FULLTEXT DEL 1 AV 1
Kvartalsrapport Q2 2024
===== SIDA 1 ===== INTERIM REPORT JANUARY–JUNE 2024 Q2 Strong order intake with improved profitability and cash flow APRIL–JUNE 2024 • Order intake increased 11.0% to EUR 40.3 million (36.3) • Revenue decreased -7.0% to EUR 42.6 million (45.7) • EBIT increased 101.5% to EUR 2.4 million (1.2) and the EBIT margin improved to 5.5% (2.6%) • Net result for the period increased to EUR 0.7 million (-0.9) • Operating cash flow improved to EUR 5.0 million (-4.6) • Earnings per share, basic and diluted, increased to EUR 0.006 (-0.009) JANUARY–JUNE 2024 • Order intake increased 2.5% to EUR 80.2 million (78.2) • Order backlog decreased -15.6% to EUR 118.3 million (140.3) • Revenue increased 0.2% to EUR 85.5 million (85.3) • EBIT increased 191.9% to EUR 4.3 million (1.5) and the EBIT margin improved to 5.0% (1.7%) • Net result for the period increased to EUR 1.2 million (-2.3) • Operating cash flow improved to EUR 5.0 million (-7.5) • Earnings per share, basic and diluted, increased to EUR 0.011 (-0.022) • Net debt decreased to EUR -13.7 million from EUR -18.6 million at year-end 2023 and the leverage ratio improved to 0.82x from 1.29x KEY EVENTS DURING THE SECOND QUARTER • Order worth about USD 5 million signed for shore power with global shipping company. • Two-year service agreement signed with Port of Salalah for Cavotec’s installed MoorMaster vacuum mooring units. • The first MoorMaster system in South America inaugurated. • Existing bank credit facility extended to 2027. • A cyber incident occurred early in the quarter and incurred some costs and delayed certain deliveries. The full impact of the incident is EUR -0.6 million on the operating result in the second quarter and no further impact will occur. The incident is under control and closed. Cavotec is covered by cyber insurance. KEY EVENTS AFTER THE END OF THE SECOND QUARTER • The Board has decided to assess the possibility of moving the registered office from Switzerland to Sweden. • New production facility in India inaugurated. FINANCIAL SUMMARY EUR 000s Q224 Q223 Change 6M24 6M23 Change LTM 2023 Change Order intake 40,304 36,311 11.0 % 80,183 78,213 2.5 % 159,324 157,354 1.3 % Order backlog 118,312 140,257 -15.6 % 118,312 140,257 -15.6 % 118,312 123,562 -4.2 % Revenue 42,550 45,734 -7.0 % 85,453 85,261 0.2 % 180,926 180,734 0.1 % EBITDA 3,609 2,656 35.9 % 7,030 4,648 51.2 % 16,786 14,404 16.5 % EBITDA margin 8.5% 5.8% 2.7 pp 8.2% 5.5% 2.7 pp 9.3% 8.0% 1.3 pp EBIT (operating result) 2,360 1,171 101.5 % 4,311 1,477 191.9 % 10,061 7,227 39.2 % EBIT margin 5.5% 2.6% 2.9 pp 5.0% 1.7% 3.3 pp 5.6% 4.0% 1.6 pp Net profit/loss for the period 665 (932) 171.4 % 1,182 (2,276) 151.9 % 3,638 180 1921.1 % Operating cash flow 4,960 (4,572) 208.5 % 5,009 (7,494) 166.8 % 14,436 1,933 646.8 % Basic and diluted EPS, EUR 0.006 (0.009) 166.7 % 0.011 (0.022) 150.0 % 0.035 0.002 1650.0 % Net debt (13,686) (23,314) -41.3 % (13,686) (23,314) -41.3 % (13,686) (18,638) -26.6 % Equity/assets ratio 36.3% 34.7% 1.6 pp 36.3% 34.7% 1.6 pp 36.3% 36.0% 0.3 pp Leverage ratio 0.82x 3.73x -2.91x 0.82x 3.73x -2.91x 0.82X 1.29x -0.47x ===== SIDA 2 ===== Q2 2024 | Interim Report January-June 2024 ● cavotec.com 2 Comment from the CEO Steady profitability improvement driven by the Ports & Maritime segment The order intake increased 11.0% in the quarter, mainly due to good demand for Ports & Mari>me’s product and service offerings. Our profitability has improved steadily since the start of 2023 thanks to our extensive change programs. It is within our Ports & Mari>me segment that we see the strongest improvements being realized and we are increasing our focus on implemen>ng the same change work within the Industry segment. We con>nue to see a strong interest in our climate-friendly solu>ons, driven by customers’ need to decarbonise as well as new environmental regula>ons. Revenues decreased -7.0% to EUR 42.6 million in the quarter, which reflects our project-driven business where revenues can fluctuate between quarters depending on which projects have been completed and milestones achieved. Currency effects did not impact