FULLTEXT DEL 2 AV 2
Årsredovisning 2024
Statement of Cash Flows
Cavotec SA & Subsidiaries
EUR 000s Notes 2024 2023
Profit/(Loss) for the year 3,840 180
Adjustments for:
Net interest expenses 2,570 3,453
Current taxes 11 4,204 4,221
Depreciation and amortisation 16,17 2,462 2,782
Depreciation of right-of-use of leased assets 16 3,129 3,311
Impairment losses 193 1,084
Deferred tax 163 (638)
Provision for risks and charges (460) 69
Capital gain or loss on assets 14 (20)
Other items not involving cash flows (271) (454)
Interest paid (2,729) (3,057)
T axes paid (4,730) (529)
4,545 10,222
Cash flow before change in working capital 8,385 10,402
Impact of changes in working capital
Inventories 1,849 5,451
T rade receivables and contract assets 4,651 4,381
Other current receivables (4,934) 1,306
T rade payables and contract liabilities (5,437) (18,979)
Other current liabilities 1,713 (628)
Impact of changes involving working capital (2,158) (8,469)
Net cash inflow/(outflow) from operating activities 6,226 1,933
EUR 000s Notes 2024 2023
Financing activities
Increase in equity capital – 14,526
Net changes loans and borrowings (7,898) (4,696)
Repayment of lease liabilities (3,136) (3,156)
Net cash inflow/(outflow) from financing activities (11,034) 6,674
Investing activities
Investments in property, plant and equipment 16 (904) (911)
Investments in intangible assets 17 (63) (624)
Decrease (increase) of non current financial asset (220) 38
Disposal of assets 9 1,873 29
Net cash inflow/(outflow) from investing activities 686 (1,468)
Cash at the beginning of the year 15,056 9,625
Cash flow for the year (4,122) 7,137
Currency exchange differences 535 (1,706)
Cash at the end of the year 11,469 15,056
Cash and cash equivalent 11,597 15,056
Bank overdraft (128) –
Cash at the end of the year 11,469 15,056
The notes on pages 54-75 are an integral part of these Consolidated Financial Statements.
53CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Consolidated Financial Statements Notes to the Financial Statements Risk Management Statutory Financial Statements Notes to the Financial Statements
===== SIDA 54 =====
NOTE 1. General information
Cavotec is a leading cleantech company that designs and delivers connection and
electrification solutions to enable the decarbonisation of ports and industrial appli-
cations worldwide. Backed by 50 years of experience, our systems ensure safe, effi-
cient, and sustainable operations for a wide variety of customers and applications
worldwide.
We thrive by shaping future expectations in the areas we are active in. Our credi-
bility comes from our application expertise, dedication to innovation and world class
operations. Our success rests on the core values we live by: Integrity, Accountability,
Performance and T eamwork.
Cavotec’s personnel, located in16 countries around the world, represent many
cultures and provide customers with local support, backed by the Group’s global
network of engineering expertise.
Cavotec SA is the ultimate Parent company of the Cavotec Group, its registered
office is Corso Elvezia 16, CH-6900 Lugano, Switzerland. Cavotec SA shares are
listed on Nasdaq Stockholm, Sweden.
These Financial Statements were approved by the Board of Directors on 27
March 2025. The report is subject to approval by the Annual General Meeting on 3
June 2025.
NOTE 2. Basis of preparation
The consolidated Financial Statements of the Cavotec Group are prepared in
accordance with IFRS accounting standards as issued by the IASB.
HISTORICAL COST CONVENTION
These Financial Statements have been prepared under the historical cost conven-
tion, as modified by the revaluation of financial assets and financial liabilities at fair
value through P&L.
ADOPTION OF NEW AND REVISED STANDARDS AND APPLICATION OF NEW
ACCOUNTING POLICIES
The following standards are effective from 1 January 2024. The adoption of the
amendments has had no impact on the Group’s consolidated financial position or
performance of the Group as per management analysis performed:
• Amendments to IAS 1 – Classification of Liabilities as Current or Non-current and
Non-current Liabilities with Covenants
• Amendments to IFRS 16 – Lease Liability in Sale and Leaseback
• Amendments to IAS 7 and IFRS7 – Supplier Finance Arrangements
Certain new accounting standards, amendments to accounting standards and inter-
pretations have been published that are not mandatory for 31 December 2024
reporting periods and have not been early adopted by the group. These standards,
amendments or interpretations are not expected to have a material impact on the
entity in the current or future reporting periods and on foreseeable future transac-
tions.
CRITICAL ACCOUNTING ESTIMATES
The preparation of the Financial Statements in conformity with IFRS accounting
standards requires the use of certain critical accounting estimates. It also requires
the management to exercise its judgement in the process of applying the Group’s
accounting policies. The areas involving a higher degree of judgement or complex-
ity, or areas where assumptions and estimates are significant to the Financial State-
ments, are disclosed in note 4.
NOTE 3. Summary of material accounting policies
The principal accounting policies adopted in the preparation of the Financial State-
ments are set out below. These policies have been consistently applied to all the
periods presented, namely, 31 December 2024 and 2023.
FOREIGN CURRENCY TRANSLATION
(i) Functional and presentation currency
Items included in the Financial Statements are measured using the currency of the
primary economic environment in which the related entity operates (“the functional
currency”). The Financial Statements are presented in Euros, which is the Group’s
presentation currency and Company’s functional currency.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates prevailing at the dates of the transactions. Foreign exchange gains
and losses resulting from the settlement of such transactions and from the transla-
tion at year end exchange rates of monetary assets and liabilities denominated in
foreign currencies are recognised in the Statement of Profit or Loss, except when
recognised in other comprehensive income as qualifying cash flow hedges and
qualifying net investment hedges.
(iii) Foreign operations
The results and financial position of foreign operations (none of which has the cur-
rency of a hyperinflationary economy) that have a functional currency different from
the presentation currency are translated into the presentation currency as follows:
Assets and liabilities for each Balance Sheet presented are translated at the clos-
ing rate at the date of that Balance Sheet.
Income and expenses for each Income Statement position are translated at aver-
age exchange rates of that period, unless this is not a reasonable approximation of
the cumulative effect of the rates prevailing on the transaction dates, in which case
income and expenses are translated at the dates of the transactions.
Resulting exchange differences related to currency translation adjustment are
recognised in other comprehensive income and accumulated as a separate compo-
nent of equity.
The Consolidated Statements of Cash Flow are translated at average exchange
rates during the period, whereas cash and cash equivalents are translated at the
spot exchange rate at the end of the reporting period.
Exchange differences arising from the translation of any net investment in foreign
operations and borrowings designated as quasi-equity loans are recognised in
other comprehensive income. When a foreign operation is sold or any borrowings
forming part of the net investment are repaid, a proportionate share of such
exchange differences are recognised in the Statement of Comprehensive Income,
as part of the gain or loss on sale where applicable.
Goodwill and fair value adjustments arising on the acquisition of a foreign opera-
tion are treated as assets and liabilities of the foreign operation and translated at the
closing rate.
Notes to the Financial Statements
54CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Consolidated Financial Statements Notes to the Financial Statements Risk Management Statutory Financial Statements Notes to the Financial Statements
===== SIDA 55 =====
CONSOLIDATION
(i) Subsidiaries
Subsidiaries are all entities over which the group has control. The Group controls an
entity when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and could affect those returns through its power over the
entity. Subsidiaries are consolidated from the date on which control is transferred to
the Group. They are de-consolidated from the date that control ceases.
The Group uses the acquisition method to account for business combinations.
The consideration transferred for the acquisition of a subsidiary is the fair value of
the assets transferred, the liabilities incurred, and the equity interests issued by the
Group. The consideration transferred includes the fair value of any asset or liability
resulting from a contingent consideration arrangement. Contingent consideration is
valued based on the probability that the consideration will be paid and changes in
the fair value are recognised in profit or loss. Acquisition-related costs are expensed.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a
business combination are measured initially at their fair values at the acquisition
date.
The excess of the cost of acquisition over the fair value of the identifiable net
assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair
value of the net assets of the subsidiary acquired, the difference is recognised
directly in the Statement of Comprehensive Income.
Inter-company transactions, balances, and unrealised gains on transactions
between group companies are eliminated. Unrealised losses are also eliminated but
are considered an impairment indicator of the asset transferred.
(ii) Transactions with non-controlling interest
The group treats transactions with non-controlling interests that do not result in a
loss of control as transactions with equity owners of the Group. A change in owner-
ship interest results in an adjustment between the carrying amounts of the con-
trolling and non-controlling interests to reflect their relative interests in the subsidi-
ary. Any difference between the amount of the adjustment to non-controlling inter-
ests and any consideration paid or received is recognised in a separate reserve
within equity attributable to owners.
(iii) Scope of consolidation
The consolidated Financial Statements include the statements as of 31 December
2024 of the companies included in the scope of consolidation, which have been pre-
pared in accordance with IFRS accounting standards adopted by the Group. Below is
a list of companies consolidated on a line-by-line basis and the respective shares
held either directly or indirectly by Cavotec SA:
During FY2024 the following changes to the Group Structure applied:
• Cavotec Russia OOO (in liquidation) has been liquidated
SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision-maker. The chief operating decision-maker
(CODM), who is responsible for allocating resources and assessing performance of
the operating segments, has been identified as the Board of Directors.
NON-CURRENT ASSETS HELD FOR SALE
Non-current assets are classified as held for sale if their carrying amounts will be
recovered principally through a sales transaction rather than through continuing
use. For this to be the case, the asset must be available for immediate sale in its pres-
ent condition subject only to terms that are usual and customary for the sale of such
assets and its sale must be highly probable. Non-current assets classified as held for
sale are measured at the lower of their carrying amounts and fair values less costs to
sell. Property, plant and equipment and intangible assets classified as held for sale
are not depreciated or amortised.
PROPERTY , PLANT AND EQUIPMENT
All property, plant and equipment is stated at historical cost less depreciation and
impairment. Historical cost includes expenditure that is directly attributable to the
acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that future economic bene-
fits associated with the item will flow to the Group and the cost of the item can be
measured reliably. All other repairs and maintenance are charged to the Statement
of Comprehensive Income during the financial period in which they are incurred. The
classes of property plant and equipment are land and buildings, plant and equip-
ment and fixtures and fittings.
Land is not depreciated. Depreciation of property, plant and equipment is calcu-
lated using a straight-line method so as to expense the cost of the assets over their
useful lives. The rates are as follows:
% Group ownership
Name Registered office Type of business Controlled through Direct Indirect
Cavotec (Swiss) SA Switzerland Services Cavotec SA 100%
Cavotec Australia Pty Ltd Australia Sales company Cavotec Group Holdings NV 100%
Cavotec Cleantech Malaysia SDN. BHD. Malaysia Sales company Cavotec (Swiss) SA 100%
Cavotec Germany GmbH Germany Centre of Excellence Cavotec Group Holdings NV 100%
Cavotec Finland OY Finland Sales company Cavotec Group Holdings NV 100%
Cavotec France RMS SA France Sales company Cavotec Group Holdings NV 100%
Cavotec Group Holdings NV The Netherlands Holding Cavotec MoorMaster Ltd 100%
Cavotec Hong Kong Ltd China Sales company Cavotec Group Holdings NV 100%
Cavotec India Ltd India Sales company Cavotec Group Holdings NV 100%
Cavotec International Ltd United Kingdom Services/Sales company Cavotec Group Holdings NV 100%
Cavotec Micro-control AS Norway Centre of Excellence Cavotec Group Holdings NV 100%
Cavotec FZE U.A.E. Sales company Cavotec Group Holdings NV 100%
Cavotec MoorMaster Ltd New Zealand Engineering Cavotec SA 100%
Cavotec Nederland BV The Netherlands Sales company Cavotec Group Holdings NV 100%
Cavotec Realty Germany BV The Netherlands Services Ipalco BV 100%
Cavotec Realty Norway AS Norway Services Ipalco BV 100%
Cavotec SA Switzerland Holding - –
Cavotec Shanghai Ltd China Centre of Excellence Cavotec Group Holdings NV 100%
Cavotec Singapore Pte Ltd Singapore Sales company Cavotec Group Holdings NV 100%
Cavotec Specimas SpA Italy Centre of Excellence Cavotec Group Holdings NV 100%
Cavotec Sverige AB Sweden Sales company Cavotec Group Holdings NV 100%
Cavotec USA Inc. United States of America Sales company Cavotec SA 100%
Ipalco BV The Netherlands Holding/Services Cavotec Group Holdings NV 100%
NOTE 3. Continued
55CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
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===== SIDA 56 =====
Y ears
Industrial buildings 25
Building improvements 5
Plant and machinery 5 to 10
Laboratory equipment and miscellaneous tools 5
Furniture and office machines 5
Motor vehicles 5
Computer hardware 3
Capital work in progress is not depreciated until commissioned. An asset’s carrying
amount is written down immediately to its recoverable amount if the asset’s carrying
amount is greater than its estimated recoverable amount. Gains and losses on dis-
posals are determined by comparing proceeds with carrying amount. These are
included in the Statement of Profit or Loss.
Leasehold improvements are depreciated over the lease term, or their estimated
useful life, if shorter.
LEASES
Assets and liabilities arising from a lease are initially measured on a present value
basis. Lease liabilities include the net present value of the following lease payments:
• fixed payments (including in-substance fixed payments), less any lease incen-
tives receivable
• variable lease payment that are based on an index or a rate, initially measured
using the index or rate as at the commencement date
• amounts expected to be payable by the group under residual value guarantees
• the exercise price of a purchase option if the group is reasonably certain to exer-
cise that option, and
• payments of penalties for terminating the lease, if the lease term reflects the
group exercising that option.
Lease payments to be made under reasonably certain extension options are also
included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If
that rate cannot be readily determined, which is generally the case for leases in the
group, the lessee’s incremental borrowing rate is used, being the rate that the indi-
vidual lessee would have to pay to borrow the funds necessary to obtain an asset of
similar value to the right-of-use asset in a similar economic environment with similar
terms, security, and conditions.
Right-of-use assets are measured at cost comprising the following:
• the amount of the initial measurement of lease liability
• any lease payments made at or before the commencement date less any lease
incentives received
• any initial direct costs, and
• restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset’s useful
life and the lease term on a straight-line basis. If the group is reasonably certain to
exercise a purchase option, the right-of-use asset is depreciated over the underlying
asset’s useful life.
Payments associated with short-term leases of equipment and vehicles and all
leases of low-value assets are recognised on a straight-line basis as an expense in
profit or loss. Short-term leases are leases with a lease term of 12 months or less.
Low-value assets comprise IT equipment and small items of office furniture.
INTANGIBLE ASSETS
(i) Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the
net identifiable assets of the acquired business/associate at the date of acquisition.
Goodwill on acquisitions of businesses is included in intangible assets.
Goodwill is not amortised. Instead, goodwill impairment reviews are undertaken
annually or more frequently if events or changes in circumstances indicate a poten-
tial impairment. The carrying value of goodwill is compared to the recoverable
amount, which is the higher of value in use and the fair value less costs of disposal.
Any impairment is recognised immediately as an expense and is not subsequently
reversed. Gains and losses on the disposal of an entity include the carrying amount
of goodwill relating to the entity sold.
