(IN BRIEF) Cargotec Corporation has announced its half-year financial report for January-June 2023, revealing record-high profitability. The company experienced a strong rebound in orders received, reaching pre-COVID levels. Sales increased by 25%, and a record-high comparable operating profit margin of 13.2% was achieved. Cargotec’s planned separation of Kalmar and Hiab is progressing as scheduled. The report also provides a breakdown of the financial performance of each reporting segment. Cargotec’s President and CEO, Casimir Lindholm, expressed satisfaction with the results and affirmed the company’s outlook for 2023. A live telephone conference and webcast were held to discuss the financial report in detail.
(PRESS RELEASE) HELSINKI, 21-Jul-2023 — /EuropaWire/ — CARGOTEC CORPORATION, 2023 HALF-YEAR FINANCIAL REPORT, 20 JULY 2023 AT 9:00 AM EEST
Cargotec’s half-year financial report January–June 2023: Record-high profitability
- Orders received totalled EUR 999 (1,390) million, back to pre-covid level
- Strong development in sales, 25 percent increase
- Record-high comparable operating profit margin 13.2 percent
- Planned separation of Kalmar and Hiab progressing according to plan
April–June 2023 in brief: Record-high comparable operating profit
- Orders received decreased by 28 percent and totalled EUR 999 (1,390) million.
- Order book amounted to EUR 3,242 (31 Dec 2022: 3,541) million at the end of the period.
- Sales increased by 25 percent and totalled EUR 1,200 (959) million.
- Service sales increased by 14 percent and totalled EUR 344 (303) million.
- Service sales represented 29 (32) percent of consolidated sales.
- Eco portfolio sales increased by 26 percent and totalled EUR 362 (286) million.
- Eco portfolio sales represented 30 (30) percent of consolidated sales.
- Operating profit was EUR 151 (47) million, representing 12.5 (5.0) percent of sales. The operating profit includes items affecting comparability worth EUR -8 (-34) million.
- Comparable operating profit increased by 94 percent and amounted to EUR 158 (82) million, representing 13.2 (8.5) percent of sales.
- Cash flow from operations before finance items and taxes totalled EUR 41 (38) million.
- Profit for the period amounted to EUR 108 (41) million.
- Basic earnings per share was EUR 1.67 (0.64).
January–June 2023 in brief: Strong growth in sales and profitability
- Orders received decreased by 19 percent and totalled EUR 2,058 (2,525) million.
- Order book amounted to EUR 3,242 (31 Dec 2022: 3,541) million at the end of the period.
- Sales increased by 26 percent and totalled EUR 2,274 (1,810) million.
- Service sales increased by 18 percent and totalled EUR 690 (586) million.
- Service sales represented 30 (32) percent of consolidated sales.
- Eco portfolio sales increased by 24 percent and totalled EUR 707 (571) million.
- Eco portfolio sales represented 31 (32) percent of consolidated sales.
- Operating profit was EUR 254 (85) million, representing 11.2 (4.7) percent of sales. The operating profit includes items affecting comparability worth EUR -16 (-58) million.
- Comparable operating profit increased by 90 percent and amounted to EUR 271 (142) million, representing 11.9 (7.9) percent of sales.
- Cash flow from operations before finance items and taxes totalled EUR 68 (-32) million.
- Profit for the period amounted to EUR 180 (62) million.
- Basic earnings per share was EUR 2.80 (0.97).