revenue in the quarter. EBIT increased also in this quarter and doubled to EUR 2.4 million. The EBIT margin improved to 5.5% from 2.6% in the second quarter 2023. The steady improvement in profitability we have seen over the past six quarters is a result of the intensive and successful work with the change programs within the Ports & MariSme segment. We are not saSsfied with the development in the Industry segment and the new president that we are in the process of recruiSng will conSnue the implementaSon of the ongoing change programs to improve performance. As previously communicated in the first quarter report, a cyber incident occurred early in the second quarter which delayed certain deliveries and incurred some costs. The impact on EBIT in the quarter is approximately EUR -0.6 million. Cavotec is covered by cyber insurance. Order intake was strong in the quarter and increased 11.0%, mainly due to good demand for Ports & MariSme’s product and service offerings. We have a large untapped market potenSal within service and have therefore hired more service engineers to conSnue growing this part of our offering. We are pleased to report posiSve operaSng cash flow for the fourth consecuSve quarter. OperaSng cash flow improved in the quarter to EUR 5.0 million following the increased results and our group-wide internal focus on improving working capital. The leverage raSo conSnues to move in the right direcSon and decreased to 0.82x from 3.73x, a great improvement year-over-year. The development of our working capital and the further strengthening or our financial posiSon remain key focus areas during 2024. InauguraSon of South America’s first MoorMaster units A few weeks ago, I a]ended the inauguraSon of our recently installed MoorMaster units at DP World San Antonio, the largest mulSpurpose port in Chile. Our unique mooring soluSons have a]racted a lot of interest in Chile and the inauguraSon was a]ended by Chile's Minister of Transport and TelecommunicaSons, among others. At the inauguraSon, the CEO of DP World Chile told us that the port had been hit by a big storm a few days earlier and the only part of the port that could stay open were the quays where our MoorMaster units are installed. This is yet another tesSmonial that strengthens our brand and our posiSon as a leading supplier of soluSons that are both efficient and safe. Strengthening of supply and sourcing At the beginning of July, I had the pleasure of cubng the ribbon of our new facility in Chennai, India. This new facility will serve the large and growing market in India, with an array of products, including various types of reels designed for both industrial as well as ports and mariSme customers. It will also improve our supply chain and sourcing, enhancing our producSon capacity of shore power soluSons and will funcSon as a supply hub supporSng our operaSons across the globe. New strategy and sustainability funcSons To further strengthen our future-oriented work and increase the insights into our exisSng and potenSal customers' preferences, we have strengthened the company with Erik Lyrvall, head of strategy. Sustainability is an area that is growing in importance also at Cavotec, not least driven by our customers' demands. We have therefore recruited John Sorber as head of sustainability, and he and Erik will join Cavotec ader the summer. Assessment of moving the registered office The Board has decided to assess the possibility of moving the registered office from Switzerland to Sweden. The reason for the assessment is that Cavotec's investors are largely based in Sweden and that the company is listed on Nasdaq Stockholm in Sweden. Strong posiSon and large installed base We conSnue to see a strong interest in our climate-friendly soluSons, driven by customers’ need to decarbonise as well as new environmental regulaSons. I am excited by the momentum I see in the organisaSon and Cavotec’s ability to exceed customers’ expectaSons. Cavotec has a strong posiSon, based on its efficient, leading soluSons and a large installed base. This, together with the clear strategic prioriSes, makes me confident in