Cavotec SA – Q319 Report


Further improved profitability on the back of stable revenues

July–September 2019 

  •  Order intake increased 36.1% to EUR 50.6 million (37.2) 
  •  Revenue decreased -1.5% to EUR 48.4 million (49.2)
  •  EBIT excluding non-recurring items amounted to EUR 3.7 million (2.1), corresponding to a margin of 7.6% (4.4%)
  •  Non-recurring items amounted to EUR -0.6 million (+0.7), related to restructuring costs
  •  Net result for the period was EUR 3.5 million (1.2)
  •  Earnings per share basic and diluted amounted to EUR 0.038 (0.016)
  •  Operating cash flow amounted to EUR 7.7 million (4.3)

January–September 2019 

  •  Order book increased 4.7% to EUR 109.6 million (104.7)
  •  Order intake decreased -5.7% to EUR 157.8 million (167.3) due to comparison with record high order intake in the first half of 2018 related to a few significant orders
  •  Revenue was stable at EUR 148.2 million (148.1)
  •  EBIT excluding non-recurring items amounted to EUR 10.1 million (3.8), corresponding to a margin of 6.8% (2.6%)
  •  Non-recurring items amounted to EUR 3.0 million (6.5), related to restructuring costs 
  •  Net result for the period was EUR 5.7 million (-5.1)
  •  Earnings per share basic and diluted amounted to EUR 0.061 (-0.065)
  •  Operating cash flow amounted to EUR 5.3 million (-0.5). This includes the Colaco Payment of EUR 8.1 million paid in June
  •  Net debt decreased to 32.1 EUR million (FY2018: 53.5)

Comment from the CEO 

Growing order intake and high profitability –  transformation winding down

Our performance during the third quarter continued to track to our plan for 2019; to focus on profitability by locking in the achieved improvements from the transformation. The quarter thus saw high order intake, further increased profitability and excellent cash generation on the back of stable revenues. 

The order intake increased 36.1 percent and the order book at the end of the period finished at EUR 109.6 million which is almost 10 percent higher than at the start of the year. We continue to see high activity in the Ports & Maritime sector, especially in the US and Nordics. Order intake increased significantly during the third quarter with Automated Mooring and E-Ferry solutions being especially strong while our Services offerings continued to perform well.

This compensated for overall lower activity within the Airports segment, due to several delayed large projects and a mix towards smaller orders, leading to a lower order intake compared to the same period last year. Both the USA and Asia continue to show potential as a result of significant terminal expansions, but we have not yet seen these opportunities materialize into orders. In the Industry segment, the traditional OEMs in Surface Mining and Underground Mining showed a slowing down during the quarter while our service offering continued to grow.

The adjusted EBIT increased 72% to EUR 3.7 million for the quarter (2.1) and at EUR 10.1 million for the Jan-Sep period (3.8) is well in line with our announced plan for long-term profitability. The high adjusted EBIT margin at 7.6% for the quarter is explained by the lower cost base resulting from the transformation, but also to a large extent by our continued focus on higher margin business. It is encouraging that despite the focus on quality in our orders revenues have remained stable year over year. It is also a sign of strength that operating cash flow increased 79.5% during the third quarter, to EUR 7.7 million.

Cavotec’s transformation is winding down. Our focus for the remainder of the year will be on locking in the improvements achieved, on expanding our Operational and Commercial Excellence programs, continued control of costs and on leveraging on the refocus of our sales force to growing geographies and customer segments, as well as the build up and roll out of our Services offerings. 

I’m very pleased to say that we continue to follow completely the plan for the transformation of Cavotec that we drew up two years ago and that the performance so far this year is proof of that. I expect us to finish the year with a stable position from which to commence the next phase of our journey.

Our strategy for future profitable growth is very clear; we will build on a solid foundation of operational and commercial performance to capitalize on our position in terms of mega trends such as environmental concerns, electrification and automation to offer innovative products and solutions that meet our customers challenges in these areas.

Lugano, November 8, 2019

Mikael Norin

Chief Executive Officer


Q319 Conference call 
A conference call for shareholders, analysts and media will be held on 8 November 2019 at 10:00 CET. Participating on the conference call from Cavotec will be Mikael Norin, CEO, and Glenn Withers, CFO. 

Conference call Dial-in numbers: 
SE: +46850558357
UK: +443333009034
US: +18338230587


Quarterly Reports on 
The full report for the period January-September 2019 and previous quarterly and full year reports are available at:

For further details please contact:
Johan Hähnel – Investor Relations Manager
Mobile: +46 70 605 63 34 – Email:

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 CET on 8 November 2019. 


