Cavotec SA - Interim report January - September 2021
Growing order book and revenue in New Cavotec
On 5 March 2021, Cavotec communicated a decision to focus resources and make investments in the ports & maritime and industrial markets. As a consequence, a process was initiated to divest the Airports business. From the first quarter 2021, Cavotec reports the groups ports & maritime and industry businesses combined under the name New Cavotec. Airports is reported separately.
JULY–SEPTEMBER 2021 NEW CAVOTEC
- Order backlog increased 20.0% compared to Q221 to EUR 92.8 million
- Revenues increased 3.1% to EUR 29.2 million (28.3)
- EBIT amounted to EUR 1.2 million (1.9), corresponding to a margin of 4.0% (6.6%)
- EBIT adjusted for growth investments amounted to EUR 2.5 million corresponding to a margin of 8.5%
JULY–SEPTEMBER 2021 TOTAL
- Order backlog increased 13.3% compared to Q221 to EUR 120.0 million
- Revenues decreased -1.7% to EUR 36.9 million (37.5)
- EBIT decreased to EUR -2.1 million (0.7), corresponding to a margin of -5.8% (2.0%)
JANUARY–SEPTEMBER 2021 NEW CAVOTEC
- Order backlog of EUR 92.8 million increased 60.7% compared to FY2020
- Revenues decreased -1.4% to EUR 84.4 million (85.5)
- EBIT remained stable to EUR 4.5 million (4.5), corresponding to a margin of 5.3% (5.3%)
- EBIT adjusted for growth investments amounted to EUR 6.4 million corresponding to a margin of 7.5%
JANUARY–SEPTEMBER 2021 TOTAL
- Revenues decreased -6.3% to EUR 110.7 million (118.2)
- EBIT decreased to EUR -2.5 million (4.4), corresponding to a margin of -2.2% (3.7%). The loss is predominantly driven by the performance of the airports segment in a disrupted travel market
- Net debt amounted to EUR 23.8 million (Q221:19.4)
Comment from the CEO
Growing interest in decarbonisation underpins strong development in New Cavotec
We continue to see a strong demand for Cavotec’s cleantech solutions to facilitate the decarbonization of the maritime industry. In the third quarter, we signed contracts worth EUR 6.5M for our prefabricated PowerFit shore power connection modules that will be retrofitted to a number of vessels for two of the world’s largest container shipping lines. The order is a recognition of our leading position in the market for retrofitting the thousands of ships that need to be made shore power ready in the coming years. We also signed several orders for shore power connection systems for new-build vessels in recognition of our wide offering in this space.
The fact that shipping lines chose to install our equipment in anticipation of ports around the world to do the same is very encouraging, as well as our dominating market position in this market. The orders send strong signals to ports around the world that their biggest customers plan for a reality in which charging in port will be the new normal.
During the quarter we also secured orders with Port of Stockholm for the first MoorMaster system in Sweden which is estimated to reduce CO2 emissions by up to 5,000 tonnes per year. In fact, a new study by Starcrest Consulting Group shows that automated mooring can reduce carbon emissions in a typical cargo port by tens of thousands of tonnes. If installed at every container port worldwide the carbon dioxide savings alone would be equals to the emissions from a million cars. To help ports make the right decisions we have release a free tool that can be used to estimate the potential fuel savings and emissions reductions from adopting automated vacuum mooring.
The above and other orders resulted in a 20% increase in the backlog for New Cavotec ending at EUR 92.8 M, almost 60% higher than a year ago.
The majority of revenue from these maritime orders will not materialize until 2022 and onwards since the planning cycle in the industry is long. It is against this background encouraging that revenues in New Cavotec, despite the long sales and delivery cycles, increased 3.1% to EUR 29.2 million in the quarter. Strong revenue in Industry and Services contributed to the increase.
Our accelerated focus on investing in activities to solidify our market leading position continued during the quarter. Our focus is on developing our cleantech systems further as well as recruitment of sales and marketing people. Furthermore, we opened a new office in Malaysia to leverage our strong position in the fast-growing markets for electrification and automation of ports in Asia.
In total the growth investments during the third quarter amounted to EUR 1.3 million. These investments have a short term impact on our profitability, but EBIT adjusted for those growth investments amounted to EUR 2.5 million corresponding to a margin of 8.5%.
