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Cargotec’s restated financial information for 2023, Kalmar will be presented as discontinued operations due to the proposed demerger

2024 Stock exchange

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 1.5°C. 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
MEURQ1/23Q2/23Q3/23Q4/232023
Continuing operations     
Orders received5885625226102,282
Service orders received219190183194787
Order book, end of period2,0781,9611,8941,7881,788
Sales5896485986842,519
Service sales200201197208806
Service sales, % of sales34%31%33%30%32%
Eco portfolio sales186217192202797
Eco portfolio sales, % of sales32%33%32%30%32%
Operating profit41.778.676.739.0236.0
Operating profit, %7.1%12.1%12.8%5.7%9.4%
Comparable operating profit49.780.660.945.5236.7
Comparable operating profit, %8.4%12.4%10.2%6.7%9.4%
Profit before taxes35.474.073.936.2219.5
Profit for the period23.754.762.221.7162.4
Basic earnings per share, EUR0.370.850.970.312.49
      
Discontinued operationsQ1/23Q2/23Q3/23Q4/232023
Orders received4714373924051,705
Service orders received143136129137545
Order book, end of period1,3891,2811,1721,0241,024
Sales4855525035092,049
Service sales146143137147574
Service sales, % of sales30%26%27%29%28%
Eco portfolio sales160181175202718
Eco portfolio sales, % of sales33%33%35%40%35%
Operating profit62.371.963.650.0247.8
Operating profit, %12.8%13.0%12.6%9.8%12.1%
Comparable operating profit62.777.770.665.7276.7
Comparable operating profit, %12.9%14.1%14.0%12.9%13.5%
Profit before taxes60.367.160.445.7233.5
Profit for the period48.952.944.839.6186.2
Basic earnings per share, EUR0.760.820.700.622.89


 Published
Cargotec totalQ1/23Q2/23Q3/23Q4/232023
Orders received1,0599999141,0153,987
Service orders received3623263123311,331
Order book, end of period3,4673,2423,0652,8122,812
Sales1,0741,2001,1021,1934,569
Service sales3463443343551,379
Service sales, % of sales32%29%30%30%30%
Eco portfolio sales3463973674041,515
Eco portfolio sales, % of sales32%33%33%34%33%
Operating profit104.0150.5140.389.0483.8
Operating profit, %9.7%12.5%12.7%7.5%10.6%
Comparable operating profit112.4158.3131.5111.2513.3
Comparable operating profit, %10.5%13.2%11.9%9.3%11.2%
Profit before taxes95.7141.0134.381.9453.0
Profit for the period72.6107.7107.161.3348.7
Basic earnings per share, EUR1.131.671.660.925.38
      
Cash flow from operations before finance items and taxes26.541.2184.4292.1544.2
Interest-bearing net debt, end of the period393503406179179
Gearing, %26.4%31.9%24.2%10.2%10.2%
Interest-bearing net debt / EBITDA*1.05.14.45.70.3
Return on capital employed (ROCE), last 12 months, %7.5%4.3%3.7%4.8%19.9%
Personnel at the end of the period11,64011,74511,78611,39111,391
*Last 12 months` EBITDA     

Consolidated statement of income (restated)

MEURQ1/23Q2/23Q3/23Q4/232023
Sales588.8648.2598.4684.02,519.4
Cost of goods sold-455.9-479.2-455.2-532.7-1,923.0
Gross profit132.9169.1143.3151.3596.5
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 income1.91.93.31.68.7
Other operating expenses-1.0-1.917.8-2.212.7
Share of associated companies' and joint ventures' net result0.00.00.91.12.1
Operating profit41.778.676.739.0236.0
Operating profit, %7.1%12.1%12.8%5.7%9.4%
Finance income1.30.72.03.17.0
Finance expenses-7.5-5.3-4.8-5.9-23.5
Profit before taxes35.474.073.936.2219.5
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 operations23.754.762.221.7162.4
Profit for the period, continuing operations, %4.0%8.5%10.4%2.9%6.4%
Profit for the period, discontinued operations48.952.944.839.6186.2
Profit for the period72.6107.7107.161.3348.7
Profit for the period, %12.3%16.6%17.9%9.0%13.8%
Profit for the period attributable to:     
Shareholders of the parent company72.7107.7107.259.2346.9
Non-controlling interest-0.1-0.1-0.12.11.8
Total72.6107.7107.161.3348.7
Earnings per share for profit attributable to the shareholders of the parent company:     
Basic earnings per share, EUR     
Continuing operations0.370.850.970.312.49
Discontinued operations0.760.820.700.622.89
Diluted earnings per share, EUR     
Continuing operations0.370.850.960.312.48
Discontinued operations0.760.820.690.622.88

