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 1.5°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
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
Depreciation, amortisation and impairment, MEUR
Owned assets	10.5	10.2	9.9	10.5	41.1
Right-of-use assets	3.6	4.0	4.1	4.3	16.1
Total	14.1	14.2	14.1	14.9	57.2

Attachment:

• Restatement release data attachment EN