Cargotec Investor Presentation

Total Page:16

File Type:pdf, Size:1020Kb

Cargotec Investor Presentation Investor presentation, December 2019 Becoming the leader in intelligent cargo handling Investor presentation December 2019 1 Investor presentation December 2019 2 Content 1. Cargotec in brief 2. Investment highlights 3. Kalmar 4. Hiab 5. MacGregor 6. Recent progress 7. Appendix 3 Cargotec in brief 4 4 Strong global player with well-balanced business Sales: Sales split: new Sales by Sales by EUR 3,304 million equipment vs service business areas geographical area EBIT: 7.3% and software Kalmar Service and MacGregor Kalmar EMEA software 49% AMER Sales: EUR 1,618 million 16% 49% 34% 31% EBIT: 8.9% (EUR 143.6 million) Hiab Sales: EUR 1,149 million EBIT: 11.7% (EUR 134.5 million) Hiab MacGregor 35% APAC Sales: EUR 538 million New equipment 20% EBIT: -0.3% (EUR -1.6 million) 66% Strengths we are building upon Leading market positions Strong brands Loyal customers Leading in technology in all segments Figures: 2018 EBIT = Comparable operating profit Investor presentation December 2019 5 Key competitors Cargotec is a leading player in all of its business areas Global main competitors Other competitors Investor presentation December 2019 6 Currently two businesses performing well Net sales* in Q4/18-Q3/19 Trend in orders, Profitability: Comparable EBIT EUR million last 12 months margin ~400 Kalmar software (Navis) ~1,300 and Automation and Projects Low due to long term division investments ~600 MacGregor 3,578 +39% -3.8% Hiab +23% 11.8% ~1,300 Kalmar MacGregor Kalmar equipment and service equipment Kalmar APD and (excluding Automation and Low double digit Hiab software Projects Division & Navis) * Figures rounded to closest 100 million Investor presentation December 2019 7 Investment highlights 8 Investment highlights: Why invest in Cargotec? 1. Technology leader and strong market positions, leading brands in markets with long term growth potential 2. Our vision is to become the global leader in intelligent cargo handling 3. Growing service & software business and asset-light business model are increasing stability 4. Capitalising global opportunities for future automation and software growth 5. On track for profitability improvement and to reach financial targets Investor presentation December 2019 9 1. Technology leader and strong market positions, leading brands in markets with long term growth potential Global Growth Competitive Market megatrends drivers advantages position . Globalisation . Container . Strong brands . #1 or #2 in all and trade throughput . Full major growth growth automation segments . Urbanisation . Construction offering . Growing activity . Technology middle class . Automation leadership . Digitalisation Investor presentation December 2019 10 2. Our vision is to become the global leader in intelligent cargo handling VISION GLOBAL LEADER IN INTELLIGENT CARGO HANDLING WIN THROUGH CUSTOMER CENTRICITY ACCELERATE DIGITALISATION We help our customers achieve their goals We build and expand our digital solutions to offer by aligning our offering and way of working to a great customer experience and more efficient serve them better. business processes. MUST-WIN BATTLES ADVANCE IN SERVICES PRODUCTIVITY FOR GROWTH We extend our offering towards intelligent solutions that We focus on activities that add value and benefit enable us to serve our customers wide across their our customers and us by developing our lifecycle. business operations and common platforms. Investor presentation December 2019 11 3. Growing service & software business and asset-light business model are increasing stability Service and software* sales Asset-light business model with a flexible cost MEUR structure . 1,200 Kalmar and Hiab: efficient assembly operation 1,090 1,126 1,100 1,052 1,053 +4% +3% . MacGregor: efficient project management and 147 1,000 955 +10% 121 +0% 152 engineering office: > 90% of manufacturing and +9% 149 900 873 108 30% of design and engineering capacity outsourced 107 800 . No in-house component manufacturing 700 600 Next steps to increase service and software sales: 500 980 931 905 938 . Improve service offering through digital solutions 400 847 766 . 