Consolidated statement of comprehensive income (restated)

MEURQ1/23Q2/23Q3/23Q4/232023
Profit for the period72.6107.7107.161.3348.7
      
Other comprehensive income     
Items that cannot be reclassified to statement of income:     
Actuarial gains (+) / losses (-) from defined benefit plans0.20.7-0.1-8.2-7.4
Taxes relating to items that cannot be reclassified to statement of income0.0-0.10.01.71.5
Items that can be reclassified to statement of income:     
Gains (+) / losses (-) on cash flow hedges9.2-12.3-9.532.519.9
Gains (+) / losses (-) on cash flow hedges transferred to statement of income-6.82.02.1-16.4-19.2
Translation differences-30.1-14.018.03.6-22.5
Taxes relating to items that can be reclassified to statement of income-1.01.91.6-3.0-0.5
Share of other comprehensive income of associates and JV, net of tax0.70.00.00.00.7
Other comprehensive income, net of tax-27.9-21.812.210.1-27.4
      
Comprehensive income for the period44.785.8119.271.5321.2
      
Comprehensive income for the period attributable to:     
Shareholders of the parent company44.885.8119.469.4319.5
Non-controlling interest-0.10.0-0.12.11.7
Total44.785.8119.271.5321.2
      
Comprehensive income for the period attributable to the shareholders of the parent company     
Continuing operations-6.236.776.828.2135.6
Discontinued operations51.149.142.641.1183.9
Total44.885.8119.469.4319.5

Segment information

Sales, MEURQ1/23Q2/23Q3/23Q4/232023
Kalmar4855525035092,050
Hiab4324854204501,787
MacGregor157164179234733
Internal sales00000
Cargotec total, published1,0741,2001,1021,1934,569
Adjustment items related to discontinued operations4855525035092,049
Continuing operations total, restated5896485986842,519


 Published
Sales by geographical area, MEURQ1/23Q2/23Q3/23Q4/232023
EMEA5125324735422,059
Americas4124684264121,717
Asia-Pacific151199203240792
Cargotec total1,0741,2001,1021,1934,569

                

 Restated
Sales by geographical area, MEURQ1/23Q2/23Q3/23Q4/232023
EMEA3153352733141,237
Americas176198194198766
Asia-Pacific97115132172516
Continuing operations total5896485986842,519


 Published
Sales by geographical area, %Q1/23Q2/23Q3/23Q4/232023
EMEA48%44%43%45%45%
Americas38%39%39%35%38%
Asia-Pacific14%17%18%20%17%
Cargotec total100%100%100%100%100%


 Restated
Sales by geographical area, %Q1/23Q2/23Q3/23Q4/232023
EMEA54%52%46%46%49%
Americas30%30%32%29%30%
Asia-Pacific16%18%22%25%20%
Continuing operations total100%100%100%100%100%

                                

Cargotec totalPublished
Operating profit and EBITDA, MEURQ1/23Q2/23Q3/23Q4/232023
Kalmar62.878.464.158.9264.2
Hiab61.481.561.547.8252.1
MacGregor-7.48.224.36.731.8
Corporate administration and support functions-12.8-17.6-9.6-24.3-64.4
Operating profit104.0150.5140.389.0483.8
Depreciation, amortisation and impairment*28.528.229.528.7114.9
EBITDA132.5178.7169.8117.7598.7


