Kvartalsrapport Q2 2023

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

Q2 2023 | Interim report  
January-June 2023

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

Q2 2023  |  Interim report January-June 2023 
 
1  ● investor@cavotec.com 
 
 
Strong increase in revenues and growing profitability 
 
 
APRIL–JUNE 2023  
• Revenues increased 44.4% to EUR 45.7 million (31.7) 
• EBIT amounted to EUR 1.2 million (-0.9), corresponding to 
an EBIT-margin of 2.6% (-3.0%) 
• Net result for the period was EUR -0.9 million (0.9)  
• Operating cash flow amounted to EUR -4.6 million (2.2) 
• Earnings per share basic and diluted amounted to  
EUR -0.009 (0.017) 
 
 
 
JANUARY–JUNE 2023 
• Order backlog decreased -8.2% to EUR 140.3 million (152.8)  
• Revenues increased 44.3% to EUR 85.3 million (59.1) 
• EBIT amounted to EUR 1.5 million (-2.4), corresponding to 
an EBIT-margin of 1.7% (-4.1%) 
• Net result for the period was EUR -2.3 million (1.3)  
• Operating cash flow amounted to EUR -7.5 million (2.1) 
• Earnings per share basic and diluted amounted to  
EUR -0.022 (0.014) 
 
 
 
 
Unless otherwise stated, figures in brackets refer to the same period in the preceding year. 
 
Key events during the quarter 
• Cavotec made a strategic decision to expand its operations in India to drive growth and support global sourcing.  
• Cavotec won a major turnkey order for on-shore power worth approximately EUR 5 million. 
• Joakim Wahlquist officially started as CFO as of 1 May 2023. 
• Jörgen Ohlsson has been appointed Senior Vice President Global Operation and will be a member of the Cavotec 
Management Team starting from August 2023.  
• At the end of the quarter Cavotec agreed with the lenders to a covenant waiver for the remainder of 2023.

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

Q2 2023  |  Interim report January-June 2023 
  
2  ● investor@cavotec.com 
 
FINANCIAL SUMMARY
 
 
* The income statement has been amended for the year 2022 to reflect discontinued operations in line with IFRS 5. 
 
Please refer to page 11 and 12 for further segmental details  
  
EUR 000’s Q223 Q222 Delta 1H23 1H22 Delta Dec 2022 
Order backlog          140, 257          152,794  -8.2%         140,257          152,794  -8.2%         147,207  
        
Revenues            45,734            31,671  44.4%           85,261            59,078  44.3%         147,849  
               
EBITDA              2,656                 580  357.9%             4,648                 724  542.0%             1,631  
EBITDA margin, % 5.8% 1.8% 4.0 pp 5.5% 1.2% 4.3 pp 1.1% 
               
EBIT              1,171  (942) 224.3%             1,477            (2,415)  161.2%            (4,506)  
EBIT margin, % 2.6% -3.0% 5.6 pp 1.7% -4.1% 5.8 pp -3.0% 
               
Net profit/(loss) for the period  (932)             1,627  -157.3% (2,276)             1,350  -268.7% (3,170) 
               
Operating Cash Flow  (4,572) 2,168 -310.9% (7,494)             2,067  -462.6% (5,485) 
               
Full time equivalent employees 625 616 9 625 616 9 640 
               
The KPIs below includes discontinued operations *               
               
Net profit/(loss) for the period  (932) 900 -203.6% (2,276) (3,307) -31.2% (14,692) 
               
Basic and diluted earnings per share, EUR (0.009)  0.009  -200.0%  (0.022)  (0.035)  -37.1%  (0.156)  
               
Operating Cash Flow  (4,572) (137) 3237.2% (7,494) (6,080) 23.3% (20,993) 
               
Net debt (23,314) (25,274) -7.8% (23,314) (25,274) -7.8% (30,328) 
Equity/assets ratio 34.7% 31.5% 3.2 pp 34.7% 31.5% 3.2 pp 26.2% 
Leverage ratio 3.73x 6.46x -2.7x 3.73x 6.46x -2.7x 12.5x

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

Q2 2023  |  Interim report January-June 2023 
 
 
 
 
3  ● investor@cavotec.com 
Comment from the CEO 
 
Strong revenue and continued 
positive EBIT development 
 
 
 
 
 
 
In the second quarter we reported revenues of EUR 45.7 
million, an increase of 16% compared to the first quarter, and 
an increase of 44% compared to the same period last year. 
Revenues in Ports & Maritime increased by 65.3%, to EUR 
28.8 million and revenues in Industry increased by 18.9%, to 
EUR 17.0 million compared to the same period last year.  
 
Due to a combination of an uptick in deliveries and delays in 
order intake, our order backlog decreased to EUR 140.3 
million, an -8% reduction compared to the same period last 
year. The slightly lower order intake is explained by delayed 
orders in our Ports & Maritime and Industry businesses with 
customers carefully evaluating the macroeconomic 
environment. During this and recent quarters, we have 
improved our delivery performance and lead-times. Our total 
installed base continues to grow and this provides 
considerable opportunities for our Services business which 
performed strongly in the second quarter. 
 
