Cargotec's restated financial information for 2023 and Q1-Q3 2024, MacGregor will be presented as discontinued operations due to the signed sales agreement
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CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 7 JANUARY 2025 AT 3:00 PM (EET)
Cargotec's restated financial information for 2023 and Q1-Q3 2024, MacGregor will be presented as discontinued operations due to the signed sales agreement
As announced in a stock exchange release on 14 November 2024, Cargotec Corporation (“Cargotec”) has signed an agreement to sell its MacGregor business area (“MacGregor”) ("the Transaction"). The closing date of the Transaction is expected to occur by 1 July 2025 at the latest.
Due to the Transaction, Cargotec will report the MacGregor as a part of discontinued operations from the fourth quarter 2024 onwards. Additionally, due to the partial demerger of Cargotec registered on 30 June 2024 ("Demerger"), Cargotec continues to report its former Kalmar business area ("Kalmar") as discontinued operations as announced in a stock exchange release on 8 April 2024.
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 sales and operating expenses directly related to the Kalmar and MacGregor and other income and costs related to continuing operations that are not expected to continue after the Demerger and closing of the Transaction, or would have been avoided without the Demerger or the Transaction. As a result, financial information presented for Cargotec as continuing operations does not fully reflect the past or future profitability of Hiab business on a stand-alone basis.
Cargotec has also updated its segment reporting from the fourth quarter 2024 onwards. The MacGregor segment has been removed. Hence, in Cargotec's financial statements review 2024, there will be only one reporting segment, Hiab. From first quarter 2025 onwards, the company is planning to have two reporting segments, Equipment and Services.
To provide a basis for comparison, Cargotec publishes its reclassified financial information of continuing operations, discontinued operations, reportable segment and Corporate administration and support functions for all quarters of 2023 and the first three quarters of 2024 separately, as well as for the full year 2023. Corporate administration and support functions now reflect continuing operations. Hiab financial information remains unchanged. Reclassified information for Equipment and Services segments is planned to be published later.
The restated financial information included in this release is unaudited.
Cargotec Corporation
For further information, please contact:
Mikko Puolakka, CFO, tel. +358 20 777 4000
Aki Vesikallio, Vice President, Investor Relations, tel. +358 40 729 1670
Cargotec's (Nasdaq Helsinki: CGCBV) Hiab business is a leading provider of smart and sustainable on road load-handling solutions, committed to delivering the best customer experience every day with the most engaged people and partners. The company's continuing operations sales in 2023 totalled approximately EUR 1.8 billion and it employs over 4,000 people. www.cargotec.com
Quarterly key figures (restated)
| MEUR | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| Continuing operations | |||||||||