Cavotec's conSnued ability to grow and create value. David Pagels Chief Executive Officer ===== SIDA 3 ===== Q2 2024 | Interim Report January-June 2024 3 ● cavotec.com Financial Review – Group REVENUE – GROUP AND SEGMENTS – VOLUMES, PRICES, CURRENCY EUR 000s Q224 Q223 6M24 6M23 Group Ports & Maritime Industry Group Ports & Maritime Industry Group Ports & Maritime Industry Group Ports & Maritime Industry Revenue 42,550 25,553 16,997 45,734 28,764 16,970 85,453 52,207 33,246 85,261 52,400 32,861 Increase/(decrease) -3,184 -3,211 27 14,063 11,366 2,697 192 -193 385 26,183 22,652 3,531 Change -7.0% -11.2% 0.2% 44.4% 65.3% 18.9% 0.2% -0.4% 1.2% 44.3% 76.1% 12.0% Of which - Volumes and prices -7.0% -11.3% 0.3% 45.4% 66.3% 19.9% 0.8% 0.2% 1.9% 46.4% 77.8% 14.6% - Currency effects 0.0% 0.1% -0.1% -1.0% -1.0% -1.0% -0.6% -0.6% -0.7% -2.1% -1.7% -2.6% APRIL-JUNE 2024 Revenue, order intake and order backlog Revenue decreased -7.0% to EUR 42.6 million (45.7), which reflects Cavotec’s project-driven business where revenues can fluctuate between quarters depending on which projects have been completed and milestones achieved. Currency effects had no impact on total revenue in the quarter. Order intake increased 11.0% to EUR 40.3 million (36.3), mainly due to good demand for Ports & Maritime’s product and service offerings. The order backlog decreased -15.6% to EUR 118.3 million (140.3) and decreased -1.9% from the end of the first quarter 2024. EBIT (operating result) EBIT increased 101.5% to EUR 2.4 million (1.2) and the EBIT margin increased 2.9 percentage points to 5.5% (2.6%). The EBIT improvement is mainly due to the successful work in Ports & Maritime to implement the change programs and the focus during 2023 on profitable growth in the order backlog. The larger share of service in the business mix also contributed positively. A cyber incident occurred early in the quarter and incurred some costs and delayed certain deliveries. The full impact of the incident is EUR -0.6 million on the operating result in the second quarter and no further impact will occur. The incident is under control and closed. Cavotec is covered by cyber insurance. Profit for the period and earnings per share Net financial income amounted to EUR -0.9 million (-0.7). Profit before income tax increased to EUR 1.5 million (0.4), driven by the improved EBIT margin. Income taxes amounted to EUR -0.8 million (-1.4). Profit for the period increased to EUR 0.7 million (-0.9). Earnings per share, basic and diluted, improved to EUR 0.006 (-0.009). Cash flow Operating cash flow increased to EUR 5.0 million (-4.6) due to improved profit and working capital. EBIT margin, % EBIT, EUR million Ports & Maritime Industry - 10 20 30 40 50 60 Q222Q322Q422Q123Q223Q323Q423Q124Q224 Revenue quarterly developmentEUR m -6%-4%-2%0%2%4%6%8%10%12%14% -2-1012345 Q222Q322Q422Q123Q223Q323Q423Q124Q224 EBIT and EBIT marginEUR m ===== SIDA 4 ===== Q2 2024 | Interim Report January-June 2024 4 ● cavotec.com JANUARY-JUNE 2024 Revenue and order intake Revenue increased 0.2% to EUR 85.5 million (85.3) due to the decrease in the second quarter which reflected Cavotec’s project-driven business where revenues can fluctuate between quarters depending on which projects have been completed and milestones achieved. Currency effects had a negative impact on total revenue of -0.6% during the six-month period. Order intake increased 2.5% to EUR 80.2 million (78.3) due to good demand in the second quarter for Ports & Maritime’s product and service offerings. EBIT (operating result) EBIT increased 191.9% to EUR 4.3 million (1.5) and the EBIT margin increased 3.3 percentage points to 5.0% (1.7%). The EBIT improvement is mainly due to the successful work in Ports & Maritime to implement the change programs and the focus during 2023 on profitable growth in the order backlog. The larger share of service in the business mix also contributed positively. Profit for the period and earnings per share Net financial income amounted to EUR -1.5 million (-1.8). Profit before income tax improved to EUR 2.8 million (-0.3). Income taxes amounted to EUR -1.6 million (-2.0). Profit