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Cavotec 4Q15 Report and full year 2015 summary

Press Release   •   Feb 25, 2016 12:20 GMT

This is a summary of the 4Q15 report and full year 2015 summary published today. The complete 4Q15 report and full year summary with tables is available at http://investor.cavotec.com/results.cfm. Investors should not rely on summaries only, but should review the complete reports with tables. 

Cavotec SA - 4Q15 Report and full year 2015 summary

  • Revenues for the quarter increased 7.6%, amounting to EUR 78.8 million (4Q14: 73.3).
  • Quarterly operating result (EBIT) ended with a profit of EUR 8.8 million (4Q14: 6.5), corresponding to a margin of 11.1%. Adjusted operating result (EBIT) was EUR 9.7 million (4Q14: 9.3).
  • Net result for the period ended at EUR 7.5 million (4Q14: 3.7).
  • Order Intake increased by 11.0% in the quarter to EUR 54.8 million (4Q14: 49.3).
  • Order book decreased 2.5% to EUR 98.4 million (FY14: 101.0).
  • Book to bill ratio at 0.99x compared to 0.94x in FY14.
  • The Board of Directors proposes a dividend of CHF 0.03 per share (2014 CHF 0.05).

CEO's comment

4Q15 performance followed our expectations with revenues amounting to EUR 78.8 million, a 7.6% increase compared to our last record in 4Q14, thereby making 4Q15 the best quarter in Cavotec's history. Currency exchange differences made a positive impact on the quarterly result and organic growth was positive at 2.1%. Gross margin remained stable for the quarter. 4Q15 order intake increased 11.0% year-over-year, amounting to EUR 54.8 million.

FY15 results followed our revised full-year guidance with revenues of EUR 232.2 million, a 1.4% decrease compared to FY14. Organic growth was negative at 8.5%. Adjusted EBIT amounted to EUR 10.9 million, a decrease of EUR 6.8 million compared to FY14. This result was negatively impacted by currency exchange differences of EUR 1.6 million. Gross margin improved slightly year-over-year. Despite FY15 order intake increasing 4.1% year-over-year, our order book decreased 2.5% to EUR 98.4 million from the year-end. The mix of the order book has shifted toward projects representing 71% of the order book. The Ports & Maritime and Airports market units are the main contributors, providing 87% of the total orders on hand.

Our core innovation MoorMaster™ continued to perform well in 4Q15, with two orders for the automated mooring technology. The first of these was for MM400E units and came from the Port of Salalah in Oman, a long-standing MoorMaster™ customer who has been using the technology since 2006. The second MoorMaster™ order was placed in the UK, where MoorMaster™ MM400 units will be installed at two passenger ferry berths - in Portsmouth, (on the UK mainland), and Fishbourne on the Isle of Wight. We also reached an important MoorMaster™ milestone in 4Q15, having passed a total of more than 150,000 mooring operations at Ro/Ro, container and bulk handling, and lock applications around the world.

Looking ahead

The uncertainties of the current economic climate and the resulting turbulence in both the financial and industrial markets will impact Cavotec. I believe we will see a period of weaker order intake and a slowdown in registering large projects across our most important markets. To ensure Cavotec is well prepared for these challenges, I am, together with the Senior Management Team, drawing up a plan to immediately streamline our operations, lower our cost structure and refocus our sales efforts.

Our aim remains to secure growth in our core businesses , and I am confident that our markets continue to offer sufficient potential to do this. Investing in innovation has been essential for Cavotec's growth and remains an important pillar of our future strategy. Our established product range, together with these new innovative systems, are key to our long-term success, and we face the future with a renewed determination to make our customers' operations safer, cleaner and more efficient.

ENDS

This is a summary of the 4Q15 report and full year 2015 summary published today. The complete 4Q15 report and full year summary with tables is available at http://investor.cavotec.com/results.cfm. Investors should not rely on summaries only, but should review the complete reports with tables.

For further details please contact:

Michael Scheepers

Group Chief Communications Officer & IR

+41 795 024 010 or michael.scheepers@cavotec.com

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 25 February 2016, 13:00 CET.

Cavotec is a leading global engineering group, developing innovative technologies that enable the maritime, airports, mining and tunnelling, and general industry sectors to operate productively and sustainably.

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