| Orders received | 386 | 348 | 361 | 1,095 | 380 | 375 | 311 | 401 | 1,466 |
| Service orders received | 111 | 111 | 109 | 331 | 121 | 106 | 108 | 112 | 447 |
| Order book | 770 | 676 | 636 | 636 | 1,121 | 1,007 | 900 | 799 | 799 |
| Sales | 415 | 433 | 388 | 1,235 | 432 | 485 | 420 | 450 | 1,787 |
| Service sales | 117 | 115 | 112 | 344 | 112 | 113 | 113 | 114 | 452 |
| Service sales, % of sales | 28% | 27% | 29% | 28% | 26% | 23% | 27% | 25% | 25% |
| Eco portfolio sales | 115 | 126 | 114 | 354 | 127 | 151 | 129 | 127 | 533 |
| Eco portfolio sales, % of sales | 28% | 29% | 29% | 29% | 29% | 31% | 31% | 28% | 30% |
| Operating profit | 61 | 63 | 52 | 176 | 53 | 74 | 55 | 38 | 219 |
| Operating profit, % | 14.8% | 14.5% | 13.4% | 14.3% | 12.2% | 15.2% | 13.1% | 8.4% | 12.3% |
| Comparable operating profit | 61 | 63 | 52 | 176 | 53 | 74 | 55 | 38 | 219 |
| Comparable operating profit, % | 14.8% | 14.5% | 13.4% | 14.3% | 12.2% | 15.2% | 13.1% | 8.4% | 12.3% |
| Profit before taxes | 60 | 63 | 51 | 174 | 47 | 70 | 52 | 36 | 205 |
| Profit for the period | 42 | 46 | 40 | 128 | 34 | 52 | 44 | 24 | 153 |
| Basic earnings per share, EUR | 0.65 | 0.72 | 0.62 | 1.98 | 0.53 | 0.81 | 0.68 | 0.33 | 2.35 |
Consolidated statement of income (restated)
| MEUR | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| Sales | 414.5 | 432.6 | 387.8 | 1,235.0 | 432.1 | 484.7 | 419.7 | 450.0 | 1,786.5 |
| Cost of goods sold | -289.3 | -303.3 | -272.1 | -864.7 | -318.1 | -348.8 | -305.6 | -333.8 | -1,306.3 |
| Gross profit | 125.2 | 129.3 | 115.7 | 370.3 | 114.0 | 135.9 | 114.1 | 116.3 | 480.2 |
| Gross profit, % | 30.2% | 29.9% | 29.8% | 30.0% | 26.4% | 28.0% | 27.2% | 25.8% | 26.9% |
| Selling and marketing expenses | -22.3 | -24.4 | -23.1 | -69.9 | -22.9 | -24.3 | -23.5 | -27.2 | -97.8 |
| Research and development expenses | -9.3 | -10.0 | -8.3 | -27.6 | -6.8 | -9.1 | -8.1 | -10.6 | -34.7 |
| Administration expenses | -32.4 | -33.0 | -34.7 | -100.2 | -31.9 | -29.0 | -30.0 | -40.4 | -131.2 |
| Restructuring costs | — | — | — | — | 0.0 | 0.1 | 0.0 | 0.0 | 0.1 |
| Other operating income | 0.3 | 1.7 | 2.4 | 4.4 | 0.5 | 1.3 | 2.3 | 0.8 | 4.9 |
| Other operating expenses | -0.1 | -0.8 | -0.1 | -0.9 | -0.4 | -1.2 | 0.2 | -1.0 | -2.4 |
| Operating profit | 61.3 | 62.8 | 52.0 | 176.1 | 52.6 | 73.7 | 55.0 | 38.0 | 219.2 |
| Operating profit, % | 14.8% | 14.5% | 13.4% | 14.3% | 12.2% | 15.2% | 13.1% | 8.4% | 12.3% |
| Finance income | 4.2 | 3.6 | 3.2 | 11.1 | 1.2 | 0.6 | 1.5 | 2.5 | 5.8 |
| Finance expenses | -5.4 | -3.7 | -3.9 | -13.1 | -6.4 | -4.1 | -4.3 | -4.8 | -19.6 |
| Profit before taxes | 60.1 | 62.7 | 51.3 | 174.1 | 47.4 | 70.1 | 52.3 | 35.7 | 205.4 |
| Profit before taxes, % | 14.5% | 14.5% | 13.2% | 14.1% | 11.0% | 14.5% | 12.5% | 7.9% | 11.5% |
| Income taxes | -18.2 | -16.5 | -11.5 | -46.3 | -13.3 | -17.9 | -8.7 | -12.1 | -52.0 |
| Profit for the period, continuing operations | 41.9 | 46.2 | 39.8 | 127.8 | 34.1 | 52.2 | 43.6 | 23.5 | 153.5 |
| Profit for the period, continuing operations, % | 10.1% | 10.7% | 10.3% | 10.4% | 7.9% | 10.8% | 10.4% | 5.2% | 8.6% |
| Profit for the period, discontinued operations | 39.4 | 1,054.4 | 5.0 | 1,098.8 | 38.5 | 55.4 | 63.5 | 37.8 | 195.2 |
| Profit for the period | 81.2 | 1,100.6 | 44.8 | 1,226.7 | 72.6 | 107.7 | 107.1 | 61.3 | 348.7 |
