Cargotec publishes new long term financial targets for Hiab business area and information on planned management for standalone Hiab
2024年5月28日 - 3:30AM
Cargotec publishes new long term financial targets for Hiab
business area and information on planned management for standalone
Hiab
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 27 MAY 2024 AT
9:30 PM EEST
Cargotec publishes new long term financial targets for Hiab
business area and information on planned management for standalone
Hiab
Cargotec publishes new long term financial targets for its Hiab
business area and information on planned management for Cargotec as
a standalone Hiab company ahead of the capital markets day, which
will be held on 28 May 2024 starting at 2:30 pm (EEST).
As announced earlier, Cargotec is carrying out a structure
change where there would be three separate businesses emerging from
the current Cargotec group. Kalmar is planned to be demerged to
form a separate listed company as from 1 July 2024, and Cargotec is
looking for a solution for MacGregor during 2024. If the planned
actions are completed, current Cargotec would comprise of Hiab as a
standalone business.
Cargotec announced in conjunction with its January–March 2024
interim report that due to the high certainty of standalone listing
of its business area Kalmar by means of a partial demerger, the
combined financial targets set in November 2022 for Kalmar and Hiab
are no longer valid. Therefore, separate long term targets have
been set for Hiab and Kalmar. Kalmar’s new long term targets were
published on 22 May 2024 when the Finnish Financial Supervisory
Authority approved the prospectus concerning the proposed partial
demerger of Cargotec and listing of Kalmar’s class B shares.
Cargotec’s Board of Directors has set the following financial
targets for Hiab to measure success by 2028:
- Annual sales growth over seven
percent over the cycle
- Comparable operating profit 18
percent (1
- Return on capital employed over
25 percent (2
1) as business area of Cargotec2) as business area of Cargotec,
defined as (Operating profit / Operative capital employed) In
addition to the Hiab-specific long term targets, Cargotec’s climate
target to reduce greenhouse gas emissions in all three emission
scopes by at least 50 percent by 2030 compared to a 2019 baseline
remains valid. The target is validated by the Science Based Targets
initiative (SBTi). In its planned standalone future after the
solution for MacGregor has been found, Cargotec (future Hiab) is
planning to publish a new climate target and applying its
validation from SBTi.
Cargotec also aims for a growing dividend of 30–50 percent of
EPS and to keep gearing below 50 percent.
“Hiab has a strong track record of profitable growth. We aim to
reach even higher with our new strategy, which our new targets
demonstrate. We continue to shape the essential industries we serve
with our innovative lifting and delivery solutions and increase
customer’s productivity, safety and sustainability. Setting our own
financial targets is also a major milestone on our journey to
become a standalone company,” says Scott Phillips, President
Hiab.
If the planned demerger of Kalmar is completed and a solution to
MacGregor is found so that MacGregor would not thereafter be part
of the Cargotec group, Cargotec’s Board of Directors is planning to
propose to Cargotec’s General Meeting of shareholders that the
company’s name would be changed from Cargotec to Hiab. Should such
actions be carried out as planned in the leadership of the current
President and CEO of Cargotec, Casimir Lindholm has announced his
intention to step down as President and CEO at such point. The
Board of Directors would then appoint the President of the Hiab
business Scott Phillips as the President and CEO of the renamed
company being the current Cargotec. Cargotec currently estimates
that these changes to transform into standalone Hiab could take
place during 2025. Current Cargotec CFO Mikko Puolakka would
continue as CFO of standalone Hiab.
More detailed information on the new financial targets will be
provided at the Capital Markets Day which can be followed online at
https://cargotec.videosync.fi/hiab-cmd-2024, starting at 2:30 pm
(EEST) on 28 May 2024. Questions can be submitted during the
presentations. The presentation material will be available at
Cargotec’s website www.cargotec.com/cmd24.
For more information, please contact:Mikko Puolakka, CFO,
tel. +358 20 777 4105Aki 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
2023 totalled approximately EUR 4.6 billion and it employs around
11,300 people. www.cargotec.com
Forward-looking Statements
The release includes forward-looking statements, including
expected performance targets, and are based on present plans,
estimates, projections and expectations and are not guarantees of
future performance. These forward-looking statements are subject to
numerous risks, uncertainties and assumptions, including risks
relating to Cargotec’s industry, business, the risk that Cargotec’s
actual results of operations in future periods may differ
materially from the performance targets discussed, or suggested,
herein. These forward-looking statements reflect knowledge and
information available at, and speak only as of, the date they are
made, which, even though they seem to be reasonable at present, may
turn out to be incorrect. Except as required by law, Cargotec
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date hereof or to reflect the
occurrence of unanticipated events. Readers are cautioned not to
place undue reliance on such forward-looking statements.
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