Q4 2020 | Interim report January-December 2020
Resilient profitability and record cashflow despite lower revenue
OCTOBER - DECEMBER 2020
• Revenue decreased -15.7% to EUR 40.3 million (47.8). Ports & Maritime decreased -20.8% and Airports & Industry decreased -11.3%
• EBIT excluding non-recurring items decreased to EUR 1.0 million (5.6), corresponding to a margin of 2.5% (11.8%)
• Non-recurring items include investment expenditure related to future growth for EUR 1.9 million.
• Net result for the period was EUR -4.7 million (1.8)
• Earnings per share basic and diluted amounted to EUR -0.050 (0.019)
• Operating cash flow amounted to EUR 9.6 million (9.0)
• Net debt amounted to EUR 15.3 million (Q3 2020: 19.0)
• Order backlog decreased -7.2% compared to the previous quarter to EUR 85.0 million
JANUARY-DECEMBER 2020
• Revenue decreased -19.2% to EUR 158.4 million (196.0)
• EBIT excluding non-recurring items decreased to EUR 5.4
million (15.7), corresponding to a margin of 3.4% (8.0%)
• Non-recurring items include investment expenditure related to future growth for EUR 1.9 million.
• Net result for the period was EUR -4.0 million (7.5)
• Earnings per share basic and diluted amounted to EUR
-0.042 (0.080)
• Operating cash flow amounted to EUR 15.7 million (13.8)
• Leverage ratio stable at 0.98x (0.98x)
Unless otherwise stated, figures in brackets refer to the same period in the preceding year.
Key events during the quarter
• Cavotec to open a new innovation center focusing on profitable sustainability solutions for maritime customers
• Cavotec's port E-truck charging won the American Association of Port Authorities 2020 Facilities Engineering Award
• Cavotec launched next generation MoorMaster™ (NxG)
• Cavotec receives first order for MoorMaster™ NxG from ASKO Norway for world's first fully autonomous, zero-emission ships
• Cavotec receives follow-up order from ASKO for fully Automated Shore Power solution
• Cavotec secured second order for MoorMaster™ NxG from SeaRoad of Australia to expand port capacity
• Cavotec wins additional MoorMaster™ order from Napier Port to expand port capacity
• Cavotec wins gate refurbishment orders for two airports in the US
Key events after the quarter
• Cavotec secures Shore Power order for new Mediterranean cruise terminal
• Cavotec secures long term services contract for a large MoorMaster™ system at an iron ore port
• Cavotec secures long term services contract for several MoorMaster™ systems at a container terminal
FINANCIAL SUMMARY
EUR 000's
Revenue
EBITDA excluding non - recurring items
Quarter
Q420
EBITDA excluding non - recurring items %EBITDA
EBITDA margin, %
EBIT excluding non - recurring items EBIT excluding non - recurring items % EBIT
EBIT margin, %
Net profit/(loss) for the period
Basic and diluted earnings per share, EUROperating cash flow
Net debt Equity/assets ratio Leverage ratio
Full time equivalent employees
Order backlog
40,250 | 47,773 -15.7% | 158,437 |
4,218 | 8,072 -47.7% | 15,377 |
10.5% | 16.9% -6.4 pp | 9.7% |
2,365 | 7,746 -69.5% | 13,524 |
5.9% | 16.2% -10.3 pp | 8.5% |
999 | 5,632 -82.3% | 5,359 |
2.5% | 11.8% -9.3 pp | 3.4% |
(854) | 5,306 -116.1% | 3,506 |
-2.1% | 11.1% -13.2 pp | 2.2% |
(4,717) | 1,795 -362.8% | (3,992) |
(0.050) | 0.019 -363.2% | (0.042) |
9,644 | 8,988 7.3% | 15,708 |
(15,264) | (24,113) -36.7% | (15,264) |
52.8% | 51.4% 1.4 pp | 52.8% |
0.98x | 0.98x -0.0x | 0.98x |
747 | 769 -22 | 747 |
84,956 | 100,030 -15.1% | 84,956 |
YTD
Q419
DeltaFY20
FY19
Delta
196,017 -19.2%
24,840 -38.1%
12.7% 21,465 11.0% 15.688 8.0% 12,312 6.3%
-3.0 pp
-37.0%
-2.5 pp
-65.8%
-4.6 pp
-71.5%
-4.1 pp
7,514 -153.1%
0.080 -152.5%
13,774 (24,113)
51.4%
14.0% -36.7% 1.4 pp
0.98x -0.0x
769 -22
100,030 -15.1%
Comment from the CEO
Optimism in the face of adversity
The second wave of Covid-19 in the fourth quarter and partial lock downs continued to delay decision making and projects in our markets. Despite this revenue and EBIT improved slightly versus the third quarter 2020, while the operating cash flow was considerably stronger.