*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 operationsRestated
Operating profit and EBITDA, MEURQ1/23Q2/23Q3/23Q4/232023
Operating profit41.778.676.739.0236.0
Depreciation, amortisation and impairment14.414.115.513.857.7
EBITDA56.092.792.252.8293.7
      
Operating profit, %Q1/23Q2/23Q3/23Q4/232023
Kalmar12.9%14.2%12.7%11.6%12.9%
Hiab14.2%16.8%14.7%10.6%14.1%
MacGregor-4.7%5.0%13.6%2.8%4.3%
Cargotec total, published9.7%12.5%12.7%7.5%10.6%
Continuing operations total, restated7.1%12.1%12.8%5.7%9.4%


Items affecting comparability, MEURQ1/23Q2/23Q3/23Q4/232023
Kalmar     
Restructuring costs-0.40.0-0.5-0.3-1.2
Other items affecting comparability---6.6-7.4-14.0
Items affecting comparability, total-0.40.0-7.1-7.7-15.2
      
Hiab     
Restructuring costs0.00.10.00.00.1
Other items affecting comparability0.0-0.00.00.0
Items affecting comparability, total0.00.10.00.00.1
      
MacGregor     
Restructuring costs-3.3-1.8-2.0-6.4-13.5
Other items affecting comparability-4.7-0.317.8-0.112.7
Items affecting comparability, total-8.0-2.115.8-6.5-0.8
      
Corporate administration and support functions     
Restructuring costs0.00.00.00.00.0
Other items affecting comparability0.0-5.80.1-7.9-13.6
Items affecting comparability, total0.0-5.80.1-7.9-13.6
      
Items affecting comparability, Cargotec total, published-8.4-7.88.8-22.1-29.6
      
Items affecting comparability, continuing operations total, MEUR     
Restructuring costs-3.3-1.7-2.0-6.4-13.4
Other items affecting comparability-4.7-0.317.8-0.112.7
Items affecting comparability, continuing operations total-8.0-2.015.8-6.5-0.7


Comparable operating profit, MEUR
Q1/23Q2/23Q3/23Q4/232023
Kalmar63.278.471.266.6279.4
Hiab61.481.461.547.8252.1
MacGregor0.710.38.513.132.6
Corporate administration and support functions-12.8-11.8-9.7-16.4-50.8
Cargotec total, published112.4158.3131.5111.2513.3
Continuing operations total, restated49.780.660.945.5236.7
      
Comparable operating profit, %Q1/23Q2/23Q3/23Q4/232023
Kalmar13.0%14.2%14.1%13.1%13.6%
Hiab14.2%16.8%14.7%10.6%14.1%
MacGregor0.4%6.3%4.8%5.6%4.5%
Cargotec total, published10.5%13.2%11.9%9.3%11.2%
Continuing operations total, restated8.4%12.4%10.2%6.7%9.4%


Orders received, MEURQ1/23Q2/23Q3/23Q4/232023
Kalmar4714373924051,705
Hiab3803753114011,466
MacGregor208187211209816
Internal orders received00000
Cargotec total, published1,0599999141,0153,987
Adjustment items related to discontinued operations4714373924051,705
Continuing operations total, restated5885625226102,282
      
Orders received by geographical area, MEURQ1/23Q2/23Q3/23Q4/232023
EMEA4564804314161,784
Americas3823282393571,307
Asia-Pacific220191244242896
Cargotec total, published1,0599999141,0153,987
      
Orders received by geographical area, MEURQ1/23Q2/23Q3/23Q4/232023
EMEA242263237239981
Americas197179133187697
Asia-Pacific149120152184604
Continuing operations total, restated5885625226102,282
      
Orders received by geographical area, %Q1/23Q2/23Q3/23Q4/232023
EMEA43%48%47%41%45%
Americas36%33%26%35%33%
Asia-Pacific21%19%27%24%22%
Cargotec total, published100%100%100%100%100%
      