300 Build on Navis position as industry leader 200 . Increase spare parts capture rates 100 . Boost service contract attachment rates 0 2013 2014 2015 2016 2017 2018 Services Software *) Software sales defined as Navis business unit and automation software Investor presentation December 2019 12 4. Capitalising global opportunities for future automation and software growth Industry trends support growth Significant possibility in port Automation creates significant cost savings* in port automation: software: Labour costs 60% less labour costs . Only 40 terminals (out of 1,200 . Container value chain is very Total costs 24% less costs terminals) are automated or semi- inefficient: total value of waste and Profit increase 125% automated currently globally inefficiency estimated at ~EUR 17bn . Ships are becoming bigger and . Over 50% of port software market is the peak loads have become an issue in-house, in long term internal . Increasing focus on safety solutions not competitive . Customers require decreasing energy Navis has leading position in usage and zero emission ports port ERP . Optimum efficiency, space utilization Customers consider their automation and reduction of costs are increasingly decisions carefully important . Shipping line consolidation . Shortage and cost of trained and . Utilisation rates of the existing skilled labour pushes terminals to equipment base automation . Container throughput volumes * Change when manual terminal converted into an automated operation . Efficiency of the automation solutions Investor presentation December 2019 13 5. Clear plan for profitability improvement and to reach financial targets Growth Profitability Sales and comparable operating Target to grow faster than market Target 10% operating profit and profit development . 15% ROCE in 3-5 years* Megatrends and strong market 4,500 6.2% 400 7.1% position supporting organic growth 4,000 4.4% Higher service and software sales 4.0% 3,729 8.0% 7.3% 350 3,514 . M&A potential key driver for profitability 3,500 3,358 3,304 3,181 3,250 300 improvement 3,000 250 Cost savings actions: 2,500 259 Service and software 250 242 231 200 Targeting service and software sales . 2020 EUR 30 million (indirect 2,000 150 40% of net sales, minimum EUR 1.5 purchasing and new Business 1,500 Services operations) 149 billion in 3-5 years* 1,000 127 100 Product re-design and improved 500 50 project management Balance sheet and dividend 0 0 Target gearing < 50% and 2013 2014 2015 2016 2017 2018 increasing dividend in the range of 30-50% of EPS, dividend paid twice Net sales Comparable operating profit margin a year Comparable operating profit *Target announced in September 2017 Investor presentation December 2019 14 Kalmar Investor presentation 15 15 Container throughput still forecasted to grow year on year TEU million Growth from 2013 to 2023 48% 1,000 948 CAGR 4.0% 912 +4.0% 875 +4.2% 838 +4.4% 133 784 806 129 800 +4.0% 125 748 120 702 +2.6% 675 685 +4.7% 115 117 642 +6.5% 109 235 +2.6% 101 227 98 +1.5% 101 220 600 96 +5.1% 213 202 206 195 182 182 185 173 400 556 581 504 530 444 466 482 200 373 395 401 416 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 APAC EMEA AMER 2019-2023: Drewry: Container forecaster Q3 2019 2016-2017: Drewry: Container forecaster Q2 2019 2015 Drewry: Container forecaster Q2 2018 2013-2014 Drewry Global Container Terminal Operators Annual Report 2013 Investor presentation December 2019 16 Flexible and scalable Navis TOS software Terminal Operating System (TOS) Terminal Logistic System Truck / Transfer area Automated Horizontal Transportation Automatic stacking crane (ASC) area Quay crane area ASC stack area Equipment Equipment Investor presentation December 2019 17 Kalmar’s operating environment Provides integrated port automation The collaboration platform solutions including software, serving the needs of ocean services and a wide range of cargo carriers, terminals and their Transfer handling equipment shipping partners area Yard Horizontal Transportation TOS coordinates and optimises Industry leading spreader the planning and management manufacturer Quay of container and equipment moves in complex business environments. Navis provides also maritime shipping solutions: . Stowage planning . Vessel monitoring . Loading computer . Route planning Investor presentation December 2019 18 XVELA provides benefits to ocean carriers and terminal operators . Today’s container supply chain is a fragmented and siloed framework . Information sharing between parties is not optimally structured – Forms of communication today include email, phone calls, EDI, paper plans – Problems: incomplete data, errors, information not available on time . In-house developed XVELA is a many-to-many platform to solve these issues – Real-time stowage collaboration – Port-to-port visibility and collaboration – Synchronisation of planning between carriers and terminals Benefits of XVELA: . Faster vessel turn times . Operational efficiencies . Cost savings Investor presentation December 2019 19 Services provide our biggest medium-term growth opportunity Market Equipment & Projects Software Services share 20-30% 20-30% 3-5% Market size 6B€ 0.5-1B€ 8B€ Investor presentation December 2019 20 Automation deals highlight our successful investments in automation Kalmar and Navis to deliver world-first intermodal automation solution to Sydney, Australia Greenfield intermodal terminal, Qube’s Moorebank Logistics
Recommended publications
  • ANNUAL REPORT 2020 SMARTER CARGO FLOW for a BETTER EVERYDAY Annual Review Sustainability Financial Review Annual Report 2020 Read More Online Governance
    ANNUAL REPORT 2020 SMARTER CARGO FLOW FOR A BETTER EVERYDAY Annual review Sustainability Financial review Annual Report 2020 Read more online Governance Annual review Sustainability Financial review Annual Report 2020 Governance CONTENTS CARGOTEC Annual Review ....................................................................���������������������������������������������������������������������3 Cargotec in brief ....................................................................................... 4 SMARTER CARGO FLOW Business areas ........................................................................................ 5 FOR A BETTER EVERYDAY CEO review .............................................................................................. 6 Highlights of the year ................................................................................ 8 Key figures ............................................................................................... 9 Cargotec is a leading provider of cargo and load Megatrends ............................................................................................ 11 handling solutions with the goal of becoming the Strategy ................................................................................................. 12 leader in sustainable and intelligent cargo handling. Value creation ........................................................................................ 14 Our solutions and services make global trade smarter, better and more sustainable. As leading Sustainability
    [Show full text]
  • GRI INDEX 2019 SMARTER CARGO FLOW for a BETTER EVERYDAY SUSTAINABILITY ACCOUNTING PRINCIPLES GRI Index 2019
    GRI INDEX 2019 SMARTER CARGO FLOW FOR A BETTER EVERYDAY SUSTAINABILITY ACCOUNTING PRINCIPLES GRI index 2019 SUSTAINABILITY ACCOUNTING PRINCIPLES AND REPORTING BOUNDARY AND REPORTING BOUNDARY Cargotec sustainability reporting consists of three documents, the GRI Index 2019, the According to Cargotec’s sustainability accounting principles, newly acquired or built sites GRI CONTENT INDEX Annual Review 2019 and the Financial Review 2019. The information presented in the are being consolidated in the environmental and safety figures after a reasonable period GRI 102 General disclosure Annual Review is a general description of our sustainability work and the operating context of time has passed since the implementation of the Environment, Health and Safety (EHS) throughout the year. It shows the highlights of our sustainability performance, a current management practice. In most cases, this is completed after the first full operational year GRI 103 Management approach status of our targets and future plans. The Financial Review includes our disclosure on non- and after they have gone through the external assurance process. Divested sites are financial issues. included in the reporting boundary until the date of closing the transaction. However, this GRI 200 Economic only applies to sites that have been part of the Group for at least six months. GRI 300 Environmental This GRI Index is published as a separate report on our website. Following the GRI reporting requirements, this report presents the sustainability information in a standardised way and Topic boundaries for the material topics are presented under 102-47 to clarify the topics GRI 400 Social focuses on the disclosures that best reflect our impacts on the topics.
