Årsredovisning 2023

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

Dokumentet är delat för att hålla varje sida lätt att hämta. Del 1 · Del 2

===== SIDA 1 =====

2023
Annual and 
Sustainability 
Report

===== SIDA 2 =====

Highlights 2023 ................................................................................................ 1
Cavotec in brief ................................................................................................. 2
CEO’s message ................................................................................................ 4
Market drivers .................................................................................................... 6
Our business model ........................................................................................ 8
Strategic priorities ............................................................................................. 9
Financial performance ................................................................................. 12 
Offering and introduction to the segments ............................................. 14
Segment Ports & Maritime .......................................................................... 16
Segment Industry .......................................................................................... 20
Sustainability report ...................................................................................... 24
Remuneration report ..................................................................................... 38
Corporate governance report ..................................................................... 46
Board of Directors ............................................................................... 52
Cavotec Management Team ............................................................. 54
Consolidated financial statements ............................................................ 56
Risk management ......................................................................................... 82
Statutory financial statements .................................................................... 92
Financial definitions ................................................................................... 101
The share ...................................................................................................... 102
Shareholder information ........................................................................... 104
Cavotec’s history in brief .......................................................................... 105

===== SIDA 3 =====

Annual and Sustainability Report 2023 | Cavotec     1
HIGHLIGHTS 2023 |
EUR 000s 2023 2022 2021 2020
Revenue 180,734 147,849 115,794 115,342
Order backlog 123,562 147,207 98,893 57,773
EBIT 7,227 (4,506) (747) 37
EBIT margin 4.0% -3.0% -0.6% 0.0%
Net profit/(loss) for the period 180 (3,170) (1,211) (2,973)
Basic and diluted earnings per share, EUR 0.002 (0.034) (0.013) (0.031)
Operating cash flow 1,933 (5,485) 8,654 15,501
Net debt (18,638) (30,328) (19,630) (15,264)
Leverage ratio 1.29x 12.5x 3.20x  0.98x 
EBIT, EUR million 
8
6
4
2
0
(2)
(4)
(6)
2020 2021 2022 2023
Revenue, EUR million
200
180
160
140
120
100
80
60
40
20
0
2020 2021 2022 2023
Operating cash flow, EUR million
2020 2021 2022 2023
20
15
10
5
0
(5)
(10)
Improved financial performance and key 
business wins
Through clear strategic priorities, Cavotec has improved its financial position and 
performance during 2023. Cavotec has also won several important contracts with 
both new and existing customers.
Key events in 2023
• Order valued at EUR 6.65 million 
from one of the world’s largest 
shipping companies for shore 
power systems
• Long-term service agreement 
signed with COSCO Group
• Order signed for mooring units 
with North American seaway 
operator worth EUR 6.4 million
• Directed new issue of shares  
of SEK 165 million
• Joakim Wahlquist appointed  
new CFO
Key events after the end of 2023
• Two-year service agreement 
signed with APM Terminals at Port 
of Tanger 
• Shore power retrofit order signed 
with major European shipping line 
worth USD 5.7 million
• Three-year service agreement 
signed for shore power systems in 
a large North American port
• The world’s first ultra-fast 3 MW 
charging system for battery-
powered heavy-duty vehicles in 
service at a site in Australia

===== SIDA 4 =====

2     Cavotec  | Annual and Sustainability Report 2023
| CAVOTEC IN BRIEF
180.7 
Revenue, EUR million
7.2 
EBIT, EUR million 
123.6 
Order backlog, EUR million
80+ 
Number of countries  
where Cavotec’s systems  
are installed
664 
Employees
Backed by close to 50 years of 
experience, our systems ensure safe, 
efficient and sustainable operations 
for a wide variety of customers and 
applications worldwide. Our offering 
includes automated mooring, shore power, 
motorised reels, crane electrification and 
charging solutions.
We enable our customers to optimise 
productivity, minimise risk to personnel 
and equipment, and reduce environmental 
impact. Our unique technologies and 
engineering expertise combined with a 
worldwide service offering maximise our 
customers’ profitability and sustainability. 
In this way, we help their businesses 
grow and accelerate progress towards a 
sustainable future.
Cavotec is a leading cleantech company that designs  
and delivers connection and electrification solutions to enable  
the decarbonisation of ports and industrial applications.
Cavotec in brief
What 
We connect the future.
Why 
We want to contribute to a world that 
is cleaner, safer and more efficient 
by providing innovative connection 
solutions for ships, ports, and 
industrial equipment today.
How 
We thrive by shaping future 
expectations in the areas in which 
we are active. Our credibility derives 
from our expertise and dedication 
to innovation and world-class 
operations. Our success rests on our 
core values: Integrity, Accountability, 
Performance, and Teamwork.
What Why How

===== SIDA 5 =====

Annual and Sustainability Report 2023 | Cavotec     3
Annual and Sustainability Report 2023 | Cavotec     3

===== SIDA 6 =====

4     Cavotec  | Annual and Sustainability Report 2023
The growth of 22.2% in 2023 to EUR 
180.7 million and the turnaround of 
EBIT to EUR 7.2 million from -4.5 million 
clearly show that we are on the right 
track with the transformation of Cavotec. 
We work with clear strategic priorities 
in six areas with comprehensive 
change programs. We turn over 
basically all stones in the group and 
improve routines and processes. The 
performance in 2023 show that we have 
come a long way but we are far from 
done.
One of the externally more visible 
efforts in 2023 is the review of the 
order backlog with the goal of securing 
profitable growth. The decline of 16.1% 
to EUR 123.6 million reflects both a 
normalisation of the order backlog and 
an extraordinary high order intake in 
2022. We strongly believe the review 
is a key strategic move and a driver 
for continued improved profitability 
going forward. Some other driving 
factors for the improved profitability are 
the increased volumes along with the 
determined work to increase production 
efficiency, enhance our sales processes 
and sharpen our service offering. In 
2023, the Ports & Maritime segment 
was the most successful with these new 
ways of working, but we expect also the 
Industry segment to make significant 
progress in this area going forward.
Strong interest in our solutions
We meet a steady stream of customer 
inquiries and strong interest in our 
electrification solutions and service 
offering. The demand is driven by the 
increasingly urgent need to reduce the 
world’s emissions of greenhouse gases, 
to reduce noise in ports and cruise 
terminals and to improve customers’ 
operational efficiency. 
In 2023, we announced a few 
customers wins that prove our leading 
position in, among other things, 
automatic vacuum mooring and shore 
power. We signed a contract worth 
EUR 6.65 million with one of the 
world’s largest shipping lines to supply 
shore power equipment to newbuild 
container ships. At the end of the 
year, we announced an order with an 
existing North American customer for 
an additional six vacuum mooring units 
to be installed at locks in a seaway 
system. The order is valued to EUR 
6.5 million. We kicked off 2024 by 
announcing a contract worth USD 5.7 
million to retrofit vessels with shore 
power solutions for a major European 
shipping line.
Attractive service offering
Yet another of our changes in 2023 
includes the decision to increase the 
focus on our service offering, which has 
already paid off. We have announced 
a long-term service agreement with 
COSCO Group, one of the world’s 
largest shipping companies. Based 
on the new agreement, we provide 
maintenance for more than 60 ocean-
going vessels equipped with our shore 
power systems. In 2024, we have so 
far announced a two-year service 
agreement with APM Terminals at Port 
of Tanger. We will be servicing our 45 
vacuum mooring master units and 31 
power units installed at the port. In 
Creating a solid base for profitable growth
Our clear strategic priorities and change program have proven effective and our 
financial results and position have improved significantly in 2023. We have also made 
key business wins with important contracts globally. Although the macroeconomic 
situation remains uncertain, there is strong demand for our electrification solutions 
driven by national regulations and the need to reduce emissions.
| CEO’S MESSAGE
“ We ended 2023 with high 
business activity and 
important contracts that  
give us a good basis  
for profitable growth.”
David Pagels,
CEO

===== SIDA 7 =====

Annual and Sustainability Report 2023 | Cavotec     5
CEO’S MESSAGE |
this way, the customer’s operational 
efficiency is significantly improved 
and the performance of the products 
is optimised. A special contract is 
the announced three-year service 
agreement signed for shore power 
systems in a large North American port. 
Here we will assist in the plug in and 
plug out procedures for vessels which 
will contribute to improved operational 
efficiency in the port. 
Another strategically important area for 
us that we will increase our focus on 
in 2024 is product development since 
we are determined to continue being a 
world-leading player in electrification. A 
good example of our leadership is our 
ultra-fast 3MW charger – the world’s 
first and most powerful – which is in full 
operation at a mining site in Australia. 
Developed by the Industry segment 
during 2023, it is now included in a 
solution that charges a prototype 240-
ton electric haul truck in just 30
minutes. This technological advance 
paves the way for the electrification 
of heavy-duty vehicles and greatly 
reduced emissions in critical industries 
worldwide.
Strengthened financial position
It is gratifying to see how our improved 
profitability and financial management 
have led to a significantly improved 
cash flow and strengthened financial 
position. Operating cash flow increased 
to EUR 1.9 million from EUR -5.5 million 
and net debt decreased from EUR 30.3 
million to EUR 18.6 during 2023. Our 
strengthened financial position means 
that our financing costs will be lower 
going forward.
Outlook
We ended 2023 with high business 
activity and important contracts that 
give us a good basis for profitable 
growth. Perhaps the most important 
thing for us in 2024 is the momentum 
we have and the commitment that I 
see everywhere in Cavotec. Although 
the macroeconomic situation remains 
uncertain, we meet a continued strong 
interest from both existing and new 
customers for our leading electrification 
solutions. I am confident that Cavotec 
will continue to be a key player in 
the transition to a more sustainable, 
emission-free world also in the coming 
years.
 
David Pagels 
CEO

===== SIDA 8 =====

6     Cavotec  | Annual and Sustainability Report 2023
We have gained deep insights into our market and its driving forces due to our close  
to 50 years of experience and long-term customer relationships. On a day-to-day basis, 
this is about being able to understand, anticipate and adapt to the changing needs 
and behaviours of our market. This in turn enables us to deepen existing customer 
relationships, win new customers and continue to strengthen our market position.
Climate
The climate is the most important issue 
of our time. In order to reach the goals 
of the Paris Agreement, it is required 
that all industries and businesses 
contribute by reducing their emissions. 
The shipping sector accounted for 
2.89% of global greenhouse gas 
emissions in 2018 according to the 
International Maritime Organization. 
When we look at the mining sector, it 
is responsible for between 4 and 7% of 
the world’s greenhouse gas emissions 
according to an article published by 
McKinsey & Co in 2020.
The urgency of reducing carbon 
emissions is increasingly a priority 
for a growing number of industries, 
including the shipping and mining 
sectors. This means that interest in 
Cavotec’s products and services 
increases because they reduce 
customers´ carbon footprint and help 
them contribute to reaching the Paris 
Agreement.
Electrification
A critical part of efforts to fullfil the 
Paris Agreement is electrification and 
the transition to fossil-free energy. 
The electrification of processes that 
have until now been performed with 
fossil fuels is ongoing throughout 
many sectors, not least in shipping 
and mining. Electrification not only 
contributes to the decarbonisation, it 
can also generate substantial energy 
savings due to greater efficiency and 
enhance air quality. 
The electrification of vessels, cranes 
and other industrial equipment 
are central parts of Cavotec’s 
offering. Shipping companies and 
shipyards, for example, are becoming 
increasingly interested in the shore 
power solutions that enable ships to 
switch off the diesel generators  
at berth.
Noise pollution
Awareness is increasing globally 
about problems associated with noise 
pollution both on land and in the 
seas. Noise pollution affects many 
people on a daily basis and can 
cause health problems such as high 
blood pressure, heart disease, and 
stress. Today we also know that noise 
pollution can affect animals on land 
and in the seas.
For many sectors, it is important to 
reduce noise in the workplace to 
improve the health of employees 
and increase attractiveness as an 
employer. Here, Cavotec contributes 
through its products and solutions 
that improve the sound environments 
in ports and mines, for example.
| MARKET DRIVERS
Global market trends create new opportunities for us

===== SIDA 9 =====

Annual and Sustainability Report 2023 | Cavotec     7
Safety
Occupational injuries and work-
related ill health are high on the 
sustainability agenda of many 
companies today. Many companies 
have zero visions when it comes to 
occupational injuries and invest in 
equipment and processes that reduce 
risks to employees.
For Cavotec, safe products and 
solutions that improve the workplace 
environment have always been an 
important driving force and key 
competitive advantage. By automating 
previously manual processes, such as 
mooring, the risk of injury to sailors 
and dock workers is significantly 
reduced.
Regulation
In many parts of the world, demands 
on the industry to reduce its negative 
climate and environmental impact 
are increasing. Requirements are 
being made by international bodies 
such as the International Maritime 
Organization and supranational 
authorities such as the EU. Demands 
are also increasing from local 
authorities that want to lower diesel 
emissions and noise levels in and 
around port areas, for example. 
Stakeholders such as investors and 
lenders are also pushing companies 
to become more sustainable. 
Increased regulations drive demand 
for Cavotec’s products and services. 
For Cavotec, this creates increased 
opportunities to reach new customers 
and strengthen its market position in 
sectors that are critical for industry 
and society.
Global trade
Global trade means that many 
different raw materials and products 
are transported over great distances 
in the world. About 90% of global 
trade is today seaborne according 
to the International Maritime 
Organization. Efficient and well-
performing value chains are central 
to the functioning of global trading 
systems.
End-users of Cavotec’s solutions are 
central to the efficient functioning 
of global trade and they require 
constant service support to maintain 
efficiency and delivery reliability. 
Cavotec is therefore a core part of 
its customers´ value chains, which is 
an important reason for the long and 
close customer relationships.
MARKET DRIVERS |

===== SIDA 10 =====

8     Cavotec  | Annual and Sustainability Report 2023
Key resources 
Skilled employees
Global reach
49 years of experience and 
innovation
Customers 
Ports and port operators
Shipbuilder and shipping 
companies
Mining operators
Manufactures of mining 
machinery and mobile cranes
Our value proposition 
We provide safe and efficient 
electrification solutions and 
services that decarbonise ports, 
vessels and heavy-duty vehicles.
Worldwide, the need to reduce greenhouse gas emissions grow. With our 
solutions and services, emissions in port, mines and other industrial sites are 
reduced while workplaces become safer.
With close to 50 years of experience 
and innovation, we have established 
ourselves as a preferred supplier and 
service provider to leading companies 
in above all the marine and mining 
industries. By enabling the electrification 
of ships, port equipment, and mining 
machinery, we support our customers to 
reduce greenhouse gas emissions and 
also noise pollution. The need to reduce 
the environmental impact is driven from 
several different stakeholders, including 
supranational bodies and local authorities. 
Our solutions also contribute to increasing 
the safety of professional groups such as 
sailors, dock workers and miners.
Customers in critical infrastructure
We provide our solutions through our two 
business segments: Ports & Maritime and 
Industry. Our services organisation provide 
maintenance, controls, spare parts and 
repairs to extend equipment lifespan. 
Within Ports & Maritime, a significant 
proportion of sales are large projects such 
as electrically powered vacuum mooring 
systems and motorised reels for container 
cranes. Sales of reels take place through 
OEMs that install Cavotec’s products 
in port cranes, for example. The end 
customers, typically ports and shipping 
companies, provide OEMs with product 
and system specifications.
For Industry, mining machinery OEMs 
account for the majority of revenue. Sales 
mainly comprise of critical components in 
larger volumes.
Critical solutions for our customers
Our business is characterised by close, 
long-term customer relationships. 
Because part of our sales are to OEMs, it 
is important that we also maintain close 
relationships with the end customers, 
since they define the specifications. The 
end customers may also be those who 
purchase maintenance service and spare 
parts directly from us.
Several of our products represent a small 
value of the final product, but they are 
critical components of the operation. 
Downtime can create substantial cost, 
so customers and end customers are 
meticulous in their specifications, and 
value service excellence.
Global supply organisation
Assembly of our products takes place in 
plants, often located in the same region 
as the customers. Through our service 
organization and its local presence, we are 
geographically close to our customers.
Our most important resource is our over 
600 employees worldwide and their 
collective experience. Together with our 
customers and partners, we constantly 
develop our offering and create new 
innovative solutions.
| OUR BUSINESS MODEL
We target the global need to decarbonise

===== SIDA 11 =====

Annual and Sustainability Report 2023 | Cavotec     9
Clear strategic priorities for profitable growth
Our overall goal is profitable growth. Cavotec is in a transformation phase in which 
clear strategic priorities are being applied to create the necessary conditions to 
achieve profitable growth. The implementation of these strategic priorities began in 
2021 and we have made significant progress in our transformation journey.
To reach our overall goal, we must 
execute on each one of our strategic 
priorities because they are interdependent. 
We only have satisfied customers if 
we have motivated employees and 
efficient processes. We can only achieve 
operational excellence if we have good 
cost control. Without innovation as a 
behaviour, we cannot change processes 
and constantly improve our offer. Our 
culture and values must embrace change 
and the will to work towards our overall 
goal of profitable growth.
Customer focus
With a strong customer focus, we strive 
to always create value not only for us and 
our customers, but also for our customers’ 
customers. In this way, we strengthen and 
ensure long-term and close customer 
relationships. With a large installed base 
worldwide, we have significant potential 
for upselling, not least of our services 
offering. At the same time, we have 
dialogues with new customers and the 
customers’ customers who, through their 
specifications, ensure that our leading 
products become part of their orders. 
Among the changes we have implemented 
are better processes for pricing and 
clear responsibilities for following up on 
customer projects.
Operational excellence
We must continuously improve 
effectiveness and efficiency throughout 
the organisation and value chain. This is 
done by smart use of new technologies, 
platforms and capabilities that drive 
productivity in combination with new 
routines and processes that improve our 
ways of working.
An example of operational excellence is 
our new assembly facility in India which will 
service the significant local Indian market. 
With this new unit, we are leveraging 
India’s robust manufacturing capabilities 
and cost-effective resources including 
competitive suppliers, while increasing our 
overall capacity. 
Cost control
Cost control does not only relate to 
monitoring costs. It is a way of thinking that 
encompasses our ways of working and 
our supplier and customer relationships. It 
is about what resources we should have, 
when and where they should be applied.
To improve cost control throughout the 
organization, we have introduced cost 
optimisation and sourcing cost reduction 
programs along with the renegotiation of 
contracts during 2023.
Culture and values
Our success rests on culture and 
core values. Cavotec’s culture must 
be characterised by openness and a 
common desire to reach a shared goal, 
while working as a unified company. Our 
core values of integrity, accountability, 
performance and teamwork lay the 
Our strategic priorities
• Customers and go-to-market
• Operational excellence
• Cost control
• Culture and values
• Innovation
• People
Comprehensive 
change programs
Foundation for 
value creation
STRATEGIC PRIORITIES |

===== SIDA 12 =====

10     Cavotec  | Annual and Sustainability Report 2023
foundation for how we act towards each 
other and the world around us.
Innovation
Innovation is about solving our customers 
future needs and challenges. Through our 
technical leadership, we create competitive 
advantages and strengthen our position 
both with existing and potential customers. 
For Cavotec, innovation also has a broader 
meaning and it is about having a mindset 
that characterises everything we do. If we 
Financial targets
Adopted by the Board of Directors in February 2020.
Sales growth
To achieve annual organic revenue growth of at least 5% from 2020, in 
addition to possible acquisitions.
Outcome
2020 2021 2022 2023
0.0% +0.4% +27.7% +22.2%
EBIT margin
To reach an annual adjusted EBIT margin of more  
than 10% within two years and more than 12% within five years.
Outcome
2020 2021 2022 2023
0.0% -0.6% -3.0% 4.0%
Dividend policy
The target is to distribute dividends of approximately 30-50% of net 
profits over a business cycle. Any dividend proposal will be based on 
financial position, investment needs, acquisitions and liquidity position. 
Outcome
No dividend has been paid for the years 2020-2022. The Board of Directors 
proposes to the Annual General Meeting 2024 that no dividend be paid for the 
2023 financial year. 
+5%
+10%
30-50%
| STRATEGIC PRIORITIES
are to succeed, we must all be innovative, 
dare to question existing routines and be 
open to new ideas and ways of working.
People
Our employees are Cavotec’s most 
important asset and motivated employees 
are a prerequisite for us to succeed in 
creating profitable growth. With a strong 
employer brand, we create the conditions 
to retain, develop and recruit the industry’s 
best talents. One step in creating a 
motivating environment is clearly defined 
roles and responsibilities linked to 
measurable goals and follow-up, as well 
as constant learning that develops and 
stimulates us.

