2024
ANNUAL AND SUSTAINABILITY REPORT
Cavotec is a leading cleantech company that designs and delivers
connection and electrification solutions to enable the decarbonisation
of ports and industrial applications. We want to contribute to a world
that is cleaner, safer and more efficient by providing innovative
connection solutions for ships, po rts, and industrial equipment today.
We thrive by shaping future expectations in the areas in which we
are active. Our credibility derives from our expertise and dedication
to innovation and world-class operations. Our 50 years of success
rest on our core values: Integrity, Accountability, Performance, and
Teamwork.
We connect the future.
”Our markets are
driven by strong
megatrends.”
Our automated mooring
Our shore power
solutions improve safety
solutions cut emissions
6
16
significantly.
18
at berth to zero.
INTRODUCTION
SUSTAINABILITY REPORT
FINANCIAL STATEMENTS
Cavotec in brief 4
Our sustainability agenda 23
Consolidated financial statements 50
Highlights 2024 5
Value chain 24
Notes to the financial statements 54
CEO’s message 6
Stakeholder dialogues 26
Risk management 70
Double materiality assessment 27
Statutory financial statements 79
STRATEGY AND FINANCIALS
Governance 28
Notes to statutory financial statements 81
Environmental and climate impact 29
Market trends 9
Caring for our people 31
OTHER INFORMATION
Our offering 10
Business ethics 34
Strategic priorities 11
Financial definitions 87
Contribution to the UN SDGs 34
Financial performance 12
The share 88
Financial targets 14
Shareholder information 90
CORPORATE GOVERNANCE
Cavotec’s history in brief 91
SEGMENTS
Remuneration report 36
Corporate governance report 43
Introduction 16
Board of Directors 47
Ports & Maritime 17
Cavotec Management Team 48
Industry 19
3
INTRODUCTION
Cavotec in brief
Cavotec in brief
We are a leading cleantech company that designs and delivers connection and
electrification solutions to enable the decarbonisation of ports and industrial applications.
Backed by 50 years of experience, our systems ensure safe, efficient and sustainable operations for a wide variety of
customers and applications worldwide. We report two business segments; Ports & Maritime and Industry. Our offering
includes automated mooring, shore power, motorised reels, crane electrification, radio remote controls and charging
solutions. Service is an integral part of our business segments.
We enable our customers to optimise productivity, minimise risk to personnel and equipment, and reduce
environmental impact. Our unique technologies and engineering expertise combined with a worldwide service offering
maximise our customers’ profitability and sustainability. In this way, we help their businesses grow and accelerate
progress towards a sustainable future.
BUSINESS SEGMENTS
Ports & Maritime
World-leading solutions for ports, ships and other marine applications. Unique systems for automated mooring,
shore power, crane electrification, and connection and charging systems, significantly improving the environment
in ports worldwide.
Industry
Solutions that drive productivity and contribute to the customers’ operational efficiency, electrification as well as
occupational health and safety. Our product offering includes motorised cable and hose reels, radio remote controls,
power connectors, spring driven cables and hose reels.
175.0
10.9
126.4
80+
708
Revenue, EUR million
EBIT, EUR million
Order backlog, EUR million
Number of countries where
Employees, full-time equivalents
our systems are installed
4
INTRODUCTION
Highlights 2024
Solid financial improvements and important orders signed
Profitability continued to improve in 2024 thanks to our effective change programs and our financial position was further strengthened.
We signed several important orders with both new and existing customers, signalling healthy market demand for our solutions and services offering.
KEY EVENTS
KEY FIGURES
• Shore power retrofit order with major European shipping line, worth USD 5.7 million
EUR 000s 2024 2023 2022 2021 2020
• Two-year service agreement with APM Terminals at Port of Tanger, Marocco
Order intake 177,780 157,354 Not reported
• Three-year service agreement for shore power systems in large North American port
Order backlog 126,390 123,562 147,207 98,893 57,773
• The world’s first ultra-fast 3 MW charging system for battery-powered heavy-duty vehicles
in service at a mining site in Australia
Revenue 174,952 180,734 147,849 115,794 115,342
• Order for shore power with a global shipping company, worth USD 5 million
EBIT 10,893 7,227 (4,506) (747) 37
• Two-year service agreement with Port of Salalah, Oman
EBIT margin 6.2% 4.0% (3.0%) (0.6%) 0.0%
• South America’s first MoorMaster system inaugurated at DP World San Antonio,
Adjusted EBIT 11,139 7,227 (4,506) (747) 37
Chile’s largest multipurpose port
Adjusted EBIT margin 6.4% 4.0% (3.0%) (0.6%) 0.0%
• Inauguration of new production facility in Chennai, India
Net profit/(loss) for the period 3,840 180 (3,170) (1,211) (2,973)
• Orders for shore power systems to two Mediterranean ports, worth EUR 6.5 million
Basic and diluted earnings per share, EUR 0.036 0.002 (0.034) (0.013) (0.031)
• Shore power orders for three Italian ports, worth EUR 7 million
• Shore power order with global shipping company, worth EUR 4 million
Operating cash flow 6,226 1,933 (5,485) 8,654 15,501
• Order for automated mooring system for Port of Dublin, Ireland
Net debt (15,257) (18,638) (30,328) (19,630) (15,264)
• Order with Qwello for 1,000 spring cable reels for electric vehicle charging stations in Europe
Leverage ratio 0.91x 1.29x 12.5x 3.20x 0.98x
REVENUE,EURMILLIONOPERATINGCASHFLOW,EURMILLIONREVENUEBYGEOGRAPHY,%
200
12
24
150
9
18
Europe, Middle East and Africa, EUR 81.5 million
100
6
12
50
3
6
North America, EUR 23.3 million
0
0
0
-50
-3
-6
20202021202220232024
20202021202220232024
Revenue, EUR million
EBIT margin, %
5
INTRODUCTION
CEO’s message
We have built a stronger Cavotec
In 2024, we established a stronger Cavotec with higher profitability and a strengthened financial position.
Thanks to the success of our change programs, we have also been able to enhance focus on product
development and thus increase our competitiveness. Demand for our offering remains good and we have a
solid foundation to continue growing with improved profitability.
We met good demand in 2024 and order intake increased by 13.0% to
“I am confident in our ability to
EUR 177.8 million and the order backlog increased by 2.3% to EUR 126.4
grow with improved profitability
million. This development is largely driven by good demand for our shore
and that we are ready to
slightly, by -3.2%, to EUR 175.0 million, as a result of the review of the
take Cavotec to the next level.”
The backlog review has been part of our comprehensive change pro-
improving by 50.7% to EUR 10.9 million and the EBIT margin growing to
ports of which three in Italy with a combined order value of EUR 13.5 mil-
lion and a global shipping company with a contract worth EUR 4 million.
All orders are to be delivered over the next two years. These orders are
cover basically all processes in the company as well as cultural issues.
clear signs of the strong need to reduce emissions in marine environ-
An important improvement in 2024 has been made in supply, where we
the evolving needs of the shipping industry.
through centralised processes. An example of how we are working to
Among our other business successes in 2024 is the contract for
improve our capabilities and internal processes is the inauguration in
automatic mooring at the Port of Dublin. This is a milestone to us since
2024 of our new assembly unit in India. The new facility gives us both
-
tainable port operations in the region.
market.
In June 2024, I also had the pleasure of attending the inauguration
installed at DP World San Antonio, the largest multipurpose port in Chile.
Our state-of-the-art technology helps the port enhance employee
the Industry segment. The Industry segment has started its measures
safety and increase ship-to-shore crane productivity by reducing vessel
motion. Furthermore, the increased crane productivity together with
measures in the latter part of 2024.
faster mooring will shorten vessel turnaround times, thereby reducing
vessel fuel consumption and emissions.
STRONG MEGATRENDS DRIVING MARKET DEMAND
Our markets are driven by megatrends such as the need for climate
SUCCESS WITH OUR ENHANCED SERVICE OFFERING
to capture the untapped potential of our large globally installed base.
shore power solutions. This trend is also reinforced by regulations in the
-
area. At the end of 2024, we announced contracts for shore power with
tion of the equipment for customers and acting as a system integrator.
David Pagels, CEO
This has been a successful venture that has led to important orders for
6
INTRODUCTION
CEO’s message
us in 2024. Among the announced contracts are a two-year service
EXCITING NEW PRODUCTS IN PIPELINE
agreement with APM Terminals at Port of Tanger in Morocco and a new
This year marks 50 years since Cavotec was founded. These years have
two-year service agreement signed with Port of Salalah in Oman. We
increase our focus on product development in 2024 which has strength-
been characterised by innovation, customer focus and the ability to
develop solutions that improve customers’ processes. Over the past
American port where we will take care of the plug in and plug out of our
solutions that solve customers’ future needs. The development work
ten years, the focus has increasingly shifted to electrifying customers’
installed power units. This provides us with valuable insights into how we
has been done both independently and in collaboration with customers.
processes to meet the need for reduced climate impact and improved
can further improve our products while ensuring that the equipment is
be launched in 2025.
sustainability work in 2024 since we see that sustainability work will give
-
ing the development of the new European sustainability reporting stan-
dards to understand the implications to us.
We have started 2025 by strengthening the Cavotec Management
Team with two new members – Jonathan Eriksson and Nicklas Vedin who
have been given responsibility for the Industry and the Ports & Maritime
divisions respectively. Patrick Mares, previously head of the Ports &
Maritime division, is our new CTO with responsibility for product man-
agement. With these changes, we now have a management team and
governance model that allow us to work and allocate resources even
OUTLOOK
I am proud of our employees’ commitment and their focused work, which
has enabled the successful transformation of Cavotec. One of Cavotec’s
key strengths is that we operate in growing markets driven by the need
to reduce climate impact and improve sound environments. I can also
note that we have a promising portfolio of new products set to launch in
are ready to take Cavotec to the next level.
David Pagels
CEO
Shore power is the only solution that cuts emissions totally at berth. We are at the forefront of delivering highly
innovative shore power solutions and services with more systems installed around the world than any other provider
including cruise vessels, container ships Ro/Pax and Ro/Ro ferries.
7
STRATEGY
Strategy
We have 50 years of experience in creating more sustainable and efficient
processes for our customers worldwide. We are proud of our long-term
customer relationships and our ability to stay ahead by offering innovative
solutions that solve our customers’ problems.
8
STRATEGY
Strong market trends create growth opportunities
There is a great interest in our climate-friendly solutions, driven by strong market trends such as customers’ need to decarbonise as well as new
environmental regulations. During our 50 years of experience, we have developed a comprehensive understanding of our market and the factors that
influence it, and we have established enduring relationships with our customers. Our long experience and application knowledge makes it easier for us
to be able to understand, anticipate and adapt to the changing needs and behaviours of our market. This in turn enables us to deepen existing customer
relationships, win new customers and continue to strengthen our market position.
1
2
3
4
5
6
Climate
Safety
The climate is one of the most impor-
A critical part of efforts to fulfil the
Awareness is increasing globally
Occupational injuries and work-
Global trade means that many differ-
In many parts of the world, demands
tant issues of our time. In order to
Paris Agreement is electrification and
about problems associated with noise
related ill health are high on the sus-
ent raw materials and products are
on the industry to reduce its negative
reach the goals of the Paris Agree-
the transition to fossil-free energy.
pollution both on land and in the seas.
tainability agenda of many companies
transported over great distances in
climate and environmental impact are
ment, it is required that all industries
The electrification of processes that
Noise pollution affects many people
today. Many companies have zero
the world. About 90% of global trade
increasing. Requirements are being
and businesses contribute by reduc-
have until now been performed with
on a daily basis and can cause health
visions when it comes to occupa-
is today seaborne according to the
made by international bodies such as
ing their emissions. The shipping sec-
fossil fuels is ongoing throughout
problems such as high blood pres-
tional injuries and invest in equipment
International Maritime Organization.
the International Maritime Organiza-
tor accounted for 2.89% of global
many sectors, not least in shipping
sure, heart disease, and stress. Today
and processes that reduce risks to
Efficient and well-performing value
tion and supranational authorities
greenhouse gas emissions in 2018
and mining. Electrification not only
we also know that noise pollution can
employees.
chains are central to the functioning
such as the EU. Demands are also
according to the International Mari-
contributes to the decarbonisation, it
affect animals on land and in the seas.
For us, safe products and solu-
of global trading systems.
increasing from local authorities that
time Organization.
can also generate substantial energy
For many sectors, it is important
tions that improve the workplace
End-users of our solutions are
want to lower diesel emissions and
When we look at the mining sector,
savings due to greater efficiency and
to reduce noise in the workplace to
environment have always been an
central to the efficient functioning of
noise levels in and around port areas,
it is responsible for 4
–7% of the
enhance air quality.
improve the health of employees and
important driving force and key com-
global trade and they require con-
for example. Stakeholders such as
world’s greenhouse gas emissions
The electrification of vessels,
increase attractiveness as an
petitive advantage. By automating
stant service support to maintain effi-
investors and lenders are also push-
according to an article published by
cranes and other industrial equip-
employer. Here, we contribute
previously manual processes, such as
ciency and delivery reliability. We are
ing companies to become more
McKinsey & Co in 2020.
ment are central parts of our offering.
through our products and solutions
mooring, the risk of injury to sailors
therefore a core part of our custom-
sustainable.
The urgency of reducing carbon
Shipping companies and shipyards,
that improve the sound environments
and dock workers is significantly
ers’ value chains, which is an impor-
Increased regulations drive
emissions is increasingly a priority for
for example, are becoming increas-
in ports and mines, for example.
reduced.
tant reason for the long and close
demand for our products and ser-
a growing number of industries,
ingly interested in the shore power
customer relationships.
vices. For us, this creates increased
including the shipping and mining
solutions that enable ships to switch
opportunities to reach new custom-
sectors. This means that interest in
off the diesel generators at berth.
ers and strengthen our market posi-
our products and services increases
tion in sectors that are critical for
because they reduce customers’ car-
industry and society.
bon footprint and help them contrib-
ute to reaching the Paris Agreement.
9
STRATEGY
We target the global need to decarbonise
Worldwide, there is a growing need to reduce green-house gas emissions. With our solutions and services,
emissions in ports, mines and other industrial sites are reduced while workplaces become safer.
We provide safe and efficient
• Skilled employees
• Ports & Maritime
• Ports and port operators
electrification solutions and
• Global reach
• Industry
• Shipbuilders and shipping companies
services that decarbonise ports,
• Services
• 50 years of experience
• Mining operators
vessels and heavy-duty vehicles.
and innovation
• Manufacturers of mining machinery and
mobile cranes
With 50 years of experience and innovation, we have established our-
CRITICAL SOLUTIONS FOR OUR CUSTOMERS
selves as a preferred supplier and service provider to leading companies
Our business is characterised by close, long-term customer relation-
in above all the marine and mining industries. By enabling the electrifica-
ships. Because part of our sales are to OEMs, it is important that we also
tion of ships, port equipment, and mining machinery, we support our
maintain close relationships with the end customers, since they define
customers to reduce greenhouse gas emissions and also noise pollu-
the specifications. The end customers may also be those who purchase
tion. The need to reduce the environmental impact is driven from several
maintenance service and spare parts directly from us.
different stakeholders, including supranational bodies and local authori-
Several of our products represent a small value of the final product,
REMOTE CONTROL
ties. Our solutions also contribute to increasing the safety of profes-
but they are critical components of the operation. Downtime can create
sional groups such as sailors, dock workers and miners.
substantial cost, so customers and end customers are meticulous in
their specifications, and value service excellence.
CUSTOMERS IN CRITICAL INFRASTRUCTURE
We provide our solutions through our two business segments: Ports &
GLOBAL SUPPLY ORGANISATION
Maritime and Industry. Our services organisation provide systems inte-
Assembly of our products takes place in plants, often located in the
gration, maintenance, controls, spare parts and repairs to extend equip-
same region as the customers. Through our service organisation and its
ment lifespan.
local presence, we are geographically close to our customers.
Within Ports & Maritime, a significant proportion of sales are large
Our most important resource is our over 700 employees worldwide
projects such as electrically powered vacuum mooring systems, shore
and their collective experience. Together with our customers and part-
power solutions and motorised reels for container cranes. Sales often
ners, we constantly develop our offering and create new innovative
take place through OEMs that install Cavotec’s products in vessels and
solutions.
port cranes, for example. The end customers, typically ports and ship-
ping companies, provide OEMs with product and system specifications.
For Industry, mining machinery OEMs account for the majority of rev-
With our solutions and services, emissions in ports, mines and other
enue. Sales mainly comprise of critical components in larger volumes.
industrial sites are reduced while workplaces become safer.
10
STRATEGY
Strategic priorities for profitable growth
We began the transformation of Cavotec in 2023 through clear strategic priorities and change programs. This has been
successful and we continue to work on our strategic priorites to build an even stronger Cavotec.
We always strive to create value not only for us and our customers, but
Our culture and core values are central to success. We see a good
also for our customers’ customers. In this way, we strengthen and ensure
momentum in the organisation and a strong drive from all our employees.
FOUNDATION FOR
long-term and close customer relationships. With a large installed base
Cavotec’s culture must be characterised by openness and a common
PROFITABLE GROWTH
worldwide, we have significant potential for upselling, not least of our
desire to reach a shared goal, while working as a unified company.
services offering that we have further enhanced during 2024. At the
Our core values of integrity, accountability, performance and team-
same time, we have dialogues with new customers who, through their
work lay the foundation for how we act towards each other and the world
specifications, ensure that our leading products become part of their
around us.
COMPREHENSIVE CHANGE PROGRAMS
orders.
Among the changes we have implemented are better processes for
pricing and clear responsibilities for following up on customer projects
Innovation is about solving our customers future needs and challenges.
and aftermarket sales.
Through our technical leadership and application knowledge from our
OUR STRATEGIC PRIORITIES
large installed base, we create competitive advantages and strengthen
Customers and go-to-market
our position both with existing and potential customers. For us, inno-
•
Operational excellence
We must continuously improve effectiveness and efficiency throughout
vation also has a broader meaning and it is about having a mindset that
•
Cost control
the organisation and value chain. This is done by smart use of new tech-
characterises everything we do. If we are to succeed, we must all be
•
Culture and values
nologies, platforms and capabilities that drive productivity in combina-
innovative, dare to question existing routines and be open to new ideas
•
Innovation
tion with new routines and processes that improve our ways of working.
and ways of working.
•
People
An example of operational excellence is our new assembly facility in
•
India which opened in 2024 to service the significant local Indian market.
With this new unit, we will also improve our global supply chain and
Our employees are Cavotec’s most important asset and motivated
enhance our production capacity since it will function also as a supply
employees are a prerequisite for us to succeed in creating profitable
hub for our operations across the globe.
growth. With a strong employer brand, we create the conditions to retain,
It is important that we execute on each one of our strategic priorities
develop and recruit the industry’s best talents. One step in creating a
because they are interdependent to reach our overall goal. We only
motivating environment is clearly defined roles and responsibilities
have satisfied customers if we have motivated employees and efficient
Cost control does not only relate to monitoring costs. It is a way of thinking
linked to measurable goals and follow-up, as well as constant learning
processes. We can only achieve operational excellence if we have
that encompasses our ways of working and our supplier and customer
that develops and stimulates us.
good cost control. Without innovation as a behaviour, we cannot
relationships. It is about what resources we should have, when and where
change processes and constantly improve our offer. Our culture and
they should be applied.
values must embrace change and the will to work towards our overall
To improve cost control throughout the organisation, we have cost
goal of profitable growth.
optimisation and sourcing cost reduction programs in place across
the group.
11
STRATEGY
Solid financial improvements
We have steadily improved our financial performance and market position during 2024 through clear strategic priorities.
Order intake increased 13.0% to EUR 177.8 million (157.4) with good
Cost of materials decreased 16.0% to EUR 85.1 million (101.2) and
EBIT increased 50.7% to EUR 10.9 million (7.2) and the EBIT margin
development in both the Ports & Maritime and Industry segments. Order
constitutes 48.6% (56.0%) of revenue. Employee benefit costs increased
improved 2.2 percentage points to 6.2% (4.0%). The improvement in
backlog increased 2.3% to EUR 126.4 million (123.6).
11.6% to EUR 53.4 million (47.9) and constitutes 30.5% (26.5%) of reve-
profitability is mainly reflecting lower cost of materials due to improved
nue. Operating expenses increased 9.4% to EUR 21.1 million (19.3) and
purchasing procedures.
constitutes 12.1% (10.7%) of revenue.
Revenue decreased -3.2% to EUR 175.0 million (180.7) where currency
Adjusted EBIT increased 54.1% to EUR 11.1 (7.2) million and the adjusted
effects had a negative impact of -0.2%. In the regions, revenue
EBIT margin improved 2.4 percentage points to 6.4% (4.0%). EBIT has
increased in North America 1.4% to EUR 23.3 million (23.0) and in Asia
Gross operating result increased 15.8% to EUR 16.7 million (14.4) with
bee adjusted in the fourth quarter 2024 for non-recurring costs related
Pacific 0.4% to EUR 70.1 million (69.8). In Europe and Middle East reve-
a gross operating margin of 9.5% (8.0%).
to the investigation of potentially moving the registered office from
nue decreased -7.3% to EUR 81.5 million (88.0).
Switzerland to Sweden.
Depreciation and amortisation including depreciation of right-of-use
of leased asset and impairment losses decreased 19.4% to EUR -5.8
(-7.2) million.