Due to increased volume and improved profitability of new 
orders, we continued to build on the positive EBIT 
performance in the first quarter. EBIT in the second quarter 
amounted to EUR 1.2 million, corresponding to an EBIT 
improvement of EUR 0.9 million versus the first quarter of 
2023 and EUR 2.1 million compared to the same period last 
year. We remain fully focused on deriving more profitability 
from our existing order book, while at the same time taking 
actions to win new orders with improved margins. We are 
starting to see the benefits and effects of the changes we 
have introduced, but there is still much we want to do. 
Further improvements to our profitability will come after we 
have delivered the portion of our Ports & Maritime 
orderbook which was booked before the global supply chain 
disruptions and emergence of inflationary pressure. It will still 
take some time for those orders to fully unwind due to long 
delivery schedules. However, we are actively identifying ways 
to offset higher costs with the introduction of cost 
optimization programs. Finally, similar to many companies, 
we were forced to increase our prices to counter the impact 
of higher costs. Our pricing now better reflects the value we 
deliver to our customers. These effects combined are set to 
contribute to a steady improvement in profitability 
throughout the year. 
 
On the back of the above and encouraging EBIT improvement 
and revenue growth, we agreed at the end of the quarter 
with our lenders to a covenant waiver for the remainder of 
2023. 
 
We have recently developed a strategy focused on 
production and sourcing to ensure that Cavotec also in the 
future is well equipped to continue delivering high-quality 
products at competitive prices going forward. 
On June 23rd Jörgen Ohlsson was appointed Senior Vice 
President Global Operations effective August 21st, 2023. With 
his strong track-record of driving transformation projects and 
implementing processes aimed at optimizing site production 
and global sourcing costs reduction programs, Jörgen is an 
ideal addition to the team. I have asked Jörgen to focus 
initially on setting up a global sourcing function with 
commodity managers to build an efficient and scalable supply 
chain organization across all Cavotec sites. I believe this will 
play a key role in building “One Cavotec” from an operations 
and procurement standpoint. 
 
Furthermore, I am delighted to share the exciting news that 
Cavotec has decided to expand its operations into India by 
opening a new scalable facility, marking a pivotal step 
towards our vision of growth and customer-centricity.  
The expansion, which will not involve major investment, is 
required to fuel our growth, and will focus on serving our 
customers primarily located in India and Southeast Asia. By 
capitalizing on India’s robust manufacturing capabilities and 
cost-effective resources, we expect to support all our 
operations globally with new and competitive suppliers from 
the region as well as enabling us to increase our overall 
capacity.  
 
I have now completed my first year as Cavotec CEO, during 
these 12 months I have spent considerable time meeting our 
valued customers and partners and visiting our offices and 
operations around the world. My most important observation 
from this time is that demand for our solutions is strong. I am 
confident that we are well positioned to capture the 
technological shift to sustainable electrical solutions. I am 
also proud of the passion I have seen in our people, and of 
the work that has been put in to get Cavotec back on a 
profitable track. Most of all, I am excited at the prospect of 
what we are yet to achieve, and I am certain that Cavotec will 
continue to grow, and to grow profitably.  
  
Stockholm, July 28, 2023 
 
      
 
David Pagels 
Chief Executive Officer

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

Q2 2023  |  Interim report January-June 2023 
 
 
 
4  ● investor@cavotec.com 
ORDER BACKLOG AND REVENUE 
 
EUR 000s Q223 Q222 1H23 1H22 
 Ports & 
Maritime 
Industry Total Ports & 
Maritime 
Industry Total Ports & 
Maritime 
Industry Total Ports & 
Maritime 
Industry Total 
Revenue from sales of 
goods and services 
28,764 16,970 45,734 17,398 14,273 31,671 52,400 32,861 85,261 29,748 29,330 59,078 
Increase/(decrease) 11,366 2,697 14,063 (4,394) (1,480) (5,874) 22,652 3,531 26,183 (243) (4,184) (3,941) 
Percentage change 65.3% 18.9% 44.4% 33.8% 11.5% 22.8% 76.1% 12.0% 44.3% -0.81% 16.6% 7.2% 
Of which 
            
- Volumes and prices 66.3% 19.9% 45.4% 34.8% 12.5% 20.0% 77.8% 14.6% 46.4% -4.3% 14.8% 4.5% 
- Currency effects -1.0% -1.0% -1.0% -1.0% -1.0%  2.8% -1.7% -2.6% -2.1% 3.5% 1.8% 2.7% 
 
 
 
DIVISIONS 
 
Revenue     
EUR 000s Q223 Q222 Change % 1H23 1H22 Change % LTM Rolling FY22 Change % 
Ports & Maritime 28,764 17,398 65.3% 52,400 29,748 76.1% 110,911 88,259 25.7% 
Industry 16,970 14,273 18.9% 32,861 29,330 12.0% 63,121 59,590 5.9% 
Total 45,734 31,671 44.4% 85,261 59,078 44.3% 174,032 147,849 17.7% 
 
 
Order Backlog   
EUR 000s 1H23 1H22 Change % Q123 Change % FY22 Change %   
Ports & Maritime  108,755   121,963  -10.8%  120,357  -9.6%  116,916  -7.0%   
Industry 31,502  30,831  2.2% 29,264 7.6% 30,291 4.0%   
Total  140,257   152,794  -8.2%  149,621  -6.3%  147,207  -4.7%

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

Q2 2023  |  Interim report January-June 2023 
 
 
 
5  ● investor@cavotec.com 
Financial Review 
 
APRIL-JUNE 2023 
 
Starting January 2023, Cavotec SA reports its business in two 
segments: Ports & Maritime and Industry.  
 