The measures we implemented early on in the year to control our costs has continued to help us mitigate the most severe effects and remain profitable during the pandemic despite lower revenue levels.
Compared with the same period 2019 revenues decreased 15.7% to EUR 40.3 million (47.8) and adjusted EBIT decreased to EUR 1.0 million (5.6), corresponding to a margin of 2.5%.
The operating cash flow amounted to EUR 9.6 million (9.0), a great achievement in the midst of a global pandemic.
The order backlog decreased 7.2% compared to the previous quarter to EUR 85.0 million. The general uncertainty impacted customer decision making, with delays to orders and approval of new investments taking longer than normal.
Despite the depressed business climate at the end of the year, we continue to be optimistic about the future. We remain more committed than ever to developing solutions that contribute to improvements in efficiency and productivity while at the same time reducing environmental impact. We actually see the pandemic making key trends of efficiency, safety and sustainability, that our solutions address, more relevant than ever.
Underpinning our optimism are some of the orders we won in the quarter that reinforces our leading position in the growing market for profitable sustainability solutions for the maritime sector.
We won automated mooring and automated e-charging systems for the world's first fleet of zero-emission, autonomous, battery powered ships in Norway.
We were further encouraged by receiving two orders in quick succession for our next generation mooring system,
MoorMaster™ NxG soon after the global launch in October. This is a testament to how MoorMaster™ can revolutionise the way ships enter and leave ports, mooring in as little as 30 seconds to drastically reduce docking times. This leads to increased loading/offloading productivity in the port where, from an environmental perspective, it results in an hour less of heavy diesel emissions for every ship, every mooring sequence and a greener, cleaner world.
Our optimistic view of the future also meant that we, despite the headwinds, increased our investments in developing our technology and products.
In October we announced that we will open a new innovation center in the Netherlands at the beginning of 2021 focusing on profitable sustainability solutions for the maritime sector. This will allow us to bring together our capabilities within areas such as artificial intelligence, remote connectivity, high power, high speed electrical charging and battery technology.
Although we have seen market challenges affecting revenue in the short term, we will continue to invest in our market position to be prepared for the expected recovery and growth in our markets. We are well positioned to fully leverage on the expected increase in demand as soon as the world returns to a more normal situation.
Lugano, 26 February 2021
Mikael Norin Chief Executive Officer
ORDER BACKLOG AND REVENUE
EUR 000s
Revenue from sales of goods and services Increase/(decrease)
Percentage change
Of which
- Volumes and prices
- Currency effects
Q420 | Q419 | FY20 |
40,250 | 47,773 | 158,437 |
(7,523) | (1,043) | (37,580) |
-15.7% | -2.1% | -19.2% |
-14.1% | -2.3% | -17.1% |
-1.6% | 0.1% | -2.1% |
Revenue
DIVISIONS
EUR 000s
Ports & Maritime Airports & Industry
Total
Q420 | Q419 Change % | FY20 |
17,762 | 22,433 -20.8% | 68,893 |
22,488 | 25,340 -11.3% | 89,544 |
40,250 | 47,773 -15.7% | 158,437 |
EUR 000s
Ports & Maritime Airports & Industry Total
FY20 44,336 40,620 84,956
Revenue
Order Backlog
FY19 59,953 40,077 100,030
Change % -26.0% 1.4% -15.1%
9M20
FY19 196,017
(944)
-0.5%
-1.3% 0.8%
FY19
84,588 -18.6%
111,429 -19.6%
196,017 -19.2%Change %
45,936 -3.5%
45,650 -11.0%
Change %
91,586 -7.2%
MoorMaster® NxG
Financial Review
OCTOBER-DECEMBER 2020
Revenue decreased 15.7% in the fourth quarter compared to previous year to EUR 40.3 million (47.8), mainly as a result of delayed projects related to the second wave of Covid-19 and lockdowns in some markets. Both segments were affected by the situation. Service revenue compared to total revenue increased to 21.7% in the fourth quarter.