Outlook for 2023 unchanged
Cargotec estimates its core businesses’1 2023 comparable operating profit to improve from 2022 (EUR 3842 million) and MacGregor’s comparable operating profit in 2023 to be positive (EUR -472 million).3
Cargotec’s key figures
MEUR | Q2/23 | Q2/22 | Change | Q1-Q2/23 | Q1-Q2/22 | Change | 2022 |
Orders received | 999 | 1,390 | -28% | 2,058 | 2,525 | -19% | 4,862 |
Service orders received | 326 | 309 | 6% | 688 | 616 | 12% | 1,286 |
Order book, end of period | 3,242 | 3,596 | -10% | 3,242 | 3,596 | -10% | 3,541 |
Sales | 1,200 | 959 | 25% | 2,274 | 1,810 | 26% | 4,089 |
Service sales | 344 | 303 | 14% | 690 | 586 | 18% | 1,264 |
Service sales, % of sales | 29% | 32% | 30% | 32% | 31% | ||
Eco portfolio sales | 362 | 286 | 26% | 707 | 571 | 24% | 1,288 |
Eco portfolio sales, % of sales | 30% | 30% | 31% | 32% | 31% | ||
Operating profit | 150.5 | 47.5 | > 100 % | 254.5 | 85.0 | > 100% | 106.1 |
Operating profit, % | 12.5% | 5.0% | 11.2% | 4.7% | 2.6% | ||
Comparable operating profit | 158.3 | 81.6 | 94% | 270.7 | 142.5 | 90% | 316.4 |
Comparable operating profit, % | 13.2% | 8.5% | 11.9% | 7.9% | 7.7% | ||
Profit before taxes | 141.0 | 46.2 | > 100 % | 236.7 | 76.4 | > 100% | 79.0 |
Cash flow from operations before finance items and taxes | 41.2 | 38.1 | 8 % | 67.7 | -32.2 | > 100% | 231.2 |
Profit for the period | 107.7 | 40.8 | > 100 % | 180.3 | 61.9 | > 100% | 23.2 |
Basic earnings per share, EUR | 1.67 | 0.64 | > 100 % | 2.80 | 0.97 | > 100% | 0.37 |
Interest-bearing net debt, end of period | 503 | 605 | -17% | 503 | 605 | -17% | 378 |
Gearing, % | 31.9% | 39.0% | 31.9% | 39.0% | 24.8% | ||
Interest-bearing net debt / EBITDA* | 1.1 | 1.2 | 1.1 | 1.2 | 1.2 | ||
Return on capital employed (ROCE), last 12 months, % | 11.5% | 15.2% | 11.5% | 15.2% | 4.6% | ||
Personnel, end of period | 11,745 | 11,492 | 2% | 11,745 | 11,492 | 2% | 11,526 |
* Last 12 months’ EBITDA
Cargotec changed the definition of the alternative performance measure comparable operating profit starting from 1 January 2023. The restated comparable operating profit will also include the impacts of the purchase price allocation, which amounted to EUR 16 million in 2022. Of these items, EUR 1 million were related to Kalmar, EUR 3 million to Hiab, and EUR 12 million to MacGregor. Additional information regarding the changed definition is presented in the stock exchange release published on 4 April 2023.
Cargotec’s eco portfolio criteria has been revised and the 2022 eco portfolio sales has been restated accordingly.
Cargotec’s President and CEO Casimir Lindholm: Record-high financial performance continued, potential separation of Kalmar and Hiab progressing as planned
The eventful second quarter was the first one for me as the CEO of Cargotec. Financially, the second quarter was twofold. The orders received are back to pre-covid level, declining from the all-time-high comparison period which included large non-recurring orders. However, our order book is clearly above the historical average level. Our sales increased by 25 percent and in comparable operating profit we again reached a new record level of EUR 158 million and a 13.2 percent margin, driven by higher deliveries and successful management of inflationary pressures and costs. Strategically important service businesses and eco portfolio sales continued to grow.
In Kalmar, there was some slowness in customer decision making and orders are back at pre-covid level. The decision process for larger project orders slowed down, while service orders remained stable. Kalmar’s sales increased by 29 percent to EUR 552 million as we are delivering from the strong order book. Sales growth was supported by improved efficiency in supply chain management despite persisting volatility of the component availability. Service sales continued to grow, driven by higher spare part capture rate. Kalmar’s comparable operating profit margin improved to a record level of 14.2 percent, supported by higher sales, deliveries of semi-finished products, successful management of inflationary pressures and component availability, and lower losses related to heavy cranes business.
In Hiab, underlying demand drivers remained at a good level but orders received declined from the record-high comparison period, which was boosted by pre-buying ahead of pricing increases. Order intake was also affected by inflation, high interest rates, and extended truck lead times. Hiab’s order book is at a strong level and, due to robust operational execution, Hiab’s sales grew by 20 percent to EUR 485 million. Hiab’s comparable operating profit increased by 31 percent to EUR 81 million stemming from higher sales, effective management of inflationary pressures and controlling costs.
