Cargotec is improving segmentation in its reporting structure

CARGOTEC OYJ, Stock Exchange Release, July 3, 2024 at 10:00 AM

Due to the separation, Cargotec will update its reporting structure from June 30, 2024

As previously reported, Cargotec Oyge (“Cargotec“) partial distribution (“section“) implementation and establishment of the new Kalmar Oyj was registered in the Trade Register on June 30, 2024.

As a result of the separation, Cargotec has updated its segment reporting, and from June 30, 2024, the company will have two reporting segments, Hiab and MacGregor. Kalmar division was abolished. The new reporting system will be used in Cargotec’s semi-annual report for January-June 2024.

To enable comparison, Cargotec provides updated financial information for the 2023 financial year and the first quarter of 2024 and the full year of 2023 from the reporting segments and the Group Management and Support Operations segment. The Group Administration and Support Activities section reflects the ongoing activities. Financial information regarding Hiab and MacGregor remains unchanged.

In addition, Cargotec has started publishing a new alternative key point for the Hiab division, operating return on invested capital (operating ROCE, defined as operating profit/working capital over the last 12 months). To enable comparison, Cargotec publishes information on Hiab’s operating income on invested capital indicator on a quarterly basis for the 2023 financial year and the first quarter of 2024.

The outlook for 2024 remains unchanged

The changes to the reporting structure do not affect CargoTech’s 2024 outlook, which was released on June 26, 2024.

Cargotec estimates 1) Hiab’s 2024 comparable operating profit percentage will be more than 12 percent and MacGregor’s 2024 comparable operating profit will improve from 2023 (33 million euros).

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1) The business segments’ profit outlook for 2024 is presented in accordance with the external reporting principles in use in 2023.

The updated financial information presented in this release has not been audited.

More information:
Mikko Puolakka, CFO, Tel 020 777 4000
Aki Vesigallio, Director of Investor Relations, 040 729 1670

Leading freight and load handling solutions from Cargotec (Nasdaq Helsinki: CGCBV) Hiab and MacGregor businesses add intelligence to freight flows and make everyday life smoother. Hiab is a leader in providing intelligent and sustainable load handling solutions, with highly dedicated employees and partners committed to providing its customers with the best customer experience every day. MacGregor is a leading player in responsible ocean freight and cargo handling, with a strong product selection, services and solutions offering. The company’s revenue from continuing operations in 2023 is around 2.5 billion euros, and it employs more than 6,000 people. www.cargotec.fi

Section specific information

Turnover, MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
Heap 432 485 420 450 1787 415
MacGregor 157 164 179 234 733 203
Internal turnover 0 0 0 0 0 0
In total 589 648 598 684 2 519 617
Turnover by market area, MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
EMEA 315 335 273 314 1 237 271
America 176 198 194 198 766 199
Asia Pacific region 97 115 132 172 516 147
In total 589 648 598 684 2 519 617
Turnover by Market Area, % Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
EMEA 54 % 52 % 46 % 46 % 49 % 44 %
America 30 % 31 % 32 % 29 % 30 % 32 %
Asia Pacific region 16 % 18 % 22 % 25 % 20 % 24 %
In total 100 % 100 % 100 % 100 % 100 % 100 %
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Operating profit and EBITDA, total, MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
Heap 61,4 81,5 61,5 47,8 252,1 68,7
MacGregor -7,4 8,2 24,3 6,7 31,8 10,7
Team management and support functions -12,3 -11,1 -9,2 -15,4 -48,0 -9,6
Gains 41,7 78,6 76,7 39,0 236,0 69,7
Wear and tear* 14,4 14,1 15,5 13,8 57,7 14,3
EBITDA 56,0 92,7 92,2 52,8 293,7 84,0
*Includes effects of allocating acquisition cost of businesses: Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
Heap -0.8 -0.8 -0.8 -0.8 -3,1 -0.8
MacGregor -1,8 -1,7 -1,7 -1,7 -6,9 -1,7
In total -2,6 -2,5 -2,5 -2,5 -10,0 -2,5
Operating profit, % Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
Heap 14.2% 16.8 % 14.7% 10.6 % 14.1% 16.6 %
MacGregor -4.7% 5.0 % 13.6 % 2.8% 4.3% 5.3%
In total 7.1% 12.1% 12.8% 5.7% 9.4% 11.3%
Items affecting comparability, MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
Heap 0,0 0,1 0,0 0,0 0,1 0,0
MacGregor -8,0 -2,1 15,8 -6,5 -0.8 -1,4
Team management and support functions 0,0 0,0 0,0 0,0 0,0 0,0
Items affecting comparability, total -8,0 -2,0 15,8 -6,5 -0.7 -1,5
Renovation costs -3,3 -1,7 -2,0 -6,4 -13,4 -1,4
Other factors affecting comparability -4,7 -0.3 17,8 -0,1 12,7 -0,1
Comparable operating profit, MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
Heap 61,4 81,4 61,5 47,8 252,1 68,7
MacGregor 0,7 10,3 8,5 13,1 32,6 12,1
Team management and support functions -12,3 -11,1 -9,2 -15,4 -48,0 -9,6
In total 49,7 80,6 60,9 45,5 236,7 71,2
Comparable operating profit, % Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
Heap 14.2% 16.8 % 14.7% 10.6 % 14.1% 16.6 %
MacGregor 0.4 % 6.3% 4.8% 5.6 % 4.5% 6.0 %
In total 8.4% 12.4% 10.2% 6.7 % 9.4% 11.5 %
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Orders received, MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
Heap 380 375 311 401 1 466 386
MacGregor 208 187 211 209 816 267
Internal orders 0 0 0 0 0 0
In total 588 562 522 610 2 282 653
Orders received by market area, MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
EMEA 242 263 237 239 981 260
America 197 179 133 187 697 197
Asia Pacific region 149 120 152 184 604 195
In total 588 562 522 610 2 282 653
Orders received by market share, % Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
EMEA 41 % 47 % 45 % 39 % 43 % 40 %
America 34 % 32 % 25 % 31 % 31 % 30 %
Asia Pacific region 25 % 21 % 29 % 30 % 26 % 30 %
In total 100 % 100 % 100 % 100 % 100 % 100 %
Order backlog, MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
Heap 1 121 1007 900 799 799 770
MacGregor 956 953 993 988 988 1028
Internal Order Book 1 1 1 1 1 1
In total 2 078 1961 1894 1788 1788 1799

All figures presented are rounded, which is why, for example, the sum of individual figures may differ from the total figure presented.

Alternative identifier

Operating return on invested capital (operating ROCE) (%), last 12 months* Q1/23 Q2/23 Q3/23 Q4/23 Q1/24
Heap 32.7% 33.4% 33.4% 30.7% 30.9%

* 100 x Operating Profit / Operating Fixed Capital

Working Fixed Capital = Goodwill + Intangible Assets + Fixed Assets + Shares in Associated and Joint Ventures + Equity Investments + Net Working Capital

Net Working Capital = Inventory + Operating Derivative Assets + Trade Receivables + Contract Assets + Other Non-Operating Interest Receivables – Provisions – Contract Liabilities – Operating Derivative Liabilities – Accounts Payable – Pension Liabilities – Other Non-Operating Interest Liabilities

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