Ports & Maritime
Ports & Maritime´s revenue decreased 20.8% compared to previous year to EUR 17.8 million (22.4), due to continued impact from the pandemic.
The order backlog decreased 3.5% compared to the end of the previous quarter and 26.0% compared to the same period in 2019 to EUR 44.3 million (60.0). In the period Cavotec won important orders worth EUR 6.5 million for automated mooring in Australia and New Zealand, and automated mooring and automated Shore Power for the world's first fleet of zero-emission, autonomous battery powered ships in Norway.
Airports & Industry
Airports & Industry´s revenue decreased 11.3% compared to the same period previous year to EUR 22.5 million (25.3), due to continued impact from the pandemic. In Industry the decrease was due mainly to lower volumes from our traditional OEM customers.
The order backlog decreased 11.0% compared to the end of the previous quarter and increased 1.4% compared to the same period in 2019 to EUR 40.6 million (40.1). Main orders were won in the US for gate refurbishments at two airports.
EBIT
EBIT decreased to EUR -0.9 million (5.3), corresponding to a margin of -2.1% (11.1%). The decrease is mainly due to the negative volume impact, partially offset by lower employee costs, consultancy and travelling expenses compared to the same period in 2019.
In the second half of 2020 the Board approved a plan to accelerate the development of products and growth in the Ports and Maritime sector. This was implemented and resulted in significant one-off operating expenditures in the fourth quarter of EUR 1.9 million.
Profit for the period and earnings per share
A substantial strengthening of the EUR versus all major currencies, especially toward the end of the year, resulted in a FX effect of EUR -3.3 million, a EUR 1.1 million negative swing versus the same period last year (-2.2).
Income tax expenses for the fourth quarter 2020 amounted to EUR -0.5 million (-1.0).
The net result for the period amounted to EUR -4.7 million (1.8).
Earnings per share basic and diluted amounted to EUR -0.050 (0.019)
Cash flow
The business generated a positive cash flow of EUR 9.6 million (9.0), thanks to a continuous focus on our cash management process.
Cash flow from investing activities was EUR -2.2 million (-0.3), mainly due to the investment in research and development for new products in Ports & Maritime.
Cash and cash equivalents amounted to EUR 19.2 million as of 31
December 2020 (13.3).
JANUARY-DECEMBER 2020
The order backlog decreased 7.2% compared to the previous
quarter and 15.1% compared to the end of 2019, to EUR 85.0
million. Revenue for the year decreased 19.2% to EUR 158.4
million (196.0) compared the same period 2019.
The decrease is related to the ongoing impact of Covid-19.
EBIT
EBIT for the year decreased 71.5% to EUR 3.5 million (12.3), corresponding to a margin of 2.2% (6.3%).
Profit for the year and earnings per share Finance costs amounted to EUR -1.2 million (-1.9).
Currency exchange differences negatively impacted the profit by EUR 5.5 million versus a positive impact in the previous year of EUR 0.3 million. The main impact in FY2020 was coming from the appreciation of Euro against US Dollar. EUR 5.2 million was related to the revaluation of financial assets and liabilities, and EUR 0.3 million was due to transactions effects.