For the purpose of impairment testing, goodwill acquired in a business combina-
tion is allocated to each of the CGUs, or groups of CGUs, that is expected to benefit
from the synergies of the combination. Each unit or group of units to which the
goodwill is allocated represents the lowest level within the entity at which the good-
will is monitored for internal management purposes.
(ii) Research and development
Research expenditure is recognised as an expense as incurred. Costs incurred on
development projects (relating to the design and testing of new or improved prod-
ucts) are recognised as intangible assets when it is probable that the project will be a
success considering its commercial and technical feasibility and its costs can be
measured reliably. It must also be probable that the intangible asset will generate
future economic benefits and that it is clearly identifiable and allocable to a specific
product.
The expenditure capitalised comprises all directly attributable costs, including
costs of materials, services, direct labour, and an appropriate proportion of over-
heads. Other development expenditures that do not meet these criteria are recog-
nised as an expense as incurred. Development costs previously recognised as an
expense are not recognised as an asset in a subsequent period. Capitalised devel-
opment costs are recorded as intangible assets at cost and amortised from the
point at which the asset is ready for use on a straight-line basis over its useful life,
which varies from three to five years.
(iii) Patents
Patents acquired in a business combination are recognised at fair value at acquisi-
tion date. Patents are amortised on a straight-line basis over the period over which
they are valid (not exceeding 20 years) or their estimated useful life if shorter.
INVENTORIES
Inventories are measured at the lower of acquisition cost, at weighted average cost,
or manufacturing cost and net realisable value. Manufacturing costs comprise all
costs that are directly attributable to the manufacturing process, such as direct
material and labour, direct engineering, production and tooling and other non-recur-
ring costs and production related overheads, (based on normal operating capacity
and normal consumption of material, labour, and other production costs), including
depreciation charges. Net realisable value is the estimated selling price in the ordi-
nary course of business less the estimated costs of completion and the estimated
variable costs necessary to make the sale.
Provisions are made for inventories with a lower market value, or which are
slow-moving. If it becomes apparent that such inventory can be reused, provisions
are reversed with inventory being revalued up to the lower of its net realisable value
or original cost. Unsaleable inventory is fully written off.
IMPAIRMENT OF NON-FINANCIAL ASSETS
Assets are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. Intangible assets that
have an indefinite useful life including goodwill, are not subject to amortisation and
are tested annually for impairment irrespective of whether any circumstances iden-
tifying a possible impairment have been identified. An impairment loss is recognised
for the amount by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset’s fair value less costs to
sell and value in use. For the purposes of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable cash flows (cash gen-
erating units).
FINANCIAL INSTRUMENTS
Classification and measurement of financial assets and financial liabilities
IFRS 9 contains three principal classification categories for financial assets: meas-
ured at amortised cost, FVOCI and FVTPL. The classification of financial assets
under IFRS 9 is generally based on the business model in which a financial asset is
managed and its contractual cash flow characteristics.
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at
amortised cost, fair value through other comprehensive income (OCI), and fair value
through profit or loss.
The classification of financial assets at initial recognition depends on the financial
asset’s contractual cash flow characteristics and the Group’s business model for
managing them. T rade receivables that do not contain a significant financing com-
ponent or for which the Group has applied the practical expedient are measured at
the transaction price determined under IFRS 15.
For a financial asset to be classified and measured at amortised cost or fair value
through OCI, it needs to give rise to cash flows that are ‘solely payments of principal
and interest (SPPI)’ on the principal amount outstanding. This assessment is referred
to as the SPPI test and is performed at an instrument level.
The Group’s business model for managing financial assets refers to how it man-
ages its financial assets to generate cash flows. The business model determines
whether cash flows will result from collecting contractual cash flows, selling the
financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a time
frame established by regulation or convention in the marketplace (regular way
trades) are recognised on the trade date, i.e., the date that the Group commits to pur-
chase or sell the asset.
Financial assets at amortised cost (debt instruments)
This category is the most relevant to the Group. The Group classifies its financial
assets as at amortised cost only if both of the following criteria are met:
• the asset is held within a business model whose objective is to collect the con-
tractual cash flows, and
• the contractual terms give rise to cash flows that are solely payments of principal
and interest
NOTE 3. Continued
56CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Consolidated Financial Statements Notes to the Financial Statements Risk Management Statutory Financial Statements Notes to the Financial Statements
===== SIDA 57 =====
Financial assets at amortised cost are subsequently measured using the effective
interest (EIR) method and are subject to impairment. Gains and losses are recog-
nised in profit or loss when the asset is derecognised, modified, or impaired.
The Group’s financial assets at amortised cost includes trade receivables, con-
tract assets under IFRS 15, other receivables and cash and cash equivalents.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of
similar financial assets) is primarily derecognised (i.e., removed from the Group’s
consolidated statement of financial position) when:
• The rights to receive cash flows from the asset have expired, or
• The Group has transferred its rights to receive cash flows from the asset or has
assumed an obligation to pay the received cash flows in full without material delay
to a third party; and either (a) the Group has transferred substantially all the risks
and rewards of the asset, or (b) the Group has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of
the asset
Impairment of financial assets
Further disclosures relating to impairment of financial assets are also provided in the
Risk Management on page 70.
ECLs are recognised in two stages. For credit exposures for which there has not
been a significant increase in credit risk since initial recognition, ECLs are provided
for credit losses that result from default events that are possible within the next
12-months (a 12-month ECL). For those credit exposures for which there has been a
significant increase in credit risk since initial recognition, a loss allowance is required
for credit losses expected over the remaining life of the exposure, irrespective of the
timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified
approach in calculating ECLs. Therefore, the Group does not track changes in credit
risk, but instead recognises a loss allowance based on lifetime ECLs at each report-
ing date. The Group has established a provision matrix that is based on its historical
credit loss experience, adjusted for forward-looking factors specific to the debtors
and the economic environment.
The group considers the credit risk of financial assets to be significantly
increased (stage 3) when contractual payments are 90 days overdue. The group
assesses those assets on an individual basis. A financial asset is written off when
there is no reasonable expectation of recovering the contractual cash flows.
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair
value through profit or loss as loans and borrowings and payables. All financial liabili-
ties are recognised initially at fair value and, net of directly attributable transaction
costs. The Group’s financial liabilities include trade and other payables, loans and
borrowings including bank overdrafts.
The Group has not designated any financial liability as at fair value through profit
or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-
bearing loans and borrowings are subsequently measured at amortised cost using
the EIR method. Gains and losses are recognised in profit or loss when the liabilities
are derecognised as well as through the EIR amortisation process. Amortised cost is
calculated by considering any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included as finance costs
in the statement of profit or loss.
Following a modification or renegotiation that does not result in de-recognition,
the Group recognise any modification gain or loss immediately in profit or loss. Any
gain or loss is determined by recalculating the gross carrying amount of the financial
asset by discounting the new contractual cash flows using the original effective
interest rate.
This category generally applies to interest-bearing loans and borrowings.
For more information, refer to Note 21.
Derecognition
A financial liability is derecognised when the obligation under the liability is dis-
charged or cancelled or expires. When an existing financial liability is replaced by
another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is
treated as the derecognition of the original liability and the recognition of a new
liability. The difference in the respective carrying amounts is recognised in the state-
ment of profit or loss.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents includes cash on hand, deposits held at call with financial
institutions and other short term, highly liquid investments with original maturities of
three months or less (from the acquisition date of the investments) that are readily
convertible to known amounts of cash and which are subject to an insignificant risk
of changes in value.
BORROWINGS
Borrowings are classified as current liabilities unless the Group has an unconditional
right to defer settlement of liabilities for at least 12 months after the Balance Sheet
date. Fees paid on the establishment of an undrawn loan facility, are recognised as
prepayments and amortised on a straight-line basis over the term of the facility.
BORROWING COSTS
Borrowing costs incurred for the construction of any qualifying asset are capitalised
during the period that is required to complete and prepare the asset for its intended
use or sale. Other borrowing costs are expensed.
PROVISIONS
Provisions are recognised when the Group has a legal or constructive obligation
because of past events, it is more likely than not that an outflow of resources will be
required to settle the obligation and the amount has been reliably estimated. The
amount recognised is the best estimate of the cost required to settle the present
obligation at the Balance Sheet date. If the effect of the time value of money is mate-
rial, the provision is determined by discounting the expected future cash flows at a
rate that reflects the current market assessments of the time value of money and the
risks specific to the liability.
Provisions for warranties are recognised at the time the products are sold based
on the estimated cost using historical data for level of repairs and replacements.
Provisions for onerous contracts are recognised when the expected economic
benefits to be derived from a contract are lower than the cost of meeting the obliga-
tions under the contract. The provision is measured at the present value of the lower
of the expected cost of terminating the contract and the expected net cost of con-
tinuing with the contract.
REVENUE RECOGNITION
Cavotec is an engineering group that designs and manufactures automated con-
nection and electrification systems for ports and industrial applications worldwide.
Revenue is measured based on the consideration expected to be entitled to base
on the contract with a customer. The Group recognises revenue when it transfers
control over a good or service to a customer. Revenue is recognised to the extent
that it is highly probable that a significant reversal in the amount of cumulative reve-
nue recognised will not occur.
Revenue is measured at the fair value of the consideration received or receivable,
and represents amounts receivable for goods supplied, stated net of value added
taxes, goods and service tax (GST), rebates and discounts. The Group offers multiple
element arrangements to meet its customers’ needs. These arrangements may
involve the delivery of multiple products and/or performance of services (such as
installation, commissioning, and training) and the delivery and/or performance may
occur at different points in time or over different periods. The Group considers
whether there are other promises in the contract that are separate performance
obligations to which a portion of the transaction price needs to be allocated. Deliver-
ables of such multiple element arrangements are evaluated to estimate the selling
price that reflects at inception the Group’s best estimate of what the selling price
would be if the elements were sold on a stand-alone basis. Such arrangements gen-
erally include industry-specific performance and termination provisions, such as in
the event of substantial delays or non-delivery.
The company has defined the following revenue streams to meet the revenue
recognition requirements as listed in IFRS 15:
(i) Integrated systems
Long T erm Contracts with high level of customisation based on the request of the
customer for a complete set of port solutions. When no alternative use and right to
payment are confirmed, revenue is recognised over time. Revenue from integrated
systems is therefore recognised over time on a cost-to-cost method, i.e. based on
the proportion of contract costs incurred for work performed to date relative to the
estimated total contract costs. The directors consider that this input method is an
appropriate measure of the progress towards complete satisfaction of these perfor-
mance obligations under IFRS 15.
(ii) Individual products
The customer receives detailed listing of products description with related prices;
they are not customised, and they do not include engineering or installation, or if any
it represents a minimal portion of the total order. Revenues is recognised at a point in
time based on incoterms.
(iii) Maintenance and installation
Service contract for periodic maintenance or field services and installation. The
Group provides installation services that are either sold separately or bundled
together with the sale of equipment to a customer. The installation services can be
obtained from other providers and do not significantly customise or modify the
equipment. Contracts for bundled sales of equipment and installation services are
comprised of two performance obligations because the promises to transfer equip-
ment and provide installation services are capable of being distinct and separately
identifiable. Accordingly, the Group allocates the transaction price based on the rela-
tive stand-alone selling prices of the equipment and installation services.
The Group recognises revenue from services over time, using an input method to
measure progress towards complete satisfaction of the service, because the cus-
tomer simultaneously receives and consumes the benefits provided by the Group.
NOTE 3. Continued
57CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Consolidated Financial Statements Notes to the Financial Statements Risk Management Statutory Financial Statements Notes to the Financial Statements
===== SIDA 58 =====
Contract balances
Contract assets
A contract asset is the right to consideration in exchange for goods or services
transferred to the customer. If the Group performs by transferring goods or services
to a customer before the customer pays consideration or before payment is due, a
contract asset is recognised for the earned consideration that is conditional.
Trade receivables
A receivable represents the Group’s right to an amount of consideration that is
unconditional (i.e., only the passage of time is required before payment of the con-
sideration is due).
Contract liabilities
A contract liability is the obligation to transfer goods or services to a customer for
which the Group has received consideration (or an amount of consideration is due)
from the customer. If a customer pays consideration before the Group transfers
goods or services to the customer, a contract liability is recognised when the pay-
ment is made or the payment is due (whichever is earlier). Contract liabilities are rec-
ognised as revenue when the Group performs under the contract.
Cost to obtain a contract
The Group pays sales commission to its employees for some contract that they
obtain for bundled sales of equipment and installation services. The Group has
elected to apply the optional practical expedient for costs to obtain a contract which
allows the Group to immediately expense sales commissions (included under
employee benefits and part of cost of sales) because the amortisation period of the
asset that the Group otherwise would have used is one year or less.
VALUE ADDED TAX (VAT) AND GOODS AND SERVICES TAX (GST)
The statement of comprehensive income has been prepared so that all components
are stated exclusive of VAT or GST. All items in the Balance Sheet are also stated net of
VAT or GST, except for receivables and payables, which include VAT or GST invoiced.
EMPLOYEE BENEFITS
Liabilities for wages and salaries, including non-monetary benefits, annual leave and
accumulating sick leave expected to be settled within 12 months of the reporting
date are recognised in other payables in respect of employees’ services up to the
reporting date and are measured at the amounts expected to be paid when the liabil-
ities are settled.
(i) Pension obligations
A defined contribution plan is a pension plan under which the Group pays fixed con-
tributions into a separate entity and the Group has no legal or constructive obliga-
tions to pay further contributions if the fund does not hold sufficient assets to pay all
employees the benefits relating to employee service in the current and prior peri-
ods. A defined benefit plan is a pension plan that is not a defined contribution plan.
Cavotec (Swiss) SA operate a pension scheme via the employee benefits founda-
tion and are affiliated with the Swiss Life Collective BVG Foundation based in Zurich.
All benefits in accordance with the regulations are reinsured in their entirety with
Swiss Life Ltd within the framework of the corresponding contract and determined
by actuarial calculations. These schemes are defined benefit plans due to the fact
that Cavotec can be requested to pay restructuring contributions in the case of a
shortfall.
Typically defined benefit plans define an amount of pension benefit that an
employee will receive on retirement, usually dependent on one or more factors such
as age, years of service and compensation.
Actuarial gains and losses arising from experience adjustments and changes in
actuarial assumptions are charged or credited to equity in other comprehensive
income in the period in which they arise.
The liability recognised in the Balance Sheet in respect of defined benefit pension
plans is the present value of the defined benefit obligation at the end of the reporting
period less the fair value of plan assets. The defined benefit obligation is calculated
by independent actuaries using the projected unit credit method. The present value
of the defined benefit obligation is determined by discounting the estimated future
cash outflows using interest rates of high-quality corporate bonds that are denomi-
nated in the currency in which the benefits will be paid, and that have terms to matu-
rity approximating to the terms of the related pension obligation.
(ii) Share-based payments
The total expense is recognised over the vesting period, which is the period over
which all the specified vesting conditions are to be satisfied. At the end of each
period, the entity revises its estimates of the number of shares that are expected to
vest based on the non-market vesting and service conditions. It recognises the
impact of the revision to original estimates, if any, in profit or loss, with a correspond-
ing adjustment to equity.