REVENUE,EURMILLIONORDERINTAKE,EURMILLIONORDERBACKLOG,EURMILLION
60
80
160
70
50
60
120
40
50
30
40
80
30
20
20
40
10
10
0
0
0
1Q232Q233Q234Q231Q242Q243Q244Q24
1Q232Q233Q234Q231Q242Q243Q244Q24
1Q232Q233Q234Q231Q242Q243Q244Q24
Ports & Maritime
Industry
12
STRATEGY
“We have made significant progress in 2024 and have
Interest income increased to EUR 0.035 million (0.018). Interest
Cash flow before changes in working capital decreased to EUR 8.4 mil-
potential for further improvements. A key focus area
expenses decreased 25.0% to EUR -2.6 million (-3.5). Net financial
lion (10.4). Changes in working capital amounted to EUR -2.2 million
income amounted to EUR -2.7 million (-3.5), mainly impacted by lower
(-8.5). Operating cash flow increased to EUR 6.2 million (1.9) due to
in 2025 is capital employed and cash flow to free up
interest expenses.
improved profitability and working capital during the year. Investing
resources for continued investments in, among other
activities amounted to EUR 0.7 million (-1.5).
things, product development.”
Profit before income tax improved 118.1% to EUR 8.2 million (3.8).
Net debt decreased to EUR -15.3 million from EUR -18.6 million at
31 December 2023. The leverage ratio (measured as debt-to-adjusted
Income taxes amounted to EUR -4.4 million (-3.6). which represents
EBITA) improved to 0.91x from 1.29x during the year. The equity/assets
53.2% (95.2%) of profit before income tax. Tax paid was EUR 4.7 million
ratio increased to 40.4% from 36.0% at 31 December 2023. Cash and
(0.5) million, which equates to 57.6% (14.1%) of profit before income tax.
cash equivalents amounted to EUR 11.6 million (15.1).
Profit for the year increased to EUR 3.8 million (0.2). Earnings per share,
At the end of the year, Cavotec had 708 (664) full-time equivalent
basic and diluted, improved to EUR 0.036 (0.002).
employees.
Joakim Wahlquist
CFO
ADJUSTEDEBITANDADJUSTEDEBITMARGINOPERATINGCASHFLOW,EURMILLIONNETRESULTANDEARNINGSPERSHARE
6
12
6
2.5
0,03
2.0
4
0,02
4
8
1.5
2
1.0
0,01
2
4
0
0.5
0.0
0,00
-2
0
0
-0.5
-4
-0,01
-1.0
-2
-4
-6
-1.5
-0,02
1Q232Q233Q234Q231Q242Q243Q244Q24
1Q232Q233Q234Q231Q242Q243Q244Q24
1Q232Q233Q234Q231Q242Q243Q244Q24
Adjusted EBIT, EUR million
Net result, EUR million
Adjusted EBIT margin, %
Earnings per share, EUR
13
STRATEGY
Financial targets
Adopted by the Board of Directors in February 2020.
+5% +10% 30–50%
To achieve annual organic revenue growth of at least 5% from 2020, in
To reach an annual adjusted EBIT margin of more than 10% within two
The target is to distribute dividends of approximately 30–50% of net
addition to possible acquisitions.
years and more than 12% within five years.
profits over a business cycle. Any dividend proposal will be based on
financial position, investment needs, acquisitions and liquidity position.
OUTCOME
OUTCOME
OUTCOME
No dividend has been paid for the years 2020–2023. The Board of
2024 2023 2022 2021 2020
2024 2023 2022 2021 2020
Directors proposes to the Annual General Meeting 2025 that no dividend
-3.2% +22.2% +27.7% +0.4% 0.0%
6.4% 4.0% -3.0% -0.6% 0.0%
be paid for the 2024 financial year.
14
SEGMENTS
Our long history of 50 years of operation and innovation has resulted in a unique
application knowledge and understanding of our customers’ challenges and needs.
Our offering is aimed at the marine sector and other industrial sectors where our
solutions improve customers’ operational performance.
15
SEGMENTS
An attractive offering in electrification
With our extensive experience and comprehensive range of innovative technologies we help customers to
connect and electrify port operations and other critical industrial applications.
SHORE POWER
CHARGING SOLUTIONS
We provide a comprehensive range of shore power connection and
Our connection solutions optimise the charging of a variety of mobile
A LEADING CLEANTECH OFFERING
charging solutions for ports, conventional ships, and e-vessels. Shore
equipment such as electric and hybrid vehicles, trucks, AGVs and ships.
power is the only solution that cut emissions at berth to zero. Shore
We provide manual and automatic connection systems that withstand
power solutions enable the connection of ships in port to onshore power
challenging port environments and ensure operational safety.
SEGMENTS
supply, allowing ships’ diesel generators to be switched off.
Our Megawatt Charging System (MCS) provides up to 4.5 MW charg-
ing power with a single MCS connector. The system significantly reduces
PORTS & MARITIME
INDUSTRY
AUTOMATED MOORING
charging time and maximises uptime compared to existing combined
• Shore power
• Radio remote controls
Our MoorMaster® vacuum automated mooring system replaces conven-
charging systems. MCS can be used to charge all kinds of heavy-duty
• Automated mooring
• Charging solutions
tional mooring lines with automated vacuum pads that moor and release
vehicles, such as agriculture and construction vehicles, large mining
• Crane electrification
• Cranes
vessels in seconds at the push of a button. With more than 1.3 million
trucks and e-vessels.
• Industrial applications
successful moorings completed since its introduction in the late 90s,
MoorMaster is the world’s only widely used automated mooring technol-
ogy. It is in use with a wide variety of vessels and applications, including
400 metre long container ships and bulk carriers. Mooring sequences
SHARE OF TOTAL REVENUE
takes less than a minute and the release phase is even quicker. The sys-
SERVICES
tem reduces emissions during the mooring process by more than 90%
and enables vessel overhang. MoorMaster’s advanced control system
minimises vessel motion along the berth, increasing the efficiency of
Ports & Maritime, EUR 109.9 million
Systems integration
loading and unloading.
Industry, EUR 65.0 million
MINING AND TUNNELLING EQUIPMENT
Our mining and tunnelling systems enable the connection, electrification
Our offering ranges from turnkey solutions and systems integration to
and automation of mobile mining and tunnelling equipment. These
volume products. With our services offering, we help customers to
include Human Operator Interface systems, motorised cables and hose
extend the lifecycle of our systems and reduce operating costs. Our ser-
reels, spring reels, junction boxes, power connectors and industrial con-
SHARE OF TOTAL EBITDA
vices organisation offer support around the world and around the clock.
trollers such as chairs and joysticks.
CRANE ELECTRIFICATION AND CRANES
INDUSTRIAL APPLICATIONS
We power cranes with a wide range of systems such as high-speed
We provide solutions and products for a wide variety of processing and
Ports & Maritime, EUR 13.8 million
motorised cable reels for fibre optics, liquids or electricity. The offering
transportation applications such as automotive, power plants, steel and
Industry, EUR 2.9 million
also includes cable protection and power connection systems.
aluminium, wind and solar energy. We have extensive experience of pro-
Our systems have a proven track-record in the harshest of environ-
viding customised solutions for the safe and efficient transmission of
ments and under extreme mechanical stress. Our crane solutions are
energy, signals and data, as well as liquid and gaseous media.
used in ports and terminals, extraction applications, lifting, and material
handling.
16
SEGMENTS
SEGMENT PORTS & MARITIME
We significantly improve the environment
in ports worldwide
Our Ports & Maritime segment provides world-leading solutions for ports, ships and other marine applications.
With our unique systems for automated mooring, shore power, crane electrification, and connection
and charging systems, we significantly improve the environment in ports and terminals worldwide.
Our systems are in use all over the world and we provide services to cus-
KEY BUSINESS WINS IN 2024
PERFORMANCE IN 2024
tomers around the clock. Customers include ship owners and operators,
We signed significant orders for shore power and extensive, multi-year
The order backlog increased 2.5% to EUR 102.3 million (99.8) driven
ports and terminals, port equipment manufacturers, shipyards, and
service contracts. In the last quarter 2024, we announced orders for
by good demand for shore power solutions and the service offering.
major contractors. Among our customers are ABB, DP World, and a
shore power with a total value of EUR 17.5 million. Customers include
Revenue decreased -4.2% to EUR 109.9 million (114.7). Currency
number of ports across the world including Hong Kong, Los Angeles,
five Mediterranean ports of which three in Italy with a total value of
effects had a negative impact of -0.2%.
Shanghai and Tanger.
EUR 13.5 million, and a global shipping company with a contract value
EBITDA improved 22.7% to EUR 13.8 million (11.2) and the EBITDA
of EUR 4 million. Earlier in 2024, we announced shore power contracts
margin increased 2.7 percentage points to 12.5% (9.8%) due to
OUR COMPETITIVE ADVANTAGES
with a major European shipping line, worth USD 5.7 million, and a con-
successful implementation of the change programs.
Our main competitive advantages are high quality, technical ability and
tract with a global shipping company, valued at USD 5 million.
broad services offering. Our customers never compromise on safety,
At the end of 2024, we signed a contract for automated mooring for
which is often a reason for them to choose us as their preferred supplier.
Port of Dublin. This contract is a milestone since it is the first installation
in Ireland and expected to serve as a benchmark for sustainable port
operations in the region.
“ We have a strong position in the
Within services, we signed two-year agreements with, among other,
market, based on our ability to
APM Terminals at Port of Tanger, Marocco and Port of Salalah, Oman.
REVENUE AND EBITDA MARGIN
To date, we have installed 45 MoorMaster NxG and 31 Power units in
deliver innovative systems that
Port of Tanger and 32 MoorMaster units in Port of Salahah. These con-
meet the evolving needs of the
tracts are good examples of how we generate business based on our
200
20
installed base.
shipping industry. ”
150
15
We also announced a three-year service agreement with a large
100
10
North American port to provide all services on the shore power systems
we have installed. This deal is groundbreaking for us since we will take
50
5
care of the plug in and plug out the power units for the first time. This
0
0
provides us with valuable insights in how we can further improve our
products while ensuring that the equipment is operated in the most
-50
-5
202220232024
202220232024
efficient way.
Revenue, EUR million
EBIT margin, %
Nicklas Vedin
SVP, Head of Ports & Maritime Division
200
8
150
17
6
100
4
50
2
0
0
-50
-2
202220232024
SEGMENTS
Ro/Ro, container and other specialised terminals. Today,
our advanced shore power systems are integrated into
the heart of some of the busiest and most dynamic ports
in the world, facilitating the shift towards a more sustaina-
ble future.
Over 650 container vessels globally are equipped with
Cavotec shore power technologies.
Our shore power solutions are taking the shipping
compliance with the strictest emissions regulations. All our
onboard power supply systems comply with IEC/ISO/IEEE
80005-1 standard, ensuring full vessel compatibility while
berthing in ports around the world.
We provide state-of-the-art technologies for both exis-
ting ships, and new-build container and bulk vessels. With
to minimise their environmental footprint while berthing in
ports. Since the 1980s, we have partnered with shipping
technical requirements.
18
SEGMENTS
SEGMENT INDUSTRY
We improve our customers’ operations
across the world
Our Industry segment offers solutions that drive productivity and contribute to the customers’
operational efficiency, safety and electrification. Our solutions include motorised cable and hose reels,
human operator interface systems, radio remote controls, power connectors, slip rings and spring
driven cables and hose reels.
We support customers in a wide variety of industrial sectors, such as
OUR COMPETITIVE ADVANTAGES
PERFORMANCE IN 2024
200
cranes, energy, processing and transportation, surface and underground
20
Our ability to understand end customer needs and present solutions to
The order backlog increased 1.4% to EUR 24.1 million (23.8).
mining, and tunnelling. Mining and construction are the largest
help them improve their operations is undoubtedly our main competitive
Revenue decreased -1.5% to EUR 65.0 million (66.0) . Currency
150
15
customer segments. We have worked closely during long time with lead-
advantage. With our long experience and knowledge of technical
effects had a negative impact of -0.2%.
100
10
ing OEMs in the mining and construction sectors such as Caterpillar,
solutions in tough environments such as mines and tunnels, we can
EBITDA decreased -8.8% to EUR 2.9 million (3.2) and the EBITDA
Epiroc, Sandvik and ThyssenKrupp.
50
5
actively drive the customers’ improvement work. It gives us a unique
margin decreased -0.4 percentage points to 4.5% (4.8%). Measures are
position and creates long-term relationships that are strengthened by
ongoing to improve profitability.
0
0
our broad service offering.
-50
-5
As part of our change programs, we have increased our focus in 2024
202220232024
202220232024
on innovation and product development. This has led to us identifying
product areas where we see competitive advantages and exciting poten-
tial. One area is radio remote controls, where we have a strong position
with, among other, world-leading companies that manufacture heavy
“ With exciting new products to
duty vehicles. Within all these product areas that we have identified, we
REVENUE AND EBITDA MARGIN
see good opportunities to grow with both new and existing customers.
be launched and strong focus
on our change programs, we will
200
8
KEY BUSINESS WINS 2024
In late 2022, we launched the world’s first ultra-fast Megawatt Charging
strengthen our performance.”
150
6
System (MCS) and by early 2024 it was fully operational at a mining site
100
4
in Australia. The MCS provides up to 4.5 MW of power from a single con-
50
2
nector. At the site in Australia, our MCS is charging a prototype 240-
tonne electric haul truck in just 30 minutes. The MCS significantly
0
0
reduces the charging time and is a major industrial breakthrough.
-50
-2
At the end of 2024, we deepened our partnership with Qwello by an
202220232024
order for 1,000 spring cable reels for electric vehicle charging stations
Revenue, EUR million
across Europe.
EBIT margin, %
Jonathan Eriksson
SVP, Head of Industry Division
19
SEGMENTS
Our radio remote controls are safe, easy, and customis-
able. With our complete radio remote control solutions
customers reduce operational costs, increase safety
and streamline operations.
They are used for applications such as drilling
equipment, excavators, cranes, shore power systems
and heavy-duty transporters.
20
SEGMENTS
New production
facility in India to meet
growing markets
In 2024, we opened a new production facility in
Chennai, India. This strategic expansion is aimed
at serving both the fast growing domestic market
in India and the extensive global market.
The new facility is primarily focusing on manufacturing industrial
and maritime reels, along with shore power solutions that support
sustainable maritime operations. The new facility will function as a
supply chain hub supporting our operations across the globe.
The inauguration, held on 3 July, 2024 was attended by
customers, partners, and representatives, showcasing the facility's
manufacturing processes and its alignment with our commitment
to meeting customer needs globally.
David Pagels, Cavotec’s CEO stated: “This new production
facility marks an important milestone for Cavotec as we strengthen
our presence in the region. The facility will enable us to serve the
large and growing market in India, as well as enhance our ability to
deliver innovative and high-quality solutions to our customers
locally and globally.”
We made the strategic decision in the spring of 2023 to
establish production in India. The new facility is scalable and did
not require any major investment because the establishment took
place in existing premises.
21
SUSTAINABILITY REPORT
Sustainability
Report
In our sustainability work, we engage customers, suppliers,
industry peers, and our employees including procurement, HR,
Cavotec Management Team and the Board of Directors.
22
SUSTAINABILITY REPORT
Sustainability agenda
Sustainability drives our business
Sustainability is close to our hearts and is the basis of our business. The increasing focus on sustainability in
society and not least the rapidly increasing awareness of decarbonisation, drives our business. We respond
by weaving this action into our daily work.
Sustainability is not only about addressing risks and negative impacts
“We have committed to making near term
but also about identifying and taking advantage of opportunities and
science-based targets to reduce our carbon
ABOUT THE SUSTAINABILITY REPORT
positive impacts, including those in our value chain. From the start of our
The sustainability report covers the financial year 1 January
structured sustainability work in 2021, we have continued to formalise
footprint in line with the Paris Agreement.”
2024 – 31 December 2024 for Cavotec SA, company registration
the scope, content and influence of sustainability topics throughout
number CHE-440.276.616, registered in Lugano, Switzerland.
our business.
The report covers all subsidiaries that are consolidated in the
In the autumn of 2024, we conducted a double materiality assess-
financial statements, note 3. For questions about how Cavotec
ment in accordance with the EU’s sustainability reporting standards
works with sustainability, or the sustainability report itself, please
(ESRS). The double materiality assessment process carried out involved
contact sustainability@cavotec.com.
investors, customers, suppliers, Cavotec Management Team, the Board
of Directors and employees, and has clarified impacts, risks and oppor-
SCOPE OF DATA COLLECTION
tunities throughout our value chain. We are, of course, closely following
Collected data was expanded in 2024 with Scope 3 carbon emis-
the ongoing developments in sustainability reporting within the EU and
sions. HR data has for all three years 2022–2024 been collected
for companies that are listed in Sweden, to be able to adapt to new regu-
from all units, comprising 100% of FTEs.
lations in good time.
We further integrated our online ESG platform in our reporting work-
DATA FOR ENERGY USE
flow by gathering emissions related data and ESG data tied to upstream,
From 2021 to 2023, we have successively increased the scope
downstream, and own stakeholders. This was demonstrated well by our
of the energy-use data collected, beginning with sites in seven
gathering and input on Scopes 1 and 2 across all entities, covering North
John Sorber
countries, to now covering all 20 sites in 16 countries and 100%
America, Europe, Middle East and Asia Pacific.
Head of Sustainability
of FTEs. These comprise: Australia, China, Dubai, Finland, France,
We have now committed to making near term science-based targets
Italy, Malaysia, Netherlands, New Zealand, Singapore, Switzer-
under the SBTi (Science Based Target initiative) and our focus in this area
land and the US with one site per country, plus Germany, India,
during 2024 and 2025 is making a carbon inventory which is as accurate
Norway and Sweden with two sites per country.
and as complete as possible, allowing us to make fact-based decisions
on how to form those targets. This work has and will continue to engage
DATA FOR CARBON EMISSIONS
customers, suppliers, industry peers, the Board of Directors, and our
Emissions from Scopes 1 and 2, plus Scope 3 category 3 origi-
employees including procurement, HR and the Cavotec Management
nate primarily from energy data. The data sources for Scope 3
Team.
emissions have been limited to assure the system of calculation
and generate a higher accuracy for the results obtained. For
example, the largest Scope 3 emitting category is for embodied
carbon of purchased goods and services (category 1), where we
have limited the scope of data gathering to material required for
specific product families.
23
SUSTAINABILITY REPORT
Value chain
Our value chain
By understanding our value chain, we develop increased insights about potential negative and positive impacts. With that knowledge,
we can reduce negative impacts and risks and take advantage of the opportunities. Our main opportunities lie in creating better
products together with our suppliers and customers, which deliver both a cleaner and safer society.
In carrying out a deeper double materiality assessment in 2024, we
UPSTREAM
Processing of input goods
became increasingly aware of how activities in the value chain are affect-
Cavotec has approximately 2,100 suppliers which deliver input goods for
Raw materials
ing our own sustainability performance. This is most evident in our car-
the assembly of our products and other services, though of these only
Cavotec’s products include metals and alloys such as steel, copper and
bon inventory, showing that Scope 3 emissions (indirect emissions in the
around 200 comprise over 80% of our annual spend. The majority of the
aluminium as well as rubbers and plastics. In the processes to make and
value chain) comprise a significant majority of our total emissions from
suppliers are based in Italy, Germany and China.
form these materials, various solvents and chemicals are used. Steel is
upstream sources.
one of the primary materials used in the products, which has a consider-
Through conversations with customers and suppliers, we find that
OWN OPERATIONS
able environmental impact due to the extraction of iron ore and produc-
the results of our 2021 simplified life cycle analysis (LCA) still largely hold
tion of steel.
Sales
true, that we make the most significant environmental impact in our
Cavotec has sales offices in Australia, China, Finland, India, Hong Kong,
upstream value chain. The analysis, made on four product families
Refining
Norway, Singapore, Sweden, UK, United Arab Emirates, and the US.
(Azipod, MoorMaster, Motorised Cable Reels, and Alternative Maritime
The raw materials are refined in various processes to become sub-com-
Power (AMP)), identified upstream activities from foundries and work-
ponents of those which Cavotec purchases. These processes are, for
Assembly
shops processing input goods, impacting greenhouse gases, energy
example, casting, compression moulding, welding and cutting. Several
Cavotec has five main production sites, one each in China, India, Italy,
use, waste disposal and water consumption.
actors can work with the same input before it has reached the stage
and two in Germany. These sites predominantly serve their respective
where it can be included in Cavotec’s products.
regional markets. The Indian site in Chennai was inaugurated in 2024.
UPSTREAM OWN OPERATIONS DOWNSTREAM
RAW MATERIALS
REFINING
PROCESSING OF
SALES
ASSEMBLY
SERVICE
CUSTOMERS
INPUT GOODS
BEYOND LIFE CYCLE
• Metals
• Metalworking
Sales offices in
Assembly and
Inspections, mainte-
• OEMs and
• Dock workers
• Solvents
• Electric & electronic
• Components made
Australia, China,
production units in
nance and sales and
integrators
• Sailors
• Decomissioning
components
of metal and rubber
Finland, India, Hong
China, Germany, Italy,
installation of spare
• Crude petroleum
• Port operators
• Machine operators
• Recycling
• Electric & electronic
Kong, Norway, Singa-
and India
parts. Service centers
• Synthetic rubber
• Ship operators
in mines
• Waste
components
pore, Sweden, UK,
and repair shops in
• Plastics
• Ship builders
• Plastic components
United Arab Emirates,
Europe, Middle East,
• Mining operators
and the US
Asia Pacific and North
America
• Mining vehicle
producers
SUPPORT FUNCTIONS
LOGISTICS AND DISTRIBUTION
LOGISTICS AND DISTRIBUTION
Sustainability, Finance, HR, IT, Procurement, Legal & Complaince,
Upstream transport and distribution of materials and components
Downstream transport and distribution of products and services
Marketing and Communication at local, regional and Group levels
24
SUSTAINABILITY REPORT
Value chain
Service
The service organisation supports customers through inspections,
maintenance, refurbishments as well as sales and installation of spare
parts. Cavotec has service centres with repair workshops in China, Italy,
Norway, Singapore, Australia and the US. Parts of the service organisa-
tion are based at the customers’ premises and provide operation & main-
tenance services.