for the period increased to EUR 1.2 million (-2.3). Earnings per share, basic and diluted, improved to EUR 0.011 (-0.022). Cash flow Operating cash flow increased to EUR 5.0 million (-7.5) due to improved profit and working capital. Financial position Net debt decreased to EUR -13.7 million from EUR -18.6 million at 31 December 2023 and decreased from EUR -23.3 million at 30 June 2023. The leverage ratio, measured as debt-to-adjusted EBITA LTM, improved in the quarter to 0.82x from 1.29x at 31 December 2023. This is a significant decrease from 3.73x at 30 June 2023. The equity/assets ratio increased in the quarter to 36.3% from 36.0% at 31 December 2023 and grew from 34.7% at 30 June 2023. In the quarter, the existing bank credit facility was extended to 2027. Employees At the end of the period, Cavotec had 674 (625) full-time equivalent employees. The increase from the same period last year is to a large extent related to new recruitments in service. ===== SIDA 5 ===== Q2 2024 | Interim Report January-June 2024 5 ● cavotec.com Financial Review – Segments ORDER INTAKE AND ORDER BACKLOG – SEGMENTS EUR 000s 30 June 2024 30 June 2023 Change 31 March 2024 Change 31 Dec 2023 Change Order intake Ports & Maritime 24,512 17,100 43.3% 23,260 5.4% 27,740 -11.6% Industry 15,792 19,211 -17.8% 16,620 -5.0% 12,940 22.0% Group 40,304 36,311 11.0% 39,880 1.1% 40,680 -0.9% Order backlog Ports & Maritime 95,339 108,755 -12.3% 96,373 -1.1% 99,801 -4.5% Industry 22,973 31,502 -27.1% 24,170 -5.0% 23,761 -3.3% Group 118,312 140,257 -15.6% 120,543 -1.9% 123,562 -4.2% PORTS & MARITIME APRIL-JUNE 2024 Revenue, order intake and order backlog Revenue decreased -11.2% to EUR 25.6 million (28.8), which reflects Cavotec’s project-driven business where revenues can fluctuate between quarters depending on which projects have been completed and milestones achieved. Currency effects had a positive impact of 0.1%. Order intake increased 43.3% to EUR 24.5 million (17.1) due to good demand for Ports & Maritime’s product and service offerings. The order backlog decreased -12.3% to EUR 95.3 million (108.8) and decreased -1.1% from EUR 96.4 in the first quarter 2024. During the second quarter, Cavotec signed an order for shore power with a global shipping company, valued at about USD 5 million. The order includes a substantial number of PowerFit shore power units with deliveries scheduled later this year. Cavotec also signed a two-year service agreement with Port of Salalah in Oman in the second quarter, covering the support of 32 installed MoorMaster vacuum units. EBITDA EBITDA increased 42.9% to EUR 2.7 million (1.9) and the EBITDA margin improved 4.1 percentage points to 10.7% (6.7%) due to the successful work to implement the change programs and the focus during 2023 on profitable growth in the order backlog. EBITDA Ports & Maritime, EUR million EBITDA margin Ports & Maritime, % 0510152025303540 Q222Q322Q422Q123Q223Q323Q423Q124Q224 Ports & Maritime RevenueEUR m -10%-5%0%5%10%15%20%25%30%35% -2-101234567 Q222Q322Q422Q123Q223Q323Q423Q124Q224 Ports & Maritime EBITDA and EBITDA marginEUR m ===== SIDA 6 ===== Q2 2024 | Interim Report January-June 2024 6 ● cavotec.com JANUARY-JUNE 2024 Revenue and order intake Revenue decreased slightly -0.4% to EUR 52.2 million (52.4). Currency effects had a negative impact of -0.6%. Order intake increased 8.2% to EUR 47.8 million (44.2) due to a good order intake in the second quarter. In the first quarter 2024, Cavotec signed a contract to retrofit vessels with shore power solutions for a major European shipping line. The order value is USD 5.7 million and deliveries are scheduled throughout 2024. A two-year service agreement with APM Terminals at the Port of Tanger was also signed in the first quarter 2024 which means that Cavotec will perform service of its so far installed 31 Power Units and 45 MoorMaster NxG units at the terminals. A three-year agreement was also signed for all service of the shore power systems Cavotec has installed in a large North American port. EBITDA EBITDA increased 82.9% to EUR 5.5 million (3.0) and the EBITDA margin improved 4.8 percentage