===== SIDA 13 =====

Annual and Sustainability Report 2023 | Cavotec     11
Annual and Sustainability Report 2023 | Cavotec     11

===== SIDA 14 =====

12     Cavotec  | Annual and Sustainability Report 2023
| FINANCIAL PERFORMANCE
Cavotec has steadily improved its financial performance and position during 2023.
Revenue and order backlog
Revenue increased 22.2% to EUR 
180.7 million (147.8) where currency 
effects had a negative impact of -3.0%. 
The strong growth is mainly driven 
by deliveries in the Ports & Maritime 
segment related to shore power 
solutions on container vessels. Most of 
the orders for shore power solutions for 
new-built container vessels were signed 
in 2022 and follow ship building activity 
running also into 2024. Demand for reels 
in the Industry segment and the services 
operations also contributed to the overall 
growth. 
In the regions, growth was especially 
strong in North America increasing 81.6% 
to EUR 23.0 million (12.7), and in Asia 
Pacific where revenue grew 31.8% to EUR 
69.8 million (53.0). In Europe and Middle 
East revenue increased 7.0% to EUR 88.0 
million (82.2).
The order backlog decreased -16.1% 
to EUR 123.6 million (147.2) as a 
consequence of the strategic focus 
on profitable growth. This approach, 
introduced in 2023, resulted in a 
normalisation of the order backlog while 
there is a continuous steady stream of 
customer inquiries and strong interest in 
Cavotec’s electrification solutions and 
service offering.
Costs and operating expenses
Cost of materials increased 25.1% to 
EUR 101.2 million (80.9) and constitutes 
56.0% (54.7%) of revenue. Employee 
benefit costs increased 0.2% to EUR 47.9 
million (47.8) which constitutes 26.5% 
(32.3%) of revenue. Operating expenses 
was unchanged from 2022 and amounted 
to EUR 19.3 million (19.3), which 
constitutes 10.7% (13.0%) of revenue. 
Gross operating result
Gross operating result increased 783% 
to EUR 14.4 million (1.6) and constitutes 
8.0% (1.1%) of revenue.
Depreciation and amortisation 
Depreciation and amortisation including 
depreciation of right-of-use of leased 
asset and impairment losses increased 
16.9% to EUR 7.2 (6.1) million. 
EBIT (operating result)
EBIT improved to EUR 7.2 million (-4.5) 
and the EBIT margin increased 7.0 
Steady financial performance 2023
Net result and earnings per share
3
1
(1)
(3)
(5)
(7)
(9)
0.04
0.02
0
(0.02)
(0.04)
(0.06)
(0.08)
(0.10)
Operating cash flow, EUR million
6
4
2
0
(2)
(4)
(6)
Revenue EUR million
60
50
40
30
20
10
0
14
12
10
8
6
4
2
0
-2
-4
-6
4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23
4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23
4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23
EBIT and EBIT margin
5
4
3
2
1
0
(1)
(2)
• EBIT, EUR million   • EBIT margin, %
• Net result, EUR million   • Earnings per share, EUR

===== SIDA 15 =====

Annual and Sustainability Report 2023 | Cavotec     13
FINANCIAL PERFORMANCE |
percentage points to 4.0% (-3.0%). 
The EBIT improvement is mainly a 
consequence of increased volumes as 
well as the successful work in the Ports & 
Maritime segment to focus on profitable 
growth in the order backlog.
Financial income
Interest income amounted to EUR 
0.018 million (0.108). Interest expenses 
increased to EUR 3.5 million (1.4) 
impacted by higher interest rates.
Result before income tax
The result before income tax improved to 
EUR 3.8 million (0.3). 
Taxes
Income taxes amounted to EUR 3.6 
million (2.9). which represents 26.4% 
(20.9%) of earnings before tax. Tax paid 
was EUR 0.5 million (6.2) million, which 
equates to 23.7% (22.3%) of earnings 
before taxes.
Profit for the year and earnings per 
share
Profit for the year increased to EUR 0.2 
million (-14.7). Earnings per share, basic 
and diluted, improved to EUR 0.002 
(-0.156).
Cash flow
Cash flow before changes in working 
capital improved to EUR 10.4 million 
(5.8). Working capital increased with EUR 
8.5 million (-0.03). Operating cash flow 
increased to EUR 1.9 million (-5.5) due 
to improved profitability during the year. 
Investing activities amounted to EUR -1.5 
million (8.2). Investing activities was 2022 
impacted by the divestment of the airport 
division. 
Financial position
Net debt decreased to EUR 18.6 million 
from EUR 30.3 million at 31 December 
2022. The leverage ratio (measured as 
debt-to-equity) improved in the quarter 
to 1.29x from 12.5 during the year. The 
equity/assets ratio increased from 26.2% 
at 31 December 2022 to 36.0% at the 
end of 2023. Cash and cash equivalents 
increased to EUR 15.1 million (9.6). 
Employees
At the end of the year, Cavotec had 664 
(640) full-time equivalent employees.
Leverage ratio, times
Net debt, EUR million
14
12
10
8
6
4
2
0
30,000
25,000
20,000
15,000
10,000
5,000
0
4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23
4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23

===== SIDA 16 =====

14     Cavotec  | Annual and Sustainability Report
| OFFERING AND INTRODUCTION TO THE SEGMENTS
With our extensive experience and comprehensive range of innovative  
technologies we help customers to connect and electrify port operations  
and other critical industrial applications.
An attractive offering in electrification
Our offering ranges from turnkey solutions 
and systems integration to volume 
products. With our services offering, we 
help customers to extend the lifecycle of 
our systems and reduce operating costs. 
Our services organization offer support 
around the world and around the clock.
Crane electrification and cranes
We power cranes with a wide range of 
systems such as high-speed motorised 
cable reels for fiber optics, liquids or 
electricity. The offering also includes cable 
protection and power connection systems. 
Our systems have a proven track-record 
in the harshest of environments and under 
extreme mechanical stress. Our crane 
solutions are used in ports and terminals, 
extraction applications, lifting, and material 
handling.
Shore power
We provide a comprehensive range of  
shore power connection and charging 
solutions for ports, conventional ships, 
and e-vessels. Shore power is the only 
solution that cut emissions at berth to 
zero. Shore power solutions enable the 
connection of ships in port to onshore 
Ports & Maritime
Crane electrification
Shore power
Automated mooring
Services
Service agreements
Inspections and repairs
Spare parts
Refurbishment
Training
Industry
Cranes
Mining and tunnelling equipment
Industrial applications
Charging solutions
A leading cleantech offering

===== SIDA 17 =====

Annual and Sustainability Report | Cavotec     15
OFFERING AND INTRODUCTION TO THE SEGMENTS |
power supply, allowing ships’ diesel 
generators to be switched off.
Automated mooring
Our MoorMaster® vacuum automated 
mooring system replaces conventional 
mooring lines with automated vacuum 
pads that moor and release vessels in 
seconds at the push of a button. With 
more than 1.3 million successful moorings 
completed since its introduction in the late 
90s, MoorMaster is the world’s only widely 
used automated mooring technology. It is 
in use with a wide variety of vessels and 
applications, including 400 metre-long 
container ships and bulk carriers. Mooring 
sequences takes less than a minute and 
the release phase is even quicker. The 
system reduces emissions during the 
mooring process by more than 90% and 
enables vessel overhang. MoorMaster’s 
advanced control system minimises vessel 
motion along the berth, increasing the 
efficiency of loading and unloading.
Mining and tunnelling equipment
Our mining and tunnelling systems 
enable the connection, electrification 
and automation of mobile mining and 
tunnelling equipment. These include 
Human Operator Interface systems, 
motorised cables and hose reels, spring 
reels, junction boxes, power connectors 
and industrial controllers such as chairs 
and joysticks.
Industrial applications
We provide solutions and products 
for a wide variety of processing and 
transportation applications such as 
automotive, power plants, steel and 
aluminium, wind and solar energy. 
Cavotec has extensive experience of 
providing customised solutions for the 
safe and efficient transmission of energy, 
signals and data, as well as liquid and 
gaseous media.
Charging solutions
Our connection solutions optimise the 
charging of a variety of mobile equipment 
such as electric and hybrid vehicles, 
trucks, AGVs and ships. We provide 
manual and automatic connection 
systems that withstand challenging port 
environments and ensure operational 
safety.
Our Megawatt Charging System (MCS) 
provides up to 4.5 MW charging power 
with a single MCS connector. The system 
significantly reduces charging time and 
maximises uptime compared to existing 
combined charging systems. MCS can 
be used to charge all kinds of heavy-
duty vehicles, such as agriculture and 
construction vehicles, large mining trucks 
and e-vessels.
Our segments
Our two segments 
We report two segments:  
Ports & Maritime and Industry.
Services activities are reported in the 
respective segment in which they are 
carried out.of total revenue
63% 37%
of total EBITDA
78% 22%
 Ports & Maritime
 Industry

===== SIDA 18 =====

16     Cavotec  | Annual and Sustainability Report 2023
Our Ports & Maritime segment provides world-leading solutions for ports, ships 
and other marine applications. With our unique systems for automated mooring, 
shore power, crane electrification, and connection and charging systems, we 
significantly improve the environment in ports and terminals worldwide.
“ Our focus is to continue 
improving the environment 
in the world’s ports while 
also working on our internal 
efficiency.”
Patrick Mares,
President, Ports & Maritime
We significantly improve the environment  
for ports worldwide
| SEGMENT PORTS & MARITIME
Our systems are in use all over the world 
and we provide services to customers 
around the clock. Customers include 
ship owners and operators, ports and 
terminals, port equipment manufacturers, 
shipyards, and major contractors. Among 
our customers are ABB, DP World, and a 
number of ports across the world including 
Hong Kong, Los Angeles and Shanghai.
Our competitive advantages
Our main competitive advantages are our 
high quality, technical ability and broad 
service offering. Our customers never 
compromise on safety, which is often a 
reason for them to choose Cavotec as the 
preferred supplier.
Key business progress in 2023
We announced a repeat order, signed with 
one of the world’s largest shipping lines 
to supply shore power equipment for new-
build container ships. The total value of 
the announced order is EUR 6.65 million, 
with deliveries running from late 2023 to 
early 2025. The order is for our PowerFit 
units, which are complete containerised 
solutions for the high-voltage connection 
of vessels to shoreside electricity. The 
PowerFit units enable dramatic reductions 
of local air and noise pollution at ports, 
minimising the vessels’ environmental 
impact. The contract further strengthens 
our leading position in the decarbonisation 
of the maritime industry.
We also announced a long-term service 
agreement with COSCO Group, one of 
the world’s largest shipping companies. 
We will provide preventive maintenance

===== SIDA 19 =====

Annual and Sustainability Report 2023 | Cavotec     17
Annual and Sustainability Report 2023 | Cavotec     17
SEGMENT PORTS & MARITIME |

===== SIDA 20 =====

18     Cavotec  | Annual and Sustainability Report 2023
for more than 60 ocean-going vessels, 
equipped with our shore power systems. 
The agreement strengthens Cavotec’s 
presence in Asia.
At the end of the year, we announced 
an order for mooring units signed with 
a North American seaway operator. 
The order is worth USD 5.7 million and 
further improves our position in the North 
American market.
Key events after the end of 2023
In the first quarter of 2024, we announced 
key business wins such as a two-year 
service agreement with APM Terminals 
MedPort Tangier, a shore power retrofit 
order with a major European shipping 
line worth USD 5.7 million, and a three-
year service agreement for shore power 
systems in a large North American port.
Performance in 2023
Revenue increased 29.9% to EUR 114.7 
million (88.3). Currency exchange 
effects had a negative impact of -2.7%. 
The strong growth was mainly driven 
by deliveries of shore power solutions 
for new-built container vessels as well 
as cruise terminals. Most of the orders 
for shore power solutions for new-built 
container vessels were signed in 2022 
and follow ship building activitity running 
also into 2024. The development was 
driven by growth of 111.6% in North 
America to EUR 18.2 million (8.6) and in 
Asia Pacific of 30.0% to EUR 50.7 million 
(39.0). Revenue in Europe and Middle 
East grew 12.6% to EUR 45.7 million 
(40.6). 
The order backlog decreased -14.6% to 
EUR 99.8 million (116.9). 
EBITDA improved significantly to EUR 
11.2 million (-2.4) and the EBITDA margin 
increased 12.5 percentage points to 
9.8% (-2.7%) thanks to the focus on the 
strategic priorities and increased volumes 
during the year.
| SEGMENT PORTS & MARITIME
Sales by 
geography  
MEUR
SEGMENT PORTS & MARITIME
 Asia Pacific, 50.7 EUR million
 Europe and Middle East, 45.7 EUR million
 North America, 18.2 EUR million

===== SIDA 21 =====

Annual and Sustainability Report 2023 | Cavotec     19
CASE STUDIES
Sweden’s first MoorMaster NxG vacuum 
mooring system officially entered service 
in September 2023, paving the way 
for significant safety, operational and 
sustainability gains. The system, at Port 
of Kapellskär, part of Ports of Stockholm, 
is now being used with Finnlines’ new-
build Ro/Pax passenger and freight 
vessel, Finnsirius.
MoorMaster eliminates the need for 
hazardous mooring lines with automated 
vacuum pads that moor and release 
vessels in seconds at the push of a 
button. The system is in use at a wide 
variety of applications all over the world 
including container handling, ferry, and 
bulk terminals.
MoorMaster NxG has already entered 
service at a number of sites, but the 
Kapellskär application is the first of its 
kind in Sweden.
The system at Kapellskär is being 
used to moor the brand-new Finnsirius, 
which recently won the Ferry Shipping 
Summit’s Ro/Pax of the Year award, and 
that operates the Kapellskär – Långnäs 
– Naantali (Finland) route. The system 
moors and releases the vessel in less 
than 30 and 15 seconds, respectively.
“The vacuum technology improves 
sustainability by providing a safer 
working environment and reduced 
environmental impact,” says Johan 
Wallén, Chief Commercial Officer at Ports 
of Stockholm.
Using MoorMaster enables ships engines’ 
to be shut off sooner after arrival in 
port, resulting in significant fuel savings 
and reduced NOx and CO2 emissions 
and noise reductions – benefits that are 
increased further with connection to shore 
power using Cavotec’s PowerReach 
solution, which has also been installed at 
the Kapellskär berth.
Cavotec provides shore- and ship-based 
shore power connection systems for 
customers all over the world. Ports of 
Stockholm first provided onshore power 
connection for vessels in the 1980s and 
all of its ports are now equipped with 
shore power connection facilities.
Now installed together at Kapellskär, this 
joint MoorMaster NxG and PowerReach 
application provides an example of how 
ports and shipping lines are able to make 
their operations safer, more efficient and 
more sustainable.
APM Terminals MedPort Tangier in 
Morocco is one of the busiest container 
terminals in Africa. Recently, the port 
wanted to simultaneously expand capacity 
to better service increasing traffic volumes 
and reduce emissions and noise at the 
terminal. The port operator chose to 
install Cavotec’s MoorMaster® automated 
vacuum mooring system and increase 
its quay length from 1,200 to 2,000 
metres. By using all-electric or hybrid 
terminal equipment, automated mooring 
technology and other systems, the port 
has successfully expanded its capacity 
and improved the environment at the port 
in terms of reduced emissions and noise.
Cavotec is supplying the port with 
MoorMaster units installed all along the 
800 metre extension, the last of which are 
due to enter service at the beginning of 
2024. The remotely controlled MoorMaster 
units allow vessels to moor in seconds, 
ensuring better safety, significantly 
reducing emissions, and enabling faster 
vessel turnarounds. It is estimated that 
the MoorMaster units will reduce ship 
emissions during berthing in MedPort 
Tangier by more than 90% compared to 
conventional mooring due to reduced use 
of tugs and ship engines.
The units will also create major 
productivity gains at the busy Moroccan 
terminal. Once vessels are moored, 
the MoorMaster units’ active hydraulics 
significantly reduce vessel motion, 
thereby positively impacting terminal 
crane moves per hour. As a result of 
improved efficiency, average vessel call 
times are expected to be reduced by an 
average of two hours in addition to the 
saving of one hour due to faster mooring 
and release times.
“As we see the maritime industry target 
ambitious sustainability goals and move 
towards cleaner future, efficiency is the 
key to reach those targets sooner rather 
than later. MoorMaster provides that 
efficiency by helping MedPort Tangier to 
both expand its capacity and to reach its 
environmental goals. We are very proud 
to support the port in their transformation 
into a modern transshipment hub in the 
Mediterranean”, says Vikesh Dhanpat, 
Global Product Manager at Cavotec.
SEGMENT PORTS & MARITIME |
MoorMaster automated mooring expands capacity at busy Medport Tangier
Cavotec’s MoorMaster and shore power enter service in Stockholm

===== SIDA 22 =====

20     Cavotec  | Annual and Sustainability Report 2023
Our Industry segment offers solutions that drive productivity and contribute to the 
customers’ operational efficiency, safety and electrification. Our solutions include 
motorised cable and hose reels, Human Operator Interface systems, Radio Remote 
Controls, power connectors, slip rings and spring driven cables and hose reels.
“ We will continue to create 
value for our customers 
and at the same time focus 
on our internal efficiency  
to improve profitability.”
Simone Sguizzardi,
President, Industry
We improve our customers’ operations
| SEGMENT INDUSTRY
We support customers in a wide variety of 
industrial sectors, such as cranes, energy, 
processing and transportation, surface 
and underground mining, and tunnelling. 
Mining and construction are the largest 
customer segments. We have worked 
closely during long time with leading 
OEMs in the mining and construction 
sectors such as Caterpillar, Epiroc, 
Sandvik and ThyssenKrupp.
Our competitive advantages
Our ability to understand end customer 
needs and present solutions to help them 
improve their operations is undoubtedly our 
main competitive advantage. With our long 
experience and knowledge of technical 
solutions in tough environments such as 
mines and tunnels, we can actively drive 
the customers’ improvement work. It gives 
us a unique position and creates long-term 
relationships that are strengthened by our 
broad service offering.
Key business progress 2023
Our world’s first ultra-fast Megawatt 
Charging System (MCS) was 
commissioned by a mining site in 
Australia and in full service in the 
beginning of 2024. We launched the 
MCS, which provides up to 4.5 MW of 
power from a single connector, in October 
2022. At the site in Australia, our MCS is 
charging a prototype 240-tonne electric 
haul truck in just 30 minutes. The MCS 
significantly reduces the charging time 
and is a major industrial breakthrough.