The process of divesting the Airports business continues according to plan. The market conditions for the airports industry are demanding. However, going forward, demand for both new build and service is expected to increase, due to expected increase of traveling after the pandemic.
The global focus on sustainability, work place safety and increased efficiency in our markets is only accelerating and we continue to solidify our leading position. The growing demand is a strong sign of our expectations for the future of Cavotec.
Lugano, 29 October 2021
Chief Executive Officer
Conference call in connection with publication of the quarterly report
A conference call for shareholders, analysts and media will be held on 29 October 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: + 46850558352
UK: + 443333009264
US: + 16319131422
Analysts & Media
Johan Hähnel – Investor Relations Manager
Mobile: +46 70 605 63 34 – Email: firstname.lastname@example.org
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 29 October 2021.
AttachmentTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Saniona Chairman J. Donald deBethizy and CEO Rami Levin, as well as additional members of the board and management, purchase Saniona shares in the open market2.12.2021 22:45:00 CET | Press release
PRESS RELEASE December2, 2021 Saniona (OMX: SANION), a clinical stage biopharmaceutical company focused on rare diseases, today announcedthat the Chairman and the CEO, as well as additional members of the Board of Directors and executive management team, have purchased 82,000 shares of the company in the open market for a total value of approximately SEK 861,182. Saniona Chairman of the Board J. Donald deBethizy bought 20,000 shares in the company for a total investment of SEK 228,548. President and CEO Rami Levin bought 10,000 shares in the company for a total investment of SEK 100,045. In addition, a total of 52,000 shares were acquired by the other members of Saniona's Board of Directors and executive management team. All transactions have been made in the open market through broker-assisted trades during the period from 19 November 2021 to 2 December 2021. For more information, please contact Trista Morrison, Chief Communications Officer, Saniona. Office: + 1 (781) 810-9227. Email:
Sanionas styrelseordförande J. Donald deBethizy, VD Rami Levin och andra styrelseledamöter och ledande befattningshavare förvärvar aktier i ordinarie börshandel2.12.2021 22:45:00 CET | Pressemelding
PRESSMEDDELANDE 2 december 2021 Saniona (OMX: SANION), ett biofarmaceutiskt företag med klinisk utveckling fokuserad på sällsynta sjukdomar, meddelar idag att styrelsens ordförande, VD och andra ledamöter i styrelsen och ledningsgruppen har förvärvat 82 000 aktier i bolaget i ordinarie börshandel för totalt 861182 SEK. Sanionas styrelseordförande J. Donald deBethizy har köpt 20 000 aktier i bolaget, en investering om totalt 228 548 SEK. Koncernchef och VD Rami Levin har köpt 10 000 aktier i bolaget, en investering om totalt 100 045 SEK. Utöver det har sammanlagt 52 000 ytterligare aktier förvärvats av övriga medlemmar i styrelsen och ledningsgruppen. Alla transaktioner har gjorts i ordinarie börshandel genom etablerade aktiemäklare under perioden 19 november 2021 till 2 december 2021. För ytterligare information, vänligen kontakta Trista Morrison, Chief Communications Officer, Saniona. Kontor: + 1 (781) 810-9227. E-post: email@example.com Informationen lämnades, genom ovanstå
PubMatic Executive Peter Barry Promoted to Global Role of VP Addressability2.12.2021 22:00:00 CET | Press release
Barry to relocate to New York to lead PubMatic’s audience data business NO-HEADQUARTERS/REDWOOD CITY, Calif., Dec. 02, 2021 (GLOBE NEWSWIRE) -- PubMatic (Nasdaq: PUBM), a sell-side platform that delivers superior outcomes for digital advertising, today announced it has appointed Regional Director, Australia and New Zealand & Head of Audience, APAC, Peter Barry to a global role, naming him VP of Addressability. Barry, who joined the company in 2016, will relocate from Sydney to New York for the new role. He will provide overall leadership across multiple cross functional teams and lead efforts with publishers to ensure they monetise their inventory and drive better outcomes for advertisers and data partners. Barry has been responsible for rolling out the company’s Addressability Suite across APAC, and working with leading data and identity partners in the region. PubMatic’s Addressability Suite includes Audience Encore, which enables data companies, publishers, and advertisers to buy an
