This is a summary of the fourth quarter 2012 report and full year 2012 summary published today. The complete fourth quarter 2012 report and full year summary with tables is available at http://investor.cavotec.com/results.cfm. Investors should not rely on summaries only, but should review the complete reports with tables.
• Accumulated revenues amounted to EUR 220,072 thousands in 2012, an increase of 15.8% compared to 2011 (189,969)
• Adjusted operating result(1) increased 51.6% to EUR 21,494 thousands (14,174)
• Order intake for the last twelve months rolling reached EUR 224,984 thousands
• Order book at 31 December 2012 stood at EUR 99,145 thousands, up 4.3% compared to 2011 (95,042)
• Record cash flow generation, with operating cash flow of EUR 11,900 thousands
• Earnings per share increased 93% to EUR 0.173 (0.089)
• The Board of Directors proposes a dividend of CHF 0.05 per share (0.02)
(1)Operating result adjusted for special items
A comment from the CEO
Cavotec continued to deliver consistent results through the past quarter, building on the positive trend set over the preceding 2012 quarters. The cornerstone for this strong performance has been the commitment throughout the whole Group to make 2012 a record year for Cavotec.
An important part of this commitment was to continue working in close partnership with our customers, developing innovative systems to meet their specific requirements. Underlining this strategy are the orders received in 4Q12 for some of our flagship technologies such as MoorMaster™ and for advanced ground support equipment from Cavotec INET in the US. During the quarter we also concluded the official handover of the PCAir project in Bahrain. The acquisition of ground support equipment manufacturer Combibox provided us a foothold in several new geographical areas, providing new market potential for our products and systems. On an organic basis we delivered a solid top line and profitability in a challenging market environment.
We continued our initiatives to maximise our own operational efficiency. A key aspect of this process were the significant actions taken in Germany to streamline production capacity and tailor our product range to reflect shifts in some of our markets. These steps will allow us to continue to deliver optimal performance more consistently across our operations in Germany and, by extension, throughout our Group.
Our sustained focus on the key long-term drivers of our business, such as the growing need for automation, increased demands for operational efficiency, and a continued drive towards environmental sustainability all continue to be fully relevant and show promising growth opportunities ahead. Looking at the short-term, question marks remain regarding the rate of growth in Europe and US and the effect this will have on the other economies around the world. We continue to have relatively low end-customer exposure to Europe, with both the US and BRIC countries showing a growing trend.
Despite macroeconomic headwinds in recent years, we have consistently demonstrated our ability to compete successfully and to maintain growth targets for both revenues and earnings. Thanks to our solid financial performance throughout the quarter and our solid cash generation, we are now in a position to propose an increase in shareholder remuneration.