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    CCC   CH0136071542

CAVOTEC SA

(CCC)
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3Q21 Report

10/29/2021 | 01:18am EST

Q3 2021 | Interim report January-September 2021

Q3 2021 | 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
    1. 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
    1. million corresponding to a margin of 8.5%

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%

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 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)

Unless otherwise stated, figures in brackets refer to the same period in the preceding year

Key events during the quarter

  • Cavotec launched MoorMaster-as-a-Service - the world's first subscription-based automated mooring service - and a new way for ports to access our market-leading MoorMaster™ technology.
  • Cavotec secured an order with the Port of Stockholm for the first MoorMaster™ system in Sweden, reducing CO2 emissions by up to 5,000 tonnes per year.
  • Cavotec continued to expand its presence in the Japanese market with a major order for shore power connection systems for new-build vessels and a key motorised cable reel order for advanced container cranes in Japan.
  • Cavotec opened an office in Malaysia to meet growth in the Asian market.
  • Cavotec won a cleantech order valued at EUR 1.2M for a major cruise and ferry terminal in the south of France.
  • Cavotec won cleantech orders worth EUR 6.5M from two of the world's largest container shipping lines.

1 ● investor@cavotec.com

Q3 2021 | Interim report January-September 2021

FINANCIAL SUMMARY

EUR 000's

Q321

Q320

Delta

9M21

9M20

Delta

Dec 2020

Order backlog New Cavotec

92,818

59,048

57.2%

92,818

59,048

57.2%

57,773

Order backlog Airports

27,152

32,538

-16.6%

27,152

32,538

-16.6%

27,183

Order backlog Total

119,970

91,586

31.0%

119,970

91,586

31.0%

84,956

Revenues New Cavotec

29,230

28,349

3.1%

84,367

85,534

-1.4%

115,351

Revenues Airports

7,676

9,179

-16.4%

26,334

32,653

-19.4%

43,086

Revenues Total

36,906

37,528

-1.7%

110,701

118,187

-6.3%

158,437

EBITDA New Cavotec

2,720

3,533

-23.0%

9,213

9,452

-2.5%

10,942

EBITDA New Cavotec margin, %

9.3%

12.5%

-3.2 pp

10.9%

11.1%

-0.2 pp

9.5%

EBITDA Airports

(1,745)

815

-314.1%

(1,646)

3,958

-141.6%

5,945

EBITDA Airports margin, %

-22.7%

8.9%

-31.6 pp

-6.3%

12.1%

-18.4 pp

13.8%

EBITDA Total

32

3,001

-99.0%

4,044

11,159

-63.8%

13,524

EBITDA Total margin, %

0.1%

8.0%

-7.9 pp

-3.7%

9.4%

-13.1 pp

8.5%

EBIT New Cavotec

1,183

1,875

-36.9%

4,482

4,502

-0.4%

3,408

EBIT New Cavotec margin, %

4.0%

6.6%

-2.6 pp

5.3 %

5.3%

0.0 pp

3.0%

EBIT New Cavotec adj. for growth investments

2,494

n/a

n/a

6,365

n/a

n/a

n/a

EBIT New Cavotec adj. for growth investments margin, %

8.5%

n/a

n/a

7.5%

n/a

n/a

n/a

EBIT Airports

(2,363)

214

-1,204.2%

(3,448)

2,109

-263.5%

3,461

EBIT Airports margin, %

-30.8%

2.3%

-33.1pp

-13.1%

6.5%

-19.6 pp

8.0%

EBIT Total

(2,123)

743

-385.7%

(2,490)

4,360

-157.1%

3,506

EBIT Total margin, %

-5.8%

2.0%

-7.8 pp

-2.2%

3.7%

-5.9 pp

2.2%

Net profit/(loss) for the period Group

(1,244)

(1,514)

-17.8%

(662)

725

-191.3%

(3,992)

Basic and diluted earnings per share Group, EUR

(0.013)

(0.016)

-18.8%

(0.007)

0.008

-187.5%

(0.042)

Operating cash flow

(3,573)

3,477

-202.8%

(6,485)

6,064

-206.9%

15,708

Net debt

(23,815)

(19,037)

25.1%

(23,815)

(19,037)

25.1%

(15,264)

Equity/assets ratio

51.4%

53.0%

-1.6 pp

51.4%

53.0%

-1.6 pp

52.8%

Leverage ratio

3.23x

0.97x

2.26x

3.23x

0.97x

2.26x

0.98x

Full time equivalent employees

787

751

36

787

751

36

747

Please refer to page 13 for further segmental details

2 ● investor@cavotec.com

Q3 2021 | Interim report January-September 2021

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 Norin

Chief Executive Officer

3 ● investor@cavotec.com

Q3 2021 | Interim report January-September 2021

ORDER BACKLOG AND REVENUE

EUR 000s

Q321

Q320

9M21

9M20

New Cavotec

Airports

Total

New Cavotec

Airports

Total

New Cavotec

Airports

Total

New Cavotec

Airports

Total

Revenue from sales of

29,230

7,676

36,906

28,349

9,179

37,528

84,367

26,334

110,701

85,534

32,653

118,187

goods and services

Increase/(decrease)

881

(1,503)

(622)

(4,538)

(6,338)

(10,876)

(1,167)

(6,319)

(7,486)

(17,995)

(12,061)

(30,056)

Percentage change

3.1%

-16.4%

-1.7%

-13.8%

-40.8%

-22.5%

-1.4%

-19.4%

-6.3%

-17.4%

-27.0%

-20.3%

Of which

- Volumes and prices

1.7%

-17.1%

-3.0%

-12.6%

-40.1%

-21.5%

-1.8%

-16.6%

-5.9%

-15.4%

-26.4%

-18.5%

- Currency effects

1.4%

0.7%

1.3%

-1.2%

-0.7%

-1.0%

0.4%

-2.8%

-0.4%

-2.0%

-0.6%

-1.8%

DIVISIONS

On 5 March 2021, the Group announced its intention to commence a process to divest Airports business. The Q320, 9M20 and FY2020 comparatives have been restated to enhance comparability.

Revenue

EUR 000s

Q321

Q320

Change %

9M21

9M20

Change %

LTM Rolling

FY20

Change %

New Cavotec

29,230

28,349

3.1%

84,367

85,534

-1.4%

114,184

115,351

-1.0%

Airports

7,676

9,179

-16.4%

26,334

32,653

-19.4%

36,767

43,086

-14.7%

Total

36,906

37,528

-1.7%

110,701

118,187

-6.3%

150,951

158,437

-4.7%

Order Backlog

EUR 000s

9M21

9M20

Change %

1H21

Change %

FY20

Change %

New Cavotec

92,818

59,048

57.2%

77,357

20.0%

57,773

60.7%

Airports

27,152

32,538

-16.6%

28,506

-4.7%

27,183

-0.1%

Total

119,970

91,586

31.0%

105,863

13.3%

84,956

41.2%

4 ● investor@cavotec.com

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Cavotec SA published this content on 29 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2021 05:17:03 UTC.


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Financials
Sales 2021 150 M 171 M 171 M
Net income 2021 -2,00 M -2,28 M -2,28 M
Net Debt 2021 25,0 M 28,5 M 28,5 M
P/E ratio 2021 -90,3x
Yield 2021 -
Capitalization 170 M 194 M 194 M
EV / Sales 2021 1,30x
EV / Sales 2022 0,89x
Nbr of Employees 787
Free-Float 47,9%
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Mikael Curt Norin Group Chief Executive Officer
Glenn Campbell Withers Group Chief Financial Officer
Patrik Tigerschiold Chairman
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