CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 4 APRIL 2023 AT 09:00 AM (EEST)
Cargotec’s comparable operating profit for 2020, 2021 and 2022 in accordance with the new definition
Cargotec changed the definition of the alternative performance measure comparable operating profit and discloses figures in accordance with the new definition for the comparison periods 2020, 2021 and 2022.
As stated in the financial statements review 2022, 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. Comparison figures have been calculated based on the new definition, which is identical to the definition used prior to the previous change in 20211.
Outlook for 2023 unchanged
Cargotec reiterates its outlook published on 2 February 2023 and estimates its core businesses’2 comparable operating profit to improve from 2022 (EUR 384 million) and MacGregor’s comparable operating profit in 2023 to be positive (EUR -47 million).3
1) See the stock exchange release published on 29 March 2021.
2) Hiab and Kalmar excluding heavy cranes and including corporate administration and support functions.
3) The outlook for 2023 does not include the comparable operating profit of Kalmar's heavy crane business which will be discontinued.
Figures in accordance with the new definition for the comparison periods are unaudited.
For further information, please contact:
Mikko Puolakka, CFO, tel. +358 20 777 4105
Aki Vesikallio, Vice President, Investor Relations, tel. +358 40 729 1670
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 billion and it employs around 11,500 people. www.cargotec.com
Key figures
| Cargotec | 2020 | 2021 | Q1/2022 | Q2/2022 | Q3/2022 | Q4/2022 | 2022 |
| Sales, MEUR | 3,263.4 | 3,315.0 | 850.9 | 958.6 | 1,040.5 | 1,238.5 | 4,088.6 |
| Operating profit, MEUR | 70.4 | 355.7 | 37.5 | 47.5 | 50.0 | -28.8 | 106.1 |
| Restructuring costs, MEUR | 131.0 | 33.3 | 13.4 | 26.6 | 15.2 | 36.1 | 91.3 |
| Other items affecting comparability, MEUR | 2.3 | -173.6 | 10.0 | 7.6 | 23.9 | 77.5 | 118.9 |
| Impacts of the purchase price allocation, MEUR | 23.0 | 16.0 | 4.4 | 3.9 | 3.6 | 3.8 | 15.7 |
| Items affecting comparability, total, old definition, MEUR | 156.3 | -124.2 | 27.8 | 38.0 | 42.7 | 117.4 | 225.9 |
| Comparable operating profit, old definition, MEUR | 226.7 | 231.5 | 65.3 | 85.5 | 92.7 | 88.6 | 332.1 |
| Excluded: Impacts of the purchase price allocation, MEUR | 23.0 | 16.0 | 4.4 | 3.9 | 3.6 | 3.8 | 15.7 |
| Items affecting comparability, total, new definition, MEUR | 133.3 | -140.3 | 23.4 | 34.1 | 39.1 | 113.6 | 210.2 |
| Comparable operating profit, MEUR | 203.6 | 215.5 | 60.9 | 81.6 | 89.1 | 84.8 | 316.4 |
| Operating profit, % | 2.2 % | 10.7 % | 4.4 % | 5.0 % | 4.8 % | -2.3 % | 2.6 % |
| Comparable operating profit, % | 6.2 % | 6.5 % | 7.2 % | 8.5 % | 8.6 % | 6.8 % | 7.7 % |
| Kalmar | 2020 | 2021 | Q1/2022 | Q2/2022 | Q3/2022 | Q4/2022 | 2022 |
| Sales, MEUR | 1,529.2 | 1,512.2 | 371.5 | 428.1 | 525.5 | 617.6 | 1,942.8 |
| Operating profit, MEUR | 61.8 | 344.5 | 22.7 | 13.2 | 39.2 | 67.0 | 142.1 |
| Restructuring costs, MEUR | 54.3 | 3.7 | 7.0 | 26.3 | 10.2 | -2.1 | 41.4 |
| Other items affecting comparability, MEUR | 0.3 | -229.0 | -1.5 | 1.7 | 1.1 | 4.4 | 5.7 |
| Impacts of the purchase price allocation, MEUR | 9.7 | 0.9 | 0.2 | 0.2 | 0.2 | 0.2 | 0.9 |
| Items affecting comparability, total, old definition, MEUR | 64.3 | -224.4 | 5.8 | 28.2 | 11.5 | 2.5 | 48.0 |
| Comparable operating profit, old definition, MEUR | 126.1 | 120.1 | 28.5 | 41.4 | 50.8 | 69.5 | 190.1 |