Income tax expenses for the full year amounted to EUR -0.8 million (-3.2), with an effective tax rate of 26%.
The net result for the year amounted to EUR -4.0 million (7.5).
Earnings per share, basic and diluted, decreased to EUR -0.042 (0.080).
Financial Position
Cavotec's total assets amounted to EUR 200.7 million (210.6) as of 31 December 2020. The leverage ratio amounted to 0.98x (0.98x at 31 December 2019).
In June 2020, Cavotec entered into a new long-term credit facility agreement with a consortium led by Credit Suisse after receiving competing bids from several bank consortia. As a consequence, the old credit facility, classified as current liabilities, has been repaid and the new credit facility has been recognized as non- current financial liabilities.
Employees
The number of full-time equivalent employees in the Cavotec Group was 747 as of 31 December 2020 (769 at 31 December 2019).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR 000s
Revenue from sales of goods and services Other income
Cost of materials Employee benefit costs Operating expenses Gross Operating ResultDepreciation and amortisation Depreciation of right-of-use of leased asset Impairment losses
Operating Result
Interest income Interest expenses
Currency exchange differences - net Other financial item
Profit / (loss) before income tax
Income taxes
Profit / (loss) for the period
Other comprehensive income:
Remeasurements of post employment benefit obligations
Items that will not be reclassified to profit or loss
Currency translation differences
Items that may be subsequently reclassified to profit / (loss)
Other comprehensive income for the period, net of tax
Total comprehensive income for the period
Total comprehensive income attributable to: Equity holders of the Group
Non-controlling interest Total
Profit / (loss) attributed to:
Equity holders of the Group
Total
Basic and diluted earnings per share attributed to the equity holders of the Group
Average number of shares
Unaudited three months 31 Dec, 2020 | Audited 31 Dec, 2020 | |
40,250 | 47,773 | 158,437 |
956 | 843 | 3,312 |
(20,430) | (20,820) | (76,072) |
(11,885) | (13,929) | (52,469) |
(6,526) | (6,121) | (19,684) |
2,365 | 7,746 | 13,524 |
(1,198) | (1,201) | (4,731) |
(1,153) | (1,036) | (4,364) |
(868) | (203) | (923) |
(854) | 5,306 | 3,506 |
27 | 8 | 27 |
(436) | (423) | (1,610) |
(3,304) | (2,162) | (5,495) |
395 | 111 | 395 |
(4,172) | 2,840 | (3,177) |
(545) | (1,045) | (815) |
(4,717) | 1,795 | (3,992) |
(169) | (338) | (175) |
(169) | (338) | (175) |
2,389 | 2,637 | 1,544 |
2,389 | 2,637 | 1,544 |
2,220 | 2,299 | 1,369 |
(2,497) | 4,094 | (2,623) |
(2,497) | 4,092 | (2,623) |
(2) | 2 | (3) |
(2,499) | 4,094 | (2,626) |
(4,717) | 1,795 | (3,992) |
(4,717) | 1,795 | (3,992) |
(0.050) | 0.019 | (0.042) |
94,227,668 | 94,189,230 | 94,235,531 |
Audited 31 Dec, 2019
196,017
2,549
(90,814)
(60,249)
(26,038) 21,465
(4,684) (4,266)
(203) 12,312
26 (1,919)
318 (28)
10,709
(3,195)
7,514
(344)
(344)
758 758
414
7,928
7,928 1 7,928
7,514 7,514
0.080 94,206,242
CONSOLIDATED BALANCE SHEET
EUR 000s
Assets Current assets
Cash and cash equivalents Trade receivables
19,151 27,891
Tax assets
4,203
Other current receivables Contract assets Inventories
Assets held for sale Total current assets
3,408 97,819
Non-current assets
Property, plant and equipment Right-of-use of leased assets
18,815
Intangible assets Non-current financial assets Deferred tax assets
51,768
129
9,673
Other non-current receivables Total non-current assets