| Profit for the period attributable to: | |||||||||
| Shareholders of the parent company | 81.1 | 1,100.5 | 44.6 | 1,226.2 | 72.7 | 107.7 | 107.2 | 59.2 | 346.9 |
| Non-controlling interest | 0.1 | 0.1 | 0.2 | 0.5 | -0.1 | -0.1 | -0.1 | 2.1 | 1.8 |
| Total | 81.2 | 1,100.6 | 44.8 | 1,226.7 | 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 | 0.65 | 0.72 | 0.62 | 1.98 | 0.53 | 0.81 | 0.68 | 0.33 | 2.35 |
| Discontinued operations | 0.61 | 16.40 | 0.09 | 17.10 | 0.60 | 0.86 | 0.98 | 0.59 | 3.03 |
| Diluted earnings per share, EUR | |||||||||
| Continuing operations | 0.65 | 0.71 | 0.61 | 1.98 | 0.53 | 0.81 | 0.67 | 0.34 | 2.35 |
| Discontinued operations | 0.61 | 16.36 | 0.07 | 17.05 | 0.60 | 0.86 | 0.98 | 0.59 | 3.02 |
Segment information (restated)
| Sales, MEUR | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| Hiab | 415 | 433 | 388 | 1,235 | 432 | 485 | 420 | 450 | 1,787 |
| Sales by geographical area, MEUR | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| EMEA | 201 | 211 | 187 | 599 | 237 | 264 | 203 | 241 | 945 |
| Americas | 184 | 195 | 177 | 556 | 164 | 183 | 179 | 176 | 702 |
| Asia-Pacific | 29 | 27 | 24 | 80 | 31 | 38 | 38 | 33 | 140 |
| Continuing operations total | 415 | 433 | 388 | 1,235 | 432 | 485 | 420 | 450 | 1,787 |
| Sales by geographical area, % | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| EMEA | 49% | 49% | 48% | 48% | 55% | 55% | 48% | 53% | 53% |
| Americas | 44% | 45% | 46% | 45% | 38% | 38% | 43% | 39% | 39% |
| Asia-Pacific | 7% | 6% | 6% | 6% | 7% | 8% | 9% | 7% | 8% |
| Continuing operations total | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating profit and EBITDA, total, MEUR | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| Hiab | 68.7 | 68.8 | 59.3 | 196.8 | 61.4 | 81.5 | 61.5 | 47.8 | 252.1 |
| Corporate administration and support functions | -7.4 | -6.0 | -7.3 | -20.7 | -8.8 | -7.9 | -6.5 | -9.8 | -33.0 |
| Operating profit | 61.3 | 62.8 | 52.0 | 176.1 | 52.6 | 73.7 | 55.0 | 38.0 | 219.2 |
| Depreciation, amortisation and impairment* | 10.3 | 10.5 | 10.8 | 31.6 | 9.9 | 9.8 | 11.2 | 9.9 | 40.8 |
| EBITDA | 71.6 | 73.3 | 62.8 | 207.7 | 62.5 | 83.5 | 66.2 | 47.8 | 259.9 |
| *Includes the effects of allocating the acquisition cost of businesses | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| Hiab | -0.8 | -0.8 | -0.8 | -2.3 | -0.8 | -0.8 | -0.8 | -0.8 | -3.1 |
| Continuing operations total | -0.8 | -0.8 | -0.8 | -2.3 | -0.8 | -0.8 | -0.8 | -0.8 | -3.1 |
| Operating profit, % | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| Hiab | 16.6% | 15.9% | 15.3% | 15.9% | 14.2% | 16.8% | 14.7% | 10.6% | 14.1% |
| Continuing operations total | 14.8% | 14.5% | 13.4% | 14.3% | 12.2% | 15.2% | 13.1% | 8.4% | 12.3% |
| Items affecting comparability, MEUR | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| Hiab | — | — | — | — | — | 0.1 | — | — | 0.1 |
| Corporate administration and support functions | — | — | — | — | — | — | — | — | — |
| Items affecting comparability, total | — | — | — | — | — | 0.1 | — | — | 0.1 |
| Restructuring costs | — | — | — | — | — | 0.1 | — | — | 0.1 |
| Other items affecting comparability | — | — | — | — | — | — | — | — | — |
