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Cavotec SA - 3Q16 Report

12:00 / 3 November 2016 Cavotec Press release

Cavotec SA
Quarterly report

Cavotec SA - 3Q16 Report

This is a summary of the 3Q16 report published today. The complete 3Q16 report
and full year summary with tables is available at Investors should not rely on summaries
only, but should review the complete reports with tables. 

  -- Revenues for the quarter decreased 3.8%, amounting to EUR 51.3 million
     (3Q15: 53.3).
  -- Quarterly operating result (EBIT) ended with a profit of EUR 1.4 million
     (3Q15: 0.1), including non-recurring costs of EUR 0.2 million,
     corresponding to a margin of 2.7%.
  -- Net result for the period ended negative at EUR 0.6 million (3Q15: -4.0).
  -- Order Intake increased by 2.8% in the quarter to EUR 46.5 million (3Q15:
  -- Order Book increased 2.0% to EUR 100.4 million (FY15: 98.4).
  -- Book to bill ratio was at 1.01x compared to 1.14x in 9M15.

CEO’s comments
3Q16 revenues amounted to EUR 51.3 million, a 3.8 per cent decrease compared to
the same period last year. As in 2Q16, the Group’s results were characterised
by robust day-to-day business and a lack of major orders. A continued absence
of larger projects into 1Q17 would weigh on results. Despite these challenging
conditions, we were able to make further cost reductions, improve our working
capital, and cash flow performance. 

Organic revenue decreased 2.7 per cent, and our gross margin increased
quarter-on-quarter. Order intake rose 2.8 per cent from a year earlier,
amounting to EUR 46.5 million. Order book increased 2.0 per cent to EUR 100.4
million. Currency exchange differences had a negative impact on revenues for
the quarter. 

Despite the slowdown in major orders, our Airports and Ports & Maritime market
units registered a number of substantial projects in the period. These included
orders for our innovative Alterative Maritime Power systems in Hong Kong. The
Ports & Maritime unit also won orders for a number of motorised cable reels for
cranes including from leading port operator DP World. 

We continue to invest in our MoorMaster™ technology, which enables customers to
make substantial improvements in safety and operational efficiency at port
applications. To date, around 200 MoorMaster™ units have performed some 215,000
mooring operations at ferry, bulk handling, Ro/Ro, container and lock
applications worldwide. 

In September, the carbon fibre passenger ferry, Vision of the Fjords, was named
“Ship of the Year” at the SMM in Hamburg, the world’s leading maritime trade
fair. The battery-powered hybrid vessel relies on Cavotec shore power systems
to charge its battery units, and is now in operation between two berths in
southern Norway. It is high-profile applications such as these that highlight
the considerable potential of our advanced technologies, especially in areas
such as automation, remote control, mooring and shore power provision. 

Our Airports unit also secured several encouraging projects, including orders
for pre-conditioned air systems (PCA), along with a number of other aircraft
utility pit systems for applications in the US, for example from aircraft
manufacturer Boeing, and elsewhere. 

Another area where we continued to see positive developments was our Human
Operating Interface (HOI) technologies, with Cavotec Finland and Cavotec
Micro-control achieving numerous project sales during the period. 

Operationally, we are proceeding with the implementation of efficiency measures
across the Group, especially at our operations in Germany, Norway, and the US.
We remain committed to introducing the necessary organisational changes to the
Group to ensure future profitability – a process that will benefit customers,
shareholders and employees alike. 

While major orders have been postponed in recent months, we are encouraged by a
number of such projects in the pipeline. We maintain our cautious outlook going
forward, with challenging macro-economic conditions likely to result in subdued
demand in a majority of markets and sectors in the months ahead. 

Cavotec is monitoring costs closely under our Group-wide rationalisation
programme and we are actively reducing expenses wherever possible. We will
continue to focus on our key technologies in areas with the greatest potential
for growth – automation and electrification in particular. 


For further details, please contact:

Kristiina Leppänen
GroupChief Financial Officer & IR

The information in this release is subject to the disclosure requirements of
Cavotec SA under the Swedish Securities Market Act and/or the Swedish Financial
Instruments Trading Act. This information was publicly communicated on 3
November 2016 at 12:00 CET.

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