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Cargotec’s interim report January–September 2021: Robust demand, global component and logistics challenges continued



Cargotec’s interim report January–September 2021: Robust demand, global component and logistics challenges continued

₋ Orders received increased by 33 percent in the third quarter
₋ Service orders received increased by 18 percent in the third quarter
₋ Longer delivery times due to global component and logistics challenges
₋ Hiab’s excellent performance continued
₋ Share of electric versions in Kalmar’s forklift orders rose to 27%
₋ Gearing was 31%

July-September 2021 in brief: Good progress continued in service business

  • Orders received increased by 33 percent and totalled EUR 985 (740) million.
  • Order book amounted to EUR 2,696 (31 Dec 2020: 1,824) million at the end of the period.
  • Sales increased by 6 percent and totalled EUR 822 (777) million.
  • Service sales increased by 9 percent and totalled EUR 264 (244) million.
  • Service and software sales represented 34 (36) percent of consolidated sales.
  • Operating profit was EUR 278 (46) million, representing 33.8 (5.9) percent of sales. Operating profit includes items affecting comparability worth EUR 213 (-16) million. The operating profit increased mainly due to gain from the Navis software business sale.
  • Comparable operating profit increased by 4 percent and amounted to EUR 65 (62) million, representing 7.9 (8.0) percent of sales.
  • Cash flow from operations before financial items and taxes totalled EUR 45 (74) million.
  • Net income for the period amounted to EUR 219 (27) million.
  • Earnings per share was EUR 3.40 (0.41).

January–September 2021 in brief: Orders received on a high level

  • Orders received increased by 57 percent and totalled EUR 3,377 (2,158) million.
  • Order book amounted to EUR 2,696 (31 Dec 2020: 1,824) million at the end of the period.
  • Sales increased by 1 percent and totalled EUR 2,405 (2,391) million.
  • Service sales increased by 6 percent and totalled EUR 787 (743) million.
  • Service and software sales represented 36 (36) percent of consolidated sales.
  • Operating profit was EUR 347 (53) million, representing 14.4 (2.2) percent of sales. Operating profit includes items affecting comparability worth EUR 161 (-104) million.
  • Comparable operating profit increased by 19 percent and amounted to EUR 186 (157) million, representing 7.7 (6.6) percent of sales.
  • Cash flow from operations before financial items and taxes totalled EUR 110 (101) million.
  • Net income for the period amounted to EUR 255 (1) million.
  • Earnings per share was EUR 3.95 (0.03).

Outlook for 2021
Cargotec reiterates its outlook published on 4 February 2021 and expects its comparable operating profit for 2021 to improve from 2020 (EUR 227* million).

*The comparable operating profit has been specified from EUR 228 million to EUR 227 million. Additional information about the comparable operating profit definition is presented in the stock exchange release published on 29 March 2021.

Cargotec’s key figures

Orders received98574033%3,3772,15857%3,121
Service orders received27122918%85472318%987
Order book, end of period2,6961,75154%2,6961,75154%1,824
Service sales2642449%7877436%1,005
Software sales*1338-65%86122-29%166
Service and software sales, % of sales34%36%36%36%36%
Eco portfolio sales140180-22%460558-17%777
Eco portfolio sales, % of sales17%23%19%23%24%
Operating profit278.245.8> 100 %347.552.8> 100%70.4
Operating profit, %33.8%5.9%14.4%2.2%2.2%
Comparable operating profit64.862.24%186.0156.919%226.7
Comparable operating profit, %7.9%8.0%7.7%6.6%6.9%
Income before taxes272.638.3> 100 %328.429.9> 100%34.5
Cash flow from operations before financing items and taxes45.374.1-39 %109.6100.59%296.4
Net income for the period219.526.6> 100 %254.91.4> 100%8.1
Earnings per share, EUR3.400.41> 100 %3.950.03> 100%0.13
Interest-bearing net debt, end of period465851-45%465851-45%682
Gearing, %30.6%65.8%30.6%65.8%52.4%
Interest-bearing net debt / EBITDA**
Return on capital employed (ROCE), last 12 months, %***14.3%2.8%14.3%2.8%2.8%
Personnel, end of period10,86811,758-8%10,86811,758-8%11,552

*Software sales include automation software and, until 1 July 2021, the strategic business unit Navis
**Last 12 months’ EBITDA

In the calculation of the balance sheet related key figures the assets held for sale and liabilities related to assets held for sale are included in the applicable account groups, even though in the balance sheet they are presented on one row.

Cargotec changed the definition of the alternative performance measure comparable operating profit starting from 1 January 2021 to align it with the definition used in the merger prospectus. In addition to the items significantly affecting comparability, the restated comparable operating profit will also exclude the impacts of the purchase price allocation. 2020 comparison figures have been restated according to the new definition. As a result, in 2020 the comparable operating profit increased by EUR 6 million in the third quarter, EUR 17 million in January-September and EUR 23 million in the financial year. Additional information regarding the changed definition is presented in the stock exchange release published on 29 March 2021.