Support functions
The support functions are local, regional and at Group level. The support
functions include Sustainability, Finance, HR, IT, Procurement, Legal &
Compliance, Marketing and Communication.
DOWNSTREAM
Customers
Cavotec has around 3,000 active customers across the globe. Some
products are mostly sold to OEMs and integrators. The main end cus-
tomer groups are port operators, ship operators, shipbuilders, produc-
ers of mining machinery and mining operators. Cavotec’s products are
often critical where they are used, where downtime is associated with
high costs for the customer and/or end customer and therefore repre-
sent a high value add for them.
End-users
The end-users of Cavotec’s products are mainly sailors, dock workers
and machine operators in mines.
End-of-life
Waste materials of metals, plastics and rubber are generally recycled
throughout the value chain. Cavotec’s products, and the products where
Cavotec’s solutions are included as a component, often have a long life-
time. When the customers’ products, which include Cavotec products,
reach the end of their useable life, given that over 90% by mass are
metals, the majority of our products’ materials will be remanufactured
or recycled. Our improved understanding of the end-of-life phase of
our products, is one of our focus points during forthcoming customer
dialogues.
Logistics and distribution channels
Throughout the value chain, sea and land-based transport are priori-
tised. Flights are only exceptionally used for smaller components and
We are committed to developing and maintaining a workplace where our employees can learn and develop
where speed of delivery is crucial to the customer.
with the respect and support of their colleagues and managers.
25
SUSTAINABILITY REPORT
Stakeholder dialogues
Stakeholder engagement
Cavotec engages with its stakeholders on a daily basis and in many parts of the organisation. The stakeholders
deemed to have the greatest influence on us are employees, customers, suppliers, investors and lenders.
Our stakeholders’ views and questions form the basis of our double
In general, we understand that both customers and investors see diver-
materiality assessment and how we prioritise and work with sustainability
sity, equality and inclusion as important social factors in their respective
issues. There is strong alignment that climate change and energy use,
organisations and hence track this with their stakeholders including
fair and safe working conditions and business ethics are at the top of
Cavotec.
the agenda.
Stakeholder How the engagement is organised Purpose Key sustainability topics discussed How the outcome is taken into account by Cavotec
Employees Performance and career development reviews, work-
To create conditions for high employee motivation
Health and safety. Development of skills and
Investigating improvements in tracking health and safety.
place meetings, employee surveys, internal training,
through, among other things, safe workplaces and
capacity. Reduction of Cavotec’s carbon footprint
Scope 3 carbon emissions including customers’ avoided
intranet. Interaction with union representatives.
fair working conditions.
from its operations and products as well as track-
emissions is a focus area. We have implemented a dedi-
ing the emissions savings our products facilitate.
cated employee engagement system and whistleblowing
system for internal and external use.
Customers Business meetings, customer events and trainings,
To demonstrate the products’ capacity to electrify
Cavotec’s ability to contribute to the electrification
Cavotec’s business model and strategy is based on the
customer service contacts.
customers’ operations and reduce emissions of
of customers’ operations and reduce their emis-
products’ capacity to electrify operations and reduce
greenhouse gases, and improve working environ-
sions of greenhouse gases, and improve their
emissions as well as their contribution to safer working
Requests for quotations and procurements.
ments for customers. To secure long-term rela-
working environment.
environments.
Receiving surveys for Cavotec to input, highlighting
tionships through service agreements. To ensure
customer sustainability focus areas.
Cavotec’s ability to comply with customers’ Codes
of Conduct for suppliers.
Suppliers Business meetings and suppliers’ customer surveys.
To create conditions for on-time high-quality deliv-
Logistics and transportations. Cavotec Supplier’s
Business conduct and supplier due diligence processes
Events and trainings arranged by suppliers. Customer
eries. To ensure the suppliers’ ability to comply
Code of Conduct and due diligence checks.
have been updated. A new Supplier’s Code of Conduct
service contacts. Requests for quotations and pro-
with the Cavotec Supplier’s Code of Conduct.
aligning with Cavotec’s own Code of Conduct has been
curements.
sent to suppliers covering 80% of supplier spend.
Investors, analysts,
CEO and CFO in meetings with shareholders, poten-
To create the conditions for continued financing
How Cavotec’s offering contributes to electrifica-
Cavotec have committed to making near term science-
potential investors
tial investors and lenders. Presentations at investor
and value creation.
tion and reduced emissions. Cavotec’s efforts
based targets under SBTi (Science Based Targets initia-
and lenders
meetings and seminars, often arranged by banks.
to reduce its own emissions, secure fair working
tive).
Receiving surveys for Cavotec to input, highlighting
conditions and respect human rights.
investor sustainability focus areas.
26
SUSTAINABILITY REPORT
Double materiality assessment
Double materiality assessment
During September–November 2024, as the basis for Cavotec’s CSRD reporting from 1 January 2025, we carried out the
next iteration of a double materiality assessment to identify which ESG topics and impacts, risks and opportunities (IROs)
are material to Cavotec and our value chain.
PROCESS FOLLOWED
egorised and tracked in a master workbook. The components to the
NEXT STEPS
Requirements for the scope and execution of the double materiality
IROs were numerically assessed, similar to that for a risk assessment,
Our DMA results shall inform the development of Cavotec’s sustainabil-
assessment (DMA) from the European Sustainability Reporting Stand-
and then validated through internal and external stakeholder sessions.
ity work onwards. We are, of course, also closely following the ongoing
ards (ESRS) with guidance from the European Financial Reporting Advi-
Members of the Cavotec Management Team were core to this process
developments in sustainability reporting within the EU and for compa-
sory Group (EFRAG) were followed, and the process was carried out with
to aid top-down engagement and buy-in to the findings of the DMA as
nies that are listed in Sweden, to be able to adapt to new regulations in
the help of independent external consultants.
well as for preparing for implementation though policies, actions, targets
good time.
Preliminary activities like stakeholder mapping and onboarding,
and metrics.
desktop analyses of Cavotec’s structure capital and mapping of our
Beyond management team involvement in the process, the Board of
value chain were carried out. Impacts, risks and opportunities (IROs)
Directors has been updated at regular stages and is fully behind the
were identified through stakeholder interviews which were recorded cat-
DMA outcomes.
1. INITIALISATION 2. IDENTIFY IROs 3. ASSESS IROs 4. VALIDATION 5. DOCUMENTATION 6. MANAGEMENT APPROVAL
• Identification of structure capital
• Hypotheses of IROs “hotspots”
• Refine IROs through stakeholder
• Prepare pre-read materials for
• Cross reference information
• Validate results with senior
• Define DMA’s reporting boundary
based on knowledge of industry/
engagement
validation sessions
needed under ESRS2
stakeholders
• Map value chain
sector, business model, value
• Pre-assessment of IROs
• Execute internal validation
• DMA process and results
• Obtain CMT and Audit Committee
• Pre-screen out of sustainability
chain
• Refine the assessment (scoring)
• Compile and distribute results for
endorsement
matters
• Execute interviews/meeting for
with stakeholders
review
• Consider sector- or entity-
IRO input
• Execute external validation
specific sustainability matters
• Describe identified IROs
• Align financial materiality to the
risk management system
• Stakeholder engagement process
and onboarding of representa-
tives for involvement
27
SUSTAINABILITY REPORT
Governance
Sustainability governance
Sustainability related work covers all parts of the Group and involves all employees as well as
the Board of Directors, suppliers and engagement with customers.
The highest governing body accountable for sustainability performance
The Code forms the basis of Cavotec’s operations and includes pro-
ments. The SCoC refers to several internationally recognised conventions
is the Board of Directors. The Board is accountable for evaluation, strat-
tection of human rights, social issues, employee-related issues such as
and principles:
egy, risk control and goal setting in the area of sustainability. The CEO is
fair employment and safe working conditions, responsible management
• Basel Convention on the Control of Transboundary Movements of
responsible for execution of the strategy, follow-up and measures as well
of environmental issues, high ethical standards, and quality. The Code
Hazardous Wastes and their Disposal,
as risk management. The CEO delegates responsibility for execution of
applies to all employees in the Group, including Board members. Sus-
• Convention on Biological Diversity,
specific areas to people in the Cavotec Management Team. The CFO is
tainability related work covers all parts of the Group and involves all
• Globally Harmonized System of Classification and Labelling of
responsible for sustainability issues related to climate, environment and
employees as well as the Board of Directors plus stakeholders in the
Chemicals,
reporting and has delegated these areas to the Head of Sustainability.
value chain. The Code is available on Cavotec’s intranet and external
• International Bill of Human Rights,
The Chief Legal & Human Resources Officer is responsible for business
website cavotec.com.
• International Labour Organization’s (ILO) Declaration on Fundamental
ethics, compliance and HR.
Principles and Rights at Work,
Historically, sustainability data has been collected once a year, evalu-
MANAGEMENT SYSTEMS AND CERTIFICATIONS
• Minamata Convention on Mercury,
ated by the Cavotec Management Team and reported to the Board
An element of the Group’s continuous improvement work is the use of
• OECD Due Diligence Guidance for Responsible Supply Chains
together with action plans if deemed necessary.
management systems. By the end of 2024, there were six active certifi-
of Minerals from Conflict-Affected and High-Risk Areas,
The composition of the Board and Cavotec Management Team
cations covering ISO 9001 Quality Management Systems and ISO 14001
• OECD Guidelines for Multinational Enterprises,
including the respective members’ experiences and backgrounds are
Environmental Management Systems. The operations at both sites in
• Responsible Minerals Initiative,
described in the Corporate Governance Report.
Overath and Hausen, Germany are certified under ISO 9001. The opera-
• Rio Declaration on Environment and Development,
tions in Shanghai, China, became ISO 9001 and ISO 14001 certified in
• Science Based Targets initiative,
POLICIES
2021. The operations in Milan, Italy, have been ISO 9001 certified since
• Stockholm Convention on Persistent Organic Pollutants (POPs),
Policies regarding sustainability governance including the Cavotec
2001 and ISO 14001 certified since 2022. No management systems are
• UN Convention Against Corruption,
Group Code of Conduct (the Code) are our guiding principles for how
the result of legal requirements.
• UN Framework Convention on Climate Change (UNFCCC),
Cavotec operates in line with our corporate values. They are communi-
• UN Global Compact (UNGC) - the ten principles on Human Rights,
cated to employees through Cavotec’s intranet. Each manager is
SUPPLIER’S CODE OF CONDUCT
Labor, Environment and Anti-Corruption,
responsible for ensuring that all employees, consultants, Directors and
The Supplier’s Code of Conduct (SCoC) sets out the basis of Cavotec’s
• UN Guiding Principles on Business and Human Rights (UNGPs),
others working on behalf of Cavotec are aware of their relevant respon-
responsible sourcing approach and defines the minimum standards that
• UN Universal Declaration of Human Rights.
sibilities under these documents and that they abide by them. This is
suppliers must respect when doing business with Cavotec. The SCoC
done through engagement with these stakeholders, training and due dili-
covers, among other things, respect for human rights and fair labour
POLICIES REGARDING SUSTAINABILITY GOVERNANCE
gence activities for value chain stakeholders.
practices, health and safety, environment, business ethics as well
• Anti-Fraud Policy
The effectiveness of these policies is continually assessed and
reporting requirements. It is applicable to all major suppliers including
• Anti-Bribery and Corruption Policy
revised when the desired outcomes are to be improved and when they
their corporate bodies, employees, representatives, subcontractors and
• Cavotec Group Code of Conduct
need realigning with Cavotec’s direction of development. Extra focus on
sales partners.
• Environmental Policy
this will be made during 2025 as a result of our double materiality
The SCoC has been revised in 2024 and sent for signature by suppli-
• H&S Policy
assessment outcomes, both for existing policies and where new ones
ers covering 80% of the average volume spend, whereby they commit to
• Gifts and Entertainment Policy
are needed. All revised policies as well as new ones, are adopted by the
adopt and comply by its requirements. The revision was made to align
• Group Code of Conduct
Cavotec Management Team.
with the Cavotec Group Code of Conduct and to impose upstream, the
• Supplier’s Code of Conduct
requirements made on Cavotec by its most stringent customer require-
• Whistleblower Policy
28
SUSTAINABILITY REPORT
Environmental and climate impact
Environmental and climate impact
Climate change is one of the major challenges facing the world today and we are determined to play our role in promoting
climate mitigation and adaptation. Resource efficiency and circularity are also intrinsic factors to our business.
The main environmental impacts of Cavotec’s operations and our prod-
GHG EMISSIONS
ENERGY CONSUMPTION
ucts’ lifecycles include energy consumption and resulting greenhouse
We want to contribute to climate mitigation, not only by providing prod-
MWh 2024 2023 2022
gas emissions, natural resource use in our products, and waste genera-
ucts which enable our customers to reduce their emissions, but also
Fuels including gas, petrol and diesel 1,567 1,441 1,467
tion. We are committed to limiting the negative environmental impacts
through reductions in our own operations. Energy use is the primary
Electricity 1,868 2,032 2,489
from our operations, our supply chain, and our products and services,
contributor to greenhouse gas emissions from our own operations.
which is expressed in our Environmental Policy. We apply the precaution-
– of which non-renewable 1,320 1,400 1,594
The emissions inventory in this section covers the atmospheric
ary principle to situations where harm may be done to the environment
– of which renewable 547 631 895
emissions of all six greenhouse gasses (GHGs) as prescribed in the GHG
or human health, following legislation and international initiatives.
Renewable electricity share of total
Protocol and are harmonised into the unit of tonnes of Carbon Dioxide
electricity consumption 29% 31% 36%
ENERGY USE
District heating 200 197
1)
200
1)
Ecoinvent (3.11), Exiobase 3.9 (2019), IEA (2024), NTMCalc.Advanced
From 2021 to 2023, we increased the scope of the energy-use data col-
4.0, and suppliers themselves.
Total energy consumption 3,635 3,595 4,081
lected, beginning with sites in seven countries, to now cover 100% FTEs
Energy consumption/ net sales (kWh/kEUR) 0.02078 0.01989 0.02760
and all 20 sites in 16 countries with physical premises. These comprise:
Commitment to set SBTi emission reduction targets
Australia, China, Dubai, Finland, France, Italy, Malaysia, Netherlands, New
Cavotec has officially made a commitment under the SBTi Commitment
Zealand, Singapore, Switzerland and the US with one site per country,
process to set science-based emission reduction targets. This gives us
plus Germany, India, Norway and Sweden with two sites per country.
ENERGY PRODUCED, CONSUMED AND SOLD
24 months in which to develop science-based targets aligned with the
In an attempt to reduce our dependency on non-renewable energy
MWh 2024 2023 2022
SBTi Criteria and submit them to the SBTi for validation, however we aim
sources, we have invested in geothermal energy and photovoltaic elec-
Total renewable energy produced 2,877 2,689 310
to submit the targets before this full time has elapsed. This work will be
tricity in our largest facility in Italy. The photovoltaic system on the roof
the foundations for a Climate Transition Plan.
– of which geothermal for heating and
covers approximately 34% (30%) of the facility’s total electricity
cooling 2,640 2,389 –
consumption.
– of which photovoltaic for electricity 237 300 310
Scopes 1 and 2
In 2024, 29% (31%) of Cavotec’s electricity consumption came from
Scope 1 covers direct emissions from the combustion of fossil fuels
Total renewable energy produced and
renewable energy and 161 (180) MWh was sold back to the grid. The
consumed 2,829 2,635 274
in mobile and stationary equipment we own or control, primarily from
trend however over 2022-2024 shows a successive reduction in renew-
– of which geothermal for heating and
company vehicles and generators.
able electricity share which is largely due to the grid makeup of our
cooling 2,640 2,389 –
Scope 2 covers indirect emissions from purchased electricity and
electricity contracts at various sites. In line with our SBTi commitments,
– of which photovoltaic for electricity 189 246 274
district heating and cooling.
we will actively review options for increasing that share when contract
The Scope 1 and 2 emissions published in this inventory come from
Total energy produced and sold 161 180 166
renewals arise.
energy use and therefore comprise those used in all sites in 16 countries
– of which renewable 48 54 36
and all employees.
– of which non-renewable 113 126 130
1) Corrected figures for 2022 and 2023 by adding estimated 75MWh based on 2024 usage from district heating in Finland site.
29
SUSTAINABILITY REPORT
Environmental and climate impact
Scope 3
WATER USAGE AND DISCHARGE
Scope 3 emissions cover all upstream and downstream emissions in the
COe tonne 2024
Megalitres, unless otherwise stated 2024 2023 2022
value chain emissions, which are further broken down into 15 categories,
Category 1 Purchased goods and services 6,558
1)
Water usage 4.51 4.23 2.51
according to the GHG Protocol. Our Scope 3 emissions screening is well
Category 2 Capital goods 554
2)
Water discharge 4.51 4.23 2.51
underway with the results of the initial inventory shown below.
As is praxis for the presentation of emissions inventories, we make a
Category 3 Fuel and energy-related activities
Water usage/net sales (m
3
/kEUR) 0.0258 0.0234 0.0170
(not in Scope 1 and 2) 223
3)
balance between the completeness and accuracy of the presented data
Water discharge/net sales (m
3
/kEUR) 0.0258 0.0234 0.0170
and we only consider the categories which are deemed significant to our
Category 6 Business travel 665
4)
business, which are currently 1, 2, 3, 6, and 7.
Category 7 Employee commuting 427
5)
We follow a strategy whereby we establish the systems of measure-
WASTE MANAGEMENT
ment of these emissions first, meaning that we compromise the com-
Similar to that of water management, since Cavotec’s industrial opera-
pleteness of the emissions disclosed in scope 3 in favour of the
WATER MANAGEMENT
tions primarily assemble purchased components rather than form them
accuracy, so that we can with confidence stand by the disclosed figures.
Cavotec’s industrial operations comprise primarily the assembly of
or put finishes on them, our assembly waste generation is limited. We
Consequently, as we work to increase the completeness of the dis-
pre-formed and finished components made from metals, plastics and
however acknowledge the societal need for a transition to a circular
closed categories, our baseline emissions will increase. We shall follow
rubbers. Whilst we acknowledge that fresh water is becoming an
economy, viewing all materials including waste, as resources, and doing
the established system from the GHG Protocol to manage this in parallel
increasingly scarce resource, water consumption and discharge are
so from a lifecycle perspective
with carrying out our emission reduction target generation under SBTi,
not material impacts in Cavotec’s operations. Instead, these impacts lie
Beyond the limited assembly waste from for example, cable offcuts,
and reduction activities.
primarily further up the value chain under suppliers with whom Cavotec
we generate waste in our facilities from supplier packaging and general
In the footnotes to this section, we describe the scope of the data
does not have business relationships. We nonetheless foster responsi-
waste from offices, though we take the initiative to reuse supplier pack-
within each category and the method used, particularly where it was
ble water stewardship in all our sites by monitoring water use and ensur-
aging where we can, when shipping our products.
necessary to make a departure from that prescribed in the GHG
ing discharges are treated correctly,
Protocol.
For our own operations, the primary use of water is for sanitary pur-
CIRCULARITY AND REDUCTION OF RESOURCES
poses and drinking water. However, the geothermal energy for our Italian
Looking upstream, the reduction in dependency on virgin raw materials
site utilises water which is controlled regularly and follows all legal
embodied in the components we purchase will also reduce our scope 3
requirements.
category 1 emissions from purchased goods and services as this will
COe tonne 2024 2023 2022
From 2022 to 2024, we have increased the scope of the water data
reduce emissions from extraction and primary processing. It highlights
Scope 1 307 286 233
collected beginning with sites in six countries, to now cover all 20 sites in
the necessity for close collaboration with suppliers.
Scope 2 828 842 1,025
16 countries with physical premises. The measured and monitored data
Steel comprises over 75% of our products’ material composition,
Total Scope 1–2 1,135 1,128 1,258
comprise 84% of the total water consumption and discharge, with the
which has a considerable environmental impact due to the extraction of
Total Scope 1–2/net sales
remainder being estimated using a dedicated water calculator.
iron ore and steel production process. We review steel suppliers using
(tCOe/kEUR) 0.0065 0.0060 0.0085
increased proportions of recycled steel content as well as those prior-
Scope 3 8,427 202* 338*
itising greener and low-carbon extraction and production methods.
Total Scope 1–3 9,562 1,330 1,596
Once these upstream activities become more established, we will
Total Scope 1–3/net sales
look downstream to better evaluate and then be able to influence the
(tCOe/kEUR) 0.0547 0.0074 0.0108
end-of-life phase of our products. The evaluation and interventions
available to us are heavily dependent on our knowledge of, and extent of
our business relationships through to the end-user. We are improving
downstream visibility through enhanced due diligence activities.
*Scope 3 category 3 emissions only.
1) Average-data method used, collecting the mass of different materials used in products ordered in 2024. Mass of materials are approximated by applying the same
4) Supplier-specific method with emissions received from our travel agent. Considers only employee flights purchased over 2024, from our US and European
material breakdown from a representative product family variant to all variants in that family, ordered in 2024. Product families considered for 2024 are: MoorMaster,
companies. Emissions calculated using the IATA RP-1726 model including radiative forcing effects specified from UK BEIS.
PowerMove, connectors, hose reels, motorised cable reels (MCRs), and spring cable reels (SCRs).
5) Distance-based method used, deriving from a company-wide survey, with 120 respondents. Data extrapolated to represent all Cavotec employees, in accordance
2) Spend-based method used, collecting the cost of capital goods purchased over 2024 and then categorised to an extent where the same emission factors were
with GHG Protocol.
applied to all capital goods in each category.
3) Average-data method used, with emissions deriving from fuel and energy data sources entered for Scope 1 and 2 emissions.
30
SUSTAINABILITY REPORT
Caring for our people
Caring for our people
Attracting skilled, open, and curious people is fundamental to an engineering company like Cavotec. For 50 years, we have
pioneered innovative solutions and are dedicated to continuing our value creation. With global presence, we reap the
benefits of our cultural differences to create an understanding organisation with motivated employees.
Cavotec is a global company with sites in 16 countries and has there-
fore created a model where the HR organisation is embedded in all local
Cavotec’s Code of Conduct strictly prohibits direct and indirect forms
operations. The directions are given at Group level and relayed in the
of discrimination and harassment of any kind. This includes, but is not
regions by HR business partners who support leaders locally. HR is
limited to, discrimination based on age, ethical and cultural back-
furthermore supported by Finance and administrative functions at each
ground, gender, religion, sexual identity, disability, race, colour, political
location, who are responsible for the day-to-day implementation and
opinion, social origin, social status, indigenous status, union member-
upholding of our HR practices and processes.
ship or employee representation and any other characteristic pro-
At the end of 2024, 216 (181) FTEs were covered by collective
tected by local law, as applicable. In 2024, no cases of discrimination
agreements, which constitutes 30% (27%) of the total FTEs. Of the total
were reported in the organisation.
number of employees, permanent employees make up 96% (94%), and
full-time employees 98% (98%). At year-end, Cavotec had 9 (4) FTEs
OUR CORPORATE VALUES
who are not employees (consultants, interns or volunteers).
Our success rests on our core values: Integrity, Accountability, Perfor-
Women are underrepresented and make up only 16% (18%) of the
mance, and Teamwork. We are committed to developing and main-
total FTEs. We actively work to attract more women to Cavotec but
taining a workplace where our employees can learn and develop with
since our policy is to employ the best person for any job on a basis of
the respect and support of their colleagues and managers. Our open,
merit for the role, a challenge remains when employing for engineer-
non-hierarchical working environment encourages the free exchange
ing-related jobs in countries which demonstrate a more traditional
of ideas and mutual respect between individuals that underpin our
gender split towards certain sectors of work.
unique capabilities as a leading engineering group. Regardless of where
We at Cavotec are governed by our respect for human and labour
they work, we want our people to feel safe and develop a sense of
rights. We comply with international, national and industry-related laws,
belonging that will fuel our success in being a leader in decarbonising
guidelines and collective agreements relating to working conditions,
and increasing safer maritime and industrial activities around the globe.
working hours and compensation. We respect and promote fairness,
and the right of each employee to a safe working environment where all
EMPLOYER ATTRACTION
employees are treated with dignity and respect. Employees with com-
For Cavotec to remain innovative and competitive, we need to attract,
parable qualifications, experience and performance will receive equal
develop, and retain top-talent. We believe that our purpose of bring-
pay for equal work with respect to those performing similar tasks under
ing high-quality solutions that drive the sustainability transition of our
Our employees, located in some 30 countries around
similar working conditions and similar output. The different backgrounds,
customers, both regarding decarbonisation and safety, can attract
the world, represent a large number of cultures, and
experiences and opinions of our employees enrich our expertise, pro-
talented engineers that want to make a difference. Beyond offering
provide customers with local support, backed by our
mote local and cultural understanding, and drive innovation and growth.
competitive salaries, we understand that the key to retaining our
global network of engineering expertise.
employees is to focus on health and safety, to be a responsible
employer, and to offer programmes for career development.
31
SUSTAINABILITY REPORT
Caring for our people
EMPLOYMENT BY CONTRACT, TYPE AND GENDER
2024 2023 2022
FTEs at 31 December Women Men Total Women Men Total Women Men Total
Permanent 108 575 683 111 516 627 103 459 562
Temporary 4 21 25 7 30 37 9 60 69
Full-time 102 591 693 112 541 653 109 518 627
Part-time 10 5 15 6 5 11 3 1 4
Total FTEs 112 596 708 118 546 664 112 519 631
Percentage of total FTEs 16% 84% 100% 18% 82% 100% 18% 82% 100%
EMPLOYEES BY REGION AND CONTRACT
2024 2023 2022
FTEs at 31 December Permanent Temporary Total Permanent Temporary Total Permanent Temporary Total
Asia 180 14 194 159 23 182 129 39 168
Europe 415 4 419 390 11 401 361 29 390
North America 34 1 35 27 0 27 28 0 28
Middle East 3 2 5 2 0 2 2 0 2
Oceania 51 4 55 49 3 52 42 1 43
Total 683 25 708 627 37 664 562 69 631
EMPLOYEES BY FUNCTION AND AGE
2024 2023 2022
Age
Age
Age
Age
Age
Age
Age
Age
Age
FTEs at 31 December, % Women Men
<30
30-50
>50 Women Men
<30
30-50
>50 Women Men
<30
30-50
>50
Cavotec Management Team 17 83 0 33 67 14 86 0 43 57 14 86 0 33 67
Division Management Teams and Group functions 21 79 0 66 34 15 85 0 70 30 19 81 0 67 33
Remaining employees 15 85 12 65 23 18 82 8 66 25 18 82 10 65 25
Total 16 84 11 65 24 18 82 8 66 26 18 82 10 64 26
PERFORMANCE REVIEWS
2024 2023 2022
FTEs at 31 December, % Women Men Total Women Men Total Women Men Total
Cavotec Management Team 100 100 100 100 100 100 100 100 100
Division Management Teams and Group functions 100 100 100 100 100 100 100 100 100
Remaining employees 78 81 81 83 84 93 73 79 78
Total 81 83 83 85 84 84 74 81 79
32
SUSTAINABILITY REPORT
Caring for our people
NEW EMPLOYEE HIRES AND EMPLOYEE TURNOVER
2024 2023 2022
New employee Employee turnover New employee Employee turnover New employee Employee turnover
FTEs Hires % of total FTEs Turnover % of total FTEs Hires % of totalFTEs Turnover % of total FTEs Hires % of total FTEs Turnover % of total FTEs
Women 22 3% 19 3% 33 5% 28 4% 37 6% 38 6%
Men 96 14% 74 10% 116 18% 88 14% 171 27% 142 23%
Age <30 26 4% 11 2% 34 5% 18 3% 52 8% 33 5%
Age 30–50 77 11% 63 9% 98 18% 74 12% 128 20% 110 17%
Age >50 15 2% 19 3% 17 3% 24 4% 28 4% 37 6%
Asia 39 5% 26 4% 52 8% 22 3% 97 15% 62 10%
Europe 50 7% 43 6% 72 11% 74 12% 99 16% 104 16%
North America 12 2% 8 1% 4 1% 8 1% 6 1% 2 0%
Middle East 1 0% 0 0% 0 0% 0 0% 0 0% 1 0%
Oceania 16 2% 16 2% 21 3% 12 2% 6 1% 11 0%
Total 118 17% 93 13% 149 22% 116 18% 208 33% 180 29%
OCCUPATIONAL INJURIES
2024 2023 2022
Number of employees/
Rate in relation to
Number of employees/
Rate in relation to
Number of employees/
Rate in relation to
FTEs
number of non-employees
total worked hours
number of non-employees
total worked hours
number of non-employees
total worked hours
Fatalities due to work related injury 0/0 -/- 0/0 -/- 0/0 -/-
High consequences injury 0/0 -/- 0/0 -/- 0/0 -/-
Recordable injury 9/0 0/- N/A N/A 1/0 0/-
The rate is based on 200,000 worked hours.
OCCUPATIONAL HEALTH AND SAFETY
Cavotec is committed to providing a safe and healthy working environ-
work activities. Safety walks are conducted at each production site on a
Each issue is recorded, and the staff is informed when a corrective
ment for all its employees. We integrate health and safety in the manage-
regular basis. When safety improvements are identified during these
action has been implemented and proven efficient. In addition to weekly
ment of our business to prevent accidents and to protect people at
walks, employees are invited to record the safety improvements and
safety rounds, the facility engages in a regionally promoted “Work-health
work, with a vision of zero work-related accidents.
share them. We recognise that personnel working at customer sites
Program” that encourages health initiatives. Following the progress of
Overall, Cavotec’s operations do not involve high safety risks, and the
such as ports, shipping terminals and mines are exposed to added risks.
this facility, we are working to implement efficient measures at our other
Operations function handles smaller cuts and other incidents that can be
These situations are managed through making risk-assessments, giving
sites in all our countries of operation, ensuring state of the art occupa-
treated on-site using first aid kits. Cavotec has a robust set of procedures
training, making method statements and providing appropriate protec-
tional health and safety across the Cavotec organisation.
and standards to reinforce a strong health and safety culture across the
tive equipment.
In 2024, we had 0 (0) non-fatal or fatal injuries arising out of or in the
organisation. Any shortcomings in health and safety management are
Cavotec’s ambition is to certify all assembly and production facilities
course of work such as amputation of a limb, laceration, fracture, hernia,
reviewed, and the Group learns from experience to improve performance.
to ISO 45001 or similar standard and follow appropriate procedures at all
burns, loss of consciousness, and paralysis, among others. Cavotec has
Cavotec continuously assesses the operational health and safety aspects
other sites as necessary.
not gathered information about injuries in 2024 which relate to for exam-
of its operations, processes, and services, and acts upon safety improve-
Cavotec’s largest facility is in Italy, with 181 FTEs. This is ISO 45001
ple minor burns, falls and smaller cuts.
ments and incidents in accordance with our escalation procedure.
certified and procedures such as weekly safety walks are carried out. If a
Given the Group’s global presence and varied operations, Cavotec
health and safety hazard is identified during a weekly safety walk, appro-
tailors its occupational health and safety routines to suit each site and
priate corrective actions are taken, by for example creating a work group.
33
SUSTAINABILITY REPORT
Business ethics Contribution to the UN SDGs
Business ethics
To be the business partner of choice for customers and suppliers, we must uphold a high level of business ethics. For us,
Our contribution to the UN SDGs
business ethics means managing our business like a good citizen would, including through responsible tax management.
Through Cavotec’s product, service, and business offerings, we
contribute to the UN Sustainable Development Goals. Our contribu-
tions are clearest under specific targets of five of the 17 SDGs.
The Group Code of Conduct sets the standard for how Cavotec con-
DATA AND INFORMATION SECURITY
ducts its business, both ethically and in accordance with applicable laws
In today’s digital world, a responsible business needs to reduce risks
Target 7.2 means that by 2030, the share of renewable
and regulations. The Code is supported by inter alia, our Anti-Bribery
related to cyber security and data privacy. Information is a valuable asset
energy in the global energy mix must have increased signifi-
Policy, Anti-Fraud Policy and our Gifts and Entertainment Policy.
to Cavotec and we exercise care when handling, receiving and storing
cantly. We contribute to this development by, for example, installing
We have a zero-tolerance policy towards all forms of corruption. To
sensitive information from customers, suppliers and other stakeholders.
shore power connections in vessels and electrifying cable reels. In
build capacity and knowledge of corruption and fraudulent behaviour, all
Further, Cavotec respects the privacy of all individuals and the confiden-
this way, we increase the enablement for our customers and their
employees receive regular training and updates on our internal policies.
tiality of any personal data that we hold about them. Cavotec commits to
customers in turn, to use renewable energy.
Training sessions covering issues such as anti-trust and anti-bribery, are
continuously improving data and information security and to proactively
Target 8.8 means that workers’ rights must be protected,
carried out on a bi-annual and/or on-demand basis. It is the responsibil-
reduce risks. Through our Group Code of Conduct, employees are
and safe and secure working environments must be pro-
ity of each employee to read, understand and comply with the policies.
informed on how to handle data and information. Any data breaches are
moted for all workers. Through, for example, our automatic mooring
We are committed to combating all forms of corruption and acting pro-
reported and appropriately escalated.
solutions, we contribute to improving working conditions for sailors
fessionally and fairly in all our business activities and relationships, wher-
Early in 2024, a cyber incident occurred which incurred some costs
and dock workers. Another example is the use of shore power solu-
ever we operate. Our process for managing anti-bribery and
and delayed certain deliveries in the second and third quarters. The inci-
tions, which help improve working conditions by reducing noise and
anti-corruption is governed by internal policies, and we evaluate all
dent was detected quickly, controlled and closed out. Cavotec has since
diesel fumes.
potential business expansions from a bribery and corruption perspective,
made robust investments in IT security to reduce the risk of future inci-
where we conduct third-party due diligence when high risks are identi-
dents occurring.
Target 9.4 means that infrastructure and industries must be
fied. It is the responsibility of all those working with us to prevent, detect
upgraded and modernised by 2030 to make them sustaina-
and report any kind of corruption, bribery, or other forms of unethical
TAX MANAGEMENT
ble, with increased resource-use efficiency and greater introduction
business conduct.
Tax matters are discussed with the Audit Committee and governed by
of clean and environmentally friendly technologies and industrial
In 2024, there were no legal actions regarding corruption, anti-com-
the Tax Policy. Cavotec’s approach is to improve tax efficiency by using
processes. We contribute to the target by retrofitting and equipping
petitive behaviour or violations of anti-trust and monopoly legislation.
tax credit initiatives offered in the different countries where the Group
vessels and cranes with electrical solutions that significantly
operates.
reduce greenhouse gas and other emissions. Through our charging
WHISTLEBLOWER FUNCTION
Cavotec and its subsidiaries pay tax in the countries where value is
solutions, we make it possible for the mining industry to, among
Following a project initiated in late 2024, Cavotec has now installed a
generated in accordance with local tax laws and regulations. Cavotec
other things, electrify heavy-duty trucks.
whistleblower function called the Cavotec Business Ethics Reporting
does not engage in aggressive or artificial transactions whose sole or
Hotline. The service is available to employees and external stakeholders
main purpose is to create a tax advantage. If there is more than one way
Target 11.6 means that the cities’ negative environmental
– previously whistleblowing was only available to employees through
to structure a transaction, Cavotec may optimise its tax situation by
impact per capita must be reduced by 2030, with special
our intranet. This function can be accessed through the website
choosing the option that achieves the Group’s commercial objectives
attention to air quality and municipal and other waste management.
Cavotec.ethicspoint.com or Cavotecmobile.ethicspoint.com for mobile
with the lowest tax expense.
We contribute to the goal through our electrification solutions
users and these sites are linked from our website at Cavotec.com.
Cavotec’s tax declarations must be submitted on time and comply
which have zero tailpipe emissions and reduce noise in ports and
The whistleblower function is made available through an independent
with relevant tax laws and regulations. Any material errors or omissions
terminals. In this way, urban environments near ports and terminals
provider to assure any potential reporters of the genuinity of reporting
that are discovered in tax declarations must immediately be reported to
are improved where our products are used.
anonymously, if they so choose this option. Any reporters under
the relevant tax authorities.
Cavotec’s responsibility, such as employees, are always protected
Taxes must be paid when due. Tax inquiries and audits by the authori-
Target 16.5 means that corruption and bribery in all its forms
against retaliation, as governed by our Code of Conduct.
ties must be answered openly and honestly and in a timely manner. All
must be significantly reduced. We contribute to the goal by
Group companies must have an updated transfer pricing policy that
having zero tolerance for corruption and bribery in all parts of our
follows OECD guidelines.
value chain.
34
CORPORATE GOVERNANCE
Corporate
Governance
Our automated mooring solutions enable faster turnaround times and the
reduced cruising speeds result in decreased energy consumption. During
ship berthing, the reduced use of tugs and ship engines results in more
than 90% reduction in emissions.
35
CORPORATE GOVERNANCE
Remuneration report
Remuneration report 2024
A. REMUNERATION GOVERNANCE AND PRINCIPLES
The key provisions of the Articles of Association are summarised below:
With respect to the FY2023 and FY2024, the following was implemented:
1. Shareholder engagement
• Votes on remuneration (Article 16b): Every year, the Company’s annual
At the 2023 AGM held on 1 June 2023, shareholders approved (i) a maxi-
The articles 734 et seq. CO of the Swiss Code of Obligations (“CO”)
general meeting (the “AGM”) votes separately and bindingly on the
mum aggregate amount of EUR 0.5 million for the remuneration for the
require listed companies incorporated in Switzerland to publish a remu-
maximum aggregate remuneration of the Board for the term of office
Board for the term of office from the 2023 AGM to the 2024 AGM; and (ii)
neration report.
until the next AGM and on the maximum aggregate remuneration of the
a maximum aggregate amount of EUR 2,200,000 for the remuneration
Cavotec SA (the “Company” or “Cavotec”) is a Swiss incorporated
Management Team (fixed and variable components) for the subse-
for the chief executive officer (the “CEO”) for the FY2024 year started
company listed on Nasdaq Stockholm, Sweden. The corporate govern-
quent financial year.
1 January 2024, and ended 31 December 2024.
ance of Cavotec is therefore based on both Swiss and Swedish rules
• Loans and credits (Article 16j): Loans and credits may not be granted
At the 2024 AGM held on 4 June 2024, shareholders approved (i) a
and regulations, including the CO and the Swedish Code of Corporate
to members of the Board or of the Management Team.
maximum aggregate amount of EUR 0.5 million for the remuneration for
Governance (Sw. Svensk kod för bolagsstyrning).
• Additional amount for newly appointed members of the Management
the Board for the term of office from the 2024 AGM to the 2025 AGM; (ii)
This remuneration report (the “Remuneration Report”) for the finan-
Team (Article 16c): If the maximum aggregate remuneration already
a maximum aggregate amount of EUR 2,800,000 for the remuneration
cial year 2024 (FY2024) has been prepared in accordance with articles
approved by the AGM is not sufficient to cover the remuneration for
for the Management Team for the FY2024 year started 1 January 2024,
734 et seq. CO and describes, inter alia, Cavotec’s compensation sys-
newly appointed members of the Management Team, the Company
and ended 31 December 31 2024, not including the maximum aggregate
tem and philosophy, and provides details of the remuneration paid to the
may pay an additional amount up to 100% of the last maximum aggre-
remuneration amount of EUR 2,200,000 for the CEO for the FY2024 year
Company’s board of directors (the “Board”) and to the members of the
gate remuneration amount approved.
that has already been approved by the 2023 AGM; and (iii) a maximum
Company’s management team (the “Management Team”) in 2024.
aggregate amount of EUR 5,000,000 for the remuneration for the Man-
Under the CO, the maximum aggregate remuneration for the mem-
In line with the above, the Board will submit three separate remunera-
agement Team (including the CEO) for the FY2025 year that started
bers of the Board and of the management team is subject to approval
tions related proposals for shareholder approval at the 2025 AGM as
1 January 2025 and that will end on 31 December 2025.
by the general meeting of shareholders upon proposal by the Board. In
illustrated in Table 1 below:
addition, certain matters relating to remuneration must be governed by
• This Remuneration Report for the FY2024 (consultative vote).
2. Governance on remuneration matters
the Company’s articles of association (the “Articles of Association”),
• The maximum aggregate remuneration amount for the Board for the
The decision authority on remuneration matters is summarised in
including the details of such votes on remuneration and the principles
term of office from the 2025 AGM to the 2026 AGM (binding vote).
Table 2.
governing remuneration. The Articles of Association include these mat-
• The maximum aggregate remuneration amount for the Management
The current members of Cavotec’s remuneration committee (the
ters regarding remuneration in Articles 16a et sec. and can be viewed
Team for the FY2026 starting January 1, 2026, and that will end on
“Remuneration Committee”) are Keith Svendsen, Patrik Tigerschiöld and
online at https://ir.cavotec.com.
December 31, 2026 (binding vote).
Peter Nilsson (the latter as chairman; the “Chairman of the Remuneration
Committee”).
Members of the Remuneration Committee are elected annually and
individually by the shareholders at the respective AGM. The Chairman of
the Remuneration Committee reports to the full Board after each Remu-
neration Committee’s meeting. The minutes of the meetings are made
available to the members of the Board. The CEO and Cavotec’s chief
human resources officer (CHRO) attend the Remuneration Committee’s
Object Action at 2025 AGM 2025 2026 2027
meetings in an advisory function but are excluded from certain discus-
Remuneration report 2024 approval of the 2024 Remuneration report
sions. The Remuneration Committee may decide to consult an external
advisor on specific remuneration matters.
Board remuneration 2025/26 approval Board remuneration for 2025 AGM
to 2026 AGM (term of office)
Management Team
approval of the Management Team
Remuneration 2026
Remuneration for the FY2026
Beginning
AGM
Beginning
AGM
Beginning
AGM
of the
June
of the
June
of the
June
FY Jan 01
FY Jan 01
FY Jan 01
36
CORPORATE GOVERNANCE
Remuneration report
Remuneration Committee Board AGM
Remuneration principles (Articles of Association) Recommends to the Board Proposes to the AGM Approves
Remuneration report Recommends to the Board Proposes to the AGM Approves
Remuneration principles and system for the Board and the Management Team (inc. CEO) Recommends to the Board Proposes to the AGM Approves
Maximum aggregate amount of the remuneration for the Board members Proposes to the Board Proposes to the AGM Approves
Maximum aggregate amount of the remuneration of the Management Team (inc. CEO) Proposes to the Board Proposes to the AGM Approves
3. Activities of the Remuneration Committee during FY2024
The Remuneration Committee meets as often as business requires but
at least once per year. The Remuneration Committee held five meetings
Base fee EUR
Committee fee in EUR Chair Member
in the FY2024.
Patrick Tigerschiöld (Chairman) 95,000
Audit Committee 10,000 5,000
The Remuneration Committee has the following duties and competences:
Member 35,000
Remuneration Committee 10,000 5,000
• Reviewing and advising the Board on the terms of appointment of the
CEO.
