2014-04-24 07:00:00 CEST
2014-04-24 07:00:03 CEST
REGULATED INFORMATION
Caverion Oyj - Interim report (Q1 and Q3)
Caverion Corporation's Interim Report for January 1–March 31, 2014: Positive development in order backlog and EBITDA
Helsinki, 2014-04-24 07:00 CEST (GLOBE NEWSWIRE) --
CAVERION CORPORATION INTERIM REPORT April 24,
2014 at 8:00 a.m.
INTERIM REPORT FOR JANUARY 1 - MARCH 31, 2014
Positive development in order backlog and EBITDA
-- Revenue:
EUR 591.3 (607.9) million, decreased by 3 percent
-- Revenue increased by 1percent at previous year's exchange rates for
corresponding period.
-- EBITDA:
excluding non-recurring items EBITDA was EUR 13.1 (12.2) million, or 2.2
(2.0) percent of revenue.
-- EBITDA including non-recurring items was EUR 9.6 (9.4) million, or 1.6
(1.5) percent of revenue.
-- In Sweden, the profitability improved according to plan compared to the
previous year.
-- Projects in Norway diluted the profitability in the first quarter
but the profitability is expected to improve during 2014.
-- Non-recurring payment of EUR 3.5 million related to a final settlement
of an old export project in Danish operations due to bankruptcy of a
joint venture partner.
-- Operating cash flow after investments:
EUR -16.9 (-2.2) million.
-- Burdened by IT license prepayments and investments of EUR 5.8 million
and a non-recurring payment of EUR 3.5 million related to a final
settlement mentioned above.
-- Working capital:
EUR 64.5 (87.2) million at the end of March.
-- Order backlog:
EUR 1,335.3 (1,315.2) million at the end of March.
Unless otherwise noted, the figures in brackets refer to the corresponding
period in the previous year. Comparative figures for 2013 are carve-out figures
for the periods before the effective date of the partial demerger (June 30,
2013).
KEY FIGURES
EUR million 1-3/14 1-3/13 Change 1-12/13
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Revenue 591.3 607.9 -3% 2,543.6
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EBITDA 9.6 9.4 2% 70.9
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EBITDA margin, % 1.6 1.5 2.8
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EBITDA excluding non-recurring items 13.1 12.2 7% 81.7
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EBITDA margin excluding non-recurring items, % 2.2 2.0 3.2
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Operating profit 3.9 4.3 -8% 49.4
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Operating profit margin, % 0.7 0.7 1.9
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Net profit for the period 1.9 2.8 -34% 35.5
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Earnings per share, basic, EUR 0.01 0.02 -34% 0.28
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Working capital 64.5 87.2 -26% 46.0
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Operating cash flow after investments -16.9 -2.2 74.2
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Interest-bearing net debt, end of period 104.1 86.5
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Gearing, end of period, % 46.6 34.6
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Personnel, average for the period 17,375 18,381 -5% 18,071
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Word from the new CEO Fredrik Strand: Moving on to the next stage of our
strategy
“Caverion has unique opportunities to be a forerunner in the Building and
Industrial Services markets in the future. This is due to the advanced industry
knowledge and skilled people within Caverion combined with the possibilities
presented in the digital, ‘always connected' world.
After the successful start of the new company we will now be entering the next
stage of our strategy: from fix to build phase and then moving on to the create
and reach phases, where we concentrate on building the winning team and
developing our services. Our vision is to be a leading European provider of
advanced and sustainable life cycle solutions for buildings and industries. In
order to reach our vision we need a strong company image, innovative and
advanced solutions, excellent leadership and operational excellence. If these
four targets are fulfilled in a proper way, they will enable growth and
profitability. Together, these form our six strategic focus areas. We have also
introduced a new way of looking at our market offering to our clients, which
can be described best as a matrix of service areas, disciplines and client
segments.
I genuinely believe that we can make a difference with good people. And in
order to have good people to perform successfully excellent leadership is
required. That is how we as a company will make the difference.