| Excluded: Impacts of the purchase price allocation, MEUR | 9.7 | 0.9 | 0.2 | 0.2 | 0.2 | 0.2 | 0.9 |
| Items affecting comparability, total, new definition, MEUR | 54.6 | -225.3 | 5.6 | 28.0 | 11.3 | 2.2 | 47.0 |
| Comparable operating profit, MEUR | 116.4 | 119.2 | 28.2 | 41.2 | 50.5 | 69.2 | 189.2 |
| Operating profit, % | 4.0% | 22.8% | 6.1% | 3.1% | 7.5% | 10.9% | 7.3% |
| Comparable operating profit, % | 7.6% | 7.9% | 7.6% | 9.6% | 9.6% | 11.2% | 9.7% |
| Hiab | 2020 | 2021 | Q1/2022 | Q2/2022 | Q3/2022 | Q4/2022 | 2022 |
| Sales, MEUR | 1,093.9 | 1,250.4 | 340.0 | 403.9 | 378.5 | 456.0 | 1,578.4 |
| Operating profit, MEUR | 97.3 | 144.7 | 43.5 | 62.6 | 49.6 | 61.3 | 217.1 |
| Restructuring costs, MEUR | 29.1 | 17.8 | 3.9 | -0.2 | -0.3 | 0.2 | 3.6 |
| Other items affecting comparability, MEUR | 0.0 | 0.0 | - | 0.0 | 0.2 | 0.1 | 0.3 |
| Impacts of the purchase price allocation, MEUR | 2.4 | 3.7 | 1.3 | 0.8 | 0.5 | 0.7 | 3.3 |
| Items affecting comparability, total, old definition, MEUR | 31.5 | 21.5 | 5.1 | 0.6 | 0.4 | 1.0 | 7.1 |
| Comparable operating profit, old definition, MEUR | 128.8 | 166.3 | 48.6 | 63.2 | 50.1 | 62.3 | 224.2 |
| Excluded: Impacts of the purchase price allocation, MEUR | 2.4 | 3.7 | 1.3 | 0.8 | 0.5 | 0.7 | 3.3 |
| Items affecting comparability, total, new definition, MEUR | 29.1 | 17.8 | 3.9 | -0.2 | -0.1 | 0.2 | 3.9 |
| Comparable operating profit, MEUR | 126.5 | 162.6 | 47.4 | 62.4 | 49.6 | 61.6 | 220.9 |
| Operating profit, % | 8.9% | 11.6% | 12.8% | 15.5% | 13.1% | 13.4% | 13.8% |
| Comparable operating profit, % | 11.6% | 13.0% | 13.9% | 15.4% | 13.1% | 13.5% | 14.0% |
| MacGregor | 2020 | 2021 | Q1/2022 | Q2/2022 | Q3/2022 | Q4/2022 | 2022 |
| Sales, MEUR | 641.5 | 553.1 | 139.8 | 126.9 | 136.7 | 165.2 | 568.7 |
| Operating profit, MEUR | -48.2 | -40.0 | -5.7 | -15.0 | -25.8 | -143.6 | -190.2 |
| Restructuring costs, MEUR | 43.1 | 8.6 | 2.2 | 0.3 | 5.0 | 37.4 | 44.8 |
| Other items affecting comparability, MEUR | 0.7 | 5.3 | 0.8 | 4.5 | 20.6 | 72.1 | 97.9 |
| Impacts of the purchase price allocation, MEUR | 10.9 | 11.4 | 2.9 | 2.9 | 2.9 | 2.8 | 11.5 |
| Items affecting comparability, total, old definition, MEUR | 54.8 | 25.3 | 5.8 | 7.7 | 28.5 | 112.2 | 154.2 |
| Comparable operating profit, old definition, MEUR | 6.6 | -14.7 | 0.1 | -7.4 | 2.7 | -31.4 | -36.0 |
| Excluded: Impacts of the purchase price allocation, MEUR | 10.9 | 11.4 | 2.9 | 2.9 | 2.9 | 2.8 | 11.5 |
| Items affecting comparability, total, new definition, MEUR | 43.8 | 13.8 | 2.9 | 4.8 | 25.6 | 109.4 | 142.7 |
| Comparable operating profit, MEUR | -4.3 | -26.2 | -2.8 | -10.2 | -0.2 | -34.2 | -47.5 |
| Operating profit, % | -7.5% | -7.2% | -4.1% | -11.8% | -18.9% | -86.9% | -33.4% |
| Comparable operating profit, % | -0.7% | -4.7% | -2.0% | -8.1% | -0.1% | -20.7% | -8.3% |
| Core businesses | Q1/2021 | Q2/2021 | Q3/2021 | Q4/2021 | 2021 | Q1/2022 | Q2/2022 | Q3/2022 | Q4/2022 | 2022 |
| Sales, MEUR | 582.8 | 681.0 | 670.5 | 749.0 | 2,683.3 | 683.2 | 826.5 | 890.0 | 1,045.6 | 3,445.2 |
| Operating profit, MEUR | 36.6 | 51.3 | 280.8 | 45.6 | 414.3 | 49.5 | 92.4 | 90.8 | 119.6 | 352.2 |
| Comparable operating profit, old definition, MEUR | 52.5 | 72.2 | 66.0 | 75.6 | 266.3 | 71.4 | 98.3 | 94.3 | 124.5 | 388.5 |
| Comparable operating profit, MEUR | 51.6 | 71.3 | 65.1 | 73.6 | 261.6 | 69.9 | 97.3 | 93.6 | 123.5 | 384.3 |
| Operating profit, % | 6.3% | 7.5% | 41.9% | 6.1% | 15.4% | 7.2% | 11.2% | 10.2% | 11.4% | 10.2% |
| Comparable operating profit, % | 8.9% | 10.5% | 9.7% | 9.8% | 9.8% | 10.2% | 11.8% | 10.5% | 11.8% | 11.2% |