In MacGregor, orders received decreased from a high comparison period level but the order book improved by 28 percent from the comparison period. Sales in MacGregor improved to EUR 164 million and MacGregor recorded its best quarterly comparable operating profit in over seven years, EUR 10 million, driven by service and merchant businesses. MacGregor’s offshore restructuring is progressing, but we still have challenges related to offshore projects we have committed to in the past.
On 27 April, we announced our plan to investigate and initiate a process to potentially separate our core businesses Kalmar and Hiab into two world-leading standalone companies. The planning of the potential partial demerger is intended to be carried out during 2023 and the potential separate listing of Kalmar on Nasdaq Helsinki would, if carried out, take place in 2024.
Analysing both internal and external feedback, the news about the potential partial demerger has been well received. The planning has progressed in line with previously communicated timeline and objectives and I am happy to announce that one of the key positions has been filled as Sakari Ahdekivi has been appointed Kalmar’s Chief Financial Officer. Planning will continue throughout 2023.
To conclude, we continued our strong performance through the first half of 2023. In the period, our core businesses’ comparable operating profit increased by 57 percent to EUR 263 million, representing 13.6 percent of sales. The MacGregor turnaround is progressing and the business is on path to deliver a positive comparable operating profit in 2023. Our order book remains above the historical average and to a large extent covers the second half equipment sales. With the strong order book, combined with a scenario tool box ready to be implemented in case of rapid changes in the market environment, we aim to keep our core businesses’ comparable operating profit above 10 percent even if the market situation would prove to be challenging. In the second half of the year, our intense planning of the potential separation of Kalmar and Hiab will continue, while at the same time we will maintain a strong focus on the business execution.
Reporting segments’ key figures
Orders received
MEUR | Q2/23 | Q2/22 | Change | Q1-Q2/23 | Q1-Q2/22 | Change | 2022 |
Kalmar | 437 | 567 | -23% | 908 | 1,066 | -15% | 2,081 |
Hiab | 375 | 523 | -28% | 755 | 1,005 | -25% | 1,807 |
MacGregor | 187 | 301 | -38% | 395 | 455 | -13% | 976 |
Internal orders | 0 | 0 | 0 | 0 | 0 | ||
Total | 999 | 1,390 | -28% | 2,058 | 2,525 | -19% | 4,862 |
Order book
MEUR | 30 Jun 2023 | 31 Dec 2022 | Change |
Kalmar | 1,281 | 1,428 | -10% |
Hiab | 1,007 | 1,185 | -15% |
MacGregor | 953 | 927 | 3% |
Internal order book | 1 | 1 | |
Total | 3,242 | 3,541 | -8% |
Sales
MEUR | Q2/23 | Q2/22 | Change | Q1-Q2/23 | Q1-Q2/22 | Change | 2022 |
Kalmar | 552 | 428 | 29% | 1,037 | 800 | 30% | 1,943 |
Hiab | 485 | 404 | 20% | 917 | 744 | 23% | 1,578 |
MacGregor | 164 | 127 | 29% | 320 | 267 | 20% | 569 |
Internal sales | 0 | 0 | 0 | -1 | -1 | ||
Total | 1,200 | 959 | 25% | 2,274 | 1,810 | 26% | 4,089 |
Operating profit
MEUR | Q2/23 | Q2/22 | Change | Q1-Q2/23 | Q1-Q2/22 | Change | 2022 |
Kalmar | 78.4 | 13.2 | > 100% | 141.2 | 35.9 | > 100% | 142.1 |
Hiab | 81.5 | 62.6 | 30% | 142.9 | 106.1 | 35% | 217.1 |
MacGregor | 8.2 | -15.0 | > 100% | 0.8 | -20.8 | > 100% | -190.2 |
Corporate administration and support functions | -17.6 | -13.3 | -33% | -30.5 | -36.3 | 16% | -62.9 |
Total | 150.5 | 47.5 | > 100% | 254.5 | 85.0 | > 100% | 106.1 |
Comparable operating profit*
MEUR | Q2/23 | Q2/22 | Change | Q1-Q2/23 | Q1-Q2/22 | Change | 2022 |
Kalmar | 78.4 | 41.2 | 91% | 141.7 | 69.4 | > 100% | 189.2 |
Hiab | 81.4 | 62.4 | 31% | 142.8 | 109.8 | 30% | 220.9 |
MacGregor | 10.3 | -10.2 | > 100% | 11.0 | -13.0 | > 100% | -47.5 |
Corporate administration and support functions | -11.8 | -11.7 | -1% | -24.7 | -23.7 | -4% | -46.3 |
Total | 158.3 | 81.6 | 94% | 270.7 | 142.5 | 90% | 316.4 |
*Cargotec changed the definition of the alternative performance measure comparable operating profit starting from 1 January 2023. The restated comparable operating profit will also include the impacts of the purchase price allocation, which amounted to EUR 16 million in 2022. Of these items, EUR 1 million were related to Kalmar, EUR 3 million to Hiab, and EUR 12 million to MacGregor. Additional information regarding the changed definition is presented in the stock exchange release published on 4 April 2023.