DIVIDENDS AND OTHER DISTRIBUTIONS
Distributions to the shareholders are recognised as a liability in the Group’s Financial
Statements in the period in which they are approved by the Annual General Meeting.
TREASURY SHARES
T reasury shares are deducted from consolidated equity at the acquisition value. Dif-
ferences between this amount and the amount received for disposing of treasury
shares are recorded in consolidated retained earnings.
INCOME TAX
The income tax expense for the period is the tax payable on the current years taxa-
ble income based on the national income tax rate for each jurisdiction adjusted by
changes in deferred tax assets and liabilities attributable to temporary differences
between the tax bases of assets and liabilities and their carrying amounts in the
Financial Statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the
tax rates expected to apply when the assets are recovered or liabilities are settled,
based on those tax rates which are enacted or substantively enacted for each juris-
diction. The relevant tax rates are applied to the cumulative amounts of deductible
and taxable temporary differences to measure the deferred tax asset or liability. An
exception is made for certain temporary differences arising from the initial recogni-
tion of an asset or a liability. No deferred tax asset or liability is recognised in relation
to these temporary differences if they arose in a transaction, other than a business
combination, that at the time of the transaction did not affect either accounting
profit or taxable profit and loss. Deferred tax assets are recognised for deductible
temporary differences and unused tax losses only if it is probable that future taxable
amounts will be available to utilise those temporary differences and losses. Deferred
tax liabilities and assets are not recognised for temporary differences between the
carrying amount and tax bases of investments in subsidiaries where the Group is
able to control the timing of the reversal of the temporary differences and it is proba-
ble that the differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable
right to offset current tax assets and liabilities and when the deferred tax balances
relate to the same taxation authority. Current tax assets and tax liabilities are offset
where the entity has a legally enforceable right to offset and intends either to settle
on a net basis, or to realise the asset and settle the liability simultaneously.
Uncertain tax positions are measured either at the most likely outcome or at the
expected value, depending on which method better predicts the resolution of the
uncertainty. Thereby detection risk is not considered.
Current and deferred tax balances attributable to amounts recognised directly in
equity or in OCI are also recognised directly in equity or in OCI respectively.
NOTE 3. Continued
NOTE 4. Critical accounting estimates and judgments
Estimates and judgments are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The result-
ing accounting estimates will seldom equal the related actual results. Critical
accounting policies estimates and assumptions in the period relate to the valuation
of deferred tax assets, the estimation of the outcome of legal proceeding, assets
held for sale, and the assumptions used in the goodwill impairment test. As of the
Balance Sheet dates the Group has no other significant estimates and assumptions
that have a significant risk of causing a material adjustment to the carrying amount
of assets and liabilities within the foreseeable future.
DEFERRED TAXES
Deferred tax assets are recognised for temporary differences between the carrying
amounts for financial reporting purposes of assets and liabilities and the amounts
used for taxation purposes and for tax loss carry-forwards. The Group records
deferred tax assets based upon management’s estimates of future taxable profit in
different tax jurisdictions. The estimations of the recoverability of deferred tax
assets on losses carried forward are based on business plans and include the taxa-
ble profits that are more probable than not until the expire of tax losses, this results
in lower estimates for years in the distant future. The actual results may differ from
these estimates, due to changes in the business climate and changes in tax legisla-
tion or by variances from the business plans used on the models. See notes 19 and
25 for additional information.
LEGAL PROCEEDINGS
The Group recognises a liability when it has an obligation from a past event involving
the transfer of economic benefits and when a reasonable estimate can be made of
what the transfer might be. The Group reviews outstanding legal cases regularly to
assess the need for provisions in the Financial Statements. These reviews consider
the factors of the specific case through the use of outside legal counsel and advi-
sors when necessary. T o the extent that management’s assessment of the factors
considered are not reflected in subsequent developments, the Financial Statements
could be affected.
58CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
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Consolidated Financial Statements Notes to the Financial Statements Risk Management Statutory Financial Statements Notes to the Financial Statements
===== SIDA 59 =====
GOODWILL IMPAIRMENT TEST
The Group allocates the goodwill to the cash-generating units (CGUs) identified and
reported according to the table below.
EUR 000s
Net book value as of
1 January 2024
Translation
differ enc es and other
Acquisitions
and dispositions Impairment
Net book value as of
31 December 2024
Ports & Maritime 23,212 -92 – – 23,120
Industry 6,919 -8 – – 6,911
T otal 30,131 -100 – – 30,031
The recoverable amount of the CGUs is determined by reference to the value in use
of each CGU, based on discounted estimates of the future cash flows, which were
projected for the next five years based on past experiences, actual orders received,
budgets, strategic plan, and management’s best estimate about future d evelopments
and market assumptions. The impairment model has been prepared based on the
Strategic Plan to focus on cleantech solutions. The value in use is mainly driven by
the terminal value, which is influenced by the terminal growth rate and discount rate.
The growth rates are related to industry specific trends with the support of external
macroeconomic sources of data and an assessment as to the ability of the Com-
pany to take advantage of these market developments considering orders received,
commercial negotiations currently in place and future expectations.
The following table presents the assumptions used to determine the value in use for
impairment test purposes:
T erminal growth rate WACC
2024 2023 2024 2023
Ports & Maritime 2.00% 2.00% 12.6% 12.3%
Industry 1.50% 1.50% 12.0% 11.7%
The pre-tax weighted average cost of capital used for impairment test purposes are
slightly different in the CGUs because of the different risks in those markets.
Ports & Maritime goodwill
As at the date of the impairment test, no impairment of goodwill resulted. The recov-
erable amount exceeded the net carrying amount by EUR 44.2 million. In the prior
year, the difference amounted to EUR 38.6 million. The following changes in material
assumptions would lead to a situation where the value in use would equate to the net
carrying amount.
NOTE 5. Revenue from contracts with customers
Disaggregation of revenue from contracts with customers
The Group derives revenue from the transfer of goods and services over time and at
a point in time in the following Divisions and geographical regions.
Y ear ended 31 December 2024
EUR 000s
Ports &
Maritime Industry T otal
Revenue from external customer
Timing of revenue recognition
At a point in time 105,349 65,027 170,376
Over time 4,576 – 4,576
T otal 109,925 65,027 174,952
Y ear ended 31 December 2023
EUR 000s
Ports &
Maritime Industry T otal
Revenue from external customer
Timing of revenue recognition
At a point in time 110,712 66,045 176,757
Over time 3,976 – 3,976
T otal 114,688 66,045 180,734
Y ear ended 31 December 2024
EUR 000s AMER EMEA APAC T otal
Ports & Maritime 17,406 37,300 55,219 109,925
Industry 5,915 44,234 14,878 65,027
T otal 23,321 81,534 70,097 174,952
Y ear ended 31 December 2023
EUR 000s AMER EMEA APAC T otal
Ports & Maritime 18,239 45,726 50,723 114,688
Industry 4,751 42,228 19,067 66,045
T otal 22,990 87,954 69,790 180,734
Assets and liabilities related to contract with customers
The Group has recognised the following assets and liabilities related to contracts
with customers:
EUR 000s 31 Dec. 2024 31 Dec. 2023
Current Assets/(Liabilities)
Contract Assets 830 2,862
Contract Liabilities (17,935) (19,268)
T otal (17,105) (16,406)
The year-over-year decreases in both contract liabilities by EUR 1.3 million and
contract assets by EUR 2.0 million are entirely attributable to revenue recognition.
NOTE 4. Continued
2024 2023
Assumptions Sensitivity Assumptions Sensitivity
Average annual revenue
growth until 2029 (2028)
with gross margin
unchanged compared
to business plan 8.2% -0.5% 6.5% -3.7%
Normalised gross margin 33.1% 29.9% 32.2% 30.1%
WACC pre-tax 12.6% 18.6% 12.3% 17.1%
Industry goodwill
The impairment tests for goodwill did not lead to any need for impairment in the
current financial year. The recoverable amount exceeded the net carrying amount by
EUR 40.7 million. In the prior year, the difference amounted to EUR 32.0 million. The
following changes in material assumptions would lead to a situation where the value
in use would equate to the net carrying amount.
2024 2023
Assumptions Sensitivity Assumptions Sensitivity
Average annual revenue
growth until 2029 (2028)
with gross margin
unchanged compared
to business plan 8.7% 4.9% 8.7% 5.6%
Normalised gross margin 33.7% 29.0% 30.6% 27.4%
WACC pre-tax 12.0% 22.0% 11.7% 20.8%
59CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
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===== SIDA 60 =====
NOTE 6. Other income
EUR 000s 2024 2023
Carriage, insurance and freight 622 1,042
Exchange gains and losses (171) (812)
Other miscellaneous income 885 1,845
T otal 1,336 2,076
NOTE 7. Employee benefit costs
EUR 000s 2024 2023
Salaries and wages (41,456) (36,584)
Social security contributions (7,484) (6,547)
Other employee benefits (4,488) (4,764)
T otal (53,428) (47,895)
The number of full-time equivalent employees was 7081) (2023: 664).
1) Number of full-time equivalent employees including externals.
NOTE 9. Assets held for sale
As of 31 December 2024, assets held for sale amount to zero. The T rondheim build-
ing in Norway, previously classified as an asset held for sale with a book value of
EUR 1.8 million as of 2023, was derecognised following the sale in February 2024,
reducing the asset value to zero.
NOTE 10. Net financial costs
EUR 000s 2024 2023
Interest income 35 18
Interest expense (2,573) (3,117)
Amortisation of issuance costs (32) (354)
Interest expenses, net (2,570) (3,453)
Currency exchange difference, net (113) (16)
T otal (2,682) (3,470)
Interest expense decreased as a mixed effect of lower interest rates and the partial
repayment of the Revolving Credit Facility.
NOTE 11. Income taxes
EUR 000s 2024 2023
Current tax (3,700) (4,109)
Deferred tax (163) 638
Other taxes (503) (112)
T otal (4,366) (3,583)
The tax on the Group’s profit before tax differs from the theoretical amount that
would arise using the weighted average tax rate applicable to the profits of the con-
solidated entities as follows:
EUR 000s 2024 2023
Tax on consolidated pre-tax income
at Group rate 20.1% (1,648) 20.4% (766)
T ax effect of loss-making subsidiaries
for which no DTA is recognised (4,673) (3,480)
T ax effect of non-taxable income
included in profit before tax 2,096 1,278
T ax on non-deductible expenses (141) (615)
Write down of previously
recognised DTAs – –
Utilisation of previously
unrecognised DTA – –
T otal (4,366) (3,583)
The Group operates in many jurisdictions where statutory tax rates vary from 0% to
35.0%. The weighted average applicable tax rate was 20.1% (2023: 20.4%).
NOTE 8. Operating expenses
EUR 000s 2024 2023
T ransportation expenses (667) (933)
External services (7,180) (6,986)
T ravelling expenses (3,528) (2,724)
General expenses (6,007) (5,969)
Utility expenses (1,409) (1,027)
Reversal of credit losses/(Credit losses) 6 (191)
Warranty costs (2,324) (1,462)
T otal (21,109) (19,292)
60CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
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===== SIDA 61 =====
NOTE 12. Trade receivables and contract assets
EUR 000s 31 Dec. 2024 31 Dec. 2023
T rade receivables 27,559 30,178
Provision for doubtful debts
(see page 70 Risk Management) (1,396) (2,236)
Contract assets 830 2,862
T otal 26,993 30,803
The movement of the provision for doubtful
debts is summarised below:
Opening balance (2,236) (2,936)
Provision recorded in the year (1,063) (911)
Provision used in the year 170 927
Provision reversed not used in the year 1,781 611
Currency exchange difference (48) 73
Closing balance (1,396) (2,236)
Contract assets include EUR 0.8 million (2023: 2.9 million) of unbilled work in pro-
gress in relation to long term contract revenue recognised under percentage of
completion. Please refer to note 5.
NOTE 13. Tax assets
EUR 000s 31 Dec. 2024 31 Dec. 2023
T ax assets 2,451 385
VAT recoverable – 4,333
T otal 2,451 4,718
NOTE 14. Other current receivables
EUR 000s 31 Dec. 2024 31 Dec. 2023
Deposits 222 183
Prepayments 5,891 3,905
Other receivables 357 861
VAT recoverable 3,429 -
T otal 9,899 4,949
NOTE 15. Inventories
EUR 000s 31 Dec. 2024 31 Dec. 2023
Raw materials 19,215 20,202
Finished goods 19,261 20,123
Write off inventory (573) -
Provision for slow moving inventories (2,348) (2,896)
T otal 35,555 37,429
As part of our ongoing efforts to optimize inventory management, the Group
c onduct ed a comprehensive review of aged and obsolete stock, leading to a write-
off of EUR 0.6 million. The movement of the provision for slow moving inventories is
summarised below:
NOTE 16. Property, plant and equipment
EUR 000s Land & buildings Plant & equipment Fixtures & fittings T otal
Y ear ended 31 December 2023
Opening net book value 2,223 2,897 821 5,941
Additions 10 797 104 911
Disposals (5) – (3) (8)
Depreciation (143) (994) (249) (1,386)
Currency exchange differences – (39) (5) (44)
Closing net book value 2,085 2,661 668 5,414
At 31 December 2023
Cost 3,863 19,773 4,618 28,254
Accumulated depreciation (1,778) (17,112) (3,950) (22,840)
Net book amount 2,085 2,661 668 5,414
Y ear ended 31 December 2024
Opening net book value 2,085 2,661 668 5,414
Additions 5 727 172 904
Disposals (53) (14) (2) (69)
Depreciation (43) (779) (195) (1,017)
Currency exchange differences – 129 1 130
Closing net book value 1,994 2,723 645 5,362
At 31 December 2024
Cost 3,865 19,783 4,410 28,058
Accumulated depreciation (1,871) (17,060) (3,765) (22,696)
Net book amount 1,994 2,723 645 5,362
EUR 000s 2024 2023
Opening balance (2,896) (2,773)
Provision used during the year 703 923
Provision recorded in the year (340) (1,097)
Provision reversed not used in the year 199 –
Currency exchange difference (14) 51
Closing balance (2,348) (2,896)
61CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
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===== SIDA 62 =====
NOTE 16. Continued
LEASES
Amounts recognised in the balance sheet
The Balance Sheet shows the following amounts relating to leases:
EUR 000s 31 Dec. 2024 31 Dec. 2023
Right of use
Land & building 12,152 11,283
Plant & equipment 329 182
Fixtures & fittings 45 64
T otal right of use 12,526 11,529
EUR 000s 31 Dec. 2024 31 Dec. 2023
Lease liabilities
Current (2,566) (2,527)
T otal (2,566) (2,527)
Non current (10,160) (9,167)
T otal (10,160) (9,167)
Amounts recognised in the income statement
The statement of profit or loss shows the following amounts relating to leases:
EUR 000s 2024 2023
Depreciation charge of Right of Use assets
Land & building (2,935) (3,169)
Plant & equipment (160) (100)
Fixtures & fittings (34) (42)
T otal depreciation charge of right
of use assets (3,129) (3,311)
Interest expenses (403) (363)
The following table summarises the movements of the right-of-use assets:
EUR 000s 31 Dec. 2024 31 Dec. 2023
Right of use assets at January 1 11,529 13,213
Additions 3,408 454
Lease contract terminations - (172)
Depreciation charge (3,129) (3,311)
Currency translation effects 718 1,345
T otal right of use assets at December 31 12,526 11,529
NOTE 17. Intangible assets
EUR 000s Goodwill Patents & trademarks R&D and other T otal
Y ear ended 31 December 2023
Opening net book value 30,200 111 8,610 38,920
Additions – 4 620 624
Impairment – – (612) (612)
Amortisation – (15) (1,384) (1,398)
Currency exchange differences (69) (6) (146) (221)
Closing net book value 30,131 96 7,088 37,315
At 31 December 2023
Cost 30,131 6,515 11,464 48,110
Accumulated amortisation – (6,419) (4,376) (10,795)
Net book amount 30,131 96 7,088 37,315
Y ear ended 31 December 2024
Opening net book value 30,131 96 7,088 37,315
Additions – 4 59 63
Impairment – – (100) (100)
Amortisation – (13) (1,432) (1,445)
Currency exchange differences (100) (6) (126) (231)
Closing net book value 30,031 83 5,490 35,604
At 31 December 2024
Cost 30,031 6,495 11,291 47,817
Accumulated amortisation – (6,412) (5,801) (12,213)
Net book amount 30,031 83 5,490 35,604
For more details on goodwill impairment testing please refer to note 4.
62CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
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Consolidated Financial Statements Notes to the Financial Statements Risk Management Statutory Financial Statements Notes to the Financial Statements
===== SIDA 63 =====
NOTE 18. Non-current financial assets
EUR 000s 31 Dec. 2024 31 Dec. 2023
Financial receivables 288 68
T otal 288 68
NOTE 19. Deferred tax assets
EUR 000s 31 Dec. 2024 31 Dec. 2023
Deferred tax assets to be recovered within
12 months 1,593 1,853
Deferred tax assets to be recovered after more
than 12 months 5,070 5,044
T otal 6,663 6,897
EUR 000s 31 Dec. 2024 31 Dec. 2023
Provisions for warranty, doubtful accounts
and others 725 1,209
Losses carried forward 3,358 3,054
Inventory 1,405 1,918
PPE and intangible assets 24 3
Accrued expenses not currently deductible 178 35
Others temporary differences 973 678
T otal 6,663 6,897
The deferred tax assets arose as a consequence of the recognition of temporary
differences on provisions relative to doubtful accounts, slow moving inventories and
warranties, which are not tax deductible currently and become deductible for tax
purposes when utilised, as well as to tax losses. The deferred tax assets, include an
amount of EUR 3.4 million related to carried-forward tax losses. These are the result
of the losses over the last financial years following the disposal of the Airports busi-
ness. They relate to the one-off cost and will not recur in the future. The Group has
concluded that the deferred tax assets will be recoverable using the estimated
future taxable income based on the approved business plans and budgets. The
Group did not recognise deferred income tax assets on losses carried forward of
EUR 123.8 million (2023: EUR 208 million). The losses carried forward expire after
seven years in Switzerland and amount to EUR 62.6 million of which expire within two
to five years. In Germany tax losses amounts to 8.8 million can be carried forward
indefinitely, but only 60% (temporarily 70% from 2024 to 2027) of taxable income
above EUR 1 million can be offset. A transfer of more than 50% of shares within five
years may lead to forfeiture of loss carryforwards. The remaining part is related to
the US where, since the implementation of the new tax reform, losses carried for-
ward accumulated until 2017 still expire in 20 years, while starting from 2018, they
never expire but they will only be offsetable up to 80%.
NOTE 20. Other non-current receivables
Other non-current receivables includes deposits for Cavotec Italy building and
machinery EUR 0.8 million (2023: EUR 0.9 million).
NOTE 23. Tax liabilities
EUR 000s 31 Dec,2024 31 Dec,2023
T ax liabilities (2,320) (3,649)
VAT payable – (1,462)
T otal (2,320) (5,111)
NOTE 21. Non Current Financial Liabilities
EUR 000s 31 Dec, 2024 31 Dec,2023
Credit facility non-current portion (14,000) (22,000)
Unamortised issuance costs 399 532
T otal (13,601) (21,468)
In June 2020, Cavotec secured long-term financing by signing a five years agree-
ment with Credit Suisse and others, (which has been extended up to 2027) to pro-
vide a EUR 40 million single currency term and multicurrency revolving credit facility.
Syndication costs and upfront fees of EUR 1.437 million were paid during 2020 and
are amortised over the extended duration of the facility.
EUR 000s 31 Dec,2024 31 Dec,2023
Bank overdrafts 3.27% –
Long term debt 5.09% 9.47%
Interest bearing liabilities 5.08% 9.47%
The average cost of the interest bearing liabilities for 2024 was lower compared to
the previous year mainly due to the lower interest margin driven by the improved
result of the Group, and the decrease of the interbank interest rates utilised as base
rates for the long term debt interest calculation.
NOTE 22. Trade payables
EUR 000s 31 Dec,2024 31 Dec,2023
T rade payables (21,900) (26,004)
Contract liabilities (17,935) (19,268)
T otal (39,835) (45,272)
NOTE 24. Other current liabilities
EUR 000s 31 Dec,2024 31 Dec,2023
Employee entitlements (5,523) (6,162)
Accrued expenses and other (6,056) (5,158)
VAT payable (1,278) –
T otal (12,857) (11,320)
Employee entitlements include mainly accrued wages and salaries, holidays and
other personnel liabilities.
NOTE 25. Deferred tax liabilities
EUR 000s 31 Dec, 2024 31 Dec,2023
Deferred tax liabilities to be released within 12
months (424) (208)
Deferred tax liabilities to be released after more
than 12 months (1,018) (1,043)
T otal (1,442) (1,251)
EUR 000s 31 Dec,2024 31 Dec,2023
PPE and intangible assets (524) (493)
Untaxed reserves (494) (549)
Other (424) (209)
T otal (1,442) (1,251)
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NOTE 27. PENSION PLAN
The Group operates defined benefit pension plans in Switzerland, Italy, Germany and
Middle East.
Cavotec (Swiss) SA is affiliated to the Swiss Life Collective BVG Foundation based
in Zurich. This pension solution fully also reinsures the risks of disability, death, and
longevity. Swiss Life invests the vested pension capital and provides a 100% capital
and interest guarantee. Certain features of Swiss pension plans required by law pre-
clude the plans being categorised as defined contribution plans.
In Italy, the provisions for benefits upon termination of employment, accrued for
employee retirement, are determined using actuarial techniques and regulated by
the Italian Civil Code. The benefit is paid upon retirement as a lump sum, the amount
of which corresponds to the total of the provisions accrued during the employees’
service period based on payroll costs as revalued until retirement.
In U.A.E., the Service Gratuity Plan is a defined benefit plan. Benefits under these
plans are paid upon termination of employment and consist of payments based on
seniority.
NOTE 26. Provision for risks and charges
EUR 000s 31 Dec,2024 31 Dec, 2023
Provision for risk and charges, current (3,231) (2,171)
Provision for risk and charges, non-current (1,321) (1,794)
T otal (4,552) (3,965)
EUR 000s 1 Jan, 2024 Recorded Used
Reversed
not used Exchange diff 31Dec. 2024
Provision for warranty (3,299) (1,390) 99 575 (26) (4,041)
Provision for taxation (300) (129) 300 – – (129)
Other provisions (366) (17) – – 1 (382)
T otal (3,965) (1,536) 399 575 (25) (4,552)
The warranty provision reflects historic experience of the cost to repair or replace defective products, as well as certain information regarding product failure experienced dur-
ing production, installation or testing of products. The provision for taxation is built for expected results of ongoing tax inspections.
31 December 2024 31 Dec. 2023
EUR 000s Switzerland Italy U.A.E. Germany T otal T otal
Present value of defined benefit obligation (DBO) (1,546) – – – (1,546) (1,665)
Fair value of plan assets 1,161 – – 125 1,286 1,368
Deficit of funded plans (385) – – 125 (260) (297)
Present value of unfunded obligations – (207) (62) (382) (651) (272)
T otal as reported in the balance sheet (385) (207) (62) (257) (911) (569)
In addition, the Group has liabilities from defined contribution plan for an amount of EUR 0.9 million.
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The movement in the defined benefit obligation over the year is as follows:
2024 2023
EUR 000s Switzerland Italy U.A.E. Germany T otal T otal
At 1 January (1,665) (215) (57) - (1,937) (3,117)
Service cost:
Current service cost (172) – (8) (376) (556) (178)
Past service cost 10 – – – 10 –
Interest expenses (22) (7) (3) (9) (41) (76)
Cash flow:
Benefit payments from plan assets 517 – – – 517 1,627
Benefit payments from employer – 19 – – 19 125
Participant contributions (171) – – – (171) (154)
Insurance premium for risk benefits 37 – – – 37 22
Other significant event:
Increase (decrease) due to effect of any
business combinations/divestitures/transfers – – – – – –
Remeasurements:
Effect of changes in demographic assumptions (3) – – – (3) 2
Effect of changes in financial assumptions (51) (5) – – (56) (102)
Effect of experience adjustments (53) 1 3 3 (46) 28
Exchange differences 28 – 3 – 30 (115)
At 31 December (1,546) (207) (62) (382) (2,197) (1,937)
The movement in the fair value of plan assets over the year is as follows:
2024 2023
EUR 000s Switzerland Italy U.A.E. Germany T otal T otal
At 1 January 1,368 – – – 1,368 2,616
Interest Income 20 – – – 20 65
Cash flow:
Employer contributions 171 19 – 125 315 279
Participant contributions 171 – – – 171 154
Benefit payments to plan (517) – – – (517) (1,627)
Benefit payments from employer – (19) – – (19) (125)
Administrative expenses paid from plan assets (14) – – – (14) (14)
Insurance premium for risk benefits (37) – – – (37) (22)
Remeasurements:
Return on plan assets (excluding interest income) 22 – – – 22 (56)
Exchange differences (24) – – – (24) 99
At 31 December 1,161 – – 125 1,286 1,368
NOTE 27. Continued
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The amount recognised in the income statement and other comprehensive income are as follows:
2024 2023
EUR 000s Switzerland Italy U.A.E. Germany T otal T otal
Service cost:
Current service cost 172 – 8 376 556 178
Past service cost (10) – – – (10) –
T otal Service cost 162 – 8 376 546 178
Net interest cost:
Interest expense on DBO 22 7 3 9 41 76
Interest (income) on plan assets (20) – – – (20) 65
T otal net interest cost 2 7 3 9 21 141
Administrative expenses and/or taxes (not reserved within DBO) 14 – – – 14 14
Defined benefit cost included in the Income Statement 178 7 11 385 581 333
Effect of changes in demographic assumptions 3 – – – 3 (3)
Effect of changes in financial assumptions 51 5 – – 56 102
Effect of experience adjustments 53 (1) (3) (3) 46 (28)
Return on plan assets (excluding interest income) (22) – – – (22) 56
Exchange Differences (22) – – – (22) –
Effect of deferred taxes (18) – – – (18) (27)
T otal remeasurements included in Other Comprehensive Income 45 4 (3) (3) 43 99
The Group expects to pay EUR 0.1 million in contribution to defined benefit plans in 2024 concerning the amount to be paid in 2025 (EUR 0.1 million was the expectation in 2023 concerning the amount to be paid in 2024).
The principal actuarial assumptions were as follows:
2024 2023
Switzerland Italy Germany U.A.E. Switzerland Italy U.A.E.
Discount rate 1.00% 3.40% 3.40% 5.82% 1.40% 3.80% n/a
Salary increases 1.20% n/a n/a n/a 1.30% n/a n/a
Inflation 1.00% 2.00% 2.00% n/a 1.10% 2.50% n/a
The principal demographic assumptions were as follows:
2024 2023
Switzerland Italy Germany U.A.E. Switzerland Italy U.A.E.
Life expectancy BVG 2020 GT n/a n/a n/a BVG 2020 GT n/a n/a
Retirement age 65
In accordance with
current Italian legislation
In accordance with
current german legislation
normal (maximum)
retirement age of 60 65
In accordance with
current Italian legislation
normal (maximum)
retirement age of 60
Benefit at retirement
60% pension /
40% lumpsum n/a – –
60% pension /
40% lumpsum n/a –
Voluntary turnover n/a 4.0% n/a n/a – 8.2% n/a
Involuntary turnover (including death and disability) n/a 4.0% n/a n/a – 1.8% n/a
The following table presents a sensitivity analysis showing how the defined benefit obligation would have been affected by changes in the relevant actuarial assumption that were reasonably possible at the balance sheet date. This sensitivity applies to the defined
benefit obligation only, and not to the net defined benefit pension liability in its entirety, the measurement of which is driven by several factors including, in addition to the assumptions below, the fair value of plan assets.
2024 2023
Switzerland Italy Germany U.A.E. Switzerland Italy U.A.E.
Discount rate +0.50% (1,476) (196) (245) (64) (1,608) (203) –
Discount rate -0.50% (1,623) (218) (213) (69) (1,725) (227) –
NOTE 27. Continued
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NOTE 29. Other reserves
EUR 000s 2024 2023
Currency translation reserves 19,910 19,544
Share premium reserve (74,814) (74,814)
Actuarial reserve (10) (10)
Reserve for LTIP – (132)
Revaluation reserve 132 89
T otal (54,782) (55,323)
The share premium reserve was created following the Contribution Agreement
dated 3 October 2011 between Cavotec SA and the former shareholders of Cavotec
MSL and increased in 2018 in connection with the Rights issue.
In June 2022, AGM adopted the Board of Directors’ proposal to reduce the cur-
rent share capital of CHF 120,631,296 by CHF 54,661,056 to CHF 65,970,240 by way
of reducing the nominal value of the registered shares from CHF 1.28 by CHF 0.58 to
CHF 0.70 and to allocate the nominal value reduction amount to the share premium
reserve, which is increased from CHF 19,018,227 to CHF 73,679,283.
In March 2023, an extraordinary general meeting approved the Board’s proposal
to increase the company’s nominal share capital. The Board subsequently imple-
mented the increase of the Company’s share capital in the amount of CHF
8,716,981.00, from the current share capital of CHF 65,970,240.00 to CHF
74,687,221.00, through the issuance of 12,452,830 new shares of the Company. The
shares were placed at a price of SEK 13.25 per share, consequently raising proceeds
of approximately SEK 165 million before transaction costs. This capital increase also
contributed to the increase in the share premium reserve.
The currency translation reserve comprises all foreign exchange differences aris-
ing from the translation of the Financial Statements of foreign operations into Euro.
NOTE 30. Earnings per share
Both the basic and diluted earnings per share are calculated using the net results
attributable to shareholders of Cavotec SA & Subsidiaries as the numerator.
EUR 000s 2024 2023
Profit/(Loss) for the year 3,840 180
Attributable to:
Equity holders of the Group 3,840 180
T otal 3,840 180
Weighted-average number of shares outstanding 106,696,030 104,103,112
Basic and diluted earnings per share attributed to
the equity holders of the Group 0.036 0.002
NOTE 28. SHARE CAPITAL
The table below set forth the changes occurred in the share capital of the Group.
