------+-----+-----+-----+-----+-----+
|MacGregor | -7.4| 8.2| 24.3| 6.7| 31.8|
+----------------------------------------------+-----+-----+-----+-----+-----+
|Corporate administration and support functions|-12.8|-17.6| -9.6|-24.3|-64.4|
+----------------------------------------------+-----+-----+-----+-----+-----+
|Operating profit |104.0|150.5|140.3| 89.0|483.8|
+----------------------------------------------+-----+-----+-----+-----+-----+
|Depreciation, amortisation and impairment* | 28.5| 28.2| 29.5| 28.7|114.9|
+----------------------------------------------+-----+-----+-----+-----+-----+
|EBITDA |132.5|178.7|169.8|117.7|598.7|
+----------------------------------------------+-----+-----+-----+-----+-----+
+----------------------------------------------------+----+----+----+----+-----+
|*Includes the effects of allocating the acquisition | | | | | | |cost of businesses | | | | | | +----------------------------------------------------+----+----+----+----+-----+
|Kalmar |-0.2|-0.2|-0.2|-0.2| -0.8| +----------------------------------------------------+----+----+----+----+-----+
|Hiab |-0.8|-0.8|-0.8|-0.8| -3.1| +----------------------------------------------------+----+----+----+----+-----+
|MacGregor |-1.8|-1.7|-1.7|-1.7| -6.9| +----------------------------------------------------+----+----+----+----+-----+
|Cargotec total |-2.8|-2.7|-2.7|-2.7|-10.8| +----------------------------------------------------+----+----+----+----+-----+
+-----------------------------------------+-----------------------------+
|Continuing operations | Restated |
+-----------------------------------------+-----+-----+-----+-----+-----+
|Operating profit and EBITDA, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023|
+-----------------------------------------+-----+-----+-----+-----+-----+
|Operating profit | 41.7| 78.6| 76.7| 39.0|236.0|
+-----------------------------------------+-----+-----+-----+-----+-----+
|Depreciation, amortisation and impairment| 14.4| 14.1| 15.5| 13.8| 57.7|
+-----------------------------------------+-----+-----+-----+-----+-----+
|EBITDA | 56.0| 92.7| 92.2| 52.8|293.7|
+-----------------------------------------+-----+-----+-----+-----+-----+
| | | | | | |
+-----------------------------------------+-----+-----+-----+-----+-----+
|Operating profit, % |Q1/23|Q2/23|Q3/23|Q4/23| 2023|
+-----------------------------------------+-----+-----+-----+-----+-----+
|Kalmar |12.9%|14.2%|12.7%|11.6%|12.9%|
+-----------------------------------------+-----+-----+-----+-----+-----+
|Hiab |14.2%|16.8%|14.7%|10.6%|14.1%|
+-----------------------------------------+-----+-----+-----+-----+-----+
|MacGregor |-4.7%| 5.0%|13.6%| 2.8%| 4.3%|
+-----------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published | 9.7%|12.5%|12.7%| 7.5%|10.6%|
+-----------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated | 7.1%|12.1%|12.8%| 5.7%| 9.4%|
+-----------------------------------------+-----+-----+-----+-----+-----+
+------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|Kalmar | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Restructuring costs | -0.4| 0.0| -0.5| -0.3| -1.2| +------------------------------------------------+-----+-----+-----+-----+-----+
|Other items affecting comparability | -| -| -6.6| -7.4|-14.0| +------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, total | -0.4| 0.0| -7.1| -7.7|-15.2| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Hiab | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Restructuring costs | 0.0| 0.1| 0.0| 0.0| 0.1| +------------------------------------------------+-----+-----+-----+-----+-----+
|Other items affecting comparability | 0.0| -| 0.0| 0.0| 0.0| +------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, total | 0.0| 0.1| 0.0| 0.0| 0.1| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|MacGregor | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Restructuring costs | -3.3| -1.8| -2.0| -6.4|-13.5| +------------------------------------------------+-----+-----+-----+-----+-----+
|Other items affecting comparability | -4.7| -0.3| 17.8| -0.1| 12.7| +------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, total | -8.0| -2.1| 15.8| -6.5| -0.8| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Corporate administration and support functions | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Restructuring costs | 0.0| 0.0| 0.0| 0.0| 0.0| +------------------------------------------------+-----+-----+-----+-----+-----+
|Other items affecting comparability | 0.0| -5.8| 0.1| -7.9|-13.6| +------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, total | 0.0| -5.8| 0.1| -7.9|-13.6| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, Cargotec total, | | | | | | |published | -8.4| -7.8| 8.8|-22.1|-29.6| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, continuing | | | | | | |operations total, MEUR | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Restructuring costs | -3.3| -1.7| -2.0| -6.4|-13.4| +------------------------------------------------+-----+-----+-----+-----+-----+