Revenue and Order Backlog 
Order backlog decreased -6.3% compared to Q123 to EUR 140.3 
million. Revenue increased 44.4% to EUR 45.7 million (31.7) and an 
increase of 15.7% compared to Q123 (39.5). 
  
 
Operating Result (EBIT) 
EBIT amounted to EUR 1.2 million (-0.9), corresponding to an EBIT 
margin of 2.6% (-3.0%).  
 
We aim to improve profitability from existing orders, while winning 
new orders at better margins. We see benefits from recent changes, 
but more improvements are planned. 
 
Despite a number of challenges, our profitability is set to improve as 
we fulfill orders that were placed prior to recent market disruption. 
We started offsetting the higher costs through cost optimization and 
price adjustments, resulting in profitable growth. 
 
Profit for the period and earnings per share 
Finance costs amounted to EUR -0.8 million (-0.4). Currency 
exchange differences amounted to EUR 0.1 million (3.3). Income tax 
expenses for the quarter amounted to EUR -1.4 million (-0.3). 
Net result for the period was EUR -0.9 million (1.6). Earnings per 
share basic and diluted amounted to EUR -0.009 (0.017). 
 
Cash flow 
Operating cash flow amounted to EUR -4.6 million (2.2) in the 
quarter. Inventory levels at the end of Q2 decreased by -0.9 million  
(6.9) compared to the end of Q123. Receivables and contract assets 
decreased EUR -1.2 million (0.9), due to improved collections. 
Payables and contract liabilities decreased by -6.2 million (11.9).  
Investing activities amounted to a cash outflow of EUR -0.2 million 
(0.1), mainly due to investments in properties, plants, and 
equipment. Cash flow from financing activities was EUR -3.8 million 
(2.5), mainly due to the repayment of the revolving credit facility 
and lease payments. Cash and cash equivalents amounted to EUR 
8.7 million as of 30 June 2023 (10.0). 
 
JANUARY-JUNE 2023 
 
 
 
 
Revenue and Order Backlog 
Order backlog decreased -4.7% compared to December 2022.  
Revenue increased 44.3% to EUR 85.3 million (59.1). 
 
  
 
Operating Result (EBIT) 
EBIT amounted to EUR 1.5 million (-2.4), corresponding to an EBIT 
margin of 1.7% (-4.1%). Over the first six months, profitability was 
influenced by a combination of factors. In the beginning of the year, 
we faced margin challenges due to unforeseen supply chain 
disruptions and cost increases stemming from past orders with low 
pricing. During the second quarter new orders with better margins 
and cost optimization programs led to increased profitability.  
 
Employees 
The number of full-time equivalent employees in Cavotec was 625 
as of 30 June 2023 (616). 
 
Profit for the period and earnings per share 
Finance costs amounted to EUR -1.8 million (-0.5). Currency 
exchange differences amounted to EUR 0.1 million (4.4). Income tax 
expenses for the quarter amounted to EUR -2.0 million (-0.1). 
Net result for the period was EUR -2.3 million (1.3). Earnings per 
share basic and diluted amounted to EUR -0.022 (0.014). 
 
Cash flow 
Operating cash flow amounted to EUR -7.5 million (2.1) in 1H23. 
Inventory levels at the end of 1H23 increased by 0.4 million (11.3) 
compared to the end of last year. Receivables and contract assets 
decreased EUR -5.1 million (-2.9), due to improved collections. 
Payables and contract liabilities decreased by -12.7 million (15.3). 
Investing activities amounted to a cash outflow of EUR -0.3 million  
(-0.5), mainly due to investments in properties, plants, and 
equipment. Cash flow from financing activities was EUR 6.4 million 
(5.8), mainly due to the equity increase, partially offset by 
repayment of the revolving credit facility and lease payments.  
 
 
 -
 5
 10
 15
 20
 25
 30
 35
 40
 45
 50
Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223
Millions EUR
Quarterly Revenues Cavotec
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
 (2,0)
 (1,5)
 (1,0)
 (0,5)
 0.0
 0,5
 1,0
 1,5
Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223
Millions EUR
Quarterly Operating Result Cavotec
Ports & Maritime 
 Industry 
 Operating Result 
Cavotec 
 
Operating Result 
Cavotec, %

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

Q2 2023  |  Interim report January-June 2023 
 
 
 
6  ● investor@cavotec.com 
 
 
Ports & Maritime  
 
Ports & Maritime´s order backlog decreased by -9.6% compared to 
the previous quarter and by -10.8% compared to the same period 
last year, to EUR 108.8 million. The decrease was due to the 
combination of higher revenues and timing delays on key orders.  
 
Interest in Cavotec solutions continues to be strong and to grow, 
particularly in the shore power market, both for shore-side solutions 
and vessel retrofits, and due to the close collaboration with crane 
OEMs for motorized cable reels. 
 
Cavotec registered an increasingly high level of activity from 
customers in the European Union looking to prepare their ports in 
advance of regulatory changes. A growing number of port 
authorities, terminal operators, and shipping lines around the world 
are investing in shore power to increase the sustainability of their 
operations, even without facing regulatory pressure to do so. 
 