points to 10.6% (5.8%) following good profitability development in both the first and second quarters. INDUSTRY APRIL-JUNE 2024 Revenue, order intake and order backlog Revenue increased slightly 0.2% to EUR 17.0 million (17.0). Currency effects had a negative impact of -0.1%. Order intake decreased -17.8% to EUR 15.8 million (19.2). The order backlog decreased -27.1% to EUR 23.0 million (31.5) and decreased -5.0% from EUR 24.2 million in the first quarter 2024. EBITDA EBITDA increased 17.9% to EUR 0.9 million (0.7) and the EBITDA margin increased 0.8 percentage points to 5.1% (4.3%). JANUARY-JUNE 2024 Revenue and order intake Revenue increased 1.2% to EUR 33.2 million (32.9). Currency effects had a negative impact of -0.7%. Order intake decreased -4.8% to EUR 32.4 million (34.0). EBITDA EBITDA decreased -7.7% to EUR 1.5 million (1.6) and the EBITDA margin decreased -0.4 percentage points to 4.5% (4.9%) reflecting a weaker performance in the first quarter. EBITDA Industry, EUR million EBITDA margin Industry, % 05101520 Q222Q322Q422Q123Q223Q323Q423Q124Q224 Industry RevenueEUR m -10%-5%0%5%10%15%20%25% -10123 Q222Q322Q422Q123Q223Q323Q423Q124Q224 Industry EBITDA and EBITDA marginEUR m ===== SIDA 7 ===== Q2 2024 | Interim Report January-June 2024 7 ● cavotec.com CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME EUR 000s Unaudited three months 30 Jun, 2024 Unaudited three months 30 Jun, 2023 Unaudited six months 30 Jun, 2024 Unaudited six months 30 Jun, 2023 Unaudited year 31 Dec, 2023 Revenue from sales of goods and services 42,550 45,734 85,453 85,261 180,734 Other income 56 681 792 1,094 2,076 Cost of materials (19,670) (25,194) (41,423) (46,774) (101,219) Employee benefit costs (13,113) (13,239) (27,266) (25,266) (47,895) Operating expenses (6,214) (5,326) (10,527) (9,667) (19,292) Gross operating result 3,609 2,656 7,030 4,648 14,404 Depreciation and amortisation (626) (668) (1,198) (1,574) (2,782) Depreciation of right-of-use of leased asset (622) (871) (1,520) (1,597) (3,311) Impairment losses - - - - (1,084) Operating result (EBIT) 2,360 1,171 4,311 1,477 7,227 Interest income 10 10 13 7 18 Interest expenses (856) (807) (1,533) (1,844) (3,471) Currency exchange differences – net (64) 72 12 113 (16) Other financial item - (18) - (32) 5 Profit / (loss) before income tax 1,451 428 2,802 (279) 3,763 Income taxes (785) (1,360) (1,620) (1,997) (3,583) Profit / (loss) for the period 665 (932) 1,182 (2,276) 180 Other comprehensive income: Items that will not be reclassified to profit or loss (2) (1) 5 3 (99) Currency translation differences 367 (881) (49) (1,410) (1,836) Items that may be subsequently reclassified to profit / (loss) 367 (881) (49) (1,410) (1,836) Other comprehensive income for the period, net of tax 365 (882) (44) (1,407) (1,935) Total comprehensive income for the period 1,030 (1,814) 1,138 (3,683) (1,755) Total comprehensive income attributable to: Equity holders of the Group 1,030 (1,814) 1,138 (3,683) (1,755) Total 1,030 (1,814) 1,138 (3,683) (1,755) Profit / (loss) attributed to: Equity holders of the Group 665 (932) 1,182 (2,276) 180 Total 665 (932) 1,182 (2,276) 180 Basic and diluted earnings per share attributed to the equity holders of the Group 0.006 (0.009) 0.011 (0.022) 0.002 Average number of shares 106,696,030 106,696,030 106,696,030 101,467,217 104,103,112 ===== SIDA 8 ===== Q2 2024 | Interim Report January-June 2024 8 ● cavotec.com CONSOLIDATED BALANCE SHEET EUR 000s Unaudited 30 Jun, 2024 Unaudited 30 Jun, 2023 Unaudited 31 Dec, 2023 Assets Current assets Cash and cash equivalents 15,803 8,664 15,056 Trade receivables 30,823 27,926 27,942 Contract assets 199 1,750 2,862 Tax assets 489 475 544 Other current receivables 10,777 11,119 9,123 Inventories 38,782 42,766 37,429 Assets held for sale - 2,084 1,814 Total current assets 96,875 94,783 94,770 Non-current assets Property, plant and equipment 5,335 5,313 5,414 Right-of-use of leased assets 11,342 11,965 11,529 Intangible assets 36,653 38,182 37,315 Non-current financial assets 288 155 68 Deferred tax assets 7,656 6,269 6,897 Other non-current receivables 1,247 1,085 1,231 Total