Cargotec’s CEO Mika Vehviläinen: Strong demand continued but component shortages slowed down deliveries
The market recovery from the pandemic as well as the increase in economic activity that started at the end of 2020 supported the demand for our solutions in the third quarter. Our main demand drivers - number of containers handled at ports globally, construction activity, new vessel contracting - continued to grow strongly.

Our orders received increased by 33 percent with all business areas improving their orders received from the comparison period. Our order book continued to grow and is now on a 48 percent higher level than at the end of 2020. In addition to continued strong order intake, longer delivery times expanded our order book.

Our sales increased by 6 percent from the comparison period. Component shortages and global logistics challenges still limited our ability to meet the increasing demand. We estimate these to have affected sales by approximately EUR 50 million during the third quarter. We work in close cooperation with our suppliers to ensure the best possible component availability. We estimate the component and logistics challenges to remain largely at the same level also during the last quarter of the year.

During the quarter, also the raw material and product components as well as freight prices were at a high level. However, we are confident that we will be able to largely offset the increased costs with the price increases we made during the first half of the year.

The good progress of our service business continued in the third quarter. Compared to the comparison period, the service orders received increased by 18 percent and sales by 9 percent. Combined service and software business sales constituted 34 percent of our total sales.

Cargotec’s comparable operating profit increased by 4 percent, driven by higher comparable operating profit in Hiab. MacGregor’s comparable operating profit decreased slightly. Challenges in the delivery chain and added costs thereof impacted Kalmar’s result in particular and its comparable operating profit decreased by 14 percent

Reducing the carbon footprint of the logistics industry is a significant business opportunity for us. Sustainability and profitable growth are at the core of our strategy and, during the third quarter, we continued our determined actions to execute our strategy. We completed the sale of the Navis business to Accel-KKR, a Silicon Valley-based investment firm for an enterprise value of EUR 380 million. The transaction had an approximately EUR 230 million positive impact on our third quarter operating profit. The proceeds enable further investments in acquisitions and R&D investments in the fields of electrification, digitalisation, robotisation, and automation. Demand for electrified products is estimated to grow strongly in the future. As an example, in the third quarter, electrified equipment accounted for more than a quarter of our forklift truck orders.

We also announced our agreement with SSAB to work on the introduction of fossil-free steel to the cargo handling industry in the future. This is a significant milestone in moving toward a sustainable development and a fossil-free product offering.

During the third quarter, Hiab strengthened its position in the US by acquiring the demountables manufacturer Galfab. To meet the increasing demand for truck mounted forklifts, Hiab will also expand manufacturing to the US and increase the production capacity in Dundalk, Ireland.

On 1 October 2020, Cargotec Corporation and Konecranes Plc announced their combination agreement and a merger plan to combine the two companies through a merger. Extraordinary general meetings of Cargotec and Konecranes held on 18 December 2020 approved the merger. Various competition authorities in the EU, UK, and US, among others, are currently reviewing the proposed transaction. In July, The European Commission and Competition and Markets Authority in the UK opened a phase II review in connection with the planned transaction. Cargotec and Konecranes are actively cooperating in these investigations with the aim to mitigate some of these concerns raised by some competition authorities.

In August, Cargotec and Konecranes received unconditional approval from the State Administration for Market Regulation, the competition authority in China, for their planned merger. Both Cargotec and Konecranes are confident that the remaining approvals are received to allow completion of the transaction by the end of H1/2022. Until then, both companies will operate fully separately and independently. More information about the merger is available from the web address

Reporting segments’ key figures

Orders received

Internal orders0-10-1-1

Order book

MEUR30 Sep 202131 Dec 2020Change
Internal order book00


Internal sales00-1-1-1

Operating profit

Kalmar265.831.4> 100%311.942.4> 100%61.8
MacGregor1.0-0.7> 100%-7.9-35.678%-48.2
Corporate administration and support functions-26.2-10.9< -100%-67.3-26.4< -100%-40.7
Total278.245.8> 100%347.552.8> 100%70.4

Comparable operating profit

MacGregor2.54.0-37%8.90.9> 100%6.6
Corporate administration and support functions-9.4-8.2-15%-32.4-26.7-21%-34.9

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 3:00 p.m. EEST. The event will be held in English. The report will be presented by CEO Mika Vehviläinen and CFO Mikko Puolakka. The presentation material will be available at by the latest 2:30 p.m. EEST.

The telephone conference, during which questions may be presented, can be accessed with the code 24099885# by calling to one of the following numbers:

  • Finland: +358 981 710 310
  • France: +33 170 750 711
  • Germany: +49 691 380 3430
  • Singapore: +65 642 983 49
  • Sweden: +46 856 642 651
  • Switzerland: +41 225 809 034
  • United Kingdom: +44 333 300 0804
  • United States: +1 631 913 1422

The event can also be viewed as a live webcast at 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 joining the conference call, the participant agrees that personal information such as name and company name will be collected.

For further information, please contact:
Mikko Puolakka, CFO, tel. +358 20 777 4105
Aki Vesikallio, Director, 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 2020 totalled approximately EUR 3.3 billion and it employs around 11,000 people.


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