===== SIDA 23 =====

Annual and Sustainability Report 2023 | Cavotec     21
Annual and Sustainability Report 2023 | Cavotec     21
SEGMENT INDUSTRY |

===== SIDA 24 =====

22     Cavotec  | Annual and Sustainability Report 2023
Performance 2023
Revenue increased 10.8% to EUR 66.0 
million (59.6). Currency effects had a 
negative impact of -3.3%. The revenue 
increase was mainly driven by good 
demand for reels. Growth in North 
America amounted to 17.6% to EUR 4.8 
million (4.0) and in Asia Pacific to 36.7% 
to EUR 19.1 million (14.0). Revenue in 
Europe and Middle East grew 1.5% to 
EUR 42.2 million (41.6). 
The order backlog decreased -21.6% to 
EUR 23.8 million (30.3).
EBITDA amounted to EUR 3.2 million 
(4.0) and the EBITDA margin decreased 
-2.0 percentage points to 4.8% (6.8%), 
negatively impacted by a high proportion 
of larger projects with lower margins.
| SEGMENT INDUSTRY
SEGMENT INDUSTRY
 Europe and Middle East, 42.2 EUR million
 Asia Pacific, 19.1 EUR million
 North America, 4.8 EUR million
Sales by 
geography  
MEUR

===== SIDA 25 =====

Annual and Sustainability Report 2023 | Cavotec     23
CASE STUDIES SEGMENT INDUSTRY |
Safety is paramount in the mining industry. 
The challenge is to find solutions that 
improve safety and maximise efficiency. 
Through its long-term collaborations with 
customers in the mining sector, Cavotec 
has extensive experience of developing 
solutions that achieve these two aims. In 
2023, Cavotec developed in cooperation 
with Epiroc, a leading productivity and 
sustainability partner for the mining and 
construction industries and a long-term 
customer, a new smart motorised cable 
reel to improve the safety and productivity 
of the company’s underground mining 
operations.
The smart reels monitor applications’ 
critical data such as temperature and 
usage patterns. This gives Epiroc better 
operational visibility, allowing them to 
improve safety and increase efficiency and 
productivity.
“The new smart reel is a prime example 
of our continuous efforts to meet 
our customers’ needs for safety and 
efficiency,” says Benny Törnroos, Regional 
Sales Director at Cavotec. “Through 
our extensive industry expertise and 
technical know-how, we create value for 
our customers and strengthen our market 
position.”
The global mining industry is increasingly 
switching to electric solutions to reduce 
emissions. One of the challenges for the 
sector is to find charging systems for 
new electric heavy-duty vehicles. Cavotec 
has worked closely with customers in the 
mining market for many years, so it made 
sense for us to take on the challenge. 
After two years of development work, in 
2023, we delivered the most powerful 
industrial charging system ever made for 
one of the largest iron ore producers in 
the world.
Our megawatt charging system (MCS) 
provides a solution that charges a 
prototype 240-tonne electric haul truck 
in just 30 minutes. The MCS enables 
the customer to substantially minimise 
environmental impact as part of its 
journey towards zero emissions at the end 
of the decade.
MCS consists of Cavotec’s ultra-fast, 3 
MW charger, high voltage transformer, 
power electronics, MCS connector, cable, 
inlet, and several cooling systems that 
maintain the systems’ continuous and 
stable performance.
“Our world-leading charging system 
shows that we lead the technological 
development,” says Simone Sguizzardi, 
President of Cavotec’s Industry Division. 
“We create value for our customers 
by electrifying their operations and 
contributing to reduced emissions and 
better working environments.”
New smart reel improves safety in underground mines
World’s most powerful charging system reduces emissions in mines

===== SIDA 26 =====

24     Cavotec  | Annual and Sustainability Report24     Cavotec  | Annual and Sustainability Report 2023
Sustainability is not only about taking 
advantage of opportunities, but also about 
identifying and addressing negative risks 
and impacts throughout our value chain. 
We started structured sustainability work in 
2021 and have further intensified the work 
in 2023. During 2023, we have, among 
other things, set up a system for more 
efficient and safer data collection with the 
help of external resources and an online 
platform. With this online data collection 
system, we will improve the quality of data 
as well as the analysis and follow-up of our 
performance. 
In 2023, we also continued the work 
with our double materiality analysis. We 
started work on identifying measures 
that we will have to take in 2024 to 
become compliant with the new European 
Sustainability Reporting Standards. An 
important part of the work is to improve 
the processes for internal control as well 
as reporting to the Cavotec Management 
Team and the Board of Directors. In 
2024, we will also focus on setting 
targets for key performance indicators 
within our prioritised sustainability areas 
environment and climate, our people and 
business ethics. 
ABOUT THE SUSTAINABILITY REPORT 
The sustainability report covers the financial 
year 1 January 2023–31 December 2023 
for Cavotec SA, company registration 
number CHE-440.276.616, registered in 
Lugano, Switzerland. The report covers 
all subsidiaries that are consolidated 
in the financial statements, note 3. For 
questions about how Cavotec works with 
sustainability, or the sustainability report, 
please contact sustainability@cavotec.com.
Scope of data collection
Collected data has been expanded in 2023 
regarding energy use and water. From 
2023, data for energy use covers all units 
in Cavotec. HR data has for all three years 
2021-2023 been collected from all units, 
comprising 100% of all FTEs.
Data for energy use
In 2021, data for energy use covered eight 
facilities in seven countries: Australia, 
China, Finland, Germany (two facilities), 
India, Italy and New Zealand, comprising 
77% of all FTEs.
In 2022, data was expanded to encompass 
also Norway and Sweden, comprising 88% 
of all FTEs.
In 2023, data was expanded to encompass 
also Dubai, France, Malaysia, Netherlands, 
Singapore, Switzerland and the US, 
comprising 100% of all FTEs.
Data for water
In 2022, data for water covered seven 
facilities in six countries: Australia, China, 
Germany (two facilities), Italy, Norway and 
Sweden, comprising 78% of all FTEs.
In 2023, data was expanded to encompass 
also Dubai, Finland, France, India, Malaysia, 
Netherlands, Singapore, Switzerland and 
the US, comprising 96% of all FTEs. New 
Zealand is the only facility not included.
Sustainability drives our business
| SUSTAINABILITY REPORT
Sustainability is close to our hearts and is the basis of our business. The increasing 
focus on sustainability in society and not least the rapidly increasing awareness 
of decarbonisation of society drives our business. The climate issue and the 
importance of decarbonisation are also what motivate us in our daily work.

===== SIDA 27 =====

Annual and Sustainability Report | Cavotec     25
In 2021, we increased our insights about 
our value chain by a simplified life cycle 
analysis (LCA) on four product families: 
Azipod, MoorMaster, Motorised Cable 
Reels, and Alternative Maritime Power 
(AMP). The analysis was made internally 
and developed in accordance with ISO 
14040-14044:2021 on Environmental 
Management: Life Cycle Assessment 
(LCA). As part of the analysis, we identified 
key activities in the value chain with most 
significant negative impacts on water, 
air emissions, soil contamination, noise 
emissions, and hazardous and non-
hazardous wastes. In summary, the analysis 
showed that we have the most significant 
environmental impact in our upstream value 
chain with special emphasis on foundries 
and carpentries in the processing of input 
goods, which impact environmental aspects 
such as emissions of greenhouse gases, 
energy use, waste disposal and water 
consumption.
Upstream
Raw material producers
Cavotec’s products include metals and 
alloys such as steel and aluminum as 
well as rubber. In the processes, various 
solvents and chemicals are used to produce 
the material. Steel is one of the primary 
materials used in the products, which has a 
considerable environmental impact due to 
the extraction of iron ore and production  
of steel. 
Refining
The raw materials are refined in various 
processes to become sub-components 
for the inputs Cavotec purchases. These 
processes are, for example, casting, 
compression moulding, welding and cutting. 
Several actors can work with the same input 
before it has reached the stage where it can 
be included in Cavotec’s products.
Processing of input goods
Cavotec has approximately 2,100 suppliers 
which deliver input goods for the assembly 
of Cavotec’s products and other services. 
The majority of the suppliers are based in 
China, Germany and Italy. 
Our value chain
SUSTAINABILITY REPORT |
By understanding our value chain, we get increased insights about potential 
negative and positive impacts. With that knowledge, we can reduce negative 
impact and take advantage of the opportunities. For us, the main opportunity is 
about creating better products and processes together with our suppliers and 
customers that will accelerate the decarbonisation of society.
Raw material 
producers
Metals
Solvents
Crude petroleum
Refining
Metalworking
Electronics 
components
Synthetic rubber
Processing of 
input goods
Products made of 
metal and rubber
Electronics 
products
Assembly
Service
Sales
Support functions
Customers
OEMs and 
integrators
Port operators
Ship operators
Ship builders
Mining operators
Mining vehicles
End-users
Dock workers
Sailors
Machine operators 
in mines
Distribution channels
Recycling

===== SIDA 28 =====

26     Cavotec  | Annual and Sustainability Report26     Cavotec  | Annual and Sustainability Report 2023
Cavotec’s operations
Assembly
Cavotec has six assembly and production 
units, one each in China, India, Italy, New 
Zealand and two in Germany. The assembly 
units serve their respective regional 
markets. The Indian facility will be officially 
inaugurated in 2024.  
Service
The service organisation supports customers 
through inspections, maintenance as well as 
sales and installation of spare parts. Cavotec 
has service centers with repair shops in 
China, Italy, Norway, Singapore and the US. 
Parts of the service organisation are based 
at the customers’ premises.
Sales
Cavotec has sales offices in Australia, China, 
Finland, Great Britain, India, Hong Kong, 
Norway, Singapore, Sweden, United Arab 
Emirates and the US.
Support functions
The support functions are local, regional and 
at group level. The support functions include 
finance, HR, IT, procurement and legal. 
Cavotec also has an Innovation Center in the 
Netherlands.
Downstream
Customers
Cavotec has over 3,100 active customers 
across the globe. Some products are mostly 
sold to OEMs and integrators. The main 
end customer groups are port operators, 
shipbuilders, producers of mining machinery 
and mining operators. Cavotec’s products 
are often critical where they are used and 
downtime is associated with high costs for 
the customer and/or end customer. The 
products therefore represent a high added 
value for customers and/or end customers. 
End-users
The end-users of Cavotec’s products are 
mainly sailors, dock workers and machine 
operators in mines.
Distribution channels
Throughout the value chain, vessels and 
trucks are used for transport. Flights are only 
exceptionally used for smaller components.
Recycling
Waste materials of metals, plastics and 
rubber are reused throughout the value 
chain. Cavotec’s products, and the products 
where Cavotec’s solutions are included as a 
component, often have long-life time. When 
the products in which Cavotec’s products 
are included, reach the end of their life cycle, 
they are remanufactured or recycled.
| SUSTAINABILITY REPORT
All data refer to financial year 2023. Employee data refer to FTEs at 31 December 2023.
EMPLOYEES BY FUNCTION
 Production, 187
 Engineering, 114
 Service, 97
 Sales, 76
 Sourcing, 48
 Finance, 47
  Management, IT, HR, Marketing  
and communication, Legal, 95
EMPLOYEES BY REGION
 Europe, 401
 Asia, 182
 Oceania, 52
 North America, 27
 Middle East, 2
REVENUE BY REGION
  Europe and Middle East  
and Africa, 88.0 EUR million
 Asia Pacific, 69.8 EUR million
 North America, 23.0 EUR million
Employees 
in total 664
Employees 
by region
Revenue by 
region, MEUR

===== SIDA 29 =====

Annual and Sustainability Report | Cavotec     27
SUSTAINABILITY REPORT |
Our stakeholders’ views and questions 
form the basis of our materiality analysis 
and how we prioritise and work with 
sustainability issues. The stakeholders 
Stakeholder dialogues
Cavotec is daily in dialogues with its stakeholders in many parts of the 
organization. The stakeholders deemed to have the greatest influence on us are 
employees, customers, suppliers, investors and lenders. 
Stakeholder How the engagement  
is organized
Purpose Key sustainability  
topics discussed
How the outcome is taken 
into account by Cavotec
Employees Performance and career 
development reviews, 
workplace meetings, 
employee surveys, internal 
training, intranet. Interaction 
with union representatives.
To create conditions for 
high employee motivation 
through, among other 
things, safe workplaces and 
fair working conditions.
Health and safety. Diversity 
and inclusion. Development 
of skills and capacity. 
Reduction of Cavotec’s 
carbon footprint from its 
operations and products.
Climate change and the 
own workforce are two 
of Cavotec’s material 
sustainability matters.
Customers Business meetings 
and customer surveys. 
Customer events and 
trainings. Customer 
service contacts. Requests 
for quotations and 
procurements.
To demonstrate the 
products’ capacity to 
electrify customers’ 
operations and reduce 
emissions of greenhouse 
gases, and improve 
working environments at 
the customers. To secure 
long-term relationships 
through service agreements. 
To ensure Cavotec’s ability 
to comply with customers’ 
Codes of Conduct for 
suppliers.
Cavotec’s ability 
to contribute to the 
electrification of customers’ 
operations and reduce their 
emissions of greenhouse 
gases, and improve their 
working environment. 
Cavotec’s business model 
and strategy is based on 
the products’ capacity to 
electrify operations and 
reduce emissions as well 
as their contribution to safer 
working environments.
Suppliers Business meetings and 
suppliers’ customer 
surveys. Events and 
trainings arranged by 
suppliers. Customer 
service contacts. Requests 
for quotations and 
procurements. 
To create conditions for on-
time high-quality deliveries. 
To ensure the suppliers’ 
ability to comply with 
Cavotec’s Code of Conduct 
for suppliers.
Logistics and transportations. 
Cavotec’s Code of Conduct 
for suppliers.
Business conduct including 
payment practices is one 
of Cavotec’s material 
sustainability matters. 
Investors, analysts, potential 
investors and lenders
CEO and CFO in meetings 
with shareholders, potential 
investors and lenders. 
Presentations at investor 
meetings and seminars, 
often arranged by banks. 
To create the conditions for 
continued financing and 
value creation.
How Cavotec’s offering 
contributes to electrification 
and reduced emissions. 
Cavotec’s efforts to reduce 
its own emissions, secure 
fair working conditions and 
respect human rights.
Cavotec’s goal is to report 
according to the European 
Sustainability Reporting 
Standards.
STAKEHOLDER DIALOGUES
have in common that the climate issue 
and energy use, fair and safe working 
conditions and business ethics are at the 
top of the agenda.

===== SIDA 30 =====

28     Cavotec  | Annual and Sustainability Report28     Cavotec  | Annual and Sustainability Report 2023
The materiality analysis was made in 
2021 and based on dialogues with 
stakeholders, our risk assessment, and 
an impact model. The analysis followed 
a proven process in line with industry 
best practice and international reporting 
frameworks, as well as incorporating a 
dual materiality perspective. In the dual 
materiality perspective, the financial, legal 
and operational impacts on Cavotec were 
also included. 
Risk assessment 
A sustainability risk assessment was part 
of the materiality analysis and was also 
made in 2021. It covered sustainability 
risks throughout our operations and our 
supply chain. Risks were assessed based 
on probability and the potential impact on 
Cavotec. At that point in time, the main 
risks included: inability to capitalise on 
sustainability due to limited sustainability 
knowledge and increasing investor 
demands, use of natural resources, lack 
of skilled labour, emissions of greenhouse 
gases and effluents to soil, water and air. 
The results of the analysis and 
assessments were compiled in a 
materiality pyramid. The priority areas were 
summarized under the main headings: 
environment and climate, our people and 
business ethics.
Our prioritised sustainability areas
Environment and climate
Cavotec has through its operations 
a negative impact on environment 
and climate which we aim to reduce. 
At the same time, we contribute 
to the sustainability transition and 
decarbonisation of society through our 
products and systems. With our offer, we 
also contribute to increased safety for our 
customers’ employees.
Our people
Our employees are the foundation for our 
ability to deliver safe, high quality, and 
energy efficient products and solutions. 
Therefore, Cavotec needs to be a great 
place to work that prioritise the health and 
safety of our employees, diversity and 
inclusion, and development of skills as 
well as attracting new talent. 
Business ethics
To be a trusted partner for customers that 
want safe and energy efficient solutions, 
Cavotec needs to be a responsible 
business partner by upholding highest 
possible business ethics and fight 
corruption.
Materiality analysis
| SUSTAINABILITY REPORT
Our materiality analysis shows that our prioritised sustainability areas are the 
environment and climate, our people and business ethics. 
MATERIALITY PYRAMID
Focus
Develop
Monitor & manage
Reducing carbon footprint of our  
operations and products
Management of natural resources,  
use of materials, waste and hazardous 
substances
Water and wastewater management Biodiversity and ecosystem impact
Product quality and safety
Sustainability in sourcing and supply chain 
processes (human rights, labour rights, envi-
ronment and anti-corruption
Data and IT security Responsible tax management
Attract and retain employees by  
developing skills and capacity
Diversity and inclusion
Employee health and safety
Upholding business ethics and combat-
ing corruption
  E
  S
  G

===== SIDA 31 =====

Annual and Sustainability Report | Cavotec     29
SUSTAINABILITY REPORT |
The highest governing body responsible 
for sustainability is the Board of Directors. 
The Board is responsible for evaluation, 
strategy, risk control and goal setting 
in the area of sustainability. The CEO is 
responsible for execution of the strategy, 
follow-up and measures as well as 
risk management. The CEO delegates 
responsibility for specific areas to people 
in the Cavotec Management Team. The 
CFO is responsible for sustainability 
issues related to climate, environment 
and business ethics. The Chief Legal & 
Human Resources Officer is responsible 
for compliance and HR.
Sustainability data is collected once a year, 
evaluated by the Cavotec Management 
Team and reported to the Board together 
with action plans if deemed necessary. 
The composition of the Board and 
Cavotec Management Team including the 
respective experiences are described in 
the corporate governance report.
Policies
All sustainability-related Group policies 
are revised when deemed necessary 
and adopted by the Board of Directors. 
The Code of Conduct forms the basis of 
Cavotec’s operations, with the purpose 
of ensuring protection of human rights, 
promotion of fair employment conditions, 
safe working conditions, responsible 
management of environmental issues, 
and high ethical standards. The Code of 
Conduct summarises the internal policy 
documents related to business ethics, 
quality as well as social and environmental 
performance. The Code applies to all 
employees including Board members in 
the Group, individuals or businesses that 
work on behalf of any Cavotec company 
and suppliers. 
The Group’s policies are communicated 
to employees through the intranet and it 
is the responsibility of each manager to 
ensure that all employees have received 
information about and are aware of the 
policies. The managers must also ensure 
that consultants, Directors and others 
working on behalf of Cavotec are aware 
of the policies. The managers must also 
ensure that the suppliers have signed the 
Supplier Code of Conduct. The Code of 
Conduct is also available on Cavotec’s 
website cavotec.com. 
Management systems and 
certifications
An element of the Group’s continuous 
improvement work is the use of 
management systems. By the end of 
2023, Cavotec had three certifications 
covering ISO 9001 Quality Management 
Systems and ISO 14001 Environmental 
Management Systems. The facility in 
Shanghai, China, became ISO 9001 and 
ISO 14001 certified in 2021. The facility in 
Milan, Italy, became ISO 14001 certified 
in 2022. No management systems are the 
result of legal requirements.
Supplier Code of Conduct
The Supplier Code of Conduct sets out the 
basis of Cavotec’s responsible sourcing 
approach and defines the minimum 
standards that suppliers must respect 
when doing business with Cavotec. The 
Supplier Code of Conduct covers, among 
other things, respect for human rights and 
fair labour practices, health and safety, 
environment, business ethics as well 
reporting requirements. It is applicable 
to all suppliers including their corporate 
bodies, employees, representatives, 
subcontractors and sales partners. The 
Code shall be signed by the supplier, 
whereby it commits to adopt and comply 
with the Code. 
Governance
Sustainability and the sustainability work cover all parts of the Group and involve 
all employees and the Board of Directors as well as suppliers.
Policies within the area of 
sustainability
• Anti-Fraud Policy
• Anti-Bribery and Corruption Policy
• Code of Conduct
• Environmental and Sustainability 
Policy
• Gifts and Entertainment Policy
• Supplier Code of Conduct
• Tax Policy
• Whistleblower Policy