About GlobeNewswire

One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire 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

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

LIDDS Liproca® Depot Phase IIb study results presented at EMUC19 showing both primary and secondary endpoints being met16.11.2019 10:10:00 CETPress release

UPPSALA, SWEDEN – LIDDS AB (publ) Phase IIb clinical data from the LPC-004 prostate cancer study on LIDDS Liproca® Depot were presented today in an oral session at the 11th European Multidisciplinary Congress on Urological Cancers, EMUC19. The study met both its primary and secondary endpoints as well as demonstrated that a larger proportion of intermediate risk patients, which is the Liproca Depot target group, are PSA responders. The presentation can be accessed through LIDDS webpage and are also attached to this release. The phase IIb results from the LPC-004 prostate cancer study was presented as “Late Breaking News” at EMUC in Vienna on November 16, 2019 by Professor Laurence Klotz, a world leading expert in Active Surveillance of prostate cancer patients. Professor Klotz was one of the LPC-004 study investigators and is Professor at the University of Toronto Division of Urology at the Sunnybrook Health Sciences Centre in Canada. The preliminary data recently released from the pha

AMG Advanced Metallurgical Group N.V. Completes Acquisition of International Specialty Alloys15.11.2019 23:30:00 CETPress release

Amsterdam, 15 November 2019 --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") has finalized the acquisition of the assets of International Specialty Alloys ("ISA"), a leading U.S. producer of titanium master alloys and other binary alloys for the aerospace market, from Kennametal, Inc. The acquisition was previously announced on October 9, 2019 and closed and became effective today. About AMG AMG is a global critical materials company at the forefront of CO2 reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets. AMG Critical Materials produces aluminum master alloys and powders, ferrovanadium, natural graphite, chromium metal, antimony, lithium, tantalum, niobium and silicon metal. AMG Technologies produces titanium aluminides and titanium alloys for the aerospace market; designs,

New Novartis medicine Adakveo® (crizanlizumab) approved by FDA to reduce frequency of pain crises in individuals living with sickle cell disease15.11.2019 21:06:00 CETPress release

Sickle cell pain crises are unpredictable, severe events associated with life-threatening complications1 Adakveo reduced the annual rate of sickle cell pain crises by 45% compared to placebo (1.63 vs 2.98) and the annual rate of days hospitalized (4 vs 6.87) in a 52-week study2 Approximately 100,000 people in the United States, most of whom are of African descent, have sickle cell disease3 Approval comes approximately two months ahead of FDA’s priority review action date, allowing Adakveo to be available to patients more quickly Basel, November 15, 2019 – Novartis announced today that the US Food and Drug Administration (FDA) approved Adakveo ® (crizanlizumab), previously known as SEG101, to reduce the frequency of vaso-occlusive crises (VOCs), or pain crises, in adult and pediatric patients aged 16 years and older with sickle cell disease.4 Adakveo represents the first FDA-approved medicine in sickle cell disease that binds to P-selectin –a cell adhesion protein that plays a central r

SFL - Invitation to Presentation of Q3 2019 Results15.11.2019 20:06:00 CETPress release

SFL Corporation Ltd. ("SFL" or the “Company”) (NYSE: SFL) plans to release its preliminary financial results for the third quarter of 2019 on Thursday, November 21, 2019. SFL plans to host a conference call and webcast for all stakeholders and interested parties on Thursday, November 21, 2019 at 10:00 AM (EST) / 4:00 PM (CET). Relevant material will be available from the Investor Relations section of the Company’s website at on the same day. In order to listen to the presentation you may do one of the following: A: Webcast Visit the Investor Relations section of the Company’s website at and click on the link to "Webcast". The webcast with slideshow will be played live from this platform. To listen to the conference call from the website, you need to have installed Windows Media Player, and you need to have a sound card on your computer. B: Conference Call Participants dial-in details: US Toll Free telephone number +1 866 966 1396 International Dial-in te

Cavotec’s Nomination Committee ahead of Annual General Meeting 202015.11.2019 18:00:00 CETPress release

The Nomination Committee of Cavotec SA (“Cavotec”) consists of members appointed by Cavotec’s Board of Directors, in accordance with Cavotec's Internal Regulations. The composition of the members of the Nomination Committee presented below is in line with the recommendations of the Swedish Corporate Governance Code. The main purpose and responsibility of the Nomination Committee is to present proposals for the election and remuneration of the Chairman and the Board of Directors as well as the Auditors to the Annual General Meeting 2020. The Board of Directors has decided that the four largest shareholders and the Chairman of Cavotec’s Board of Directors shall be represented in the Nomination Committee. On 31 October 2019, the four largest shareholders recorded in the company’s share register were Bure Equity AB (27.1% of the vote), AP4 (9.8% of the vote), Nomina SA (8.1% of the vote) and Founding Shareholders (Stefan Widegren, Lars Hellman and Peter Brandel with families) (11.9 % of th

Touax: Nine-Month Revenue From Activities: +4.9%15.11.2019 17:45:00 CETPress release

PRESS RELEASE Paris, 15 November 2019 – 5.45 p.m. YOUR OPERATIONAL LEASING SOLUTION NINE-MONTH REVENUE FROM ACTIVITIES: +4.9% Revenue 1 up 1.4% in the third quarter of 2019, Revenue up 4.9% over the first nine months of the year (+1.5% at constant scope and currency) validating the group’s strategic objectives ANALYSIS OF REVENUE FROM ACTIVITIES Q3 2019 revenue totalled €40.1 million vs. €39.6 million in Q3 2018, an increase of 1.4%. Over the first nine months of the year, revenue from activities totalled €119.6 million (€115.7 million at constant scope and currency), up 4.9% compared to the same period in 2018. Revenue from leasing activities amounted to 99.8 million euros (96.8 million euros at constant scope and currency) at 30 September 2019, including a 10% increase in the Leasing Revenue on owned equipment (36.9 million euros). Leasing Revenue from leasing activities stood at 99.9 million euros in the first nine months of 2018. Sales rose to €19 million (€14.2 million at constant