    [Show full text]
  • 100 Largest Companies in Fi
    100 largest companies in Finland http://www.uranus.fi/en/jobseekers/jobs/open.php?id=19982 >> Advertise here Uranus.fi - avoimet työpaikat Login / register 17:44 - Pakkoruotsi: Lipponen murahtaa på svenska ?jupeille? suomeksi 13:36 - ?120 km/h pois Turuntieltä ? tilalle 80 Frontpage km/h? Jobseekers 13:13 - Laaja huijaus Habbo Hotellissa Employers Jobseekers (Profiles)Post a jobServices and prices 11:18 - Julmista Opportunities metsästysrikoksista Working in FinlandStudying in FinlandLaunching a businessLiving in FinlandSuccess stories linnaa? Uranus.fi 11:01 - Suomeen uusi About usContact infoFeedback suuri kaupunki? - My Uranus Isompi kuin Turku Main pageCareer profilePluto -job notifierUser infoLogin Discussion 10:53 - Jyrki Kataisen käytös ihmetyttää: ?Outo purkaus? Job vacanciesCreate a profile 10:31 - ?Kaksi uutta Jobseekers » Job vacancies » Announcement oppiainetta kouluun? E-mail to a friend 09:22 - IL: VR heitti Give feedback halvaantuneen vanhuksen ulos junasta 100 largest companies in Finland Here's a list of the 100 biggest Finnish companies (updated September 2008). In case you're wondering how to get a job from Finland, these leading companies might provide an answer! The company's business field or industry is indicated in brackets. The links point either at the career pages (in English) of the company or the main page of the English (some cases Finnish) site. Good luck! 1. Nokia (Electronics) 2. Stora Enso (Forest) 3. Neste Oil (Oil Trade) 4. UPM-Kymmene (Forest) 5. Kesko (Wholesale trade/ Daily goods) 6. SOK (Wholesale
    [Show full text]
  • Shareholdersl Meeting
    CORPORATE GOVERNANCE STATEMENT 2012 CORPORATE GOVERNANCE STATEMENT 2012 Cargotec’s governance and management are based on the of release from liability to the members of the Board of Finnish Limited Liability Companies Act and Securities Directors and to the President and CEO, the election of Markets Act, the company’s Articles of Association and and remuneration payable to the members of the Board the rules and guidelines of NASDAQ OMX Helsinki and auditor. The Shareholders’ Meeting also has the right Ltd. Cargotec complies with the Finnish Corpo rate to amend the Articles of Association, and make decisions Governance Code 2010, available on the Securities Market and authorise the Board of Directors to make decisions on Association’s website at www.cgfinland.fi/en, with the the acquisition of treasury shares, on share issues and on exception of recommendations 26, 29 and 32. Tapio option programmes. Hakakari, Vice Chairman of the Board, was a member of the Nomination and Compensation Committee also Notice of the Shareholders’ Meeting is published as a stock during his position as interim President and CEO as of 8 exchange release and on Cargotec’s website. This notice October 2012 (recommendations 29 and 32). Karri Kaitue, includes the agenda for the meeting, proposals made member of the Audit and Risk Management Committee, by the Board and the Board committees to the meeting worked as a consultant for the company in connection with and instructions regarding registration and attendance. the evaluation of listing MacGregor in Asia and was not The names of candidates for the Board of Directors independent of the company (recommendation 26).
    [Show full text]
  • Introduction Resolution on the Merger
    PROPOSAL BY THE BOARD OF DIRECTORS FOR THE RESOLUTION ON THE MERGER Introduction Konecranes announced on 1 October 2020 the combination of Konecranes and Cargotec Corporation’s (“Cargotec”) business operations through a statutory absorption merger of Konecranes into Cargotec pursuant to the Finnish Companies Act (624/2006, as amended) (the “Finnish Companies Act”) whereby all assets and liabilities of Konecranes are transferred without a liquidation procedure to Cargotec (the “Merger”). As a consequence of the completion of the Merger, Konecranes will dissolve and automatically cease to exist as a separate legal entity. The shareholders of Konecranes will receive new shares in Cargotec as merger consideration in proportion to their existing shareholdings. The purpose of the Merger is to create a global leader in sustainable material flow, with numerous valuable customer-facing brands bolstering its position across all its businesses in industries, factories, ports, road and sea-cargo handling. The Merger is expected to be value- creating from geographical; product and services offering; employee; customer; and shareholder perspectives. The combined company is expected to leverage the strengths of both companies and the combination is expected to deliver benefits to all stakeholders. The combined company aims to be a leader in sustainable material flow through its vision based on decarbonisation, safety, productivity and efficiency as well as maximizing the lifetime value of the equipment and solutions of its customers. In order to complete the Merger, the Board of Directors of Konecranes proposes that the General Meeting would resolve on the statutory absorption merger of Konecranes into Cargotec, including the approval of the merger plan.