Telephone conference for analysts, investors and media
A live international telephone conference for analysts, investors and media will be arranged on the publishing day at 10:00 a.m. EEST. The event will be held in English. The report will be presented by President and CEO Casimir Lindholm, CFO Mikko Puolakka, Kalmar’s President Michel van Roozendaal, and Hiab’s President Scott Phillips. The presentation material will be available at www.cargotec.com by the latest 9:30 a.m. EEST.
To ask questions, please join the teleconference by registering via the following link: https://palvelu.flik.fi/teleconference/?id=1009461. After the registration, the conference phone numbers and a conference ID to access the conference will be provided. Questions can be presented during the conference. For questions, please press *5 on your telephone keypad to join the queue.
The event can also be viewed as a live webcast at https://cargotec.videosync.fi/2023-q2. The conference call will be recorded and an on-demand version of the conference will be published at Cargotec’s website later during the day.
Note that by dialling to the conference call, the participant agrees that personal information such as name and company name will be collected.
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec’s business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed the United Nations Global Compact Business Ambition for 1.5°C. The company’s sales in 2022 totalled approximately EUR 4.1 billion and it employs around 11,700 people. www.cargotec.com
1 Hiab and Kalmar excluding heavy cranes and including corporate administration and support functions.
2 Cargotec has changed the definition of the alternative performance measure comparable operating profit starting from 1 January 2023. Comparison figures have been calculated based on the new definition. Additional information about the definition is presented in the stock exchange release published on 4 April 2023.
3 The outlook for 2023 does not include the comparable operating profit of Kalmar’s heavy crane business which will be discontinued.
Media Contact:
Mikko Puolakka
CFO
tel. +358 20 777 4105
Aki Vesikallio
Vice President
Investor Relations
tel. +358 40 729 1670
SOURCE: CARGOTEC CORPORATION
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- MinDCet drivers and FTEX powertrain solutions enable EV GaN applications
- Digi Communications NV announces the release of the Q3 2021 Financial Results
- Origami and citoQualis Team up for Startups
- Digi Communications NV announces Investors Call for the Q3 Financial Results presentation
- Digi Communications N.V. announces the extraordinary general meeting’s resolution from 4 November 2021, approving the appointment of KPMG N.V. as the Company’s statutory auditor for the 2021 financial year
- Digi Communications N.V. announces The solution reached by the Bucharest Court of Appeal regarding the investigation conducted by the Romanian National Anticorruption Directorate with respect to RCS & RDS S.A., Integrasoft S.R.L. and certain of their directors
- Digi Communications N.V. Announces the results of the auction organised by the Portuguese Authority for Telecommunications
- Haizol expands its capabilities to include component assembly and product development
- EIC, the World’s Largest Multinational Innovation Program, to Invest €13.4M in Wi-Charge, a Game Changing Wireless Power Company
- European Weightlifting Federation on its way for Electoral Congress
- “Without women, We are unable to solve the world’s greatest challenges” — She Loves Tech 12 Hot Finalists ready to get their chance at the Local Pitch in South Europe!
