Hiab updates its segment reporting structure
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 28 MARCH 2025 AT 10:00 AM (EET)
Hiab updates its segment reporting structure
In accordance with the decision of the Annual General Meeting on 26 March 2025, the name of the company will be changed from Cargotec Corporation to Hiab Corporation as of 1 April 2025.
An IFRS 8 evaluation was made for the new standalone Hiab company and based on the evaluation and as previously announced on 7 January 2025, Hiab has as of 1 January 2025 two reporting segments, Equipment and Services, with reporting to commence in the January-March 2025 interim report.
The Equipment reporting segment comprises of new equipment: loader cranes, forestry and recycling cranes, truck mounted forklifts, demountables and tail lifts.
The Services reporting segment comprises of spare parts, maintenance, accessories, installations, digital services and refurbished equipment.
Additionally, Hiab will report operating profit information related to its Group administration. This reflects former Cargotec's continuing operations administration and support functions' costs and certain administration and support functions' costs previously booked in the former Hiab business area.
To provide a basis for comparison, Hiab publishes its reclassified financial information of reportable segments and Group administration for all quarters of 2024, as well as for the full year 2024.
New reporting segments and the reclassification do not impact the company's outlook for 2025.
The reclassified financial information included in this release is unaudited.
Cargotec Corporation
For further information, please contact:
Mikko Puolakka, CFO, tel. 0
Aki Vesikallio, Vice President, Investor Relations, tel. 0
Cargotec’s (Nasdaq Helsinki: CGCBV) Hiab business is a leading provider of smart and sustainable on road load-handling solutions, committed to delivering the best customer experience every day with the most engaged people and partners. The company's continuing operations sales in 2024 totalled approximately EUR 1.6 billion and it employs over 4,000 people.
Segment information (restated)
| Sales, MEUR | Q1/24 | Q2/24 | Q3/24 | Q4/24 | 2024 |
| Equipment | 297 | 317 | 276 | 294 | 1,185 |
| Services | 117 | 115 | 112 | 118 | 462 |
| Hiab, total | 415 | 433 | 388 | 412 | 1,647 |
| Operating profit and EBITDA, Hiab total, MEUR | Q1/24 | Q2/24 | Q3/24 | Q4/24 | 2024 |
| Equipment | 43.4 | 48.1 | 39.1 | 24.8 | 155.4 |
| Services | 26.9 | 25.0 | 22.0 | 25.6 | 99.5 |
| Group administration | -9.0 | -10.3 | -9.1 | -9.3 | -37.7 |
| Operating profit | 61.3 | 62.8 | 52.0 | 41.0 | 217.1 |
| Depreciation, amortisation and impairment* | 10.3 | 10.5 | 10.8 | 12.4 | 44.0 |
| EBITDA | 71.6 | 73.3 | 62.8 | 53.4 | 261.2 |
| *Includes the effects of allocating the acquisition cost of businesses | Q1/24 | Q2/24 | Q3/24 | Q4/24 | 2024 |
| Equipment | 0.7 | 0.7 | 0.7 | 0.7 | 2.7 |
| Services | 0.1 | 0.1 | 0.1 | 0.1 | 0.4 |
| Hiab, total | 0.8 | 0.8 | 0.8 | 0.8 | 3.1 |
| EBITA | 62.1 | 63.6 | 52.8 | 41.8 | 220.2 |
| Operating profit, % | Q1/24 | Q2/24 | Q3/24 | Q4/24 | 2024 |
| Equipment | 14.6% | 15.2% | 14.2% | 8.4% | 13.1% |
| Services | 22.9% | 21.7% | 19.7% | 21.7% | 21.5% |
| Hiab, total | 14.8% | 14.5% | 13.4% | 9.9% | 13.2% |
| Comparable operating profit, MEUR | Q1/24 | Q2/24 | Q3/24 | Q4/24 | 2024 |
| Equipment | 43.4 | 48.1 | 39.1 | 24.8 | 155.4 |
| Services | 26.9 | 25.0 | 22.0 | 25.6 | 99.5 |
| Group administration | -9.0 | -10.3 | -9.1 | -9.3 | -37.7 |
| Hiab, total | 61.3 | 62.8 | 52.0 | 41.0 | 217.1 |
| Comparable operating profit, % | Q1/24 | Q2/24 | Q3/24 | Q4/24 | 2024 |
| Equipment | 14.6% | 15.2% | 14.2% | 8.4% | 13.1% |
| Services | 22.9% | 21.7% | 19.7% | 21.7% | 21.5% |
| Hiab, total | 14.8% | 14.5% | 13.4% | 9.9% | 13.2% |
| Orders received, MEUR | Q1/24 | Q2/24 | Q3/24 | Q4/24 | 2024 |
| Equipment | 275 | 237 | 252 | 295 | 1,059 |
| Services | 111 | 111 | 109 | 118 | 450 |
| Hiab, total | 386 | 348 | 361 | 414 | 1,509 |
| Order book, MEUR | 31 Mar 2024 | 30 Jun 2024 | 30 Sep 2024 | 31 Dec 2024 |
| Equipment | 709 | 618 | 581 | 590 |
| Services | 61 | 58 | 55 | 58 |
| Hiab, total | 770 | 676 | 636 | 648 |
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