non-current assets 62,520 62,969 62,454 Total assets 159,394 157,752 157,224 Equity and Liabilities Current liabilities Current lease liabilities (2,526) (2,605) (2,527) Trade payables (24,652) (29,805) (26,004) Contract liabilities (26,318) (21,792) (19,268) Tax liabilities (4,859) (2,230) (5,111) Provision for risk and charges, current (2,241) (2,161) (2,171) Other current liabilities (10,890) (12,513) (11,320) Total current liabilities (71,485) (71,106) (66,401) Non-current liabilities Non-current financial liabilities (17,619) (19,302) (21,468) Non-current lease liabilities (8,964) (9,374) (9,167) Deferred tax liabilities (1,254) (1,129) (1,251) Other non-current liabilities (31) (174) (12) Provision for risk and charges, non-current (1,434) (1,427) (1,794) Employee benefit obligation (759) (541) (569) Total non-current liabilities (30,061) (31,947) (34,261) Total liabilities (101,546) (103,053) (100,662) Equity Share Capital (54,130) (54,131) (54,130) Reserves (55,427) (55,914) (55,323) Retained earnings 51,709 55,346 52,891 Equity attributable to owners of the parent (57,848) (54,699) (56,562) Non-controlling interests - - - Total equity (57,848) (54,699) (56,562) Total equity and liabilities (159,394) (157,752) (157,224) ===== SIDA 9 ===== Q2 2024 | Interim Report January-June 2024 9 ● 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 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) Unaudited Balance as at 1 January 2023 (45,288) (51,633) 53,071 (43,850) - (43,850) (Profit) / Loss for the period - - (180) (180) - (180) Currency translation differences - 1,836 - 1,836 - 1,836 Remeasurements of post-employment benefit obligations - 99 - 99 - 99 Total comprehensive income and expenses - 1,935 (180) 1,755 - 1,755 Employees share scheme - 58 - 58 - 58 Capital increase (8,843) - - (8,843) - (8,843) Share Premium Reserve - (5,683) - (5,683) - (5,683) Transactions with shareholders (8,843) (5,625) - (14,467) - (14,467) Balance as at 31 December 2023 (54,130) (55,323) 52,891 (56,562) - (56,562) Balance as at 1 January 2024 (54,130) (55,323) 52,891 (56,562) - (56,562) (Profit) / Loss for the period - - (1,182) (1,182) - (1,182) Currency translation differences - 49 - 49 - 49 Remeasurements of post-employment benefit obligations - (5) - (5) - (5) Total comprehensive income and expenses - 44 (1,182) (1,138) - (1,138) Employees share scheme - (148) - (148) - (148) Transactions with shareholders - (148) - (148) - (148) Balance as at 30 June 2024 (54,130) (55,427) 51,709 (57,848) - (57,848) ===== SIDA 10 ===== Q2 2024 | Interim Report January-June 2024 10 ● cavotec.com CONSOLIDATED STATEMENT OF CASH FLOWS EUR 000s Unaudited three months 30 Jun, 2024 Unaudited three months 30 Jun, 2023 Unaudited six months 30 Jun, 2024 Unaudited six months 30 Jun, 2023 Audited 31 Dec, 2023 Profit / (loss) for the period 665 (932) 1,182 (2,276) 180 Adjustments for: Net interest expenses 846 798 1,521 1,837 3,453 Current taxes 1,011 1,513 2,357 2,025 4,221 Depreciation and amortization 626 668 1,198 1,574 2,782 Depreciation of right-of-use of leased assets 622 817 1,520 1,597 3,311 Impairment losses - - - - 1,084 Deferred tax (225) (153) (736) (28) (638) Provision for risks and charges 687 210 129 429 69 Capital (gain) or loss on assets (1) - 27 2 (20) Other items not involving cash flows 129 (1,850) (99) (1,749) (454) Interest paid (844) (619) (1,482) (1,736) (3,057) Taxes (paid) / received (1,985) (1,674) (2,713) (681) (66) 866 (290) 1,721 3,270 10,685 Cash flow before changes in working capital 1,531 (1,222) 2,902 994 10,685 Impact of changes in working capital: Inventories (1,825) 980 (1,571) (436) 5,451 Trade receivables and contract assets (1) 1,173 (230) 5,060 4,381 Other current receivables 802 (69) (1,456) (1,153) 843 Trade payables and contract liabilities 5,956 (6,219) (5,697) (12,655) (18,979) Other current liabilities (1,504) 785 (333) 696 (628) Impact of changes involving working capital 3,429 (3,349) (2,106) (8,487) (8,932) Net cash inflow / (outflow) from operating activities 4,960 (4,572) 5,009 (7,494) 1,933 Financial activities: Increase of equity capital - - - 14,438 14,526 