Cargotec Board of Directors approve demerger plan
As announced in a stock exchange release on 1 February 2024, the Board of Directors of Cargotec Corporation (“Cargotec”) has approved a demerger plan concerning the separation of the Kalmar business area into an independent listed company (the “Demerger”).
The planned completion date of the Demerger is 30 June 2024. The Demerger is subject to approval by the Annual General Meeting of Cargotec to be held on 30 May 2024. Certain major shareholders of Cargotec, including Wipunen varainhallinta oy, Mariatorp Oy, Pivosto Oy and Kone Foundation, holding in the aggregate approximately 41 percent of the shares and approximately 75 percent of the votes in Cargotec, have indicated their support for the proposed Demerger.
Due to the proposed Demerger, Cargotec presents the Kalmar business area as discontinued operations under IFRS 5 Non-current Assets held for Sale and Discontinued operations starting from the first quarter of 2024 and publishes restated quarterly financial information on its 2023 financials. These restated financials constitute comparative information for Cargotec when the Kalmar business area is presented as discontinued operations.
Under IFRS 5, the result from discontinued operations is reported separately from continuing operations’ income and expenses in the consolidated statement of income. Comparative periods are restated accordingly. The consolidated balance sheet is not restated. The presented discontinued operations include revenue and operating expenses directly related to the Kalmar business area and other income and costs related to continuing operations that are not expected to continue after the Demerger, or would have been avoided without the Demerger. As a result, financial information presented for Cargotec as continuing and Kalmar business area as discontinued operations do not reflect the past or future profitability of either business on a stand-alone basis before the Demerger or after it.
The restated financial information included in this release is unaudited.