EUR 000s
Number of
ordinary shares
(fully paid) Share capital
Balance at 31 December 2023 106,696,030 (54,130)
Balance at 31 December 2024 106,696,030 (54,130)
NOTE 31. Segment information
Operating segments have been determined based on the Group Management struc-
ture in place and on the management information and used by the CODM to make
strategic decisions.
The two operating segments are:
• Ports & Maritime – development, manufacture and service of innovative automa-
tion and electrification technologies for the global ports and maritime sectors.
• Industry – development, manufacture and service of electrification and radio
control products for industrial applications, such as cranes, energy, processing
and transportation, mining, and tunnelling.
Other information that is not reportable has been combined and disclosed within
“Other reconciling items” which mainly include not allocated head office costs.
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Information by operating segment for the year ended 31 December, 2024 for each operating segment is summarised below:
EUR 000s Ports & Maritime Industry
Other reconciling
items T otal
Y ear ended 31 December 2024
Revenue from sales of goods and services 109,925 65,027 – 174,952
Other income 687 649 – 1,336
Operating expenses before depreciation and amortisation (92,853) (60,296) (6,462) (159,611)
Gross Operating Result 17,759 5,380 (6,462) 16,677
Information by operating segment for the year ended 31 December 2023 for each operating segment is summarised below:
EUR 000s Ports & Maritime Industry
Other reconciling
items T otal
Y ear ended 31 December 2023
Revenue from sales of goods and services 114,688 66,045 – 180,734
Other income 1,048 1,028 – 2,076
Operating expenses before depreciation and amortisation (101,237) (61,903) (5,266) (168,406)
Gross Operating Result 14,499 5,171 (5,266) 14,404
The CODM assesses the performance of the operating segments based on gross operating result EBITDA.
A reconciliation of gross operating result to profit before income tax is provided as follows:
Ports & Maritime Industry
EUR 000s 2024 2023 2024 2023
Gross operating result for operating segments 13,780 11,228 2,896 3,177
Goodwill impairment & other operational write-downs (119) (927) (73) (156)
Depreciation (2,400) (2,749) (1,747) (1,944)
Amortisation (987) (978) (457) (421)
Financial (costs)/income, net (1,619) (2,152) (1,063) (1,318)
Other financial items (3) (9) (2) 14
Profit/(Loss) before income tax 8,652 4,413 (446) (648)
Third party revenues for each operating segment analysed by significant geogr aphical segment is summarised below:
EUR 000s AMER EMEA APAC T otal
Y ear ended 31 December 2024
Ports & Maritime 17,406 37,300 55,219 109,925
Industry 5,915 44,234 14,878 65,027
T otal 23,321 81,534 70,097 174,952
NOTE 31. Continued
NOTE 32. Related party disclosure
Cavotec SA is the legal parent of the Group. Details of Cavotec SA subsidiaries can
be found in note 3.
The Group’s key management personnel comprises the Chief Executive Officer
and the members of Cavotec Management T eam (CMT). Their total remuneration,
including salary and other short term benefits, amounted to a total of EUR 3.4 million
(2023: 3.4 million). The total compensation also includes compensation to CMT
members’ related parties.
T o ensure its independence in fulfilling its supervisory duties, the remuneration
of the Board of Directors is fixed and does not contain any variable component.
The remuneration elements for the Management T eam consist of four compo-
nents: salary, pension, other benefits, performance-based non-equity cash com-
pensation (“STIP”) and performance-based equity-based incentives (“LTIP”). The
short-term incentive plan STIP is the cash-based element of the variable pay for
inter alia the Management T eam. The LTIP is a three-year performance share-based
incentive plan. Its purpose is to foster long-term value creation for the Group by
providing the Management T eam and other eligible key managers.
EUR 000s AMER EMEA APAC T otal
Y ear ended 31 December 2023
Ports & Maritime 18,239 45,726 50,723 114,688
Industry 4,751 42,228 19,067 66,045
T otal 22,990 87,954 69,790 180,734
The consolidated revenues of the Group are generated principally outside of
Switzer land, wher e the company is domiciled, and operations in Switzerland are rela-
tively insignificant. Due to the nature of the business, no single country represents a
significant percentage of Group revenues.
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EUR 000s
Short-term
employee benefits
Post-employment
benefits
Other long-term
benefits
T ermination
benefit
Share-based
payment T otal
Y ear ended 31 December 2024
Chief Executive Officer 769 278 - – - 1,047
Cavotec Management T eam 1,910 457 - – - 2,367
Board of Directors 265 48 – – – 313
T otal remuneration 2,944 783 - – - 3,727
EUR 000s
Short-term
employee benefits
Post-employment
benefits
Other long-term
benefits
T ermination
benefit
Share-based
payment T otal
Y ear ended 31 December 2023
Chief Executive Officer 612 367 – – 25 1,004
Cavotec Management T eam 2,044 357 – – 43 2,444
Board of Directors 265 23 – – - 288
T otal remuneration 2,921 747 – – 68 3,736
In FY2024 there were no transactions with related parties controlled or influenced by Board members.
NOTE 35. Contingencies
EUR 000s 2024 2023
Advance payments and performance bonds 4,194 4,800
Financial guarantees 100 100
Other guarantees 8,060 7,224
T otal 12,354 12,124
The items listed under Contingencies are mainly warranty bonds (under “other
guarantees”), performance and advance payment bonds. On the total of contingen-
cies EUR 5.2 million will expire within one year. There is no expectation of any
significant cash outflow from the outstanding bonds.
NOTE 34. Legal risks
As a global company with a diverse business portfolio, the Group is exposed to
numerous legal risks, particularly in the areas of product liability, competition, and
tax assessments. The outcome of any current or future proceedings cannot be
predicted. It is therefore possible that legal or regulatory judgments or future
settlements could give rise to expenses that are not covered, or not fully covered,
by insurers’ compensation payments and could significantly affect our revenues
and earnings.
NOTE 33. Remuneration of auditors
During the year the following fees were paid or payable for services provided by the
auditors of the entity, its related practices and non-related audit firms.
EUR 000s 2024 2023
Audit services
PricewaterhouseCoopers 959 808
Other audit firms 100 93
T otal audit services 1,059 901
Other services performed by audit firms:
Taxation
PricewaterhouseCoopers 63 132
Other audit firms 2 –
T otal 65 132
Other services:
PricewaterhouseCoopers 26 35
Other audit firms – –
T otal 26 35
T otal non audit services 91 167
NOTE 36. Commitments
The following table details the commitments associated with
Cavotec SA and its subsidiaries.
EUR 000s 2024 2023
Capital commitments
Within one year 40 313
Later than one, not later than two years 22 101
Later than two, not later than five years 9 30
T otal 71 444
Note 37. Securities and collaterals
As at 31 December 2024, as last year, there were no real estate related to loans.
NOTE 32. Continued
NOTE 38. Subsequent events
SANCTIONS TOWARDS RUSSIA
The Group has a very limited exposure to the region considering that the subsidiary
in Russia is liquidated and there is no project ongoing in the region. The Group is
carefully monitoring the evolution of the situation, having a specific focus on the
sanctions, that have been or will be imposed.
ORGANISATIONAL CHANGES
New members of Cavotec Management T eam appointed after the end of 2024;
Jonathan Erik sson appointed Head of Industry Division, Nicklas Vedin appointed
Head of Ports & Maritime Division. Patrick Mares, in Group Management since 2019,
appointed Product Management and Chief T echnology Officer.
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Risk management
2024
Currency Average rate Y ear end rate
AED 3.98 3.82
ARS 990.74 1072.80
AUD 1.54 1.68
BRL 5.83 6.42
BHD 0.41 0.39
CAD 1.48 1.49
CHF 0.95 0.94
DKK 7.46 7.46
EUR 1.00 1.00
GBP 0.85 0.83
HKD 8.44 8.07
INR 90.56 88.93
KRW 1475.40 1532.15
NOK 11.63 11.79
NZD 1.79 1.85
QAR 3.94 3.79
RMB 7.79 7.58
RUB 87.72 115.48
SEK 11.43 11.46
SGD 1.44 1.42
USD 1.08 1.04
ZAR 19.83 19.62
The Group’s activities expose it to a variety of financial risks: market risk (including
currency risk and interest rate risk), credit risk and liquidity risk. The Group’s overall
risk management program focuses on the unpredictability of financial markets and
seeks to minimise potential adverse effects on the financial performance of the Group.
The Board sets the policy for the Group’s centralised treasury operation and its
activities are subject to a set of controls commensurate with the magnitude of the
borrowings and investments and Group wide exposures under its management. The
Group treasury’s primary role is to manage liquidity, funding, investments and coun-
terparty credit risk arising with financial institutions. It also manages the Group’s
market risk exposures, including risks arising from volatility in currency and interest
rates. The treasury function is not a profit centre and the objective is to manage risk
at optimum cost.
The financial risk is managed at the Group and regional level through a series of
policies and procedures set and reviewed by the CFO. The Group treasury applies
these policies together with the Presidents of the Divisions and the local finance
managers. The Group uses different methods to measure different types of risk to
which it is exposed. These methods include sensitivity analyses in the case of inter-
est rate risk and currency risk while ageing analyses of receivables is used to assess
credit risk.
MARKET RISK
Currency risk
Generally, the Group offers customers the option of paying in local currencies
through our global sales organisation. As a result, the Group is continuously exposed
to currency risks in accounts receivables denominated in foreign currency and in
future sales to foreign customers. This issue of international pricing is under con-
stant attention at the highest levels of management. As the Group trades across
many countries, purchasing and selling in various currencies, there is a natural
hedge within the Group’s overall activities.
The exchange rates listed here below are used to prepare the Financial S tatements.
At 31 December 2024, had the Euro weakened/strengthened by 10% against for-
eign currencies to which the Group is exposed, with all other variables held constant,
profit for the year and equity would have been EUR 150 thousands higher/lower
(2023: 336 thousands). This is mainly a result of foreign exchange gains/losses on
translation of financial assets and liabilities denominated in currencies other than
Euro and in respect of operations in non-Euro jurisdictions for financial assets and
liabilities not in their local currency.
A sensitivity of 10% has been selected as this is considered reasonable given the
current level of exchange rates and the volatility observed both on an historical basis
and market expectations for future moves. In order to assess the potential impact on
the Income Statement assets and liabilities in the same currency used by the rele-
vant entity in its reporting were excluded from the sensitivity analysis.
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2024 2023
EUR 000s EUR -10% EUR +10% EUR -10% EUR +10%
Receivables 1,204 (1,204) 1,226 (1,226)
Payables (1,490) 1,490 (1,523) 1,523
Financial assets 449 (449) 633 (633)
Financial liabilities (13) 13 – –
T otal increase/(decrease) 150 (150) 336 (336)
The carrying amounts of the Group’s trade receivables, trade payables and contract liabilities are held in the following currencies:
2024 2023
EUR 000s Receivables
Trade payables and
contract liabilities Receivables
Trade payables and
contract liabilities
EUR 14,123 (24,933) 15,679 (30,046)
USD 5,332 (4,285) 4,781 (7,182)
RMB 2,520 (6,663) 2,566 (5,638)
AED 73 (11) – (25)
GBP 628 (381) 713 (51)
SEK 165 (281) 798 (317)
NOK 444 (91) 1,282 (124)
AUD 1,873 (2,279) 1,713 (878)
CHF – (94) – (282)
INR 786 (695) 372 (629)
RUB – – – –
BHD – – – –
Other 219 (122) 38 (100)
T otal 26,163 (39,835) 27,942 (45,272)
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Financial assets and financial liabilities held at year end are held in the following currencies (data include lease liabilities):
2024 2023
EUR 000s Financial assets Financial liabilities Financial assets Financial liabilities
EUR 7,397 (13,601) 8,798 (21,468)
USD 1,706 – 1,308 –
RMB 672 – 1,547 –
AED 55 – 37 –
GBP 146 – 429 –
SEK 231 – 270 –
NOK 331 – 66 –
AUD 325 – 1,119 –
CHF 129 (128) 74 –
HKD 24 – 21 –
INR 497 – 1,087 –
RUB – – – –
Other 372 – 369 –
T otal 11,885 (13,729) 15,124 (21,468)
Interest rate risk
Interest rate risk management is aimed at balancing the structure of the debt, mini-
mising borrowing costs over time and limiting the volatility of results. The Group is
party to fixed interest rate loan agreements in the normal course of business in order
to eliminate the exposure to increases in interest rates in the future. The amount of
floating rate debt is the main factor that could impact the Statement of Comprehen-
sive Income in the event of an increase in market rates. At 31 December, 2024 100%
of the debt was floating rate (2023: 100%). A fluctuation of 1% in interest rates would
have in absolute terms an impact of EUR 140 thousands in the profit and loss state-
ment.
Fair value estimation
Financial assets and liabilities recorded at fair value in the Consolidated Financial
Statements are categorised based upon the level of judgement associated with the
inputs used to measure their fair value. There are three hierarchical levels, based on
an increasing amount of subjectivity associated with the inputs to derive fair valua-
tion for these assets and liabilities, which are as follows:
• Level 1: Determination of fair value based on quoted prices (unadjusted) for iden-
tical assets or liabilities in active markets
• Level 2: Determination of fair value based on inputs other than the quoted prices
of Level 1 but which are directly or indirectly observable
• Level 3: Determination of fair value based on valuation models with inputs for the
asset or liability that are not based on observable market data.
The following tables present the Group’s assets and liabilities measured at fair value by valuation method at 31 December 2024 and at 31 December 2023:
2024
EUR 000s Level 1 Level 2 Level 3 T otal
Assets
Assets held for sale – – – –
T otal assets – – – –
Liabilities
Non-current trading derivatives – – – –
T otal liabilities – – – –
2023
EUR 000s Level 1 Level 2 Level 3 T otal
Assets
Assets held for sale 1,814 – – 1,814
T otal assets 1,814 – – 1,814
Liabilities – – – –
Non-current trading derivatives – – – –
T otal liabilities – – – –
T otal liabilities – – – –
As of 31 December 2024, assets held for sale amount to zero. The T rondheim building in Norway, previously classified as an asset held for sale with a book value of
EUR 1.8 million as of 2023, was derecognised following the sale in February 2024, reducing the asset value to zero.
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CREDIT RISK
Credit risk arises from cash and cash equivalents, deposits with banks, as well as
credit exposures to customers, including outstanding receivables and committed
transactions and it is managed on a Group basis. A fundamental tenet of the Group’s
policy of managing credit risk is customer selectivity. The Group has many custom-
ers in its various geographies and therefore there is no concentration of credit. The
Group’s largest customers are prominent international companies and, while none
of these represent a material percentage of total sales, outstanding receivables
from these are regularly monitored and contained within reasonable limits. Large
value sales are authorised by the Heads of the Divisions, the CFO or the CEO, and
require customers to pay a deposit or pay in advance. The Group has a credit policy
which is used to manage this credit exposure.
The Group requires that provisions for doubtful debts are recorded not only to
cover exposure relative to specific accounts in difficulty but also for accounts
receivables balances which are past due for periods in excess of normal trading
terms.