In the quarter, revenues increased by 65.3% compared to the same 
quarter last year, to EUR 28.8 million (17.4 million). Compared to the 
same half year, revenues increased by 76.1 % to EUR 52.4 million 
(29.7 million). This increase was mainly driven by deliveries of On-
Ship Shore Power products from our factory in China and On-Shore 
Shore Power, MoorMaster and motorized cable reel deliveries from 
Italy, as well as a strong performance by the Services business. 
 
 
Industry  
 
Industry´s order backlog increased by 7.6% compared to the 
previous quarter to EUR 31.5 million and increased by 2.2% 
compared to the same period in the previous year (EUR 30.8 
million).  This increase was mainly due to growth in project orders 
received for motorized cable reel solutions, particularly in the EMEA 
region. 
 
Revenues increased 18.9% to EUR 17.0 million compared to the 
same quarter last year (EUR 14.3 million). Compared to the same 
half year, revenues increased by 12.0% to 32.9 million (29.3 million). 
Revenue growth came mainly from deliveries of motorized cable 
reel systems and spring reels and collectors, especially in EMEA and 
the Americas. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
-0,3%
-0,3%
-0,2%
-0,2%
-0,1%
-0,1%
0,0%
0,1%
0,1%
0,2%
 (3,0)
 (2,5)
 (2,0)
 (1,5)
 (1,0)
 (0,5)
 0.0
 0,5
 1,0
 1,5
Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223
Millions EUR
Operating Result Ports & Maritime
-0,15%
-0,10%
-0,05%
0,00%
0,05%
0,10%
 (2,0)
 (1,5)
 (1,0)
 (0,5)
 0,0
 0,5
 1,0
 1,5
Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223
Millions EUR
Operating Result Industry
Operating Result 
Industry 
Operating Result 
Industry, % 
Operating Result 
P&M 
Operating Result 
P&M, %

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

Q2 2023  |  Interim report January-June 2023 
 
 
 
7  ● investor@cavotec.com 
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
EUR 000s 
Unaudited 
three months  
30 Jun, 2023 
Unaudited 
three months  
30 Jun, 2022* 
Unaudited 
six months  
30 Jun, 2023 
Unaudited 
six months  
30 Jun, 2022 
Audited 
year  
31 Dec, 2022 
Revenue from sales of goods and services 45,734 31,671 85,261 59,078 147,849 
Other income 681 587 1,094 1,100 1,776 
Cost of materials (25,194) (16,579) (46,774) (30,582) (80,911) 
Employee benefit costs (13,239) (10,783) (25,266) (21,590) (47,807) 
Operating expenses (5,326) (4,315) (9,667) (7,282) (19,276) 
Gross Operating Result 2,656 580 4,648 724 1,631 
      
Depreciation and amortisation (668) (769) (1,574) (1,548) (2,906) 
Depreciation of right-of-use of leased asset (817) (753) (1,597) (1,590) (3,222) 
Impairment losses - - - - (9) 
Operating Result 1,171 (942) 1,477 (2,415) (4,506) 
      
Interest income 10 - 7 - 108 
Interest expenses (807) (438) (1,844) (514) (1,354) 
Currency exchange differences – net 72 3,324 113 4,390 5,471 
Other financial item (18) - (32) - - 
      
Profit / (loss) before income tax 428 1,944 (279) 1,462 (281) 
      
Income taxes (1,360) (317) (1,997) (113) (2,890) 
      
Profit / (loss) for the period, continuing operations (932) 1,627 (2,276) 1,350 (3,170) 
Profit / (loss) for the period, discontinued operations - (727) - (4,657) (11,522) 
Profit / (loss) for the period (932) 900 (2,276) (3,307) (14,692) 
      
Other comprehensive income:      
Remeasurements of post-employment benefit obligations continued operations (1) (14) 3 12 507 
Remeasurements of post-employment benefit obligations discontinued operations - (11) - (16) 193 
Items that will not be reclassified to profit or loss (1) (25) 3 (4) 700 
      
Currency translation differences (881) (3,026) (1,410) (3,567) (8,364) 
Currency translation differences of discontinued operations - (629) - (768) (155) 
Items that may be subsequently reclassified to profit / (loss) (881) (3,655) (1,410) (4,334) (8,519) 
      
Other comprehensive income for the period, net of tax (882) (3,680) (1,407) (4,338) (7,819) 
      
Total comprehensive income for the period (1,814) (2,779) (3,683) (7,645) (22,511) 
      
Total comprehensive income attributable to:      
Equity holders of the Group (1,814) (2,779) (3,683) (7,645) (22,511) 
Non-controlling interest - 1 - (2) (29) 
Total (1,814) (2,778) (3,683) (7,643) (22,540) 
      
Profit / (loss) attributed to:      
Equity holders of the Group continued operations (932) 1,627 (2,276) 1,350 (3,170) 
Equity holders of the Group discontinued operations - (727) - (4,657) (11,522) 
Total (932) 900 (2,276) (3,307) (14,692) 
      
Basic and diluted earnings per share from continuing operations attributed to the 
equity holders of the Group (0.009) 0.017 (0.022) 0.014 (0.034) 
Basic and diluted earnings per share from discontinued operations attributed to the 
equity holders of the Group - (0.008) - (0.049) (0.122) 
Basic and diluted earnings per share attributed to the equity holders of the Group (0.009) 0.009 (0.022) (0.035) (0.156) 
Average number of shares 108,633,137 94,243,200 103,404,324 94,243,200 94,243,200