7,171 102,845
Total assets
Equity and Liabilities Current liabilities Current financial liabilities
(4,144)
Current lease liabilities Trade payables Contract liabilities Tax liabilities
(3,440)
(24,279)
(10,765)
(1,108)
Provision for risk and charges, current Other current liabilities
(3,439)
(9,637)
Total current liabilities
(56,812)
Non-current liabilities
Non-current financial liabilities Non-current lease liabilities
(10,085)
(15,385)
Deferred tax liabilities Other non-current liabilities
(2,123)
(98)
Provision for risk and charges, non-current
(7,753)
Employee benefit obligation
(2,416)
Total non-current liabilities
(37,860)
Total liabilities
(94,672)
Equity
Share Capital
Reserves Retained earnings
(7,074)
Equity attributable to owners of the parent
1,278 (105,965)
Non-controlling interests
Total equity
Total equity and liabilities
(200,664)Audited 31 Dec, 2019
13,254 36,500 3,683 2,797 2,200 38,801 5,363 102,598
18,270
19,425
52,844
280
9,217
8,004 108,040
210,639
(14,462)
(4,081)
(25,483)
(7,534)
(1,531)
(6,772)
(12,125)
(71,988)
(2,644)
(16,140)
(2,405)
(103)
(6,990)
(2,198)
(30,482)
(102,469)
(100,169)
(5,257) (2,714)
(108,140)
(29)
(108,169)
(210,639)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR 000s Audited
Balance as at 1 January 2019
Share CapitalReservesRetained earnings
Equity related to owners of the parentNon-controlling interest
Total equity
(100,169)
(4,646)
4,800
(100,015)
(29) (100,044)
(Profit) / Loss for the period Currency translation differences
Remeasurements of post employment benefit obligations Total comprehensive income and expenses
- - - -
- (758)
(7,514)
(7,514)
- (7,514)
- - (7,514)
(758)
(1) (759)
344 (414)
344 (7,928)
- 344
(1) (7,929)
Employees share scheme
Purchase of treasury shares
Issue of treasury shares to employees Transactions with shareholders
- - - -
(136)
- - - -
(136)
- (136)
38 (99)
(197)
38 (99) (197)
- 38
- (99)
- (197)
Balance as at 31 December 2019 | (100,169) | (5,257) | (2,714) | (108,140) | (30) | (108,170) |
Audited
Balance as at 1 January 2020
(100,169)
(5,257)
(2,714)
(108,140)
(30)
(108,170)
(Profit) / Loss for the period Currency translation differences
Remeasurements of post employment benefit obligations
Total comprehensive income and expenses
- - - -
- (1,544)
3,992 - - 3,992
3,992 (1,544)
- 3
3,992 (1,541)
175 (1,369)
175 2,623
- 175
3 2,626
Employees share scheme
Issue of treasury shares to employees Transactions with shareholders
- - -
(445)
- - -
(445)
- (445)
(3)
(3) (448)
- (3)
(448)
- (448)
Balance as at 31 December 2020
(100,169)
(7,074)
1,278
(105,965)
(27)
(105,992)
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited | Unaudited | Audited | Audited | |
three months | three months | 31 Dec, 2020 | year | |
EUR 000s | 31 Dec, 2020 | 31 Dec, 2019* | 31 Dec, 2019* | |
Profit / (loss) for the period | (4,717) | 1,795 | (3,992) | 7,514 |
Adjustments for: | ||||
Net interest expenses | 935 | 256 | 1583 | 1,437 |
Current taxes | 97 | 454 | 1,525 | 3,169 |
Depreciation and amortization | 1,198 | 1,201 | 4,731 | 4,684 |
Depreciation of right-of-use of leased assets | 1,153 | 1,036 | 4,364 | 4,266 |
Impairment losses | 868 | 203 | 923 | 203 |
Deferred tax | 448 | 592 | (710) | 26 |
Provision for risks and charges | (565) | (3,896) | (1,479) | (8,185) |
Capital (gain) or loss on assets | 20 | (22) | (787) | (144) |
Other items not involving cash flows | 2,713 | 1,753 | 6,170 | (130) |
Interest paid | (612) | (380) | (1,638) | (2,118) |