|Other items affecting comparability | -4.7| -0.3| 17.8| -0.1| 12.7| +------------------------------------------------+-----+-----+-----+-----+-----+
|Items affecting comparability, continuing | | | | | | |operations total | -8.0| -2.0| 15.8| -6.5| -0.7| +------------------------------------------------+-----+-----+-----+-----+-----+
|Comparable operating profit, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|Kalmar | 63.2| 78.4| 71.2| 66.6|279.4| +------------------------------------------------+-----+-----+-----+-----+-----+
|Hiab | 61.4| 81.4| 61.5| 47.8|252.1| +------------------------------------------------+-----+-----+-----+-----+-----+
|MacGregor | 0.7| 10.3| 8.5| 13.1| 32.6| +------------------------------------------------+-----+-----+-----+-----+-----+
|Corporate administration and support functions |-12.8|-11.8| -9.7|-16.4|-50.8| +------------------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published |112.4|158.3|131.5|111.2|513.3| +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated | 49.7| 80.6| 60.9| 45.5|236.7| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Comparable operating profit, % |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|Kalmar |13.0%|14.2%|14.1%|13.1%|13.6%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Hiab |14.2%|16.8%|14.7%|10.6%|14.1%| +------------------------------------------------+-----+-----+-----+-----+-----+
|MacGregor | 0.4%| 6.3%| 4.8%| 5.6%| 4.5%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published |10.5%|13.2%|11.9%| 9.3%|11.2%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated | 8.4%|12.4%|10.2%| 6.7%| 9.4%| +------------------------------------------------+-----+-----+-----+-----+-----+
+------------------------------------------------+-----+-----+-----+-----+-----+
|Orders received, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|Kalmar | 471| 437| 392| 405|1,705| +------------------------------------------------+-----+-----+-----+-----+-----+
|Hiab | 380| 375| 311| 401|1,466| +------------------------------------------------+-----+-----+-----+-----+-----+
|MacGregor | 208| 187| 211| 209| 816| +------------------------------------------------+-----+-----+-----+-----+-----+
|Internal orders received | 0| 0| 0| 0| 0| +------------------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published |1,059| 999| 914|1,015|3,987| +------------------------------------------------+-----+-----+-----+-----+-----+
|Adjustment items related to discontinued | | | | | | |operations | 471| 437| 392| 405|1,705| +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated | 588| 562| 522| 610|2,282| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Orders received by geographical area, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|EMEA | 456| 480| 431| 416|1,784| +------------------------------------------------+-----+-----+-----+-----+-----+
|Americas | 382| 328| 239| 357|1,307| +------------------------------------------------+-----+-----+-----+-----+-----+
|Asia-Pacific | 220| 191| 244| 242| 896| +------------------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published |1,059| 999| 914|1,015|3,987| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Orders received by geographical area, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|EMEA | 242| 263| 237| 239| 981| +------------------------------------------------+-----+-----+-----+-----+-----+
|Americas | 197| 179| 133| 187| 697| +------------------------------------------------+-----+-----+-----+-----+-----+
|Asia-Pacific | 149| 120| 152| 184| 604| +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated | 588| 562| 522| 610|2,282| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Orders received by geographical area, % |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|EMEA | 43%| 48%| 47%| 41%| 45%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Americas | 36%| 33%| 26%| 35%| 33%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Asia-Pacific | 21%| 19%| 27%| 24%| 22%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published | 100%| 100%| 100%| 100%| 100%| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Orders received by geographical area, % |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|EMEA | 41%| 47%| 45%| 39%| 43%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Americas | 34%| 32%| 26%| 31%| 31%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Asia-Pacific | 25%| 21%| 29%| 30%| 26%| +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated | 100%| 100%| 100%| 100%| 100%| +------------------------------------------------+-----+-----+-----+-----+-----+
| | | | | | | +------------------------------------------------+-----+-----+-----+-----+-----+
|Order book, MEUR |Q1/23|Q2/23|Q3/23|Q4/23| 2023| +------------------------------------------------+-----+-----+-----+-----+-----+