===== SIDA 32 =====

30     Cavotec  | Annual and Sustainability Report30     Cavotec  | Annual and Sustainability Report 2023
Our main environmental impacts include 
energy consumption and resulting 
greenhouse gas emissions, natural 
resources use in our products, waste 
generation, and interactions with water. 
We are committed to limit the negative 
environmental impacts from our opera -
tions, our supply chain, and our products 
and services, which is expressed in our 
Environmental and Sustainability Policy. 
We apply the precautionary principle to 
situations where harm may be done to the 
environment or human health, following 
legislation and international initiatives. 
Scope of data collection
In 2023, data has been expanded regard -
ing energy use and data now covers 
all units. In 2021, data for energy use 
covered eight facilities in seven countries: 
Australia, China, Finland, Germany (two 
facilities), India, Italy and New Zealand, 
comprising 77% of all FTEs. In 2022, 
data was expanded to encompass also 
Norway and Sweden, comprising 88% of 
all FTEs. In 2023, data was expanded to 
encompass also Dubai, France, Malaysia, 
Netherlands, Singapore, Switzerland and 
the US, comprising 100% of all FTEs.
Data collected for fuel includes all 
company cars the years 2022-2023, but 
only for part of the car fleet in 2021. In 
previous sustainability reports, energy 
from stationary combustion has been 
classified as district heating. This has 
been corrected in this year’s sustainability 
report where stationary combustion 
energy is included in fuels.
Energy use
We are taking action to reduce our 
climate impact from energy use by 
improving the energy efficiency. In our 
largest facility in Italy, we have invested in 
geothermal energy, and there is a photo-
voltaic system on the roof that covers 
approximately 22% of the facility’s total 
energy consumption. In 2023, 31% (36%) 
of Cavotec’s electricity consumption 
came from renewable energy and 180 
(166) MWh was sold back to the grid.
Environmental and climate impact
| SUSTAINABILITY REPORT
Climate change is one of the major challenges facing the world today and we are 
determined to play our role in climate change mitigation and adaptation. Questions 
regarding water stewardship and circularity are also high on our agenda.
ENERGY PRODUCED, CONSUMED AND SOLD
MWh 2021 2022 2023
Total energy produced 291 310 2,689
Total energy produced 291 310 2,689
 – of which geothermal for heating and cooling – – 2,389
 – of which photovoltaic for electricity 291 310 300
Total energy produced and consumed 261 274 2,635
 – of which geothermal for heating and cooling – – 2,389
 – of which photovoltaic for electricity 261 274 246
Total energy produced and sold 98 166 180
 – of which renewable 30 36 54
 – of which non-renewable 68 130 126
ENERGY CONSUMPTION
MWh 2021 2022 2023
Fuels including gas, petrol and diesel 1,418 1,467 1,441
Electricity 2,356 2,489 2,032
    – of which non-renewable 1,448 1,594 1,400
 – of which renewable 908 895 631
Renewable energy share of total consumption 39% 36% 31%
District heating 128 125 122
Total energy consumption 3,902 4,081 3,595
Energy consumption, kWh/net sales 0.03370 0.02760 0.01989

===== SIDA 33 =====

Annual and Sustainability Report | Cavotec     31
SUSTAINABILITY REPORT |
GHG emissions
We want to contribute to mitigation and 
adaptation of climate change not only by 
providing solutions that have potential 
benefits but also in our own operations. 
Energy use is the primary contributor to 
greenhouse house emissions from our 
own operations. 
As part of the preparations to report 
according to the new European 
Sustainability Reporting Standards, 
we will start work on screening Scope 
3 emissions in 2024. Pending the 
mapping of Scope 3 emissions, we only 
report Scope 1 and 2. Scope 1 is direct 
emissions and includes emissions from 
company cars and heating. Scope 2 is 
indirect energy related emissions from 
electricity and district heating. Scope 3 
is indirect emissions in the value chain.
Greenhouse gases have been calculated 
in accordance with the GHG Protocol, 
using emission factors from DEFRA 
(2023) for Scope 1 and DEFRA (2022) 
for Scope 2. The calculation covers 
carbon dioxide (CO₂), methane (CH₄), 
nitrous oxide (N₂O), hydrofluorocarbons 
(HFCs), perfluorocarbons (PCFs), 
sulphur hexafluoride (SF₆) and nitrogen 
trifluoride (NF₃).
Water management
We acknowledge that fresh water is a 
scarce resource, and we aim to foster 
responsible water stewardship in all our 
facilities by monitoring water use and 
ensure water effluents is treated correctly. 
For our own operations, the primary use 
of water is for sanitary purposes and 
drinking water. However, the geothermal 
energy for the Italian site utilises water 
which is controlled regularly and follows 
all legal requirements. 
In 2022, data for water covered seven 
facilities in six countries: Australia, China, 
Germany (two facilities), Italy, Norway and 
Sweden, comprising 78% of all FTEs.
In 2023, data was expanded to encompass 
also Dubai, Finland, France, India, Malaysia, 
Netherlands, Singapore, Switzerland and 
the US, comprising 96% of all FTEs. New 
Zealand is the only facility not included. 
We have not reported any water 
consumption 2021-2023, i.e. water 
consumed so that it is no longer available 
for use by the ecosystem or local 
community. 
Waste management
We generate waste on our facilities 
from packaging of parts from suppliers 
and general waste from the offices. We 
acknowledge the need for a transition to 
a circular economy and minimise waste. 
Collaboration for circularity and 
reduced use of resources
To be successful in establishing circularity 
and reduced need for virgin raw materials, 
we have to collaborate with our suppliers. 
For example, steel is one of the primary 
materials used in our products, which has 
a considerable environmental impact due 
to the extraction of iron ore and production 
of steel. We are keeping an eye on the 
development of steel produced without the 
use of fossil fuels and will review suppliers’ 
processes for minimising environmental 
impact at the time of mining.
GHG EMISSIONS
CO2e ton 2021 2022 2023
Scope 1 243 233 286
Scope 2 976 1,025 842
Total Scope 1-2 1,219 1,258 1,128
Total Scope 1-2/net sales, kg 0.0105 0.0085 0.0060
Scope 3 331 338 202
Total Scope 1-3 1,550 1,596 1,330
Total Scope 1-3/net sales, kg 0.0134 0.0108 0.0074
WATER USAGE AND DISCHARGE
Megaliters 2021 2022 2023
Water usage 2.50 2.51 4.23
Water discharge 2.50 2.51 4.23
Water usage/net sales, liters 0.0215 0.0170 0.0234
Water discharge/net sales, liters 0.0215 0.0170 0.0234

===== SIDA 34 =====

32     Cavotec  | Annual and Sustainability Report32     Cavotec  | Annual and Sustainability Report 2023
| SUSTAINABILITY REPORT
Cavotec is a global company with 
operations in 18 countries and have 
therefore created a model where the HR 
organisation is embedded in all local 
operations. The directions are given by the 
Group and relayed in the regions by HR 
business partners who support leaders 
locally. HR is furthermore supported by 
finance and administrative functions at 
each location, who are responsible for the 
day-to-day implementation and upholding 
of our HR practices and processes. 
At the end of 2023, 181 of our employees 
were covered by collective agreements, 
which constitutes 27% of the total 
number of FTEs. Over 94% of temporary 
employees are permanent employees 
and 98% are full-time employees. Women 
are underrepresented and make up only 
18% of the total number of FTEs. At 
year-end, Cavotec had four FTEs who are 
not employees (consultants, interns or 
volunteers).
Everything we do at Cavotec rests on 
respect for human rights and labour rights. 
We comply with international, national 
and industry-related laws, guidelines 
and collective agreements relating to 
working conditions, working hours and 
compensation. We respect and promote 
fairness, and the right of each employee 
to a safe working environment where all 
employees are treated with dignity and 
respect. Employees with comparable 
qualifications, experience and performance 
will receive equal pay for equal work with 
respect to those performing similar tasks 
under similar working conditions and 
similar output. The different backgrounds, 
experiences and opinions of our employees 
enrich our expertise and drive innovation 
and growth.
Non-discrimination and equal value
Our Code of Conduct strictly prohibits 
direct and indirect forms of discrimination 
and harassment of any kind. This includes, 
but is not limited to, discrimination based 
on age, ethical and cultural background, 
gender, religion, sexual identity, disability, 
race, colour, political opinion, social origin, 
social status, indigenous status, union 
membership or employee representation 
and any other characteristic protected 
by local law, as applicable. In 2023, two 
cases of discrimination were reported in 
the organisation. Both cases have been 
investigated and remedied.
Our corporate values
Our success rests on our core values: 
Integrity, Accountability, Performance, 
and Teamwork. We are committed to 
developing and maintaining a workplace 
where our employees can learn and 
develop with the respect and support 
of their colleagues and managers. 
Our open, non-hierarchical working 
environment encourages the free 
exchange of ideas and mutual respect 
between individuals that underpin 
our unique capabilities as a leading 
engineering group. Regardless of where 
they work, we want our people to feel 
safe and develop a sense of belonging 
that will fuel our success in being a 
leader in decarbonising maritime and 
industrial activities around the globe. 
Caring for our people
Attracting skilled, open, and curious people is fundamental to an engineering 
company like Cavotec. For close to 50 years we have pioneered innovative solutions 
and are determined to continuing to create value. With global presence, we can 
reap the benefits of our different cultures, and create a learning organisation with 
motivated employees.
EMPLOYMENT BY CONTRACT, TYPE AND GENDER
FTEs at 31 December 2021 2022 2023
Women/men Total Women/men Total Women/men Total
Permanent, women/men 109/444 553 103/459 562 111/516 627
Temporary, women/men 8/42 50 9/60 69 7/30 37
Full-time, women/men 112/485 597 109/518 627 112/541 653
Part-time, women/men 5/1 6 3/1 4 6/5 11
Total FTEs, women/men 117/486 603 112/519 631 118/546 664
Percentage women/men of total FTEs 19%/81% 100% 18%/82% 100% 18%/82% 100%

===== SIDA 35 =====

Annual and Sustainability Report | Cavotec     33
SUSTAINABILITY REPORT |
Employer attraction
For Cavotec to remain innovative and competitive, we need to attract, develop, and retain top-talents. We believe that our purpose of 
bringing high-quality solutions that drive the sustainability transition of our customers, both regarding safety and decarbonisation, can 
attract talented engineers that wants to make a difference. We believe that the key to retain our employees is to focus on health and 
safety, to be a responsible employer, and to offer development programs.
EMPLOYEES BY REGION AND CONTRACT
FTEs at 31 December 2021 2022 2023
Permanent/temporary Total Permanent/temporary Total Permanent/temporary Total
Asia 111/6 117 129/39 168 159/23 182
Europe 368/43 401 361/29 390 390/11 401
North America 28/1 29 28/0 28 27/0 27
Middle East 6/- 6 2/0 2 2/0 2
Oceania 50/- 50 42/1 43 49/3 52
Total 553/50 603 562/69 631 627/37 664
EMPLOYEES BY FUNCTION AND AGE
FTEs at 31 December,  
% of total 2021 2022 2023
Women/men
Age <30/ 
30-50/>50 Women/men
Age <30/ 
30-50/>50 Women/men
Age <30/ 
30-50/>50
Cavotec Management Team 13%/87% 0%/26%/74% 14%/86% 0%/43%/67% 14%/86% 0%/43%/57%
Division Management Teams 
and Group functions 23%/77% 10%/80%/10% 19%/81% 0%/67%/33% 15%/85% 0%/70%/30%
Employees 19%/81% 6%/76%/18% 18%/82% 10%/65%/25% 18%/82% 8%/66%/25%
Total 19%/81% 6%/77%/17% 18%/82% 10%/64%/26% 18%/82% 8%/66%/26%
NEW EMPLOYEES HIRES AND EMPLOYEE TURNOVER
2021 2022 2023
New employee 
hires/ 
% of total
Employee 
turnover/ 
% of total
New employee 
hires/ 
% of total
Employee 
turnover/ 
% of total
New employee 
hires/ 
% of total
Employee 
turnover/ 
% of total
Women 26/4% 20/3% 37/6% 38/6% 33/22% 28/4%
Men 96/16% 37/6% 171/27% 142/23% 116/78% 88/14%
Age <30 7/1% 5/1% 52/8% 33/5% 34/23% 18/3%
Age 30-50 104/17% 48/8% 128/20% 110/17% 98/66% 74/12%
Age >50 10/2% 4/1% 28/4% 37/6% 17/11% 24/4%
Asia 42/7% 16/3% 97/15% 62/10% 52/35% 22/3%
Europe 66/11% 30/5% 99/16% 104/16% 72/48% 74/12%
North America 3/0.5% 6/1% 6/1% 2/0% 4/3% 8/1%
Middle East 0/0% 0/0% 0/0% 1/0% 0/0% 0/0%
Oceania 10/2% 5/1% 6/1% 11/2% 21/14% 12/2%
Total 121/20% 57/9% 208/33% 180/29% 149/100% 116/18%
PERFORMANCE REVIEWS
2021 2022 2023
Women/men Total Women/men Total Women/men Total
Cavotec Management Team 100%/100% 100% 100%/100% 100% 100%/100% 100%
Division Management Teams 
and Group functions 100%/100% 100% 100%/100% 100% 100%/100% 100%
Employees 78%/79% 79% 73%/79% 78% 83%/84% 93%
Total 80%/80% 80% 74%/81% 79% 85%/84% 84%

===== SIDA 36 =====

34     Cavotec  | Annual and Sustainability Report34     Cavotec  | Annual and Sustainability Report 2023
| SUSTAINABILITY REPORT
Occupational health and safety
Cavotec is committed to provide a safe 
and healthy working environment for all 
our employees. We integrate health and 
safety in the management of our business 
to prevent accidents and to protect 
people at work, with a vision of zero work-
related accidents. 
Overall, our operations do not imply high 
safety risks. In general, our operations 
handle smaller cuts and other incidents 
that can be treated on site using bandaid. 
We have a robust set of procedures and 
standards to reinforce a strong health and 
safety culture across the organisation. We 
review any shortcomings in health and 
safety management, learn from experience 
to improve our performance. We 
continuously assess the operational health 
and safety aspects of our operations, 
processes, and services, and act upon 
safety improvements and incidents in 
accordance with our escalation procedure.
Given our global presence and varied 
operations, we are tailoring our 
occupational health and safety routines to 
suit each Cavotec site. Safety walks are 
conducted at each operation center on a 
regular basis. When safety improvements 
are identified during these walks, 
employees are invited to record safety 
improvements and share them. 
It is our ambition to certify all assembly 
and production facilities to ISO 45001 
or similar standard and follow equivalent 
procedures at all other operations.
Cavotec’s largest unit is the Italian one 
with 167 FTEs. The Italian facility is 
ISO 45001 certified and procedures 
such as weekly safety walk are carried 
out. If a health and safety hazard is 
identified during a weekly safety walk, 
appropriate corrective actions are taken, 
by for example creating a work group. 
Each issue is recorded, and the staff is 
informed when a corrective action has 
been implemented and proven efficient. 
In addition to weekly safety rounds, 
the Italian site engage in a regionally 
promoted “Work-health Program” that 
encourages health initiatives. Following 
the progress of the Italian facility, we are 
working to implement efficient measures 
at our other sites in all our countries 
of operation, ensuring state of the art 
occupational health and safety across the 
organisation.
In 2023, we had 0 (0) non-fatal or fatal 
injury arising out of or in the course 
of work such as amputation of a limb, 
laceration, fracture, hernia, burns, loss 
of consciousness, and paralysis, among 
others. Cavotec has not gathered 
information about injuries in 2023 which 
relate to for example minor burns, falls 
and smaller cuts.
OCCUPATIONAL INJURIES
FTEs 2021 2022 2023
Number of 
employees/
number of  
non-employees
Rate in 
relation to 
total worked 
hours
Number of 
employees/
number of  
non-employees
Rate in 
relation to 
total worked 
hours
Number of 
employees/
number of  
non-employees
Rate in 
relation to 
total worked 
hours
Fatalities due to work related injury 0/0 -/- 0/0 -/- 0/0 -/-
High consequences injury 0/0 -/- 0/0 -/- 0/0 -/-
Recordable injury 5/0 0.1/- 1/0 0/- N/A N/A
The rate is based on 200,000 worked hours.

===== SIDA 37 =====

Annual and Sustainability Report | Cavotec     35
SUSTAINABILITY REPORT |
The Code of Conduct sets the standard 
for how Cavotec conducts its business, 
ethically and in accordance with applicable 
laws and regulations. The Code of Conduct 
is supported by our Anti-Bribery Policy, 
our Anti-Fraud Policy and our Gifts and 
Entertainment Policy. 
We have a zero-tolerance policy towards 
all forms of corruption. In order to build 
capacity and knowledge of corruption 
and fraudulent behaviour, all our new 
employees receive training on our internal 
policies when joining Cavotec, as well as a 
complete policy package. The onboarding 
training is supplemented by additional 
trainings covering issues such as anti-trust 
and anti-bribery, which is done on a bi-
annual and/or on-demand basis. It is the 
responsibility of each employee to read, 
understand and comply with the policies.
We are committed to combating all forms 
of corruption and acting professionally 
and fairly in all our business activities and 
relationships, wherever we operate. How 
we manage anti-bribery and corruption 
is governed by internal policies, and we 
evaluate all potential business expansions 
from a bribery and corruption perspective, 
where we conduct a third-party due 
diligence when high risks are identified. 
It is the responsibility of all those working 
with us to prevent, detect and report any 
kind of corruption, bribery, or other forms of 
unethical business conduct. 
In 2023, there has not been any legal actions 
regarding corruption, anti-competitive 
behaviour or violations of anti-trust and 
monopoly legislation.
Whistleblower function
Our whistleblower function is only available 
internally. We have the intention to set 
up at whistleblower function which is 
available externally through our website 
cavotec.com. When using the whistleblower 
function, employees can be anonymous 
and whistleblowers are protected against 
retaliation. 
In 2023, no reports were filed through the 
whistleblower function. 
Data and information security
In today’s digital world a responsible 
business needs to reduce risks related to 
cyber security and data privacy. Information 
is a valuable asset to Cavotec and exercise 
care when handling, receiving and storing 
sensitive information from customers, 
stakeholders and suppliers. Further, we 
respect the privacy of all individuals and 
the confidentiality of any personal data that 
Cavotec holds about them. We commit 
to continuously improve our data and 
information security and to proactively 
reduce risks. Through our Code of Conduct, 
our employees are informed on how to 
handle data and information. Any data 
breaches are reported and appropriately 
escalated. In 2023, no losses of customer 
data or other personal data were reported.
Tax management
Tax matters are discussed with the Audit 
Committee and governed by our Tax 
Policy. Cavotec’s approach is to improve 
tax efficiency by using tax credit initiatives 
offered in the different countries where we 
operate. 
Cavotec and its subsidiaries pay tax in 
the countries where value is generated 
in accordance with local tax laws and 
regulations. Cavotec does not engage in 
aggressive or artificial transactions whose 
sole or main purpose is to create a tax 
advantage. If there is more than one way 
to structure a transaction, Cavotec may 
to optimise its tax situation by choosing 
the option that achieves the Group’s 
commercial objectives with the lowest tax 
expense.
Cavotec’s tax declarations must be 
submitted on time and comply with relevant 
tax laws and regulations. Any material 
errors or omissions that are discovered 
in tax declarations must immediately be 
reported to the relevant tax authorities. 
Business ethics
To be the business partner of choice for customers and suppliers, we must uphold 
high business ethics. For us, business ethics is also about being a good citizen 
and having a responsible tax management.

