Cargotec’s comparable operating profit for 2020 in accordance with the new definition

CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 29. MARCH 2021 AT 9.30 AM EEST

Cargotec’s comparable operating profit for 2020 in accordance with the new definition

Cargotec changed the definition of the alternative performance measure comparable operating profit and discloses figures in accordance with the new definition for the comparison period 2020. 

As stated in the financial statements review 2020, Cargotec changed the definition of the alternative performance measure comparable operating profit starting from 1 January 2021 to align it with the definition used in the merger prospectus published on 3 December 2020. In addition to the items significantly affecting comparability, the restated comparable operating profit will also exclude the impacts of the purchase price allocation, which amounted to EUR 23 million in 2020. EUR 10 million of the items were related to Kalmar, EUR 2 million to Hiab and EUR 11 million to MacGregor.

Outlook for 2021 unchanged

Cargotec reiterates its outlook published on 4 February 2021 and expects its comparable operating profit for 2021 to improve from 2020 (EUR 227* million).

*Comparable operating profit in accordance with the new definition published in the financial statements review on 4 February 2021 has been specified from EUR 228 million to EUR 227 million.

Figures in accordance with the new definition for the comparison period are unaudited.

For further information, please contact: 

Mikko Puolakka, Executive Vice President and CFO, tel. +358 20 777 4105
Hanna-Maria Heikkinen, Vice President, Investor Relations, tel. +358 20 777 4084

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 United Nations Global Compact’s Business Ambition for 1.5°C. The company's sales in 2020 totalled approximately EUR 3.3 billion and it employs around 11,500 people. www.cargotec.com

Quarterly key figures

Cargotec		Q1/2020	Q2/2020	Q3/2020	Q4/2020	2020
Sales, MEUR		858	756	777	873	3,263
Operating profit, MEUR		26.5	-19.5	45.8	17.6	70.4
	Restructuring costs, MEUR	6.4	72.1	12.6	39.9	131.0
	Other items affecting comparability, MEUR	6.6	-9.2	-1.8	6.6	2.3
Items affecting comparability, total, old definition, MEUR		13.0	62.9	10.8	46.5	133.3
	Impacts of the purchase price allocation, MEUR	5.8	6.0	5.5	5.7	23.0
Items affecting comparability, total, new definition, MEUR		18.8	68.9	16.4	52.2	156.3
Comparable operating profit, MEUR		45.3	49.4	62.2	69.8	226.7
Operating profit, %		3.1%	-2.6%	5.9%	2.0%	2.2%
Comparable operating profit, %		5.3%	6.5%	8.0%	8.0%	6.9%

Kalmar		Q1/2020	Q2/2020	Q3/2020	Q4/2020	2020
Sales, MEUR		404	350	364	411	1,529
Operating profit, MEUR		24.1	-13.1	31.4	19.5	61.8
	Items affecting comparability, total, old definition, MEUR	1.5	43.4	0.9	8.8	54.6
	Impacts of the purchase price allocation, MEUR	2.3	2.5	2.5	2.4	9.7
Items affecting comparability, total, new definition, MEUR		3.8	45.9	3.5	11.1	64.3
Comparable operating profit, MEUR		27.8	32.8	34.9	30.6	126.1
Operating profit, %		6.0%	-3.7%	8.6%	4.7%	4.0%
Comparable operating profit, %		6.9%	9.4%	9.6%	7.5%	8.2%

Hiab		Q1/2020	Q2/2020	Q3/2020	Q4/2020	2020
Sales, MEUR		302	243	254	295	1,094
Operating profit, MEUR		28.4	18.0	25.9	25.0	97.3
	Items affecting comparability, total, old definition, MEUR	1.7	6.4	5.0	16.1	29.1
	Impacts of the purchase price allocation, MEUR	0.6	0.6	0.6	0.6	2.4
Items affecting comparability, total, new definition, MEUR		2.3	6.9	5.6	16.7	31.5
Comparable operating profit, MEUR		30.7	24.9	31.5	41.7	128.8
Operating profit, %		9.4%	7.4%	10.2%	8.5%	8.9%
Comparable operating profit, %		10.2%	10.3%	12.4%	14.1%	11.8%

MacGregor		Q1/2020	Q2/2020	Q3/2020	Q4/2020	2020
Sales, MEUR		153	163	158	168	642
Operating profit, MEUR		-8.1	-26.8	-0.7	-12.6	-48.2
	Items affecting comparability, total, old definition, MEUR	2.8	23.2	2.2	15.6	43.8
	Impacts of the purchase price allocation, MEUR	2.9	2.9	2.4	2.8	10.9
Items affecting comparability, total, new definition, MEUR		5.7	26.1	4.6	18.3	54.8
Comparable operating profit, MEUR		-2.4	-0.7	4.0	5.7	6.6
Operating profit, %		-5.3%	-16.5%	-0.4%	-7.5%	-7.5%
Comparable operating profit, %		-1.6%	-0.4%	2.5%	3.4%	1.0%

Attachment:

• Tables - Cargotec’s comparable operating profit for 2020 in accordance with the new definition