• Reviewing working environments and succession planning for the CEO
Base fee
Chair Member
and other members of the Management Team.
Patrick Tigerschiöld (Chairman) 90,499
Audit Committee 9,526 4,763
• Reviewing the terms of the employment arrangements with the CEO
Member 33,342
Remuneration Committee 9,526 4,763
and other members of the Management Team so as to develop con-
sistent group-wide employment practices subject to regional
EUR/CHF exchange rate 0.9526257
differences.
• Reviewing of and making proposals to the Board on the remuneration
of the members of the Board and of the Management Team.
• Reviewing the terms of the Company’s short- and long-term incentive
plans.
Fixed pay Variable pay
• Submission of a draft of the Remuneration Report to the Board.
Base Salary Pension & other benefits Short-term incentive plan (STIP)
Details on Remuneration Committee’s members and their meeting
attendance are provided in Cavotec’s Corporate Governance Report
Purpose Attract and retain Risk protection, Market competitiveness Focus on the delivery of the year’s commitments
on page 43.
Performance period 1 year
Key drivers Role, responsibility,
Legal requirements & market practice Group, Division and personal performance (if relevant)
4. Remuneration principles
experience
Cavotec’s remuneration programs are designed to recognise and reward
Reward instrument Cash Pension, insurance plans and cash Cash
performance, enabling the organisation to attract, motivate and retain
talented employees who drive performance to ensure both sustained
KPIs – Revenues, EBIT, Cash flow
growth and value creation.
Target incentive 80% of base salary for the CEO, 40% of base salary for
The compensation of the members of the Board and of the Manage-
the other members of the Management Team
ment Team is reviewed on an annual basis to ensure continued align-
Payout range 0-100% of target amount for each KPI
ment with the Cavotec’s group’s (the “Group”) strategy and market
Impact of share price on payout value
practice as well as with applicable laws.
37
CORPORATE GOVERNANCE
Remuneration report
The remuneration elements resulting in the aggregate remuneration of
the Management Team for the FY2024 are summarised in Table 4.
Remuneration for the term
from 2024 AGM until 2025
Social security
a) Base salary
AGM in EUR (Audited) Qualification Board fees
contributions Pension Total 2024 Total 2023
Base salary is the fixed remuneration paid to employees for carrying out
Niklas Edling Independent Director 40,000 7,920 – 47,920 43,520
their role. It is designed to be attractive and market competitive and is
Annette Kumlien Independent Director 45,000 8,910 – 53,910 48,960
established considering the following factors:
• scope and responsibilities of the role, as well as qualifications and
Peter Nilsson Independent Director 45,000 8,910 – 53,910 48,960
experience required to perform the role, market value of the role in the
Keith Svendsen Independent Director 40,000 1,203 1,995 43,198 43,520
location in which Cavotec competes for talent;
• skills and expertise of the individual in the role.
Patrik Tigerschiöld Director (Chairman) 95,000 18,810 – 113,810 103,360
The base salary is paid out to the members of the Management Team
Total remuneration 265,000 45,753 1,995 312,748 288,320
in twelve equal monthly cash instalments.
Remuneration for the term
b) Pension benefits
from 2024 AGM until 2025
Social security
The purpose of pension benefits is to provide security for employees
Qualification Board fees
contributions Pension Total 2024 Total 2023
and their dependents in the event of retirement, sickness, inability to
Niklas Edling Independent Director 38,105 7,545 – 45,650 42,293
work and death. The Management Team’s members participate in the
social insurance and pension plans in the countries where their employ-
Annette Kumlien Independent Director 42,868 8,488 – 51,356 47,579
ment contracts were entered into. The plans vary according to local mar-
Peter Nilsson Independent Director 42,868 8,488 – 51,356 47,579
ket practice and legislation; at a minimum they reflect the statutory
requirements of the respective countries. In line with local employment
Keith Svendsen Independent Director 38,105 1,146 1,901 41,152 42,293
practice for Swiss employees, Management Team’s members under
Patrik Tigerschiöld Director (Chairman) 90,499 17,919 – 108,418 100’445
Swiss employment contracts are covered by the Company’s compul-
sory occupational pension scheme.
Total remuneration 252,446 43,585 1,901 297,932 280,189
EUR/CHF exchange rate 0.9526257
c) Other benefits
In addition, Cavotec aims to provide competitive employee benefits.
Benefits are considered from a global perspective, while appropriately
reflecting differing local market practice and employment conditions.
B. REMUNERATION SYSTEM
The amounts of the base fee and committee membership fees, as
For the Management Team’s members, benefits may include local mar-
1. Remuneration system of the Board
illustrated in Table 3, reflect the responsibility and time requirement
ket benefits such as transportation allowances, health cover, etc. The
To ensure its independence in fulfilling its supervisory duties, the
inherent to the respective function.
monetary value of these remuneration elements as disclosed in the
remuneration of the Board is fixed and does not contain any variable
The base fee and committee membership fees are paid 100% in cash.
remuneration Table 4 is based on the actual amount paid as well as the
component.
best estimate for the amounts yet to be paid.
The chairman of the Board receives a fixed annual base fee of EUR
2. Remuneration system of the Management Team
95,000 (including fees for participation in the audit committee and remu-
The remuneration elements for the Management Team generally consist
d) Short-Term Incentive Plan (performance based non-equity cash
neration committee meetings). The chairman of the Board is not entitled to
of five components:
compensation or STIP)
being compensated for assuming additional committee responsibilities.
a)
salary
The short-term incentive plan (STIP) is the cash-based element of the
Other members of the Board receive a fixed annual base fee and fixed
b) pension
variable pay for inter alia the Management Team. Its objective is to:
fees for membership in Board’s committees.
c) other benefits
• encourage performance and motivate the beneficiaries to work
d) performance-based non-equity cash compensation (“STIP”)
together for the sustainable success of the Group;
e) performance-based equity-based incentives (“LTIP”)
• enable the alignment of objectives throughout the Company.
38
CORPORATE GOVERNANCE
Remuneration report
The current STIP framework was introduced in 2018 to provide a simple,
e) Long-Term Incentive Plan (performance based equity-based
fair and transparent approach.
incentives or LTIP)
BODIES
Plan participants at Group and division levels are incentivized based
In 2023, the Board established an equity based long term incentive plan
1. Base
on the achievement of financial performance targets, which are deter-
framework called 2023-2025 LTIP (“2023-2025 LTIP”). Such program has
The section below is in line with Swiss law and specifically with art. 734a
mined by the Board at the beginning of each financial year. The perfor-
been cancelled by the Board of Directors considering that the Company
et seq. CO which require disclosure of remuneration paid (directly or indi-
mance targets are defined in line with the year’s commitments to
in 2024 was working on a new long-term incentive program.
rectly) to members of the Board and Management Team. For this Remu-
contribute to the long-term strategy. They are aligned with business
For the same reason, the Company decided not to launch any long-term
neration Report covering the FY2024, the remuneration paid to members
priorities, with the aim of achieving sustainable profitability.
incentive plan framework for the years 2024-2026. Therefore, no shares
of the Board is shown as a whole and separately for each member; (ii) the
These targets represent commercially sensitive information and are
have been granted under a long-term incentive plan in 2024 or 2023.
remuneration paid to the Management Team is shown in aggregate, while
therefore not disclosed.
the highest-paid member of the Management Team is shown separately.
Pay-outs under the STIP are calculated based on the achievement
C. EMPLOYMENT CONDITIONS
No remuneration was paid directly or indirectly to former members of the
level of the respective performance targets, with 100% achievement
The members of the Management Team are employed under contracts
Board or of the Management Team in connection with their former activ-
resulting in 100% pay-out. For each financial performance target, there
of unlimited duration with a notice period up to a maximum of twelve
ity as a member of a corporate body of the Company.
is a minimum threshold performance levels, below which there is no
months. Employment contracts for the members of the Management
pay-out.
Team include non-competition agreements not exceeding a period of
twelve months following the end of employment.
Social security,
(Audited)
Compensation for non-
Short-term
Long-term
insurance and pension
Amounts for FY2024 in EUR Base salary
compete arrangements Joining bonuses
Incentive Plan
1)
Incentive Plan
2)
Benefits in kind
3)
contributions
4)
Total 2024 Total 2023
Management Team (not including CEO) 1,519,386 – – 288,473 – 101,812 457,425 2,367,097 NA
David Pagels (CEO) 506,148 – – 257,213 – 6,018 278,354 1,047,733 976,986
Total remuneration 2,025,534 – – 545,686 – 107,830 735,779 3,414,830 976,986
Social security,
(Audited)
Compensation for non-
Short-term
Long-term
insurance and pension
Base salary
compete arrangements Joining bonuses
Incentive Plan
1)
Incentive Plan
2)
Benefits in kind
3)
contributions
4)
Total 2024 Total 2023
Management Team (not including CEO) 1,447,406 – – 274,807 – 96,989 435,755 2,254,957 NA
David Pagels (CEO) 482,170 – – 245,028 – 5,733 265,167 998,098 949,433
Total remuneration 1,929,576 – – 519,835 – 102,722 700,922 3,253,055 949,433
EUR/CHF exchange rate 0.9526257
1) As the objectives of the 2024 STIP were achieved, there is payout in 2025 for FY2024.
2) The LTIP program 2023 was cancelled. For 2024 no LTIP program was launched.
3) Allowances (child, school fees, health insurance and transportation, non-competition agreements).
4) Pension contribution to the CEO and members of the management team, have been made both in form of cash and defined contribution payments.
39
CORPORATE GOVERNANCE
Remuneration report
2. Remuneration awarded to the Board for the term between
4 June 2024 and 3 June 2025 (Audited)
The remuneration awarded to the Board members for the term between
EUR/CHF exchange rate 0.9526257
the 2024 AGM (4 June 2024) and the 2025 AGM (3 June 2025) is sum-
Amounts for FY2024 in EUR Total remuneration granted (paid/payable) Maximum aggregate amount approved Status
marised in Table 5.
2023 AGM to 2024 AGM 288,320 500,000 Approved (2023 AGM)
Remuneration paid to the Board members for non-compete arrange-
2024 AGM to 2025 AGM 312,748 500,000 Approved (2024 AGM)
ments (art. 734a para. 2 no. 10 CO) as well as permitted joining bonuses
(art. 734a para. 2 no. 5 CO) or any other remuneration as per art. 734a
2025 AGM to 2026 AGM – 500,000 Proposed (2025 AGM)
para. 2 CO, if any, are also summarised in Table 5.
Total remuneration granted (paid/payable) Maximum aggregate amount approved Status
3. Remuneration awarded to the Management Team for the FY2024
2023 AGM to 2024 AGM 280,189 476,313 Approved (2023 AGM)
(Audited)
2024 AGM to 2025 AGM 297,932 476,313 Approved (2024 AGM)
For the FY2024, the members of the Management Team have been
2025 AGM to 2026 AGM – 476,313 Proposed (2025 AGM)
awarded base salary, pension, other benefits and variable remuneration
in line with the remuneration system described above in section B.2.
The remuneration paid or awarded to the Management Team in aggre-
gate and to its highest-paid member is summarised in Table 6.
Compensation paid to the members of the Management Team for
non-compete arrangements (art. 734a para. 2 no. 10 CO) as well as per-
mitted joining bonuses (art. 734a para. 2 no. 5 CO) or any other remunera-
Amounts for FY2024 in EUR Total remuneration granted (paid/payable)) Maximum aggregate amount approved Status
tion as per art. 734a para. 2 CO, if any, are also summarised in Table 6.
FY 2023 949,433 2,200,000 CEO Approved (2022 AGM)
FY 2024 1,047,733 2,200,000 CEO Approved (2023 AGM)
4. Loans granted to members of the Board or of
the Management Team
Management Team (including CEO)
In accordance with Article 16j of the Articles of Association, the
FY 2024 3,414,830 5,000,000
Approved (2024 AGM)
Company does not grant loans or extends credit to the members of the
Management Team (including CEO)
Board and of the Management Team.
FY 2025 – 5,000,000
Approved (2024 AGM)
Management Team (including CEO)
E. REMUNERATION TO FORMER MEMBERS OF GOVERNING BODIES
FY 2026 – 5,000,000
Proposed (2025 AGM)
During the term of 4 June 2024 until 3 June 2025, no payments were
made to former members of the Board or of the Management Team, or,
Total remuneration granted (paid/payable)) Maximum aggregate amount approved Status
in each case, to related parties.
FY 2023 904,454 2,095,777 CEO Approved (2022 AGM)
FY 2024 998,098 2,095,777 CEO Approved (2023 AGM)
F. RECONCILIATION OF AGM REMUNERATION RESOLUTIONS
Management Team (including CEO)
For the term from the 2024 AGM to the 2025 AGM, the 2024 AGM
FY 2024 3,253,055 4,763,129
Approved (2024 AGM)
approved a maximum aggregate remuneration amount for the Board of
Management Team (including CEO)
EUR 0.5 million (covering all pay, pension contribution, social charges,
FY 2025 – 4,763,129
Approved (2024 AGM)
etc.). Table 7 shows the reconciliation between the remuneration that
has been/will be paid/granted for the respective term of office and the
Management Team (including CEO)
FY 2026 – 4,763,129
Proposed (2025 AGM)
maximum aggregate amount approved by the shareholders.
40
CORPORATE GOVERNANCE
Remuneration report
The maximum aggregate remuneration amount for the members of
Audited
Audited
the Management Team for the FY2025, i.e. for the term started 1 January
The remuneration report must also include the participation rights in the
Members of the Board of Directors
2025, and ending 31 December 2025, approved by the 2024 AGM, is
Company and options on such rights of each current member of the
: Chairman of Bure Equity AB, Mycronic AB, SNS
EUR 5 million (covering fixed and variable pay, pension contribution,
board of directors and the executive board, including the members’
Center for Business and Policy Studies, and Yubico AB. Fellow of the
social charges, etc.). Table 8 shows the reconciliation between the remu-
close associates, as well as the name and function of the members
Royal Swedish Academy of Engineering Sciences (IVA).
neration that has been/will be paid to the members of the Management
concerned (art. 734d CO).
Team for the FY2025 and the maximum aggregate amount approved by
: CEO of Nodica Group AB, member of the Board of HMS
the shareholders.
Networks AB.
Participation
Option on
: COO Intrum AB and member of the Board of Dirac
Amounts as of 31 December 2024
rights
participations rights
Research AB.
The participation rights and options on such rights of each current
Members of the Board of Directors
: CEO of APM Terminals, member of the Executive Lead-
member of the Board and of the Management Team, including their
Niklas Edling 90,040 –
ership Team at A.P. Moller-Maersk, director of Through Transport Mutual
related parties, as well as the name and function of the members con-
Insurance Association Limited.
Annette Kumlien 75,000 –
cerned (see art. 734d CO), are described in Table 9.
: Chairman of the Board of Lindab Group, Nilfisk A/S and
Peter Nilsson 212,180 –
member of the Board of Creades AB.
Keith Svendsen – –
The external mandates of each current member of the Board and of the
Patrik Tigerschiöld (Chairman) 1,598,000 –
Management Team (see art. 734e CO) are described in Table 10.
Members of the Management Team
2)
: No other current assignment.
Members of the Management Team
I. LOANS
: No other current assignment.
David Pagels (CEO) 750,000 1,500,000
With respect to the FY2024, no loans or credit facilities (still outstanding
: No other current assignment.
in FY2024) granted by Cavotec to the members of the Board or of the
Joakim Wahlquist 75,000 150,000
Management Team, former members of the Board or of the Management
: No other current assignment.
Patrick Baudin 10,000 –
Team, exist.
: No other current assignment.
Patrick Mares 18,950 –
: No other current assignment.
Jörgen Ohlsson 1,095 –
TO RELATED PERSONS
Total
No non-market standard remuneration has been granted by Cavotec
to related parties of the members of the Board or of the Management
1) The numbers in this table also include holdings of closely linked persons to the
Team.
respective member of the Board or the Management Team.
With respect to the FY2024, no loans or credit facilities (still out-
2) Members of the Management Team (including the members’ close associates) not
included in this list do not own participation rights or options on participation rights.
standing in FY2024) granted by Cavotec to the members of the Board
or of the Management Team exist.
41
Report of the statutory auditor
to the General Meeting of Cavotec SA, Lugano
Opinion
We have audited the remuneration report of Cavotec SA (the Company) for the year ended 31 December
Our objectives are to obtain reasonable assurance about whether the information pursuant to article
2024. The audit was limited to the information pursuant to article 734a-734f of the Swiss Code of Obliga-
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaran-
tee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material mis-
statement when it exists. Misstatements can arise from fraud or error and are considered material if, indi-
vidually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of this remuneration report.
Basis for opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and
-
maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement in the remuneration report, whether due to fraud
accordance with the provisions of Swiss law and the requirements of the Swiss audit profession, and we
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
have fulfilled our other ethical responsibilities in accordance with these requirements.
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mis-
statement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
forgery, intentional omissions, misrepresentations, or the override of internal control.
our opinion.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective-
Other information
The Board of Directors is responsible for the other information. The other information comprises the infor-
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting esti-
mates and related disclosures made.
Our opinion on the remuneration report does not cover the other information and we do not express any
We communicate with the Board of Directors or its relevant committee regarding, among other matters,
form of assurance conclusion thereon.
the planned scope and timing of the audit and significant audit findings, including any significant deficien-
cies in internal control that we identify during our audit.
In connection with our audit of the remuneration report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the audited finan-
We also provide the Board of Directors or its relevant committee with a statement that we have complied
cial information in the remuneration report or our knowledge obtained in the audit, or otherwise appears to
with relevant ethical requirements regarding independence, and communicate with them all relationships
be materially misstated.
and other matters that may reasonably be thought to bear on our independence, and where applicable,
actions taken to eliminate threats or safeguards applied.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
PricewaterhouseCoopers SA
The Board of Directors is responsible for the preparation of a remuneration report in accordance with the
Board of Directors determines is necessary to enable the preparation of a remuneration report that is free
from material misstatement, whether due to fraud or error. It is also charged with structuring the remuner-
Thomas Wallmer Laura Cazzaniga
ation principles and specifying the individual remuneration components.
Licensed audit expert Licensed audit expert
Auditor in charge
Lugano, 27 March 2025
Cavotec SA | Report of the statutory auditor to the General Meeting
CORPORATE GOVERNANCE
Corporate governance report
Corparate governance report 2024
Since Cavotec SA (“Cavotec” or the “Company”) is a Swiss company
General
listed on Nasdaq Stockholm, the corporate governance of Cavotec is
Swedish companies with shares admitted to trading on a regulated
Shareholders’ rights to resolve on company matters are exercised at
based on Swiss and Swedish rules and regulations, such as the Swiss
market in Sweden, including Nasdaq Stockholm, are subject to the Code.
shareholders’ meetings. An ordinary shareholders’ meeting is to be held
Code of Obligations (the “CO”) and the Swedish Code of Corporate
The Code is a codification of best practices for Swedish listed compa-
yearly within six months following the close of the business year (the
Governance (Sw. Svensk kod för bolagsstyrning) (the “Code”). This
nies based on Swedish practices and circumstances. Cavotec has
“Annual General Meeting”). It is called by the Board of Directors or, if
corporate governance report reflects the changes occurred with the
decided to apply the Code, however, the Company is not obliged to com-
necessary, by the auditors. Extraordinary shareholders’ meetings may
Swiss corporate law reform that came into force on 1 January 2023.
ply with every rule in the Code as the Code itself provides for the possi-
be called by the Board of Directors, the liquidators or the auditors as
bility to deviate from the rules, provided that any such deviations and the
often as necessary to safeguard the interests of the Company. Share-
chosen alternative solutions are described and the reasons therefore
holders’ meetings are held at the domicile of the Company or at such
are explained in the corporate governance report (according to the
other place in Switzerland or abroad as the Board of Directors shall
so-called “comply or explain principle”). Deviations that the Company
determine. The shareholders’ meetings will be held in English and infor-
is aware of have, as far as possible, been explained in the Company’s
mation and material will be available in English only. This is in accordance
corporate governance report.
CAVOTEC CORPORATE GOVERNANCE STRUCTURE
Shareholders
Nomination Committee
1)
Auditors
BUDGET 2025 APPROVAL
Chairman of the Board
Q4 2023 REPORT
Q3 2024 REPORT
Remuneration Committee
Board of Directors
Audit Committee
e
c
J
D
a
n
Articles of Association
CEO
v
F
o
e
N
b
Code of Conduct
Cavotec Management Team
c
M
O
t
a
Internal Regulations
r
Chief Financial Officer
S
SVP, Product Management and Chief
e
p
A
p
r
ANNUAL REPORT
Group Policies
Technology Officer
A
SVP, Head of Industry Division
u
y
g
a
M
SVP, Head of Ports & Maritime Division
J
u
l
J
u
n
President, Services
Q1 2024 REPORT
SVP, Head of Global Operations
Chief Legal & Human Resources Officer
1) To follow the rules that apply to Swiss companies, the Board of Directors has decided that the Nomination Committee shall be established by the Board of Directors.
Q2 2024 REPORT ANNUAL GENERAL MEETING
The composition of the Nomination Committee shall, however, be in line with the Swedish Corporate Governance Code.
43
CORPORATE GOVERNANCE
Corporate governance report
with an exemption granted by the Swedish Financial Supervisory Authority.
Nomination process
The minutes of shareholders’ meetings, containing the resolutions and
The process for the nomination of Board members for Cavotec is
The members of the Board of Directors are elected by the shareholders’
the election results with details of the exact percentage of votes for and
construed in light of the Code, while still respecting Swiss laws and
meeting for the period until the end of the next ordinary shareholders’
against, will be published on the Company’s website within 15 days
regulations applicable to a Swiss company. The ultimate goal has been
meeting. The Board of Directors constitutes itself, but by law the Chair-
following the general meeting.
to adopt a Nomination Process that is open and transparent to all share-
man of the Board of Directors is elected by the shareholders’ meeting, as
holders and stakeholders.
set out in the Articles of Association and by Swiss law.
Right to attend shareholders’ meetings
In October 2024 the Committee began preparing a proposal for the
The members of the Nomination Committee and the Audit Committee,
All shareholders who are registered directly in Euroclear Sweden’s and
Board of Directors to be submitted to the Annual General Meeting 2025.
as well as the respective Chairmen, are elected from and by the members
SIX SIS’s share registers on the record date, as applicable, and who
The proposal of the Nomination Committee will be published in the
of the Board of Directors. The Remuneration Committee is elected by
notify the Company of their intention to attend the shareholders’ meeting
invitation to the Annual General Meeting.
the shareholders’ meeting and its Chairman is elected by the Board, as
at the latest by the date specified in the convening letter, shall be entitled
With respect to the requirements in the Code that a majority of the
further described below in relation to the description of each committee.
to attend the shareholders’ meeting and vote according to the number
Directors elected by the shareholders’ meeting are to be independent of
The Board of Directors is entrusted with the overall management of
of shares they hold. Shareholders may attend shareholders’ meetings in
the Company and its executive management and that at least two of this
the Company, as well as with the supervision and control of the manage-
person or through a proxy. The Board of Directors may provide that
majority also are to be independent in relation to the Company’s major
ment. The Board of Directors is the ultimate executive body of the Com-
shareholders who are not present at the place of the shareholders’
shareholders, the Nomination Committee has carried out the following
pany and shall determine the principles of the business strategy and
meeting may exercise their rights by electronic means. Shareholders
assessment:
policies.
may usually register for shareholders’ meetings in several different ways,
Annette Kumlien, Niklas Edling, Patrik Tigerschiöld, Keith Svendsen
The Board of Directors shall exercise its function as required by law,
which are described in the Notice of meeting (the “Notice of Meeting”).
and Peter Nilsson are all independent of the Company and its executive
the Articles of Association and the Board of Directors’ Internal Regula-
management.
tions. The Board shall be authorised to pass resolutions on all matters
Notice of shareholders’ meetings and shareholder initiatives
Annette Kumlien, Niklas Edling, Keith Svendsen and Peter Nilsson are
that are not reserved to the general meeting of shareholders or to other
The Notice of Meeting is given by means of a publication in the Swiss
all also independent in relation to the Company’s major shareholders.
executive bodies by applicable law, the Articles of Association or the
Commercial Gazette or by letter or e-mail to the shareholders of record
The Nomination Committee therefore concludes that all require-
Internal Regulations.
as well as through a press release. Between the day of the publication or
ments of Directors’ independence as set out in the Code are met.
By Swiss law, the Board of Directors has in particular the following
the mailing of the notice and the day of the shareholders’ meeting there
non-transferable and inalienable duties:
must be a time period of not less than 20 calendar days. The notice of
External auditor
the shareholders’ meeting must indicate the agenda and the motions.
The Audit Committee and the Board of Directors are responsible for
a) The overall management of the company and issuing the required
The notice of the shareholders’ meeting must indicate in particular the
presenting proposals on the appointment of the auditors to the Annual
directives;
agenda items to be discussed, the motions of the Board of Directors
General Meeting and are also responsible for resolving on the remunera-
b) To determine the Company’s organisation;
together with a short explanation, and, if applicable, the shareholders’
tion to the auditor and any issues on resignation or dismissal of the audi-
c) Organising the accounting, financial control and financial planning
motions together with a short explanation. The notice will also be pub-
tor. This constitutes a deviation from the Code that prescribes that the
systems as required for management of the company;
lished on the Company’s website. At the time of the notice, the Company
Nomination Committee is responsible for presenting proposals to the
d) Appointing and dismissing persons entrusted with managing and
may publish in Svenska Dagbladet an announcement with information
Annual General Meeting on the election and remuneration of the
representing the company;
that the notice has been issued.
external auditor. In accordance with Swiss law, the Board of Directors
e) Overall supervision of the persons entrusted with managing the
Shareholders may request that items be placed on the agenda of a
has decided that the Audit Committee shall propose the auditors to
company, in particular with regard to compliance with the law, articles
meeting convened by the Board of Directors, provided they together
the Board of Directors, which in turn shall present its proposals to the
of association, operational regulations and directives;
hold at least 0.5 per cent of the share capital or of the votes.
Annual General Meeting. For the purpose of its election by the Annual
f) Compiling the annual report, preparing for the general meeting and
Stating the purpose of the meeting and the agenda to be submitted,
General Meeting 2025, the Audit Committee has proposed to the Board
implementing its resolutions, including interim published reports and
one or more shareholders representing at least five per cent of the share
of Directors to appoint PricewaterhouseCoopers SA, Lugano, as the
determination of the accounting standard;
capital or the votes may request the Board of Directors, in writing to call
independent auditor of the Company for the business year 2025.
g) Filing an application for a debt restructuring moratorium and noti fying
an extraordinary shareholders’ meeting. In such case, the Board of Direc-
Thomas Wallmer is the auditor in charge.
the court in the event that the company is overindebted;
tors must call a shareholders’ meeting within two weeks.
h) Preparing the remuneration report.
44
CORPORATE GOVERNANCE
Corporate governance report
By Swiss law, the Board of Directors also has in particular the following
The Nomination Committee shall ensure that the Company has a
plan, as prepared by the auditors, including the adequacy of the scopes
non-transferable responsibilities: (i) decision pursuant to art. 653e CO
formal and transparent method for the nomination and appointment of
of the audits proposed for the principal locations and the proposed audit
(preparation of the capital increase report); (ii) decisions in connection
members of the Board of Directors. The objectives of the Nomination
fees. The engagement of the auditors for non-audit services of signifi-
with capital increases pursuant to art. 652g, 653g, 653i (acknowledge-
Committee are to regularly review and, when appropriate, recommend
cance is approved in advance by the Audit Committee.
ment of capital increase); (iii) decision pursuant to art. 653o (acknow-
changes to the composition of the Board of Directors to ensure that the
At least once every year Management gives a presentation to the
ledgement of capital reduction); (iv) decisions pursuant to art. 634b I CO
Company has, and maintains, the right composition of the members of
Audit Committee on the risk profile of the Group and on the procedures
(require outstanding contributions on shares not fully paid in); (v) to
the Board of Directors effectively govern and provide guidance to busi-
in place for the management of Risk. Risks related to the potential
monitor the solvency of the company and to take all actions within the
ness, and identify and recommend to the Board of Directors individuals
impairment of assets and the related provisions required for financial
meaning of art. 725, 725a and 725b; and (vi) specific resolutions pursuant
for nomination as members of the Board and its Committees (taking into
exposures are reviewed and discussed with Management at least once a
to the Swiss Merger Act.
account such factors as it deems appropriate, including experience,
year, normally in conjunction with the third quarter closing.
The Board of Directors held eight ordinary Board meetings and two
qualifications, judgment and the ability to work with other Board
The Audit Committee of Cavotec met five times in 2024.
extraordinary Board meetings for Cavotec in 2024. In addition, one
members).
The current members of the Audit Committee are Annette Kumlien
Board resolutions have been deliberated by circular resolution (without
From September 2024 the Nomination Committee members are
(Chairwoman), Patrik Tigerschiöld and Niklas Edling.
a Board meeting).
Henrik Blomquist (representing Bure Equity AB), Per Colleen, who repre-
sents TomEnterprise Private AB (Thomas von Koch), Thomas Ehlin
Remuneration Committee
BOARD COMMITTEES
(representing The Fourth Swedish National Pension Fund – AP4), Fabio
The main purpose of the Remuneration Committee is to act as remuner-
The Board of Directors currently has three Board committees: the
Cannavale, who represents Nomina SA and Patrik Tigerschiöld
ation committee pursuant to Swiss law against excessive compensation
Nomination Committee, the Audit Committee and the Remuneration
(Chairman of Cavotec’s Board of Directors).
with respect to listed corporations. The Remuneration Committee has in
Committee. The Remuneration Committee has been elected by the
particular the following duties and responsibilities:
Annual General Meeting, in accordance with Swiss law (in particular the
Audit Committee
CO that – as of 1 January 2023 – has implemented the previous regula-
The objective of the Audit Committee is to assist the Board of Directors
a) Reviewing and advising the Board of Directors on the terms
tion set by the Minder Ordinance). The composition and tasks of the
in discharging its responsibilities relative to financial reporting and regu-
of appointment of the CEO;
Board’s Committees are regulated in the Board of Directors’ Internal Reg-
latory compliance. The Audit Committee also presents proposals on the
b) Reviewing working environments and succession planning for
ulations. The composition and tasks of the Remuneration Committee are
election and remuneration of the auditors to the Board of Directors,
members of the Management Team;
regulated in the Articles of Association as well as in the Board of Direc-
which in turn present its proposals to the Annual General Meeting for the
c) Reviewing the terms of the employment arrangements with members
tors’ Internal Regulations. Below is a brief description of the Committees
election. Members of the Audit Committee shall exclusively comprise of
of the Management Team, as well as to develop consistent group
as per the current Internal Regulations (which are continuously reviewed
members of the Board appointed by the Board in accordance with the
employment practices subject to regional differences;
and if deemed appropriate by the Board of Directors amended). The
Code. The Audit Committee will comprise of not less than three mem-
d) Reviewing of and making proposals to the Board of Directors on
shareholder can request to the Board of Directors to issue information in
bers with a majority to be Independent Directors of the Board. One
the remuneration of the members of the Board of Directors and of
writing or electronically concerning the organisation of the business
member must have a financial or accounting background.
the Management Team;
management.
The Audit Committee of Cavotec is involved in a wide range of activi-
e) Reviewing the terms of the Company’s short and long term
ties including, inter alia, the review of all quarterly, half-yearly and annual
incentive plans;
Nomination Committee
financial statements prior to their approval by the Board and release to
f) Submission of a draft of the remuneration report to the Board of
The Nomination Committee shall be a committee established by the
the public. The Committee has periodic contact with the auditors,
Directors.
Board of Directors of the Company. This is in line with Swiss law but will
PricewaterhouseCoopers (PwC), through the PwC engagement partner
constitute a deviation from the Code that prescribes that the Nomination
responsible for the Audit and through the principal engagement man-
The Remuneration Committee and the Board of Directors are thus
Committee shall be determined by the shareholders. To follow the rules
ager, to review any unusual matters and the effect of new accounting
together responsible for presenting proposals to the Annual General
that apply to Swiss companies the Board of Directors has decided that
pronouncements. As a matter of policy, the Audit Committee meets with
Meeting on the remuneration of the members of the Board of Directors
the Nomination Committee shall be established by the Board of Directors.
the PwC engagement partner without the presence of Management at
and of the Management Team. This constitutes a deviation from the
The composition of the Nomination Committee shall however be in line
least once every year. Further, the Committee reviews the annual audit
Code that prescribes that the Nomination Committee is responsible for
with the Code.
45
CORPORATE GOVERNANCE
Corporate governance report
presenting proposals to the Annual General Meeting on the fees and
REMUNERATION AND INCENTIVE PLANS
other remuneration to the Board members.
Please refer to the Remuneration report on page 36.
The Remuneration Committee of Cavotec met five times in 2024.
The current members of the Remuneration Committee in Cavotec are
Peter Nilsson (Chairman), Keith Svendsen and Patrik Tigerschiöld.
The internal control function has been embedded in the finance organi-
In accordance with Art. 698 para 3 and 733 CO and with the Internal
sation. This task is performed by Group Finance, that together with the
Regulations, the Nomination Committee proposes to elect the following
local entity’s finance department and the Legal Compliance officer is
Board members to be part of the Remuneration Committee for the year
responsible for ensuring that the necessary controls are performed
2025/2026: Keith Svendsen, Patrik Tigerschiöld and Peter Nilsson.
along with adequate monitoring.
Internal controls comprise the control of the Company’s and Group’s
CAVOTEC MANAGEMENT TEAM
organisation, procedures and remedial measures. The objective is to
Cavotec’s Management Team if formed by the CEO and additional mem-
ensure reliable and correct financial reporting, and to ensure that the
bers working for the management team of Cavotec who have substantial
Company’s and Group’s financial reports are prepared in accordance
decision-making power. The other members of the Management Team
with law and applicable accounting standards and that other require-
are selected by the CEO and as of 31 December 2024 consists of six
ments are complied with. The internal control system is also intended to
members (excluding the CEO), combining Cavotec’s senior operational
monitor compliance with the Company’s and Group’s policies, principles
and corporate functions.
and instructions. In addition, the control system monitors security for
According to Art. 716b and the Internal Regulations, the Board of
the Company assets and monitors that the Company’s resources are
Directors delegates the management of Company and of the Group to
exploited in a cost-effective and adequate manner. Internal control also
the CEO and in turn to the Management Team. The Management Team
involves following up on the implemented information and business
fulfils the Group Management role – empowered by the CEO – and
system, and risk analysis.
ensures efficient implementation of strategic decisions into Cavotec’s
global organisation and leads local management on key operational
issues. The CEO, defines and implements operational strategy, policies,
technical and commercial developments, as well as new acquisitions in
line with targets set by the Cavotec’s Board of Directors.
Cavotec’s operational structure is reasonably flat in order to ensure
that the Group’s operations and decision-making processes are efficient
and responsive. Strategic, Group-related operations are the responsibility
of the CEO with the support of the Management Team. All material
decisions within the day-to-day operations of the Company are taken
by the CEO.
46
CORPORATE GOVERNANCE
Board of Directors
Board of Directors
PATRIK TIGERSCHIÖLD
NIKLAS EDLING
ANNETTE KUMLIEN
PETER NILSSON
KEITH SVENDSEN
Chairman of the Board
Member of the Board
Member of the Board
Member of the Board
Member of the Board
Born 1964
Born 1963
Born 1965
Born 1962
Born 1973
Member since 2014, Chairman since 2018
Member since 2019
Member since 2019
Member since 2023
Member since 2021
Citizenship: Swedish
Citizenship: Swedish
Citizenship: Swedish
Citizenship: Swedish
Citizenship: Danish
Keith Svendsen graduated as a Master Mariner from
Patrik Tigerschiöld holds a M.Sc. in Business
Niklas Edling holds a M.Sc. in Mechanical Engineering
Annette Kumlien holds a B.B.A. from Stockholm
Peter Nilsson holds a M.Sc. in Business and
and Economics.
from the Royal Institute of Technology, Sweden and a
Fanoe Navigation College, in Denmark, and has an
School of Economics.
Economics from Stockholm School of Economics.
B.Sc. in Economics and Business Administration from
Executive MBA from the London Business School.
Since 2013, he has been the Chairman of Bure Equity
Alongside her Cavotec role, she holds the position
He is Chairman of Lindab Group, Nilfisk A/S and
Stockholm School of Economics.
Alongside his Cavotec role, he currently serves as
AB (a role he also held between 2004 and 2009),
as COO of Intrum AB and is a member of the Board
member of the Board of Creades AB. He was
In addition to being on the Cavotec Board, Niklas
CEO of APM Terminals, one of the largest port
following his tenure as President and CEO of the
of Dirac Research AB. Previously Annette has held
previously, among others, Chairman of Adapteo AB
is CEO of Nodica Group AB and Board member
terminal operators in the world. He is also a member
company. He is also chairman of Mycronic AB, SNS
the positions as GVP/CFO at Munters Group AB,
and Unilode AG, Deputy Chairman of Cramo OYJ
of HMS Networks AB. Previously, Niklas was CEO
of the Executive Leadership Team at A.P. Moller-
Center for Business and Policy Studies, and Yubico
CFO/COO at Diaverum and CFO in Höganäs AB
and Creaspac AB as well as CEO of Sanitec AB
of ScandiNova Systems AB, SVP Corporate
Maersk and Director of Through Transport Mutual
AB. Patrik is also a Fellow of the Royal Swedish
and Pergo AB.
and Duni AB.
Development and Deputy CEO at electronics
Insurance Association Ltd, an independent provider
Academy of Engineering Sciences (IVA).
Annette Kumlien holds 75,000 shares in Cavotec.
Peter Nilsson holds 212,180 shares in Cavotec through
production solutions provider Mycronic, where
of mutual insurance and related risk management
Patrik Tigerschiöld, together with his family, holds
his company Poleved Industrial Performance AB.
he also served as SVP Operations.
services to the international transport and logistics
1,598,000 shares in Cavotec.
industry. Previously, Keith has been COO of APM
Niklas Edling holds 90,040 shares in Cavotec.
Terminals and Head of Operational Execution for the
Maersk Group’s Ocean Shipping business.
Keith Svendsen does not hold any shares in Cavotec.
47
CORPORATE GOVERNANCE
Cavotec Management Team
Management team
DAVID PAGELS
JOAKIM WAHLQUIST
PATRICK MARES
JONATHAN ERIKSSON
CEO
Chief Financial Officer
Senior Vice President, Product Management
Senior Vice President and Head of Industry Division
Born 1968
Born 1977
and Chief Technology Officer
Born 1992
Citizenship: Swedish
Citizenship: Swedish
Born 1962
Citizenship: Swedish
David Pagels holds an Executive MBA from Stockholm School of
Joakim Wahlquist holds a M.Sc. in Business Administration from
Citizenship: Belgian
Jonathan Eriksson holds a M.Sc. in Industrial Engineering and
Economics, a M.Sc. in Mechanical Engineering from University of
Linköping University, Sweden and an Executive Education from
Patrick Mares holds a M.Sc. in Engineering from University of
Management from the Royal Institute of Technology, Sweden. Prior
Luleå, Sweden and a B.Sc in Mechanical Engineering from University
Stockholm School of Economics. Prior to joining Cavotec in 2023,
Leuven, Belgium. Prior to joining Cavotec in 2019, he served as Vice
to joining Cavotec in 2020, he served among all as a management
of Växjö, Sweden. Prior to joining Cavotec in 2022, he served as
he has held several senior management positions such as
President EMEA at Harsco Rail. Prior to this, he was Vice President
consultant at Roland Berger och project leader at Atlas Copco
CEO of Dellner Couplers, Head of Global Sourcing at Xylem Europe
Managing Director Financial Services Russia at Scania, CFO Russia
of Sales & Business Development at GKN Land Systems, President
Industrial Technique. He has held various senior roles in Cavotec
GmbH, and Director Strategic Sourcing at Bombardier
and Central Asia at Scania and CFO Hong Kong at Scania.
EMEIA at Ingersoll Rand Security Technologies, and held various
such as Vice President of the Industry Division, Vice President and
Transportation.
Holdings in Cavotec: 75,000 shares and 150,000 call options issued
leadership positions at General Electric.
Head of Business Development and Project Director, Global
Holdings in Cavotec: 750,000 shares and 1,500,000 call options
by Bure Equity AB.
Holdings in Cavotec: 18,950 shares.
Operations.
issued by Bure Equity AB.
Holdings in Cavotec: 10,000 shares through pension scheme.
PATRICK BAUDIN
JÖRGEN OHLSSON
VANESSA TISCI
NICKLAS VEDIN
President, Services
Senior Vice President, Global Operations
Chief Legal & Human Resources Officer
Senior Vice President and Head of Ports & Maritime Division
Born 1971
Born 1970
Born 1982
Born 1991
Citizenships: Canadian and French
Citizenship: Swedish
Citizenship: Italian
Citizenship: Swedish
Patrick Baudin holds a MBA in International Finance from HEC
Jörgen Ohlsson holds a M.Sc. in Mechanical Engineering from Linné
Vanessa attended the universities of Bologna and Milan in Italy and
Nicklas Vedin holds a M.Sc. in Industrial Engineering and
School of Management in Paris and a B.Sc. in Engineering from
university, Sweden. Prior to joining Cavotec in 2023, he served as
holds a Master’s Degree in law from Stanford Law School, UK. She
Management from Linköping University, Sweden. Prior to joining
McGill University in Montreal, Canada. Prior to joining Cavotec in
Production Director for the Xylem site in Emmaboda, Sweden. He
joined Cavotec in 2020 and prior to that she was Head of Legal at
Cavotec in 2018, he served as a management consultant at
2018, he served as President of General Electric Renewable Energy
has also held senior positions such as Strategic Sourcing within
SCP Group, and prior to that she worked as Senior International
Ericsson in Sweden and the US. He has held various senior roles at
Canada. He has also held several senior positions in ALSTOM such
Ericsson and in production and sourcing within Bombardier.
Counsel for Walgreens Boots Alliance. Vanessa is a New
Cavotec such as Vice President of Sales in the Ports & Maritime
as vice president of the Generator Product Line for ALSTOM
Holdings in Cavotec: 1,095 shares.
York-qualified attorney and has worked for major US law firms as a
Division and Vice President, Product Management for MoorMaster.
Thermal Service in Switzerland and ALSTOM Power Service
corporate lawyer.
Holdings in Cavotec: 10,000 shares.
in France.
Holdings in Cavotec: –
Holdings in Cavotec: 10,000 shares.
48
FINANCIAL STATEMENTS
Financial
Statements
We are committed to supporting customers achieve safe, efficient and
reliable operations. Sharing our knowledge and experience with clients is
therefore a key element of our long-term working partnership. Our local
offices offer support services around the world and around the clock such
as maintenance, inspections and systems integration.