PubMatic Executive Peter Barry Promoted to Global Role of VP Addressability2.12.2021 22:00:00 CET | Press release
Barry to relocate to New York to lead PubMatic’s audience data business NO-HEADQUARTERS/REDWOOD CITY, Calif., Dec. 02, 2021 (GLOBE NEWSWIRE) -- PubMatic (Nasdaq: PUBM), a sell-side platform that delivers superior outcomes for digital advertising, today announced it has appointed Regional Director, Australia and New Zealand, Peter Barry to a global role, naming him VP of Addressability. Barry, who joined the company in 2016, will relocate from Sydney to New York for the new role. He will provide overall leadership across multiple cross functional teams and lead efforts with publishers to ensure they monetise their inventory and drive better outcomes for advertisers. Barry has been responsible for rolling out the company’s Addressability Suite across APAC, and working with leading data and identity partners in the region. PubMatic’s Addressability Suite includes Audience Encore, which enables data companies, publishers, and advertisers to buy and sell first-party data and utilize it to c
Bombardier Marks Dual Celebration – NetJets Accepts First Global 7500 Business Jet as Bombardier Delivers 1,000th Global Aircraft2.12.2021 20:05:00 CET | Press release
Delivery of industry’s longest-range business jet marks the first of 20 Global 7500 aircraft to join the NetJets fleet Global 7500 aircraft continues to garner significant interest from customers who value features such as the largest and most unique cabin, innovative technology, unparalleled performance and the smoothest ride MONTRÉAL, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Bombardier announced today the delivery of the 1,000th Global aircraft. The major milestone was reached as the NetJets team led by Patrick Gallagher, President, Sales, Marketing and Services, took delivery of the private aviation company’s first Global 7500 business jet. The addition of a Global 7500 aircraft to the NetJets fleet redefines its large-cabin, long-range offering, and elevates the choice of travel options for its international Owners. With a 7,700 nm (14,260 km) range, NetJets Owners will be able to fly from New York to Beijing or San Francisco to Sydney without refueling stops. The Global 7500 aircraft is
Ultimovacs Granted Orphan Drug Designation by FDA for UV1 Cancer Vaccine in Metastatic Melanoma2.12.2021 19:00:00 CET | Press release
Designation covers UV1 in Metastatic Melanoma as sole agent or part of combination Seven-year market exclusivity after regulatory approval, if received Oslo, 2December2021: Ultimovacs ASA ("Ultimovacs") (OSE ULTI), a clinical stage leader in immune stimulatory vaccines for cancer, today announces that the U.S. Food and Drug Administration (FDA) has granted orphan drug designation (ODD) for the company’s universal cancer vaccine UV1 for the treatment of stage IIB – IV melanoma. UV1, as add-on therapy to checkpoint inhibitors ipilimumab and nivolumab, is currently being studied as first-line treatment for metastatic melanoma in a Phase II trial named INITIUM. The FDA Office of Orphan Products Development (OOPD) supports and advances the development and evaluation of new treatments for rare diseases that affect fewer than 200,000 people in the U.S. Orphan drug designation provides certain benefits, including seven-year market exclusivity upon regulatory approval if received, exemption fro
Mandalay Resources Corporation säljer Cerro Bayo-gruvan till Equus Mining2.12.2021 18:49:34 CET | Pressemelding
TORONTO, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation (”Mandalay” eller ”bolaget”) (TSX: MND, OTCQB: MNDJF) har nöjet att meddela att man har slutfört den tidigare aviserade försäljningen av Cerro Bayo-gruvan i Region XI i södra Chile (se Mandalays pressmeddelanden från den 12 oktober 2021 och den 8 oktober 2019). I enlighet med transaktionen förvärvade Equus Mining Limited (”Equus”) Cerro Bayo-gruvan, inklusive dess gruvanläggningar, -tillgångar och -infrastruktur samt en bearbetningsanläggning på 1 500 ton per dag, i utbyte mot 587 502 438 stamaktier i Equus. Mandalay får också en nettoprovision på smältning på 2,25 % på produktionen från Cerro Bayo-gruvan när gruvan har producerat minst 50 000 uns guldekvivalent, som omfattas av en återköpsoption till förmån för Equus. Bolaget förblir ansvarigt för 50 % av de godkända kostnaderna för stängningen av anläggningen vid Cerro Bayo. Dessutom kommer Equus att utse Ryan Austerberry, Mandalays General Manager för Costerfi