Industria
Cargotec updates its reporting structure due to the demerger, effective from 30 June 2024
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 3 JULY 2024 AT 10:00 A.M. (EEST)
Cargotec updates its reporting structure due to the demerger, effective from 30 June 2024
As previously announced, the completion of the partial demerger of Cargotec Corporation (“ Cargotec ”) (the “ Demerger ”) and the incorporation of a new Kalmar Corporation was registered in the Finnish Trade Register on 30 June 2024.
As a result of the Demerger, Cargotec has updated its segment reporting and from 30 June 2024 onwards Cargotec has two reporting segments, Hiab and MacGregor. The Kalmar segment has been removed. The new reporting structure will be used in Cargotec's half-year financial report January–June 2024.
To provide a basis for comparison, Cargotec publishes its reclassified financial information of reportable segments and Corporate administration and support functions for all quarters of 2023 and the first quarter of 2024 separately, as well as for the full year 2023. Corporate administration and support functions now reflect continuing operations. Hiab and MacGregor financial information remains unchanged.
Additionally, Cargotec starts publishing a new alternative performance measure for its Hiab segment; Operative return on capital employed (Operative ROCE, defined as operating profit / operative capital employed, last 12 months). To provide a basis for comparison, Cargotec publishes Hiab's operative ROCE for all quarters of 2023 and first quarter of 2024 separately.
Outlook for 2024 unchanged
The change in the reporting structure will not impact Cargotec's outlook for 2024 which was updated on 26 June 2024.
Cargotec estimates 1) Hiab's comparable operating profit margin in 2024 to be above 12 percent and MacGregor's comparable operating profit in 2024 to improve from 2023 (EUR 33 million).
1) The business area 2024 profitability outlook is presented using the same principles which are applied in the 2023 external financial reporting.
The reclassified financial information included in this release is unaudited.
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) businesses Hiab and MacGregor enable smarter cargo flow for a better everyday with leading cargo handling solutions and services. Hiab 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. MacGregor is a leader in sustainable maritime cargo and load handling with a strong portfolio of products, services and solutions. The company's continuing operations sales in 2023 totalled approximately EUR 2.5 billion and it employs over 6,000 people. www.cargotec.com
Segment information
All figures presented have been rounded, which may cause, for example, the sum of individual figures to deviate from the presented sum total.
Alternative performance measure
*100 x Operating profit / Operative capital employed
Operative capital employed = Goodwill + intangible assets + property, plant and equipment + investments in associated companies and joint ventures + share investments + net working capital
Net working capital = Inventories + operative derivative assets + accounts receivable + contract assets + other operative non-interest-bearing assets - provisions - operative derivative liabilities - pension obligations - accounts payable - contract liabilities - other operative non-interest-bearing liabilities
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