    [Show full text]
  • Proposed Composition for Yit Corporation's Board Of
    1(4) PROPOSED COMPOSITION FOR YIT CORPORATION’S BOARD OF DIRECTORS As Chairman Henrik Ehrnrooth, born 1954, M.Sc. (Forest economics), B.Sc. (Econ.), Chairman of the Board of Directors of Pöyry PLC Member of YIT’s Nomination and Rewards Committee since 2008. Not previously in YIT Corporation’s Board of Directors. Other positions of trust: Pöyry Plc Chairman of the Board of Directors 2003–, Vice Chairman of the Board of Directors 1997–2002, member of the Board of Directors 1997– Cargotec Corporation Vice Chairman of the Board of Directors 2005– Oy Forcit Ab member of the Board of Directors 2003– Otava Books and Magazines Group Ltd member of the Board of Directors 1988– Primary working experience: Pöyry Plc Chief Executive Officer 1995–1997 Pöyry Plc President and CEO 1986–1995 Pöyry Plc 1979– As Vice Chairman Eino Halonen, born 1949, M.Sc. (Econ.) Member of YIT’s Board of Directors since 2000 and Vice Chairman since 2003. Member of the Audit Committee since 2004 and the Nomination and Rewards Committee since 2008. Other positions of trust: Metsäliitto Osuuskunta member of the Board of Directors 2006– Cramo Oyj member of the Board of Directors 2003– Pohjola Bank member of the Board of Directors 2003– Primary working experience: Suomi Mutual Life Assurance Company Managing Director 2000– Pohjola Life Assurance Company Ltd Managing Director 1998–1999, Merita Nordbanken Executive Vice President, Regional Bank Manager 1998 Merita Bank Ltd Director and member of the Management Board 1996–1997 Kansallis-Osake-Pankki 1971–1995 2(4) As members Kim Gran, born 1954, B.Sc.
    [Show full text]
  • Annual Report 2010 Contents
    Annual report 2010 Contents 1 2010 highlights 2 Highlights of 2010 5 CEO’s message 7 Information for shareholders 9 On land and at sea 10 Cargotec in brief 11 Business review 2010 19 Customers 26 Solutions of the future 31 One company 32 Strategy at work 35 Cargotec and global trends 40 Sustainability 45 Personnel 58 UN Global Compact 59 Corporate governance 60 Corporate governance statement 71 CVs of Board members 75 CVs of Executive Board members 81 Remuneration statement 84 Risk management Cargotec’s annual report 2010 This page is generated from Cargotec’s online annual report. You can find the complete report at www.cargotec.com/annualreport 87 Financial statements 156 29. Employee benefits 158 30. Provisions 88 Board of Directors’ Report 159 31. Accounts payable and other non-interest-bearing liabilities 98 Consolidated financial statements 160 32. Commitments (IFRS) 161 33. Derivatives 99 Consolidated statement of income 162 34. Group as lessor and consolidated statement of 163 35. Related-party transactions comprehensive income 164 36. Subsidiaries 100 Consolidated statement of financial 168 37. Events after the balance sheet date position 169 Financial statements of the parent 102 Consolidated statement of changes in company (FAS) equity 170 Parent company income statement 103 Consolidated statement of cash flows 171 Parent company balance sheet 104 Notes to the consolidated financial 172 Parent company cash flow statement statements 173 Notes to the parent company 105 1. Accounting principles for the consolidated financial statements financial statements 113 2. Management estimates 174 1. Accounting principles for the parent company financial statements 115 3.