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

Q2 2023  |  Interim report January-June 2023 
 
 
 
8  ● investor@cavotec.com 
 
 
CONSOLIDATED BALANCE SHEET 
EUR 000s 
Unaudited 
30 Jun, 2023 
Unaudited 
30 Jun, 2022 
Audited 
31 Dec, 2022 
Assets    
Current assets    
Cash and cash equivalents 8,664                                       10,032 9,625 
Trade receivables 27,926 23,239 33,315 
Contract assets 1,750 670 1,171 
Tax assets 3,566 2,150 6,399 
Other current receivables 8,027 4,762 6,256 
Inventories 42,766 42,211 43,002 
Assets held for sale 2,084 28,689 2,320 
Total current assets 94,783 111,754 102,088 
    
Non-current assets    
Property, plant and equipment 5,313 6,385 5,941 
Right-of-use of leased assets 11,965 13,648 13,213 
Intangible assets 38,182 39,094 38,920 
Non-current financial assets 155 38 106 
Deferred tax assets 6,269 9,154 6,201 
Other non-current receivables 1,085 7,740 1,215 
Total non-current assets 62,969 76,059 65,597 
Total assets 157,752 187,813 167,685 
    
Equity and Liabilities    
Current liabilities    
Current financial liabilities - (3,827) (4,914) 
Current lease liabilities (2,605) (2,709) (2,687) 
Trade payables (29,805) (46,716) (36,126) 
Contract liabilities (21,792) (8,238) (28,125) 
Tax liabilities (2,230) (737) (3,101) 
Provision for risk and charges, current (2,161) (2,660) (2,032) 
Other current liabilities (12,513) (8,061) (11,906) 
Liabilities directly associated with assets classified as held for sale - (16,948) - 
Total current liabilities (71,106) (89,896) (88,891) 
    
Non-current liabilities    
Non-current financial liabilities (19,302) (17,030) (21,172) 
Non-current lease liabilities (9,374) (10,780) (10,353) 
Deferred tax liabilities (1,129) (2,234) (1,100) 
Other non-current liabilities (174) (59) (461) 
Provision for risk and charges, non-current (1,427) (7,360) (1,357) 
Employee benefit obligation (541) (1,294) (501) 
Total non-current liabilities (31,947) (38,756) (34,944) 
    
Total liabilities (103,053) (128,652) (123,835) 
    
Equity    
Share Capital (54,131) (100,169) (45,288) 
Reserves (55,914) (646) (51,633) 
Retained earnings 55,346 41,685 53,071 
Equity attributable to owners of the parent (54,699) (59,130) (43,850) 
Non-controlling interests - (31) - 
Total equity (54,699) (59,161) (43,850) 
    
Total equity and liabilities (157,752) (187,813) (167,685)

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

Q2 2023  |  Interim report January-June 2023 
 
 
 
9  ● investor@cavotec.com 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
EUR 000s 
Share 
Capital 
Reserves Retained 
earnings 
Equity related 
to owners of 
the parent 
Non- 
controlling 
interest 
Total equity 
Unaudited       
Balance as at 1 January 2022 (100,169)  (4,833)  38,379  (66,623)  (29)  (66,652) 
       
(Profit) / Loss for the period - - 3,307 3,307 - 3,307 
Currency translation differences - 4,334 - 4,334 (2) 4,334 
Remeasurements of post-employment benefit obligations - 4 - 4 - 4 
Total comprehensive income and expenses - 4,338 3,307 7,645 (2) 7,643 
       
Employees share scheme - (152) - (152) - (152) 
Transactions with shareholders - (152) - (152) - (152) 
       
Balance as at 30 June 2022 (100,169)                    (647)  41,686  (59,130)  (31)  (59,161) 
       
Audited       
Balance as at 1 January 2022 (100,169)  (4,833)  38,379  (66,623)  (29)  (66,652) 
       
(Profit) / Loss for the period - - 14,692 14,692 29 14,721 
Currency translation differences - 8,519 - 8,519 - 8,519 
Remeasurements of post-employment benefit obligations - (700) - (700) - (700) 
Total comprehensive income and expenses - 7,819 14,692 22,511 29 22,540 
       
Employees share scheme - 262 - 262 - 262 
Share Premium Reserve 54,881 (54,881) - - - - 
Transactions with shareholders 54,881 (54,619) - 262 - 262 
       
Balance as at 31 December 2022 (45,288) (51,633) 53,071 (43,850) - (43,850) 
 
Unaudited       
Balance as at 1 January 2023 (45,288) (51,633) 53,071 (43,850) - (43,850) 
       
(Profit) / Loss for the period - - 2,276 2,276 - 2,276 
Currency translation differences - 1,410 - 1,410 - 1,410 
Remeasurements of post-employment benefit obligations - (3) - (3) - (3) 
Total comprehensive income and expenses - 1,407 2,276 3,683 - 3,683 
       
Employees share scheme - (93) - (93) - (93) 
Capital increase (8,843) - - (8,843) - (8,843) 
Share Premium Reserve - (5,595) - (5,595) - (5,595) 
Transactions with shareholders (8,843) (5,688) - (14,531) - (14,531) 
       
Balance as at 30 June 2023 (54,131)              (55,914) 55,346 (54,699) - (54,699)

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

Q2 2023  |  Interim report January-June 2023 
 
 
 
