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

Result of Riksbank´s purchases of Commercial Paper27.5.2020 10:00:00 CESTPress release

Auction date200527Requested volume, SEK mln4,000 Credit rating class1Term3MRequested volume, SEK mln1,000 +/-Fixed purchase rate0.55 %Total bid amount, SEK mln150 MioPrel. accepted volume, SEK mln150 MioPercentage alloted100.00 %Number of bids1 Credit rating class1Term6MRequested volume, SEK mln1,000 +/-Fixed purchase rate0.65 %Total bid amount, SEK mln0,000Prel. accepted volume, SEK mln0,000Percentage alloted100.00 %Number of bids0 Credit rating class2Term3MRequested volume, SEK mln1,000 +/-Fixed purchase rate0.85 %Total bid amount, SEK mln375 MioPrel. accepted volume, SEK mln375 MioPercentage alloted100.00 %Number of bids2 Credit rating class2Term6MRequested volume, SEK mln1,000 +/-Fixed purchase rate0.95 %Total bid amount, SEK mln250 MioPrel. accepted volume, SEK mln250 MioPercentage alloted100.00 %Number of bids2

Adevinta Ventures invests in MEDWING’s €28 million Series B funding round27.5.2020 09:09:17 CESTPress release

Oslo, 26 May 2020 - Adevinta, through its Adevinta Ventures team, is investing for a second time in MEDWING, one of Europe’s leading healthtech companies, in a €28 million Series B funding round, led by Cathay Innovation, with participation from historical investors Northzone, Atlantic Labs and Cherry Ventures. This follows on from Adevinta’s first investment from December 2018. Founded in 2017 and based in Berlin, MEDWING aspires to make working in the healthcare sector more attractive and to solve the shortage of healthcare personnel. The company empowers candidates to work in a flexible way to suit their lifestyle and supports hospitals. They help with the recruitment process and human resources management by applying innovative matching, communication technology and personal consultations. Ovidiu Solomonov, VP Global Markets and Ventures at Adevinta, says: “Medwing gives power, autonomy and transparency to nurses, addressing some of the inefficiencies in the healthcare staffing ind

Notice to attend Elanders’ Annual General Meeting 202027.5.2020 09:00:00 CESTPress release

Shareholders in Elanders AB (publ) are invited to attend the Annual General Meeting on Thursday 25 June 2020 at 10 a.m. at Södra Porten, Flöjelbergsgatan 1 C, Mölndal, Sweden. INFORMATION IN RELATION TO COVID-19 (CORONAVIRUS) In view of the ongoing spreading of the coronavirus, a number of precautionary measures are being taken in connection with the Annual General Meeting to reduce the risk for the shareholders and other persons attending the Meeting: Registration will not begin until 09.30 a.m.No food or drinks will be served. No gifts will be handed out.The address by the President will be kept very short.With a few exceptions, the Board of Directors and senior executives will not be present at the meeting room.Questions at the meeting will be concentrated on the decision points on the agenda and other information that the participants are entitled to receive according to law.The number of people attending who are not shareholders will be limited. Shareholders are therefore requeste

Kallelse till Elanders årsstämma 202027.5.2020 09:00:00 CESTPressemelding

Aktieägarna i Elanders AB (publ) kallas till årsstämma torsdagen den 25 juni 2020, kl. 10.00 på Södra Porten, Flöjelbergsgatan 1 C, Mölndal. INFORMATION MED ANLEDNING AV COVID-19 (CORONAVIRUSET) Mot bakgrund av den pågående smittspridningen av coronaviruset kommer ett antal säkerhetsåtgärder att vidtas i samband med årsstämman för att minska risken för aktieägare och andra som deltar vid stämman: Inregistreringen kommer inte att påbörjas förrän kl. 09.30.Ingen mat eller dryck kommer att serveras och inga gåvor kommer att delas ut.Anförandet av verkställande direktören kommer att hållas mycket kort.Styrelsen och bolagsledningen kommer, med några få undantag, inte närvara i stämmolokalen.Frågor på stämman kommer att koncentreras till beslutspunkterna på dagordningen och andra upplysningar som deltagarna har rätt att erhålla enligt lag.Antalet deltagare som inte är aktieägare kommer att begränsas. Aktieägare ombeds därför också att, om möjligt, avstå från att ta med biträden.Aktieägare up

Electra Gruppen kallar till Årsstämma27.5.2020 08:30:00 CESTPressemelding

ELECTRA GRUPPEN AB (publ) orgnr. 556065-4054 Pressmeddelande 2020-05-27 Electra Gruppen kallar till Årsstämma Electra Gruppen kallar till årsstämma. Stämman äger rum den 25 juni kl. 11.00 i Electras lokaler på Trångsundsvägen 20 i Kalmar. Kallelse till stämman återfinns på bolagets hemsida, samt är även publicerad i Post- och Inrikes tidningar. På hemsidan återfinns även material som ska finnas tillgängligt för aktieägare och intressenter samt fullmaktsunderlag. Som en konsekvens av Covid-19 pandemin önskar vi genomföra bolagstämman med så få fysiskt närvarande personer som möjligt. Aktieägare kommer beredas möjlighet att utöva sina rättigheter som aktieägare på annat sätt via deltagande digitalt på distans eller liknande upplägg. Information om detta kommer meddelas via bolagets hemsida senast 1 vecka innan stämmans genomförande. I kallelsen framgår att styrelsen föreslår stämman att ingen utdelning lämnas. Styrelsen kommunicerar att trots att Bolagets resultatutvecklin

CEO review at Cargotec's Annual General Meeting27.5.2020 08:15:00 CESTPress release

CEO review at Cargotec's Annual General Meeting CARGOTEC CORPORATION, PRESS RELEASE, 27 MAY 2020 AT 9:15 AM (EEST) Cargotec Corporation's Annual General Meeting will be held today, 27 May 2020, at 1.00 p.m. Finnish time in Helsinki, Finland. The CEO review will focus on Cargotec’s financial results in 2019, company performance during the first quarter of 2020, and Cargotec’s climate ambition. The CEO review does not include any material new information. The presentation material is attached to this press release and is also available at A video recording of the CEO review is available at Cargotec's website within coming days. Cargotec’s interim report January–March 2020 is available via this link. For further information, please contact: Hanna-Maria Heikkinen, Vice President, Investor Relations, tel. +358 20 777 4084, Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling so