This report is dated 30 March 2022 and is signed on behalf
of the Board and of the Management of Cavotec SA by
Patrik Tigerschiöld, Chairman
Mikael Norin, Chief Executive Officer
Statement of Comprehensive Income
EUR 000s | Notes | 2021 | 20201 |
Revenue from sales of goods and services | 5 | 115,794 | 115,342 |
Other income | 6 | 2,276 | 1,983 |
Cost of materials | (58,593) | (58,954) | |
Employee benefit costs | 7 | (38,570) | (34,804) |
Operating expenses | 8 | (15,190) | (15,996) |
Gross Operating Result | 5,717 | 7,571 | |
Depreciation and amortisation | 16,17 | (3,222) | (3,367) |
Depreciation of right-of-use of leased asset | 16 | (3,068) | (3,244) |
Impairment losses | 16 | (174) | (923) |
| |||
Operating Result | (747) | 37 | |
Interest income | 10 | 153 | - |
Interest expenses | 10 | (285) | (640) |
Currency exchange differences - net | 10 | 3,632 | (3,324) |
Other financial item | (30) | 1,098 | |
Profit /(Loss) before income tax | 2,723 | (2,829) | |
Income taxes | 11,19 | (3,934) | (144) |
Profit /(Loss) for the period, continued operations | (1,211) | (2,973) | |
Profit /(Loss) for the period, discontinued operations | 38 | (35,890) | (1,019) |
Profit /(Loss) for the period | (37,101) | (3,992) | |
Other comprehensive income: | |||
Remeasurements of post employment benefit obligations continued operations | 27 | 282 | (98) |
Remeasurements of post employment benefit obligations discontinued operations | 27 | 22 | (77) |
Items that will not be reclassified to profit or loss | 304 | (175) | |
Currency translation differences continued operations | (1,908) | 1,172 | |
Currency translation differences discontinued operations | (507) | 372 | |
Items that may be subsequently reclassified to profit/(loss) | (2,415) | 1,544 | |
Other comprehensive income for the year, net of tax | (2,111) | 1,369 | |
Total comprehensive income for the year | (39,212) | (2,623) | |
Total comprehensive income attributable to: | |||
Equity holders of the Group | (39,214) | (2,620) | |
Non-controlling interest | 2 | (3) | |
Total | (39,212) | (2,623) | |
Profit attributed to: | |||
Equity holders of the Group continued operations | (1,211) | (2,973) | |
Equity holders of the Group discontinued operations | (35,890) | (1,019) | |
Total | (37,101) | (3,992) | |
Basic and diluted earnings per share from continued operations attributed to the equity holders of the Group (EUR/Share) | 30 | (0.013) | (0.031) |
Basic and diluted earnings per share from discontinued operations attributed to the equity holders of the Group (EUR/Share) | 30 | (0.381) | (0.011) |
Basic and diluted earnings per share attributed to the equity holders of the Group (EUR/Share) | 30 | (0.394) | (0.042) |
Average number of shares | 94,243,200 | 94,235,531 |
1 Restated - see Note 2. Basis of preparation
Balance Sheet
Assets EUR 000s | Notes | 2021 | 2020 |
Current assets | |||
Cash and cash equivalents | 12,230 | 19,151 | |
Trade receivables | 12 | 23,967 | 27,891 |
Contract assets | 5,12 | 2,509 | 1,199 |
Tax assets | 13 | 2,736 | 4,203 |
Other current receivables | 14 | 3,651 | 3,970 |
Inventories | 15 | 29,835 | 37,997 |
Assets held for sale | 16,38 | 24,147 | 3,408 |
Total current assets | 99,075 | 97,819 | |
Non-current assets | |||
Property, plant and equipment | 16 | 7,426 | 15,289 |
Right-of-use of leased assets | 16 | 14,394 | 18,815 |
Intangible assets | 17 | 38,188 | 51,768 |
Non-current financial assets | 18 | 55 | 129 |
Deferred tax assets | 19 | 8,629 | 9,673 |
Other non-current receivables | 20 | 7,249 | 7,171 |
Total non-current assets | 75,941 | 102,845 | |
Total assets | 175,016 | 200,664 | |
Equity and Liabilities EUR 000s | Notes | 2021 | 2020 |
Current liabilities | |||
Current financial liabilities | 21 | (4,124) | (4,144) |
Current lease liabilities | 16 | (2,850) | (3,440) |
Trade payables | 22 | (38,668) | (24,279) |
Contract liabilities | 5,22 | (115) | (10,765) |
Tax liabilities | 23 | (2,953) | (1,108) |
Provision for risk and charges, current | 26 | (2,866) | (3,439) |
Other current liabilities | 24 | (9,703) | (9,637) |
Liabilities directly associated with assets classified as held for sale | 38 | (15,897) | - |
Total current liabilities | (77,176) | (56,812) | |
Non-current liabilities | |||
Non-current financial liabilities | 21 | (9,196) | (10,085) |
Non-current lease liabilities | 16 | (11,425) | (15,385) |
Deferred tax liabilities | 25 | (2,130) | (2,123) |
Other non-current liabilities | (63) | (98) | |
Provision for risk and charges, non-current | 26 | (7,100) | (7,753) |
Employee benefit obligation | 27 | (1,274) | (2,416) |
Total non-current liabilities | (31,188) | (37,860) | |
Total liabilities | (108,364) | (94,672) | |
Equity | |||
Share Capital | (100,169) | (100,169) | |
Reserves | (4,833) | (7,074) | |
Retained earnings | 38,379 | 1,278 | |
Equity attributable to owners of the parent | 28 | (66,623) | (105,965) |
Non-controlling interests | (29) | (27) | |
Total equity | (66,652) | (105,992) | |
Total equity and liabilities | (175,016) | (200,664) |
Statement of Changes in Equity
EUR 000s | Notes | Share Capital | Reserves | Retained earnings | Equity related to owners of the parent | Non-controlling interest | Total Equity |
Balance as at 1 January 2020 | (100,169) | (5,257) | (2,714) | (108,140) | (30) | (108,170) | |
(Profit) / Loss for the period | - | - | 3,992 | 3,992 | - | 3,992 | |
Currency translation differences | - | (1,544) | - | (1,544) | 3 | (1,541) | |
Remeasurements of post employment benefit obligations | 27 | - | 175 | - | 175 | - | 175 |
Total comprehensive income and expenses | - | (1,369) | 3,992 | 2,623 | 3 | 2,626 | |
Employees share scheme | - | (445) | - | (445) | - | (445) | |
Issue of Treasury shares to employees | - | (3) | - | (3) | - | (3) | |
Transactions with shareholders | - | (448) | - | (448) | - | (448) | |
Balance as at 31 December 2020 | (100,169) | (7,074) | 1,278 | (105,965) | (27) | (105,992) | |
Balance as at 1 January 2021 | (100,169) | (7,074) | 1,278 | (105,965) | (27) | (105,992) | |
(Profit) / Loss for the period | - | - | 37,101 | 37,101 | - | 37,101 | |
Currency translation differences | - | 2,417 | - | 2,417 | (2) | 2,415 | |
Remeasurements of post employment benefit obligations | 27 | - | (304) | - | (304) | - | (304) |
Total comprehensive income and expenses | - | 2,113 | 37,101 | 39,214 | (2) | 39,212 | |
Employees share scheme | - | 128 | - | 128 | - | 128 | |
Transactions with shareholders | - | 128 | - | 128 | - | 128 | |
Balance as at 31 December 2021 | (100,169) | (4,833) | 38,379 | (66,623) | (29) | (66,652) |
The line related to Employees share scheme shows the accrual for LTIP plans.
Statement of Cash Flows
EUR 000s | Notes | 2021 | 20201 |
Profit /(Loss) for the year | (37,101) | (3,992) | |
Adjustment to reconcile net income to cash flow from operating activities - continued operations | |||
Loss from discontinued operations, net of income taxes | (35,890) | (1,019) | |
Adjustments for: | |||
Net interest expenses | 132 | 640 | |
Current taxes | 11 | 2,905 | 825 |
Depreciation and amortisation | 16,17 | 3,222 | 3,366 |
Depreciation of right -of-use of leased assets | 3,068 | 3,245 | |
Impairment losses | 16 | 174 | 923 |
Deferred tax | 1,029 | (681) | |
Provision for risks and charges | (319) | 326 | |
Capital gain or loss on assets | (817) | (776) | |
Other items not involving cash flows | 10 | (3,413) | 3,974 |
Interest paid | 176 | (771) | |
Taxes paid | 213 | (1,568) | |
6,370 | 9,503 | ||
Cash flow before change in working capital | 5,159 | 6,530 | |
Impact of changes in working capital | |||
Inventories | (3,633) | (317) | |
Trade receivables and contract assets | (11,492) | 9,624 | |
Other current receivables | (241) | 1,816 | |
Trade payables and contract liabilities | 16,698 | (155) | |
Other current liabilities | 2,163 | (2,072) | |
Impact of changes involving working capital | 3,495 | 8,896 | |
Net cash inflow /(outflow) from operating activities continued operations | 8,654 | 15,426 | |
Net cash inflow /(outflow) from operating activities discontinued operations | (9,341) | 280 | |
Net cash inflow /(outflow) from operating activities | 687 | 15,706 | |
Financing activities | |||
Net changes loans and borrowings | 21 | (1,218) | (3,221) |
Repayment of lease liabilities | 10,16 | (2,857) | (2,848) |
Net cash inflow /(outflow) from financing activities continued operations | (4,075) | (6,069) | |
Net cash inflow /(outflow) from financing activities discontinued operations | (1,375) | (1,256) | |
Net cash inflow /(outflow) from financial activities | (5,450) | (7,325) | |
Investing activities | |||
Investments in property, plant and equipment | (665) | (1,082) | |
Investments in intangible assets | (3,158) | (1,936) | |
Decrease of non current financial asset | 10 | - | |
Disposal of assets | 16 | 1,155 | 2,457 |
Net cash inflow/(outflow) from investing activities continued operations | (2,658) | (561) | |
Net cash inflow /(outflow) from investing activities discontinued operations | (144) | (139) | |
Net cash inflow /(outflow) from investing activities | (2,802) | (700) | |
Cash at the beginning of the year | 19,151 | 13,254 | |
Cash flow for the year continued operations | 1,921 | 8,796 | |
Cash flow for the year discontinued operations | (10,860) | (1,115) | |
Cash flow for the year | (8,939) | 7,681 | |
Currency exchange differences | 2,018 | (1,784) | |
Cash at the end of the year | 12,230 | 19,151 |
1 Restated - see Note 2. Basis of preparation