EUR 000s 2024 Expected credit loss Expected credit loss, %
Not yet due 22,590 (13) 0.06%
Overdue up to 30 days 3,065 (7) 0.24%
Overdue up to 30 and 60 days 281 (4) 1.25%
Overdue up to 60 and 90 days 623 (8) 1.30%
Overdue up to 90 and 120 days 249 (3) 1.40%
Overdue up to 120 and 150 days 72 (61) 84.0%
Overdue more than 150 days 1,509 (1,300) 86.1%
T otal 28,389 (1,396)
EUR 000s 2023 Expected credit loss Expected credit loss, %
Not yet due 24,046 (60) 0.25%
Overdue up to 30 days 4,634 (19) 0.42%
Overdue up to 30 and 60 days 1,087 (12) 1.08%
Overdue up to 60 and 90 days 943 (13) 1.38%
Overdue up to 90 and 120 days 189 (3) 1.69%
Overdue up to 120 and 150 days 39 (38) 97.02%
Overdue more than 150 days 2,103 (2,092) 99.49%
T otal 33,040 (2,236)
In the category “Not yet due”, EUR 0.8 million (2023: 2.9 million) are under contract assets.
At 31 December, 2024 EUR 1.4 million (2023: EUR 2.2 million) have been provisioned according to the percentages of expected credit loss shown in the table.
NET DEBT
Net Debt is defined as financial liabilities (excluding lease liabilities) minus cash and
cash equivalents and current financial assets.
EUR 000s 2024 2023
Cash and cash equivalents 11,597 15,056
Short-term debt (128) –
Long-term debt (14,000) (22,000)
T otal (2,531) (6,944)
Note that long-term debt excludes issuance costs. See note 21.
EUR 000’s
Cash and
cash equivalents
Short-term
debt
Long-term
debt
Lease
liabilities
Net
position
Opening balance 1 January, 2024 15,056 – (22,000) (11,694) (18,638)
Cash flows (3,994) (128) 8,000 3,136
Currency exchange differences 535 – – (760)
Other non-cash movements – – – (3,408)
Closing balance 31 December, 2024 11,597 (128) (14,000) (12,726) (15,257)
EUR 000’s
Cash and
cash equivalents
Short-term
debt
Long-term
debt
Lease
liabilities
Net
position
Opening balance 1 January, 2023 9,625 (4,914) (22,000) (13,040) (30,328)
Cash flows 7,075 4,696 – 3,516 –
Currency exchange differences (1,644) – – (1,810) –
Other non-cash movements – 218 – (360) –
Closing balance 31 December, 2023 15,056 – (22,000) (11,694) (18,638)
73CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Consolidated Financial Statements Notes to the Financial Statements Risk Management Statutory Financial Statements Notes to the Financial Statements
===== SIDA 74 =====
LIQUIDITY RISK
Liquidity risk is managed by the Group treasury, which ensures adequate coverage
of cash needs by entering into short, medium and long-term financial instruments to
support operational and other funding requirements. The Board reviews and
approves the maximum long-term funding of the Group and on an on-going basis
considers any related matters on at least an annual basis. Short- and medium-term
requirements are regularly reviewed and managed by the centralised treasury oper-
ation within the parameters set by the Board.
The Group’s liquidity and funding management process includes projecting cash
flows and considering the level of liquid assets in relation thereto, monitoring Bal-
ance Sheet liquidity and maintaining a diverse range of funding sources and back-up
facilities. The Board reviews Group forecasts, including cash flow forecasts, on a
quarterly basis. The Group treasury collects cash forecasts from group companies
more frequently to assess the short and medium-term Group’s requirements. Group
treasury works closely with the local finance managers and divisions in order to
identify and monitor relevant cash items with the goal to assure a promptly collec-
tion of receivables. These assessments ensure the Group responds to possible
future cash constraints in a timely manner. Operating finance requirements of group
companies are managed by the Group treasury, which is also responsible for invest-
ing liquid surplus assets not immediately required by operating companies.
In June 2020, Cavotec secured a EUR 40 million long-term financing by signing a
five-year agreement with Credit Suisse (now part of UBS group), Banca dello Stato
del Cantone Ticino and Privat Debt Fund SA. During 2024, it was agreed with the
lenders to extend the current financing for 2 extra years, until June 2027.
The syndicated loan facility bears interest for each interest period at a rate per
annum equal to EURIBOR plus a variable margin which will be adjusted every quarter
to reflect any changes in the ratio of net debt (including lease liabilities) to consoli-
dated adjusted EBITDA as determined on a rolling basis. The loans are subject to
certain restrictive covenants, including, but not limited to, additional borrowing, cer-
tain financial ratios, limitations on acquisitions and disposals of assets. If the finan-
cial covenants are not met and their breach is not remedied within a certain period or
the lenders do not waive the covenants, there may grounds for termination under
the conditions of the credit facility.
As of 31 December, 2024, the Group’s total available credit facilities, which
related to the above mentioned syndicated loan facility agreement and to other
credit facilities with local banks, amounted to EUR 40 million, of which EUR 14.57 mil-
lion was utilized (2023: 26.3 million). In the EUR 14.57 million, EUR 0.13 million are
related to bank overdraft and EUR 0.44 million are related to bank guarantees that
are not included in the balance sheet statements; for more information please see
note 35 of the consolidated financial statements. The table below analyses the
Group’s financial liabilities, excluding trade payables, into relevant maturity group-
ings based on the remaining period at the reporting date to the contractual maturity
date against the cash and cash equivalent balances.
As of 31 December, 2024, the Group has insurance guarantees facilities for an
amount of EUR 7 million of which EUR 4.6 million was utilised.
2024
EUR 000s Less than 1 year 1 to 3 years 3 to 5 years More than 5 years
Bank overdraft (128) – – –
Long-term debt (713) (14,356) – –
Lease liabilities (3,805) (8,756) (4,621) (2,689)
T rade payables (21,900) – – –
Other payables (12,857) – – –
T otal (39,403) (23,112) (4,621) (2,689)
Cash and cash equivalents 11,597 – – –
2023
EUR 000s Less than 1 year 1 to 3 years 3 to 5 years More than 5 years
Long-term debt (2,084) (23,042) – –
Lease liabilities (3,142) (4,364) (3,462) (1,603)
T rade payables (26,004) – – –
Other payables (11,320) – – –
T otal (42,550) (27,406) (3,462) (1,603)
Cash and cash equivalents 15,056 – – –
The long term debt includes the maturity analysis based on the contractual undiscounted cashflow. The interests are included using an average interest rate of 5.08%.
2024
Credit facilities
EUR 000s T otal credit facilities
T otal credit
facilities utilisation
Syndicated facility
utilisation (loan)
Syndicated facility
utilisation (guarantees)
Non-current financial liabilities 40,000 14,569 14,000 569
T otal 40,000 14,569 14,000 569
2023
Credit facilities
EUR 000s T otal credit facilities
T otal credit
facilities utilisation
Syndicated facility
utilisation (loan)
Syndicated facility
utilisation (guarantees)
Non-current financial liabilities 40,000 26,275 22,000 4,275
T otal 40,000 26,275 22,000 4,275
In the syndicated facility utilisation, EUR 14.0 million are utilized as loans and EUR 0.57 million are utilised as standby letter of credits and guarantees.
The Group does not have collateral or credit enhancements that would influence its credit exposure. The maximum exposure to credit risk is the carrying amount of each class
of financial asset.
74CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Consolidated Financial Statements Notes to the Financial Statements Risk Management Statutory Financial Statements Notes to the Financial Statements
===== SIDA 75 =====
CAPITAL RISK MANAGEMENT
The Group and the Company’s objectives when managing capital are to safeguard
their ability to continue as a going concern, so that they can continue to provide
returns for shareholders and benefits for other stakeholders and to maintain an opti-
mal capital structure that reduces the cost of capital. In order to maintain or adjust
the capital structure, the Group may adjust the amount of dividends paid to share-
holders, return capital to shareholders, issue new shares or sell assets to reduce
debt. The Group monitors capital on the basis of its debt to equity ratio calculated by
comparing senior Net Debt to T otal equity. In monitoring the level of indebtedness,
on-going attention is given by management to the level of net debt, leverage ratio
and assets to equity ratio calculated in accordance to the Groups financing facility.
The ratios at 31 December 2024 and 31 December 2023 (both including the impact
of IFRS 16) were as follows:
EUR 000s 2024 2023
T otal interest bearing liabilities (26,854) (33,694)
Cash and cash equivalents 11,597 15,056
Net debt (15,257) (18,638)
Senior net debt (15,257) (18,638)
T otal equity (59,862) (56,562)
Senior net debt/equity ratio 25.5% 33.0%
Equity/asset ratio 40.4% 36.0%
Leverage ratio 0.91x 1.29x
The Group has to comply to the following financial covenants: The Leverage Ratio
(Net Senior Debt on the last day of that relevant period to adjusted EBITDA in respect
of that relevant period) and The Equity Ratio.
The Leverage Ratio for the Group (on a consolidated basis) shall amount to a max-
imum of 4.00x for the testing period ending on 31 December 2023 and 3.5x for each
testing period ending thereafter, according to the Amendment Agreement dated
June 2023.
The Equity Ratio for the Group (on a consolidated basis) shall amount to a mini-
mum of 30% for each testing period ending in 2023 and 32.5% for each testing
period ending thereafter, according to the Amendment Agreement dated 9 March
2023.
75CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Consolidated Financial Statements Notes to the Financial Statements Risk Management Statutory Financial Statements Notes to the Financial Statements
===== SIDA 76 =====
Report of the statutory auditor
to the General Meeting of Cavotec SA, Lugano
Report on the audit of the consolidated financial statements
Opinion
We have audited the consolidated financial statements of Cavotec SA and its subsidiaries (the Group),
which comprise the statement of comprehensive income for the year ended 31 December 2024, the
balance sheet as at 31 December 2024, the statement of changes in equity and the statement of cash
flows for the year then ended, and notes to the financial statements, including material accounting policy
information.
In our opinion, the consolidated financial statements (pages 50 to 75) give a true and fair view of the
consolidated financial position of the Group as at 31 December 2024 and of its consolidated financial
performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting
Standards and comply with Swiss law.
Basis for opinion
We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISA) and
Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are
further described in the ‘Auditor’s responsibilities for the audit of the consolidated financial statements’
section of our report. We are independent of the Group in accordance with the provisions of Swiss law and
the requirements of the Swiss audit profession, as well as the International Code of Ethics for Professional
Accountants (including International Independence Standards) issued by the International Ethics
Standards Board for Accountants (IESBA Code), 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.
Our audit approach
Overview
Overall group materiality: EUR 1.5 million
We concluded full scope audit work at 11 reporting units in 11 countries.
Our audit scope addressed over 95% of the Group’s revenue. In addition,
specified procedures were performed on a further 6 reporting units in 6
countries, representing a further 2% of the Group’s revenue.
As key audit matter the following area of focus has been identified:
Goodwill impairment test: Ports & Maritime and Industry
Materiality
The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide
reasonable assurance that the consolidated financial statements are free from material misstatement.
Misstatements may arise due to fraud or error. They are considered material if, individually or in
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the consolidated financial statements as a whole as set out in
the table below. These, together with qualitative considerations, helped us to determine the scope of our
audit and the nature, timing and extent of our audit procedures and to evaluate the effect of
misstatements, both individually and in aggregate, on the consolidated financial statements as a whole.
Cavotec SA | Report of the statutory auditor to the General Meeting
===== SIDA 77 =====
Overall materiality EUR 1.5 million
Benchmark applied Total revenues
Rationale for the materiality
benchmark applied
We chose total revenue as the benchmark for determining
materiality. This basis takes into account the development and
volatility of the business activities and is a generally accepted
benchmark for materiality considerations.
We agreed with the Audit Committee that we would report to them misstatements above EUR 75’000
identified during our audit as well as any misstatements below that amount which, in our view, warranted
reporting for qualitative reasons.
Audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on
the consolidated financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industry in which the Group operates.
The Group is primarily structured into two business units “Ports and Maritime” and “Industry”. The Group
financial statements are a consolidation of 23 reporting units, comprising the Group’s operating
businesses and centralised functions. In establishing the overall approach to the Group audit, we
determined the type of work to be performed by us, as the Group engagement team, by component
auditors from PwC network firms and by component auditors from other firms operating under our
instructions. We concluded full scope audit work at 11 reporting units in 11 countries. In addition, specified
procedures were performed on a further 6 reporting units in 6 countries. The Group’s consolidation
financial statement disclosures and goodwill are audited by the Group engagement team.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the consolidated financial statements of the current period. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
Cavotec SA | Report of the statutory auditor to the General Meeting
Goodwill impairment test: Ports & Maritime and Industry
Key audit matter How our audit addressed the key audit matter
Refer to page 59 (Note 4 Critical accounting
estimates and judgments).The goodwill
impairment assessment for Ports & Maritime and
Industry is considered as a key audit matter due
to the size of the goodwill balance (EUR 30.0
million as of 31 December 2024 and EUR 30.1
million as of 31 December 2023) as well as the
considerable judgement required by Group
management in making their assessment on the
impairment test. The goodwill impairment test
depends on the estimation of future cash flows.
Judgement is required to determine the
assumptions relating to the future business
results and the discount rate applied to the
forecasted cash flows.
We evaluated Group management’s assumptions as
described on page 59(Note 4) of the financial
statements and discussed these with the Audit
Committee and responsible management.
We evaluated Group management’s assumptions
and we challenged management on the inclusion of
all appropriate assets and liabilities in the cash-
generating units.
In relation to the value in use, we performed the
following:
We compared Group management’s expectations of
revenue growth and gross profit margins, included in
the five year plan used in the impairment model, with
the company’s budget, forecasts and the projects in
the pipeline.
We evaluated Group management’s assumptions of
long term growth rates, by comparing them with
economic and industry forecasts. We also evaluated,
with the support of our PwC valuation team, certain
management’s valuation parameters, specific to the
model.
We applied professional scepticism when reviewing
the forecasts for the market units by stress testing
key assumptions, assessing the impact on the
sensitivity analysis and understanding the degree to
which assumptions would need to move before
impairment would be triggered.
The procedure performed provided a sufficient basis
to conclude on the approach of goodwill impairment
assessment.
===== SIDA 78 =====
Other information
The Board of Directors is responsible for the other information. The other information comprises the
information included in the annual report, but does not include the financial statements, the consolidated
financial statements, the remuneration report and our auditor’s reports thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements 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 financial statements
The Board of Directors is responsible for the preparation of consolidated financial statements, that give a
true and fair view in accordance with IFRS Accounting Standards and the provisions of Swiss law, and for
such internal control as the Board of Directors determines is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the Board of Directors either intends to liquidate
the Group or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with Swiss law, ISA and SA-CH will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located
on EXPERTsuisse’s website: http://www.expertsuisse.ch/en/audit-report . This description forms an
integral part of our report.
Report on other legal and regulatory requirements
In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an internal
control system that has been designed, pursuant to the instructions of the Board of Directors, for the
preparation of the consolidated financial statements.
We recommend that the consolidated financial statements submitted to you be approved.
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
===== SIDA 79 =====
Income statement
Cavotec SA
CHF Notes 2024 2023
Net proceeds of services 2,293,139 2,288,504
Staff cost (1,413,539) (233,395)
T ransportation expenses - (68)
External services (1,823,146) (1,766,962)
T ravelling expenses (31,661) (42,142)
General expenses (440,883) (513,378)
Depreciation fixed assets (88,075) (89,848)
Non-recurring income 8 9,526,258 –
Operating result 8,022,093 (357,289)
Finance costs – net (6,616,630) (1,717,629)
Foreign exchange – net (6,221) (1,830,486)
T ranslation differences – (3,652,038)
Profit /(Loss) before taxes 1,399,242 (7,557,443)
Income taxes (2,707) (11,556)
Profit /(Loss) for the year 1,396,534 (7,568,999)
79CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Consolidated Financial Statements Notes to the Financial Statements Risk Management Statutory Financial Statements Notes to the Financial Statements
===== SIDA 80 =====
Balance Sheet
Cavotec SA
CHF Notes 2024 2023
ASSETS
Current assets
Cash and cash equivalents 28,997 140,416
Other short-term receivables 2,110,143 3,171,673
from third parties 14,981 47,881
from Group companies 2,095,162 3,123,792
Accrued income and prepaid expenses 31,208 13,095
T otal current assets 2,170,348 3,325,184
Non-current assets
Intangible assets 87,019 171,227
Financial assets 270,642 62,936
Investments in subsidiary companies 3 87,874,905 86,455,757
T otal non-current assets 88,232,566 86,689,921
TOTAL ASSETS 90,402,913 90,015,104
CHF Notes 2024 2023
LIABILITIES
Short-term liabilities
Other short-term liabilities (10,240,040) (5,027,332)
to third parties (305,238) (185,930)
to group companies (9,934,802) (4,841,403)
Short-term interest-bearing liabilities 7 (120,504) –
Accruals and deferred income (764,108) (402,684)
Other liabilities - (183,149)
T ranslation provision (1,287,539) –
T otal short-term liabilities (12,412,192) (5,613,165)
Long-term interest bearing liabilities 7 (26,970,771) (34,183,041)
Unrealized exchange gain (2,334,620) (2,797,223)
Other long-term liabilities - (132,878)
T otal long-term liabilities (29,305,390) (37,113,143)
T otal liabilities (41,717,582) (42,726,308)
Equity
Share capital (74,687,221) (74,687,221)
Share premium reserve (79,479,992) (79,479,992)
Loss brought forward 106,878,416 99,309,417
Result for the period (1,396,534) 7,568,999
T otal equity 4 (48,685,331) (47,288,797)
TOTAL EQUITY AND LIABILITIES (90,402,913) (90,015,104)
80CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Consolidated Financial Statements Notes to the Financial Statements Risk Management Statutory Financial Statements Notes to the Financial Statements
===== SIDA 81 =====
NOTE 1. General
Cavotec is a leading cleantech company that designs and delivers connection and
electrification solutions to enable the decarbonisation of ports and industrial appli-
cations worldwide. Backed by 50 years of experience, our systems ensure safe, effi-
cient, and sustainable operations for a wide variety of customers and applications
worldwide. We thrive by shaping future expectations in the areas we are active in.
Our credibility comes from our application expertise, dedication to innovation and
world class operations. Our success rests on the core values we live by: Integrity,
Accountability, Performance and T eam Work. Cavotec’s personnel represent a large
number of cultures and provide customers with local support, backed by the Group’s
global network of engineering expertise. Cavotec SA, the Parent company, is a lim-
ited liability company incorporated and domiciled in Switzerland and listed on Nas-
daq Stockholm, Sweden. The Consolidated Financial Statements are of overriding
importance for the purpose of the ec onomic and financial assessment of the Com-
pany. The unconsolidated Statutory Financial Statements of the Company are pre-
pared in accordance with Swiss law, the Code of Obligations (SCO), and serve as
complementary information to the Cons olidated Financial Statements.
NOTE 2. A ccounting principles applied in the preparation
of the Financial Statements
Exchange rate differences – The Company keeps its accounting records in Euro and
translates them into Swiss Francs (CHF) for statutory reporting purposes.
The Euro Statutory Financial Statements have been translated into Swiss Francs
as follows:
Assets and liabilities closing rate
Own shares and shareholders’ equity historical rate
Income and expenses average rate
Impairment charges spot rate
T ranslation gains are deferred and translation losses are included in the determina-
tion of net income.
• Current assets and liabilities – Current assets and liabilities are recorded at cost
less adjustments for impairment of value.
• Financial assets – Financial assets are recorded at acquisition cost less adjust-
ments for impairment of value.
• Treasury shares – T reasury shares are recognised at acquisition cost and
deducted from shareholders’ equity at the time of acquisition. In case of resale,
the gain or loss is allocated or charged to equity.
• Revenue from sale of goods and services – Revenue from services is recorded
as at invoicing. Once the service has been rendered it is invoiced, at the latest at
the end of each quarter.
NOTE 3. Investment in subsidiary companies
Ownership interest Share capital
Company name Purpose Domicile 2024 2023 Curr. 2024 2023
Cavotec (Swiss) SA Service company Switzerland 100% 100% CHF 200,000 200,000
Cavotec MoorMaster Ltd Holding & engineering New Zealand 100% 100% NZD 196,164,928 196,164,928
Cavotec USA Inc Sales company USA 100% 100% USD 68,000,000 68,000,000
Cavotec India Private Ltd Sales company India 0% 0% INR 46,000 46,000
Notes to Statutory Financial Statements
NOTE 4. Shareholders’ equity
The share capital as of 31 December 2024 is divided into 106,696,030 shares at a part value CHF 0.70 each.
Legal Reserve
CHF Share capital Treasury shares
Share
Premium
Reserve
Prior Y ear
Retained
Earnings
Result for
the period
T otal
Shareholder’s
equity
Opening balance at 1 January 2023 65,970,240 73,679,283 (89,550,220) (9,759,197) 40,340,106
Increase share capital 8,716,981 – – – – 8,716,981
Increase share reserve – – 5,800,709 – – 5,800,709
Result of the period – – – – (7,568,999) (7,568,999)
Allocation prior year result – – – (9,759,197) 9,759,197 –
Balance at 31 December 2023 74,687,221 – 74,479,992 (99,309,417) (7,568,999) 47,288,797
Opening balance at 1 January 2024 74,687,221 – 74,479,992 (99,309,417) (7,568,999) 47,288,797
Result of the period – – – – 1,396,534 1,396,534
Allocation prior year result – – – (7,568,999) 7,568,999 –
Balance at 31 December 2024 74,687,221 – 74,479,992 (106,878,416) 1,396,534 48,685,331
The LTIP Program 2023 was cancelled. For 2024 no LTIP program was launched. The short-term incentive plan (STIP) is an annual non-equity cash compensation and is the
cash-based element of the variable remuneration for senior executives, while the long-term incentive plan (LTIP) is aimed to create a managing shareholder culture by allowing
selected key employees of the Group to become shareholders of Cavotec SA.
Further information is in the Remuneration Report on page 36.
Share capital as of 31 December 2024 No of registered shares Par value (CHF) T otal (CHF)
Issued shares 106,696,030 CHF 0.70 CHF 74,687,221
Contingent shares 942,430 CHF 0.70 CHF 659,701
Authorised shares 9,424,320 CHF 0.70 CHF 6,597,024
81CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Consolidated Financial Statements Notes to the Financial Statements Risk Management Statutory Financial Statements Notes to the Financial Statements
===== SIDA 82 =====
NOTE 7. Short-term and long-term interest bearing liabilities
In June 2020, Cavotec secured a EUR 40 million long-term financing by signing a
five-year agreement with Credit Suisse (now part of UBS group), Banca dello Stato
del Cantone Ticino and Privat Debt Fund SA. During 2024, it was agreed with the
lenders to extend the current financing for 2 extra years, until June 2027, and
portion utilised as of 31 December 2024 has been classified as long term.
CHF 31 Dec. 2024 31 Dec. 2023
Bank overdraft 120,504 –
Short-term interest bearing liabilities to
other group companies – –
Short-term interest bearing liabilities to Corner – –
T otal short-term interest bearing liabilities 120,504 –
Long-term interest bearing liabilities
Credit Suisse 12,801,257 20,372,000
Long-term interest bearing liabilities to
other group companies 14,169,514 13,811,041
T otal long-term interest bearing liabilities 26,970,771 34,183,041
CHF 31 Dec. 2024 31 Dec. 2023
Less than 1 year 120,504 –
1 to 5 years 26,970,771 34,183,041
More than 5 years – –
NOTE 5. Significant Shareholders
The end of the year and based on the available information, six main shareholders are:
Y ear ended 31 December 2024 Number %
Bure Equity AB Financial institution 38,254,921 35.9%
T omEnterprise Private AB (Thomas von Koch) Investment Fund 21,318,942 20.0%
Fabio Cannavale Individual investor 7,583,008 7.1%
Fjärde AP-fonden Investment Fund 5,793,710 5.4%
Nordea Fonder Investment Fund 4,685,626 4.4%
Fondita Fund Management Investment Fund 2,000,000 1.9%
T otal 79,636,207 74.6%
Y ear ended 31 December 2023 Number %
Bure Equity AB Financial institution 37,554,921 35.3%
T omEnterprise Private AB (Thomas von Koch) Investment Fund 18,666,109 17.5%
Fabio Cannavale Individual investor 7,583,008 7.1%
Fjärde AP-fonden Investment Fund 6,793,710 6.4%
Nordea Fonder Investment Fund 4,635,626 4.4%
Fondita Fund Management Investment Fund 2,000,000 1.9%
T otal 77,233,374 72.5%
NOTE 6. Shar e Ownership – Board of Directors and Cavotec Management T eam
Based on publicly available information, the ownership by members of the Board and Cavotec Management T eam is as follow:
Shareholders as of 31 December 2024 Number %
Patrik Tigerschiöld (Anna Kirtap AB and familly) Chairman 1,598,000 1.50%
David Pagels CEO 750,000 0.70%
Niklas Edling Board member 90,040 0.08%
Annette Kumlien Board member 75,000 0.07%
Joakim Wahlquist CMT member 75,000 0.07%
Patrick Mares CMT member 18,950 0.02%
Peter Nilsson Board member – –
Keith Svendsen Board member – –
T otal 2,606,990 2.4%
82CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Consolidated Financial Statements Notes to the Financial Statements Risk Management Statutory Financial Statements Notes to the Financial Statements
===== SIDA 83 =====
NOTE 8. Non-recurring income
In December 2024, the intercompany loan between Cavote Group Holding (lender)
and Cavotec SA (borrower), which originated following the closure of the SEB cash
pool, was waived, resulting in the recognition of EUR 10 million in the non-recurring
income.
NOTE 9. Guarantees and Commitments
The following table provides quantitative data regarding the Company’s third-party
guarantees.
CHF 31 Dec. 2024 31 Dec. 2023
Advance payment bonds – 97,196
Performance bond 24,321 689,403
Parent guarantee 7,661 6,360,981
Other guarantees 111,774 –
T otal 143,756 7,147,580
Cavotec SA carries joint liability in respect of the federal tax authorities for value
added tax liabilities of its Swiss subsidiary, furthermore Cavotec SA is a guarantor
for the existing EUR 40 million syndicated credit facility.
NOTE 10. Risk Assessment Disclosure
Cavotec SA, as the ultimate parent company of Cavotec Group, is fully integrated
into the Company internal risk assessment process.
The Company-wide internal risk assessment process consists of regular report-
ing to the Board of Directors of Cavotec SA on identified risks and management’s
reaction to them. The procedures and actions to identify the risks, and where appro-
priate remediate, are performed by specific corporate functions as well as by the
operating companies of the Group. It also adopted and deployed Group-wide the
Internal Control System (“ICS”).
The internal control function has been embedded in the finance organisation.
This task is performed by Group Finance, that together with the local entity’s finance
department and the Legal Compliance officer is responsible for ensuring that the
necessary controls are performed along with adequate monitoring.
Internal controls comprise the control of the Company’s and Group’s organisa-
tion, procedures and remedial measures. The objective is to ensure reliable and cor-
rect financial reporting, and to ensure that the Company’s and Group’s financial
reports are prepared in accordance with law and applicable accounting standards
and that other requirements are complied with. The internal control system is also
intended to monitor compliance with the Company’s and Group’s policies, principles
and instructions. In addition, the control system monitors security for the Company
assets and monitors that the Company’s resources are exploited in a cost-effective
and adequate manner. Internal control also involves following up on the imple-
mented information and business system, and risk analysis.
Financial risks management is described in more detail in the Risk Management
note of the Consolidated Financial Statements.
NOTE 11. Related Party Transactions
As of 31 December 2024, the company has granted no loans, advances, borrowings
or guarantees in favor of member of the Board of Directors and members of the
Cavotec Management T eam or parties closely related to such persons.
NOTE 14. Subsequent events
No significant subsequent events occurred.
NOTE 13. Full-time equivalents
The number of full-time equivalents, as well as the previous year, did not exceed 10
on an annual average basis.
NOTE 12. Legal risks
As a global company with a diverse business portfolio, the Group is exposed to
numerous legal risks, particularly in the areas of product liability, competition and
tax assessments. The outcome of any current or future proceedings cannot be
predicted. It is therefore possible that legal or regulatory judgments or future settle-
ments could give rise to expenses that are not covered, or not fully covered, by
insurers’ compensation payments and could significantly affect our revenues and
earnings.
CAVOTEC SA
Proposed carry forward of the accumulated losses
CHF 31 Dec. 2024
Profit/(Losses) brought forward (106,878,416)
Profit/(Losses) for the year 1,396,534
T otal losses (105,481,882)
Appropriation to general statutory reserves
(retained earnings) –
Appropriation to other reserves –
Proposed balance to be carried forward (105,481,882)
The Board of Directors’ proposal to the Annual General Meeting is that no dividend is
to be paid for the 2024 financial year.
83CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Consolidated Financial Statements Notes to the Financial Statements Risk Management Statutory Financial Statements Notes to the Financial Statements
===== SIDA 84 =====
Report of the statutory auditor
to the General Meeting of Cavotec SA, Lugano
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Cavotec SA (the Company), which comprise the income
statement for the year ended 31 December 2024, the balance sheet as at 31 December 2024 and notes to
the statutory financial statements, including a summary of significant accounting policies.
In our opinion, the financial statements (pages 79 to 83) comply with Swiss law and the Company’s
articles of incorporation.
Basis for opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our
responsibilities under those provisions and standards are further described in the ‘Auditor’s
responsibilities for the audit of the financial statements’ 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.
Our audit approach
Overview
Overall materiality: CHF 0.9 million
We tailored the scope of our audit in order to perform sufficient work to
enable us to provide an opinion on the financial statements as a whole,
taking into account the structure of the Company, the accounting
processes and controls, and the industry in which the Company operates.
As key audit matter the following area of focus has been identified:
Investments valuation in subsidiary companies
Materiality
The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide
reasonable assurance that the financial statements are free from material misstatement. Misstatements
may arise due to fraud or error. They are considered material if, individually or in aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of the financial
statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall materiality for the financial statements as a whole as set out in the table below.
These, together with qualitative considerations, helped us to determine the scope of our audit and the
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both
individually and in aggregate, on the financial statements as a whole.
Overall materiality CHF 0.9 million
Benchmark applied Total assets
Rationale for the materiality
benchmark applied
We chose total assets as the benchmark because, in our view, it is
the relevant benchmark for a holding company that mainly holds
investments and it is a generally accepted benchmark.