    [Show full text]
  • GOVERNANCE and FINANCIAL REVIEW 2020 Contents
    GOVERNANCE AND FINANCIAL REVIEW 2020 Contents Corporate Governance Corporate Governance 3 Internal control and risk management related to financial reporting 16 Corporate Governance Statement 5 Other information 18 Shareholders’ Nomination Board 5 Remuneration Report 19 Board of Directors 6 Remuneration principles 19 Committees 10 Remuneration elements 20 President and CEO 13 Annual remuneration report 2020 23 Konecranes Leadership Team 14 Risk Management 26 Financial Review 2020 highlights 32 Company list 110 Report of the Board of Directors 34 Parent company statement of income – FAS 112 Konecranes Group 2016 – 2020 54 Parent company balance sheet – FAS 113 Calculation of key figures 55 Parent company cash flow – FAS 114 Consolidated statement of income – IFRS 57 Notes to the parent company’s Financial Statement 115 Consolidated balance sheet – IFRS 58 Board of Directors’ proposal to the Annual General Meeting 117 Consolidated statement of changes in equity – IFRS 59 Auditor’s report 118 Consolidated cash flow statement – IFRS 60 Shares and shareholders 123 Notes to the consolidated financial statements 61 No US Registration Disclaimer In a number of jurisdictions, in particular in Australia, Canada, South Africa, Singapore, Japan and the United States, the distribution of this publication may be subject to restrictions imposed by law (such as registration of the relevant offering documents, admission, qualification and other regulations). In particular, neither the merger consideration shares nor any other securities referenced in this publication have been registered or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any state of the United States and as such neither the merger consideration shares nor any other security referenced in this publication may be offered or sold in the United States except pursuant to an applicable exemption from registration under the U.S.
    [Show full text]
  • Cargotec Corporation Listing of EUR 150,000,000 Notes Due on 28 March 2022 the Notes Are Represented by Units in Denominations of EUR 1,000
    SECURITIES NOTE AND SUMMARY 28 March 2017 Cargotec Corporation Listing of EUR 150,000,000 Notes due on 28 March 2022 The Notes are represented by units in denominations of EUR 1,000 On 28 March 2017, Cargotec Corporation ("Cargotec", the "Issuer" or the "Company") issued senior unsecured notes with an aggregate nominal amount of EUR 150,000,000 (the "Notes") mainly to certain institutional investors. The Notes are represented by units in denominations of EUR 1,000. The rate of interest of the Notes is 1.75 per cent. per annum. The ISIN code of the Notes is FI4000243316. The prospectus for the Notes consists of this securities note and summary (the "Securities Note") and the Company's registration document dated 28 March 2017 (the "Registration Document") (the Securities Note and the Registration Document, including the documents incorporated by reference, jointly referred to as the "Listing Prospectus"). The Registration Document contains information on the Company, its business operations and its financial condition, and the Securities Note contains a summary and information on the offering and the Notes. The Listing Prospectus has been prepared solely for the purpose of admission to listing of the Notes to trading on Nasdaq Helsinki Ltd (the "Helsinki Stock Exchange") and does not constitute any offering of the Notes. The Listing Prospectus has been drawn up in accordance with the Finnish Securities Markets Act (14 December 2012/746, as amended) (the "Finnish Securities Markets Act"), the Decree of the Finnish Ministry of Finance on the Prospectus referred to in Chapters 3 to 5 of the Finnish Securities Market Act (20 December 2012/1019, as amended), the Commission Regulation (EC) No 809/2004, as amended, in application of the Annexes IV, V and XXII thereof, and the regulations and guidelines of the Finnish Financial Supervisory Authority (the "FIN-FSA").