| Comparable operating profit, MEUR | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| Hiab | 68.7 | 68.7 | 59.3 | 196.8 | 61.4 | 81.4 | 61.5 | 47.8 | 252.1 |
| Corporate administration and support functions | -7.4 | -5.9 | -7.3 | -20.7 | -8.8 | -7.9 | -6.5 | -9.8 | -33.0 |
| Continuing operations total | 61.3 | 62.8 | 52.0 | 176.1 | 52.6 | 73.6 | 55.0 | 38.0 | 219.1 |
| Comparable operating profit, % | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| Hiab | 16.6% | 15.9% | 15.3% | 15.9% | 14.2% | 16.8% | 14.7% | 10.6% | 14.1% |
| Continuing operations total | 14.8% | 14.5% | 13.4% | 14.3% | 12.2% | 15.2% | 13.1% | 8.4% | 12.3% |
| Orders received, MEUR | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| Hiab | 386 | 348 | 361 | 1,095 | 380 | 375 | 311 | 401 | 1,466 |
| Orders received by geographical area, MEUR | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| EMEA | 179 | 185 | 155 | 518 | 175 | 184 | 166 | 203 | 728 |
| Americas | 182 | 138 | 185 | 504 | 180 | 162 | 120 | 169 | 630 |
| Asia-Pacific | 25 | 26 | 22 | 72 | 25 | 29 | 25 | 29 | 108 |
| Continuing operations total | 386 | 348 | 361 | 1,095 | 380 | 375 | 311 | 401 | 1,466 |
| Orders received by geographical area, % | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| EMEA | 46% | 53% | 43% | 47% | 46% | 49% | 53% | 51% | 50% |
| Americas | 47% | 40% | 51% | 46% | 47% | 43% | 39% | 42% | 43% |
| Asia-Pacific | 6% | 7% | 6% | 7% | 6% | 8% | 8% | 7% | 7% |
| Continuing operations total | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Order book, MEUR | 31 Mar 2024 | 30 Jun 2024 | 30 Sep 2024 | 31 Mar 2023 | 30 Jun 2023 | 30 Sep 2023 | 31 Dec 2023 |
| Hiab | 770 | 676 | 636 | 1,121 | 1,007 | 900 | 799 |
| Number of employees at the end of period* | 31 Mar 2024 | 30 Jun 2024 | 30 Sep 2024 | 31 Mar 2023 | 30 Jun 2023 | 30 Sep 2023 | 31 Dec 2023 |
| Hiab | 3,824 | 3,816 | 3,806 | 3,897 | 3,961 | 3,972 | 3,877 |
| Corporate administration and support functions | 462 | 425 | 428 | 590 | 608 | 610 | 600 |
| Continuing operations total | 4,286 | 4,241 | 4,234 | 4,487 | 4,569 | 4,582 | 4,477 |
| Average number of employees* | Q1/24 | Q1-Q2/24 | Q1-Q3/24 | Q1/23 | Q1-Q2/23 | Q1-Q3/23 | 2023 |
| Hiab | 3,812 | 3,814 | 3,806 | 3,877 | 3,914 | 3,929 | 3,932 |
| Corporate administration and support functions | 453 | 461 | 447 | 593 | 598 | 602 | 603 |
| Continuing operations total | 4,265 | 4,274 | 4,253 | 4,470 | 4,512 | 4,531 | 4,535 |
*Comparative numbers of employees have been adjusted to reflect estimated continuing operations. Corporate administration and support functions numbers in 2023 include employees who have moved to discontinued operations during 2024.
Capital expenditure, depreciation and amortisation (restated)
| Capital expenditure, MEUR | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| Owned assets | |||||||||
| Intangible assets | 0.3 | -0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 |
| Land and buildings | 0.4 | 0.2 | 0.4 | 0.9 | 0.3 | 0.1 | 0.2 | 0.9 | 1.6 |
| Machinery and equipment | 3.9 | 3.6 | 2.7 | 10.2 | 4.3 | 5.0 | 4.2 | 5.3 | 18.7 |
| Right-of-use assets | |||||||||
| Land and buildings | 4.4 | 5.6 | 3.8 | 13.8 | 1.3 | 2.8 | 2.1 | 4.8 | 11.0 |
| Machinery and equipment | 2.5 | 2.5 | 3.5 | 8.5 | 3.2 | 3.3 | 3.6 | 3.7 | 13.7 |
| Continuing operations total | 11.5 | 11.6 | 10.4 | 33.4 | 9.1 | 11.2 | 10.1 | 14.6 | 45.1 |