===== SIDA 38 =====

36     Cavotec  | Annual and Sustainability Report36     Cavotec  | Annual and Sustainability Report 2023
| SUSTAINABILITY REPORT
Taxes must be paid when due. Tax inquiries 
and audits by the authorities must be 
answered openly and honestly and in a 
timely manner. All Group companies must 
have an updated transfer pricing policy that 
follows OECD guidelines. 
Suppliers
Our Supplier Code of Conduct sets out 
the basis of our responsible sourcing 
approach. It defines not only the 
nonnegotiable minimum standards that 
we ask our suppliers to respect when 
conducting business with Cavotec, but also 
the expression of values which are shared 
throughout Cavotec, its various businesses 
and affiliates and that we encourage our 
suppliers to adhere to.
Our Supplier Code of Conduct covers, 
among other things, respect for human 
rights and fair labour practices, health and 
safety, environment, business ethics as well 
reporting requirements. It is applicable to 
all our suppliers including their corporate 
bodies, employees, representatives, 
subcontractors and sales partners. It 
shall be signed by the supplier, whereby 
it commits to adopt and comply with the 
Code of Conduct. 
Cavotec has not yet collected data about 
the number of direct suppliers that has 
signed the Supplier Code of Conduct. 
Target 7.2 means that by 
the year 2030, the share 
of renewable energy in the 
global energy mix must have 
increased significantly. We 
contribute to this develop-
ment by, for example, installing shore power 
connections in vessels and electrifying cable 
reels. In this way, we increase the opportunity 
for our customers and our customers’ custom-
ers to use renewable energy.
Target 11.6 means that the 
cities’ negative environmental 
impact per capita must be 
reduced by 2030 at the lat-
est with special attention to 
air quality and municipal and 
other waste management. We contribute to the 
goal through our solutions that make the air 
cleaner and reduce noise in ports and terminals. 
In this way, urban environments are improved all 
over the world thanks to our solutions.
Target 8.2 means that workers’ 
rights must be protected and 
safe and secure working envi-
ronments must be promoted 
for all workers. Through, for 
example, our automatic moor-
ing solutions, we contribute to improving working 
conditions for sailors and dock workers. Another 
example is the use of shore power solutions, 
which contributes to improved working condi-
tions thanks to reduced noise and diesel fumes.
Target 16.5 means that 
 corruption and bribery in all 
its forms must be significantly 
reduced. We contribute to the 
goal by having zero tolerance 
for  corruption and bribery in all 
parts of our value chain.
Target 9.4 means that 
infrastructure and industries 
must be upgraded and 
modernised by 2030 to 
make them sustainable, 
with increased resource use 
efficiency and greater introduction of clean 
and environmentally friendly technologies and 
industrial processes. We contribute to the target 
by retrofitting and equipping vessels and cranes 
with electrical solutions that significantly reduce 
greenhouse gas emissions. Through our charg-
ing solutions, we make it possible for the mining 
industry, among other things, to use electricity 
driven, heavy-duty trucks in its operations.
Our contribution to the UN SDGs
Through our offer and operations, we contribute to the UN Sustainable 
Development Goals. Cavotec most clearly contributes to five of the 17 UN 
Sustainable Development Goals.

===== SIDA 39 =====

Annual and Sustainability Report | Cavotec     37
Annual and Sustainability Report 2023 | Cavotec     37
SUSTAINABILITY REPORT |

===== SIDA 40 =====

38     Cavotec  | Annual and Sustainability Report 2023
A. REMUNERATION GOVERNANCE 
AND PRINCIPLES
1. Shareholder engagement
The articles 734 et seq. CO of the Swiss 
Code of Obligations (“CO”) – which, as of 
1. January 2023 and with respect to the 
financial year (“FY”) 2023, have replaced 
the previous applicable Ordinance Against 
Excessive Compensation at Public 
Corporations (VegüV) – require listed 
companies incorporated in Switzerland to 
publish a remuneration report. 
Cavotec SA (the “Company” or 
“Cavotec”) is a Swiss incorporated 
company but listed on Nasdaq Stockholm, 
Sweden. The corporate governance 
of Cavotec is therefore based on both 
Swiss and Swedish rules and regulations, 
including the CO and the Swedish Code 
of Corporate Governance (Sw. Svensk 
kod för bolagsstyrning).
This remuneration report (the 
“Remuneration Report”) for the FY2023 
has been prepared in accordance with 
articles 734 et seq. CO and describes, 
inter alia, Cavotec’s compensation system 
and philosophy, and provides details of 
the remuneration paid to the Company’s 
board of directors (the “Board”) and to 
the Company’s chief executive officer (the 
“CEO”) in 2023.
Under the CO, the maximum aggregate 
remuneration for the members of the 
Board and of the management team 
is subject to approval by the general 
meeting of shareholders upon proposal 
by the Board. In addition, certain 
matters relating to remuneration must be 
governed by the Company’s articles of 
association, including the details of such 
votes on remuneration and the principles 
governing remuneration. Cavotec’s 
articles of association (the “Articles of 
Association”) include these matters 
regarding remuneration in Articles 16a et 
sec. and can be viewed online at: http://
ir.cavotec.com -> Corporate Governance 
-> Articles of Association.
The key provisions of the Articles of 
Association are summarized below:
• Votes on remuneration (Article 16b): 
Every year, the Company’s annual 
general meeting (the “AGM”) votes 
separately and bindingly on the 
maximum aggregate remuneration of 
the Board for the term of office until 
the next AGM and on the maximum 
aggregate remuneration of the CEO 
(fixed and variable components) for the 
subsequent FY.
• Loans and credits (Article 16j): Loans 
and credits may not be granted to 
members of the Board or the CEO.
• Additional amount for a newly appointed 
CEO (Article 16c): If the maximum 
aggregate remuneration already 
approved by the AGM is not sufficient 
to cover the remuneration for a newly 
appointed CEO, the Company may pay 
an additional amount up to 100% of the 
last maximum aggregate remuneration 
amount approved.
Starting from the FY2024, following 
an assessment by the Company of its 
organization (and in particular the internal 
decision-making process), the Company 
will formally consider not only the CEO to 
form part of the Cavotec’s management 
team, but also additional members working 
for the management team of Cavotec who 
have substantial decision-making power 
(the “Management Team”). For this 
reason, the Remuneration Report starting 
from the FY2024 (AGM 2025) will provide 
additional information not only related to 
the CEO, but also to the Management 
Team in accordance with the above-
mentioned extended definition. To reflect 
this assessment, the Board will propose 
to the 2024 AGM to update the Articles of 
Association (in particular the 16a et sec.) 
accordingly. 
Any reference to “Management” 
respectively “Management Team” in this 
Remuneration Report for the FY2023 and 
limited for the FYs up to and including 
FY2023, refers to the CEO only.
In line with the above, and in particular 
the above-described assessment of the 
Company regarding its Management 
Team, the Board will submit three 
separate remunerations related proposals 
for shareholder approval at the 2024 AGM 
as illustrated in Table 1:
TABLE 1: REMUNERATION-RELATED SHAREHOLDER APPROVALS
Object Action at 2024 AGM 2024 2025 2026
Remuneration report 2023 approval of the 2023 remuneration report
Board remuneration 2024 approval Board remuneration for AGM 2024 
to AGM 2025 (term of office)
Management Team 
remuneration 2024*
* Only for this year in the 2024 AGM
approval of the Management Team 
remuneration for FY2024, taking into 
consideration the maximum aggregate 
remuneration amount of EUR 2,200,000 for 
the CEO for FY2024 that has already been 
approved by the 2023 AGM*
Management Team 
remuneration 2025
approval of the Management Team 
remuneration for FY2025
Beginning 
of the FY
Jan 01
Beginning 
of the FY
Jan 01
Beginning 
of the FY
Jan 01
AGM
May
AGM
May
AGM
May
| REMUNERATION REPORT
Remuneration report 2023

===== SIDA 41 =====

Annual and Sustainability Report 2023 | Cavotec     39
• This Remuneration Report for the 
FY2023 (consultative vote).
• The maximum aggregate remuneration 
amount for the Board for the term of 
office from 2024 AGM to 2025 AGM 
(binding vote).
• The maximum aggregate remuneration 
amount for the Management Team (as 
defined above) for the FY2024 that 
started January 1, 2024, and that will end 
on December 31, 2024 (binding vote), 
taking into consideration the maximum 
aggregate remuneration amount of EUR 
2,200,000 for the CEO for the FY2024 
business year that has already been 
approved by the 2023 AGM.
• The maximum aggregate remuneration 
amount for the Management Team (as 
defined above) for the (next) FY2025 
starting January 1, 2025, and that will 
end December 31, 2025 (binding vote).
With respect to the FY2022 and FY2023 
the following was implemented:
• At the 2022 AGM held on June 2, 2022, 
shareholders approved (i) a maximum 
aggregate amount of EUR 0.5 million 
for the remuneration for the Board 
for the term of office from 2022 AGM 
to 2023 AGM; and (ii) a maximum 
aggregate amount of EUR 2,900,000 
for the remuneration for the CEO for the 
FY2023 started January 1, 2023, and 
that ended on December 31, 2023.
• At the 2023 AGM held on June 1, 2023, 
shareholders approved (i) a maximum 
aggregate amount of EUR 0.5 million 
for the remuneration for the Board 
for the term of office from 2023 AGM 
to 2024 AGM; and (ii) a maximum 
aggregate amount of EUR 2,200,000 
for the remuneration for the CEO for the 
FY2024 year started January 1, 2024, 
and ending December 31, 2024.
2. Governance on remuneration 
matters
The decision authority on remuneration 
matters is summarized in Table 2.
The current members of Cavotec’s 
remuneration committee (the 
“Remuneration Committee”) are 
Keith Svendsen, Patrik Tigerschiöld and 
Peter Nilsson (the latter as chairman; 
the “Chairman of the Remuneration 
Committee”).
Members of the Remuneration Committee 
are elected annually and individually by 
the shareholders at the respective AGM. 
The Chairman of the Remuneration 
Committee reports to the full Board after 
each Remuneration Committee’s meeting. 
The minutes of the meetings are made 
available to the members of the Board. The 
CEO and Cavotec’s chief human resources 
officer (CHRO) attend the Remuneration 
Committee’s meetings in an advisory 
function but are excluded from certain 
discussions. The Remuneration Committee 
may decide to consult an external advisor 
on specific remuneration matters.
3. Activities of the Remuneration 
Committee during FY 2023
The Remuneration Committee meets as 
often as business requires but at least 
once per year.
The Remuneration Committee held five 
meetings in FY2023.
The Remuneration Committee has the 
following duties and competences:
• Reviewing and advising the Board on 
the terms of appointment of the CEO.
• Reviewing working environments and 
succession planning for the CEO and 
other members of senior management.
• Reviewing the terms of the employment 
arrangements with the CEO and other 
members of senior management so 
as to develop consistent group-wide 
employment practices subject to 
regional differences.
• Reviewing of and making proposals to 
the Board on the remuneration of the 
members of the Board, the CEO and 
other members of senior management.
• Reviewing the terms of the Company’s 
short- and long-term incentive plans.
• Submission of a draft of the 
Remuneration Report to the Board.
Details on Remuneration Committee’s 
members and their meeting attendance 
are provided in Cavotec’s Corporate 
Governance Report on page 46.
4. Remuneration principles
Cavotec’s remuneration programs are 
designed to recognize and reward 
performance, enabling the organization 
to attract, motivate and retain talented 
employees who drive performance to 
ensure both sustained growth and value 
creation.
The compensation of the Management 
Team and Board members is reviewed 
on an annual basis to ensure continued 
alignment with the Cavotec’s group’s (the 
“Group”) strategy and market practice.
B. REMUNERATION SYSTEM
1. Remuneration system of the Board
To ensure its independence in fulfilling its 
supervisory duties, the remuneration of 
the Board is fixed and does not contain 
any variable component.
The chairman of the Board receives a 
fixed annual base fee of EUR 95,000. 
TABLE 2: GOVERNANCE ON REMUNERATION MATTERS
CEO
Remuneration 
Committee Board AGM
Remuneration principles (Articles of Association) Recommends Proposes Approves
Remuneration report Recommends Proposes Approves
Remuneration principles and system for the Board and the CEO Recommends Review Approves
Remuneration principles and system for the Management Team Proposes Review Review Approves (as
of FY2024)
Maximum aggregate amount of the remuneration for the Board members Proposes Review Approves
Maximum aggregate amount of the remuneration of the CEO Proposes Recommends Approves
Maximum aggregate amount of the remuneration of the Management Team Proposes Review Recommends Approves
REMUNERATION REPORT |

===== SIDA 42 =====

40     Cavotec  | Annual and Sustainability Report 2023
The chairman of the Board is not entitled 
to being compensated for assuming 
additional committee responsibilities. 
Other members of the Board receive a 
fixed annual base fee and fixed fees for 
membership in Board’s committees.
The amounts of the base fee and 
committee membership fees, as illustrated 
in Table 3, reflect the responsibility and 
time requirement inherent to the respective 
function. 
The base fee and committee membership 
fees are paid 100% in cash.
2. Remuneration system of the 
Management Team
The remuneration elements for the 
Management Team consist of four 
components:
a) salary
b) pension
c) other benefits
d) performance-based non-equity cash 
compensation (“STIP”)
e) performance-based equity-based 
incentives (“LTIP”)
For the FY2023 as part of this 
Remuneration Report 2023, only the 
remuneration of the CEO is summarized in 
Table 4. Any reference to “Management” 
or “Management Team” in this 
Remuneration Report for the FY2023 and 
limited for the FYs up to and including 
FY2023 refers thus to the CEO only.
Starting from the FY2024, the aggregate 
remuneration of the Management Team 
(as defined above), including the CEO, 
will be accordingly reflected as part of 
the Remuneration Report for the FY2024 
et sec.
a) Base salary
Base salary is the fixed remuneration paid 
to employees for carrying out their role. 
It is designed to be attractive and market 
competitive and is established considering 
the following factors:
• scope and responsibilities of the role, 
as well as qualifications and experience 
required to perform the role, market 
value of the role in the location in which 
Cavotec competes for talent;
• skills and expertise of the individual in 
the role.
The base salary is paid out to the 
Management Team in twelve equal 
monthly cash instalments.
b) Pension benefits
The purpose of pension benefits is to 
provide security for employees and their 
dependents in the event of retirement, 
sickness, inability to work and death. 
The Management Team’s members 
participate in the social insurance and 
pension plans in the countries where their 
employment contracts were entered into. 
The plans vary according to local market 
practice and legislation; at a minimum 
they reflect the statutory requirements of 
the respective countries. In line with local 
employment practice for Swiss employees, 
Management Team’s members under 
Swiss employment contracts are 
covered by the Company’s compulsory 
occupational pension scheme.
c) Other benefits
In addition, Cavotec aims to provide 
competitive employee benefits. Benefits 
are considered from a global perspective, 
while appropriately reflecting differing 
local market practice and employment 
TABLE 3: REMUNERATION SYSTEM OF THE BOARD FOR ONE TERM OF OFFICE, IN EUR (GROSS AMOUNT)
Base fee
Patrick Tigerschiöld (Chairman) 95,000
Member 35,000
Committee fee Chair Member
Audit Committee 10,000 5,000
Remuneration Committee 10,000 5,000
TABLE 4: REMUNERATION SYSTEM OF THE CEO
Fixed Pay Variable Pay
Base Salary Pension & other benefits Short-term incentive plan (STIP) Long-term incentive plan (LTIP)
Purpose Attract and retain Risk protection, Market 
competitiveness
Focus on the delivery of the year’s 
commitments
Focus on the long-term success 
of the Group and align with 
shareholders’ interests
Performance period – – 1 year 3 years
Key drivers Role, responsibility, 
experience
Legal requirements & 
market practice
Group, Division and personal 
performance (if relevant)
Group long-term performance
Reward instrument Cash Pension, insurance plans 
and cash
Cash Performance shares
KPIs – – Revenues, EBIT, Cash flow EPS (65%), Relative TSR (35%)
Target incentive – – 80% of base salary for the CEO, 
40% of base salary for CMT 
members
60% of base salary for the CEO, 
40% of base salary for CMT 
members
Payout range – – 0–100% of target amount for each 
KPI
0-100% of number of granted PS 
for each KPI
Impact of share price 
on payout value
– – – Yes
| REMUNERATION REPORT

===== SIDA 43 =====

Annual and Sustainability Report 2023 | Cavotec     41
conditions. For the Management Team’s 
members, benefits may include local 
market benefits such as transportation 
allowances, health cover, etc. The 
monetary value of these remuneration 
elements as disclosed in the remuneration 
Table 4 is based on the actual amount 
paid as well as the best estimate for the 
amounts yet to be paid.
d) Short-Term Incentive Plan 
(performance based non-equity cash 
compensation or STIP)
The short-term incentive plan (STIP) is the 
cash-based element of the variable pay 
for inter alia the Management Team. Its 
objective is to:
• encourage performance and motivates 
the beneficiaries to work together for 
the sustainable success of the Group;
• enable the alignment of objectives 
throughout the Company.
The current STIP framework was 
introduced in 2018 to provide a simple, 
fair and transparent approach. 
Plan participants at Group’s and division’s 
level are incentivized based on the 
achievement of financial performance 
targets, which are determined by the Board 
at the beginning of each financial year. The 
performance targets are defined in line 
with the year’s commitments to contribute 
to the long-term strategy. They are aligned 
with business priorities, with the aim of 
achieving sustainable profitability.
These targets represent commercially 
sensitive information and are therefore not 
disclosed. 
Pay-outs under the STIP are calculated 
based on the achievement level of the 
respective performance targets, with 100% 
achievement resulting in 100% pay-out. 
For each financial performance target, 
there is a minimum threshold performance 
levels, below which there is no pay-out. 
e) Long-Term Incentive Plan 
(performance based equity-based 
incentives or “LTIP”) 
The previously equity based long term 
incentive plan framework in place, so called 
2021-2023 LTIP, has expired in FY2023.
In 2023, the Board established a new 
equity based long term incentive plan 
framework called 2023-2025 LTIP (“2023-
2025 LTIP”). 
The LTIP is a three-year performance 
share-based incentive plan. The 2023-
2025 LTIP rewards the long-term 
performance between Jan 1, 2023, and 
Dec 31 2025 (performance period). 
Its purpose is to foster long-term value 
creation for the Group by providing the 
Management Team and other eligible key 
managers with the possibility: 
• to become shareholders or to increase 
their shareholding in the Company;
• to participate in the future long-term 
success of Cavotec; and 
• to further align the long-term interests of 
the plan participants with those of the 
shareholders. 
The Management Team, i.e. including 
the CEO, and a selected number of 
senior managers are eligible for the. 
The 2 LTIP grants performance shares 
to the participants at the beginning of 
the period as a percentage of the base 
salary. The individual grants under the 
LTIP are determined based on the role 
and responsibilities, taking into account 
external market levels.
Awards under the LTIP are a contingent 
entitlement to receive Cavotec shares at 
the end of the three-year performance 
period (vesting), provided certain 
performance targets are achieved and 
subject to continuous employment.
The number of shares that will vest at the 
end of the performance period depends 
on the performance of two indicators:
• 35% of the award is linked to the Total 
Shareholder Return (“TSR”) measured 
over three years relative to the OMX 
Nordic Industry – Industrial Index; and
• 65% of the award is linked to the 
Earnings per Share (“EPS”).
In case the performance does not reach 
certain pre-determined thresholds, no 
performance shares will vest under the 
LTIP.
EPS targets represent commercially 
sensitive information and are therefore not 
disclosed.
C. EMPLOYMENT CONDITIONS
The members of the Management 
Team are employed under contracts of 
unlimited duration with a notice period 
up to a maximum of twelve months. 
Employment contracts for the members 
of the Management Team include non-
competition agreements not exceeding a 
period of twelve months following the end 
of employment.
D. REMUNERATION AWARDED TO 
MEMBERS OF GOVERNING BODIES
1. Base
The section below is in line with Swiss 
law and specifically with art. 734a et 
seq. CO which require disclosure of 
remuneration paid (directly or indirectly) to 
members of the Board and Management 
Team (which, for the FYs up to and 
including FY2023, is limited to the CEO). 
For the Remuneration Report covering 
the FY2023, the remuneration paid to 
members of the Board and to the CEO is 
shown separately. 
Starting from the Remuneration Report 
for the FY2024, the following will apply: 
(i) the remuneration paid to members 
of the Board will be shown as a whole 
and separately for each member; (ii) the 
remuneration paid to the Management 
Team will be shown in aggregate, while the 
highest-paid member of the Management 
Team will be shown separately. 
Remuneration paid directly or indirectly 
to former members of the Board or the 
Management Team in connection with their 
former activity as a member of a corporate 
body of the Company will also be included.
2. Remuneration awarded to the Board 
for the term between 1 June 2023 and 
4 June 2024 (Audited)
The remuneration awarded to the Board 
members for the term between the AGM 
2023 (1 June 2023) and the AGM 2024 
(4 June 2024) is summarized in Table 5.
Compensation paid to the Board 
members for non-compete arrangements 
(art. 734a para. 2 no. 10 CO) as well as 
permitted joining bonuses (art. 734a para. 
2 no. 5 CO) or any other remuneration as 
per art. 734a para. 2 CO, if any, are also 
summarized in Table 5.
REMUNERATION REPORT |

===== SIDA 44 =====

42     Cavotec  | Annual and Sustainability Report 2023
3. Remuneration awarded to the CEO 
for FY 2023 (Audited)
For FY 2023, the CEO has been awarded 
base salary, variable remuneration, 
pension, and other benefits, in line with 
the remuneration system. 
The remuneration of the CEO is 
summarized in Table 6.
Compensation paid to the CEO for non-
compete arrangements (art. 734a para. 
2 no. 10 CO) as well as permitted joining 
bonuses (art. 734a para. 2 no. 5 CO) or 
any other remuneration as per art. 734a 
para. 2 CO, if any, are also summarized in 
Table 6.
4. Loans granted to members of the 
Board or the CEO
In accordance with Article 16j of the 
Articles of Association, the Company does 
not grant loans or extend credit to the 
members of the Board and to the CEO.
E. REMUNERATION TO FORMER 
MEMBERS OF GOVERNING BODIES
During the term of 1 June 2023 until 4 
June 2024, no payments were made to 
former members of the Board or related 
parties.
 
