Cargotec publishes its 2022 annual report and financial statements and revises the eco portfolio criteria

The Annual Report 2022 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 Disclosure on non-financial issues section in the Board of Directors’ report has been prepared through consultation of several reporting frameworks and guidelines, including the Task Force on Climate-related Financial Disclosures (TCFD).

In accordance with European Single Electronic Format (ESEF) reporting requirements, Cargotec publishes the Board of Directors’ report and the consolidated financial statements as an XHTML file, which is the official ESEF version of Cargotec’s financial review 2022. In line with the ESEF requirements, the primary financial statements have been labelled with XBRL tags and notes to the financial statements have been labelled with XBRL block tags. Authorised Public Accountant Firm Ernst & Young Oy has provided an independent auditor’s reasonable assurance report on Cargotec’s ESEF consolidated financial statements. The assurance engagement has been conducted in accordance with International Standard on Assurance Engagements ISAE 3000.

In the Board of Directors’ report, Cargotec also reports the eco portfolio sales, in accordance with the revised criteria, for the first time. Cargotec’s eco portfolio was established in 2017 and its criteria was revised in 2022, based on the EU taxonomy criteria. Out of the six environmental objectives of the EU Taxonomy, Cargotec has the potential to substantially contribute to climate change mitigation and the transition to a circular economy. Consequently, the eco portfolio consists of two categories in the future, namely climate solutions and circular solutions.

As a consequence of the revised criteria, Cargotec’s eco portfolio sales increased to 31% of the group’s total sales from 24% based on the old criteria. Based on the revised criteria, Cargotec’s eco portfolio sales increased by 28% to EUR 1,288 (2021: 1,007) million in 2022.

Based on the revised criteria, Cargotec’s core businesses’ eco portfolio sales increased by 33% to EUR 1,056 (791) million in 2022. One of Cargotec’s core businesses’ performance targets is to achieve double sales growth in the eco portfolio compared to traditional products.

The EU taxonomy’s circular solutions criteria is still at a draft phase. Hence, Cargotec’s taxonomy aligned sales is only based on climate solutions criteria and was EUR 487 (333) million, corresponding 12 (10) percent of Cargotec’s total turnover.

The proportion of taxonomy-eligible economic activities in Cargotec’s total sales was 63 percent, 22 percent in the capital expenditure and 64 percent in the operational expenditure in 2022. Cargotec estimates that the proportion of taxonomy-eligible activities in its total turnover, capital expenditure and operational expenditure will increase significantly once circular solutions criteria has been finalised.