10  ● investor@cavotec.com 
 
 
CONSOLIDATED STATEMENT OF CASH FLOWS 
EUR 000s 
Unaudited 
three months  
30 Jun, 2023 
Unaudited 
three months  
30 Jun, 2022 
Unaudited 
six months  
30 Jun, 2023 
Unaudited 
six months  
30 Jun, 2022 
Audited 
year  
31 Dec, 2022 
Profit / (loss) for the period (932) 900 (2,276) (3,307)                 (14,692) 
      
Loss from discontinued operations, net of income taxes - (727) - (4,657) (11,522) 
      
Adjustments for:      
Net interest expenses 798 438 1,837 513 1,246 
Current taxes 1,513 509 2,025 879 2,709 
Depreciation and amortization 668 733 1,574 1,478 2,906 
Depreciation of right-of-use of leased assets 817 753 1,597 1,590 3,222 
Impairment losses - 36 - 71 9 
Deferred tax (153) (192) (28) (766) 181 
Provision for risks and charges 210 686 429 707 (827) 
Capital (gain) or loss on assets - (3) 2 (4) - 
Other items not involving cash flows (1,850) (3,634) (1,749) (4,597) (4,907) 
Interest paid (619) (42) (1,736) (111) (945) 
Taxes (paid) / received (1,240) (1,100) (63) (2,509) (6,225) 
 144 (1,816) 3,888 (2,750) (2,631) 
      
Cash flow before changes in working capital (788) (189) 1,612 (1,400) (5,802) 
      
Impact of changes in working capital:      
Inventories 980 (6,881) (436) (11,251) (12,960) 
Trade receivables and contract assets 1,173 (920) 5,060 2,885 (8,784) 
Other current receivables (504) (987) (1,772) (1,546) (2,613) 
Trade payables and contract liabilities (6,219) 11,890 (12,655) 15,265 23,161 
Other current liabilities 785 (745) 696 (1,886) 1,513 
Impact of changes involving working capital (3,783) 2,357 (9,106) 3,467 317 
      
Net cash inflow / (outflow) from operating activities from continued operations (4,572) 2,168 (7,494) 2,067 (5,485) 
Net cash inflow / (outflow) from operating activities from discontinued operations - (2,305) - (8,147) (15,508) 
Net cash inflow / (outflow) from operating activities (4,572) (137) (7,494) (6,080) (20,993) 
      
Financial activities:      
Increase of equity capital - - 14,438 - - 
Net changes in loans and borrowings (2,649) 3,659 (6,618) 7,354 12,257 
Repayment of lease liabilities (1,154) (1,214) (1,451) (1,572) (3,073) 
Net cash inflow / (outflow) from financial activities from continued operations (3,803) 2,445 6,369 5,782 9,184 
Net cash inflow / (outflow) from financial activities from discontinued operations - (388) - (754) (907) 
Net cash inflow / (outflow) from financial activities (3,803) 2,057 6,369 5,028 8,277 
      
Investing activities:      
Investments in property, plant and equipment (178) (276) (276) (389) (1,183) 
Investments in intangible assets - (381) (2) (883) (1,399) 
(Increase)/Decrease of non-current financial asset (51) (5) (51) (18) (50) 
Disposal of assets - 811 - 812 1,142 
Net cash inflow / (outflow) from investing activities from continued operations (229) 149 (329) (478) (1,490) 
Net cash inflow / (outflow) from investing activities from discontinued operations - 2                               -  (9) 9,679 
Net cash inflow / (outflow) from investing activities (229) 152 (329) (487) 8,189 
      
Cash at the beginning of the period 16,543 8,669 9,625 12,230 12,230 
Cash flow for the period from continued operations (8,604) 4,772 (1,454) 7,380 2,209 
Cash flow for the period from discontinued operations - (2,700) - (8,919) (6,736) 
Cash flow for the period (8,603) 2,072 (1,454) (1,539) (4,527) 
Currency exchange differences 725 (709) 493 (659) 1,922 
Cash at the end of the period 8,664 10,032 8,664 10,032 9,625

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

Q2 2023  |  Interim report January-June 2023 
 
 
 
11  ● investor@cavotec.com 
 
 
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. 
 
30 June 2023 
EUR 000s 
 
       Ports & Maritime 
 
      Industry 
 
Total 
Revenue from external customer    
Timing of revenue recognition    
At a point in time 52,325 32,861 85,186 
Over time       75 - 75 
Total 52,400 32,861 85,261 
 
 
30 June 2022 
EUR 000s 
 
       Ports & Maritime 
 
Industry 
 
Total 
Revenue from external customer    
Timing of revenue recognition    
At a point in time 33,068 29,330 62,398 
Over time (3,320) - (3,320) 
Total 29,748 29,330 59,078 
 
 
31 December 2022 
EUR 000s 
 
 
 
Ports & Maritime 
 
 
 
Industry 
 
 
 
Total 
Revenue from external customer    
Timing of revenue recognition    
At a point in time 85,855 59,590 145,445 
Over time 2,404 - 2,404 
Total 88,259 59,590 147,849 
 
 
30 June 2023 
EUR 000s 
 
AMER 
 
EMEA 
 
APAC 
 
Total 
Ports & Maritime 7,628 21,663 23,109 52,400 
Industry 2,605 23,232 7,024 32,861 
Total 10,233 44,895 30,133 85,261 
 