49
FINANCIAL STATEMENTS
Consolidated Financial Statements
Statement of Comprehensive Income
Cavotec SA & Subsidiaries
EUR 000s Notes 2024 2023
EUR 000s Notes 2024 2023
Revenue from sales of goods and services 5 174,952 180,734
Total comprehensive income/(loss) attributable to:
Other income 6 1,336 2,076
Equity holders of the Group 3,431 (1,755 )
Cost of materials (85,073 ) (101,219 )
Non-controlling interest – –
Employee benefit costs 7 (53,428 ) (47,895 )
Total 3,431 (1,755 )
Operating expenses 8 (21,109 ) (19,292 )
Profit/(Loss) attributed to:
Gross operating result 16,677 14,404
Equity holders of the Group 3,840 180
Depreciation and amortisation 16, 17 (2,462 ) (2,782 )
Total 3,840 180
Depreciation of right-of-use of leased asset 16 (3,129 ) (3,311 )
Basic and diluted earnings per share attributed
Impairment losses (193 ) (1,084 )
to the equity holders of the Group (EUR/share) 30 0.036 0.002
Operating result 10,893 7,227
Weighted average number of shares 106,696,030 104,103,112
Interest income 10 35 18
The notes on pages 54-75 are an integral part of these Consolidated Financial Statements.
Interest expenses 10 (2,605 ) (3,471 )
Currency exchange differences – net 10 (113 ) (16 )
Other financial item (4 ) 5
Profit/(Loss) before income tax 8,206 3,763
Income taxes 11 (4,366 ) (3,583 )
Profit/(Loss) for the period 3,840 180
Other comprehensive income:
Remeasurements of post employment benefit obligations 27 (43 ) (99 )
Items that will not be reclassified to profit or loss (43 ) (99 )
Currency translation differences (366 ) (1,836 )
Items that may be subsequently reclassified to profit/(loss) (366 ) (1,836 )
Other comprehensive income/(loss) for the year, net of tax (409 ) (1,935 )
Total comprehensive income/(loss) for the year 3,431 (1,755 )
50
FINANCIAL STATEMENTS
Consolidated Financial Statements
Balance Sheet
Cavotec SA & Subsidiaries
EUR 000s Notes 31 Dec. 2024 31 Dec. 2023
EUR 000s Notes 31 Dec. 2024 31 Dec. 2023
ASSETS
EQUITY AND LIABILITIES
Current assets
Current liabilities
Cash and cash equivalents 11,597 15,056
Bank overdraft (128 ) –
Trade receivables 12 26,163 27,942
Current lease liabilities 16 (2,566 ) (2,527 )
Contract assets 5, 12 830 2,862
Trade payables 22 (21,900 ) (26,004 )
Tax assets 13 2,451 4,718
Contract liabilities 5 (17,935 ) (19,268 )
Other current receivables 14 9,899 4,949
Tax liabilities 23 (2,320 ) (5,111 )
Inventories 15 35,555 37,429
Provision for risk and charges, current 26 (3,231 ) (2,171 )
Assets held for sale 9 – 1,814
Other current liabilities 24 (12,857 ) (11,320 )
Total current assets 86,495 94,770
Total current liabilities (60,937 ) (66,401 )
Non-current assets
Non-current liabilities
Property, plant and equipment 16 5,362 5,414
Non-current financial liabilities 21 (13,601 ) (21,468 )
Right-of-use of leased assets 16 12,526 11,529
Non-current lease liabilities 16 (10,160 ) (9,167 )
Intangible assets 17 35,604 37,315
Deferred tax liabilities 25 (1,442 ) (1,251 )
Non-current financial assets 18 288 68
Other non-current liabilities (15 ) (12 )
Deferred tax assets 19 6,663 6,897
Provision for risk and charges, non-current 26 (1,321 ) (1,794 )
Other non-current receivables 20 1,311 1,231
Employee benefit obligation 27 (911 ) (569 )
Total non-current assets 61,754 62,454
Total non-current liabilities (27,450 ) (34,261 )
TOTAL ASSETS 148,249 157,224
Total liabilities (88,387 ) (100,662 )
Equity
Share Capital 28 (54,130 ) (54,130 )
Reserves 29 (54,782 ) (55,323 )
Retained earnings 49,051 52,891
Equity attributable to owners of the parent (59,862 ) (56,562 )
Non-controlling interests – –
Total equity (59,862 ) (56,562 )
TOTAL EQUITY AND LIABILITIES (148,249 ) (157,224 )
The notes on pages 54-75 are an integral part of these Consolidated Financial Statements.
51
FINANCIAL STATEMENTS
Consolidated Financial Statements
Statement of Changes in Equity
Cavotec SA & Subsidiaries
Equity related to owners
Non-controlling
EUR 000s Notes Share capital Reserves Retained earnings
of the parent company
interest Total equity
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 27 – 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 – – (3,840 ) (3,840 ) – (3,840 )
Currency translation differences – 366 – 366 – 366
Remeasurements of post
employment benefit obligations 27 – 43 – 43 – 43
Total comprehensive income
and expenses – 409 (3,840 ) (3,431 ) – (3,431 )
Employees share scheme – 131 – 131 – 131
Transactions with shareholders – 131 – 131 – 131
Balance as at 31 December 2024 (54,130 ) (54,782 ) 49,051 (59,862 ) – (59,862 )
The line related to Employees share scheme shows the accrual for pension plans.
52
FINANCIAL STATEMENTS
Consolidated Financial Statements
Statement of Cash Flows
Cavotec SA & Subsidiaries
EUR 000s Notes 2024 2023
EUR 000s Notes 2024 2023
Profit/(Loss) for the year 3,840 180
Financing activities
Increase in equity capital – 14,526
Adjustments for:
Net changes loans and borrowings (7,898 ) (4,696 )
Net interest expenses 2,570 3,453
Repayment of lease liabilities (3,136 ) (3,156 )
Current taxes 11 4,204 4,221
Net cash inflow/(outflow) from financing activities (11,034 ) 6,674
Depreciation and amortisation 16,17 2,462 2,782
Depreciation of right-of-use of leased assets 16 3,129 3,311
Investing activities
Impairment losses 193 1,084
Investments in property, plant and equipment 16 (904 ) (911 )
Deferred tax 163 (638 )
Investments in intangible assets 17 (63 ) (624 )
Provision for risks and charges (460 ) 69
Decrease (increase) of non current financial asset (220 ) 38
Capital gain or loss on assets 14 (20 )
Disposal of assets 9 1,873 29
Other items not involving cash flows (271 ) (454 )
Net cash inflow/(outflow) from investing activities 686 (1,468 )
Interest paid (2,729 ) (3,057 )
Cash at the beginning of the year 15,056 9,625
Taxes paid (4,730 ) (529 )
Cash flow for the year (4,122 ) 7,137
Currency exchange differences 535 (1,706 )
Cash flow before change in working capital 8,385 10,402
Cash at the end of the year 11,469 15,056
Impact of changes in working capital
Cash and cash equivalent 11,597 15,056
Inventories 1,849 5,451
Bank overdraft (128 ) –
Trade receivables and contract assets 4,651 4,381
Cash at the end of the year 11,469 15,056
Other current receivables (4,934 ) 1,306
The notes on pages 54-75 are an integral part of these Consolidated Financial Statements.
Trade payables and contract liabilities (5,437 ) (18,979 )
Other current liabilities 1,713 (628 )
Impact of changes involving working capital (2,158 ) (8,469 )
Net cash inflow/(outflow) from operating activities 6,226 1,933
53
Notes to the Financial Statements
54
NOTE 3. Continued
55
NOTE 3. Continued
• fixed payments (including in-substance fixed payments), less any lease incen-
• variable lease payment that are based on an index or a rate, initially measured
• amounts expected to be payable by the group under residual value guarantees
• the exercise price of a purchase option if the group is reasonably certain to exer-
• payments of penalties for terminating the lease, if the lease term reflects the
Lease payments to be made under reasonably certain extension options are also
included in the measurement of the liability.
that rate cannot be readily determined, which is generally the case for leases in the
vidual lessee would have to pay to borrow the funds necessary to obtain an asset of
similar value to the right-of-use asset in a similar economic environment with similar
terms, security, and conditions.
• the amount of the initial measurement of lease liability
• any lease payments made at or before the commencement date less any lease
• any initial direct costs, and
• restoration costs.
life and the lease term on a straight-line basis. If the group is reasonably certain to
exercise a purchase option, the right-of-use asset is depreciated over the underlying
asset’s useful life.
56
NOTE 3. Continued
57
NOTE 3. Continued
actuarial assumptions are charged or credited to equity in other comprehensive
income in the period in which they arise.
plans is the present value of the defined benefit obligation at the end of the reportin g
period less the fair value of plan assets. The defined benefit obligation is calculated
by independent actuaries using the projected unit credit method. The present value
of the defined benefit obligation is determined by discounting the estimated future
cash outflows using interest rates of high-quality corporate bonds that are denomi-
nated in the currency in which the benefits will be paid, and that have terms to matu-
rity approximating to the terms of the related pension obligation.
Treasury shares are deducted from consolidated equity at the acquisition value. Dif-
ferences between this amount and the amount received for disposing of treasury
shares are recorded in consolidated retained earnings.
58
NOTE 4. Continued
59
ing in Norway, previously classified as an asset held for sale with a book value of
60
Contract assets include EUR 0.8 million (2023: 2.9 million) of unbilled work in pro-
gress in relation to long term contract revenue recognised under percentage of
completion. Please refer to note 5.
61
NOTE 16. Continued
62
63
NOTE 27. PENSION PLAN
NOTE 27. Continued
65
NOTE 27. Continued
2024 2023
Discount rate +0.50% (1,476) (196) (245) (64) (1,608) (203) –
Discount rate -0.50% (1,623) (218) (213) (69) (1,725) (227) –
66
NOTE 29.
67
NOTE 31. Continued
68
NOTE 32. Continued
In FY2024 there were no transactions with related parties controlled or influenced by Board members.
69
FINANCIAL STATEMENTS
70
FINANCIAL STATEMENTS
Risk Management
71
FINANCIAL STATEMENTS
Risk Management
72
FINANCIAL STATEMENTS
Risk Management
73
FINANCIAL STATEMENTS
Risk Management
74
FINANCIAL STATEMENTS
Risk Management
75
Report of the statutory auditor
to the General Meeting of Cavotec SA, Lugano
Report on the audit of the consolidated financial statements
Our audit approach
Opinion
Overview
We have audited the consolidated financial statements of Cavotec SA and its subsidiaries (the Group),
which comprise the statement of comprehensive income for the year ended 31 December 2024, the
Overall group materiality: EUR 1.5 million
balance sheet as at 31 December 2024, the statement of changes in equity and the statement of cash
flows for the year then ended, and notes to the financial statements, including material accounting policy
We concluded full scope audit work at 11 reporting units in 11 countries.
information.
specified procedures were performed on a further 6 reporting units in 6
In our opinion, the consolidated financial statements (pages 50 to 75) give a true and fair view of the
consolidated financial position of the Group as at 31 December 2024 and of its consolidated financial
performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting
As key audit matter the following area of focus has been identified:
Standards and comply with Swiss law.
Goodwill impairment test: Ports & Maritime and Industry
Basis for opinion
We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISA) and
Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are
section of our report. We are independent of the Group in accordance with the provisions of Swiss law and
the requirements of the Swiss audit profession, as well as the International Code of Ethics for Professional
Accountants (including International Independence Standards) issued by the International Ethics
Standards Board for Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in
Materiality
accordance with these requirements.
The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide
reasonable assurance that the consolidated financial statements are free from material misstatement.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
Misstatements may arise due to fraud or error. They are considered material if, individually or in
our opinion.
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the consolidated financial statements as a whole as set out in
the table below. These, together with qualitative considerations, helped us to determine the scope of our
audit and the nature, timing and extent of our audit procedures and to evaluate the effect of
misstatements, both individually and in aggregate, on the consolidated financial statements as a whole.
Cavotec SA | Report of the statutory auditor to the General Meeting
Goodwill impairment test: Ports & Maritime and Industry
Overall materiality EUR 1.5 million
Key audit matter How our audit addressed the key audit matter
Benchmark applied Total revenues
Refer to page 59 (Note 4 Critical accounting
estimates and judgments).The goodwill
described on page 59(Note 4) of the financial
Rationale for the materiality
We chose total revenue as the benchmark for determining
impairment assessment for Ports & Maritime and
statements and discussed these with the Audit
benchmark applied
materiality. This basis takes into account the development and
Industry is considered as a key audit matter due
Committee and responsible management.
volatility of the business activities and is a generally accepted
to the size of the goodwill balance (EUR 30.0
benchmark for materiality considerations.
million as of 31 December 2024 and EUR 30.1
and we challenged management on the inclusion of
million as of 31 December 2023) as well as the
all appropriate assets and liabilities in the cash-
considerable judgement required by Group
generating units.
management in making their assessment on the
identified during our audit as well as any misstatements below that amount which, in our view, warranted
In relation to the value in use, we performed the
impairment test. The goodwill impairment test
reporting for qualitative reasons.
following:
depends on the estimation of future cash flows.
Judgement is required to determine the
Audit scope
assumptions relating to the future business
revenue growth and gross profit margins, included in
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on
results and the discount rate applied to the
the five year plan used in the impairment model, with
the consolidated financial statements as a whole, taking into account the structure of the Group, the
forecasted cash flows.
accounting processes and controls, and the industry in which the Group operates.
the pipeline.
The Group is primarily structured into two business units “Ports and Maritime” and “Industry”. The Group
long term growth rates, by comparing them with
businesses and centralised functions. In establishing the overall approach to the Group audit, we
economic and industry forecasts. We also evaluated,
determined the type of work to be performed by us, as the Group engagement team, by component
with the support of our PwC valuation team, certain
auditors from PwC network firms and by component auditors from other firms operating under our
instructions. We concluded full scope audit work at 11 reporting units in 11 countries. In addition, specified
model.
We applied professional scepticism when reviewing
financial statement disclosures and goodwill are audited by the Group engagement team.
the forecasts for the market units by stress testing
key assumptions, assessing the impact on the
Key audit matters
sensitivity analysis and understanding the degree to
Key audit matters are those matters that, in our professional judgement, were of most significance in our
which assumptions would need to move before
audit of the consolidated financial statements of the current period. These matters were addressed in the
impairment would be triggered.
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
The procedure performed provided a sufficient basis
thereon, and we do not provide a separate opinion on these matters.
to conclude on the approach of goodwill impairment
assessment.
Cavotec SA | Report of the statutory auditor to the General Meeting
Other information
A further description of our responsibilities for the audit of the consolidated financial statements is located
The Board of Directors is responsible for the other information. The other information comprises the
http://www.expertsuisse.ch/en/audit-report. This description forms an
information included in the annual report, but does not include the financial statements, the consolidated
integral part of our report.
Our opinion on the consolidated financial statements does not cover the other information and we do not
Report on other legal and regulatory requirements
express any form of assurance conclusion thereon.
In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an internal
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
control system that has been designed, pursuant to the instructions of the Board of Directors, for the
information and, in doing so, consider whether the other information is materially inconsistent with the
preparation of the consolidated financial statements.
consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.
We recommend that the consolidated financial statements submitted to you be approved.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
PricewaterhouseCoopers SA
information, we are required to report that fact. We have nothing to report in this regard.
The Board of Directors is responsible for the preparation of consolidated financial statements, that give a
true and fair view in accordance with IFRS Accounting Standards and the provisions of Swiss law, and for
such internal control as the Board of Directors determines is necessary to enable the preparation of
Thomas Wallmer Laura Cazzaniga
consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Licensed audit expert Licensed audit expert
Auditor in charge
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the
Lugano, 27 March 2025
and using the going concern basis of accounting unless the Board of Directors either intends to liquidate
the Group or to cease operations, or has no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with Swiss law, ISA and SA-CH will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements.
Cavotec SA | Report of the statutory auditor to the General Meeting
FINANCIAL STATEMENTS
Statutory Financial Statements
Income statement
Cavotec SA
CHF Notes 2024 2023
Net proceeds of services 2,293,139 2,288,504
Staff cost (1,413,539) (233,395)
Transportation expenses - (68)
External services (1,823,146) (1,766,962)
Travelling expenses (31,661) (42,142)
General expenses (440,883) (513,378)
Depreciation fixed assets (88,075) (89,848)
Non-recurring income 8 9,526,258 –
Operating result 8,022,093 (357,289)
Finance costs – net (6,616,630) (1,717,629)
Foreign exchange – net (6,221) (1,830,486)
Translation differences – (3,652,038)
Profit /(Loss) before taxes 1,399,242 (7,557,443)
Income taxes (2,707) (11,556)
Profit /(Loss) for the year 1,396,534 (7,568,999)
79
FINANCIAL STATEMENTS
Statutory Financial Statements
Balance Sheet
Cavotec SA
CHF Notes 2024 2023
CHF Notes 2024 2023
ASSETS
LIABILITIES
Current assets
Short-term liabilities
Cash and cash equivalents 28,997 140,416
Other short-term liabilities (10,240,040) (5,027,332)
Other short-term receivables 2,110,143 3,171,673
(305,238) (185,930)
14,981 47,881
(9,934,802) (4,841,403)
2,095,162 3,123,792
Short-term interest-bearing liabilities 7 (120,504) –
Accrued income and prepaid expenses 31,208 13,095
Accruals and deferred income (764,108) (402,684)
Total current assets 2,170,348 3,325,184
Other liabilities - (183,149)
Translation provision (1,287,539) –
Non-current assets
Total short-term liabilities (12,412,192) (5,613,165)
Intangible assets 87,019 171,227
Financial assets 270,642 62,936
Long-term interest bearing liabilities 7 (26,970,771) (34,183,041)
Investments in subsidiary companies 3 87,874,905 86,455,757
Unrealized exchange gain (2,334,620) (2,797,223)
Total non-current assets 88,232,566 86,689,921
Other long-term liabilities - (132,878)
TOTAL ASSETS 90,402,913 90,015,104
Total long-term liabilities (29,305,390) (37,113,143)
Total liabilities (41,717,582) (42,726,308)
Equity
Share capital (74,687,221) (74,687,221)
Share premium reserve (79,479,992) (79,479,992)
Loss brought forward 106,878,416 99,309,417
Result for the period (1,396,534) 7,568,999
Total equity 4 (48,685,331) (47,288,797)
TOTAL EQUITY AND LIABILITIES (90,402,913) (90,015,104)
80
Notes to Statutory Financial Statements
NOTE 1.
NOTE 3.
Cavotec is a leading cleantech company that designs and delivers connection and
electrification solutions to enable the decarbonisation of ports and industrial appli-
2024 2023 2024 2023
cations worldwide. Backed by 50 years of experience, our systems ensure safe, effi-
Cavotec (Swiss) SA Service company Switzerland 100% 100% CHF 200,000 200,000
cient, and sustainable operations for a wide variety of customers and applications
worldwide. We thrive by shaping future expectations in the areas we are active in.
Cavotec MoorMaster Ltd
Holding & engineering New Zealand 100% 100% NZD 196,164,928 196,164,928
Our credibility comes from our application expertise, dedication to innovation and
Cavotec USA Inc Sales company USA 100% 100% USD 68,000,000 68,000,000
world class operations. Our success rests on the core values we live by: Integrity,
Cavotec India Private Ltd Sales company India 0% 0% INR 46,000 46,000
Accountability, Performance and Team Work. Cavotec’s personnel represent a large
number of cultures and provide customers with local support, backed by the Group’s
global network of engineering expertise. Cavotec SA, the Parent company, is a lim-
ited liability company incorporated and domiciled in Switzerland and listed on Nas-
daq Stockholm, Sweden. The Consolidated Financial Statements are of overriding
importance for the purpose of the economic and financial assessment of the Com-
NOTE 4.
pany. The unconsolidated Statutory Financial Statements of the Company are pre-
pared in accordance with Swiss law, the Code of Obligations (SCO), and serve as
The share capital as of 31 December 2024 is divided into 106,696,030 shares at a part value CHF 0.70 each.
complementary information to the Consolidated Financial Statements.
NOTE 2.
65,970,240 73,679,283 (89,550,220) (9,759,197) 40,340,106
Increase share capital 8,716,981 – – – – 8,716,981
Increase share reserve – – 5,800,709 – – 5,800,709
Exchange rate differences – The Company keeps its accounting records in Euro and
translates them into Swiss Francs (CHF) for statutory reporting purposes.
Result of the period – – – – (7,568,999) (7,568,999)
The Euro Statutory Financial Statements have been translated into Swiss Francs
Allocation prior year result – – – (9,759,197) 9,759,197 –
as follows:
74,687,221 – 74,479,992 (99,309,417) (7,568,999) 47,288,797
Assets and liabilities closing rate
74,687,221 – 74,479,992 (99,309,417) (7,568,999) 47,288,797
Own shares and shareholders’ equity historical rate
Result of the period – – – – 1,396,534 1,396,534
Income and expenses average rate
Allocation prior year result – – – (7,568,999) 7,568,999 –
Impairment charges spot rate
74,687,221 – 74,479,992 (106,878,416) 1,396,534 48,685,331
Translation gains are deferred and translation losses are included in the determina-
The LTIP Program 2023 was cancelled. For 2024 no LTIP program was launched. The short-term incentive plan (STIP) is an annual non-equity cash compensation and is the
tion of net income.
cash-based element of the variable remuneration for senior executives, while the long-term incentive plan (LTIP) is aimed to create a managing shareholder culture by allowing
selected key employees of the Group to become shareholders of Cavotec SA.
• – Current assets and liabilities are recorded at cost
Further information is in the Remuneration Report on page 36.
less adjustments for impairment of value.
• – Financial assets are recorded at acquisition cost less adjust-
ments for impairment of value.