I welcome all our shareholders to be part of this journey together with us.
OUTLOOK FOR 2014
Market outlook for Caverion's services
The increase of technology in buildings, energy efficiency requirements,
increasing digitalisation and automation all promote demand for Caverion's
services over the coming years. The opportunities to grow in service and
maintenance business are still favourable in all of Caverion's divisions in
2014. As technology in buildings is increasing the need for new services and
the demand for life cycle solutions are expected to increase. New investments
in building systems are expected to increase slightly and positive signs can be
seen in tendering activity. The growing public investments and the need for
renovation and repair work are expected to be the key factors behind the
growth. The tightening of environmental legislation will improve the growth
potential of energy efficiency services. Environmental certifications and
energy efficiency will be significant factors that will allow the property
owners to upgrade their property value. An increasing number of properties will
be connected to remote monitoring through command centres.
Guidance for 2014
Caverion reiterates its guidance announced on 28 January, 2014, according to
which Caverion estimates that the Group's revenue for 2014 with comparable
exchange rates will remain at the previous year's level and EBITDA for 2014
excluding non-recurring items will grow clearly to EUR 90-110 million.
In 2014 the EBITDA increase will be executed by improving the operational
efficiency, growing the service and maintenance business as well as increasing
the project business in Germany. The potential changes in general macroeconomic
environment nonetheless may have an effect on Caverion's business and
customers.
One single operative segment
The Board of Directors of Caverion Corporation decided on 27 January, 2014 that
Caverion's external reporting structure will be changed as of January 1, 2014
to better match the company's new management structure and business areas. The
segments based on geographical areas (Building Services Northern Europe and
Building Services Central Europe) are replaced by one single operative segment,
that will also include the Group services and other items. Since Caverion's
establishment, both service and maintenance and project businesses have been
developed strongly across all countries. This interim report is the first one
based on the new reporting structure. The change in reporting structure has no
effect on the Group's strategic targets.
INFORMATION SESSION, WEBCAST AND CONFERENCE CALL
Caverion will hold a news conference and webcast on the Interim Report on
Thursday, April 24, 2014, at 10:00 a.m. (Finnish Time, EEST) at Restaurant
Bank, Unioninkatu 20, Helsinki, Finland. The news conference can also be viewed
live on Caverion's website at www.caverion.com/investors. It is also possible
to participate in the event through a conference call by calling the assigned
number +44 203 1940 550 (no conference ID or pin code required) at 9:55 a.m.
(Finnish time, EEST) at the latest. More practical information on the news
conference can be found on Caverion's website, www.caverion.com/investors.
Other IR events in 2014
Caverion will arrange an Analyst and Media Presentation in Helsinki on June 10,
2014 at 2:00 p.m. (Finnish Time, EEST). Further information on the programme
will be sent to the analysts and media representatives following Caverion.
Caverion will also arrange a Capital Markets Day in Stockholm on September 10,
2014 at 9:00 a.m. (Swedish Time, CEST). Further information on the programme
will be published as a stock exchange release closer to the date.
Financial information in 2014
Interim Reports will be published on July 22, 2014 at 9:00 a.m. (Finnish Time,
EEST) and October 31, 2014 at 9:00 a.m. (Finnish Time, EET).
Financial reports and other investor information are available at Caverion's
website, www.caverion.com/investors, and IR App. The materials may also be
ordered by sending an e-mail to IR@caverion.com.
Caverion Corporation
Fredrik Strand
President and CEO
For further information, please contact:
Antti Heinola, Chief Financial Officer, Caverion Corporation, tel. +358 40 352
1033, antti.heinola@caverion.fi
Milena Hæggström, Head of Investor Relations, Caverion Corporation, tel. +358
40 5581 328, milena.haeggstrom@caverion.fi
Distribution: NASDAQ OMX Helsinki, principal media, www.caverion.com
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