- Significant improvement in increasing Time In Range and reducing hypoglycemia among people equipped with Diabeloop DBLG1
- Digi Communications N.V. Announces the Convocation of the Company’s Extraordinary General Meeting of Shareholders on 4 November 2021 in order to appoint KPMG N.V. as the Company’s new statutory auditor for the financial year 2021
- Unit of Measure enters partnership with Stibo Systems
- Haizol, metal manufacturing giant, launch a brand new website which is both user friendly and interactive
- Groundbreaking Immersive Experience from Samsung and Artist Michael Murphy Reveals a New Perspective for Visual Entertainment Through the Stunningly Slim Neo QLED TV
- Collaboration between Airbus and Neural Concept
- Archpriest Nikolay Balashov on Patriarch Bartholomew’s speeches in Kiev
- ABB's Peter Voser joins Xynteo's Europe Delivers partnership as it new Chairman
- Digi Communications NV announces that a new stock option programme was approved
- Leverage the benefits of digital manufacturing with Haizol
- Digi Communications NV announces the release of the H1 2021 Financial Results
- Digi Communications NV announces Investors Call on the Financial Results for H1 2021
- Rockegitarist-Sensasjon Rocky Kramer Har Fått Hovedrollen I Mutt Productions Filmen Rockin’ In Time
- Dispatch.d Offers Unique US Market Entry Services for European Impact Brands
- CSA Research’s New Localization Intelligence Analyzer, powered by LocHub, Helps Organizations Improve their Website’s Effectiveness for Global Customers
- Customer Data Platform Industry Accelerated During Pandemic: CDP Institute Report
- Digi Communications N.V. announces that two of its subsidiaries entered into two facility agreements
- Introducing Cap Expand Partners, Helping Business Leaders Break International Barriers
- Hong Kong’s Innovation and Technology Venture Fund Becomes Strategic Financial Investor of Ignatica
- Cure for prostate cancer on the horizon
- Fanpictor signs multi-year partnership with Royal Belgian Football Association
- Fanpictor unterzeichnet mehrjährige Partnerschaft mit dem Königlich Belgischen Fussballverband
- Fanpictor signe un partenariat pluriannuel avec la Royal Belgian Football Association
- Fanpictor firma una colaboración de varios años con la Real Federación Belga de Fútbol
- Fanpictor firma una partnership pluriennale con la Royal Belgian Football Association
- Fanpictor tekent meerjarige partnership met Koninklijke Belgische Voetbalbond
- Launch of the New Akenza Platform
- De zelflerende algoritme DBLG1®: eenvoudig te gebruiken voor een optimale en gepersonaliseerde behandeling van diabetes type 1
- Launch of the Anna Lindh Foundation Virtual Marathon for Dialogue!
- Digi Communications N.V. announces the exercise of stock options by the Executive Director of the Company pursuant to the decision of the Company’s general meeting of shareholders dated 30 April 2020 and in accordance with the stock option plan approved at the level of the Company in 2017
- New research unlocks long tail growth opportunity for the tech industry
- Digi Communications NV announces the availability of the instructions on the 2020 share dividend payment
- Digi Communications NV announces that conditional stock options were granted to several Directors of the Company based on the approval of the general meeting of shareholders from 18 May 2021
- Digi Communications N.V. Announces the Company’s General Shareholders Meeting resolutions adopted on 18 May 2021 approving, amongst others, the 2020 Annual Accounts
- Digi Communications N.V. (“Digi”) announces the Q1 2021 Financial results
- Digi Communications NV announces Investors Call for the Q1 2021 Financial Results
- Digi Communications N.V. announces an Amendment to the 2021 Financial Calendar
- Fastpayhotels Hits an Industry Milestone by Connecting 500 Hotels Per Day Through DerbySoft Technology
- 4 ways to build a more flexible supply chain
