Resilient profitability and cashflow despite lower revenue
APRIL–JUNE 2020
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Revenues decreased -18.2% to EUR 42.0 million (51.4). Ports & maritime decreased -2.8%, Airports & Industry decreased -28.4%
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EBIT increased to EUR 2.8 million (2.5), corresponding to a margin of 6.6% (4.8%)
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Net result for the period was EUR 0.2 million (1.4)
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Earnings per share basic and diluted amounted to EUR 0.002 (0.015)
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Operating cash flow amounted to EUR 2.3 million (-10.7)
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Net debt amounted to EUR 22.1 million (Q1 2020: 22.5)
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Order backlog decreased -7.9% compared to the previous quarter to EUR 98.2 million
JANUARY–JUNE 2020
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Revenues decreased -19.2% to EUR 80.7 million (99.8)
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EBIT decreased to EUR 3.6 million (3.9), corresponding to a margin of 4.5% (3.9%)
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Net result for the period was EUR 2.2 million (2.2)
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Earnings per share basic and diluted amounted to EUR 0.024 (0.023)
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Operating cash flow amounted to EUR 2.6 million (-2.7)
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Leverage ratio improved to 0.98x (2.51x)
Comment from the CEO
Well positioned to handle a challenging environment and to support our customers’ environmental challenges.
The Covid-19 situation delayed our customers´ short-term investment decisions in the second quarter of 2020. Deliveries were also impacted by logistical restrictions and the closure of our production facility outside of Milan during the first two weeks of April. As a consequence, revenues were 18.2 percent lower in Q2 2020 compared to Q2 2019 and amounted to EUR 42.0 million (51.4). However, our revenues in the second quarter did increase 8.7% compared to the first quarter. On a segment level, Ports and Maritime experienced less impact of Covid-19 than the Airports & Industry segment, leading to that revenues for Ports & Maritime decreased 2.8% and for Airports & Industry 28.4%.
All our facilities globally remain open, but customers continue to carefully evaluate their planned investments, which in the short-term leads to lower activity in our markets. It is at the same time encouraging that our order backlog was relatively stable at the end of the quarter, amounting to EUR 98.2 million. This is 7.9% lower than the previous quarter but only 1.8% lower compared to the order backlog that we started 2020 with. There is higher uncertainty than before Covid-19, but the underlying dynamics in our markets have not changed. The focus on trends such as automation, sustainability and workplace safety has not diminished. On the contrary, the Covid-19 situation is expected to bring even more attention to our solutions as ports and airports move towards more safe and efficient operations with a smaller environmental footprint.