Issued shares 106,696,030 CHF 0.70 CHF 74,687,221
• – Treasury shares are recognised at acquisition cost and
deducted from shareholders’ equity at the time of acquisition. In case of resale,
Contingent shares 942,430 CHF 0.70 CHF 659,701
the gain or loss is allocated or charged to equity.
Authorised shares 9,424,320 CHF 0.70 CHF 6,597,024
• – Revenue from services is recorded
as at invoicing. Once the service has been rendered it is invoiced, at the latest at
the end of each quarter.
81
NOTE 5.
NOTE 7.
The end of the year and based on the available information, six main shareholders are:
In June 2020, Cavotec secured a EUR 40 million long-term financing by signing a
five-year agreement with Credit Suisse (now part of UBS group), Banca dello Stato
%
del Cantone Ticino and Privat Debt Fund SA. During 2024, it was agreed with the
Bure Equity AB Financial institution 38,254,921 35.9%
lenders to extend the current financing for 2 extra years, until June 2027, and
portion utilised as of 31 December 2024 has been classified as long term.
TomEnterprise Private AB (Thomas von Koch) Investment Fund 21,318,942 20.0%
Fabio Cannavale Individual investor 7,583,008 7.1%
Fjärde AP-fonden Investment Fund 5,793,710 5.4%
Bank overdraft 120,504 –
Nordea Fonder Investment Fund 4,685,626 4.4%
Short-term interest bearing liabilities to
other group companies – –
Fondita Fund Management Investment Fund 2,000,000 1.9%
Short-term interest bearing liabilities to Corner – –
79,636,207 74.6%
Total short-term interest bearing liabilities 120,504 –
%
Long-term interest bearing liabilities
Credit Suisse 12,801,257 20,372,000
Bure Equity AB Financial institution 37,554,921 35.3%
Long-term interest bearing liabilities to
TomEnterprise Private AB (Thomas von Koch) Investment Fund 18,666,109 17.5%
other group companies 14,169,514 13,811,041
Fabio Cannavale Individual investor 7,583,008 7.1%
26,970,771 34,183,041
Fjärde AP-fonden Investment Fund 6,793,710 6.4%
Nordea Fonder Investment Fund 4,635,626 4.4%
Fondita Fund Management Investment Fund 2,000,000 1.9%
77,233,374 72.5%
Less than 1 year 120,504 –
1 to 5 years 26,970,771 34,183,041
More than 5 years – –
NOTE 6.
Based on publicly available information, the ownership by members of the Board and Cavotec Management Team is as follow:
%
Patrik Tigerschiöld (Anna Kirtap AB and familly) Chairman 1,598,000 1.50%
David Pagels CEO 750,000 0.70%
Niklas Edling Board member 90,040 0.08%
Annette Kumlien Board member 75,000 0.07%
Joakim Wahlquist CMT member 75,000 0.07%
Patrick Mares CMT member 18,950 0.02%
Peter Nilsson Board member – –
Keith Svendsen Board member – –
2,606,990 2.4%
82
NOTE 8.
NOTE 10.
NOTE 13.
In December 2024, the intercompany loan between Cavote Group Holding (lender)
Cavotec SA, as the ultimate parent company of Cavotec Group, is fully integrated
The number of full-time equivalents, as well as the previous year, did not exceed 10
and Cavotec SA (borrower), which originated following the closure of the SEB cash
into the Company internal risk assessment process.
on an annual average basis.
pool, was waived, resulting in the recognition of EUR 10 million in the non-recurring
The Company-wide internal risk assessment process consists of regular report-
income.
ing to the Board of Directors of Cavotec SA on identified risks and management’s
reaction to them. The procedures and actions to identify the risks, and where appro-
priate remediate, are performed by specific corporate functions as well as by the
NOTE 14.
operating companies of the Group. It also adopted and deployed Group-wide the
Internal Control System (“ICS”).
NOTE 9.
No significant subsequent events occurred.
The internal control function has been embedded in the finance organisation.
This task is performed by Group Finance, that together with the local entity’s finance
The following table provides quantitative data regarding the Company’s third-party
department and the Legal Compliance officer is responsible for ensuring that the
guarantees.
necessary controls are performed along with adequate monitoring.
Internal controls comprise the control of the Company’s and Group’s organisa-
CHF
tion, procedures and remedial measures. The objective is to ensure reliable and cor-
rect financial reporting, and to ensure that the Company’s and Group’s financial
Advance payment bonds – 97,196
reports are prepared in accordance with law and applicable accounting standards
Performance bond 24,321 689,403
and that other requirements are complied with. The internal control system is also
Parent guarantee 7,661 6,360,981
intended to monitor compliance with the Company’s and Group’s policies, principles
and instructions. In addition, the control system monitors security for the Company
Other guarantees 111,774 –
assets and monitors that the Company’s resources are exploited in a cost-effective
Total 143,756 7,147,580
and adequate manner. Internal control also involves following up on the imple-
Profit/(Losses) brought forward (106,878,416)
mented information and business system, and risk analysis.
Profit/(Losses) for the year 1,396,534
Financial risks management is described in more detail in the Risk Management
Cavotec SA carries joint liability in respect of the federal tax authorities for value
(105,481,882)
note of the Consolidated Financial Statements.
added tax liabilities of its Swiss subsidiary, furthermore Cavotec SA is a guarantor
Appropriation to general statutory reserves
for the existing EUR 40 million syndicated credit facility.
(retained earnings) –
Appropriation to other reserves –
NOTE 11.
(105,481,882)
As of 31 December 2024, the company has granted no loans, advances, borrowings
The Board of Directors’ proposal to the Annual General Meeting is that no dividend is
or guarantees in favor of member of the Board of Directors and members of the
to be paid for the 2024 financial year.
Cavotec Management Team or parties closely related to such persons.
NOTE 12.
As a global company with a diverse business portfolio, the Group is exposed to
numerous legal risks, particularly in the areas of product liability, competition and
tax assessments. The outcome of any current or future proceedings cannot be
predicted. It is therefore possible that legal or regulatory judgments or future settle-
ments could give rise to expenses that are not covered, or not fully covered, by
insurers’ compensation payments and could significantly affect our revenues and
earnings.
83
Report of the statutory auditor
to the General Meeting of Cavotec SA, Lugano
Report on the audit of the financial statements
Materiality
The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide
Opinion
reasonable assurance that the financial statements are free from material misstatement. Misstatements
We have audited the financial statements of Cavotec SA (the Company), which comprise the income
may arise due to fraud or error. They are considered material if, individually or in aggregate, they could
statement for the year ended 31 December 2024, the balance sheet as at 31 December 2024 and notes to
reasonably be expected to influence the economic decisions of users taken on the basis of the financial
the statutory financial statements, including a summary of significant accounting policies.
statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
articles of incorporation.
including the overall materiality for the financial statements as a whole as set out in the table below.
These, together with qualitative considerations, helped us to determine the scope of our audit and the
Basis for opinion
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our
individually and in aggregate, on the financial statements as a whole.
Overall materiality CHF 0.9 million
Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit
profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Benchmark applied Total assets
Rationale for the materiality
We chose total assets as the benchmark because, in our view, it is
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
benchmark applied
the relevant benchmark for a holding company that mainly holds
our opinion.
investments and it is a generally accepted benchmark.
Our audit approach
identified during our audit as well as any misstatements below that amount which, in our view, warranted
Overview
reporting for qualitative reasons.
Overall materiality: CHF 0.9 million
Audit scope
We designed our audit by determining materiality and assessing the risks of material misstatement in the
We tailored the scope of our audit in order to perform sufficient work to
financial statements. In particular, we considered where subjective judgements were made; for example,
enable us to provide an opinion on the financial statements as a whole,
in respect of significant accounting estimates that involved making assumptions and considering future
taking into account the structure of the Company, the accounting
events that are inherently uncertain. As in all of our audits, we also addressed the risk of management
processes and controls, and the industry in which the Company operates.
override of internal controls, including among other matters consideration of whether there was evidence
of bias that represented a risk of material misstatement due to fraud.
As key audit matter the following area of focus has been identified:
Key audit matters
Investments valuation in subsidiary companies
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Cavotec SA | Report of the statutory auditor to the General Meeting
Investments valuation in subsidiary companies
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Board of Directors either intends to liquidate the
Key audit matter How our audit addressed the key audit matter
Company or to cease operations, or has no realistic alternative but to do so.
At 31 December 2024, the carrying value of the
recoverability of investments as follows:
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
million (2023: CHF 86.5 million).
• We compared the carrying amounts of the invest-
ments against the underlying net assets.
The principal considerations for our determination
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
• We compared the market capitalization of Cavo-
that the valuation of investments in subsidiary
audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement
tec SA as at 31 December 2024 with the equity of
companies is a key audit matter are the
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the Company.
significant amount of the investments in the
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
balance sheet and the judgement involved in
the basis of these financial statements.
The procedure performed provided a sufficient
the impairment assessment.
basis to conclude on the approach of investments
A further description of our responsibilities for the audit of the financial statements is located on
valuation in subsidiary companies.
http://www.expertsuisse.ch/en/audit-report. This description forms an integral
part of our report.
Other information
The Board of Directors is responsible for the other information. The other information comprises the
information included in the annual report, but does not include the financial statements, the consolidated
Report on other legal and regulatory requirements
In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an internal
control system that has been designed, pursuant to the instructions of the Board of Directors, for the
Our opinion on the financial statements does not cover the other information and we do not express any
preparation of the financial statements.
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
financial statements submitted to you be approved.
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
PricewaterhouseCoopers SA
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
The Board of Directors is responsible for the preparation of financial statements in accordance with the
Thomas Wallmer Laura Cazzaniga
Board of Directors determines is necessary to enable the preparation of financial statements that are free
Licensed audit expert Licensed audit expert
from material misstatement, whether due to fraud or error.
Auditor in charge
Lugano, 27 March 2025
Cavotec SA | Report of the statutory auditor to the General Meeting
OTHER INFORMATION
Other
Information
At the end of 2024, we announced several significant orders for shore
power. These orders are clear signs of the strong need to reduce
emissions in marine environments, driven by increasingly stringent
regulations. They also reflect our ability to deliver innovative systems
that meet the evolving needs of the shipping industry.
86
OTHER INFORMATION
Financial definitions
Financial definitions
This report includes financial measures as required by the financial reporting framework applicable to Cavotec SA, which is based on IFRS. In addition, there are other
measures (alternative performance measures) used by management and other stakeholders to analyse trends and performance of the group’s operations that cannot
be directly read or derived from the financial statements. Cavotec stakeholders should not consider these as substitutes, but rather as additions, to the financial
reporting measures prepared in accordance with IFRS. Refer below for a list of definitions of all measures and indicators used, referred to and presented in this report.
PROFITABILITY MEASURES
Earnings per share, after dilution – Earnings per share is expressed as
Working capital – Inventories and trade receivables less trade pay-
net income attributable to equity holders of the parent company divided
ables. This measure shows how much working capital is tied up in the
EBIT – Used synonymously with operating result.
by the weighted average number of shares outstanding (net of treasury
operations and can be put in relation to sales to understand how
Adjusted EBIT – Operating result excluding non-recurring items. Separate
shares), after dilution. Earnings per share is a good measure of Cavotec’s
efficient working capital is managed.
reporting of items affecting comparability between periods provides a
profitability and is used to determine the value of its outstanding shares.
better understanding of Cavotec’s underlying operating activities.
OTHER INDICATORS
EBIT margin – Operating result as a percentage of revenue.
CAPITAL INDICATORS
Order backlog – Received and confirmed sales orders not yet delivered
EBIT margin is a key profitability measure.
Capital employed – Total equity and liabilities less non-interest-bearing
and accounted for as net sales. The measure indicates the efficiency of
debt including deferred tax liabilities. This measure shows the amount of
the conversion of received and confirmed sales orders into net sales in
EBITDA – EBITDA is a measure of earnings before interest, taxes,
capital that is used in the operations and is an important component for
future periods.
depreciation, amortisation and impairment charges. EBITDA measures
measuring the return from operations.
Cavotec’s operating performance and the ability to generate cash from
Order intake – Received and confirmed sales orders minus cancelled
operations, without considering the capital structure of the group or its
Equity/assets ratio – Equity attributable to equity holders of the Parent
orders during the reporting period. The measure indicates future
fiscal environment.
Company as a percentage of total assets. A measure for showing
revenues and is important for the management of Cavotec’s business.
financial risk, expressing the percentage of total assets that is financed
Adjusted EBITDA – EBITDA excluding non-recurring items. Separate
by the owners.
reporting of items affecting comparability between periods provides
a better understanding of Cavotec’s underlying operating activities.
Leverage ratio – Senior net debt divided by adjusted EBITDA. The ratio
indicates Cavotec’s ability to meet its financial obligations.
EBITDA margin – EBITDA as a percentage of revenue. EBITDA margin
is a key profitability measure.
Net debt – Net debt is defined as total interest-bearing liabilities plus
dividend payable, less liquid funds and interest-bearing assets. The
Non-recurring items – Any material items which represent gains or
measure shows Cavotec’s indebtedness.
losses arising from: restructuring of the activities of an entity and reversal
of any provisions for the costs of restructuring as defined under IFRS,
Net debt/equity ratio – Net debt as a percentage of total equity. Total
disposal of non-current assets, disposal of assets associated with
equity is shareholders’ equity including minority interests. The measure
discontinued operations, extraordinary provisions and litigation.
shows financial risk and is useful to monitor the level of Cavotec’s
Non-recurring items are relevant when comparing earnings for one
indebtedness.
period with those of another. Separate reporting of items affecting
Senior net debt equity ratio – Senior net debt is all interest bearing
comparability between periods provides a better understanding of
indebtness that is not subordinated minus liquid assets. The measure
Cavotec’s underlying operating activities.
shows Cavotec’s indebtedness.
87
OTHER INFORMATION
The share
The share in 2024
The Cavotec share is listed on Nasdaq Stockholm since 2011 in the mid-cap segment. In 2024, the share price increased 17.4%
compared to the Nasdaq Stockholm index OMXS PI, which increased 5.7%. The number of known shareholders increased 13.7% to 2,296.
In 2024, a total of 8.6 (14.4) million shares were traded of which 96.1%
TEN LARGEST SHAREHOLDERS 31 DECEMBER 2024
(94.0%) on Nasdaq Stockholm. The daily average was 34,461 (14,433)
Shareholder Shares Capital and votes
shares of which 33,108 (13,660) were traded on Nasdaq Stockholm.
Bure Equity 38,254,921 35.85%
The share price increased 17.4% (6.7%) in 2024. Nasdaq Stockholm,
Thomas von Koch 21,318,942 19.98%
measured by the OMXS PI index, increased 5.7% (15.5%) in 2024.
In 2024, the highest closing price SEK 22.80 was paid on 17 July
Fabio Cannavale 7,583,008 7.11%
and the lowest price SEK 13.65 was paid on 9 February.
Fourth Swedish National Fund 5,793,710 5.43%
The market capitalisation was SEK 1,803 (1,536) million on the last
Nordea Funds 4,685,626 4.39%
trading day of the year.
Fondita Fund Management 2,000,000 1.87%
Patrik Tigerschiöld and family 1,598,000 1.50%
SHAREHOLDERS
The number of known shareholders increased 13.7% to 2,296 (2,019).
Fredrik Palmstierna 1,503,896 1.41%
Most of the holdings, 77.6% (76.6%), are in Sweden, followed by
SEB Investment Management 1,267,063 1.19%
Switzerland with 7.1% (7.1%) and Finland with 6.3% (6.1%). Of the
Eric Isaac 1,234,382 1.16%
known shareholders, the largest type of shareholders is investment and
Ten largest shareholders 85,239,548 79.89%
private equity companies holding 35.9% (35.3%) % of the shares, while
Others 21,456,482 20.11%
private individuals hold 17.6% (17.8%).
Bure Equity is the single largest shareholder with 35.85% (35.20%)
Total 106,696,030 100.00%
of the share capital and votes.
All information about shareholders and trading comes from Monitor,
Modular Finance.
THE SHARE AND SHARE CAPITAL
HOLDING DISTRIBUTION 31 DECEMBER 2024
Each share in Cavotec carries one vote and all shares have equal right
to dividend. The number of shares and votes is 106,696,030 and each
Holding size Capital and votes Shares Number of known shareholders Share of known shareholders
share has a par value of CHF 0.70. The share capital is CHF 74,687,221.
1-500 0.18% 188,054 1,557 67.81%
501-1,000
0.18% 189,251 233 10.15%
1,001-5,000 0.72% 764,906 318 13.85%
5,001-10,000 0.54% 571,540 74 3.22%
10,001-20,000 0.40% 422,935 27 1.18%
20,001- 89.53% 95,520,071 87 3.79%
Unknown holding size 8.47% 9,039,273 0 0.00%
Total 100.00% 106,696,030 2,293 100.00%
88
OTHER INFORMATION
The share
DEVELOPMENT OF THE SHARE CAPITAL
COUNTRY DISTRIBUTION, %
Activity Date Shares Share capital, CHF
Listing on Nasdaq Stockholm 19 October 2011 71,625,472 110,665,691
Sweden, 77.6%
Reduction share capital 4 May 2012 71,625,472 109,237,747
Switzerland, 7.1%
Finland, 6.3%
Reduction share capital 23 April 2013 71,625,472 105,667,886
Others, 9.0%
Reduction share capital 23 April 2014 71,625,472 102,098,025
Increase share capital 19 September 2014 78,764,272 112,306,480
Reduction share capital 22 April 2015 78,764,272 108,379,680
Reduction share capital 22 April 2016 78,764,272 106,023,600
Reduction share capital 29 March 2017 78,764,272 102,096,800
Rights issue 4 January 2019 94,471,472 120,631,296
OWNER TYPE DISTRIBUTION, %
Reduction share capital 2 June 2022 94,471,472 65,970,240
New issue 22 February 2023 106,696,030 74,687,221
Investment and private equity, 35.9%
Total outstanding shares 31 December 2024 106,696,030 74,687,221
Private individuals, 17.6%
Fund companies, 8.6%
Others, 37.9%
SHARE PRICE DEVELOPMENT AND VOLUME ON NASDAQ STOCKHOLM 2024
SEK NO OF SHARES
25
400,000
20
320,000
ANALYST
Cavotec is followed by the analyst listed below.
Publicly available analyst reports on Cavotec are available
15
240,000
on www. introduce.se/foretag/cavotec/start/.
For further information, please contact the analyst below.
10
160,000
FIRM
ABG Sundal Collier (sponsored research)
Analyst Lara Mohtadi
Karl.Bokvist@abgsc.se
5
80,000
Phone: +46 8 566 286 00
THE CAVOTEC SHARE
0
0
2024-01-012024-02-012024-03-012024-04-012024-05-012024-06-012024-07-012024-08-012024-09-012024-10-012024-11-012024-12-012024-12-30
ISIN: CH0136071542
Ticker: CCC
Volume CCC
OMXSPI (norm vs CCC)
89
CCC
Volume CCC
OTHER INFORMATION
Shareholder information
Shareholder information
FINANCIAL CALENDAR
First quarter report 25 April 2025
Second quarter report 25 July 2025
Third quarter report 7 November 2025
Fourth quarter report 20 February 2026
Annual and Sustainability Report 2025 Week that begins 30 March 2026
IR CONTACT
Joakim Wahlquist, CFO
Phone +41 91 911 4010
Email investor@cavotec.com
2025 ANNUAL GENERAL MEETING
The Annual General Meeting 2025 will take place on 3 June 2025
in Lugano, Switzerland.
FINANCIAL INFORMATION
Cavotec’s annual report and quarterly reports are published in English.
They are available for download at https://ir.cavotec.com/financial-reports
Cavotec SA
Corso Elvezia 16
CH-6900 Lugano
Switzerland
+41 91 911 4010
investor@cavotec.com
cavotec.com
90
OTHER INFORMATION
Cavotec’s history in brief
Cavotec’s history in brief
Lars at work
El-Fack exhibition
Cavotec manage-
Cavotec sales engineers at a
in a Swedish
in Göteborg,
ment outside
Micro-control training session
mine 1976.
Sweden 1977.
Specimas Ltd 1989.
in Stjördal, Norway 2002.
1974
1976
1984
1997
1999
2002
• Specimas AB registered
• Specimas AB is renamed
• Cavotec acquires
• Acquisition of Alfo Apparatebau
• Acquisition of Metool in
• Acquisition of Gantrex
in Sweden as sales agent
Cavotec AB.
Specimas SpA.
in Germany.
Australia and RMS
Group in Canada, South
for Italian Specimas SpA.
• Starts a sales company in
Enrouleurs in France.
Africa and the US.
Singapore.
• Starts a sales company in
Denmark.
Head office moves
Cavotec’s Board at
to Switzerland.
Cavotec Specimas
in March 2005.
2017
2011
2008
2007
2004
• Cavotec confirms its leadership in
• Sales offices opened in Spain and Brazil.
• Acquisition of Dabico Group in the
• Merger with the British company
• Acquisition of Fladung in Germany
automated mooring and charging
• Acquisition of INET Group in the US.
US and UK, Meyerinck in Germany
Mooring Systems.
and Micro-control in Norway.
for electric ferries with the first
• Listing on Nasdaq Stockholm.
and Gantrex operations.
• Listing on New Zealand Stock Exchange.
connection of a battery powered
• Head office moves to Switzerland.
vessel in Finland.
2018
2020
2021
2022
2023
2024
• Opening of new production
• Launch of MoorMaster NxG,
• New strategy launched to
• Divestment of the
• Focus on the transformation
• Solid financial improvements and
facility in Milan, Italy.
the next generation
focus on cleantech for ports
airport division.
of Cavotec to build a stronger
strong order intake.
• Launch of services offering.
automated vacuum mooring.
and industrial applications.
company and grow profitably.
91