- Join the world's leading virtual CBD event for FREE
- DEEPENING STRATEGIC RELATIONSHIP BETWEEN UBC AND PIONEERING DECENTRALISED PLATFORM, MANYONE
- Mono Solutions recognizes Norwegian small business agency with best website 2021 award
- Mono Solutions and Xrysos Odigos unlock new opportunities for small businesses
- Behind the scenes of a 10,000-people online conference: creating a live-event atmosphere and leveraging cybersecurity software
- Largest Supply Chain for Face masks, FFP2, FFP3 and cloth masks
- TRANSMAR AND TRANSMETRICS SIGN DEAL FOR STATE-OF-THE-ART LOGISTICS COLLABORATION
- Amendment of Digi Communications N.V. Financial Calendar for 2021
- 4iG and Digi Communications NV’s Romanian subsidiary have entered into a term sheet with regards to a potential acquisition by 4iG of DIGI Group’s Hungarian operations
- “Building Healthy Relationships and Enhancing Gender Equality”: Young women from Cyprus, Egypt, Lebanon and Jordan come together
- Bring Ventures investit dans Crossborderit (CBIT), DDP et une solution de commerce électronique
- Bring Ventures investiert in Crossborderit (CBIT), eine DDP (geliefert verzollt) und E-Commerce Lösung
- Bring Ventures invests in Crossborderit (CBIT), DDP and ecommerce solution
- Lionspeed GP with Patrick Kolb and Lorenzo Rocco joins forces with CarCollection Motorsport in 2021
- Eurekos, ein klassenbester LMS-Anbieter, hat seine Position im renommierten Fosway 9-Grid™ für Lernsysteme verbessert
- Eurekos, en førsteklasses LMS-udbyder, har forstærket sin position på den prestigefyldte Fosway 9-Grid™ for læringssystemer
- Eurekos, ein erstklassiger LMS-Anbieter, hat seine Position auf dem renommierten Fosway 9-Grid™ für Lernsysteme weiter ausgebaut
- Digi Communications N.V. announces Share transaction made by an executive director of the Company with class B shares
- Digi Communications N.V.: Announces an Amendment to the Financial Calendar for 2021
- Ideanomics Invests $13M in Italian EV Motorcycle Company, Energica
- DigiSky and Asman Technology Announce Global Reseller Agreement
- Neowintech - O Marketplace Da Sua Próxima Solução Financeira
- Neowintech - Il Marketplace per la tua prossima soluzione finanziaria
- PIONEERING DECENTRALISED SECURE MESSAGING PLATFORM MANYONE ANNOUNCES STRATEGIC RELATIONSHIP WITH UNIVERSITY COLLEGE LONDON CENTRE BLOCKCHAIN TECHNOLOGY
- Digi Communications NV announces the release of the 2020 Preliminary Financial Results
- Fraunhofer IGD develops automated robotic arm to scan cultural objects in 3D, now cooperating with Phase One
- Adapt Fast or Disappear – Choosing the Right Supplier
- Digi Communications NV announces Investors Call for the 2020 Preliminary Financial Results
- A URSAPHARM Arzneimittel e a CEBINA anunciam uma parceria com vista a reaproveitar o anti-histamínico azelastina para combater a COVID-19
- URSAPHARM Arzneimittel et CEBINA annoncent un partenariat pour reconvertir l'antihistaminique azélastine afin de lutter contre la COVID-19
- URSAPHARM Arzneimittel y CEBINA anuncian una colaboración para readaptar el antihistamínico azelastine para combatir la COVID-19
- URSAPHARM Arzneimittel and CEBINA announce partnership to repurpose the antihistamine azelastine to combat COVID-19
- ANIL UZUN Will Launch Bass Guitar Lessons Series on Youtube
- Henrik Stampe Appointed CEO for Mono Solutions
- Anna Mossberg leder Nordens största privata AI-lab i Sverige: "Utan AI riskerar svenska företag att förlora sin konkurrensfördel."
- What COVID-19 has taught us about manufacturing & the importance of a digital online marketplace
- Digi Communications N.V. announces: the Supreme Court of Hungary dismissed the Company’s appeal related to the 5G Tender procedure
- Customer Data Platform Industry to Reach $1.5 Billion in 2021: CDP Institute Report
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GreenMantra Technologies Announces Exclusive Distribution Relationship with HARKE GROUP