We agreed with the Audit Committee that we would report to them misstatements above CHF 55’000
identified during our audit as well as any misstatements below that amount which, in our view, warranted
reporting for qualitative reasons.
Audit scope
We designed our audit by determining materiality and assessing the risks of material misstatement in the
financial statements. In particular, we considered where subjective judgements were made; for example,
in respect of significant accounting estimates that involved making assumptions and considering future
events that are inherently uncertain. As in all of our audits, we also addressed the risk of management
override of internal controls, including among other matters consideration of whether there was evidence
of bias that represented a risk of material misstatement due to fraud.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Cavotec SA | Report of the statutory auditor to the General Meeting
===== SIDA 85 =====
Investments valuation in subsidiary companies
Key audit matter How our audit addressed the key audit matter
At 31 December 2024, the carrying value of the
company’s investments amounts to CHF 87.9
million (2023: CHF 86.5 million).
The principal considerations for our determination
that the valuation of investments in subsidiary
companies is a key audit matter are the
significant amount of the investments in the
balance sheet and the judgement involved in
the impairment assessment.
We have tested management’s assessment of the
recoverability of investments as follows:
• W e compared the carrying amounts of the invest -
ments against the underlying net assets.
• W e compared the market capitalization of Cavo -
tec SA as at 31 December 2024 with the equity of
the Company.
The procedure performed provided a sufficient
basis to conclude on the approach of investments
valuation in subsidiary companies.
Other information
The Board of Directors is responsible for the other information. The other information comprises the
information included in the annual report, but does not include the financial statements, the consolidated
financial statements, the remuneration report and our auditor’s reports thereon.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements 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 financial statements
The Board of Directors is responsible for the preparation of financial statements 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 financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on
EXPERTsuisse’s website: http://www.expertsuisse.ch/en/audit-report . This description forms an integral
part of our report.
Report on other legal and regulatory requirements
In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an internal
control system that has been designed, pursuant to the instructions of the Board of Directors, for the
preparation of the financial statements.
Based on our audit according to article 728a para. 1 item 2 CO, we confirm that the Board of Directors’
proposal complies with Swiss law and the Company’s articles of incorporation. We recommend that the
financial statements submitted to you be approved.
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
===== SIDA 86 =====
At the end of 2024, we announced several significant orders for shore
power. These orders are clear signs of the strong need to reduce
emissions in marine environments, driven by increasingly stringent
regulations. They also reflect our ability to deliver innovative systems
that meet the evolving needs of the shipping industry.
Other
Information
Financial definitions The share Shareholder information Cavotec’s history in brief
86CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
===== SIDA 87 =====
PROFITABILITY MEASURES
EBIT – Used synonymously with operating result.
Adjusted EBIT – Operating result excluding non-recurring items. Separate
reporting of items affecting comparability between periods provides a
better understanding of Cavotec’s underlying operating activities.
EBIT margin – Operating result as a percentage of revenue.
EBIT margin is a key profitability measure.
EBITDA – EBITDA is a measure of earnings before interest, taxes,
depreciation, amortisation and impairment charges. EBITDA measures
Cavotec’s operating performance and the ability to generate cash from
operations, without considering the capital structure of the group or its
fiscal environment.
Adjusted EBITDA – EBITDA excluding non-recurring items. Separate
reporting of items affecting comparability between periods provides
a better understanding of Cavotec’s underlying operating activities.
EBITDA margin – EBITDA as a percentage of revenue. EBITDA margin
is a key profitability measure.
Non-recurring items – Any material items which represent gains or
losses arising from: restructuring of the activities of an entity and reversal
of any provisions for the costs of restructuring as defined under IFRS,
disposal of non-current assets, disposal of assets associated with
discontinued operations, extraordinary provisions and litigation.
Non-recurring items are relevant when comparing earnings for one
period with those of another. Separate reporting of items affecting
comparability between periods provides a better understanding of
Cavotec’s underlying operating activities.
Financial definitions
Earnings per share, after dilution – Earnings per share is expressed as
net income attributable to equity holders of the parent company divided
by the weighted average number of shares outstanding (net of treasury
shares), after dilution. Earnings per share is a good measure of Cavotec’s
profitability and is used to determine the value of its outstanding shares.
CAPITAL INDICATORS
Capital employed – T otal equity and liabilities less non-interest-bearing
debt including deferred tax liabilities. This measure shows the amount of
capital that is used in the operations and is an important component for
measuring the return from operations.
Equity/assets ratio – Equity attributable to equity holders of the Parent
Company as a percentage of total assets. A measure for showing
financial risk, expressing the percentage of total assets that is financed
by the owners.
Leverage ratio – Senior net debt divided by adjusted EBITDA. The ratio
indicates Cavotec’s ability to meet its financial obligations.
Net debt – Net debt is defined as total interest-bearing liabilities plus
dividend payable, less liquid funds and interest-bearing assets. The
measure shows Cavotec’s indebtedness.
Net debt/equity ratio – Net debt as a percentage of total equity. T otal
equity is shareholders’ equity including minority interests. The measure
shows financial risk and is useful to monitor the level of Cavotec’s
indebtedness.
Senior net debt equity ratio – Senior net debt is all interest bearing
indebtness that is not subordinated minus liquid assets. The measure
shows Cavotec’s indebtedness.
Working capital – Inventories and trade receivables less trade pay-
ables. This measure shows how much working capital is tied up in the
operations and can be put in relation to sales to understand how
efficient working capital is managed.
OTHER INDICATORS
Order backlog – Received and confirmed sales orders not yet delivered
and accounted for as net sales. The measure indicates the efficiency of
the conversion of received and confirmed sales orders into net sales in
future periods.
Order intake – Received and confirmed sales orders minus cancelled
orders during the reporting period. The measure indicates future
revenues and is important for the management of Cavotec’s business.
This report includes financial measures as required by the financial reporting framework applicable to Cavotec SA, which is based on IFRS. In addition, there are other
measures (alternative performance measures) used by management and other stakeholders to analyse trends and performance of the group’s operations that cannot
be directly read or derived from the financial statements. Cavotec stakeholders should not consider these as substitutes, but rather as additions, to the financial
reporting measures prepared in accordance with IFRS. Refer below for a list of definitions of all measures and indicators used, referred to and presented in this report.
87CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Financial definitions The share Shareholder information Cavotec’s history in brief
===== SIDA 88 =====
In 2024, a total of 8.6 (14.4) million shares were traded of which 96.1%
(94.0%) on Nasdaq Stockholm. The daily average was 34,461 (14,433)
shares of which 33,108 (13,660) were traded on Nasdaq Stockholm.
The share price increased 17.4% (6.7%) in 2024. Nasdaq Stockholm,
measured by the OMXS PI index, increased 5.7% (15.5%) in 2024.
In 2024, the highest closing price SEK 22.80 was paid on 17 July
and the lowest price SEK 13.65 was paid on 9 February.
The market capitalisation was SEK 1,803 (1,536) million on the last
trading day of the year.
SHAREHOLDERS
The number of known shareholders increased 13.7% to 2,296 (2,019).
Most of the holdings, 77.6% (76.6%), are in Sweden, followed by
Switzerland with 7.1% (7.1%) and Finland with 6.3% (6.1%). Of the
known shareholders, the largest type of shareholders is investment and
private equity companies holding 35.9% (35.3%) % of the shares, while
private individuals hold 17.6% (17.8%).
Bure Equity is the single largest shareholder with 35.85% (35.20%)
of the share capital and votes.
All information about shareholders and trading comes from Monitor,
Modular Finance.
THE SHARE AND SHARE CAPITAL
Each share in Cavotec carries one vote and all shares have equal right
to dividend. The number of shares and votes is 106,696,030 and each
share has a par value of CHF 0.70. The share capital is CHF 74,687,221.
DIVIDEND POLICY AND DIVIDEND
Cavotec’s target is to distribute dividends of approximately 30-50% of
net profits over a business cycle. Any pay-out decision will be based on
the company’s financial position, investment needs, acquisitions and
liquidity position.
The Board of Directors proposes to the Annual General Meeting
2025 that no dividend be paid for the 2024 financial year.
The share in 2024
The Cavotec share is listed on Nasdaq Stockholm since 2011 in the mid-cap segment. In 2024, the share price increased 17.4%
compared to the Nasdaq Stockholm index OMXS PI, which increased 5.7%. The number of known shareholders increased 13.7% to 2,296.
TEN LARGEST SHAREHOLDERS 31 DECEMBER 2024
Shareholder Shares Capital and votes
Bure Equity 38,254,921 35.85%
Thomas von Koch 21,318,942 19.98%
Fabio Cannavale 7,583,008 7.11%
Fourth Swedish National Fund 5,793,710 5.43%
Nordea Funds 4,685,626 4.39%
Fondita Fund Management 2,000,000 1.87%
Patrik Tigerschiöld and family 1,598,000 1.50%
Fredrik Palmstierna 1,503,896 1.41%
SEB Investment Management 1,267,063 1.19%
Eric Isaac 1,234,382 1.16%
Ten largest shareholders 85,239,548 79.89%
Others 21,456,482 20.11%
Total 106,696,030 100.00%
HOLDING DISTRIBUTION 31 DECEMBER 2024
Holding size Capital and votes Shares Number of known shareholders Share of known shareholders
1-500 0.18% 188,054 1,557 67.81%
501-1,000 0.18% 189,251 233 10.15%
1,001-5,000 0.72% 764,906 318 13.85%
5,001-10,000 0.54% 571,540 74 3.22%
10,001-20,000 0.40% 422,935 27 1.18%
20,001- 89.53% 95,520,071 87 3.79%
Unknown holding size 8.47% 9,039,273 0 0.00%
T otal 100.00% 106,696,030 2,293 100.00%
88CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Financial definitions The share Shareholder information Cavotec’s history in brief
===== SIDA 89 =====
COUNTRY DISTRIBUTION, %
OWNER TYPE DISTRIBUTION, %
Sweden, 77.6%
Switzerland, 7.1%
Finland, 6.3%
Others, 9.0%
Investment and private equity, 35.9%
Private individuals, 17.6%
Fund companies, 8.6%
Others, 37.9%
DEVELOPMENT OF THE SHARE CAPITAL
Activity Date Shares Share capital, CHF
Listing on Nasdaq Stockholm 19 October 2011 71,625,472 110,665,691
Reduction share capital 4 May 2012 71,625,472 109,237,747
Reduction share capital 23 April 2013 71,625,472 105,667,886
Reduction share capital 23 April 2014 71,625,472 102,098,025
Increase share capital 19 September 2014 78,764,272 112,306,480
Reduction share capital 22 April 2015 78,764,272 108,379,680
Reduction share capital 22 April 2016 78,764,272 106,023,600
Reduction share capital 29 March 2017 78,764,272 102,096,800
Rights issue 4 January 2019 94,471,472 120,631,296
Reduction share capital 2 June 2022 94,471,472 65,970,240
New issue 22 February 2023 106,696,030 74,687,221
T otal outstanding shares 31 December 2024 106,696,030 74,687,221
0
80,000
160,000
240,000
320,000
400,000
Volume CCC
0
5
10
15
20
25
OMXSPI (norm vs CCC)
CCC
2024-01-01 2024-02-01 2024-03-01 2024-04-01 2024-05-01 2024-06-01 2024-07-01 2024-08-01 2024-09-01 2024-10-01 2024-12-302024-11-01 2024-12-01
SEK NO OF SHARES
SHARE PRICE DEVELOPMENT AND VOLUME ON NASDAQ STOCKHOLM 2024
ANAL YST
Cavotec is followed by the analyst listed below.
Publicly a vailable analyst reports on Cavotec are available
on www. introduce.se/foretag/cavotec/start/.
For further information, please contact the analyst below.
FIRM
ABG Sundal Collier (sponsored research)
Analyst Lara Mohtadi
Karl.Bokvist@abgsc.se
Phone: +46 8 566 286 00
THE CAVOTEC SHARE
ISIN: CH0136071542
Ticker: CCC
CCC OMXSPI (norm vs CCC) Volume CCC
89CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Financial definitions The share Shareholder information Cavotec’s history in brief
===== SIDA 90 =====
FINANCIAL CALENDAR
First quarter report 25 April 2025
Second quarter report 25 July 2025
Third quarter report 7 No vember 2025
Fourth quarter report 20 F ebruary 2026
Annual and Sustainability Report 2025 W eek that begins 30 March 2026
IR CONTACT
Joakim Wahlquist, CFO
Phone +41 91 911 4010
Email investor@cavotec.com
2025 ANNUAL GENERAL MEETING
The Annual General Meeting 2025 will take place on 3 June 2025
in Lugano, Switzerland.
FINANCIAL INFORMATION
Cavotec’s annual report and quarterly reports are published in English.
They are available for download at https://ir.cavotec.com/financial-reports
Cavotec SA
Corso Elvezia 16
CH-6900 Lugano
Switzerland
+41 91 911 4010
investor@cavotec.com
cavotec.com
Shareholder information
90CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Financial definitions The share Shareholder information Cavotec’s history in brief
===== SIDA 91 =====
Cavotec’s history in brief
2017
1974
2018
2011
1976
2020
2008
1984
2021
2007
1999
2023
1997
2022
2004
2002
2024
• Specimas AB registered
in Sweden as sales agent
for Italian Specimas SpA.
• Opening of new production
facility in Milan, Italy.
• Launch of services offering.
• Cavotec confirms its leadership in
automated mooring and charging
for electric ferries with the first
connection of a battery powered
vessel in Finland.
• Specimas AB is renamed
Cavotec AB.
• Launch of MoorMaster NxG,
the next generation
automated vacuum mooring.
• Sales offices opened in Spain and Brazil.
• Acquisition of INET Group in the US.
• Listing on Nasdaq Stockholm.
• Cavotec acquires
Specimas SpA.
• New strategy launched to
focus on cleantech for ports
and industrial applications.
• Acquisition of Dabico Group in the
US and UK, Meyerinck in Germany
and Gantrex operations.
• Acquisition of Alfo Apparatebau
in Germany.
• Starts a sales company in
Singapore.
• Divestment of the
airport division.
• Merger with the British company
Mooring Systems.
• Listing on New Zealand Stock Exchange.
• Head office moves to Switzerland.
• Acquisition of Metool in
Australia and RMS
Enrouleurs in France.
• Starts a sales company in
Denmark.
• Focus on the transformation
of Cavotec to build a stronger
company and grow profitably.
• Acquisition of Fladung in Germany
and Micro-control in Norway.
• Acquisition of Gantrex
Group in Canada, South
Africa and the US.
• Solid financial improvements and
strong order intake.
Cavotec’s Board at
Cavotec Specimas
in March 2005.
Head office moves
to Switzerland.
Cavotec sales engineers at a
Micro-control training session
in Stjördal, Norway 2002.
Cavotec manage-
ment outside
Specimas Ltd 1989.
El-Fack exhibition
in Göteborg,
Sweden 1977.
Lars at work
in a Swedish
mine 1976.
91CAVOTEC | ANNUAL AND SUSTAINABILITY REPORT 2024
INTRODUCTION STRATEGY SEGMENTS SUSTAINABILITY REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION
Financial definitions The share Shareholder information Cavotec’s history in brief
===== SIDA 92 =====
===== SIDA 93 =====
===== SIDA 94 =====