| Depreciation, amortisation and impairment, MEUR | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| Owned assets | |||||||||
| Intangible assets | 1.4 | 1.4 | 1.4 | 4.2 | 1.6 | 1.5 | 1.4 | 1.4 | 5.8 |
| Land and buildings | 0.6 | 0.6 | 0.6 | 1.8 | 0.5 | 0.5 | 0.5 | 0.5 | 2.0 |
| Machinery and equipment | 2.6 | 2.5 | 2.5 | 7.6 | 2.4 | 2.4 | 2.4 | 2.9 | 10.1 |
| Right-of-use assets | |||||||||
| Land and buildings | 3.0 | 3.1 | 3.3 | 9.5 | 2.9 | 2.9 | 4.1 | 1.8 | 11.7 |
| Machinery and equipment | 2.7 | 2.9 | 3.0 | 8.5 | 2.6 | 2.6 | 2.7 | 3.3 | 11.2 |
| Continuing operations total | 10.3 | 10.5 | 10.8 | 31.6 | 9.9 | 9.8 | 11.2 | 9.9 | 40.8 |
Statement of income for the discontinued operations (restated)
| MEUR | Q1/24 | Q2/24 | Q3/24 | Q1-Q3/24 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 |
| Sales | 641.6 | 608.7 | 202.5 | 1,452.8 | 641.9 | 715.2 | 681.9 | 743.3 | 2,782.3 |
| Cost of goods sold | -490.9 | -447.1 | -161.3 | -1,099.3 | -500.9 | -549.6 | -531.0 | -575.8 | -2,157.3 |
| Gross profit | 150.7 | 161.6 | 41.2 | 353.6 | 141.1 | 165.6 | 150.9 | 167.5 | 625.1 |
| Selling and marketing expenses | -27.3 | -29.8 | -7.0 | -64.1 | -27.8 | -29.3 | -26.8 | -31.7 | -115.6 |
| Research and development expenses | -13.8 | -13.5 | -2.2 | -29.5 | -16.4 | -14.0 | -14.3 | -19.0 | -63.6 |
| Administration expenses | -40.6 | -43.3 | -24.2 | -108.2 | -43.8 | -46.4 | -34.5 | -53.4 | -178.2 |
| Restructuring costs | -1.5 | -29.2 | 0.4 | -30.3 | -3.7 | -1.8 | -2.5 | -6.7 | -14.8 |
| Other operating income | 8.1 | 15.9 | 3.0 | 27.0 | 9.0 | 8.6 | 8.9 | 8.5 | 34.9 |
| Other operating expenses | -18.1 | -26.2 | -5.7 | -49.9 | -8.6 | -7.9 | 0.9 | -18.6 | -34.3 |
| Share of associated companies' and joint ventures' net result | 0.7 | 1.5 | 1.0 | 3.2 | 1.7 | 2.1 | 2.8 | 4.5 | 11.1 |
| Operating profit | 58.3 | 37.0 | 6.5 | 101.8 | 51.4 | 76.8 | 85.3 | 51.1 | 264.6 |
| Finance income | 3.0 | 2.5 | -0.3 | 5.2 | 1.3 | 1.4 | 1.6 | 1.8 | 6.2 |
| Finance expenses | -6.1 | -8.8 | -1.9 | -16.8 | -4.4 | -7.3 | -4.9 | -6.6 | -23.2 |
| Profit before taxes of the operations transferred to discontinued operations | 55.2 | 30.7 | 4.4 | 90.3 | 48.3 | 70.9 | 82.1 | 46.3 | 247.6 |
| Income taxes | -15.8 | -15.9 | 0.7 | -31.1 | -9.8 | -15.5 | -18.6 | -8.5 | -52.4 |
| Profit for the period of the operations transferred to discontinued operations | 39.4 | 14.8 | 5.0 | 59.2 | 38.5 | 55.4 | 63.5 | 37.8 | 195.2 |
| Fair value gain recognised from net assets distributed to the owners | — | 1,112.7 | — | 1,112.7 | — | — | — | — | — |
| Translation differences | — | -73.1 | — | -73.1 | — | — | — | — | — |
| Profit for the period, discontinued operations | 39.4 | 1,054.4 | 5.0 | 1,098.8 | 38.5 | 55.4 | 63.5 | 37.8 | 195.2 |
| Profit for the period attributable to: | |||||||||
| Shareholders of the parent company | 39.4 | 1,054.4 | 5.0 | 1,098.8 | 38.5 | 55.4 | 63.5 | 37.8 | 195.2 |
| Earnings per share for profit attributable to the shareholders of the parent company: | |||||||||
| Basic earnings per share, EUR | 0.61 | 16.40 | 0.09 | 17.10 | 0.60 | 0.86 | 0.98 | 0.59 | 3.03 |
| Diluted earnings per share, EUR | 0.61 | 16.36 | 0.07 | 17.05 | 0.60 | 0.86 | 0.98 | 0.59 | 3.02 |
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