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Cavotec SA - Interim report January - March 2021

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Strong order backlog and revenue in “New Cavotec”  

On 5 March 2021, we communicated a decision to focus our resources and make investments in our ports & maritime and industrial markets. As a consequence, a process was initiated to divest the Airports business. From the first quarter 2021, we will report our ports & maritime and industry businesses combined under the name New Cavotec. Airports is reported separately.

JANUARY–MARCH 2021 NEW CAVOTEC

  •  Revenues increased 7.5% to EUR 29.3 million (27.3)
  •  EBIT increased to EUR 2.4 million (1.5), corresponding to a margin of 8.2% (5.5%)
  •  Order backlog increased 12.6% compared to the previous quarter to EUR 65.0 million

JANUARY–MARCH 2021 AIRPORTS

  •  Revenues decreased -23.5% to EUR 8.7 million (11.3)
  •  EBIT decreased to EUR -1.3 million (0.6), corresponding to a margin of -15.5% (4.9%)
  •  Order backlog increased 3.1% compared to the previous quarter to EUR 28.0 million

JANUARY–MARCH 2021 TOTAL

  •  Revenues decreased -1.6% to EUR 38.0 million (38.7)
  •  EBIT decreased to EUR -0.2 million (0.8), corresponding to a margin of -0.6% (2.1%)
  •  Net result for the period was EUR 1.5 million (2.1)
  •  Earnings per share basic and diluted amounted to EUR 0.016 (0.022)
  •  Operating cash flow amounted to EUR -5.5 million (0.3M)
  •  Net debt amounted to EUR 22.0 million (FY2020: 15.3)
  •  Order backlog increased 9.5% compared to the previous quarter to EUR 93.1 million

Comment from the CEO 

We are on a mission… 

Today marks the start of the next chapter in Cavotec’s history as we are opening the curtain on our future strategy. 

The Ports & Maritime industry is undergoing a huge change. A change where communities and consumers cannot – and will not - accept today’s unsustainable transportation systems. The modernization and decarbonization of ports is inevitable – where automation and electrification will increase efficiency, and also lead to a safer workplace and a greener footprint. 

We call this profitable sustainability, something we’ve helped our customers achieve for many years. But as niche markets are becoming mass markets, we’re accelerating our efforts to grow and keep our place as the market leader. 

Regulatory requirements will drive significant growth in demand for shore power, automated mooring and industry electrification. In Europe alone, more than 2.500 ports intend to offer shore power to visiting ships in the next 5 – 10 years.

To fully leverage on this development, we announced in March that we will divest the Airports business in order to focus on further developing our leading position within cleantech technologies such as shore power, automated mooring, reels, and electrical charging of commercial vehicles. 

Today, we’re announcing that we will invest EUR 20 million over the next five years in technology, engineering and business development to support this focus on our core markets. The global Cavotec team will grow by an estimated 320 people, an increase of 60%, with two thirds being engineers.

The increasing interest in the market for profitable sustainability solutions led to New Cavotec growing the order backlog by 12.6% during the first quarter 2021 compared to the previous quarter. Revenues increased 7.5% to EUR 29.3 million versus the same period last year. EBIT for New Cavotec grew by 61% to EUR 2.4 million, a margin of 8.2%.

During the quarter we signed an order for the first MoorMaster system in Asia. This order in the quality-conscious, and hard-to-enter Japanese market, not only opens up a domestic market with more than 120 larger ports but is also a stamp of approval for the wider Asian market.

In Europe, we were awarded a contract to provide Shore Power to five cruise ship berths at Malta’s Valletta Grand Harbour. The project is part of a major EU funded initiative to electrify the entire harbour and reduce harmful portside ship emissions by 90%.

We also secured multiple long-term service agreements, driven by service contracts for MoorMaster and Automated Shore Power. Services revenue in the quarter represented 21% of total revenue for New Cavotec. 

Airports won two large orders in Asia and the Middle East for turn-key deliveries of complete in-ground GSE systems signaling a careful recovery in the aviation market.

As a result, Airport’s order backlog grew 3.1% compared to the previous quarter to EUR 28.0 million. Revenues however decreased -23.5% to EUR 8.7 million and EBIT decreased to EUR -1.3 million from 0.6 million same period last year. The negative performance is explained by the timing of major deliveries due to continued Covid-19 related uncertainty in the market. 

We are with today’s announcement doubling down on our efforts to transform our markets and on making the world cleaner, safer and more efficient. Every day – in thousands of ports around the world – mega cargo ships moor, and then idle for hours – adding tons of pollution. And the mooring itself is a dangerous job, where employees face tremendous risks on a daily basis. Equally, the majority of the world’s mobile industrial equipment is powered by polluting diesel engines. We are on a mission to change this.

We will now accelerate our focus on developing connection and electrification solutions to enable the decarbonization of ports and industrial applications. 

We summarize our strategy in a short video at https://cavotecsa.gcs-web.com.

The return will not come overnight but the possibilities are endless.

Lugano, 12 May, 2021 

Mikael Norin
Chief Executive Officer

ENDS

Conference call in connection with publication of the quarterly report
A conference call for shareholders, analysts and media will be held on 12 May 2021 at 10:00 CEST. Participating on the conference call from Cavotec will be Mikael Norin, CEO, and Glenn Withers, CFO. 

Conference call Dial-in numbers:
SE: +46856642704  
UK: +443333009271  
US: +18338230587 

Weblink: https://tv.streamfabriken.com/cavotec-q1-2021

Quarterly Reports on www.cavotec.com
The full report for the period January-March 2021 and previous quarterly and full year reports are available at:  
http://ir.cavotec.com/financial-reports 

Analysts & Media
Johan Hähnel – Investor Relations Manager 
Mobile: +46 70 605 63 34 – Email: investor@cavotec.com 

This is information that Cavotec SA is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 CEST on 12 May 2021. 

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