F. RECONCILIATION OF AGM 
REMUNERATION RESOLUTIONS  
For the term from the 2023 AGM to the 
2024 AGM, the 2023 AGM approved a 
maximum aggregate remuneration amount 
for the Board of EUR 0.5 million (covering 
all pay, pension contribution, social charges, 
etc.). Table 7 shows the reconciliation 
between the remuneration that has been/will 
be paid/granted for the respective term of 
office and the maximum aggregate amount 
approved by the shareholders.
The CEO’s maximum aggregate 
remuneration amount for FY2024, i.e. for 
the term started January 1, 2024, and 
ending December 31, 2024, approved by 
TABLE 5: REMUNERATION AWARDED TO THE BOARD
Remuneration for FY 2023,  
in EUR  Qualification  Board fees 
 Social Security  
Contributions  Pension Total 2023 Total 2022
Niklas Edling Independent Director 40,000 1,400 2,120 43,520 43,520
Annette Kumlien Independent Director 45,000 1,575 2,385 48,960 48,960
Erik Lautmann Independent Director – – – – 48,096
Peter Nilsson Independent Director 45,000 1,575 2,385 48,960 –
Keith Svendsen Independent Director 40,000 1,400 2,120 43,520 43,520
Patrik Tigerschiöld Director (Chairman) 95,000 3,325 5,035 103,360 103,360
Total remuneration 288,320 287,456
Remuneration for FY 2023,  
in CHF  Qualification  Board fees 
 Social Security  
Contributions  Pension Total 2023 Total 2022
Niklas Edling Independent Director 38,872 1,361 2,060 42,293 43,725
Annette Kumlien Independent Director 43,731 1,531 2,318 47,579 49,191
Erik Lautmann Independent Director – – – – 48,323
Peter Nilsson Independent Director 43,731 1,531 2,318 47,579 –
Keith Svendsen Independent Director 38,872 1,361 2,060 42,293 43,725
Patrik Tigerschiöld Director (Chairman) 92’321 3’231 4’893 100’445 103,847
Total remuneration 280,189 288,810
 CHF/EUR exchange rate 0.9717973
TABLE 6: REMUNERATION OF THE CEO 
Amounts for FY 2023
in EUR Base Salary
Short-term
Incentive 
Plan(1)
Long-term  
Incentive 
Plan(2)
Benefits in 
kind(3)
 Social Security, 
Insurance 
and Pension 
Contributions(4) Total 2023 Total 2022
David Pagels 481,238 127,236 – 3,689 364,823 976,986 550,093
Amounts for FY 2023
in CHF Base Salary
Short-term
Incentive 
Plan(1)
Long-term  
Incentive 
Plan(2)
Benefits in 
kind(3)
 Social Security, 
Insurance 
and Pension 
Contributions(4) Total 2023 Total 2022
David Pagels 467,666 123,648 – 3,585 354,534 949,433 552,683
 CHF/EUR exchange rate 0.9717973
(1) As the objectives of the 2023 STIP were achieved, there is payout in 2024 for FY 2023.
(2) As the objectives of the 2021-2023 LTIP were not achieved, no shares to vest in 2024.
(3) Allowances (Child, school fees, health insurance and transportation, non-competition agreements).
(4) Pension contribution to the CEO has been made both in form of cash and defined contribution payments.
| REMUNERATION REPORT

===== SIDA 45 =====

Annual and Sustainability Report 2023 | Cavotec     43
the 2023 AGM, is EUR 2.2 million (covering 
fixed and variable pay, pension contribution, 
social charges, etc.). Table 8 shows the 
reconciliation between the remuneration 
that has been/will be paid to the CEO for 
FY2024 and the maximum aggregate 
amount approved by the shareholders.
G. PARTICIPATION RIGHTS AND 
OPTIONS
The participation rights and options 
on such rights of each current Board’s 
member and of the CEO, including their 
close associates, as well as the name and 
function of the members concerned (see 
art. 734d CO), are described in Table 9.
H. EXTERNAL MANDATES
The external mandates of each current 
Board’s member and of the CEO (see art. 
734e CO) are described in Table 10.
I. LOANS
With respect to the FY2023, no loans 
or credit facilities (still outstanding in 
FY2023) granted by Cavotec to the 
Board members, the CEO, former Board 
members or the former CEO, exist.
J. NON-MARKET STANDARD 
REMUNERATION OR LOANS GRANTED 
TO CLOSELY ASSOCIATED PERSONS
No non-market standard remuneration 
has been granted by Cavotec to persons 
closely associated to members of the 
Board or the CEO.
With respect to the FY2023, no loans 
or credit facilities (still outstanding in 
FY2023) granted by Cavotec to the Board 
members, or the CEO exist.
TABLE 7: REMUNERATION APPROVED AND PAID/GRANTED FOR THE MEMBERS OF THE BOARD
Total remuneration granted  
(paid/payable) in EUR
Maximum aggregate  
amount approved in EUR
Status
AGM 2022 to AGM 2023 287,456 500,000 Approved (2022 AGM)
AGM 2023 to AGM 2024 288,320 500,000 Approved (2023 AGM)
2024 AGM to 2025 AGM – 500,000 Proposed (2024 AGM)
TABLE 8: REMUNERATION APPROVED AND PAID/GRANTED FOR THE CEO AND THE MANAGEMENT TEAM (AS OF FY2024)
Total remuneration granted  
(paid/payable) in EUR
Maximum aggregate  
amount approved in EUR
Status
FY 2022 2,984,689 2,900,000 CEO Approved (2021 AGM)
FY 2023 949,433 2,200,000 CEO Approved (2022 AGM)
FY 2024 – 2,200,000 CEO approved (2023 AGM)
FY 2024 – 2,800,000 CMT (without CEO) Proposed (2024 
AGM)
TABLE 9: PARTICIPATION RIGHTS AND OPTIONS
The remuneration report must also include the participation rights in the Company 
and options on such rights of each current member of the board of directors and 
the executive board, including the members’ close associates, as well as the name 
and function of the members concerned (art. 734d CO).
Participation 
rights
Option on 
participations right
Niklas Edling 83,599 –
Annette Kumlien 75,000 –
Peter Nilsson 212,180 –
Keith Svendsen – –
Patrik Tigerschiöld (Chairman) 1,598,000 –
David Pagels (CEO) 750,000 1,500,000
Total remuneration 2,718,779 1,500,000
TABLE 10: EXTERNAL MANDATES
According to art. 734e CO, it is required that activities of the board members as 
well as the executive management in comparable positions in undertakings with 
an economic purpose (“external mandates”) are disclosed in the compensation 
report. The details must include the name of the relevant member, the name of the 
undertaking and the function exercised. We suggest including this information in a 
table and distinguishing between mandates in listed and in non-listed companies 
(see art. 15b of the articles of association) as well as other relevant mandates. Also 
note that while the articles of association do not limit mandates in e.g. companies 
which are controlled by Cavotec, such mandates must still be diclosed in the 
remuneration report. Please note that the provision on external mandates in art. 
15b of the articles of association should be amended to include all members of the 
management team (and not only the board members and the CEO).
Patrick Tigerschiöld: Chairman of Bure Equity AB, Mycronic AB, SNS Center for 
Business and Policy Studies, and Yubico AB. Member of the Board of Ovzon AB. 
Fellow of the Royal Swedish Academy of Engineering Sciences (IVA).
Nicklas Edling: CEO at ScandiNova Systems AB, member of the Board of HMS 
Networks AB.
Annette Kumlien: COO Intrum AB and member of the Board of Dirac Research AB.
Keith Svendsen: CEO of APM Terminals, member of the Executive Leadership Team 
at A.P. Moller-Maersk, director of Through Transport Mutual Insurance Association 
Limited, independent provider of mutual insurance and related risk management 
services to the international transport and logistics industry. 
Peter Nilsson: Chairman of the Board of Lindab Group, Nilfisk A/S and Deputy 
Chairman of Creaspac AB.
David Pagels: No other current assignment.
REMUNERATION REPORT |

===== SIDA 46 =====

44     Cavotec  | Annual and Sustainability Report 2023
Report of the statutory auditor 
to the General Meeting of Cavotec SA 
Lugano 
Report on the audit of the remuneration report 
Opinion 
We have audited the remuneration report of Cavotec SA (the Company) for the year ended 31 December 2023. The au-
dit was limited to the information pursuant to article 734a-734f CO on pages 42 and 43 of the remuneration report. 
In our opinion, the information pursuant to article 734a-734f CO in the remuneration report (pages 42 and 43) complies 
with Swiss law and the Company’s articles of incorporation. 
Basis for opinion 
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities 
under those provisions and standards are further described in the 'Auditor’s responsibilities for the audit of the 
remuneration report' section of our report. We are independent of the Company in accordance with the provisions of 
Swiss law and the requirements of t he Swiss audit profession, and we have fulfilled our other ethical responsibilities in 
accordance with these requirements. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 
Other information 
The Board of Directors is responsible for the other information. The other information comprises the information 
included in the annual report, but does not include the tables marked 'audited' in the remuneration report, the 
consolidated financial statements, the financial statements and our auditor’s reports thereon. 
Our opinion on the remuneration report does not cover the other information and we do not express any form of assur-
ance conclusion thereon. 
In connection with our audit of the remuneration report, our responsibility is to read the other information and, in doing 
so, consider whether the other information is materially inconsistent w ith the audited financial information in the 
remuneration report, or our knowledge obtained in the audit, or otherwise appears to be materially misstated. 
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, 
we are required to report that fact. We have nothing to report in this regard.  
Board of Directors' responsibilities for the remuneration report 
The Board of Directors is responsible for the preparation of a remuneration report in accordance with the provisions of 
Swiss law and the Company's articles of incorporation, and for s uch internal control as the Board of Directors 
determines is necessary to enable the preparation of a remuneration report that is free from material misstatement, 
whether due to fraud or error. It is also responsible for designing the remuneration system and defining individual 
remuneration packages.  
Auditor’s responsibilities for the audit of the remuneration report 
Our objectives are to obtain reasonable assurance about whether the information pursuant to article 734a-734f CO is 
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our 
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 
accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. 
PricewaterhouseCoopers SA, Piazza Indipendenza 1, casella postale, 6901 Lugano, Switzerland 
Telefono: +41 58 792 65 00, www.pwc.ch 
PricewaterhouseCoopers SA is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity.

===== SIDA 47 =====

Annual and Sustainability Report 2023 | Cavotec     45
Cavotec SA  |  Report of the statutory auditor to the General Meeting 
Misstatements can aris e from fraud or error and are considered material if, individually or in the aggregate, they could 
reasonably be expected to influence the economic decisions of users taken on the basis of this remuneration report. 
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and maintain profes-
sional scepticism throughout the audit. We also: 
• Identify and assess the risks of material misstatement in the remuneration report, whether due to fraud or error, de-
sign and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropri-
ate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropri-
ate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's in-
ternal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and re-
lated disclosures made.
We communicate with the Board of Directors or its relevant committee regarding, among other matters, the planned 
scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that 
we identify during our audit. 
We also provide the Board of Directors or its relevant committee with a statement that we have complied with relevant 
ethical requirements regarding independence and communicate with them all relationships and other matters that may 
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safe-
guards applied. 
PricewaterhouseCoopers SA 
Laura Cazzaniga 
Licensed audit expert 
Thomas Wallmer 
Licensed audit expert 
Auditor in charge 
Lugano, 11 April 2024 
Report of the statutory auditor 
to the General Meeting of Cavotec SA 
Lugano 
Report on the audit of the remuneration report 
Opinion 
We have audited the remuneration report of Cavotec SA (the Company) for the year ended 31 December 2023. The au-
dit was limited to the information pursuant to article 734a-734f CO on pages 42 and 43 of the remuneration report. 
In our opinion, the information pursuant to article 734a-734f CO in the remuneration report (pages 42 and 43) complies 
with Swiss law and the Company’s articles of incorporation. 
Basis for opinion 
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities 
under those provisions and standards are further described in the 'Auditor’s responsibilities for the audit of the 
remuneration report' section of our report. We are independent of the Company in accordance with the provisions of 
Swiss law and the requirements of t he Swiss audit profession, and we have fulfilled our other ethical responsibilities in 
accordance with these requirements. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 
Other information 
The Board of Directors is responsible for the other information. The other information comprises the information 
included in the annual report, but does not include the tables marked 'audited' in the remuneration report, the 
consolidated financial statements, the financial statements and our auditor’s reports thereon. 
Our opinion on the remuneration report does not cover the other information and we do not express any form of assur-
ance conclusion thereon. 
In connection with our audit of the remuneration report, our responsibility is to read the other information and, in doing 
so, consider whether the other information is materially inconsistent w ith the audited financial information in the 
remuneration report, or our knowledge obtained in the audit, or otherwise appears to be materially misstated. 
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, 
we are required to report that fact. We have nothing to report in this regard.  
Board of Directors' responsibilities for the remuneration report 
The Board of Directors is responsible for the preparation of a remuneration report in accordance with the provisions of 
Swiss law and the Company's articles of incorporation, and for s uch internal control as the Board of Directors 
determines is necessary to enable the preparation of a remuneration report that is free from material misstatement, 
whether due to fraud or error. It is also responsible for designing the remuneration system and defining individual 
remuneration packages.  
Auditor’s responsibilities for the audit of the remuneration report 
Our objectives are to obtain reasonable assurance about whether the information pursuant to article 734a-734f CO is 
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our 
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 
accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. 
PricewaterhouseCoopers SA, Piazza Indipendenza 1, casella postale, 6901 Lugano, Switzerland 
Telefono: +41 58 792 65 00, www.pwc.ch 
PricewaterhouseCoopers SA is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity.

===== SIDA 48 =====

46     Cavotec  | Annual and Sustainability Report 2023
Since Cavotec SA (“Cavotec” or the 
“Company”) is a Swiss company listed 
on Nasdaq Stockholm, the corporate 
governance of Cavotec is based on 
Swiss and Swedish rules and regulations, 
such as the Swiss Code of Obligations 
(the “CO”) and the Swedish Code of 
Corporate Governance (Sw. Svensk kod 
för bolagsstyrning) (the “Code”). This 
corporate governance report reflects 
the changes occurred with the Swiss 
corporate law reform that came into force 
on 1 January 2023.
THE SWEDISH CODE OF CORPORATE 
GOVERNANCE
Swedish companies with shares admitted 
to trading on a regulated market in Sweden, 
including Nasdaq Stockholm, are subject 
to the Code. The Code is a codification 
of best practices for Swedish listed 
companies based on Swedish practices 
and circumstances. Cavotec has decided 
to apply the Code, however, the Company 
is not obliged to comply with every rule in 
the Code as the Code itself provides for the 
possibility to deviate from the rules, provided 
that any such deviations and the chosen 
alternative solutions are described and 
the reasons therefore are explained in the 
corporate governance report (according to 
the so-called “comply or explain principle”). 
Deviations that the Company is aware of 
have, as far as possible, been explained 
in the Company’s corporate governance 
report.
SHAREHOLDERS’ MEETINGS 
General
Shareholders’ rights to resolve on company 
matters are exercised at shareholders’ 
meetings. An ordinary shareholders’ 
meeting is to be held yearly within 
six months following the close of the 
business year. It is called by the Board of 
Directors or, if necessary, by the auditors. 
Extraordinary shareholders’ meetings 
may be called by the Board of Directors, 
the liquidators or the auditors as often as 
necessary to safeguard the interests of 
the Company. Shareholders’ meetings are 
held at the domicile of the Company or at 
such other place in Switzerland and abroad 
as the Board of Directors shall determine. 
The shareholders’ meetings, deviating 
from the Code, will be held in English and 
information and material will be available 
in English only. This is in accordance with 
an exemption granted by the Swedish 
Financial Supervisory Authority. The 
minutes of shareholders’ meetings, and 
the election results with details of exact 
percentage of votes for and against 
containing the resolutions and the election 
results with details of the exact percentage 
of votes for and against, will be published 
on the Company’s website within 15 days 
following the general meeting.  
Right to attend shareholders’ 
meetings
All shareholders who are registered 
directly in Euroclear Sweden’s and SIX 
SIS’s share registers on the record 
date, as applicable, and who notify the 
Company of their intention to attend the 
shareholders’ meeting at the latest by the 
date specified in the convening letter, shall 
be entitled to attend the shareholders’ 
meeting and vote according to the 
number of shares they hold. Shareholders 
may attend shareholders’ meetings in 
person or through a proxy. The Board of 
Directors may provide that shareholders 
CAVOTEC CORPORATE GOVERNANCE STRUCTURE
Articles of Association
Code of Conduct
Internal Regulations
Group Policies
Shareholders
Auditors
Audit Committee
Nomination Committee
Remuneration Committee Board of Directors
Chairman of the Board
Cavotec Management Team
CEO
Chief Financial Officer
President, Ports & Maritime
President, Industry
President, Services
Chief Legal & Human Resources Officer
Senior VP Global Operations
(*)
(*) To follow the rules that apply to 
Swiss companies, the Board of 
Directors has decided that the 
Nomination Committee shall 
be established by the Board 
of Directors. The composition 
of the Nomination Committee 
shall, however, be in line with the 
Swedish Corporate Governance 
Code.
| CORPORATE GOVERNANCE REPORT
Corporate governance report 2023

===== SIDA 49 =====

Annual and Sustainability Report 2023 | Cavotec     47
who are not present at the place of the 
shareholders’ meeting may exercise their 
rights by electronic means. Shareholders 
may usually register for shareholders’ 
meetings in several different ways, which 
are described in the Notice of meeting 
(the “Notice of Meeting”).
Notice of shareholders’ meetings and 
shareholder initiatives
The Notice of Meeting is given by means 
of a publication in the Swiss Commercial 
Gazette or by letter to the shareholders of 
record as well as through a press release. 
Between the day of the publication or 
the mailing of the notice and the day of 
the meeting there must be a time period 
of not less than 20 calendar days. The 
notice of the shareholders’ meeting must 
indicate in particular the agenda items to 
be discussed, the motions of the Board of 
Directors together with a short explanation, 
and, if applicable, the shareholders’ 
motions together with a short explanation. 
The notice will also be published on 
the Company’s website. At the time of 
the notice, the Company may publish in 
Svenska Dagbladet an announcement with 
information that the notice has been issued.
Shareholders may request that items 
be placed on the agenda of a meeting 
convened by the Board of Directors, 
provided they together hold at least 0.5 per 
cent of the share capital or of the votes.
Stating the purpose of the meeting and 
the agenda to be submitted, one or more 
shareholders representing at least five per 
cent of the share capital may request the 
Board of Directors, in writing to call an 
extraordinary shareholders’ meeting. In 
such case, the Board of Directors must call 
a shareholders’ meeting within two weeks.
Nomination Process
The process for the nomination of Board 
members for Cavotec is construed in 
light of the Code, while still respecting 
Swiss laws and regulations applicable 
to a Swiss company. The ultimate goal 
has been to adopt a Nomination Process 
that is open and transparent to all 
shareholders and stakeholders.  
In October 2023 the Committee began 
preparing a proposal for the Board of 
Directors to be submitted to the Annual 
General Meeting 2024. 
The proposal of the Nomination 
Committee will be published in the 
invitation to the Annual General Meeting.
External auditor
The Audit Committee and the Board of 
Directors are responsible for presenting 
proposals on the appointment of the 
auditors to the Annual General Meeting 
and are also responsible for resolving 
on the remuneration to the auditor and 
any issues on resignation or dismissal of 
the auditor. This constitutes a deviation 
from the Code that prescribes that the 
Nomination Committee is responsible 
for presenting proposals to the Annual 
General Meeting on the election and 
remuneration of the external auditor. In 
accordance with Swiss law, the Board 
of Directors has decided that the Audit 
Committee shall propose the auditors 
to the Board of Directors, which in turn 
shall present its proposals to the Annual 
General Meeting. For the purpose of its 
election by the Annual General Meeting 
2024, the Audit Committee has proposed 
to the Board of Directors to appoint 
PricewaterhouseCoopers SA, Lugano, as 
the independent auditor of the Company 
for the business year 2024. Thomas 
Wallmer is the auditor in charge. 
 