 
30 June 2022 
EUR 000s 
 
AMER 
 
EMEA 
 
APAC 
 
Total 
Ports & Maritime 3,780 10,913 15,125 29,748 
Industry 1,891 21,076 6,363 29,330 
Total 5,601 31,989 21,488 59,078 
 
 
31 December 2022 
EUR 000s 
 
AMER 
 
EMEA 
 
APAC 
 
Total 
Ports & Maritime 8,621 40,616 39,022 88,259 
Industry 4,040 41,602 13,948 59,590 
Total 12,661 82,218 52,970 147,849

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

Q2 2023  |  Interim report January-June 2023 
 
 
 
12  ● investor@cavotec.com 
 
 
SEGMENT INFORMATION 
 
EUR 000s 
Ports & Maritime Industry Other reconciling 
items 
Total 
 
Unaudited 
Three months ended 30 June 2023 
    
Revenue from sales of goods and services 28,764 16,970 - 45,734 
Other income 473 209 - 681 
Cost of materials and operating expenses 
before depreciation and amortization (26,459) (16,001) (1,299) (43,759) 
Gross Operating Result (EBITDA) 2,777 1,178 (1,299) 2,656 
Unaudited  
Three months ended 30 June 2022  
  
 
Revenue from sales of goods and services 17,398 14,273 - 31,671 
Other income 414 173 - 587 
Cost of materials and operating expenses 
before depreciation and amortization (17,406) (12,994) (1,278) (31,678) 
Gross Operating Result (EBITDA) 406 1,453 (1,278) 580 
 
Unaudited 
Six months ended 30 June 2023 
    
Revenue from sales of goods and services 52,400 32,861 - 85,261 
Other income 628 467 - 1,094 
Cost of materials and operating expenses 
before depreciation and amortization (48,352) (30,858) (2,497) (81,707) 
Gross Operating Result (EBITDA) 4,675 2,470 (2,497) 4,648 
 
Unaudited 
Six months ended 30 June 2022 
    
Revenue from sales of goods and services 29,748 29,330 - 59,078 
Other income 689 411 - 1,100 
Cost of materials and operating expenses 
before depreciation and amortization (31,120) (25,721) (2,613) (59,455) 
Gross Operating Result (EBITDA) (683) 4,020 (2,613) 724 
 
 
Audited 
Year ended 31 December 2022  
  
 
Revenue from sales of goods and services 88,259 59,590 - 147,849 
Other income 830 946 - 1,776 
Cost of materials and operating expenses 
before depreciation and amortization (89,026) (54,294) (4,673) (147,994) 
Gross Operating Result (EBITDA) 61 6,243 (4,673) 1,631

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

Q2 2023  |  Interim report January-June 2023 
 
 
 
13  ● investor@cavotec.com 
PARENT COMPANY – CONDENSED STATEMENT OF COMPREHENSIVE INCOME 
 
CAVOTEC SA 
EUR 000s 
Unaudited 
three months  
30 Jun, 2023 
Unaudited 
three months  
30 Jun, 2022 
Unaudited 
six months  
30 Jun, 2023 
Unaudited 
six months  
30 Jun, 2022 
Audited 
year 
31 Dec, 2022 
Dividend  -  -  -  
Other income 1,508 524 2,060 1.092  1,104  
Employee benefit costs (261) (228) (612) (413)  (1,481) 
Operating expenses (760) (1,411) (1,395) (1,998)  (7,393) 
Operating Result 487 (1,115) 55 (1,319)  (7,770) 
Interest expenses – net (355) (92) (997) (103)  (319) 
Currency exchange differences – net 27 (14) 83 (18)  (29) 
Other financial items (18) - (37) - - 
Write down on investments - - - -  3,776  
Profit / (Loss) for the period 143 (1,221) (898) (1,439)  (4,342) 
Income taxes (5) (1) (6) (8)  (87) 
Profit / (Loss) for the period 138 (1,222) (904) (1,447)  (4,429) 
Other comprehensive income:      
Actuarial gain (loss) - - - -  (22) 
Total comprehensive income for the period 138 (1,222) (904) (1,447)  (4,451) 
 
PARENT COMPANY – CONDENSED BALANCE SHEET 
CAVOTEC SA 
EUR 000s 
Unaudited 
six months  
30 Jun, 2023 
Unaudited 
six months  
30 Jun, 2022 
Audited  
31 Dec, 2022 
Assets    
Current assets    
Cash and cash equivalents (681) (203)  166  
Trade receivables 1,794 294  1,136  
Tax assets 20 66  85  
Other current receivables 1.829 1,442  13,664  
Total current assets 2,962 1,599  15,051  
Non-current assets:    
Investment in subsidiary companies 93,365 91,106  93,365  
Deferred tax assets 68 76  68  
Total non-current assets 93,433 91,183  93,433  
    
Total assets 96,395 92,782 108,484 
    
Equity and Liabilities    
Current liabilities    
Bank overdraft - (27,019)  (1,081) 
Current financial liabilities - (2,955)  (2,955) 
Trade payables (1.669) (1,396)  (3,647) 
Other current liabilities (8,649) (49)  (16,669) 
Total current liabilities (10,318) (31,420)  (24,352) 
Non-current liabilities:    
Provision for risks and charges – non-current - (88) - 
Long-term financial debt (30,599) (18,000)  (42,045) 
Other non-current liabilities (18) (39)  (14) 
Total non-current liabilities (30,617) (18,126)  (42,059) 
    
