Cavotec SA - Interim report January - September 2021
October 29 2021 - 1:00AM
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
Mikael NorinChief 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 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
Weblink: https://tv.streamfabriken.com/cavotec-q3-2021
Quarterly Reports
on www.cavotec.comThe full report for the period
January-September 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 29 October
2021.
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