Resilient profitability and record cashflow despite lower revenue 
 
   OCTOBER -- DECEMBER 2020 
 
 
   --  Revenue decreased -15.7% to EUR 40.3 million (47.8). Ports & Maritime 
      decreased -20.8% and Airports & Industry decreased -11.3% 
 
   --  EBIT excluding non-recurring items decreased to EUR 1.0 million (5.6), 
      corresponding to a margin of 2.5% (11.8%) 
 
   --  Non-recurring items include investment expenditure related to future 
      growth for EUR 1.9 million. 
 
   --  Net result for the period was EUR -4.7 million (1.8) 
 
   --  Earnings per share basic and diluted amounted to EUR -0.050 (0.019) 
 
   --  Operating cash flow amounted to EUR 9.6 million (9.0) 
 
   --  Net debt amounted to EUR 15.3 million (Q3 2020: 19.0) 
 
   --  Order backlog decreased -7.2% compared to the previous quarter to EUR 
      85.0 million 
 
 
   JANUARY--DECEMBER 2020 
 
 
   --  Revenue decreased -19.2% to EUR 158.4 million (196.0) 
 
   --  EBIT excluding non-recurring items decreased to EUR 5.4 million (15.7), 
      corresponding to a margin of 3.4% (8.0%) 
 
   --  Non-recurring items include investment expenditure related to future 
      growth for EUR 1.9 million. 
 
   --  Net result for the period was EUR -4.0 million (7.5) 
 
   --  Earnings per share basic and diluted amounted to EUR -0.042 (0.080) 
 
   --  Operating cash flow amounted to EUR 15.7 million (13.8) 
 
   --  Leverage ratio stable at 0.98x (0.98x) 
 
 
   Comment from the CEO 
 
   Optimism in the face of adversity 
 
   The second wave of Covid-19 in the fourth quarter and partial lock downs 
continued to delay decision making and projects in our markets. Despite 
this revenue and EBIT improved slightly versus the third quarter 2020, 
while the operating cash flow was considerably stronger. 
 
   The measures we implemented early on in the year to control our costs 
has continued to help us mitigate the most severe effects and remain 
profitable during the pandemic despite lower revenue levels. 
 
   Compared with the same period 2019 revenues decreased 15.7% to EUR 40.3 
million (47.8) and adjusted EBIT decreased to EUR 1.0 million (5.6), 
corresponding to a margin of 2.5%. 
 
   The operating cash flow amounted to EUR 9.6 million (9.0), a great 
achievement in the midst of a global pandemic. 
 
   The order backlog decreased 7.2% compared to the previous quarter to EUR 
85.0 million. The general uncertainty impacted customer decision making, 
with delays to orders and approval of new investments taking longer than 
normal. 
 
   Despite the depressed business climate at the end of the year, we 
continue to be optimistic about the future. We remain more committed 
than ever to developing solutions that contribute to improvements in 
efficiency and productivity while at the same time reducing 
environmental impact. We actually see the pandemic making key trends of 
efficiency, safety and sustainability, that our solutions address, more 
relevant than ever. 
 
   Underpinning our optimism are some of the orders we won in the quarter 
that reinforces our leading position in the growing market for 
profitable sustainability solutions for the maritime sector. 
 
   We won automated mooring and automated e-charging systems for the 
world's first fleet of zero-emission, autonomous, battery powered ships 
in Norway. 
 
   We were further encouraged by receiving two orders in quick succession 
for our next generation mooring system, MoorMaster(TM) NxG soon after 
the global launch in October. This is a testament to how MoorMaster(TM) 
can revolutionise the way ships enter and leave ports, mooring in as 
little as 30 seconds to drastically reduce docking times. This leads to 
increased loading/offloading productivity in the port where, from an 
environmental perspective, it results in an hour less of heavy diesel 
emissions for every ship, every mooring sequence and a greener, cleaner 
world. 
 
   Our optimistic view of the future also meant that we, despite the 
headwinds, increased our investments in developing our technology and 
products. 
 
   In October we announced that we will open a new innovation center in the 
Netherlands at the beginning of 2021 focusing on profitable 
sustainability solutions for the maritime sector. This will allow us to 
bring together our capabilities within areas such as artificial 
intelligence, remote connectivity, high power, high speed electrical 
charging and battery technology. 
 
   Although we have seen market challenges affecting revenue in the short 
term, we will continue to invest in our market position to be prepared 
for the expected recovery and growth in our markets. We are well 
positioned to fully leverage on the expected increase in demand as soon 
as the world returns to a more normal situation. 
 
   Lugano, 26 February 2021 
 
   Mikael Norin 
 
   Chief Executive Officer 
 
   ENDS 
 
   Conference call in connection with publication of the quarterly report 
 
   A conference call for shareholders, analysts and media will be held on 
26 February 2021 at 10:00 CET. Participating on the conference call from 
Cavotec will be Mikael Norin, CEO, and Glenn Withers, CFO. 
 
   Conference call Dial-in numbers: 
 
   SE: +46856642703 
 
   UK: +443333009264 
 
   US: +18335268395 
 
   Weblink: https://tv.streamfabriken.com/cavotec-q4-2020 
 
   Quarterly Reports on 
https://www.globenewswire.com/Tracker?data=k8dpotJGVsvV_CXg-5IyUL6lGbCTNctdkm3tyNkEzRH2poXrCpb1324Afl2nrZUw40I7eoPXdpbzn3spnKxYvw== 
www.cavotec.com 
 
   The full report for the period January-December 2020 and previous 
quarterly and full year reports are available at: 
 
   https://www.globenewswire.com/Tracker?data=VqGPK5oH74rKD2trTfEMGiT1xvoOywfeJyqOiND-I9slXeBH96v5g9Joah6bmLIT_qm5AxRjLjpT2JjWL9dIA_WU7cBtp4QigyCTg50B_AOGxRghwDJ-IVofhyv4ShLzUp78ar8f3lbbASe24az7lg== 
http://ir.cavotec.com/financial-reports 
 
   Analysts & Media 
 
   Johan Hähnel -- Investor Relations Manager 
 
   Mobile: +46 70 605 63 34 -- Email: investor@cavotec.com 
https://www.globenewswire.com/Tracker?data=aDEobTnYsQz-qj8WayKCv076ntKqs9wzM5Mjtcx92lwVLle3mUZTjp94Ry1pJODHINHwH9fkfriAmIhEDgoNfT_eLpTJ6sr1hVqSbapHLG0= 
 
 
   This is information that Cavotec SA is obliged to make public pursuant 
to the EU Market Abuse Regulation. The information was submitted for 
publication, through the agency of the contact person set out above, at 
07:00 CET on 26 February 2021. 
 
 
 
   Attachment 
 
 
   -- 4Q20 Report 
      https://ml-eu.globenewswire.com/Resource/Download/02225ce4-84d0-4b84-9503-64c1f80e3793

(END) Dow Jones Newswires

February 26, 2021 01:00 ET (06:00 GMT)