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Cargotec’s comparable operating profit for 2020 in accordance with the new definition

Cargotec Corporation
·4-min read

CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 29. MARCH 2021 AT 9.30 AM EEST

Cargotec’s comparable operating profit for 2020 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 period 2020.

As stated in the financial statements review 2020, 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 published on 3 December 2020. In addition to the items significantly affecting comparability, the restated comparable operating profit will also exclude the impacts of the purchase price allocation, which amounted to EUR 23 million in 2020. EUR 10 million of the items were related to Kalmar, EUR 2 million to Hiab and EUR 11 million to MacGregor.

Outlook for 2021 unchanged

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

*Comparable operating profit in accordance with the new definition published in the financial statements review on 4 February 2021 has been specified from EUR 228 million to EUR 227 million.

Figures in accordance with the new definition for the comparison period are unaudited.

For further information, please contact:

Mikko Puolakka, Executive Vice President and CFO, tel. +358 20 777 4105
Hanna-Maria Heikkinen, Vice President, Investor Relations, tel. +358 20 777 4084

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 United Nations Global Compact’s Business Ambition for 1.5°C. The company's sales in 2020 totalled approximately EUR 3.3 billion and it employs around 11,500 people. www.cargotec.com

Quarterly key figures

Cargotec

Q1/2020

Q2/2020

Q3/2020

Q4/2020

2020

Sales, MEUR

858

756

777

873

3,263

Operating profit, MEUR

26.5

-19.5

45.8

17.6

70.4

Restructuring costs, MEUR

6.4

72.1

12.6

39.9

131.0

Other items affecting comparability, MEUR

6.6

-9.2

-1.8

6.6

2.3

Items affecting comparability, total, old definition, MEUR

13.0

62.9

10.8

46.5

133.3

Impacts of the purchase price allocation, MEUR

5.8

6.0

5.5

5.7

23.0

Items affecting comparability, total, new definition, MEUR

18.8

68.9

16.4

52.2

156.3

Comparable operating profit, MEUR

45.3

49.4

62.2

69.8

226.7

Operating profit, %

3.1%

-2.6%

5.9%

2.0%

2.2%

Comparable operating profit, %

5.3%

6.5%

8.0%

8.0%

6.9%


Kalmar

Q1/2020

Q2/2020

Q3/2020

Q4/2020

2020

Sales, MEUR

404

350

364

411

1,529

Operating profit, MEUR

24.1

-13.1

31.4

19.5

61.8

Items affecting comparability, total, old definition, MEUR

1.5

43.4

0.9

8.8

54.6

Impacts of the purchase price allocation, MEUR

2.3

2.5

2.5

2.4

9.7

Items affecting comparability, total, new definition, MEUR

3.8

45.9

3.5

11.1

64.3

Comparable operating profit, MEUR

27.8

32.8

34.9

30.6

126.1

Operating profit, %

6.0%

-3.7%

8.6%

4.7%

4.0%

Comparable operating profit, %

6.9%

9.4%

9.6%

7.5%

8.2%


Hiab

Q1/2020

Q2/2020

Q3/2020

Q4/2020

2020

Sales, MEUR

302

243

254

295

1,094

Operating profit, MEUR

28.4

18.0

25.9

25.0

97.3

Items affecting comparability, total, old definition, MEUR

1.7

6.4

5.0

16.1

29.1

Impacts of the purchase price allocation, MEUR

0.6

0.6

0.6

0.6

2.4

Items affecting comparability, total, new definition, MEUR

2.3

6.9

5.6

16.7

31.5

Comparable operating profit, MEUR

30.7

24.9

31.5

41.7

128.8

Operating profit, %

9.4%

7.4%

10.2%

8.5%

8.9%

Comparable operating profit, %

10.2%

10.3%

12.4%

14.1%

11.8%


MacGregor

Q1/2020

Q2/2020

Q3/2020

Q4/2020

2020

Sales, MEUR

153

163

158

168

642

Operating profit, MEUR

-8.1

-26.8

-0.7

-12.6

-48.2

Items affecting comparability, total, old definition, MEUR

2.8

23.2

2.2

15.6

43.8

Impacts of the purchase price allocation, MEUR

2.9

2.9

2.4

2.8

10.9

Items affecting comparability, total, new definition, MEUR

5.7

26.1

4.6

18.3

54.8

Comparable operating profit, MEUR

-2.4

-0.7

4.0

5.7

6.6

Operating profit, %

-5.3%

-16.5%

-0.4%

-7.5%

-7.5%

Comparable operating profit, %

-1.6%

-0.4%

2.5%

3.4%

1.0%

Attachment