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ANNUAL REPORT 2020 SMARTER CARGO FLOW for a BETTER EVERYDAY Annual Review Sustainability Financial Review Annual Report 2020 Read More Online Governance

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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 ......................................................................����������������������������������������������������������������������15 players in ports, on roads and at sea, our business Sustainability at Cargotec ...................................................................... 16 areas Kalmar, Hiab and MacGregor can optimise Sustainability targets and highlights ...................................................... 17 global cargo flows and create sustainable customer Environment ........................................................................................... 18 value. We want to lead the industry transformation People and society ................................................................................ 20 and turn cargo and load handling into sustainable Sustainability governance ...................................................................... 21 and intelligent business for a better everyday. Governance ......................................................................���������������������������������������������������������������������� 22 Cargotec is a signatory of the United Nations Global Corporate governance statement .......................................................... 23 Compact and through our operations we also support Remuneration report .............................................................................. 32 the UN Sustainable Development Goals. More information is available in this document’s Sustainability Financial review ...............................................................��������������������������������������������������������������� 39 section, our GRI index, and the Sustainability section at Board of Directors’ report ...................................................................... 41 our website www.cargotec.com. Financial statements .............................................................................. 60 Investor information ............................................................................. 174 The Annual Report 2020 consists of the annual review, financial review, corporate governance statement and remuneration report. The financial review includes the Board of Directors’ report, the financial statements, and the auditor’s report. The Annual Review provides a brief glimpse of Cargotec’s performance in 2020. Sections have links to additional information on Cargotec’s website about strategy progress and business area activities in 2020, among others. 2 2 Annual review Sustainability Financial review Annual Report 2020 Read more online Governance ANNUAL REVIEW 3 Annual review Sustainability Financial review Annual Report 2020 Read more online Governance Annual review Sustainability Financial review Annual Report 2020 Read more online Governance CARGOTEC IN BRIEF Comparable operating Sales, MEUR profit, MEUR 3,263 203.6 Services and software, Total personnel % of sales 11,552 36% AMERICAS EUROPE, MIDDLE EAST ASIA-PACIFIC (AMER) AND AFRICA (EMEA) (APAC) Share of sales Assembly/R&D Share of sales Assembly/R&D Share of sales Assembly/R&D 30% Brazil 49% Croatia Netherlands 21% China United States Finland Norway Malaysia Germany Poland South Korea Number of personnel Number of personnel India Spain Number of personnel Singapore Ireland Sweden Vietnam 1,458 7,635 Italy United Kingdom 2,459 4 4 Annual review Sustainability Financial review Annual Report 2020 Read more online Governance Annual review Sustainability Financial review Annual Report 2020 Read more online Governance BUSINESS AREAS IN BRIEF KALMAR HIAB MACGREGOR Kalmar offers cargo handling equipment and automated Hiab is the world’s leading provider of on-road load handling MacGregor is a world-leading provider of maritime and terminal solutions, software and services that are used in solutions with customers operating in land transport and a offshore cargo and load handling equipment, services ports, terminals, distribution centres and various industries. variety of industries. and solutions. Kalmar’s orders received in 2020 were EUR 1,401 million, and its sales Hiab’s orders received in 2020 were EUR 1,210 million, and its sales MacGregor’s orders received in 2020 were EUR 511 million, and its sales amounted to EUR 1,529 million. Service sales was EUR 437 million while amounted to EUR 1,094 million. Service sales was EUR 318 million. amounted to EUR 642 million. Service sales was EUR 250 million. MacGregor’s software sales amounted EUR 166 million. Kalmar’s comparable operating Hiab’s comparable operating profit amounted to EUR 126 million, comparable operating profit amounted to EUR -4.3 million, representing profit was EUR 116 million, representing 7.6 percent of sales. representing 11.6 percent of sales. -0.7 percent of sales. Q3 Share of total Services and software, Number of Share of total Services, Number of Share of total Services, Number of sales share of Kalmar’s sales personnel sales share of Hiab’s sales personnel sales share of MacGregor’s sales personnel 5,526 3,390 1,987 47% 39% 33% 29% 20% 39% More about KalmarKalmar inin 20202020 More about Hiab inin 20202020 MoreMore aboutabout MacGregor in 2020 5 5 Annual review Sustainability Financial review Annual Report 2020 Read more online Governance Annual review Sustainability Financial review Annual Report 2020 Read more online Governance CEO’S REVIEW A YEAR TO REMEMBER In 2020, our long-term strategy proved to be more valid than ever before. The COVID-19 pandemic affected our business especially during the first two quarters, but we acted decisively, securing our profitability whilst making good progress in our strategy execution. Business area performances varied The pandemic situation had a clear impact in all our business areas, and orders received decreased by 16 percent compared to the previous year. The situation improved steadily throughout the second half of the year. In fact, the orders for Hiab solutions and Kalmar mobile equipment increased year-on-year in the fourth quarter. In the uncertain environment, customers still hesitated with larger investments, which was visible in MacGregor and in Kalmar’s automation and project business where we saw postponements. Our order backlog was strong as we entered 2020, which helped us cope with the pandemic crisis early on. In fact, sales increased in Kalmar’s project business and in MacGregor. Sales declined in Hiab and Kalmar’s mobile equipment, where the lead times are shorter. This was a result of the drop in their orders received in the first half of the year. We enter 2021 with a healthy order backlog especially in Hiab and Kalmar’s mobile equipment business. I am pleased with the robust performance of our service business, producing 31 percent of our sales. The sales of our eco portfolio increased as well, totalling 24 percent of our sales in 2020. Our target in 2021 was to double the sales growth in our eco portfolio compared to traditional products, and we achieved that ahead of schedule. It is evident that our customers are increasingly moving towards sustainable solutions, preferring our electric and hybrid solutions over internal combustion engines. Cargotec’s CEO Mika Vehviläinen at the Cargotec-Konecranes merger press conference on 1 October 2020 6 6 Annual review Sustainability Financial review Annual Report 2020 Read more online Governance Annual review Sustainability Financial review Annual Report 2020 Read more online Governance Decisive actions to ensure profitability and strategic direction Merger with Konecranes will create a global leader The importance of sustainability and safety increases Our comparable operating profit decreased due to decrease in sales. in sustainable material flow The strategic importance of sustainability continues to increase at Cargotec. Nevertheless, during the pandemic crisis we have defended our profitability In October, we announced the plan to combine Cargotec and Konecranes In May, we committed to the UN Global Compact Business Ambition for 1.5°C and kept
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