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 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:
