FULLTEXT DEL 1 AV 2
Årsredovisning 2024
===== SIDA 1 =====
2024
ANNUAL AND SUSTAINABILITY REPORT
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Cavotec is a leading cleantech company that designs and delivers
connection and electrification solutions to enable the decarbonisation
of ports and industrial applications. We want to contribute to a world
that is cleaner, safer and more efficient by providing innovative
connection solutions for ships, po rts, and industrial equipment today.
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 50 years of success
rest on our core values: Integrity, Accountability, Performance, and
T eamwork.
We connect the future.
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INTRODUCTION
Cavotec in brief 4
Highlights 2024 5
CEO’s message 6
STRATEGY AND FINANCIALS
Market trends 9
Our offering 10
Strategic priorities 11
Financial performance 12
Financial targets 14
SEGMENTS
Introduction 16
Ports & Maritime 17
Industry 19
SUSTAINABILITY REPORT
Our sustainability agenda 23
Value chain 24
Stakeholder dialogues 26
Double materiality assessment 27
Governance 28
Environmental and climate impact 29
Caring for our people 31
Business ethics 34
Contribution to the UN SDGs 34
CORPORATE GOVERNANCE
Remuneration report 36
Corporate governance report 43
Board of Directors 47
Cavotec Management T eam 48
FINANCIAL STATEMENTS
Consolidated financial statements 50
Notes to the financial statements 54
Risk management 70
Statutory financial statements 79
Notes to statutory financial statements 81
OTHER INFORMATION
Financial definitions 87
The share 88
Shareholder information 90
Cavotec’s history in brief 91
6 18
”Our markets are
driven by strong
megatrends.”
Our shore power
solutions cut emissions
at berth to zero.
16
Our automated mooring
solutions improve safety
significantly.
3CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
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Backed by 50 years of experience, our systems ensure safe, efficient and sustainable operations for a wide variety of
customers and applications worldwide. We report two business segments; Ports & Maritime and Industry. Our offering
includes automated mooring, shore power, motorised reels, crane electrification, radio remote controls and charging
solutions. Service is an integral part of our business segments.
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.
BUSINESS SEGMENTS
Ports & Maritime
World-leading solutions for ports, ships and other marine applications. Unique systems for automated mooring,
shore power, crane electrification, and connection and charging systems, significantly improving the environment
in ports worldwide.
Industry
Solutions that drive productivity and contribute to the customers’ operational efficiency, electrification as well as
occupational health and safety. Our product offering includes motorised cable and hose reels, radio remote controls,
power connectors, spring driven cables and hose reels.
Cavotec in brief
We are a leading cleantech company that designs and delivers connection and
electrification solutions to enable the decarbonisation of ports and industrial applications.
175.0
Revenue, EUR million
10.9
EBIT, EUR million
126.4
Order backlog, EUR million
80+
Number of countries where
our systems are installed
708
Employees, full-time equivalents
4CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Cavotec in brief Highlights 2024 CEO’s message
===== SIDA 5 =====
KEY FIGURES
EUR 000s 2024 2023 2022 2021 2020
Order intake 177,780 157,354 Not reported
Order backlog 126,390 123,562 147,207 98,893 57,773
Revenue 174,952 180,734 147,849 115,794 115,342
EBIT 10,893 7,227 (4,506) (747) 37
EBIT margin 6.2% 4.0% (3.0%) (0.6%) 0.0%
Adjusted EBIT 11,139 7,227 (4,506) (747) 37
Adjusted EBIT margin 6.4% 4.0% (3.0%) (0.6%) 0.0%
Net profit/(loss) for the period 3,840 180 (3,170) (1,211) (2,973)
Basic and diluted earnings per share, EUR 0.036 0.002 (0.034) (0.013) (0.031)
Operating cash flow 6,226 1,933 (5,485) 8,654 15,501
Net debt (15,257) (18,638) (30,328) (19,630) (15,264)
Leverage ratio 0.91x 1.29x 12.5x 3.20x 0.98x
KEY EVENTS
• Shore power retrofit order with major European shipping line, worth USD 5.7 million
• Two-year service agreement with APM T erminals at Port of T anger, Marocco
• Three-year service agreement for shore power systems in large North American port
• The world’s first ultra-fast 3 MW charging system for battery-powered heavy-duty vehicles
in service at a mining site in Australia
• Order for shore power with a global shipping company, worth USD 5 million
• Two-year service agreement with Port of Salalah, Oman
• South America’s first MoorMaster system inaugurated at DP World San Antonio,
Chile’s largest multipurpose port
• Inauguration of new production facility in Chennai, India
• Orders for shore power systems to two Mediterranean ports, worth EUR 6.5 million
• Shore power orders for three Italian ports, worth EUR 7 million
• Shore power order with global shipping company, worth EUR 4 million
• Order for automated mooring system for Port of Dublin, Ireland
• Order with Qwello for 1,000 spring cable reels for electric vehicle charging stations in Europe
OPERATING CASH FLOW, EUR MILLIONREVENUE, EUR MILLION REVENUE BY GEOGRAPHY, %
-50
0
50
100
150
200
20242023202220212020 -3
0
3
6
9
12
-6
0
6
12
18
24
20242023202220212020
Europe, Middle East and Africa, EUR 81.5 million
Asia P acific, E UR 70.1 million
North America, EUR 23.3 million
Solid financial improvements and important orders signed
Profitability continued to improve in 2024 thanks to our effective change programs and our financial position was further strengthened.
We signed several important orders with both new and existing customers, signalling healthy market demand for our solutions and services offering.
R evenue, EUR million
EBIT margin, %
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Cavotec in brief Highlights 2024 CEO’s message
5CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
===== SIDA 6 =====
We met good demand in 2024 and order intake increased by 13.0% to
EUR 177.8 million and the order backlog increased by 2.3% to EUR 126.4
million. This development is largely driven by good demand for our shore
powers olutions and our enhanc ed s ervice off ering. R evenue decr eased
slightly, by -3.2%, to EUR 175.0 million, as a result of the review of the
orderbacklog w e initiat ed in 2023 t o impr ove pr ofitability.
The backlog review has been part of our comprehensive change pro-
gramsaimed at incr easing pr ofitability. Thes e pr ograms ha ve led t o EBIT
improving by 50.7% to EUR 10.9 million and the EBIT margin growing to
6.2%in 2024. A t the same time , c ash flo w has impr oved signific antly and
ourfinancial position has been str engthened. The change pr ograms
cover basically all processes in the company as well as cultural issues.
An important improvement in 2024 has been made in supply, where we
havemanaged t o signific antly r educe the c osts of pur chased mat erials
through centralised processes. An example of how we are working to
improve our capabilities and internal processes is the inauguration in
2024 of our new assembly unit in India. The new facility gives us both
ac ost-effective global supply hub and pr oximity t o a str ongly gr owing
market.
Weha ve made signific ant pr ogress with the change pr ograms in the
Ports& Maritime s egment but ar e b y no means finished. W e c ontinue t o
workon both Gr oup-wide and s egment-specific measur es, not least in
the Industry segment. The Industry segment has started its measures
laterthan P orts & Maritime and has initiat ed its pr ofitability-improving
measures in the latter part of 2024.
STRONG MEGATRENDS DRIVING MARKET DEMAND
Our markets are driven by megatrends such as the need for climate
actionand electrific ation. P articularly in the latt er half of 2024, w e ha ve
seenstr ong demand f or electrific ation of the marine industr y and our
shore power solutions. This trend is also reinforced by regulations in the
area. At the end of 2024, we announced contracts for shore power with
at otal v alue of E UR 17.5 million. Cust omers include fiv e Medit erranean
ports of which three in Italy with a combined order value of EUR 13.5 mil-
lion and a global shipping company with a contract worth EUR 4 million.
All orders are to be delivered over the next two years. These orders are
clear signs of the strong need to reduce emissions in marine environ-
mentsand als o r eflect our abilit y t o deliv er inno vative s ystems that meet
the evolving needs of the shipping industry.
Among our other business successes in 2024 is the contract for
automatic mooring at the Port of Dublin. This is a milestone to us since
itis the fir st installation in Ir eland and will s erve as a benchmark f or sus-
tainable port operations in the region.
In June 2024, I also had the pleasure of attending the inauguration
ofSouth Americ a’s fir st aut omatic MoorMast er s ystem which w e ha ve
installed at DP World San Antonio, the largest multipurpose port in Chile.
Our state-of-the-art technology helps the port enhance employee
safety and increase ship-to-shore crane productivity by reducing vessel
motion. Furthermore, the increased crane productivity together with
faster mooring will shorten vessel turnaround times, thereby reducing
vessel fuel consumption and emissions.
SUCCESS WITH OUR ENHANCED SERVICE OFFERING
Aspar t of the change pr ograms, w e ha ve enhanc ed our s ervice off ering
to capture the untapped potential of our large globally installed base.
Theoff ering includes maint enance and c ontrol, taking o ver the oper a-
tion of the equipment for customers and acting as a system integrator.
This has been a successful venture that has led to important orders for
We have built a stronger Cavotec
In 2024, we established a stronger Cavotec with higher profitability and a strengthened financial position.
Thanks to the success of our change programs, we have also been able to enhance focus on product
development and thus increase our competitiveness. Demand for our offering remains good and we have a
solid foundation to continue growing with improved profitability.
“I am confident in our ability to
grow with improved profitability
and that we are ready to
take Cavotec to the next level.”
David Pagels, CEO
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
6CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
Cavotec in brief Highlights 2024 CEO’s message
===== SIDA 7 =====
us in 2024. Among the announced contracts are a two-year service
agreement with APM T erminals at Port of T anger in Morocco and a new
two-year service agreement signed with Port of Salalah in Oman. We
alsoannounc ed a gr oundbreaking, fir st-time e ver deal with a lar ge Nor th
American port where we will take care of the plug in and plug out of our
installed power units. This provides us with valuable insights into how we
can further improve our products while ensuring that the equipment is
operatedin the most efficient wa y.
Shore power is the only solution that cuts emissions totally at berth. We are at the forefront of delivering highly
innovative shore power solutions and services with more systems installed around the world than any other provider
including cruise vessels, container ships Ro/Pax and Ro/Ro ferries.
EXCITING NEW PRODUCTS IN PIPELINE
Thankst o the pr ofitability impr ovements, w e ha ve made it possible t o
increase our focus on product development in 2024 which has strength-
enedour c ompetitiveness. The goal has been t o de velop c ost-effective
solutions that solve customers’ future needs. The development work
has been done both independently and in collaboration with customers.
Ilook f orward with c onfidence t o our pipeline of ne w pr oducts that will
be launched in 2025.
2025 – A YEAR OF LANDMARKS
This year marks 50 years since Cavotec was founded. These years have
been characterised by innovation, customer focus and the ability to
develop solutions that improve customers’ processes. Over the past
ten years, the focus has increasingly shifted to electrifying customers’
processes to meet the need for reduced climate impact and improved
environmentswith lo wer nois e le vels. W e ha ve als o int ensified our o wn
sustainability work in 2024 since we see that sustainability work will give
ussignific ant c ompetitive adv antages. Right no w, w e ar e clos ely f ollow-
ing the development of the new European sustainability reporting stan-
dards to understand the implications to us.
We have started 2025 by strengthening the Cavotec Management
T eam with two new members – Jonathan Eriksson and Nicklas Vedin who
have been given responsibility for the Industry and the Ports & Maritime
divisions respectively. Patrick Mares, previously head of the Ports &
Maritime division, is our new CTO with responsibility for product man-
agement. With these changes, we now have a management team and
governance model that allow us to work and allocate resources even
moreeff ectively.
OUTLOOK
I am proud of our employees’ commitment and their focused work, which
has enabled the successful transformation of Cavotec. One of Cavotec’s
key strengths is that we operate in growing markets driven by the need
to reduce climate impact and improve sound environments. I can also
note that we have a promising portfolio of new products set to launch in
2025.This, c ombined with the financial str ength w e ha ve t oday, mak es
mec onfident in our abilit y t o gr ow with impr oved pr ofitability and that w e
are ready to take Cavotec to the next level.
David Pagels
CEO
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
7CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
Cavotec in brief Highlights 2024 CEO’s message
===== SIDA 8 =====
Strategy
We have 50 years of experience in creating more sustainable and efficient
processes for our customers worldwide. We are proud of our long-term
customer relationships and our ability to stay ahead by offering innovative
solutions that solve our customers’ problems.
8CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Market trends Our offering Strategic priorities Financial performance Financial targets
===== SIDA 9 =====
Strong market trends create growth opportunities
There is a great interest in our climate-friendly solutions, driven by strong market trends such as customers’ need to decarbonise as well as new
environmental regulations. During our 50 years of experience, we have developed a comprehensive understanding of our market and the factors that
influence it, and we have established enduring relationships with our customers. Our long experience and application knowledge makes it easier for us
to be 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.
1
Climate
The climate is one of the most impor-
tant issues of our time. In order to
reach the goals of the Paris Agree-
ment, it is required that all industries
and businesses contribute by reduc-
ing their emissions. The shipping sec-
tor accounted for 2.89% of global
greenhouse gas emissions in 2018
according to the International Mari-
time Organization.
When we look at the mining sector,
it is responsible for 4
–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
our products and services increases
because they reduce customers’ car-
bon footprint and help them contrib-
ute to reaching the Paris Agreement.
2
Electrification
A critical part of efforts to fulfil 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 equip-
ment are central parts of our offering.
Shipping companies and shipyards,
for example, are becoming increas-
ingly interested in the shore power
solutions that enable ships to switch
off the diesel generators at berth.
3
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 pres-
sure, heart disease, and stress. T oday
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, we contribute
through our products and solutions
that improve the sound environments
in ports and mines, for example.
4
Safety
Occupational injuries and work-
related ill health are high on the sus-
tainability agenda of many companies
today. Many companies have zero
visions when it comes to occupa-
tional injuries and invest in equipment
and processes that reduce risks to
employees.
For us, safe products and solu-
tions that improve the workplace
environment have always been an
important driving force and key com-
petitive advantage. By automating
previously manual processes, such as
mooring, the risk of injury to sailors
and dock workers is significantly
reduced.
5
Global trade
Global trade means that many differ-
ent 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 our solutions are
central to the efficient functioning of
global trade and they require con-
stant service support to maintain effi-
ciency and delivery reliability. We are
therefore a core part of our custom-
ers’ value chains, which is an impor-
tant reason for the long and close
customer relationships.
6
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 Organiza-
tion 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 push-
ing companies to become more
sustainable.
Increased regulations drive
demand for our products and ser-
vices. For us, this creates increased
opportunities to reach new custom-
ers and strengthen our market posi-
tion in sectors that are critical for
industry and society.
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
9CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
Market trends Our offering Strategic priorities Financial performance Financial targets
===== SIDA 10 =====
REMOTE CONTROL
We target the global need to decarbonise
With 50 years of experience and innovation, we have established our-
selves as a preferred supplier and service provider to leading companies
in above all the marine and mining industries. By enabling the electrifica-
tion of ships, port equipment, and mining machinery, we support our
customers to reduce greenhouse gas emissions and also noise pollu-
tion. The need to reduce the environmental impact is driven from several
different stakeholders, including supranational bodies and local authori-
ties. Our solutions also contribute to increasing the safety of profes-
sional 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 systems inte-
gration, maintenance, controls, spare parts and repairs to extend equip-
ment lifespan.
Within Ports & Maritime, a significant proportion of sales are large
projects such as electrically powered vacuum mooring systems, shore
power solutions and motorised reels for container cranes. Sales often
take place through OEMs that install Cavotec’s products in vessels and
port cranes, for example. The end customers, typically ports and ship-
ping companies, provide OEMs with product and system specifications.
For Industry, mining machinery OEMs account for the majority of rev-
enue. Sales mainly comprise of critical components in larger volumes.
CRITICAL SOLUTIONS FOR OUR CUSTOMERS
Our business is characterised by close, long-term customer relation-
ships. 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 SUPPL Y ORGANISATION
Assembly of our products takes place in plants, often located in the
same region as the customers. Through our service organisation and its
local presence, we are geographically close to our customers.
Our most important resource is our over 700 employees worldwide
and their collective experience. T ogether with our customers and part-
ners, we constantly develop our offering and create new innovative
solutions.
Key resources
• Skilled employees
• Global reach
• 50 years of experience
and innovation
Offering
• Ports & Maritime
• Industry
• Services
Customers
• Ports and port operators
• Shipbuilders and shipping companies
• Mining operators
• Manufacturers of mining machinery and
mobile cranes
With our solutions and services, emissions in ports, mines and other
industrial sites are reduced while workplaces become safer.
Our value proposition
We provide safe and efficient
electrification solutions and
services that decarbonise ports,
vessels and heavy-duty vehicles.
Worldwide, there is a growing need to reduce green-house gas emissions. With our solutions and services,
emissions in ports, mines and other industrial sites are reduced while workplaces become safer.
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
10CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
Market trends Our offering Strategic priorities Financial performance Financial targets
===== SIDA 11 =====
• Customer focus
We always strive to 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 that we have further enhanced during 2024. At the
same time, we have dialogues with new 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
and aftermarket sales.
• Operational excellence
We must continuously improve effectiveness and efficiency throughout
the organisation and value chain. This is done by smart use of new tech-
nologies, platforms and capabilities that drive productivity in combina-
tion with new routines and processes that improve our ways of working.
An example of operational excellence is our new assembly facility in
India which opened in 2024 to service the significant local Indian market.
With this new unit, we will also improve our global supply chain and
enhance our production capacity since it will function also as a supply
hub for our operations across the globe.
• 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.
T o improve cost control throughout the organisation, we have cost
optimisation and sourcing cost reduction programs in place across
the group.
• Culture and values
Our culture and core values are central to success. We see a good
momentum in the organisation and a strong drive from all our employees.
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 team-
work lay the 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 and application knowledge from our
large installed base, we create competitive advantages and strengthen
our position both with existing and potential customers. For us, inno-
vation also has a broader meaning and it is about having a mindset that
characterises everything we do. If we 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.
Strategic priorities for profitable growth
We began the transformation of Cavotec in 2023 through clear strategic priorities and change programs. This has been
successful and we continue to work on our strategic priorites to build an even stronger Cavotec.
FOUNDATION FOR
PROFITABLE GROWTH
OUR STRATEGIC PRIORITIES
• Customers and go-to-market
• Operational excellence
• Cost control
• Culture and values
• Innovation
• People
COMPREHENSIVE CHANGE PROGRAMS
It is important that we execute on each one of our strategic priorities
because they are interdependent to reach our overall goal. 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 pr ocesses and constantly improve our offer. Our culture and
values must embrace change and the will to work towards our overall
goal of profitable growth.
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
11CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
Market trends Our offering Strategic priorities Financial performance Financial targets
===== SIDA 12 =====
Solid financial improvements
ORDER INTAKE, EUR MILLION ORDER BACKLOG, EUR MILLIONREVENUE, EUR MILLION
0
10
20
30
40
50
60
4Q243Q242Q241Q244Q233Q232Q231Q23 0
10
20
30
40
50
60
70
80
4Q243Q242Q241Q244Q233Q232Q231Q23 0
40
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4Q243Q242Q241Q244Q233Q232Q231Q23
P orts & Maritime
Industry
Order intake and order backlog
Order intake increased 13.0% to EUR 177.8 million (157.4) with good
development in both the Ports & Maritime and Industry segments. Order
backlog increased 2.3% to EUR 126.4 million (123.6).
Revenue
Revenue decreased -3.2% to EUR 175.0 million (180.7) where currency
effects had a negative impact of -0.2%. In the regions, revenue
increased in North America 1.4% to EUR 23.3 million (23.0) and in Asia
Pacific 0.4% to EUR 70.1 million (69.8). In Europe and Middle East reve-
nue decreased -7.3% to EUR 81.5 million (88.0).
Costs and operating expenses
Cost of materials decreased 16.0% to EUR 85.1 million (101.2) and
constitutes 48.6% (56.0%) of revenue. Employee benefit costs increased
11.6% to EUR 53.4 million (47.9) and constitutes 30.5% (26.5%) of reve-
nue. Operating expenses increased 9.4% to EUR 21.1 million (19.3) and
constitutes 12.1% (10.7%) of revenue.
Gross operating result
Gross operating result increased 15.8% to EUR 16.7 million (14.4) with
a gross operating margin of 9.5% (8.0%).
Depreciation and amortisation
Depreciation and amortisation including depreciation of right-of-use
of leased asset and impairment losses decreased 19.4% to EUR -5.8
(-7.2) million.
EBIT (operating result)
EBIT increased 50.7% to EUR 10.9 million (7.2) and the EBIT margin
improved 2.2 percentage points to 6.2% (4.0%). The improvement in
profitability is mainly reflecting lower cost of materials due to improved
purchasing procedures.
Adjusted EBIT increased 54.1% to EUR 11.1 (7.2) million and the adjusted
EBIT margin improved 2.4 percentage points to 6.4% (4.0%). EBIT has
bee adjusted in the fourth quarter 2024 for non-recurring costs related
to the investigation of potentially moving the registered office from
Switzerland to Sweden.
We have steadily improved our financial performance and market position during 2024 through clear strategic priorities.
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Market trends Our offering Strategic priorities Financial performance Financial targets
12CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
===== SIDA 13 =====
“We have made significant progress in 2024 and have
potential for further improvements. A key focus area
in 2025 is capital employed and cash flow to free up
resources for continued investments in, among other
things, product development.”
Joakim Wahlquist
CFO
OPERATING CASH FLOW, EUR MILLIONADJUSTED EBIT AND ADJUSTED EBIT MARGIN NET RESULT AND EARNINGS PER SHARE
A djusted EBIT, EUR million
Adjusted EBIT margin, %
Net r esult, EUR million
Earnings per share, EUR
-2
0
2
4
6
4Q243Q242Q241Q244Q233Q232Q231Q23 -4
0
4
8
12
-6
-4
-2
0
2
4
6
4Q243Q242Q241Q244Q233Q232Q231Q23 -1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
4Q243Q242Q241Q244Q233Q232Q231Q23 -0,02
-0,01
0,00
0,01
0,02
0,03
Financial income
Interest income increased to EUR 0.035 million (0.018). Interest
expenses decreased 25.0% to EUR -2.6 million (-3.5). Net financial
income amounted to EUR -2.7 million (-3.5), mainly impacted by lower
interest expenses.
Profit before income tax
Profit before income tax improved 118.1% to EUR 8.2 million (3.8).
Taxes
Income taxes amounted to EUR -4.4 million (-3.6). which represents
53.2% (95.2%) of profit before income tax. T ax paid was EUR 4.7 million
(0.5) million, which equates to 57.6% (14.1%) of profit before income tax.
Profit for the year and earnings per share
Profit for the year increased to EUR 3.8 million (0.2). Earnings per share,
basic and diluted, improved to EUR 0.036 (0.002).
Cash flow
Cash flow before changes in working capital decreased to EUR 8.4 mil-
lion (10.4). Changes in working capital amounted to EUR -2.2 million
(-8.5). Operating cash flow increased to EUR 6.2 million (1.9) due to
improved profitability and working capital during the year. Investing
activities amounted to EUR 0.7 million (-1.5).
Financial position
Net debt decreased to EUR -15.3 million from EUR -18.6 million at
31 December 2023. The leverage ratio (measured as debt-to-adjusted
EBITA) improved to 0.91x from 1.29x during the year. The equity/assets
ratio increased to 40.4% from 36.0% at 31 December 2023. Cash and
cash equivalents amounted to EUR 11.6 million (15.1).
Employees
At the end of the year, Cavotec had 708 (664) full-time equivalent
employees.
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
13CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
Market trends Our offering Strategic priorities Financial performance Financial targets
===== SIDA 14 =====
Financial targets
EBIT margin
T o reach an annual adjusted EBIT margin of more than 10% within two
years and more than 12% within five years.
Adopted by the Board of Directors in February 2020.
OUTCOME
2024 2023 2022 2021 2020
-3.2% +22.2% +27.7% +0.4% 0.0%
OUTCOME
2024 2023 2022 2021 2020
6.4% 4.0% -3.0% -0.6% 0.0%
OUTCOME
No dividend has been paid for the years 2020–2023. The Board of
Directors proposes to the Annual General Meeting 2025 that no dividend
be paid for the 2024 financial year.
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.
Sales growth
T o achieve annual organic revenue growth of at least 5% from 2020, in
addition to possible acquisitions.
+5% +10% 30–50%
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Market trends Our offering Strategic priorities Financial performance Financial targets
14CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
===== SIDA 15 =====
Segments
Our long history of 50 years of operation and innovation has resulted in a unique
application knowledge and understanding of our customers’ challenges and needs.
Our offering is aimed at the marine sector and other industrial sectors where our
solutions improve customers’ operational performance.
Introduction Ports & Maritime Industry
15CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Introduction Ports & Maritime Industry
===== SIDA 16 =====
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 ser-
vices organisation 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 fibre 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 environ-
ments and under extreme mechanical stress. Our crane solutions are
used in ports and terminals, extraction applications, lifting, and material
handling.
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 charg-
ing 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.
An attractive offering in electrification
With our extensive experience and comprehensive range of innovative technologies we help customers to
connect and electrify port operations and other critical industrial applications.
P orts & Maritime, EUR 109.9 million
Industr y, EUR 65.0 million
P orts & Maritime, EUR 13.8 million
Industr y, EUR 2.9 million
SHARE OF TOTAL REVENUE
SHARE OF TOTAL EBITDA
SERVICES
Service agreements • Inspections and repairs
Spare parts • Refurbishment • T raining
Systems integration
A LEADING CLEANTECH OFFERING
PORTS & MARITIME
• Shore power
• Automated mooring
• Crane electrification
INDUSTRY
• Radio remote controls
• Charging solutions
• Cranes
• Industrial applications
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 power
supply, allowing ships’ diesel generators to be switched off.
AUTOMATED MOORING
Our MoorMaster® vacuum automated mooring system replaces conven-
tional 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 technol-
ogy. 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 sys-
tem 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 con-
trollers 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. We have extensive experience of pro-
viding customised solutions for the safe and efficient transmission of
energy, signals and data, as well as liquid and gaseous media.
SEGMENTS
16CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Introduction Ports & Maritime Industry
===== SIDA 17 =====
Our systems are in use all over the world and we provide services to cus-
tomers 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,
Shanghai and T anger.
OUR COMPETITIVE ADVANTAGES
Our main competitive advantages are high quality, technical ability and
broad services offering. Our customers never compromise on safety,
which is often a reason for them to choose us as their preferred supplier.
We significantly improve the environment
in ports worldwide
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.
SEGMENT PORTS & MARITIME
“ W e have a strong position in the
market, based on our ability to
deliver innovative systems that
meet the evolving needs of the
shipping industry. ”
Nicklas Vedin
SVP , Head of Ports & Maritime Division
KEY BUSINESS WINS IN 2024
We signed significant orders for shore power and extensive, multi-year
service contracts. In the last quarter 2024, we announced orders for
shore power with a total value of EUR 17.5 million. Customers include
five Mediterranean ports of which three in Italy with a total value of
EUR 13.5 million, and a global shipping company with a contract value
of EUR 4 million. Earlier in 2024, we announced shore power contracts
with a major European shipping line, worth USD 5.7 million, and a con-
tract with a global shipping company, valued at USD 5 million.
At the end of 2024, we signed a contract for automated mooring for
Port of Dublin. This contract is a milestone since it is the first installation
in Ireland and expected to serve as a benchmark for sustainable port
operations in the region.
Within services, we signed two-year agreements with, among other,
APM T erminals at Port of T anger, Marocco and Port of Salalah, Oman.
T o date, we have installed 45 MoorMaster NxG and 31 Power units in
Port of T anger and 32 MoorMaster units in Port of Salahah. These con-
tracts are good examples of how we generate business based on our
installed base.
We also announced a three-year service agreement with a large
North American port to provide all services on the shore power systems
we have installed. This deal is groundbreaking for us since we will take
care of the plug in and plug out the power units for the first time. This
provides us with valuable insights in how we can further improve our
products while ensuring that the equipment is operated in the most
efficient way.
PERFORMANCE IN 2024
The order backlog increased 2.5% to EUR 102.3 million (99.8) driven
by good demand for shore power solutions and the service offering.
Revenue decreased -4.2% to EUR 109.9 million (114.7). Currency
effects had a negative impact of -0.2%.
EBITDA improved 22.7% to EUR 13.8 million (11.2) and the EBITDA
margin increased 2.7 percentage points to 12.5% (9.8%) due to
successful implementation of the change programs.
REVENUE AND EBITDA MARGIN
R evenue, EUR million
EBIT margin, %
-50
0
50
100
150
200
202420232022
-50
0
50
100
150
200
202420232022 -2
0
2
4
6
8
-5
0
5
10
15
20
202420232022
17CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Introduction Ports & Maritime Industry
===== SIDA 18 =====
Cleaner ports and ships with our
innovative shore power supplies
We offer specific shore power solutions for cruise, ferry,
Ro/Ro, c ontainer and other specialised terminals. T oday,
our advanced shore power systems are integrated into
the heart of some of the busiest and most dynamic ports
in the world, facilitating the shift towards a more sustaina-
ble future.
Over 650 container vessels globally are equipped with
Cavotec shore power technologies.
Our shore power solutions are taking the shipping
industry to a new level of energy efficiency, while ensuring
compliance with the strictest emissions regulations. All our
onboard power supply systems comply with IEC/ISO/IEEE
80005-1 standard, ensuring full vessel compatibility while
berthing in ports around the world.
We provide state-of-the-art technologies for both exis-
ting ships, and new-build container and bulk vessels. With
our solutions, older ships keep fit for the future and help
to minimise their environmental footprint while berthing in
ports. Since the 1980s, we have partnered with shipping
lines to define retrofitting plans and onboard power supply
solutions to meet their fleets’ operational challenges and
technical requirements.
18CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Introduction Ports & Maritime Industry
===== SIDA 19 =====
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 lead-
ing OEMs in the mining and construction sectors such as Caterpillar,
Epiroc, Sandvik and ThyssenKrupp.
We improve our customers’ operations
across the world
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.
SEGMENT INDUSTRY
“ With e xciting new products to
be launched and strong focus
on our change programs, we will
strengthen our performance.”Jonathan Eriksson
SVP , Head of Industry Division
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.
As part of our change programs, we have increased our focus in 2024
on innovation and product development. This has led to us identifying
product areas where we see competitive advantages and exciting poten-
tial. One area is radio remote controls, where we have a strong position
with, among other, world-leading companies that manufacture heavy
duty vehicles. Within all these product areas that we have identified, we
see good opportunities to grow with both new and existing customers.
KEY BUSINESS WINS 2024
In late 2022, we launched the world’s first ultra-fast Megawatt Charging
System (MCS) and by early 2024 it was fully operational at a mining site
in Australia. The MCS provides up to 4.5 MW of power from a single con-
nector. 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.
At the end of 2024, we deepened our partnership with Qwello by an
order for 1,000 spring cable reels for electric vehicle charging stations
across Europe.
PERFORMANCE IN 2024
The order backlog increased 1.4% to EUR 24.1 million (23.8).
Revenue decreased -1.5% to EUR 65.0 million (66.0) . Currency
effects had a negative impact of -0.2%.
EBITDA decreased -8.8% to EUR 2.9 million (3.2) and the EBITDA
margin decreased -0.4 percentage points to 4.5% (4.8%). Measures are
ongoing to improve profitability.
REVENUE AND EBITDA MARGIN
R evenue, EUR million
EBIT margin, %
-50
0
50
100
150
200
202420232022
-50
0
50
100
150
200
202420232022 -2
0
2
4
6
8
-5
0
5
10
15
20
202420232022
19CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Introduction Ports & Maritime Industry
===== SIDA 20 =====
We improve our customers’
operations
Our radio remote controls are safe, easy, and customis-
able. With our complete radio remote control solutions
customers reduce operational costs, increase safety
and streamline operations.
They are used for applications such as drilling
equipment, excavators, cranes, shore power systems
and heavy-duty transporters.
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
20CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
Introduction Ports & Maritime Industry
===== SIDA 21 =====
New production
facility in India to meet
growing markets
In 2024, we opened a new production facility in
Chennai, India. This strategic e xpansion is aimed
at serving both the fast growing domestic market
in India and the extensive global market.
The new facility is primarily focusing on manufacturing industrial
and maritime reels, along with shore power solutions that support
sustainable maritime operations. The new facility will function as a
supply chain hub supporting our operations across the globe.
The inauguration, held on 3 July, 2024 was attended by
customers, partners, and representatives, showcasing the facility's
manufacturing processes and its alignment with our commitment
to meeting customer needs globally.
David Pagels, Cavotec’s CEO stated: “This new production
facility marks an important milestone for Cavotec as we strengthen
our presence in the region. The facility will enable us to serve the
large and growing market in India, as well as enhance our ability to
deliver innovative and high-quality s olutions to our customers
locally and globally.”
We made the strategic decision in the spring of 2023 to
establish production in India. The new facility is scalable and did
not require any major investment because the establishment took
place in existing premises.
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
21CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
Introduction Ports & Maritime Industry
===== SIDA 22 =====
Sustainability
Report
In our sustainability work, we engage customers, suppliers,
industry peers, and our employees including procurement, HR,
Cavotec Management T eam and the Board of Directors.
22CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Sustainability agenda Value chain Stakeholder dialogues Double materiality assessment Governance Environmental and climate impact Caring for our people Business ethics Contribution to the UN SDGs
===== SIDA 23 =====
Sustainability drives our business
Sustainability is not only about addressing risks and negative impacts
but also about identifying and taking advantage of opportunities and
positive impacts, including those in our value chain. From the start of our
structured sustainability work in 2021, we have continued to formalise
the scope, content and influence of sustainability topics throughout
our business.
In the autumn of 2024, we conducted a double materiality assess-
ment in accordance with the EU’s sustainability reporting standards
(ESRS). The double materiality assessment process carried out involved
investors, customers, suppliers, Cavotec Management T eam, the Board
of Directors and employees, and has clarified impacts, risks and oppor-
tunities throughout our value chain. We are, of course, closely following
the ongoing developments in sustainability reporting within the EU and
for companies that are listed in Sweden, to be able to adapt to new regu-
lations in good time.
We further integrated our online ESG platform in our reporting work-
flow by gathering emissions related data and ESG data tied to upstream,
downstream, and own stakeholders. This was demonstrated well by our
gathering and input on Scopes 1 and 2 across all entities, covering North
America, Europe, Middle East and Asia Pacific.
We have now committed to making near term science-based targets
under the SBTi (Science Based T arget initiative) and our focus in this area
during 2024 and 2025 is making a carbon inventory which is as accurate
and as complete as possible, allowing us to make fact-based decisions
on how to form those targets. This work has and will continue to engage
customers, suppliers, industry peers, the Board of Directors, and our
employees including procurement, HR and the Cavotec Management
T eam.
ABOUT THE SUSTAINABILITY REPORT
The sustainability report covers the financial year 1 January
2024 – 31 December 2024 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 itself, please
contact sustainability@cavotec.com.
SCOPE OF DATA COLLECTION
Collected data was expanded in 2024 with Scope 3 carbon emis-
sions. HR data has for all three years 2022–2024 been collected
from all units, comprising 100% of FTEs.
DATA FOR ENERGY USE
From 2021 to 2023, we have successively increased the scope
of the energy-use data collected, beginning with sites in seven
countries, to now covering all 20 sites in 16 countries and 100%
of FTEs. These comprise: Australia, China, Dubai, Finland, France,
Italy, Malaysia, Netherlands, New Zealand, Singapore, Switzer-
land and the US with one site per country, plus Germany, India,
Norway and Sweden with two sites per country.
DATA FOR CARBON EMISSIONS
Emissions from Scopes 1 and 2, plus Scope 3 category 3 origi-
nate primarily from energy data. The data sources for Scope 3
emissions have been limited to assure the system of calculation
and generate a higher accuracy for the results obtained. For
example, the largest Scope 3 emitting category is for embodied
carbon of purchased goods and services (category 1), where we
have limited the scope of data gathering to material required for
specific product families.
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, drives our business. We respond
by weaving this action into our daily work.
“We have committed to making near term
science-based targets to reduce our carbon
footprint in line with the Paris Agreement.”
John Sorber
Head of Sustainability
23CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Sustainability agenda Value chain Stakeholder dialogues Double materiality assessment Governance Environmental and climate impact Caring for our people Business ethics Contribution to the UN SDGs
===== SIDA 24 =====
Our value chain
In carrying out a deeper double materiality assessment in 2024, we
became increasingly aware of how activities in the value chain are affect-
ing our own sustainability performance. This is most evident in our car-
bon inventory, showing that Scope 3 emissions (indirect emissions in the
value chain) comprise a significant majority of our total emissions from
upstream sources.
Through conversations with customers and suppliers, we find that
the results of our 2021 simplified life cycle analysis (LCA) still largely hold
true, that we make the most significant environmental impact in our
upstream value chain. The analysis, made on four product families
(Azipod, MoorMaster, Motorised Cable Reels, and Alternative Maritime
Power (AMP)), identified upstream activities from foundries and work-
shops processing input goods, impacting greenhouse gases, energy
use, waste disposal and water consumption.
By understanding our value chain, we develop increased insights about potential negative and positive impacts. With that knowledge,
we can reduce negative impacts and risks and take advantage of the opportunities. Our main opportunities lie in creating better
products together with our suppliers and customers, which deliver both a cleaner and safer society.
UPSTREAM
Raw materials
Cavotec’s products include metals and alloys such as steel, copper and
aluminium as well as rubbers and plastics. In the processes to make and
form these materials, various solvents and chemicals are used. Steel is
one of the primary materials used in the products, which has a consider-
able environmental impact due to the extraction of iron ore and produc-
tion of steel.
Refining
The raw materials are refined in various processes to become sub-com-
ponents of those which 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 our products and other services, though of these only
around 200 comprise over 80% of our annual spend. The majority of the
suppliers are based in Italy, Germany and China.
OWN OPERATIONS
Sales
Cavotec has sales offices in Australia, China, Finland, India, Hong Kong,
Norway, Singapore, Sweden, UK, United Arab Emirates, and the US.
Assembly
Cavotec has five main production sites, one each in China, India, Italy,
and two in Germany. These sites predominantly serve their respective
regional markets. The Indian site in Chennai was inaugurated in 2024.
RAW MATERIALS
• Metals
• Solvents
• Crude petroleum
SALES
Sales offices in
Australia, China,
Finland, India, Hong
Kong, Norway, Singa-
pore, Sweden, UK,
United Arab Emirates,
and the US
CUSTOMERS
• OEMs and
integrators
• Port operators
• Ship operators
• Ship builders
• Mining operators
• Mining vehicle
producers
REFINING
• Metalworking
• Electric & electronic
components
• Synthetic rubber
• Plastics
ASSEMBL Y
Assembly and
production units in
China, Germany, Italy,
and India
LOGISTICS AND DISTRIBUTION
Downstream transport and distribution of products and services
SUPPORT FUNCTIONS
Sustainability, Finance, HR, IT, Procurement, Legal & Complaince,
Marketing and Communication at local, regional and Group levels
LOGISTICS AND DISTRIBUTION
Upstream transport and distribution of materials and components
END-USERS
• Dock workers
• Sailors
• Machine operators
in mines
PROCESSING OF
INPUT GOODS
• Components made
of metal and rubber
• Electric & electronic
components
• Plastic components
SERVICE
Inspections, mainte-
nance and sales and
installation of spare
parts. Service centers
and repair shops in
Europe, Middle East,
Asia Pacific and North
America
END-OF-LIFE AND
BEYOND LIFE CYCLE
• Decomissioning
• Recycling
• Waste
UPSTREAM OWN OPERATIONS DOWNSTREAM
24CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Sustainability agenda Value chain Stakeholder dialogues Double materiality assessment Governance Environmental and climate impact Caring for our people Business ethics Contribution to the UN SDGs
===== SIDA 25 =====
Service
The service organisation supports customers through inspections,
maintenance, refurbishments as well as sales and installation of spare
parts. Cavotec has service centres with repair workshops in China, Italy,
Norway, Singapore, Australia and the US. Parts of the service organisa-
tion are based at the customers’ premises and provide operation & main-
tenance services.
Support functions
The support functions are local, regional and at Group level. The support
functions include Sustainability, Finance, HR, IT, Procurement, Legal &
Compliance, Marketing and Communication.
DOWNSTREAM
Customers
Cavotec has around 3,000 active customers across the globe. Some
products are mostly sold to OEMs and integrators. The main end cus-
tomer groups are port operators, ship operators, shipbuilders, produc-
ers of mining machinery and mining operators. Cavotec’s products are
often critical where they are used, where downtime is associated with
high costs for the customer and/or end customer and therefore repre-
sent a high value add for them.
End-users
The end-users of Cavotec’s products are mainly sailors, dock workers
and machine operators in mines.
End-of-life
Waste materials of metals, plastics and rubber are generally recycled
throughout the value chain. Cavotec’s products, and the products where
Cavotec’s solutions are included as a component, often have a long life-
time. When the customers’ products, which include Cavotec products,
reach the end of their useable life, given that over 90% by mass are
metals, the majority of our products’ materials will be remanufactured
or recycled. Our improved understanding of the end-of-life phase of
our products, is one of our focus points during forthcoming customer
dialogues.
Logistics and distribution channels
Throughout the value chain, sea and land-based transport are priori-
tised. Flights are only exceptionally used for smaller components and
where speed of delivery is crucial to the customer.
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.
25CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Sustainability agenda Value chain Stakeholder dialogues Double materiality assessment Governance Environmental and climate impact Caring for our people Business ethics Contribution to the UN SDGs
===== SIDA 26 =====
Stakeholder engagement
Cavotec engages with its stakeholders on a daily basis and in many parts of the organisation. The stakeholders
deemed to have the greatest influence on us are employees, customers, suppliers, investors and lenders.
Stakeholder How the engagement is organised Purpose Key sustainability topics discussed How the outcome is taken into account by Cavotec
Employees Performance and career development reviews, work-
place meetings, employee surveys, internal training,
intranet. Interaction with union representatives.
T o create conditions for high employee motivation
through, among other things, safe workplaces and
fair working conditions.
Health and safety. Development of skills and
capacity. Reduction of Cavotec’s carbon footprint
from its operations and products as well as track-
ing the emissions savings our products facilitate.
Investigating improvements in tracking health and safety.
Scope 3 carbon emissions including customers’ avoided
emissions is a focus area. We have implemented a dedi-
cated employee engagement system and whistleblowing
system for internal and external use.
Customers Business meetings, customer events and trainings,
customer service contacts.
Requests for quotations and procurements.
Receiving surveys for Cavotec to input, highlighting
customer sustainability focus areas.
T o demonstrate the products’ capacity to electrify
customers’ operations and reduce emissions of
greenhouse gases, and improve working environ-
ments for customers. T o secure long-term rela-
tionships through service agreements. T o 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 emis-
sions 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 pro-
curements.
T o create conditions for on-time high-quality deliv-
eries. T o ensure the suppliers’ ability to comply
with the Cavotec Supplier’s Code of Conduct.
Logistics and transportations. Cavotec Supplier’s
Code of Conduct and due diligence checks.
Business conduct and supplier due diligence processes
have been updated. A new Supplier’s Code of Conduct
aligning with Cavotec’s own Code of Conduct has been
sent to suppliers covering 80% of supplier spend.
Investors, analysts,
potential investors
and lenders
CEO and CFO in meetings with shareholders, poten-
tial investors and lenders. Presentations at investor
meetings and seminars, often arranged by banks.
Receiving surveys for Cavotec to input, highlighting
investor sustainability focus areas.
T o create the conditions for continued financing
and value creation.
How Cavotec’s offering contributes to electrifica-
tion and reduced emissions. Cavotec’s efforts
to reduce its own emissions, secure fair working
conditions and respect human rights.
Cavotec have committed to making near term science-
based targets under SBTi (Science Based T argets initia-
tive).
Our stakeholders’ views and questions form the basis of our double
materiality assessment and how we prioritise and work with sustainability
issues. There is strong alignment that climate change and energy use,
fair and safe working conditions and business ethics are at the top of
the agenda.
In general, we understand that both customers and investors see diver-
sity, equality and inclusion as important social factors in their respective
organisations and hence track this with their stakeholders including
Cavotec.
26CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Sustainability agenda Value chain Stakeholder dialogues Double materiality assessment Governance Environmental and climate impact Caring for our people Business ethics Contribution to the UN SDGs
===== SIDA 27 =====
Double materiality assessment
PROCESS FOLLOWED
Requirements for the scope and execution of the double materiality
assessment (DMA) from the European Sustainability Reporting Stand-
ards (ESRS) with guidance from the European Financial Reporting Advi-
sory Group (EFRAG) were followed, and the process was carried out with
the help of independent external consultants.
Preliminary activities like stakeholder mapping and onboarding,
desktop analyses of Cavotec’s structure capital and mapping of our
value chain were carried out. Impacts, risks and opportunities (IROs)
were identified through stakeholder interviews which were recorded cat-
During September–November 2024, as the basis for Cavotec’s CSRD reporting from 1 January 2025, we carried out the
next iteration of a double materiality assessment to identify which ESG topics and impacts, risks and opportunities (IROs)
are material to Cavotec and our value chain.
egorised and tracked in a master workbook. The components to the
IROs were numerically assessed, similar to that for a risk assessment,
and then validated through internal and external stakeholder sessions.
Members of the Cavotec Management T eam were core to this process
to aid top-down engagement and buy-in to the findings of the DMA as
well as for preparing for implementation though policies, actions, targets
and metrics.
Beyond management team involvement in the process, the Board of
Directors has been updated at regular stages and is fully behind the
DMA outcomes.
NEXT STEPS
Our DMA results shall inform the development of Cavotec’s sustainabil-
ity work onwards. We are, of course, also closely following the ongoing
developments in sustainability reporting within the EU and for compa-
nies that are listed in Sweden, to be able to adapt to new regulations in
good time.
• Identification of structure capital
• Define DMA’s reporting boundary
• Map value chain
• Pre-screen out of sustainability
matters
• Consider sector- or entity-
specific sustainability matters
• Align financial materiality to the
risk management system
• Stakeholder engagement process
and onboarding of representa-
tives for involvement
• Refine IROs through stakeholder
engagement
• Pre-assessment of IROs
• Refine the assessment (scoring)
with stakeholders
• Cross reference information
needed under ESRS2
• DMA process and results
• Hypotheses of IROs “hotspots”
based on knowledge of industry/
sector, business model, value
chain
• Execute interviews/meeting for
IRO input
• Describe identified IROs
• Prepare pre-read materials for
validation sessions
• Execute internal validation
• Compile and distribute results for
review
• Execute external validation
• Validate results with senior
stakeholders
• Obtain CMT and Audit Committee
endorsement
1. INITIALISATION 2. IDENTIFY IRO s 3. ASSESS IRO s 4. VALIDATION 5. DOCUMENTATION 6. MANAGEMENT APPROVAL
27CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Sustainability agenda Value chain Stakeholder dialogues Double materiality assessment Governance Environmental and climate impact Caring for our people Business ethics Contribution to the UN SDGs
===== SIDA 28 =====
Sustainability governance
The highest governing body accountable for sustainability performance
is the Board of Directors. The Board is accountable for evaluation, strat-
egy, 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 execution of
specific areas to people in the Cavotec Management T eam. The CFO is
responsible for sustainability issues related to climate, environment and
reporting and has delegated these areas to the Head of Sustainability.
The Chief Legal & Human Resources Officer is responsible for business
ethics, compliance and HR.
Historically, sustainability data has been collected once a year, evalu-
ated by the Cavotec Management T eam and reported to the Board
together with action plans if deemed necessary.
The composition of the Board and Cavotec Management T eam
including the respective members’ experiences and backgrounds are
described in the Corporate Governance Report.
POLICIES
Policies regarding sustainability governance including the Cavotec
Group Code of Conduct (the Code) are our guiding principles for how
Cavotec operates in line with our corporate values. They are communi-
cated to employees through Cavotec’s intranet. Each manager is
responsible for ensuring that all employees, consultants, Directors and
others working on behalf of Cavotec are aware of their relevant respon-
sibilities under these documents and that they abide by them. This is
done through engagement with these stakeholders, training and due dili-
gence activities for value chain stakeholders.
The effectiveness of these policies is continually assessed and
revised when the desired outcomes are to be improved and when they
need realigning with Cavotec’s direction of development. Extra focus on
this will be made during 2025 as a result of our double materiality
assessment outcomes, both for existing policies and where new ones
are needed. All revised policies as well as new ones, are adopted by the
Cavotec Management T eam.
Sustainability related work covers all parts of the Group and involves all employees as well as
the Board of Directors, suppliers and engagement with customers.
The Code forms the basis of Cavotec’s operations and includes pro-
tection of human rights, social issues, employee-related issues such as
fair employment and safe working conditions, responsible management
of environmental issues, high ethical standards, and quality. The Code
applies to all employees in the Group, including Board members. Sus-
tainability related work covers all parts of the Group and involves all
employees as well as the Board of Directors plus stakeholders in the
value chain. The Code is available on Cavotec’s intranet and external
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 2024, there were six active certifi-
cations covering ISO 9001 Quality Management Systems and ISO 14001
Environmental Management Systems. The operations at both sites in
Overath and Hausen, Germany are certified under ISO 9001. The opera-
tions in Shanghai, China, became ISO 9001 and ISO 14001 certified in
2021. The operations in Milan, Italy, have been ISO 9001 certified since
2001 and ISO 14001 certified since 2022. No management systems are
the result of legal requirements.
SUPPLIER’S CODE OF CONDUCT
The Supplier’s Code of Conduct (SCoC) 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 SCoC
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 major suppliers including
their corporate bodies, employees, representatives, subcontractors and
sales partners.
The SCoC has been revised in 2024 and sent for signature by suppli-
ers covering 80% of the average volume spend, whereby they commit to
adopt and comply by its requirements. The revision was made to align
with the Cavotec Group Code of Conduct and to impose upstream, the
requirements made on Cavotec by its most stringent customer require-
ments. The SCoC refers to several internationally recognised conventions
and principles:
• Basel Convention on the Control of T ransboundary Movements of
Hazardous Wastes and their Disposal,
• Convention on Biological Diversity,
• Globally Harmonized System of Classification and Labelling of
Chemicals,
• International Bill of Human Rights,
• International Labour Organization’s (ILO) Declaration on Fundamental
Principles and Rights at Work,
• Minamata Convention on Mercury,
• OECD Due Diligence Guidance for Responsible Supply Chains
of Minerals from Conflict-Affected and High-Risk Areas,
• OECD Guidelines for Multinational Enterprises,
• Responsible Minerals Initiative,
• Rio Declaration on Environment and Development,
• Science Based T argets initiative,
• Stockholm Convention on Persistent Organic Pollutants (POPs),
• UN Convention Against Corruption,
• UN Framework Convention on Climate Change (UNFCCC),
• UN Global Compact (UNGC) - the ten principles on Human Rights,
Labor, Environment and Anti-Corruption,
• UN Guiding Principles on Business and Human Rights (UNGPs),
• UN Universal Declaration of Human Rights.
POLICIES REGARDING SUSTAINABILITY GOVERNANCE
• Anti-Fraud Policy
• Anti-Bribery and Corruption Policy
• Cavotec Group Code of Conduct
• Environmental Policy
• H&S Policy
• Gifts and Entertainment Policy
• Group Code of Conduct
• Supplier’s Code of Conduct
• Whistleblower Policy
28CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Sustainability agenda Value chain Stakeholder dialogues Double materiality assessment Governance Environmental and climate impact Caring for our people Business ethics Contribution to the UN SDGs
===== SIDA 29 =====
Environmental and climate impact
The main environmental impacts of Cavotec’s operations and our prod-
ucts’ lifecycles include energy consumption and resulting greenhouse
gas emissions, natural resource use in our products, and waste genera-
tion. We are committed to limiting the negative environmental impacts
from our operations, our supply chain, and our products and services,
which is expressed in our Environmental Policy. We apply the precaution-
ary principle to situations where harm may be done to the environment
or human health, following legislation and international initiatives.
ENERGY USE
From 2021 to 2023, we increased the scope of the energy-use data col-
lected, beginning with sites in seven countries, to now cover 100% FTEs
and all 20 sites in 16 countries with physical premises. These comprise:
Australia, China, Dubai, Finland, France, Italy, Malaysia, Netherlands, New
Zealand, Singapore, Switzerland and the US with one site per country,
plus Germany, India, Norway and Sweden with two sites per country.
In an attempt to reduce our dependency on non-renewable energy
sources, we have invested in geothermal energy and photovoltaic elec-
tricity in our largest facility in Italy. The photovoltaic system on the roof
covers approximately 34% (30%) of the facility’s total electricity
consumption.
In 2024, 29% (31%) of Cavotec’s electricity consumption came from
renewable energy and 161 (180) MWh was sold back to the grid. The
trend however over 2022-2024 shows a successive reduction in renew-
able electricity share which is largely due to the grid makeup of our
electricity contracts at various sites. In line with our SBTi commitments,
we will actively review options for increasing that share when contract
renewals arise.
Climate change is one of the major challenges facing the world today and we are determined to play our role in promoting
climate mitigation and adaptation. Resource efficiency and circularity are also intrinsic factors to our business.
ENERGY CONSUMPTION
MWh 2024 2023 2022
Fuels including gas, petrol and diesel 1,567 1,441 1,467
Electricity 1,868 2,032 2,489
– of which non-renewable 1,320 1,400 1,594
– of which renewable 547 631 895
Renewable electricity share of total
electricity consumption 29% 31% 36%
District heating 200 1971) 2001)
T otal energy consumption 3,635 3,595 4,081
Energy consumption/ net sales (kWh/kEUR) 0.02078 0.01989 0.02760
ENERGY PRODUCED, CONSUMED AND SOLD
MWh 2024 2023 2022
T otal renewable energy produced 2,877 2,689 310
– of which geothermal f or heating and
cooling 2,640 2,389 –
– of which photovoltaic for electricity 237 300 310
T otal renewable energy produced and
consumed 2,829 2,635 274
– of which geothermal f or heating and
cooling 2,640 2,389 –
– of which photovoltaic for electricity 189 246 274
T otal energy produced and sold 161 180 166
– of which renewable 48 54 36
– of which non-renewable 113 126 130
GHG EMISSIONS
We want to contribute to climate mitigation, not only by providing prod-
ucts which enable our customers to reduce their emissions, but also
through reductions in our own operations. Energy use is the primary
contributor to greenhouse gas emissions from our own operations.
The emissions inventory in this section covers the atmospheric
emissions of all six greenhouse gasses (GHGs) as prescribed in the GHG
Protocol and are harmonised into the unit of tonnes of Carbon Dioxide
equivalent (tCO₂e). The emission factors used derive from DEFRA (2024),
Ecoinvent (3.11), Exiobase 3.9 (2019), IEA (2024), NTMCalc.Advanced
4.0, and suppliers themselves.
Commitment to set SBTi emission reduction targets
Cavotec has officially made a commitment under the SBTi Commitment
process to set science-based emission reduction targets. This gives us
24 months in which to develop science-based targets aligned with the
SBTi Criteria and submit them to the SBTi for validation, however we aim
to submit the targets before this full time has elapsed. This work will be
the foundations for a Climate T ransition Plan.
Scopes 1 and 2
Scope 1 covers direct emissions from the combustion of fossil fuels
in mobile and stationary equipment we own or control, primarily from
company vehicles and generators.
Scope 2 covers indirect emissions from purchased electricity and
district heating and cooling.
The Scope 1 and 2 emissions published in this inventory come from
energy use and therefore comprise those used in all sites in 16 countries
and all employees.
1) Corr ected figures for 2022 and 2023 by adding estimated 75MWh based on 2024 usage from district heating in Finland site.
29CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Sustainability agenda Value chain Stakeholder dialogues Double materiality assessment Governance Environmental and climate impact Caring for our people Business ethics Contribution to the UN SDGs
===== SIDA 30 =====
Scope 3
Scope 3 emissions cover all upstream and downstream emissions in the
value chain emissions, which are further broken down into 15 categories,
according to the GHG Protocol. Our Scope 3 emissions screening is well
underway with the results of the initial inventory shown below.
As is praxis for the presentation of emissions inventories, we make a
balance between the completeness and accuracy of the presented data
and we only consider the categories which are deemed significant to our
business, which are currently 1, 2, 3, 6, and 7.
We follow a strategy whereby we establish the systems of measure-
ment of these emissions first, meaning that we compromise the com-
pleteness of the emissions disclosed in scope 3 in favour of the
accuracy, so that we can with confidence stand by the disclosed figures.
Consequently, as we work to increase the completeness of the dis-
closed categories, our baseline emissions will increase. We shall follow
the established system from the GHG Protocol to manage this in parallel
with carrying out our emission reduction target generation under SBTi,
and reduction activities.