THE BOARD OF DIRECTORS
The members of the Board of Directors 
are elected by the shareholders’ meeting 
for the period until the end of the next 
CORPORATE GOVERNANCE REPORT |
Q422 REPORT
ANNUAL REPORT
BUDGET 2024 APPROVAL
Q223 REPORT
Q323 REPORT
Q123 REPORT
ANNUAL GENERAL MEETING
Q1
Q2Q3
Q4
Board of Directors’ 
Work Calendar 
2023
JAN
FEB
MAR
APR
MAY
JUNJUL
AUG
SEP
OCT
NOV
DEC

===== SIDA 50 =====

48     Cavotec  | Annual and Sustainability Report 2023
ordinary shareholders’ meeting. The Board 
of Directors constitutes itself, as set out 
in the Articles of Association, but by law 
the Chairman of the Board of Directors is 
elected by the shareholders’ meeting.
The members of the Nomination 
Committee and the Audit Committee, 
as well as the respective Chairmen, are 
elected from and by the Board members. 
The Remuneration Committee is elected 
by the shareholders’ meeting and its 
Chairman is elected by the Board, as 
further described below in relation to the 
description of each committee.  
The Board of Directors is entrusted with 
the overall management of the Company, 
as well as with the supervision and 
control of the management. The Board of 
Directors is the ultimate executive body 
of the Company and shall determine the 
principles of the business strategy and 
policies.
The Board of Directors shall exercise its 
function as required by law, the Articles 
of Association and the Board of Directors’ 
Internal Regulations. The Board shall 
be authorised to pass resolutions on 
all matters that are not reserved to the 
general meeting of shareholders or to 
other executive bodies by applicable law, 
the Articles of Association or the Internal 
Regulations.
By Swiss law, the Board of Directors has 
in particular the following non-transferable 
and inalienable duties:
a) the overall management of the 
company and issuing the required 
directives;
b) to determine the Company’s 
organization;
c) organising the accounting, financial 
control and financial planning systems 
as required for management of the 
company;
d) appointing and dismissing persons 
entrusted with managing and 
representing the company;
e) overall supervision of the persons 
entrusted with managing the company, 
in particular with regard to compliance 
with the law, articles of association, 
operational regulations and directives;
f) compiling the annual report, 
preparing for the general meeting 
and implementing its resolutions, 
including interim published reports 
and determination of the accounting 
standard;
g) filing an application for a debt 
restructuring moratorium and notifying 
the court in the event that the company 
is overindebted;
h) preparing the remuneration report.
By Swiss law, the Board of Directors 
also has in particular the following 
non-transferable responsibilities: (i) 
decision pursuant to art. 653e CO 
(preparation of the capital increase 
report); (ii) decisions in connection with 
capital increases pursuant to art. 652g, 
653g, 653i (acknowledgement of capital 
increase); (iii) decision pursuant to art. 
653o (acknowledgement of capital 
reduction); (iv) decisions pursuant to 
art. 634b I CO (require outstanding 
contributions on shares not fully paid 
in); (v) to monitor the solvency of the 
company and to take all actions within 
the meaning of art. 725, 725a and 
725b; and (vi) specific resolutions 
pursuant to the Swiss Merger Act.
The Board of Directors held seven 
ordinary Board meetings and four 
extraordinary Board meetings for Cavotec 
in 2023. In addition, 1 Board resolutions 
have been deliberated by circular 
resolution (without a Board meeting).
BOARD COMMITTEES
The Board of Directors currently has 
three Board committees, the Nomination 
Committee,the Audit Committeeand 
the Remuneration Committee. The 
BOARD AND COMMITTEE MEETINGS IN CAVOTEC IN 2023
Board Audit Remuneration Nomination
Held 
(ordinary and 
extraordinary) Attended Held Attended Held Attended
Held 
(including via  
circular resolution) Attended
Henrik Blomquist 3 3
Fabio Cannavale 3 1
Peer Colleen 3 3
Niklas Edling 11 11 8 8
Thomas Ehlin 3 3
Keith Svedsen 11 10 5 5
Annette Kumlien 11 11 8 8
Erik Lautmann 11 5 5 2
Peter Nilsson 11 4 5 3
Patrik Tigerschiöld 11 11 8 6 5 5 3 3
| CORPORATE GOVERNANCE REPORT

===== SIDA 51 =====

Annual and Sustainability Report 2023 | Cavotec     49
Remuneration Committee has been 
elected by the shareholders’ meeting,in 
accordance with Swiss law (in particular 
the CO that - as of 1 January 2023 - has 
implemented the previous regulation 
set by the Minder Ordinance). The 
composition and tasks of the Board’s 
Committees are regulated in the Board 
of Directors’ Internal Regulations. 
The composition and tasks of the 
Remuneration Committee are regulated 
in the Articles of Association as well 
as in the Board of Directors’ Internal 
Regulations. Below is a brief description of 
the Committees as per the current Internal 
Regulations (which are continuously 
reviewed and if deemed appropriate by 
the Board of Directors amended). The 
shareholder can request to the Board of 
Directors to issue information in writing or 
electronically concerning the organisation 
of the business management.
Nomination Committee
The Nomination Committee shall be a 
committee established by the Board 
of Directors of the Company. This is in 
line with Swiss law but will constitute a 
deviation from the Code that prescribes 
that the Nomination Committee shall be 
determined by the shareholders. To follow 
the rules that apply to Swiss companies 
the Board of Directors has decided that 
the Nomination Committee shall be 
established by the Board of Directors. The 
composition of the Nomination Committee 
shall however be in line with the Code.
The Nomination Committee shall ensure 
that the Company has a formal and 
transparent method for the nomination 
and appointment of Board members. The 
objectives of the Nomination Committee 
are to regularly review and, when 
appropriate, recommend changes to the 
composition of the Board of Directors 
to ensure that the Company has, and 
maintains, the right composition of the 
members of the Board of Directorsto 
effectively govern and provide guidance 
to business, and identify and recommend 
to the Board of Directors individuals for 
nomination as members of the Board and 
its Committees (taking into account such 
factors as it deems appropriate, including 
experience, qualifications, judgment 
and the ability to work with other Board 
members).
From October 2023, the Nomination 
Committee members are Henrik Blomquist 
(representing Bure Equity AB), Per 
Colleen, who represents TomEnterprise 
Private AB (Thomas von Koch), Thomas 
Ehlin (representing The Fourth Swedish 
National Pension Fund – AP4), Fabio 
Cannavale, who represents Nomina SA 
and Patrik Tigerschiöld (Chairman of 
Cavotec’s Board of Directors). 
 
Audit Committee
The objective of the Audit Committee 
is to assist the Board of Directors in 
discharging its responsibilities relative 
to financial reporting and regulatory 
compliance. The Audit Committee also 
presents proposals on the election and 
remuneration of the auditors to the Board 
of Directors, which in turn present its 
proposals to the Annual General Meeting 
for the election. Members of the Audit 
Committee shall exclusively comprise of 
members of the Board appointed by the 
Board in accordance with the Code. The 
Audit Committee will comprise of not less 
than three members with a majority to 
be Independent Directors of the Board. 
One member must have a financial or 
accounting background.
The Audit Committee of Cavotec is 
involved in a wide range of activities 
including, inter alia, the review of all 
quarterly, half - yearly and annual financial 
statements prior to their approval by the 
Board and release to the public. The 
CORPORATE GOVERNANCE REPORT |

===== SIDA 52 =====

50     Cavotec  | Annual and Sustainability Report 2023
Committee has periodic contact with 
the auditors, PricewaterhouseCoopers, 
through the PwC engagement partner 
responsible for the Audit and through the 
principal engagement manager, to review 
any unusual matters and the effect of new 
accounting pronouncements. As a matter 
of policy, the Audit Committee meets with 
the PwC engagement partner without the 
presence of Management at least once 
every year. Further, the Committee reviews 
the annual audit plan, as prepared by the 
auditors, including the adequacy of the 
scopes of the audits proposed for the 
principal locations and the proposed audit 
fees. The engagement of the auditors 
for non-audit services of significance 
is approved in advance by the Audit 
Committee.
At least once every year Management 
gives a presentation to the Audit 
Committee on the risk profile of the Group 
and on the procedures in place for the 
management of Risk. Risks related to the 
potential impairment of assets and the 
related provisions required for financial 
exposures are reviewed and discussed 
with Management at least once a year, 
normally in conjunction with the third 
quarter closing.
The Audit Committee of Cavotec met eight 
times in 2023. 
The current members of the Audit 
Committee are Annette Kumlien 
(Chairwoman), Patrik Tigerschiöld and 
Niklas Edling.
Remuneration Committee
The main purpose of the Remuneration 
Committee is to act as remuneration 
committee pursuant to Swiss law against 
excessive compensation with respect to 
listed corporations. The Remuneration 
Committee has in particular the following 
duties and responsibilities:
1. Reviewing and advising the Board of 
Directors on the terms of appointment 
of the CEO;
2. Reviewing working environments and 
succession planning for members of 
the Management;
3. Reviewing the terms of the employment 
arrangements with members of the 
Management, as well as to develop 
consistent group employment practices 
subject to regional differences;
4. Reviewing of and making proposals 
to the Board of Directors on the 
remuneration of the members of the 
Board of Directors and of the Chief 
Executive Officer;
5. Reviewing the terms of the Company’s 
short and long term incentive plans;
6. Submission of a draft of the 
remuneration report to the Board of 
Directors.
The Remuneration Committee and the 
Board of Directors are thus together 
responsible for presenting proposals 
to the Annual General Meeting on the 
remuneration of the members of the Board 
of Directors and of the Chief Executive 
Officer. This constitutes a deviation 
from the Code that prescribes that the 
Nomination Committee is responsible 
for presenting proposals to the Annual 
General Meeting on the fees and other 
remuneration to the Board members.
The current members of the Remuneration 
Committee in Cavotec are Peter Nilsson 
(Chairman), Keith Svendsen and Patrik 
Tigerschiöld.
In accordance with Art. 698 para 3 and 
733 CO and with the Internal Regulations, 
the Nomination Committee proposes to 
elect the following Board members to be 
part of the Remuneration Committee for 
the year 2024/2025: Keith Svendsen, 
Patrik Tigerschiöld and Peter Nilsson. 
The Remuneration Committee of Cavotec 
met five times in 2023.
Cavotec Management Team – CMT
The CMT is selected by the CEO and as 
of December 31, 2023 consists of six 
members (excluding the CEO), combining 
Cavotec’s senior operational and 
corporate functions.
The CMT fulfils the Group Management 
role – empowered by the CEO – and 
ensures efficient implementation of 
strategic decisions into Cavotec’s global 
organisation and leads local management 
on key operational issues. The CEO, 
defines and implements operational 
strategy, policies, technical and 
commercial developments, as well as new 
acquisitions in line with targets set by the 
Cavotec’s Board of Directors. 
Cavotec’s operational structure is 
reasonably flat in order to ensure that the 
Group’s operations and decision-making 
processes are efficient and responsive. 
Strategic, Group-related operations are the 
responsibility of the CEO with the support 
of the CMT. All material decisions within 
the day-to-day operations of the Company 
are taken by the CEO. 
REMUNERATION AND INCENTIVE 
PLANS
Please refer to the Remuneration report on 
page 38.
INTERNAL CONTROL SYSTEM (ICS)
The internal control function has been 
embedded in the finance organisation. 
This task is performed by Group Finance, 
that together with the local entity’s finance 
department and the Legal Compliance 
officer is responsible for ensuring that the 
necessary controls are performed along 
with adequate monitoring.
Internal controls comprise the control of 
the Company’s and Group’s organisation, 
procedures and remedial measures. The 
objective is to ensure reliable and correct 
financial reporting, and to ensure that 
the Company’s and Group’s financial 
reports are prepared in accordance with 
law and applicable accounting standards 
and that other requirements are complied 
with. The internal control system is also 
intended to monitor compliance with 
the Company’s and Group’s policies, 
principles and instructions. In addition, 
the control system monitors security for 
the Company assets and monitors that 
the Company’s resources are exploited 
in a cost-effective and adequate manner. 
Internal control also involves following 
up on the implemented information and 
business system, and risk analysis.
| CORPORATE GOVERNANCE REPORT

===== SIDA 53 =====

Annual and Sustainability Report 2023 | Cavotec     51
Annual and Sustainability Report 2023 | Cavotec     51

===== SIDA 54 =====

52     Cavotec  | Annual and Sustainability Report 2023
Patrik Tigerschiöld
Chairman of the Board
Niklas Edling
Member of the Board
Born 1964 Born 1963
Member since 2014, Chairman since 2018 Member since 2019
Citizenship: Swedish Citizenship: Swedish
Patrik Tigerschiöld holds an M.Sc. in 
Business and Economics. Since 2013, 
he has been Chairman of Bure Equity AB, 
(a role he also held between 2004 and 
2009), following his tenure as President 
and CEO of the company. He is also 
chairman of Bury Equity AB, Mycronic 
AB, SNS Center for Business and Policy 
Studies, and Yubico AB, as well as a 
member of the Board of Ovzon AB. Patrik 
is also a Fellow of the Royal Swedish 
Academy of Engineering Sciences (IVA).
Niklas Edling holds an M.Sc. in 
Mechanical Engineering from the 
KTH Royal Institute of Technology in 
Stockholm and a B.Sc. in Economics 
and Business Administration from the 
Stockholm School of Economics. In 
addition to being on the Cavotec board, 
Niklas is also CEO of ScandiNova 
Systems AB, a global leader in pulsed 
power solutions for applications 
in medtech, industry and science. 
Previously, Niklas was SVP Corporate 
Development and Deputy CEO at 
electronics production solutions provider 
Mycronic, where he also served as SVP 
Operations. He is also a board member 
of HMS Networks AB.
Patrik Tigerschiöld, together with his family, 
holds 1,598,000 shares in Cavotec.
Niklas Edling holds 83,599 shares in 
Cavotec.
| BOARD OF DIRECTORS
Board of Directors

===== SIDA 55 =====

Annual and Sustainability Report 2023 | Cavotec     53
Annette Kumlien
Member of the Board
Peter Nilsson
Member of the Board
Keith Svendsen
Member of the Board
Born 1965 Born 1962 Born 1973
Member since 2019 Member since 2023 Member since 2021
Citizenship: Swedish Citizenship: Swedish Citizenship: Danish
Annette Kumlien holds a Bachelor 
of Business Administration from the 
Stockholm School of Economics. 
Alongside her Cavotec role, she holds 
the position as COO Intrum AB and is a 
member of the Board of Dirac Research 
AB. Previously Annette has worked as 
GVP/CFO at Munters Group AB, CFO/
COO at Diaverum and CFO in Höganäs 
AB and Pergo AB.
Peter Nilsson holds an M.Sc. in Business 
and Economics from the Stockholm 
School of Economics.
He is chairman of Lindab Group, Nilfisk 
A/S and deputy chairman of Creaspac 
AB. He was previously, among others, 
chairman of Adapteo AB and Unilode AG, 
deputy chairman of Cramo OYJ and CEO 
of Sanitec AB and Duni AB.
Keith Svendsen graduated as a Master 
Mariner from Fanoe Navigation College, 
in Denmark, and has an Executive MBA 
from the London Business School in 
the UK. Alongside his Cavotec role, 
he currently serves as CEO of APM 
Terminals, one of the largest port terminal 
operators in the world. He is also director 
of a number of entities associated with 
A.P. Moller-Maersk and a member of the 
Executive Leadership Team at A.P. Moller-
Maersk. Additionally, he is the Director 
of Through Transport Mutual Insurance 
Association Limited, independent provider 
of mutual insurance and related risk 
management services to the international 
transport and logistics industry. 
Previously, Keith has also been COO of 
APM Terminals and before that Head of 
Operational Execution for the Maersk 
Group’s Ocean Shipping business.
Annette Kumlien holds 75,000 shares in 
Cavotec.
Peter Nilsson holds 212,180 shares in 
Cavotec through his company Poleved 
Industrial Performance AB.
Keith Svendsen does not hold any shares 
in Cavotec.
BOARD OF DIRECTORS |

===== SIDA 56 =====

54     Cavotec  | Annual and Sustainability Report 2023
| CAVOTEC MANAGEMENT TEAM
David Pagels
CEO
Joakim Wahlquist
Chief Financial Officer
Patrick Mares
President, Ports & Maritime
Born 1968 Born 1977 Born 1962
Citizenship: Swedish Citizenship: Swedish Citizenship: Belgian
David Pagels holds an Executive 
MBA from Stockholm School of 
Economics, a M.Sc in Mechanical 
Engineering from University of 
Luleå and a B.Sc in Mechanical 
Engineering from University of 
Växjö in Sweden. Prior to joining 
Cavotec, he served as CEO of 
Dellner Couplers, Head of Global 
Sourcing at Xylem Europe GmbH, 
and Director Strategic Sourcing at 
Bombardier Transportation. 
Joakim Wahlquist holds 
a M.Sc. in Business 
Administration from Linköping 
University and an Executive 
Education from Stockholm 
School of Economics. Prior to 
joining Cavotec, he has held 
several senior management 
positions such as Managing 
Director Financial Services 
Russia at Scania, CFO Russia 
and Central Asia at Scania and 
CFO Hong Kong at Scania.
Patrick Mares holds a master’s 
degree in Engineering from the 
University of Leuven, Belgium. 
Prior to joining Cavotec, he 
served as Vice-President 
EMEA at Harsco Rail. Prior to 
this, he was Vice-President of 
Sales & Business Development 
at GKN Land Systems, 
President EMEIA at Ingersoll 
Rand Security Technologies, 
and held various leadership 
positions at General Electric.
David Pagels holds 750,000 
shares in Cavotec and 
1,500,000 call options issued 
by Bure Equity AB.
Joakim Wahlquist holds 75,000 
shares in Cavotec and 150,000 
call options issued by Bure 
Equity AB.
Patrick Mares holds 18,950 
shares in Cavotec.
Cavotec Management Team

===== SIDA 57 =====

Annual and Sustainability Report 2023 | Cavotec     55
CAVOTEC MANAGEMENT TEAM |
Simone Sguizzardi
President, Industry
Patrick Baudin
President, Services
Jörgen Ohlsson
Senior Vice President,  
Global Operations
Vanessa Tisci
Chief Legal & Human 
Resources Officer
Born 1974 Born 1971 Born 1970 Born 1982
Citizenships: Italian and German Citizenships: Canadian and French Citizenship: Swedish Citizenship: Italian
Simone Sguizzardi holds an 
Executive MBA from the Hult 
International Business School 
in London (UK), and a degree 
in Commerce and Economic 
History from the University of 
Bologna (Italy). Prior to joining 
Cavotec, Simone was Director 
of Western Europe at UTA 
Edenred, and Export Director at 
Mapco GmbH.
Patrick Baudin holds a MBA 
in International Finance from 
HEC School of Management in 
Paris (France) and a Bachelor 
in Engineering from McGill 
University in Montreal (Canada). 
Prior to joining Cavotec he served 
as President of General Electric 
Renewable Energy Canada. He 
has also held several senior 
positions in ALSTOM such as 
vice president of the Generator 
Product Line for ALSTOM Thermal 
Service in Switzerland and 
ALSTOM Power Service in France.
Jörgen Ohlsson holds 
a Master’s Degree in 
Mechanical Engineering from 
Linné university (Sweden). 
Prior to joining Cavotec, 
he served as Production 
Director for the Xylem site 
in Emmaboda, Sweden. 
He has also held senior 
positions such as Strategic 
Sourcing within Ericsson and 
in production and sourcing 
within Bombardier.
Vanessa attended the 
universities of Bologna and 
Milan in Italy and holds a 
Master’s Degree in law from 
Stanford Law School (UK). 
Previously, Vanessa was the 
Head of Legal at SCP Group, 
and prior to that she worked 
as Senior International 
Counsel for Walgreens Boots 
Alliance. Vanessa is a New 
York-qualified attorney and 
has worked for major US law 
firms as a corporate lawyer.
Simone Sguizzardi does not 
hold any shares in Cavotec.
Patrick Baudin holds 10,000 
shares in Cavotec.
Jörgen Ohlsson holds 625 
shares in Cavotec.
Vanessa Tisci does not hold 
any shares in Cavotec.