Orders received by geographical area, %Q1/23Q2/23Q3/23Q4/232023
EMEA41%47%45%39%43%
Americas34%32%26%31%31%
Asia-Pacific25%21%29%30%26%
Continuing operations total, restated100%100%100%100%100%
      
Order book, MEURQ1/23Q2/23Q3/23Q4/232023
Kalmar1,3901,2811,1721,0241,024
Hiab1,1211,007900799799
MacGregor956953993988988
Internal order book11111
Cargotec total, published3,4673,2423,0652,8122,812
Adjustment items related to discontinued operations1,3891,2811,1721,0241,024
Continuing operations total, restated2,0781,9611,8941,7881,788


 Published
Number of employees at the end of periodQ1/23Q2/23Q3/23Q4/232023
Kalmar5,0245,0875,1014,9074,907
Hiab3,8973,9613,9723,8773,877
MacGregor1,9751,9351,9451,8531,853
Corporate administration and support functions744762768754754
Cargotec total11,64011,74511,78611,39111,391


 Published
Average number of employeesQ1/23Q2/23Q3/23Q4/232023
Kalmar5,0255,0375,0635,0415,041
Hiab3,8773,9143,9293,9323,932
MacGregor1,9821,9651,9581,9381,938
Corporate administration and support functions746752757758758
Cargotec total11,63011,66711,70711,66911,669

Capital expenditure, depreciation, amortisation and impairment of continuing operations (restated)

Capital expenditure, MEURQ1/23Q2/23Q3/23Q4/232023
Owned assets     
Intangible assets0.31.30.50.52.6
Land and buildings0.40.11.10.92.6
Machinery and equipment5.05.24.55.320.1
Right-of-use assets     
Land and buildings3.14.22.65.315.3
Machinery and equipment3.43.73.74.014.8
Total12.214.612.416.155.3
      
Depreciation, amortisation and impairment, MEURQ1/23Q2/23Q3/23Q4/232023
Owned assets     
Intangible assets3.53.43.43.213.5
Land and buildings0.70.70.60.62.5
Machinery and equipment2.82.62.73.311.5
Right-of-use assets     
Land and buildings4.64.55.83.218.0
Machinery and equipment2.82.93.03.512.2
Total14.414.115.513.857.7
      

Statement of income for discontinued operations

MEURQ1/23Q2/23Q3/23Q4/232023
Sales485.3551.6503.1509.42,049.4
Cost of goods sold-363.1-419.3-381.4-376.8-1,540.6
Gross profit122.2132.4121.7132.5508.8
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-0.40.0-0.5-0.3-1.2
Other operating income7.68.17.87.731.2
Other operating expenses-8.0-7.2-16.7-17.4-49.4
Share of associated companies' and joint ventures' net result1.72.11.93.39.0
Operating profit62.371.963.650.0247.8
Operating profit, %12.8%13.0%12.6%9.8%12.1%
Finance income1.51.01.51.75.7
Finance expenses-3.6-5.9-4.7-5.9-20.0
Profit before taxes60.367.160.445.7233.5
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 operations48.952.944.839.6186.2
Profit for the period, %10.1%9.6%8.9%7.8%9.1%
      
Profit for the period attributable to:     
Shareholders of the parent company48.952.944.839.6186.2
      
Earnings per share for profit attributable to the shareholders of the parent company:     
Basic earnings per share, EUR0.760.820.700.622.89
Diluted earnings per share, EUR0.760.820.690.622.88

Discontinued operations, other information

Capital expenditure, MEURQ1/23Q2/23Q3/23Q4/232023
Owned assets17.710.412.615.155.8
Right-of-use assets2.65.213.34.725.9
Total20.315.626.019.881.7
      
Depreciation, amortisation and impairment, MEUR     
Owned assets10.510.29.910.541.1
Right-of-use assets3.64.04.14.316.1
Total14.114.214.114.957.2