|Kalmar |1,390|1,281|1,172|1,024|1,024| +------------------------------------------------+-----+-----+-----+-----+-----+
|Hiab |1,121|1,007| 900| 799| 799| +------------------------------------------------+-----+-----+-----+-----+-----+
|MacGregor | 956| 953| 993| 988| 988| +------------------------------------------------+-----+-----+-----+-----+-----+
|Internal order book | 1| 1| 1| 1| 1| +------------------------------------------------+-----+-----+-----+-----+-----+
|Cargotec total, published |3,467|3,242|3,065|2,812|2,812| +------------------------------------------------+-----+-----+-----+-----+-----+
|Adjustment items related to discontinued | | | | | | |operations |1,389|1,281|1,172|1,024|1,024| +------------------------------------------------+-----+-----+-----+-----+-----+
|Continuing operations total, restated |2,078|1,961|1,894|1,788|1,788| +------------------------------------------------+-----+-----+-----+-----+-----+
+-------------------------------------------+----------------------------------+
| | Published | +-------------------------------------------+------+------+------+------+------+
|Number of employees at the end of period | Q1/23| Q2/23| Q3/23| Q4/23| 2023| +-------------------------------------------+------+------+------+------+------+
|Kalmar | 5,024| 5,087| 5,101| 4,907| 4,907| +-------------------------------------------+------+------+------+------+------+
|Hiab | 3,897| 3,961| 3,972| 3,877| 3,877| +-------------------------------------------+------+------+------+------+------+
|MacGregor | 1,975| 1,935| 1,945| 1,853| 1,853| +-------------------------------------------+------+------+------+------+------+
|Corporate administration and support | | | | | | |functions | 744| 762| 768| 754| 754| +-------------------------------------------+------+------+------+------+------+
|Cargotec total |11,640|11,745|11,786|11,391|11,391| +-------------------------------------------+------+------+------+------+------+
+-------------------------------------------+----------------------------------+
| | Published | +-------------------------------------------+------+------+------+------+------+
|Average number of employees | Q1/23| Q2/23| Q3/23| Q4/23| 2023| +-------------------------------------------+------+------+------+------+------+
|Kalmar | 5,025| 5,037| 5,063| 5,041|5,041|
+-------------------------------------------+------+------+------+------+------+
|Hiab | 3,877| 3,914| 3,929| 3,932| 3,932| +-------------------------------------------+------+------+------+------+------+
|MacGregor | 1,982| 1,965| 1,958| 1,938| 1,938| +-------------------------------------------+------+------+------+------+------+
|Corporate administration and support | | | | | | |functions | 746| 752| 757| 758| 758| +-------------------------------------------+------+------+------+------+------+
|Cargotec total |11,630|11,667|11,707|11,669|11,669| +-------------------------------------------+------+------+------+------+------+
Capital expenditure, depreciation, amortisation and impairment of continuing
operations (restated)
+-----------------------------------------------+-----+-----+-----+-----+----+
|Capital expenditure, MEUR |Q1/23|Q2/23|Q3/23|Q4/23|2023|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Owned assets | | | | | |
+-----------------------------------------------+-----+-----+-----+-----+----+
|Intangible assets | 0.3| 1.3| 0.5| 0.5| 2.6|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Land and buildings | 0.4| 0.1| 1.1| 0.9| 2.6|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Machinery and equipment | 5.0| 5.2| 4.5| 5.3|20.1|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Right-of-use assets | | | | | |
+-----------------------------------------------+-----+-----+-----+-----+----+
|Land and buildings | 3.1| 4.2| 2.6| 5.3|15.3|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Machinery and equipment | 3.4| 3.7| 3.7| 4.0|14.8|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Total | 12.2| 14.6| 12.4| 16.1|55.3|
+-----------------------------------------------+-----+-----+-----+-----+----+
| | | | | | |
+-----------------------------------------------+-----+-----+-----+-----+----+
|Depreciation, amortisation and impairment, MEUR|Q1/23|Q2/23|Q3/23|Q4/23|2023|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Owned assets | | | | | |
+-----------------------------------------------+-----+-----+-----+-----+----+
|Intangible assets | 3.5| 3.4| 3.4| 3.2|13.5|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Land and buildings | 0.7| 0.7| 0.6| 0.6| 2.5|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Machinery and equipment | 2.8| 2.6| 2.7| 3.3|11.5|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Right-of-use assets | | | | | |
+-----------------------------------------------+-----+-----+-----+-----+----+
|Land and buildings | 4.6| 4.5| 5.8| 3.2|18.0|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Machinery and equipment | 2.8| 2.9| 3.0| 3.5|12.2|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Total | 14.4| 14.1| 15.5| 13.8|57.7|