===== SIDA 58 =====

56     Cavotec  | Annual and Sustainability Report 2023
Please note that all reported amounts are in euro. 
Patrik Tigerschiöld
Chairman 
David Pagels
Chief Executive Officer 
This report is dated 11 April 2024 and is signed on behalf  
of the Board and of the Management of Cavotec SA by
Consolidated 
Financial 
Statements

===== SIDA 59 =====

Annual and Sustainability Report 2023 | Cavotec     57
Statement of Comprehensive Income
Cavotec SA & Subsidiaries
EUR 000s Notes 2023 2022
Revenue from sales of goods and services 5 180,734 147,849
Other income 6 2,076 1,776
Cost of materials (101,219) (80,911)
Employee benefit costs 7 (47,895) (47,807)
Operating expenses 8 (19,292) (19,276)
Gross Operating Result 14,404 1,631
Depreciation and amortisation 16,17 (2,782) (2,906)
Depreciation of right-of-use of leased asset 16 (3,311) (3,222)
Impairment losses 9,17 (1,084) (9)
 
Operating Result 7,227 (4,506)
Interest income 10 18 108
Interest expenses 10 (3,471) (1,354)
Currency exchange differences - net 10 (16) 5,471
Other financial item 5 –
Profit /(Loss) before income tax 3,763 (281)
Income taxes 11,19 (3,583) (2,890)
Profit /(Loss) for the period, continued operations 180 (3,170)
Profit /(Loss) for the period, discontinued operations 38 – (11,522)
Profit /(Loss) for the period 180 (14,692)
Other comprehensive income:
Remeasurements of post employment benefit obligations continued operations 27 (99) 507
Remeasurements of post employment benefit obligations discontinued operations 27 – 193
Items that will not be reclassified to profit or loss (99) 700
Currency translation differences continued operations (1,836) (8,364)
Currency translation differences discontinued operations – (155)
Items that may be subsequently reclassified to profit/(loss) (1,836) (8,519)
Other comprehensive income/(loss) for the year, net of tax (1,935) (7,819)
Total comprehensive income/(loss) for the year (1,755) (22,540)
Total comprehensive income/(loss) attributable to:
Equity holders of the Group (1,755) (22,511)
Non-controlling interest – (29)
Total (1,755) (22,540)
Profit/(Loss) attributed to:
Equity holders of the Group continued operations 180 (3,170)
Equity holders of the Group discontinued operations – (11,522)
Total 180 (14,692)
Basic and diluted earnings per share from continued operations attributed
to the equity holders of the Group (EUR/Share) 30 0.002 (0.034)
Basic and diluted earnings per share from discontinued operations attributed
to the equity holders of the Group (EUR/Share) 30 – (0.122)
Basic and diluted earnings per share attributed to the equity holders of the Group 
(EUR/Share) 30 0.002 (0.156)
Weighted Average number of shares 104,103,112 94,243,200
The notes on pages 61–86 are an integral part of these Consolidated Financial Statements.
CONSOLIDATED FINANCIAL STATEMENTS |

===== SIDA 60 =====

58     Cavotec  | Annual and Sustainability Report 2023
The notes on pages 61–86 are an integral part of these Consolidated Financial Statements.
Balance Sheet
Cavotec SA & Subsidiaries
Assets EUR 000s Notes 31 December 2023 31 December 2022
Current assets
Cash and cash equivalents 15,056 9,625
Trade receivables 12 27,942 33,315
Contract assets 5,12 2,862 1,171
Tax assets 13 4,718 6,399
Other current receivables 14 4,949 6,256
Inventories 15 37,429 43,002
Assets held for sale 9,38 1,814 2,320
Total current assets 94,770 102,088
Non-current assets
Property, plant and equipment 16 5,414 5,941
Right-of-use of leased assets 16 11,529 13,213
Intangible assets 17 37,315 38,920
Non-current financial assets 18 68 106
Deferred tax assets 19 6,897 6,201
Other non-current receivables 20 1,231 1,215
Total non-current assets 62,454 65,597
Total assets 157,224 167,685
Equity and Liabilities EUR 000s
Current liabilities
Current financial liabilities 21 – (4,914)
Current lease liabilities 16 (2,527) (2,687)
Trade payables 22 (26,004) (36,126)
Contract liabilities 5,22 (19,268) (28,125)
Tax liabilities 23 (5,111) (3,101)
Provision for risk and charges, current 26 (2,171) (2,032)
Other current liabilities 24 (11,320) (11,906)
Total current liabilities (66,401) (88,891)
Non-current liabilities
Non-current financial liabilities 21  (21,468) (21,172)
Non-current lease liabilities 16 (9,167) (10,353)
Deferred tax liabilities 25 (1,251) (1,100)
Other non-current liabilities (12) (461)
Provision for risk and charges, non-current 26 (1,794) (1,357)
Employee benefit obligation 27 (569) (501)
Total non-current liabilities (34,261) (34,944)
Total liabilities (100,662) (123,835)
Equity
Share Capital (54,130) (45,288)
Reserves 29 (55,323) (51,633)
Retained earnings 52,891 53,071
Equity attributable to owners of the parent 28 (56,562) (43,850)
Non-controlling interests – –
Total equity (56,562) (43,850)
Total equity and liabilities (157,224) (167,685)
| CONSOLIDATED FINANCIAL STATEMENTS

===== SIDA 61 =====

Annual and Sustainability Report 2023 | Cavotec     59
The notes on pages 61–86 are an integral part of these Consolidated Financial Statements.
Statement of Changes in Equity
Cavotec SA & Subsidiaries
EUR 000s Notes
Share  
Capital Reserves
Retained
earnings
Equity related
to owners 
of the parent
Non-controlling
interest
Total
Equity
Balance as at 1 January 2022 (100,169) (4,833) 38,379 (66,623) (29) (66,652)
(Profit) / Loss for the period – – 14,692 14,692 29 14,721
Currency translation differences – 8,519 – 8,519 – 8,519
Remeasurements of post employment 
benefit obligations 27 – (700) – (700) – (700)
Total comprehensive income 
and expenses – 7,819 14,692 22,511 29 22,540
Employees share scheme  – 262  – 262  – 262
Share Premium Reserve 29 54,881 (54,881) – – – –
Transactions with shareholders 54,881 (54,619)  – 262  –  262 
Balance as at 31 December 2022 (45,288) (51,633) 53,071 (43,850) – (43,850)
Balance as at 1 January 2023 (45,288) (51,633) 53,071 (43,850) – (43,850)
(Profit) / Loss for the period – – (180) (180) – (180)
Currency translation differences – 1,836 – 1,836 – 1,836
Remeasurements of post employment 
benefit obligations 27 – 99 – 99 – 99
Total comprehensive income 
and expenses – 1,935 (180) 1,755 – 1,755
Employees share scheme – 58 – 58 – 58
Capital increase (8,843) – – (8,843) – (8,843)
Share Premium Reserve 29 – (5,683) – (5,683) – (5,683)
Transactions with shareholders (8,843) (5,625) – (14,467) – (14,467)
Balance as at 31 December 2023 (54,130) (55,323) 52,891 (56,562) – (56,562)
The line related to Employees share scheme shows the accrual for LTIP plans.
CONSOLIDATED FINANCIAL STATEMENTS |

===== SIDA 62 =====

60     Cavotec  | Annual and Sustainability Report 2023
Statement of Cash Flows
Cavotec SA & Subsidiaries
EUR 000s Notes 2023 2022
Profit /(Loss) for the year 180 (14,692)
Loss from discontinued operations, net of income taxes – (11,522)
Adjustments for:
Net interest expenses 3,453 1,246
Current taxes 11 4,221 2,709
Depreciation and amortisation 16,17 2,782 2,906
Depreciation of right -of-use of leased assets 16 3,311 3,222
Impairment losses 9,17 1,084 9
Deferred tax (638) 181
Provision for risks and charges 69 (827)
Capital gain or loss on assets (20) –
Other items not involving cash flows (454) (4,907)
Interest paid (3,057) (945)
Taxes paid (529) (6,225)
10,222 (2,631)
Cash flow before change in working capital 10,402 (5,802)
Impact of changes in working capital
Inventories 5,451 (12,960)
Trade receivables and contract assets 4,381 (8,784)
Other current receivables 1,306 (2,613)
Trade payables and contract liabilities (18,979) 23,161
Other current liabilities (628) 1,513
Impact of changes involving working capital (8,469) 317
Net cash inflow /(outflow) from operating activities continued operations 1,933 (5,485)
Net cash inflow /(outflow) from operating activities discontinued operations – (15,508)
Net cash inflow /(outflow) from operating activities 1,933 (20,993)
Financing activities
Increase in equity capital 14,526 –
Net changes loans and borrowings 21 (4,696) 12,257
Repayment of lease liabilities 16 (3,156) (3,073)
Net cash inflow /(outflow) from financing activities continued operations 6,674 9,184
Net cash inflow /(outflow) from financing activities discontinued operations – (907)
Net cash inflow /(outflow) from financing activities 6,674 8,277
Investing activities
Investments in property, plant and equipment (911) (1,183)
Investments in intangible assets 17 (624) (1,399)
Decrease of non current financial asset 38 (50)
Disposal of assets 16 29 1,142
Net cash inflow/(outflow) from investing activities continued operations (1,468) (1,490)
Net cash inflow /(outflow) from investing activities discontinued operations – 9,679
Net cash inflow /(outflow) from investing activities (1,468) 8,189
Cash at the beginning of the year 9,625 12,230
Cash flow for the year continued operations 7,137 2,209
Cash flow for the year discontinued operations – (6,736)
Cash flow for the year 7,137 (4,527)
Currency exchange differences (1,706) 1,922
Cash at the end of the year 15,056 9,625
The notes on pages 61–86 are an integral part of these Consolidated Financial Statements.
| CONSOLIDATED FINANCIAL STATEMENTS

===== SIDA 63 =====

Annual and Sustainability Report 2023 | Cavotec     61
NOTE 1. GENERAL INFORMATION
Cavotec is a leading cleantech company that designs and delivers connection and electrification solutions to enable the decarbonization of ports and 
industrial applications worldwide. Backed by more than 40 years of experience, our systems ensure safe, efficient, and sustainable operations for a wide 
variety of customers and applications worldwide.
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 Teamwork.
Cavotec’s personnel, located in some 20 countries around the world, represent many cultures and provide customers with local support, backed by the 
Group’s global network of engineering expertise.
Cavotec SA is the ultimate Parent company of the Cavotec Group, its registered office is Corso Elvezia 16, CH-6900 Lugano, Switzerland. Cavotec SA 
shares are listed on Nasdaq Stockholm, Sweden.
These Financial Statements were approved by the Board of Directors on 11 April 2024. The report is subject to approval by the Annual General Meeting 
on 4 June 2024.
NOTE 2. BASIS OF PREPARATION
The consolidated Financial Statements of the Cavotec Group are prepared in accordance with IFRS accounting standards as issued by the IASB.
Historical Cost Convention
These Financial Statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial 
liabilities at fair value through P&L.
Adoption of new and revised standards and application of new accounting policies 
The following standards are effective from 1 January 2023. The adoption of the amendments has had no impact on the 
Group’s consolidated financial position or performance of the Group as per management analysis performed:
• Amendments to IAS 8 – Definition of Accounting Estimates
• Amendments to IAS 1 – Disclosure of Accounting Policies
• Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single Transaction
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 
December 2023 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to 
have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
Critical accounting estimates
The preparation of the Financial Statements in conformity with IFRS accounting standards requires the use of certain critical accounting estimates. It 
also requires the management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree 
of judgement or complexity, or areas where assumptions and estimates are significant to the Financial Statements, are disclosed in note 4.
NOTE 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES 
The principal accounting policies adopted in the preparation of the Financial Statements are set out below. These policies have been consistently 
applied to all the periods presented, namely, 31 December 2023 and 2022.
FOREIGN CURRENCY TRANSLATION
(i) Functional and presentation currency
Items included in the Financial Statements are measured using the currency of the primary economic environment in which the related entity operates (‘the 
functional currency’). The Financial Statements are presented in Euros, which is the Group’s presentation currency and Company’s functional currency.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign 
exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets 
and liabilities denominated in foreign currencies are recognised in the Statement of Profit or Loss, except when recognised in other comprehensive 
income as qualifying cash flow hedges and qualifying net investment hedges. 
(iii) Foreign operations
The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different 
from the presentation currency are translated into the presentation currency as follows:
Assets and liabilities for each Balance Sheet presented are translated at the closing rate at the date of that Balance Sheet.
Income and expenses for each Income Statement position are translated at average exchange rates of that period, unless this is not a reasonable 
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of 
the transactions.
Resulting exchange differences related to currency translation adjustment are recognised in other comprehensive income and accumulated as a 
separate component of equity.
The Consolidated Statements of Cash Flow are translated at average exchange rates during the period, whereas cash and cash equivalents are 
translated at the spot exchange rate at the end of the reporting period.
Notes to the Financial Statements
NOTES TO THE FINANCIAL STATEMENTS |

===== SIDA 64 =====

62     Cavotec  | Annual and Sustainability Report 2023
Exchange differences arising from the translation of any net investment in foreign operations and borrowings designated as quasi-equity loans are 
recognised in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, a 
proportionate share of such exchange differences are recognised in the Statement of Comprehensive Income, as part of the gain or loss on sale where 
applicable.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and 
translated at the closing rate.
CONSOLIDATION
(i) Subsidiaries
Subsidiaries are all entities over which the group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable 
returns from its involvement with the entity and could affect those returns through its power over the entity. Subsidiaries are consolidated from the date 
on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
The Group uses the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the 
fair value of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair 
value of any asset or liability resulting from a contingent consideration arrangement. Contingent consideration is valued based on the probability that 
the consideration will be paid and changes in the fair value are recognised in profit or loss. Acquisition-related costs are expensed. Identifiable assets 
acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. 
The excess of the cost of acquisition over the fair value of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less 
than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the Statement of Comprehensive Income.
Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also 
eliminated but are considered an impairment indicator of the asset transferred.
(ii) Transactions with non-controlling interest
The group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A 
change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their 
relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or 
received is recognised in a separate reserve within equity attributable to owners.
(iii) Scope of Consolidation
The consolidated Financial Statements include the statements as of 31 December 2023 of the companies included in the scope of consolidation, which 
have been prepared in accordance with IFRS accounting standards adopted by the Group. Below is a list of companies consolidated on a line-by-line 
basis and the respective shares held either directly or indirectly by Cavotec SA:
 Name Registered office Type of Business Controlled through % Group ownership
 Direct Indirect
Cavotec (Swiss) SA Switzerland Services Cavotec SA 100%
Cavotec Australia Pty Ltd Australia Sales company Cavotec Group Holdings NV 100%
Cavotec Cleantech Malaysia SDN. BHD. Malaysia Sales company Cavotec (Swiss) SA 100%
Cavotec Germany GmbH Germany Centre of Excellence Cavotec Group Holdings NV 100%
Cavotec Finland OY Finland Sales company Cavotec Group Holdings NV 100%
Cavotec France RMS SA France Sales company Cavotec Group Holdings NV 100%
Cavotec Group Holdings NV The Netherlands Holding Cavotec MoorMaster Ltd 100%
Cavotec Hong Kong Ltd China Sales company Cavotec Group Holdings NV 100%
Cavotec India Ltd India Sales company Cavotec Group Holdings NV 100%
Cavotec International Ltd United Kingdom Services/Sales company Cavotec Group Holdings NV 100%
Cavotec Micro-control AS Norway Centre of Excellence Cavotec Group Holdings NV 100%
Cavotec FZE U.A.E. Sales company Cavotec Group Holdings NV 100%
Cavotec MoorMaster Ltd New Zealand Engineering Cavotec SA 100%
Cavotec Nederland BV The Netherlands Sales company Cavotec Group Holdings NV 100%
Cavotec Realty Germany BV The Netherlands Services Ipalco BV 100%
Cavotec Realty Norway AS Norway Services Ipalco BV 100%
Cavotec Russia OOO (in liquidation) Russia Sales company Cavotec Group Holdings NV 100%
Cavotec SA Switzerland Holding - –
Cavotec Shanghai Ltd China Centre of Excellence Cavotec Group Holdings NV 100%
Cavotec Singapore Pte Ltd Singapore Sales company Cavotec Group Holdings NV 100%
Cavotec Specimas SpA Italy Centre of Excellence Cavotec Group Holdings NV 100%
Cavotec Sverige AB Sweden Sales company Cavotec Group Holdings NV 100%
Cavotec USA Inc. United States of America Sales company Cavotec SA 100%
Ipalco BV The Netherlands Holding/Services Cavotec Group Holdings NV 100%
During FY2023 the following changes to the Group Structure applied:
• Cavotec South Africa Pte Ltd and Cavotec Realty France SCI have been liquidated
• Cavotec International Ltd extended its operation to include sales
SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating 
decision-maker (CODM), who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the 
Board of Directors.
| NOTES TO THE FINANCIAL STATEMENTS

===== SIDA 65 =====