    [Show full text]
  • Corporate Governance Statement 2020 a Sanoma Sustainability Review 2020 Contents
    Year 2020 Board of Directors’ Report Financial Statements Corporate Governance Statement 2020 A Sanoma Sustainability Review 2020 Contents Corporate Governance Statement 2 Corporate governance structure 2 Board of Directors 3 President and CEO 10 Executive Management Team 10 Risk management and internal control 13 Risk management 13 Internal controls 14 Monitoring of financial reporting process 14 Other information 14 Internal audit 14 Related party transactions 14 Insider Administration 14 Audit 15 1 Sanoma Corporate Governance Statement 2020 Corporate Governance Statement Sanoma Corporation complies with the Finnish Corporate Governance Code issued by the Securities Market Associa- The General Meeting is Sanoma’s highest decision-making body, convening at least once a year. tion in 2019 and in force as of 1 January 2020. This Corporate General Meeting Audit Governance Statement has been prepared in accordance with of Shareholders the Code, which is available at www.cgfinland.fi. The statement has been reviewed by Sanoma’s Audit Committee. The statutory auditors of Sanoma have checked The Chairman, Vice Chairman and members of the Board that the statement has been issued and that its description Board of are elected by the General Meeting. The Board is respon- sible for the management of the company and its business of the main features of internal control and risk management Directors operations. systems related to the financial reporting process complies with the financial statements of the Company. This statement is presented as a separate report from the Board of Directors’ Report. The Board may appoint committees, executive committees and other permanent or fixed-term bodies to focus on certain duties assigned by the Board.
    [Show full text]
  • Solidium's Holdings As of 31 December 2020
    PRESS RELEASE 1 ( 6 ) 19 January 2021 at 10:00 Solidium Oy’s half-year report for July-December 2020: • Solidium’s return on equity holdings was 13.5% for the six-month period and 5.6% for the full calendar year 2020 • Solidium’s net asset value increased by EUR 0.7 billion and was EUR 7.3 billion at the end of the period. Solidium’s CEO Antti Mäkinen’s comments: “The review period was marked by the stark recovery of the market after the fall in the spring. Also, major events happened for our equity holdings in the six-month period. 1 July 2020 Metso Outotec started its journey together, and at the same time we sold our stake in Neles to Valmet. Additionally, Konecranes announced a merger with Cargotec, which we are supporting. The combined company will become the leading global player in port equip- ment and services, and other material flow related equipment and service businesses. An analysis of the carbon emissions of our equity holdings was concluded during the review period. The portfolio companies’ CO2 intensities were slightly better on average compared to their peers. Also, the companies are on average more ambitious on emission reduction targets. Over half of the companies have approved Science Based Targets. Solidium’s return on equity was satisfactory despite the pandemic (5.6%) in the full calendar year 2020. In the six-month period Metso Outotec contributed especially well (66%), which benefits from the incoming synergies of the merger and the demand for metals has been on a good level.
    [Show full text]
  • CARGOTEC Financial Review 2019
    FINANCIAL REVIEW 2019 SMARTER CARGO FLOW FOR A BETTER EVERYDAY CONTENTS Financial review 2019 BOARD OF DIRECTORS’ REPORT Board of Directors’ report 5.4 Accounts payable and other non-interest- Notes to the parent company financial statements ... 94 and financial statements bearing liabilities .............................................. 52 Shares and shareholders ........................................ 104 5.5 Provisions .................................................. 52 Shares and share capital ......................................... 105 CONSOLIDATED FINANCIAL Board of Directors’ report ........................................... 3 6. Intangible and tangible assets .......................... 53 Share price development and trading ..................... 106 STATEMENTS (IFRS) Consolidated financial statements (IFRS)................ 15 6.1 Goodwill ..................................................... 53 Shareholders ........................................................... 107 Consolidated statement of income Consolidated statement of income ........................... 15 6.2 Other intangible assets .............................. 54 Board and management shareholding .................... 109 Consolidated statement of comprehensive income .. 15 6.3 Property, plant and equipment ................... 56 Signatures for Board of Directors’ report and Consolidated statement Consolidated balance sheet ...................................... 16 6.4 Depreciation, amortisation and impairment financial statements ...............................................
    [Show full text]