Cargotec's restated financial information for 2023 and Q1-Q3 2024, MacGregor will be presented as discontinued operations due to the signed sales agreement

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...

Helsinki, 07/01/2025 (informazione.it - comunicati stampa - industria)

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)

Consolidated statement of income (restated)

Segment information (restated)

*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)

Statement of income for the discontinued operations (restated)

Attachment