Net changes in loans and borrowings (2,501) (2,649) (4,023) (6,618) (4,696) Repayment of lease liabilities (1,167) (1,154) (1,501) (1,451) (3,156) Net cash inflow / (outflow) from financial activities (3,668) (3,803) (5,524) 6.369 6,674 Investing activities: Investments in property, plant and equipment (169) (178) (352) (276) (911) Investments in intangible assets (56) - (58) (2) (624) (Increase)/Decrease of non-current financial asset - (51) (220) (51) 38 Disposal of assets (3) - 1,745 - (29) Net cash inflow / (outflow) from investing activities (229) (229) 1,116 (329) (1,526) Cash at the beginning of the period 14,169 16,543 15,056 9,625 9,625 Cash flow for the period 1,063 (8,603) 601 (1,454) 7,081 Currency exchange differences 572 725 147 493 (1,650) Cash at the end of the period 15,803 8,664 15,803 8,664 15,056 ===== SIDA 11 ===== Q2 2024 | Interim Report January-June 2024 11 ● 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 2024 EUR 000s Ports & Maritime Industry Total Revenue from external customer Timing of revenue recognition At a point in time 50,910 33,246 84,156 Over time 1,297 - 1,297 Total 52,207 33,246 84,453 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 31 December 2023 EUR 000s Ports & Maritime Industry Total 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 Total 114,688 66,045 180,734 30 June 2024 EUR 000s AMER EMEA APAC Total Ports & Maritime 10,387 12,544 29,276 52,207 Industry 3,043 23,201 7,002 33,246 Total 13,430 35,745 36,278 85,453 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 31 December 2023 EUR 000s AMER EMEA APAC Total Ports & Maritime 18,239 45,726 50,723 114,688 Industry 4,751 42,228 19,067 66,045 Total 22,990 87,954 69,790 180,734 ===== SIDA 12 ===== Q2 2024 | Interim Report January-June 2024 12 ● cavotec.com SEGMENT INFORMATION EUR 000s Ports & Maritime Industry Other reconciling items Total Unaudited Three months ended 30 June 2024 Revenue from sales of goods and services 25,553 16,997 - 42,550 Other income (37) 93 - 56 Cost of materials and operating expenses before depreciation and amortization (21,268) (15,280) (2,449) (38,997) Gross Operating Result (EBITDA) 4,248 1,810 (2,449) 3,609 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 Six months ended 30 June 2024 Revenue from sales of goods and services 52,207 33,246 - 85,453 Other income 412 380 - 792 Cost of materials and operating expenses before depreciation and amortization (44,603) (30,578) (4,035) (79,215) Gross Operating Result (EBITDA) 8,016 3,049 (4,035) 7,030 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 Year 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 Cost of materials and operating expenses before depreciation and amortization (101,237) (61,902) (5,266) (168,406) Gross Operating Result (EBITDA) 14,499 5,171 (5,266) 14,404 ===== SIDA 13 ===== Q2 2024 | Interim Report January-June 2024 13 ● cavotec.com PARENT COMPANY – CONDENSED STATEMENT OF COMPREHENSIVE INCOME CAVOTEC SA EUR 000s Unaudited three months 30 Jun, 2024 Unaudited three months 30 Jun, 2023 Unaudited six months 30 Jun, 2024 Unaudited six months 30 Jun, 2023 Audited 31 Dec, 2023 Other income 1,049 1,508 1,603 2,060 2,352 Employee benefit costs (843) (261) (1,145) (612) (240) Operating expenses (612) (760) (1,158) (1,395) (2,482) Operating Result (407) 487 (700) 55 (370) Interest expenses – net (506) (355) (932) (997) (1,767) Currency exchange differences – net 2 27 13 83 70 Other financial items - (18) - (37) - Profit / (Loss) for the period (910) 143 (1,620) (898) (2,068) Income taxes (3) (5) (5) (6) (12) Profit / (Loss) for the period (913) 138 (1,625) (904) (2,080) Other comprehensive income: Actuarial gain (loss) - - - - - Total comprehensive income for the period (913) 138 (1,625) (904) (2,080) PARENT COMPANY – CONDENSED BALANCE SHEET CAVOTEC SA EUR 000s Unaudited 30 Jun, 2024 Unaudited 30 Jun, 2023 Audited 31 Dec, 2023 Assets Current assets Cash and cash equivalents 486 (681) 152 Trade receivables 1,692 1,794 3,023 Tax assets 8 20 25 Other current receivables 1,057 1,829 380 Total current assets 3,243 2,962 3,580 Non-current assets Investment in subsidiary