Taxes (paid)/received | (704) | (2,583) | (2,468) | (5,327) |
5,551 | (1,386) | 12,214 | (2,120) | |
Cash flow before changes in working capital | 834 | 409 | 8,222 | 5,395 |
Impact of changes in working capital: | ||||
Inventories | 1,492 | 4,088 | (5) | 2,647 |
Trade receivables and contract assets | 4,399 | 6,426 | 8,574 | 6,173 |
Other current receivables | 4,699 | 1,998 | 2,023 | 4,068 |
Trade payables and contract liabilities | (671) | (3,714) | (479) | (4,597) |
Other current liabilities | (1,109) | (218) | (2,627) | 88 |
Impact of changes involving working capital | 8,810 | 8,580 | 7,486 | 8,379 |
Net cash inflow / (outflow) from operating activities | 9,644 | 8,988 | 15,708 | 13,774 |
Financial activities: | ||||
Net changes in loans and borrowings | (454) | (7,264) | (3,220) | (35,584) |
Repayment of lease liabilities | (1,347) | (1,119) | (4,105) | (3,604) |
Capital increase | - | - | - | 18,527 |
Net cash inflow / (outflow) from financing activities | (1,801) | (8,383) | (7,325) | (20,661) |
Investing activities: | ||||
Investments in property, plant and equipment | (705) | (339) | (1,373) | (1,384) |
Investments in intangible assets | (1,527) | (20) | (1,936) | (341) |
(Increase)/Decrease of non current financial asset | 4 | - | 151 | - |
Disposal of assets | 72 | 97 | 2,459 | 433 |
Net cash inflow / (outflow) from investing activities | (2,156) | (263) | (699) | (1,292) |
Cash at the beginning of the period | 16,022 | 13,550 | 13,254 | 21,257 |
Cash flow for the period | 5,687 | 342 | 7,684 | (8,179) |
Currency exchange differences | (2,558) | (637) | (1,787) | 176 |
Cash at the end of the period | 19,151 | 13,254 | 19,151 | 13,254 |
*Re-presented: the comparative charges for interest paid on lease liabilities have been reclassified from financial activities to operating activities (Interest paid) to enhance comparability (Q419: -156; FY19: -608).
DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
The group derives revenue from the transfer of goods and services over time and at a point in time in the following Divisions and geographical regions.
31 December 2020
EUR 000s
Airports & Industry
Revenue from external customer Timing of revenue recognition
At a point in time
Ports & Maritime
Total
85,461 4,083
64,657 150,118
Over time
4,236 8,319
Total | 89,544 | 68,893 | 158,437 |
31 December 2019 EUR 000s
Airports & Industry
Revenue from external customer Timing of revenue recognition
At a point in time
Ports & Maritime
Total
104,862 6,567
72,873 177,735
Over time
11,715 18,282
Total | 111,429 | 84,588 | 196,017 |
31 December 2020 EUR 000s
AMER
Ports & Maritime Airports & Industry
EMEA
13,762 20,022
APAC
Total
35,452 47,564
19,679 68,893
21,958 89,544
Total | 33,784 | 83,016 | 41,637 | 158,437 |
31 December 2019 EUR 000s
AMER
Ports & Maritime Airports & Industry
EMEA
21,423 21,349
APAC
Total
40,773 67,766
22,392 84,588
22,314 111,429
Total | 42,773 | 108,539 | 44,706 | 196,017 |
SEGMENT INFORMATION
EUR 000s
Ports & Maritime
Unaudited
Three months ended 31 December 2020
Revenue from sales of goods and services Other income
Cost of materials and operating expenses before depreciation and amortization
Airports & Industry
17,762 183 (18,094)
Other reconciling items
22,488 773 (19,635)
- -
Total
40,250 956
(1,112) (38,841)
Gross Operating Result | (149) | 3,626 | (1,112) | 2,365 |
Unaudited
Three months ended 31 December 2019
Revenue from sales of goods and services Other income