+-----------------------------------------------+-----+-----+-----+-----+----+
| | | | | | |
+-----------------------------------------------+-----+-----+-----+-----+----+
Statement of income for discontinued operations
+-----------------------------------------+------+------+------+------+--------+
|MEUR | Q1/23| Q2/23| Q3/23| Q4/23| 2023| +-----------------------------------------+------+------+------+------+--------+
|Sales | 485.3| 551.6| 503.1| 509.4| 2,049.4| +-----------------------------------------+------+------+------+------+--------+
|Cost of goods sold |-363.1|-419.3|-381.4|-376.8|-1,540.6| +-----------------------------------------+------+------+------+------+--------+
|Gross profit | 122.2| 132.4| 121.7| 132.5| 508.8| +-----------------------------------------+------+------+------+------+--------+
|Gross profit, % | 25.2%| 24.0%| 24.2%| 26.0%| 24.8%| +-----------------------------------------+------+------+------+------+--------+
|Selling and marketing expenses | -19.9| -21.8| -19.8| -24.0| -85.5| +-----------------------------------------+------+------+------+------+--------+
|Research and development expenses | -12.8| -12.1| -12.1| -16.8| -53.9| +-----------------------------------------+------+------+------+------+--------+
|Administration expenses | -28.0| -29.6| -18.6| -35.0| -111.2| +-----------------------------------------+------+------+------+------+--------+
|Restructuring costs | -0.4| 0.0| -0.5| -0.3| -1.2| +-----------------------------------------+------+------+------+------+--------+
|Other operating income | 7.6| 8.1| 7.8| 7.7| 31.2| +-----------------------------------------+------+------+------+------+--------+
|Other operating expenses | -8.0| -7.2| -16.7| -17.4| -49.4| +-----------------------------------------+------+------+------+------+--------+
|Share of associated companies' and joint | | | | | | |ventures' net result | 1.7| 2.1| 1.9| 3.3| 9.0| +-----------------------------------------+------+------+------+------+--------+
|Operating profit | 62.3| 71.9| 63.6| 50.0| 247.8| +-----------------------------------------+------+------+------+------+--------+
|Operating profit, % | 12.8%| 13.0%| 12.6%| 9.8%| 12.1%| +-----------------------------------------+------+------+------+------+--------+
|Finance income | 1.5| 1.0| 1.5| 1.7| 5.7| +-----------------------------------------+------+------+------+------+--------+
|Finance expenses | -3.6| -5.9| -4.7| -5.9| -20.0| +-----------------------------------------+------+------+------+------+--------+
|Profit before taxes | 60.3| 67.1| 60.4| 45.7| 233.5| +-----------------------------------------+------+------+------+------+--------+
|Profit before taxes % | 12.4%| 12.2%| 12.0%| 9.0%| 11.4%| +-----------------------------------------+------+------+------+------+--------+
|Income taxes | -11.4| -14.1| -15.6| -6.1| -47.3| +-----------------------------------------+------+------+------+------+--------+
|Profit for the period, discontinued | | | | | | |operations | 48.9| 52.9| 44.8| 39.6| 186.2| +-----------------------------------------+------+------+------+------+--------+
|Profit for the period, % | 10.1%| 9.6%| 8.9%| 7.8%| 9.1%| +-----------------------------------------+------+------+------+------+--------+
| | | | | | | +-----------------------------------------+------+------+------+------+--------+
|Profit for the period attributable to: | | | | | | +-----------------------------------------+------+------+------+------+--------+
|Shareholders of the parent company | 48.9| 52.9| 44.8| 39.6| 186.2| +-----------------------------------------+------+------+------+------+--------+
| | | | | | | +-----------------------------------------+------+------+------+------+--------+
|Earnings per share for profit | | | | | | |attributable to the shareholders of the | | | | | | |parent company: | | | | | | +-----------------------------------------+------+------+------+------+--------+
|Basic earnings per share, EUR | 0.76| 0.82| 0.70| 0.62| 2.89| +-----------------------------------------+------+------+------+------+--------+
|Diluted earnings per share, EUR | 0.76| 0.82| 0.69| 0.62| 2.88| +-----------------------------------------+------+------+------+------+--------+
Discontinued operations, other information
+-----------------------------------------------+-----+-----+-----+-----+----+
|Capital expenditure, MEUR |Q1/23|Q2/23|Q3/23|Q4/23|2023|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Owned assets | 17.7| 10.4| 12.6| 15.1|55.8|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Right-of-use assets | 2.6| 5.2| 13.3| 4.7|25.9|
+-----------------------------------------------+-----+-----+-----+-----+----+
|Total | 20.3| 15.6| 26.0| 19.8|81.7|
+-----------------------------------------------+-----+-----
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
CARGOTEC CORP. B | A0ERKS | Frankfurt | 75,100 | 28.06.24 09:49:00 | +0,800 | +1,08% | 0,000 | 0,000 | 75,100 | 75,100 |