Total liabilities (40,935) (49,547)  (66,411) 
    
Total equity (55,460) (43,234)  (42,073) 
    
Total equity and liabilities (96,395) (92,782)  (108,484)

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

Q2 2023  |  Interim report January-June 2023 
 
 
 
14  ● investor@cavotec.com 
 
General information  
Cavotec is a leading cleantech company that  designs and 
delivers connection and electrification solutions to enable the 
decarbonization of ports and industrial applications worldwide. Backed by 
more than 40  years of experience, our systems ensure safe, efficient,  and 
sustainable operations for a  wide variety  of customers and applications 
worldwide. 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, A ccountability, Performance and 
Teamwork. Cavotec’s personnel represent many cultures and provide 
customers with local support, backed by the Group’s global network of 
engineering expertise. Cavotec SA, the Parent company, is a limited 
liability company inc orporated and domiciled in Switzerland and listed on 
Nasdaq Stockholm Mid Cap.  
 
These unaudited Financial Statements have been approved by the Board 
of Directors for publication on 27 July 2023.  
 
Basis of preparation of Financial Statements  
This quarterly report was prepared in accordance with IFRS, applying IAS 
34 Interim Financial Reporting. The same accounting and valuation policies 
were applied in the most recent annual report. The amendments to the 
standards that became applicable for th e current reporting period did not 
have an impact on Cavotec accounts. The condensed interim financial 
statements should be read in conjunction with the annual financial 
statements for the year ended in December 202 2. The preparation of 
quarterly financial  statements requires management to make judgements, 
estimates and assumptions that affect the application of accounting 
policies and the reported amounts of assets and liabilities, income , and 
expenses. Actual results may differ from these estimates.  
 
Segment information  
Operating segments have been determined based on the Group 
Management structure in place and on the management information and 
used by the Chief Operating Decision Maker (CODM) to make strategic 
decisions. On July 29, 2022, Cavotec completed the divestment of its 
Airports business. As a result of  the divestment process , the Group has 
changed the organizational structure and reporting to the CODM. The 
Segment information presented in Q 223 report reflects the two new 
operating segments:  
 
Ports & Maritime – development, manufacture  and service of innovative 
automation 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.  
 
Noteworthy risks and uncertainties  
Cavotec’s significant risks and uncertainties are divided into three 
categories, market, credit, and liquidity risks. In these categories, there are 
both risks due t o political and macroeconomic trends and specific risks 
directly linked to business carried out by the Group. Market risk includes 
currency and interest rate risk. Credit risk includes the risk of managing 
our customers and other receivables while liquidit y risk includes the 
management of cash in a diverse, global group.  
 
Key events during the quarter 
Cavotec made a strategic decision to expand its operations in India to drive 
growth and support global sourcing.  
Cavotec won a major turnkey order for on-shore power worth approximately 
EUR 5 million. 
Joakim Wahlquist officially started as CFO as of 1 May 2023. 
Jörgen Ohlsson has been appointed Senior Vice President Global Operation 
and will be a member of the Cavotec Management Team starting from 
August 2023.  
At the end of the quarter Cavotec agreed with the lenders to a covenant 
waiver for the remainder of 2023. 
 
Key events after the quarter 
There were no key events after the end of the quarter.  
 
 
 
 
Forward looking statement  
Some statements in this report are forward -looking, and the actual 
outcome could be materially different. In addition to the factors explicitly 
discussed, other factors could have a material effect on the actual 
outcome. Such factors include, but are not l imited to, general business 
conditions, fluctuations in exchange rates and interest rates, political 
developments, the impact of competing products and their pricing, 
product development, commercialisation and technological difficulties, 
interruptions in s upply, and major customer credit losses.  
 
 
Financial calendar  
November 10, 2023: Q323 Report  
February 23, 2023: Q423 Report  
 
Webcast  
A webcast - in English – will be held on 28 July 2023 at 10:00 CEST. CEO David 
Pagels and CFO Joakim Wahlquist will present the Quarterly Report.  
If you wish to participate via webcast, please use the link below. Via the 
webcast you may submit written questions. 
https://ir.financialhearings.com/cavotec-q2-2023  
  
If you wish to participate via teleconference, please register on the link 
below. After registration you will be provided phone numbers and a 
conference ID to access the conference. You can ask questions verbally via 
the teleconference. 
https://conference.financialhearings.com/teleconference/?id=2001423  
 
Quarterly Reports on www.cavotec.com 
The full report for the period January-June 2023 and previous quarterly and 
full year reports are available at: http://ir.cavotec.com/financial-reports 
 
 
Analysts & Media 
Joakim Wahlquist – Group CFO  
Mobile: +46 70 403 47 86 – Email: joakim.wahlquist@cavotec.com  
 
This is information that Cavotec SA is obliged to make public pursuant to the 
EU Market Abuse Regulation and the Securities Markets Act. The information 
was submitted for publication, through the agency of the contact person set 
out above, at 07:00 CEST on 28 July 2023.

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

Cavotec SA  
Via G.B. Pioda 14  
CH-6900 Lugano, Switzerland  
+41 91 911 40 10  
cavotec.com  
 
investor@cavotec.com