In the footnotes to this section, we describe the scope of the data
within each category and the method used, particularly where it was
necessary to make a departure from that prescribed in the GHG
Protocol.
GHG EMISSIONS – SCOPE 1–3
CO2e tonne 2024 2023 2022
Scope 1 307 286 233
Scope 2 828 842 1,025
T otal Scope 1–2 1,135 1,128 1,258
T otal Scope 1–2/net sales
(tCO₂e/kEUR) 0.0065 0.0060 0.0085
Scope 3 8,427 202* 338*
T otal Scope 1–3 9,562 1,330 1,596
T otal Scope 1–3/net sales
(tCO₂e/kEUR) 0.0547 0.0074 0.0108
GHG EMISSIONS – SCOPE 3
CO2e tonne 2024
Category 1 Purchased goods and services 6,5581)
Category 2 Capital goods 5542)
Category 3 Fuel and energy-related activities
(not in Scope 1 and 2) 2233)
Category 6 Business travel 6654)
Category 7 Employee commuting 4275)
WATER MANAGEMENT
Cavotec’s industrial operations comprise primarily the assembly of
pre-formed and finished components made from metals, plastics and
rubbers. Whilst we acknowledge that fresh water is becoming an
increasingly scarce resource, water consumption and discharge are
not material impacts in Cavotec’s operations. Instead, these impacts lie
primarily further up the value chain under suppliers with whom Cavotec
does not have business relationships. We nonetheless foster responsi-
ble water stewardship in all our sites by monitoring water use and ensur-
ing discharges are treated correctly,
For our own operations, the primary use of water is for sanitary pur-
poses and drinking water. However, the geothermal energy for our Italian
site utilises water which is controlled regularly and follows all legal
requirements.
From 2022 to 2024, we have increased the scope of the water data
collected beginning with sites in six countries, to now cover all 20 sites in
16 countries with physical premises. The measured and monitored data
comprise 84% of the total water consumption and discharge, with the
remainder being estimated using a dedicated water calculator.
WATER USAGE AND DISCHARGE
Megalitres, unless otherwise stated 2024 2023 2022
Water usage 4.51 4.23 2.51
Water discharge 4.51 4.23 2.51
Water usage/net sales (m3/kEUR) 0.0258 0.0234 0.0170
Water discharge/net sales (m3/kEUR) 0.0258 0.0234 0.0170
WASTE MANAGEMENT
Similar to that of water management, since Cavotec’s industrial opera-
tions primarily assemble purchased components rather than form them
or put finishes on them, our assembly waste generation is limited. We
however acknowledge the societal need for a transition to a circular
economy, viewing all materials including waste, as resources, and doing
so from a lifecycle perspective
Beyond the limited assembly waste from for example, cable offcuts,
we generate waste in our facilities from supplier packaging and general
waste from offices, though we take the initiative to reuse supplier pack-
aging where we can, when shipping our products.
CIRCULARITY AND REDUCTION OF RESOURCES
Looking upstream, the reduction in dependency on virgin raw materials
embodied in the components we purchase will also reduce our scope 3
category 1 emissions from purchased goods and services as this will
reduce emissions from extraction and primary processing. It highlights
the necessity for close collaboration with suppliers.
Steel comprises over 75% of our products’ material composition,
which has a considerable environmental impact due to the extraction of
iron ore and steel production process. We review steel suppliers using
increased proportions of recycled steel content as well as those prior-
itising greener and low-carbon extraction and production methods.
Once these upstream activities become more established, we will
look downstream to better evaluate and then be able to influence the
end-of-life phase of our products. The evaluation and interventions
available to us are heavily dependent on our knowledge of, and extent of
our business relationships through to the end-user. We are improving
downstream visibility through enhanced due diligence activities.
*Scope 3 category 3 emissions only.
1) Average-data method used, collecting the mass of different materials used in products ordered in 2024. Mass of materials are approximated by applying the same
material breakdown from a representative product family variant to all variants in that family, ordered in 2024. Product families considered for 2024 are: MoorMaster,
PowerMove, connectors, hose reels, motorised cable reels (MCRs), and spring cable reels (SCRs).
2) Spend-based method used, collecting the cost of capital goods purchased over 2024 and then categorised to an extent where the same emission factors were
applied to all capital goods in each category.
3) Average-data method used, with emissions deriving from fuel and energy data sources entered for Scope 1 and 2 emissions.
4) Supplier-specific method with emissions received from our travel agent. Considers only employee flights purchased over 2024, from our US and European
companies. Emissions calculated using the IATA RP-1726 model including radiative forcing effects specified from UK BEIS.
5) Distance-based method used, deriving from a company-wide survey, with 120 respondents. Data extrapolated to represent all Cavotec employees, in accordance
with GHG Protocol.
30CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Sustainability agenda Value chain Stakeholder dialogues Double materiality assessment Governance Environmental and climate impact Caring for our people Business ethics Contribution to the UN SDGs
===== SIDA 31 =====
Caring for our people
Cavotec is a global company with sites in 16 countries and has there-
fore created a model where the HR organisation is embedded in all local
operations. The directions are given at Group level 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 2024, 216 (181) FTEs were covered by collective
agreements, which constitutes 30% (27%) of the total FTEs. Of the total
number of employees, permanent employees make up 96% (94%), and
full-time employees 98% (98%). At year-end, Cavotec had 9 (4) FTEs
who are not employees (consultants, interns or volunteers).
Women are underrepresented and make up only 16% (18%) of the
total FTEs. We actively work to attract more women to Cavotec but
since our policy is to employ the best person for any job on a basis of
merit for the role, a challenge remains when employing for engineer-
ing-related jobs in countries which demonstrate a more traditional
gender split towards certain sectors of work.
We at Cavotec are governed by our respect for human 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 com-
parable 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, pro-
mote local and cultural understanding, and drive innovation and growth.
Attracting skilled, open, and curious people is fundamental to an engineering company like Cavotec. For 50 years, we have
pioneered innovative solutions and are dedicated to continuing our value creation. With global presence, we reap the
benefits of our cultural differences to create an understanding organisation with motivated employees.
NON-DISCRIMINATION AND EQUAL VALUE
Cavotec’s 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 back-
ground, gender, religion, sexual identity, disability, race, colour, political
opinion, social origin, social status, indigenous status, union member-
ship or employee representation and any other characteristic pro-
tected by local law, as applicable. In 2024, no cases of discrimination
were reported in the organisation.
OUR CORPORATE VALUES
Our success rests on our core values: Integrity, Accountability, Perfor-
mance, and T eamwork. We are committed to developing and main-
taining 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
and increasing safer maritime and industrial activities around the globe.
EMPLOYER ATTRACTION
For Cavotec to remain innovative and competitive, we need to attract,
develop, and retain top-talent. We believe that our purpose of bring-
ing high-quality solutions that drive the sustainability transition of our
customers, both regarding decarbonisation and safety, can attract
talented engineers that want to make a difference. Beyond o ffering
competitive salaries, we understand that the key to retaining our
employees is to focus on health and safety, to be a responsible
employer, and to offer programmes for career development.
Our employees, located in some 30 countries around
the world, represent a large number of cultur es, and
provide customers with local support, backed by our
global network of engineering expertise.
31CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Sustainability agenda Value chain Stakeholder dialogues Double materiality assessment Governance Environmental and climate impact Caring for our people Business ethics Contribution to the UN SDGs
===== SIDA 32 =====
EMPLOYMENT BY CONTRACT , TYPE AND GENDER
2024 2023 2022
FTEs at 31 December Women Men T otal Women Men T otal Women Men T otal
Permanent 108 575 683 111 516 627 103 459 562
T emporary 4 21 25 7 30 37 9 60 69
Full-time 102 591 693 112 541 653 109 518 627
Part-time 10 5 15 6 5 11 3 1 4
T otal FTEs 112 596 708 118 546 664 112 519 631
Percentage of total FTEs 16% 84% 100% 18% 82% 100% 18% 82% 100%
EMPLOYEES BY REGION AND CONTRACT
2024 2023 2022
FTEs at 31 December Permanent T emporary T otal Permanent T emporary T otal Permanent T emporary T otal
Asia 180 14 194 159 23 182 129 39 168
Europe 415 4 419 390 11 401 361 29 390
North America 34 1 35 27 0 27 28 0 28
Middle East 3 2 5 2 0 2 2 0 2
Oceania 51 4 55 49 3 52 42 1 43
T otal 683 25 708 627 37 664 562 69 631
EMPLOYEES BY FUNCTION AND AGE
2024 2023 2022
FTEs at 31 December, % Women Men
Age
<30
Age
30-50
Age
>50 Women Men
Age
<30
Age
30-50
Age
>50 Women Men
Age
<30
Age
30-50
Age
>50
Cavotec Management T eam 17 83 0 33 67 14 86 0 43 57 14 86 0 33 67
Division Management T eams and Group functions 21 79 0 66 34 15 85 0 70 30 19 81 0 67 33
Remaining employees 15 85 12 65 23 18 82 8 66 25 18 82 10 65 25
T otal 16 84 11 65 24 18 82 8 66 26 18 82 10 64 26
PERFORMANCE REVIEWS
2024 2023 2022
FTEs at 31 December, % Women Men T otal Women Men T otal Women Men T otal
Cavotec Management T eam 100 100 100 100 100 100 100 100 100
Division Management T eams and Group functions 100 100 100 100 100 100 100 100 100
Remaining employees 78 81 81 83 84 93 73 79 78
T otal 81 83 83 85 84 84 74 81 79
32CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Sustainability agenda Value chain Stakeholder dialogues Double materiality assessment Governance Environmental and climate impact Caring for our people Business ethics Contribution to the UN SDGs
===== SIDA 33 =====
NEW EMPLOYEE HIRES AND EMPLOYEE TURNOVER
2024 2023 2022
New employee Employee turnover New employee Employee turnover New employee Employee turnover
FTEs Hires % of total FTEs Turnover % of total FTEs Hires % of totalFTEs Turnover % of total FTEs Hires % of total FTEs Turnover % of total FTEs
Women 22 3% 19 3% 33 5% 28 4% 37 6% 38 6%
Men 96 14% 74 10% 116 18% 88 14% 171 27% 142 23%
Age <30 26 4% 11 2% 34 5% 18 3% 52 8% 33 5%
Age 30–50 77 11% 63 9% 98 18% 74 12% 128 20% 110 17%
Age >50 15 2% 19 3% 17 3% 24 4% 28 4% 37 6%
Asia 39 5% 26 4% 52 8% 22 3% 97 15% 62 10%
Europe 50 7% 43 6% 72 11% 74 12% 99 16% 104 16%
North America 12 2% 8 1% 4 1% 8 1% 6 1% 2 0%
Middle East 1 0% 0 0% 0 0% 0 0% 0 0% 1 0%
Oceania 16 2% 16 2% 21 3% 12 2% 6 1% 11 0%
T otal 118 17% 93 13% 149 22% 116 18% 208 33% 180 29%
OCCUPATIONAL HEAL TH AND SAFETY
Cavotec is committed to providing a safe and healthy working environ-
ment for all its employees. We integrate health and safety in the manage-
ment of our business to prevent accidents and to protect people at
work, with a vision of zero work-related accidents.
Overall, Cavotec’s operations do not involve high safety risks, and the
Operations function handles smaller cuts and other incidents that can be
treated on-site using first aid kits. Cavotec has a robust set of procedures
and standards to reinforce a strong health and safety culture across the
organisation. Any shortcomings in health and safety management are
reviewed, and the Group learns from experience to improve performance.
Cavotec continuously assesses the operational health and safety aspects
of its operations, processes, and services, and acts upon safety improve-
ments and incidents in accordance with our escalation procedure.
Given the Group’s global presence and varied operations, Cavotec
tailors its occupational health and safety routines to suit each site and
work activities. Safety walks are conducted at each production site on a
regular basis. When safety improvements are identified during these
walks, employees are invited to record the safety improvements and
share them. We recognise that personnel working at customer sites
such as ports, shipping terminals and mines are exposed to added risks.
These situations are managed through making risk-assessments, giving
training, making method statements and providing appropriate protec-
tive equipment.
Cavotec’s ambition is to certify all assembly and production facilities
to ISO 45001 or similar standard and follow appropriate procedures at all
other sites as necessary.
Cavotec’s largest facility is in Italy, with 181 FTEs. This is ISO 45001
certified and procedures such as weekly safety walks are carried out. If a
health and safety hazard is identified during a weekly safety walk, appro-
priate 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 facility engages in a regionally promoted “Work-health
Program” that encourages health initiatives. Following the progress of
this facility, we are working to implement efficient measures at our other
sites in all our countries of operation, ensuring state of the art occupa-
tional health and safety across the Cavotec organisation.
In 2024, we had 0 (0) non-fatal or fatal injuries 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 2024 which relate to for exam-
ple minor burns, falls and smaller cuts.
OCCUPATIONAL INJURIES
2024 2023 2022
FTEs
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 9/0 0/- N/A N/A 1/0 0/-
The rate is based on 200,000 worked hours.
33CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Sustainability agenda Value chain Stakeholder dialogues Double materiality assessment Governance Environmental and climate impact Caring for our people Business ethics Contribution to the UN SDGs
===== SIDA 34 =====
Business ethics
The Group Code of Conduct sets the standard for how Cavotec con-
ducts its business, both ethically and in accordance with applicable laws
and regulations. The Code is supported by inter alia, our Anti-Bribery
Policy, Anti-Fraud Policy and our Gifts and Entertainment Policy.
We have a zero-tolerance policy towards all forms of corruption. T o
build capacity and knowledge of corruption and fraudulent behaviour, all
employees receive regular training and updates on our internal policies.
T raining sessions covering issues such as anti-trust and anti-bribery, are
carried out on a bi-annual and/or on-demand basis. It is the responsibil-
ity of each employee to read, understand and comply with the policies.
We are committed to combating all forms of corruption and acting pro-
fessionally and fairly in all our business activities and relationships, wher-
ever we operate. Our process for managing anti-bribery and
anti-corruption is governed by internal policies, and we evaluate all
potential business expansions from a bribery and corruption perspective,
where we conduct third-party due diligence when high risks are identi-
fied. 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 2024, there were no legal actions regarding corruption, anti-com-
petitive behaviour or violations of anti-trust and monopoly legislation.
WHISTLEBLOWER FUNCTION
Following a project initiated in late 2024, Cavotec has now installed a
whistleblower function called the Cavotec Business Ethics Reporting
Hotline. The service is available to employees and external stakeholders
– previously whistleblowing was only available to employees through
our intranet. This function can be accessed through the website
Cavotec.ethicspoint.com or Cavotecmobile.ethicspoint.com for mobile
users and these sites are linked from our website at Cavotec.com.
The whistleblower function is made available through an independent
provider to assure any potential reporters of the genuinity of reporting
anonymously, if they so choose this option. Any reporters under
Cavotec’s responsibility, such as employees, are always protected
against retaliation, as governed by our Code of Conduct.
T o be the business partner of choice for customers and suppliers, we must uphold a high level of business ethics. For us,
business ethics means managing our business like a good citizen would, including through responsible tax management.
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 we exercise care when handling, receiving and storing
sensitive information from customers, suppliers and other stakeholders.
Further, Cavotec respects the privacy of all individuals and the confiden-
tiality of any personal data that we hold about them. Cavotec commits to
continuously improving data and information security and to proactively
reduce risks. Through our Group Code of Conduct, employees are
informed on how to handle data and information. Any data breaches are
reported and appropriately escalated.
Early in 2024, a cyber incident occurred which incurred some costs
and delayed certain deliveries in the second and third quarters. The inci-
dent was detected quickly, controlled and closed out. Cavotec has since
made robust investments in IT security to reduce the risk of future inci-
dents occurring.
TAX MANAGEMENT
T ax matters are discussed with the Audit Committee and governed by
the T ax Policy. Cavotec’s approach is to improve tax efficiency by using
tax credit initiatives offered in the different countries where the Group
operates.
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 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.
T axes must be paid when due. T ax inquiries and audits by the authori-
ties 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.
Our contribution to the UN SDGs
Through Cavotec’s product, service, and business offerings, we
contribute to the UN Sustainable Development Goals. Our contribu-
tions are clearest under specific targets of five of the 17 SDGs.
Target 7.2 means that by 2030, the share of renewable
energy in the global energy mix must have increased signifi-
cantly. We contribute to this development by, for example, installing
shore power connections in vessels and electrifying cable reels. In
this way, we increase the enablement for our customers and their
customers in turn, to use renewable energy.
Target 8.8 means that workers’ rights must be protected,
and safe and secure working environments must be pro-
moted for all workers. Through, for example, our automatic mooring
solutions, we contribute to improving working conditions for sailors
and dock workers. Another example is the use of shore power solu-
tions, which help improve working conditions by reducing noise and
diesel fumes.
Target 9.4 means that infrastructure and industries must be
upgraded and modernised by 2030 to make them sustaina-
ble, 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 and other emissions. Through our charging
solutions, we make it possible for the mining industry to, among
other things, electrify heavy-duty trucks.
Target 11.6 means that the cities’ negative environmental
impact per capita must be reduced by 2030, with special
attention to air quality and municipal and other waste management.
We contribute to the goal through our electrification solutions
which have zero tailpipe emissions and reduce noise in ports and
terminals. In this way, urban environments near ports and terminals
are improved where our products are used.
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.
34CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Sustainability agenda Value chain Stakeholder dialogues Double materiality assessment Governance Environmental and climate impact Caring for our people Business ethics Contribution to the UN SDGs
===== SIDA 35 =====
Our automated mooring solutions enable faster turnaround times and the
reduced cruising speeds result in decreased energy consumption. During
ship berthing, the reduced use of tugs and ship engines results in more
than 90% reduction in emissions.
Corporate
Governance
Remuneration report Corporate governance report Board of Directors Cavotec Management T eam
35CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
===== SIDA 36 =====
Remuneration report 2024
A. REMUNERATION GOVERNANCE AND PRINCIPLES
1. Shareholder engagement
The articles 734 et seq. CO of the Swiss Code of Obligations (“CO”)
require listed companies incorporated in Switzerland to publish a remu-
neration report.
Cavotec SA (the “Company” or “Cavotec”) is a Swiss incorporated
company listed on Nasdaq Stockholm, Sweden. The corporate govern-
ance 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 finan-
cial year 2024 (FY2024) has been prepared in accordance with articles
734 et seq. CO and describes, inter alia, Cavotec’s compensation sys-
tem and philosophy, and provides details of the remuneration paid to the
Company’s board of directors (the “Board”) and to the members of the
Company’s management team (the “Management T eam”) in 2024.
Under the CO, the maximum aggregate remuneration for the mem-
bers 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 (the “Articles of Association”),
including the details of such votes on remuneration and the principles
governing remuneration. The Articles of Association include these mat-
ters regarding remuneration in Articles 16a et sec. and can be viewed
online at https://ir.cavotec.com.
The key provisions of the Articles of Association are summarised 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
Management T eam (fixed and variable components) for the subse-
quent financial year.
• Loans and credits (Article 16j): Loans and credits may not be granted
to members of the Board or of the Management T eam.
• Additional amount for newly appointed members of the Management
T eam (Article 16c): If the maximum aggregate remuneration already
approved by the AGM is not sufficient to cover the remuneration for
newly appointed members of the Management T eam, the Company
may pay an additional amount up to 100% of the last maximum aggre-
gate remuneration amount approved.
In line with the above, the Board will submit three separate remunera-
tions related proposals for shareholder approval at the 2025 AGM as
illustrated in T able 1 below:
• This Remuneration Report for the FY2024 (consultative vote).
• The maximum aggregate remuneration amount for the Board for the
term of office from the 2025 AGM to the 2026 AGM (binding vote).
• The maximum aggregate remuneration amount for the Management
T eam for the FY2026 starting January 1, 2026, and that will end on
December 31, 2026 (binding vote).
With respect to the FY2023 and FY2024, the following was implemented:
At the 2023 AGM held on 1 June 2023, shareholders approved (i) a maxi-
mum aggregate amount of EUR 0.5 million for the remuneration for the
Board for the term of office from the 2023 AGM to the 2024 AGM; and (ii)
a maximum aggregate amount of EUR 2,200,000 for the remuneration
for the chief executive officer (the “CEO”) for the FY2024 year started
1 January 2024, and ended 31 December 2024.
At the 2024 AGM held on 4 June 2024, shareholders approved (i) a
maximum aggregate amount of EUR 0.5 million for the remuneration for
the Board for the term of office from the 2024 AGM to the 2025 AGM; (ii)
a maximum aggregate amount of EUR 2,800,000 for the remuneration
for the Management T eam for the FY2024 year started 1 January 2024,
and ended 31 December 31 2024, not including the maximum aggregate
remuneration amount of EUR 2,200,000 for the CEO for the FY2024 year
that has already been approved by the 2023 AGM; and (iii) a maximum
aggregate amount of EUR 5,000,000 for the remuneration for the Man-
agement T eam (including the CEO) for the FY2025 year that started
1 January 2025 and that will end on 31 December 2025.
2. Governance on remuneration matters
The decision authority on remuneration matters is summarised in
T able 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 Remu-
neration 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 discus-
sions. The Remuneration Committee may decide to consult an external
advisor on specific remuneration matters.
TABLE 1 REMUNERATION-RELATED SHAREHOLDER APPROVALS
Object Action at 2025 AGM 2025 2026 2027
Remuneration report 2024 approval of the 2024 Remuneration report
Board remuneration 2025/26 approval Board remuneration for 2025 AGM
to 2026 AGM (term of office)
Management T eam
Remuneration 2026
approval of the Management T eam
Remuneration for the FY2026
Beginning
of the
FY Jan 01
Beginning
of the
FY Jan 01
Beginning
of the
FY Jan 01
AGM
June
AGM
June
AGM
June
36CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
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Remuneration report Corporate governance report Board of Directors Cavotec Management T eam
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3. Activities of the Remuneration Committee during FY2024
The Remuneration Committee meets as often as business requires but
at least once per year. The Remuneration Committee held five meetings
in the FY2024.
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 the Management T eam.
• Reviewing the terms of the employment arrangements with the CEO
and other members of the Management T eam so as to develop con-
sistent 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 and of the Management T eam.
• 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 43.
4. Remuneration principles
Cavotec’s remuneration programs are designed to recognise and reward
performance, enabling the organisation to attract, motivate and retain
talented employees who drive performance to ensure both sustained
growth and value creation.
The compensation of the members of the Board and of the Manage-
ment T eam is reviewed on an annual basis to ensure continued align-
ment with the Cavotec’s group’s (the “Group”) strategy and market
practice as well as with applicable laws.
TABLE 2 GOVERNANCE ON REMUNERATION MATTERS
Remuneration Committee Board AGM
Remuneration principles (Articles of Association) Recommends to the Board Proposes to the AGM Approves
Remuneration report Recommends to the Board Proposes to the AGM Approves
Remuneration principles and system for the Board and the Management T eam (inc. CEO) Recommends to the Board Proposes to the AGM Approves
Maximum aggregate amount of the remuneration for the Board members Proposes to the Board Proposes to the AGM Approves
Maximum aggregate amount of the remuneration of the Management T eam (inc. CEO) Proposes to the Board Proposes to the AGM Approves
TABLE 3 REMUNERATION SYSTEM OF THE BOARD FOR ONE TERM OF OFFICE (GROSS AMOUNT)
Base fee EUR
Patrick Tigerschiöld (Chairman) 95,000
Member 35,000
Committee fee in EUR Chair Member
Audit Committee 10,000 5,000
Remuneration Committee 10,000 5,000
Base fee CHF
Patrick Tigerschiöld (Chairman) 90,499
Member 33,342
EUR/CHF exchange rate 0.9526257
Committee fee in CHF Chair Member
Audit Committee 9,526 4,763
Remuneration Committee 9,526 4,763
TABLE 4 REMUNERATION SYSTEM OF THE CEO AND MANAGEMENT TEAM
Fixed pay Variable pay
Base Salary Pension & other benefits Short-term incentive plan (STIP)
Purpose Attract and retain Risk protection, Market competitiveness Focus on the delivery of the year’s commitments
Performance period � � 1 year
Key drivers Role, responsibility,
experience
Legal requirements & market practice Group, Division and personal performance (if relevant)
Reward instrument Cash Pension, insurance plans and cash Cash
KPIs – � Revenues, EBIT, Cash flow
T arget incentive � � 80% of base salary for the CEO, 40% of base salary for
the other members of the Management T eam
Payout range � � 0-100% of target amount for each KPI
Impact of share price on payout value � � �
37CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Remuneration report Corporate governance report Board of Directors Cavotec Management T eam
===== SIDA 38 =====
B. REMUNERATION SYSTEM
1. Remuneration system of the Board
T o 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 (including fees for participation in the audit committee and remu-
neration committee meetings). 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 T able 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 T eam
The remuneration elements for the Management T eam generally consist
of five components:
a)
salary
b) pension
c) other benefits
d) per formance-based non-equity cash compensation (“STIP”)
e) per formance-based equity-based incentives (“LTIP”)
The remuneration elements resulting in the aggregate remuneration of
the Management T eam for the FY2024 are summarised in T able 4.
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 members of the Management T eam
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 T eam’s members participate in the
social insurance and pension plans in the countries where their employ-
ment contracts were entered into. The plans vary according to local mar-
ket 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 T eam’s members under
Swiss employment contracts are covered by the Company’s compul-
sory 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 conditions.
For the Management T eam’s members, benefits may include local mar-
ket benefits such as transportation allowances, health cover, etc. The
monetary value of these remuneration elements as disclosed in the
remuneration T able 4 is based on the actual amount paid as well as the
best estimate for the amounts yet to be paid.
d) Shor t-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 T eam. Its objective is to:
• encourage performance and motivate the beneficiaries to work
together for the sustainable success of the Group;
• enable the alignment of objectives throughout the Company.
TABLE 5 REMUNERATION AWARDED TO THE BOARD
Remuneration for the term
from 2024 AGM until 2025
AGM in EUR (Audited) Qualification Board fees
Social security
contributions Pension T otal 2024 T otal 2023
Niklas Edling Independent Director 40,000 7,920 – 47,920 43,520
Annette Kumlien Independent Director 45,000 8,910 – 53,910 48,960
Peter Nilsson Independent Director 45,000 8,910 – 53,910 48,960
Keith Svendsen Independent Director 40,000 1,203 1,995 43,198 43,520
Patrik Tigerschiöld Director (Chairman) 95,000 18,810 – 113,810 103,360
T otal remuneration 265,000 45,753 1,995 312,748 288,320
Remuneration for the term
from 2024 AGM until 2025
AGM in CHF (Audited) Qualification Board fees
Social security
contributions Pension T otal 2024 T otal 2023
Niklas Edling Independent Director 38,105 7,545 – 45,650 42,293
Annette Kumlien Independent Director 42,868 8,488 – 51,356 47,579
Peter Nilsson Independent Director 42,868 8,488 – 51,356 47,579
Keith Svendsen Independent Director 38,105 1,146 1,901 41,152 42,293
Patrik Tigerschiöld Director (Chairman) 90,499 17,919 – 108,418 100’445
T otal remuneration 252,446 43,585 1,901 297,932 280,189
EUR/CHF exchange rate 0.9526257
38CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Remuneration report Corporate governance report Board of Directors Cavotec Management T eam
===== SIDA 39 =====
TABLE 6 REMUNERATION OF THE MANAGEMENT TEAM
(Audited)
Amounts for FY2024 in EUR Base salary
Compensation for non-
compete arrangements Joining bonuses
Short-term
Incentive Plan1)
Long-term
Incentive Plan2) Benefits in kind3)
Social security,
insurance and pension
contributions4) T otal 2024 T otal 2023
Management T eam (not including CEO) 1,519,386 – – 288,473 – 101,812 457,425 2,367,097 NA
David Pagels (CEO) 506,148 – – 257,213 – 6,018 278,354 1,047,733 976,986
T otal remuneration 2,025,534 – – 545,686 – 107,830 735,779 3,414,830 976,986
(Audited)
Amounts for FY2024 in CHF Base salary
Compensation for non-
compete arrangements Joining bonuses
Short-term
Incentive Plan
1)
Long-term
Incentive Plan2) Benefits in kind3)
Social security,
insurance and pension
contributions4) T otal 2024 T otal 2023
Management T eam (not including CEO) 1,447,406 – – 274,807 – 96,989 435,755 2,254,957 NA
David Pagels (CEO) 482,170 – – 245,028 – 5,733 265,167 998,098 949,433
T otal remuneration 1,929,576 – – 519,835 – 102,722 700,922 3,253,055 949,433
EUR/CHF exchange rate 0.9526257
1) As the objectives of the 2024 STIP were achieved, there is payout in 2025 for FY2024.
2) The LTIP program 2023 was cancelled. For 2024 no LTIP program was launched.
3) Allowances (child, school fees, health insurance and transportation, non-competition agreements).
4) Pension contribution to the CEO and members of the management team, have been made both in form of cash and defined contribution payments.
The current STIP framework was introduced in 2018 to provide a simple,
fair and transparent approach.
Plan participants at Group and division levels are incentivized based
on the achievement of financial performance targets, which are deter-
mined by the Board at the beginning of each financial year. The perfor-
mance 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 L TIP)
In 2023, the Board established an equity based long term incentive plan
framework called 2023-2025 LTIP (“2023-2025 LTIP”). Such program has
been cancelled by the Board of Directors considering that the Company
in 2024 was working on a new long-term incentive program.
For the same reason, the Company decided not to launch any long-term
incentive plan framework for the years 2024-2026. Therefore, no shares
have been granted under a long-term incentive plan in 2024 or 2023.
C. EMPLOYMENT CONDITIONS
The members of the Management T eam 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
T eam 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 indi-
rectly) to members of the Board and Management T eam. For this Remu-
neration Report covering the FY2024, the remuneration paid to members
of the Board is shown as a whole and separately for each member; (ii) the
remuneration paid to the Management T eam is shown in aggregate, while
the highest-paid member of the Management T eam is shown separately.
No remuneration was paid directly or indirectly to former members of the
Board or of the Management T eam in connection with their former activ-
ity as a member of a corporate body of the Company.
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2. R emuneration awarded to the Board for the term between
4 June 2024 and 3 June 2025 (Audited)
The remuneration awarded to the Board members for the term between
the 2024 AGM (4 June 2024) and the 2025 AGM (3 June 2025) is sum-
marised in T able 5.
Remuneration paid to the Board members for non-compete arrange-
ments (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 summarised in T able 5.
3. R emuneration awarded to the Management T eam for the FY2024
(Audited)
For the FY2024, the members of the Management T eam have been
awarded base salary, pension, other benefits and variable remuneration
in line with the remuneration system described above in section B.2.
The remuneration paid or awarded to the Management T eam in aggre-
gate and to its highest-paid member is summarised in T able 6.
Compensation paid to the members of the Management T eam for
non-compete arrangements (art. 734a para. 2 no. 10 CO) as well as per-
mitted joining bonuses (art. 734a para. 2 no. 5 CO) or any other remunera-
tion as per art. 734a para. 2 CO, if any, are also summarised in T able 6.
4. L oans granted to members of the Board or of
the Management T eam
In accordance with Article 16j of the Articles of Association, the
Company does not grant loans or extends credit to the members of the
Board and of the Management T eam.
E. REMUNERATION TO FORMER MEMBERS OF GOVERNING BODIES
During the term of 4 June 2024 until 3 June 2025, no payments were
made to former members of the Board or of the Management T eam, or,
in each case, to related parties.
F. RECONCILIATION OF AGM REMUNERATION RESOLUTIONS
For the term from the 2024 AGM to the 2025 AGM, the 2024 AGM
approved a maximum aggregate remuneration amount for the Board of
EUR 0.5 million (covering all pay, pension contribution, social charges,
etc.). T able 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.
TABLE 7 REMUNERATION APPROVED AND PAID/GRANTED FOR THE MEMBERS OF THE BOARD
EUR/CHF exchange rate 0.9526257
Amounts for FY2024 in EUR T otal remuneration granted (paid/payable) Maximum aggregate amount approved Status
2023 AGM to 2024 AGM 288,320 500,000 Approved (2023 AGM)
2024 AGM to 2025 AGM 312,748 500,000 Approved (2024 AGM)
2025 AGM to 2026 AGM – 500,000 Proposed (2025 AGM)
Amounts for FY2024 in CHF T otal remuneration granted (paid/payable) Maximum aggregate amount approved Status
2023 AGM to 2024 AGM 280,189 476,313 Approved (2023 AGM)
2024 AGM to 2025 AGM 297,932 476,313 Approved (2024 AGM)
2025 AGM to 2026 AGM – 476,313 Proposed (2025 AGM)
TABLE 8 REMUNERATION APPROVED AND PAID/GRANTED FOR THE MANAGEMENT TEAM (AS OF FY2025)
Amounts for FY2024 in EUR T otal remuneration granted (paid/payable)) Maximum aggregate amount approved Status
FY 2023 949,433 2,200,000 CEO Approved (2022 AGM)
FY 2024 1,047,733 2,200,000 CEO Approved (2023 AGM)
FY 2024 3,414,830 5,000,000
Management T eam (including CEO)
Approved (2024 AGM)
FY 2025 – 5,000,000
Management T eam (including CEO)
Approved (2024 AGM)
FY 2026 – 5,000,000
Management T eam (including CEO)
Proposed (2025 AGM)
Amounts for FY2024 in CHF T otal remuneration granted (paid/payable)) Maximum aggregate amount approved Status
FY 2023 904,454 2,095,777 CEO Approved (2022 AGM)
FY 2024 998,098 2,095,777 CEO Approved (2023 AGM)
FY 2024 3,253,055 4,763,129
Management T eam (including CEO)
Approved (2024 AGM)
FY 2025 – 4,763,129
Management T eam (including CEO)
Approved (2024 AGM)
FY 2026 – 4,763,129
Management T eam (including CEO)
Proposed (2025 AGM)
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TABLE 9 PARTICIPATION RIGHTS AND OPTIONS1) (Audited)
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).
Amounts as of 31 December 2024
Participation
rights
Option on
participations rights
Members of the Board of Directors
Niklas Edling 90,040 –
Annette Kumlien 75,000 –
Peter Nilsson 212,180 –
Keith Svendsen – –
Patrik Tigerschiöld (Chairman) 1,598,000 –
Members of the Management T eam2)
David Pagels (CEO) 750,000 1,500,000
Joakim Wahlquist 75,000 150,000
Patrick Baudin 10,000 –
Patrick Mares 18,950 –
Jörgen Ohlsson 1,095 –
T otal
1) The number s in this table also include holdings of closely linked persons to the
respective member of the Board or the Management T eam.
2) Member s of the Management T eam (including the members’ close associates) not
included in this list do not own participation rights or options on par ticipation rights.
TABLE 10 EXTERNAL MANDATES (Audited)
Members of the Board of Directors
Patrick Tigerschiöld: Chairman of Bure Equity AB, Mycronic AB, SNS
Center for Business and Policy Studies, and Yubico AB. Fellow of the
Royal Swedish Academy of Engineering Sciences (IVA).
Niklas Edling: CEO of Nodica Group 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 T erminals, member of the Executive Lead-
ership T eam at A.P . Moller-Maersk, director of Through T ransport Mutual
Insurance Association Limited.
Peter Nilsson: Chairman of the Board of Lindab Group, Nilfisk A/S and
member of the Board of Creades AB.
Members of the Management T eam
David Pagels: No other current assignment.
Joakim Wahlquist: No other current assignment.
Patrick Baudin: No other current assignment.
Patrick Mares: No other current assignment.
Jörgen Ohlsson: No other current assignment.
Vanessa Tisci: No other current assignment.
The maximum aggregate remuneration amount for the members of
the Management T eam for the FY2025, i.e. for the term started 1 January
2025, and ending 31 December 2025, approved by the 2024 AGM, is
EUR 5 million (covering fixed and variable pay, pension contribution,
social charges, etc.). T able 8 shows the reconciliation between the remu-
neration that has been/will be paid to the members of the Management
T eam for the FY2025 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
member of the Board and of the Management T eam, including their
related parties, as well as the name and function of the members con-
cerned (see art. 734d CO), are described in T able 9.
H. EXTERNAL MANDATES
The external mandates of each current member of the Board and of the
Management T eam (see art. 734e CO) are described in T able 10.
I. LOANS
With respect to the FY2024, no loans or credit facilities (still outstanding
in FY2024) granted by Cavotec to the members of the Board or of the
Management T eam, former members of the Board or of the Management
T eam, exist.
J. NON-MARKE T STANDARD REMUNERATION OR LOANS GRANTED
TO RELATED PERSONS
No non-market standard remuneration has been granted by Cavotec
to related parties of the members of the Board or of the Management
T eam.
With respect to the FY2024, no loans or credit facilities (still out-
standing in FY2024) granted by Cavotec to the members of the Board
or of the Management T eam exist.
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Report of the statutory auditor
to the General Meeting of Cavotec SA, Lugano
Opinion
We have audited the remuneration report of Cavotec SA (the Company) for the year ended 31 December
2024. The audit was limited to the information pursuant to article 734a-734f of the Swiss Code of Obliga-
tions (CO) in the tables marked ‘audited’ on pages 38 to 41 of the remuneration report.
In our opinion, the information pursuant to article 734a-734f CO in the remuneration report (pages 38 and
41) 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 responsibili-
ties 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 the 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 infor-
mation 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 assurance 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 with the audited finan-
cial 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 such 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 charged with structuring the remuner-
ation principles and specifying the individual remuneration components.
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 guaran-
tee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material mis-
statement when it exists. Misstatements can arise from fraud or error and are considered material if, indi-
vidually 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 professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement in the remuneration report, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mis-
statement 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 appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective-
ness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting esti-
mates and related 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 deficien-
cies 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 safeguards applied.
PricewaterhouseCoopers SA
Thomas Wallmer Laura Cazzaniga
Licensed audit expert Licensed audit expert
Auditor in charge
Lugano, 27 March 2025
Cavotec SA | Report of the statutory auditor to the General Meeting
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Corparate governance report 2024
BOARD OF DIRECTORS’ WORK CALENDAR 2024
Q4 2023 REPORT
ANNUAL REPORT
BUDGET 2025 APPROVAL
Q2 2024 REPORT ANNUAL GENERAL MEETING
Sep
Aug
Jul Jun
May
Apr
Oct
Nov
Dec Jan
Feb
Mar
Q3 2024 REPORT
Q1 2024 REPORT
CAVOTEC CORPORATE GOVERNANCE STRUCTURE
Articles of Association
Code of Conduct
Internal Regulations
Group Policies
Shareholders
Auditors
Audit Committee
Nomination Committee 1)
Remuneration Committee
Chairman of the Board
Board of Directors
Cavotec Management T eam
CEO
Chief Financial Officer
SVP , Product Management and Chief
T echnology Officer
SVP , Head of Industry Division
SVP , Head of Ports & Maritime Division
President, Services
SVP , Head of Global Operations
Chief Legal & Human Resources Officer
1) T o 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.
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 compa-
nies based on Swedish practices and circumstances. Cavotec has
decided to apply the Code, however, the Company is not obliged to com-
ply with every rule in the Code as the Code itself provides for the possi-
bility 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 (the
“Annual General Meeting”). 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. Share-
holders’ meetings are held at the domicile of the Company or at such
other place in Switzerland or abroad as the Board of Directors shall
determine. The shareholders’ meetings will be held in English and infor-
mation and material will be available in English only. This is in accordance
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with an exemption granted by the Swedish Financial Supervisory Authority.
The minutes of shareholders’ meetings, 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 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 or e-mail 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 shareholders’ meeting there
must be a time period of not less than 20 calendar days. The notice of
the shareholders’ meeting must indicate the agenda and the motions.
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 pub-
lished 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 or the votes may request the Board of Directors, in writing to call
an extraordinary shareholders’ meeting. In such case, the Board of Direc-
tors 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 share-
holders and stakeholders.
In October 2024 the Committee began preparing a proposal for the
Board of Directors to be submitted to the Annual General Meeting 2025.
The proposal of the Nomination Committee will be published in the
invitation to the Annual General Meeting.
With respect to the requirements in the Code that a majority of the
Directors elected by the shareholders’ meeting are to be independent of
the Company and its executive management and that at least two of this
majority also are to be independent in relation to the Company’s major
shareholders, the Nomination Committee has carried out the following
assessment:
Annette Kumlien, Niklas Edling, Patrik Tigerschiöld, Keith Svendsen
and Peter Nilsson are all independent of the Company and its executive
management.
Annette Kumlien, Niklas Edling, Keith Svendsen and Peter Nilsson are
all also independent in relation to the Company’s major shareholders.
The Nomination Committee therefore concludes that all require-
ments of Directors’ independence as set out in the Code are met.
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 remunera-
tion to the auditor and any issues on resignation or dismissal of the audi-
tor. 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 2025, 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 2025.
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 ordinary shareholders’
meeting. The Board of Directors constitutes itself, but by law the Chair-
man of the Board of Directors is elected by the shareholders’ meeting, as
set out in the Articles of Association and by Swiss law.
The members of the Nomination Committee and the Audit Committee,
as well as the respective Chairmen, are elected from and by the members
of the Board of Directors. 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 manage-
ment. The Board of Directors is the ultimate executive body of the Com-
pany 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 Regula-
tions. 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 o verall management of the company and issuing the required
directives;
b) T o determine the Company’s organisation;
c) Or ganising the accounting, financial control and financial planning
systems as required for management of the company;
d) Appointing and dismissing per sons entrusted with managing and
representing the company;
e) Ov erall supervision of the persons entrusted with managing the
company, in particular with regard to compliance with the law, ar ticles
of association, operational regulations and directives;
f) Compiling the annual r eport, preparing for the general meeting and
implementing its resolutions, including interim published reports and
determination of the accounting standard;
g) F iling an application for a debt restructuring moratorium and noti f ying
the court in the event that the company is overindebted;
h) P reparing the remuneration report.
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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 (acknowledge-
ment of capital increase); (iii) decision pursuant to art. 653o (acknow-
ledgement 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 eight ordinary Board meetings and two
extraordinary Board meetings for Cavotec in 2024. In addition, one
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 Committee and the Remuneration
Committee. The Remuneration Committee has been elected by the
Annual General Meeting, in accordance with Swiss law (in particular the
CO that – as of 1 January 2023 – has implemented the previous regula-
tion set by the Minder Ordinance). The composition and tasks of the
Board’s Committees are regulated in the Board of Directors’ Internal Reg-
ulations. The composition and tasks of the Remuneration Committee are
regulated in the Articles of Association as well as in the Board of Direc-
tors’ 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. T o 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
members of the Board of Directors. 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 Directors effectively govern and provide guidance to busi-
ness, 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 September 2024 the Nomination Committee members are
Henrik Blomquist (representing Bure Equity AB), Per Colleen, who repre-
sents T omEnterprise 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 regu-
latory 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 mem-
bers 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 activi-
ties 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 Committee has periodic contact with the auditors,
PricewaterhouseCoopers (PwC), through the PwC engagement partner
responsible for the Audit and through the principal engagement man-
ager, 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 pr oposed for the principal locations and the proposed audit
fees. The engagement of the auditors for non-audit services of signifi-
cance 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 five times in 2024.
