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

Sales, MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
Hiab 432 485 420 450 1,787 415
MacGregor 157 164 179 234 733 203
Internal sales 0 0 0 0 0 0
Total 589 648 598 684 2,519 617

 

Sales by geographical area, MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
EMEA 315 335 273 314 1,237 271
Americas 176 198 194 198 766 199
Asia-Pacific 97 115 132 172 516 147
Total 589 648 598 684 2,519 617

 

Sales by geographical area, % Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
EMEA 54% 52% 46% 46% 49% 44%
Americas 30% 31% 32% 29% 30% 32%
Asia-Pacific 16% 18% 22% 25% 20% 24%
Total 100% 100% 100% 100% 100% 100%

 

Operating profit and EBITDA, MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
Hiab 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
Corporate administration and support functions -12.3 -11.1 -9.2 -15.4 -48.0 -9.6
Operating profit 41.7 78.6 76.7 39.0 236.0 69.7
Depreciation, amortisation and impairment* 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 the effects of allocating the acquisition cost of businesses Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
Hiab -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
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
Hiab 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%
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
Hiab 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
Corporate administration 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
Restructuring costs -3.3 -1.7 -2.0 -6.4 -13.4 -1.4
Other items 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
Hiab 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
Corporate administration and support functions -12.3 -11.1 -9.2 -15.4 -48.0 -9.6
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
Hiab 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 %
Total 8.4 % 12.4 % 10.2 % 6.7 % 9.4 % 11.5 %

 

Orders received, MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
Hiab 380 375 311 401 1,466 386
MacGregor 208 187 211 209 816 267
Internal orders received 0 0 0 0 0 0
Total 588 562 522 610 2,282 653

 

Orders received by geographical area, MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
EMEA 242 263 237 239 981 260
Americas 197 179 133 187 697 197
Asia-Pacific 149 120 152 184 604 195
Total 588 562 522 610 2,282 653

 

Orders received by geographical area, % Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
EMEA 41% 47% 45% 39% 43% 40%
Americas 34% 32% 25% 31% 31% 30%
Asia-Pacific 25% 21% 29% 30% 26% 30%
Total 100% 100% 100% 100% 100% 100%

 

Order book, MEUR Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24
Hiab 1,121 1,007 900 799 799 770
MacGregor 956 953 993 988 988 1,028
Internal order book 1 1 1 1 1 1
Total 2,078 1,961 1,894 1,788 1,788 1,799

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

Operative return on capital employed (operative ROCE) (%), last 12 months* Q1/23 Q2/23 Q3/23 Q4/23 Q1/24
Hiab 32.7% 33.4% 33.4% 30.7% 30.9%

*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

Attachment:

  • Restatement release attachment EN

Content retrieved from: https://www.cargotec.com/en/nasdaq/stock-exchange-release–hiab–macgregor–/2024/cargotec-updates-its-reporting-structure-due-to-the-demerger-effective-from-30-june-2024/.

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