companies 93,365 93,365 93,365 Intangible assets 139 - 185 Other non-current financial liabilities 288 68 68 Total non-current assets 93,791 93,433 93,618 Total assets 97,034 96,395 97,198 Equity and Liabilities Current liabilities Trade payables (2,213) (1,669) (1,279) Other current liabilities (3,433) (8,649) (4,772) Total current liabilities (5,646) (10,318) (6,051) Non-current liabilities Long-term financial debt (38,615) (30,599) (36,915) Other non-current liabilities (31) (18) (12) Total non-current liabilities (38,646) (30,617) (36,927) Total liabilities (44,291) (40,935) (42,978) Total equity (52,743) (55,460) (54,220) Total equity and liabilities (97,034) (96,395) (97,198) ===== SIDA 14 ===== Q2 2024 | Interim Report January-June 2024 14 ● cavotec.com Other informationGeneral 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 close to 50 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, Accountability, 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 incorporated and domiciled in Switzerland. Cavotec SA is listed on Nasdaq Stockholm in the Mid Cap segment. These audited Financial Statements have been approved by the Board of Directors for publication on 25 July 2024. 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 the 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 2023. 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. The two operating segments are: a) Ports & Maritime – development, manufacture and service of innovative automation and electrification technologies for the global ports and maritime sectors. b) 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 to 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 liquidity risk includes the management of cash in a diverse, global group. Read more about the risks in the Annual Report 2023. 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 limited to, general business conditions, fluctuations in exchange rates and interest rates, political developments, the impact of competing products and their pricing, product development, commercialization and technological difficulties, interruptions in supply, and major customer credit losses. Annual General Meeting 2024 The Annual General Meeting 2024 took place 4 June 2024 in Lugano, Switzerland. Assessment of moving the registered office The Board has decided to assess the possibility of moving the registered office from Switzerland to Sweden. The reason for the assessment is that Cavotec's investors are largely based in Sweden and that the company is listed on Nasdaq Stockholm in Sweden. Financial calendar Third quarter report 8 November 2024 Fourth quarter report 21 February 2025 Annual and Sustainability Week that begins Report 2024 31 March 2025 Webcasted presentation and telco CEO David Pagels and CFO Joakim Wahlquist will present the interim report on Thursday 25 July at 10:00 am CEST. If you wish to participate via webcast, please use the link https://ir.financialhearings.com/cavotec-sa- ===== SIDA 15 ===== Q2 2024 | Interim Report January-June 2024 15 ● cavotec.com q2-report-2024. Via the webcast you may submit written questions. If you wish to participate via teleconference, please register on the link https://conference.financialhearings.com/teleconference/?id=50048866. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. The presentation is in English. Interim reports on cavotec.com The full report and previous interim and annual reports are available on https://ir.cavotec.com/financial-reports. Contact person for analysts and media Joakim Wahlquist, CFO Phone +41 91 911 4010 Email investor@cavotec.com This is information that Cavotec SA is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 am CEST on 25 July 2024. About Cavotec Cavotec is a leading cleantech company that designs and delivers connection and electrification solutions to enable the decarbonization of ports and industrial applications. Backed by close to 50 years of experience, our systems ensure safe, efficient and sustainable operations for a wide variety of customers and applications worldwide. To find out more about Cavotec, please visit cavotec.com.