Cost of materials and operating expenses before depreciation and amortization
22,433 273 (16,463)
25,340 570 (23,157)
- 47,773
- 843
(1,250)
(40,870)
Gross Operating Result | 6,243 | 2,753 | (1,250) | 7,746 |
Audited
Full year 31 December 2020
Revenue from sales of goods and services Other income
Cost of materials and operating expenses before depreciation and amortization
68,893 680 (65,349)
89,544 2,632 (79,513)
- 158,437
- 3,312
(3,363)
(148,225)
Gross Operating Result | 4,224 | 12,663 | (3,363) | 13,524 |
Audited
Year ended 31 December 2019
Revenue from sales of goods and services Other income
84,588 567
Cost of materials and operating expenses before depreciation and amortization
111,429 1,981
- 196,017
- 2,549
(70,404)
(100,339)
(6,357)
(177,101)
Gross Operating Result | 14,751 | 13,071 | (6,357) | 21,465 |
PARENT COMPANY - CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Audited | |
year | |
EUR 000s | 31 Dec, 2019 |
Dividend | - |
Other income | 2,502 |
Employee benefit costs | (1,912) |
Operating expenses | (1,161) |
Operating Result | (571) |
Interest expenses - net | (43) |
Currency exchange differences - net | (119) |
Profit / (Loss) before income taxes | (733) |
Income taxes | 293 |
Profit / (Loss) for the period | (440) |
Other comprehensive income: | |
Actuarial gain (loss) | 42 |
Total comprehensive income for the period | (398) |
PARENT COMPANY - CONDENSED BALANCE SHEET |
CAVOTEC SA
Unaudited three months 31 Dec, 2020 | Audited year 31 Dec, 2020 | |
185 | - | 185 |
(958) | 182 | 1389 |
(303) | (312) | (135) |
(533) | (235) | (1,330) |
(1,609) | (365) | 109 |
(26) | (11) | (56) |
3 | - | 5 |
(1,632) | (376) | 58 |
19 | (91) | (303) |
(1,613) | (285) | (245) |
(10) | 42 | (10) |
(1,623) | (243) | (255) |
CAVOTEC SA EUR 000s
Assets Current assets
Cash and cash equivalents Trade receivables
Tax assets
Other current receivables Total current assets Non-current assets:
3 31 1,303
Investment in subsidiary companies Deferred tax assets
Total non-current assets
137,306 72 137,378
Equity and Liabilities Current liabilities
Bank overdraft
Current financial liabilities Trade payables
(34,117) (2,955)
Other current liabilities
Total current liabilities Non-current liabilities:
(37,653)
Provision for risks and charges - non current Long-term financial debt
(67) (10,000)
Other non-current liabilities
Total non-current liabilities
Total liabilities
Total equity
Total equity and liabilities
(138,681)Audited 31 Dec, 2019
97 2,015
6 8 2,126
137,306 355 137,661
139,787
(44,435)
(2,955)
(121) (1,495)
(49,006)
(25)
- (64)
(89)
(49,095)
(90,692)
(139,787)
General information
Cavotec wants to contribute to a future world that is cleaner, safer and more efficient by providing innovative connection solutions for ships, aircraft and mobile equipment today. We thrive by shaping future expectations in the areas we are active in. Our credibility comes from our application expertise, dedication to innovation and world class operations. Our success rests on the core values we live by: Integrity, Accountability, Performance and Team Work. Cavotec's personnel represent a large number of cultures and provide customers with local support, backed by the Group's global network of engineering expertise. Cavotec SA, the Parent company, is a limited liability company incorporated and domiciled in Switzerland and listed on Nasdaq Stockholm Mid Cap.
remains that we have accounted for the most likely eventualities of the process. The latest development in the case supports this position.