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 remuner-
ation committee pursuant to Swiss law against excessive compensation
with respect to listed corporations. The Remuneration Committee has in
particular the following duties and responsibilities:
a) R eviewing and advising the Board of Directors on the terms
of appointment of the CEO;
b) R eviewing working environments and succession planning for
members of the Management T eam;
c) R eviewing the terms of the employment arrangements with member s
of the Management T eam, as well as to develop consistent group
employment practices subject to regional differences;
d) R eviewing of and making proposals to the Board of Directors on
the remuneration of the members of the Board of Directors and of
the Management T eam;
e) R eviewing the terms of the Company’s short and long term
incentive plans;
f) Submission of a dr aft 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 Management T eam. This constitutes a deviation from the
Code that prescribes that the Nomination Committee is responsible for
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presenting proposals to the Annual General Meeting on the fees and
other remuneration to the Board members.
The Remuneration Committee of Cavotec met five times in 2024.
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
2025/2026: Keith Svendsen, Patrik Tigerschiöld and Peter Nilsson.
CAVOTEC MANAGEMENT TEAM
Cavotec’s Management T eam if formed by the CEO and additional mem-
bers working for the management team of Cavotec who have substantial
decision-making power. The other members of the Management T eam
are selected by the CEO and as of 31 December 2024 consists of six
members (excluding the CEO), combining Cavotec’s senior operational
and corporate functions.
According to Art. 716b and the Internal Regulations, the Board of
Directors delegates the management of Company and of the Group to
the CEO and in turn to the Management T eam. The Management T eam
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 Management T eam. 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 36.
INTERNAL CONTROL SYSTEM (ICS)
The internal control function has been embedded in the finance organi-
sation. 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 require-
ments 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.
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Board of Directors
PATRIK TIGERSCHIÖLD
Chairman of the Board
Born 1964
Member since 2014, Chairman since 2018
Citizenship: Swedish
Patrik Tigerschiöld holds a M.Sc. in Business
and Economics.
Since 2013, he has been the 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 Mycronic AB, SNS
Center for Business and Policy Studies, and Yubico
AB. Patrik is also a Fellow of the Royal Swedish
Academy of Engineering Sciences (IVA).
Patrik Tigerschiöld, together with his family, holds
1,598,000 shares in Cavotec.
KEITH SVENDSEN
Member of the Board
Born 1973
Member since 2021
Citizenship: Danish
Keith Svendsen graduated as a Master Mariner from
Fanoe Navigation College, in Denmark, and has an
Executive MBA from the London Business School.
Alongside his Cavotec role, he currently serves as
CEO of APM T erminals, one of the largest port
terminal operators in the world. He is also a member
of the Executive Leadership T eam at A.P . Moller-
Maersk and Director of Through T ransport Mutual
Insurance Association Ltd, an independent provider
of mutual insurance and related risk management
services to the international transport and logistics
industry. Previously, Keith has been COO of APM
T erminals and Head of Operational Execution for the
Maersk Group’s Ocean Shipping business.
Keith Svendsen does not hold any shares in Cavotec.
ANNETTE KUMLIEN
Member of the Board
Born 1965
Member since 2019
Citizenship: Swedish
Annette Kumlien holds a B.B.A. from Stockholm
School of Economics.
Alongside her Cavotec role, she holds the position
as COO of Intrum AB and is a member of the Board
of Dirac Research AB. Previously Annette has held
the positions as GVP/CFO at Munters Group AB,
CFO/COO at Diaverum and CFO in Höganäs AB
and Pergo AB.
Annette Kumlien holds 75,000 shares in Cavotec.
PETER NILSSON
Member of the Board
Born 1962
Member since 2023
Citizenship: Swedish
Peter Nilsson holds a M.Sc. in Business and
Economics from Stockholm School of Economics.
He is Chairman of Lindab Group, Nilfisk A/S and
member of the Board of Creades AB. He was
previously, among others, Chairman of Adapteo AB
and Unilode AG, Deputy Chairman of Cramo OYJ
and Creaspac AB as well as CEO of Sanit ec AB
and Duni AB.
Peter Nilsson holds 212,180 shares in Cavotec through
his company Poleved Industrial Performance AB.
NIKLAS EDLING
Member of the Board
Born 1963
Member since 2019
Citizenship: Swedish
Niklas Edling holds a M.Sc. in Mechanical Engineering
from the Royal Institute of T echnology, Sweden and a
B.Sc. in Economics and Business Administration from
Stockholm School of Economics.
In addition to being on the Cavotec Board, Niklas
is CEO of Nodica Group AB and Board member
of HMS Networks AB. Previously, Niklas was CEO
of ScandiNova Systems AB, SVP Corporate
Development and Deputy CEO at electronics
production solutions provider Mycronic, where
he also served as SVP Operations.
Niklas Edling holds 90,040 shares in Cavotec.
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Management team
DAVID PAGELS
CEO
Born 1968
Citizenship: Swedish
David Pagels holds an Executive MBA from Stockholm School of
Economics, a M.Sc. in Mechanical Engineering from University of
Luleå, Sweden and a B.Sc in Mechanical Engineering from University
of Växjö, Sweden. Prior to joining Cavotec in 2022, he served as
CEO of Dellner Couplers, Head of Global Sourcing at Xylem Europe
GmbH, and Director Strategic Sourcing at Bombardier
T ransportation.
Holdings in Cavotec: 750,000 shares and 1,500,000 call options
issued by Bure Equity AB.
PATRICK BAUDIN
President, Services
Born 1971
Citizenships: Canadian and French
Patrick Baudin holds a MBA in International Finance from HEC
School of Management in Paris and a B.Sc. in Engineering from
McGill University in Montreal, Canada. Prior to joining Cavotec in
2018, 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.
Holdings in Cavotec: 10,000 shares.
PATRICK MARES
Senior Vice President, Product Management
and Chief T echnology Officer
Born 1962
Citizenship: Belgian
Patrick Mares holds a M.Sc. in Engineering from University of
Leuven, Belgium. Prior to joining Cavotec in 2019, 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 T echnologies, and held various
leadership positions at General Electric.
Holdings in Cavotec: 18,950 shares.
JONATHAN ERIKSSON
Senior Vice President and Head of Industry Division
Born 1992
Citizenship: Swedish
Jonathan Eriksson holds a M.Sc. in Industrial Engineering and
Management from the Royal Institute of T echnology, Sweden. Prior
to joining Cavotec in 2020, he served among all as a management
consultant at Roland Berger och project leader at Atlas Copco
Industrial T echnique. He has held various senior roles in Cavotec
such as Vice President of the Industry Division, Vice President and
Head of Business Development and Project Director, Global
Operations.
Holdings in Cavotec: 10,000 shares through pension scheme.
VANESSA TISCI
Chief Legal & Human Resources Officer
Born 1982
Citizenship: Italian
Vanessa attended the universities of Bologna and Milan in Italy and
holds a Master’s Degree in law from Stanford Law School, UK. She
joined Cavotec in 2020 and prior to that she was Head of Legal at
SCP Group, and prior to that she worked as Senior International
Counsel for Walgreens Boots Alliance. Vanessa is a New
Y ork-qualified attorney and has worked for major US law firms as a
corporate lawyer.
Holdings in Cavotec: –
NICKLAS VEDIN
Senior Vice President and Head of Ports & Maritime Division
Born 1991
Citizenship: Swedish
Nicklas Vedin holds a M.Sc. in Industrial Engineering and
Management from Linköping University, Sweden. Prior to joining
Cavotec in 2018, he served as a management consultant at
Ericsson in Sweden and the US. He has held various senior roles at
Cavotec such as Vice President of Sales in the Ports & Maritime
Division and Vice President, Product Management for MoorMaster.
Holdings in Cavotec: 10,000 shares.
JÖRGEN OHLSSON
Senior Vice President, Global Operations
Born 1970
Citizenship: Swedish
Jörgen Ohlsson holds a M.Sc. in Mechanical Engineering from Linné
university, Sweden. Prior to joining Cavotec in 2023, 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.
Holdings in Cavotec: 1,095 shares.
JOAKIM WAHLQUIST
Chief Financial Officer
Born 1977
Citizenship: Swedish
Joakim Wahlquist holds a M.Sc. in Business Administration from
Linköping University, Sweden and an Executive Education from
Stockholm School of Economics. Prior to joining Cavotec in 2023,
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.
Holdings in Cavotec: 75,000 shares and 150,000 call options issued
by Bure Equity AB.
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We are committed to supporting customers achieve safe, efficient and
reliable operations. Sharing our knowledge and experience with clients is
therefore a key element of our long-term working partnership. Our local
offices offer support services around the world and around the clock such
as maintenance, inspections and systems integration.
Financial
Statements
Consolidated Financial Statements Notes to the Financial Statements Risk Management Statutory Financial Statements Notes to the Financial Statements
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Statement of Comprehensive Income
Cavotec SA & Subsidiaries
EUR 000s Notes 2024 2023
Revenue from sales of goods and services 5 174,952 180,734
Other income 6 1,336 2,076
Cost of materials (85,073) (101,219)
Employee benefit costs 7 (53,428) (47,895)
Operating expenses 8 (21,109) (19,292)
Gross operating result 16,677 14,404
Depreciation and amortisation 16, 17 (2,462) (2,782)
Depreciation of right-of-use of leased asset 16 (3,129) (3,311)
Impairment losses (193) (1,084)
Operating result 10,893 7,227
Interest income 10 35 18
Interest expenses 10 (2,605) (3,471)
Currency exchange differences – net 10 (113) (16)
Other financial item (4) 5
Profit/(Loss) before income tax 8,206 3,763
Income taxes 11 (4,366) (3,583)
Profit/(Loss) for the period 3,840 180
Other comprehensive income:
Remeasurements of post employment benefit obligations 27 (43) (99)
Items that will not be reclassified to profit or loss (43) (99)
Currency translation differences (366) (1,836)
Items that may be subsequently reclassified to profit/(loss) (366) (1,836)
Other comprehensive income/(loss) for the year, net of tax (409) (1,935)
T otal comprehensive income/(loss) for the year 3,431 (1,755)
EUR 000s Notes 2024 2023
T otal comprehensive income/(loss) attributable to:
Equity holders of the Group 3,431 (1,755)
Non-controlling interest – –
T otal 3,431 (1,755)
Profit/(Loss) attributed to:
Equity holders of the Group 3,840 180
T otal 3,840 180
Basic and diluted earnings per share attributed
to the equity holders of the Group (EUR/share) 30 0.036 0.002
Weighted average number of shares 106,696,030 104,103,112
The notes on pages 54-75 are an integral part of these Consolidated Financial Statements.
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Balance Sheet
Cavotec SA & Subsidiaries
EUR 000s Notes 31 Dec. 2024 31 Dec. 2023
ASSETS
Current assets
Cash and cash equivalents 11,597 15,056
T rade receivables 12 26,163 27,942
Contract assets 5, 12 830 2,862
T ax assets 13 2,451 4,718
Other current receivables 14 9,899 4,949
Inventories 15 35,555 37,429
Assets held for sale 9 – 1,814
T otal current assets 86,495 94,770
Non-current assets
Property, plant and equipment 16 5,362 5,414
Right-of-use of leased assets 16 12,526 11,529
Intangible assets 17 35,604 37,315
Non-current financial assets 18 288 68
Deferred tax assets 19 6,663 6,897
Other non-current receivables 20 1,311 1,231
T otal non-current assets 61,754 62,454
TOTAL ASSETS 148,249 157,224
EUR 000s Notes 31 Dec. 2024 31 Dec. 2023
EQUITY AND LIABILITIES
Current liabilities
Bank overdraft (128) –
Current lease liabilities 16 (2,566) (2,527)
T rade payables 22 (21,900) (26,004)
Contract liabilities 5 (17,935) (19,268)
T ax liabilities 23 (2,320) (5,111)
Provision for risk and charges, current 26 (3,231) (2,171)
Other current liabilities 24 (12,857) (11,320)
T otal current liabilities (60,937) (66,401)
Non-current liabilities
Non-current financial liabilities 21 (13,601) (21,468)
Non-current lease liabilities 16 (10,160) (9,167)
Deferred tax liabilities 25 (1,442) (1,251)
Other non-current liabilities (15) (12)
Provision for risk and charges, non-current 26 (1,321) (1,794)
Employee benefit obligation 27 (911) (569)
T otal non-current liabilities (27,450) (34,261)
T otal liabilities (88,387) (100,662)
Equity
Share Capital 28 (54,130) (54,130)
Reserves 29 (54,782) (55,323)
Retained earnings 49,051 52,891
Equity attributable to owners of the parent (59,862) (56,562)
Non-controlling interests – –
T otal equity (59,862) (56,562)
TOTAL EQUITY AND LIABILITIES (148,249) (157,224)
The notes on pages 54-75 are an integral part of these Consolidated Financial Statements.
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Statement of Changes in Equity
Cavotec SA & Subsidiaries
EUR 000s Notes Share capital Reserves Retained earnings
Equity related to owners
of the parent company
Non-controlling
interest T otal equity
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
T otal 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 – (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)
Balance as at 1 January 2024 (54,130) (55,323) 52,891 (56,562) – (56,562)
(Profit)/Loss for the period – – (3,840) (3,840) – (3,840)
Currency translation differences – 366 – 366 – 366
Remeasurements of post
employment benefit obligations 27 – 43 – 43 – 43
T otal comprehensive income
and expenses – 409 (3,840) (3,431) – (3,431)
Employees share scheme – 131 – 131 – 131
Transactions with shareholders – 131 – 131 – 131
Balance as at 31 December 2024 (54,130) (54,782) 49,051 (59,862) – (59,862)
The line related to Employees share scheme shows the accrual for pension plans.
The notes on pages 54-75 are an integral part of these Consolidated Financial Statements.
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