Noteworthy risks and uncertainties
Cavotec's significant risks and uncertainties are divided into three categories, market, credit and liquidity risks. In these categories, there are both risks due to political and macroeconomic trends and specific risks directly linked to business carried out by the Group. Market risk includes currency and interest rate risk. Credit risk includes the risk of managing our customers and other receivables while liquidity risk includes the management of cash in a diverse, global group.
These unaudited Financial Statements have been approved by the Board of Directors for publication on 25 February 2021.
Basis of preparation of Financial Statements
This quarterly report was prepared in accordance with IFRS, applying IAS 34 Interim Financial Reporting. The same accounting and valuation policies were applied in the most recent annual report. The amendments to the standards that became applicable for the current reporting period did not have an impact on Cavotec accounts. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended in December 2020. The preparation of quarterly financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
The fair values of the non-current financial assets, current financial liabilities and non-current financial liabilities are not materially different from their carrying amounts.
Cavotec is not exposed to material seasonal variations in its operations.
Segment information
Operating segments have been determined on the basis of the Group Management structure in place and on the management information and used by the Chief Operating Decision Maker (CODM) to make strategic decisions. Our two divisions are set out below and referred to collectively as the core businesses.
Ports & Maritime - development, manufacture and service of innovative automation and electrification technologies for the global ports and maritime sectors.
Airports & Industry - development, manufacture and service of fully integrated gate and remote apron solutions for Airports, and development and manufacture products for Industry, such as cranes, energy, processing and transportation, surface and underground mining, and tunnelling.
Customers of both divisions are supported by a Services organisation that was launched mid 2018.
Legal disputes
In the long running litigation matter in California the Group's accounting position is unchanged during the quarter and our view
Covid - 19 Update
The COVID-19 pandemic has had a significant effect on the global economy. The impact on Cavotec is mainly delays in decisions from customers on new orders as well as delays in taking deliveries of product or services. At the date of this report all Cavotec facilities are open.
With the high uncertainty surrounding the situation and potential initiatives by authorities and customers, it is very difficult to predict the full financial impact that the situation may have on the Group for the coming quarters. As of December 31, 2020, there is no significant impact on any balance sheet items. The Group benefited by government assistance funds in different Countries, mainly related to employee costs, but the impact on the financials was not material.
A more detailed description of Cavotec's risks and how they are managed is included in the Annual Report 2020.
Forward looking statement
Some statements in this report are forward-looking, and the actual outcome could be materially different. In addition to the factors explicitly discussed, other factors could have a material effect on the actual outcome. Such factors include, but are not limited to, general business conditions, fluctuations in exchange rates and interest rates, political developments, the impact of competing products and their pricing, product development, commercialisation and technological difficulties, interruptions in supply, and major customer credit losses.
Key events during the year
In February 2020, a company owned building located in Mooresville (NC, USA) has been sold for USD 2.6 million (EUR 2.4 million). As the building was accounted as Asset held for Sale with a book value of USD 1.8 million (EUR 1.7 million), the Company recognized in the same month a capital gain of USD 0.8 million (EUR 0.7 million) in Other income.
Financial calendar
April 30, 2021 | Q121 Report |
May 27, 2021 | Annual General Meeting, Lugano |
July 30, 2021 | Q221 Report |
October 29, 2021 | Q321 Report |
February 25, 2022 | Q421 and Annual Report 2021 |
Conference call in connection with publication of the quarterly report
A conference call for shareholders, analysts and media will be held on 26 February 2021 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: +46856642703
UK: +443333009264 US: +18335268395
Weblink:https://tv.streamfabriken.com/cavotec-q4-2020
Quarterly Reports onwww.cavotec.com
The full report for the period January-December 2020 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 below, at 07:00 CET on 26 February 2021.
Cavotec SA
Via G.B. Pioda 14
CH-6900 Lugano, Switzerland +41 91 911 40 10 cavotec.cominvestor@cavotec.com
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Cavotec SA published this content on 26 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 February 2021 09:04:05 UTC.