2014-01-28 07:00:00 CET
2014-01-28 07:00:05 CET
REGULATED INFORMATION
Caverion Oyj - Financial Statement Release
Caverion Corporation's Financial Statements Bulletin for 2013: EBITDA improving according to plan – Strong cash flow in Q4 strengthened financial position
Helsinki, Finland, 2014-01-28 07:00 CET (GLOBE NEWSWIRE) --
CAVERION CORPORATION FINANCIAL STATEMENTS BULLETIN January 28, 2014 at
8:00 a.m.
FINANCIAL STATEMENTS BULLETIN FOR JANUARY 1 - DECEMBER 31, 2013
EBITDA improving according to plan - Strong cash flow in Q4 strengthened
financial position
Guidance follow-up for the second half of 2013
-- EBITDA
amounted to EUR 53.4 million in July - December excluding the demerger
related costs of EUR 4.8 million and revenue amounted to EUR 1,282.9
million.
-- Earlier communicated guidance for the second half of 2013: EBITDA more than
EUR 50 million and revenue approximately EUR 1.29 billion. The guidance did
not take into account the non-recurring expenses related to the demerger,
nor the expenses related to any potential mergers or acquisitions.
October 1 - December 31, 2013
-- EBITDA excluding demerger related costs amounted to EUR 26.7 million
(10-12/2012: EUR 9.8 million). EBITDA including the demerger related costs
of EUR 1.4 million amounted to EUR 25.3 million (10-12/2012: EUR 9.8
million). The efficiency programme is progressing well in Sweden and
profitability is developing according to plan. In Norway the project
business had weak profitability
while the results from the actions taken to improve profitability are
expected to be seen during 2014.
-- Operating cash flow after investments amounting to EUR 106.4 million
(10-12/2012: EUR 79.3 million) (including demerger-related IT investments
of EUR 2.3 million) was very strong.
-- The revenue for October-December amounted to EUR 688.1 million (10-12/2012:
EUR 748.4 million). The revenue decreased mainly due to increased
selectiveness in project business, lower service and maintenance revenue
and postponements in Caverion's project start-ups in Germany. Changes in
foreign exchange rates decreased the revenue for October-December by EUR
20.9 million compared to the previous year.
January 1 - December 31, 2013
-- EBITDA excluding non-recurring items amounted to EUR 81.7 million
(1-12/2012: EUR 91.1 million). EBITDA including the non-recurring items
amounted to EUR 70.9 million (1-12/2012: EUR 85.3 million). EBITDA for
January-December was burdened by M&A related project costs amounting to
EUR 1.4 million, one-off items relating to restructuring amounting to EUR
4.2 million as well as demerger related costs amounting to EUR 5.2 million.
-- Operating cash flow after investments amounting to EUR 74.2 million
(1-12/2012: EUR 40.5 million) (including demerger-related IT investments of
EUR 21.3 million) was very strong.
-- The revenue amounted to EUR 2,543.6 million (1-12/2012: EUR 2,803.2
million). Changes in foreign exchange rates decreased the revenue for
January-December by EUR 21.2 million compared to the previous year.
-- The order backlog increased from the end of the previous year and amounted
to EUR 1,240.7 million (12/2012: EUR 1,199.1 million).
DIVIDEND PROPOSAL: The Board of Directors proposes a dividend of EUR 0.22 per
share
The Board of Directors proposes to the Annual General Meeting that a dividend
of EUR 0.22 per share be paid, representing 78 percent of the Group's net
profit for the period.
KEY FIGURES
EUR million 10-12/13 7-9/13 4-6/13 1-3/13
-----------------------------------------------------------------------
Revenue 688.1 594.8 652.8 607.9
-----------------------------------------------------------------------
EBITDA 25.3 23.3 12.9 9.4
-----------------------------------------------------------------------
EBITDA margin, % 3.7 3.9 2.0 1.5
-----------------------------------------------------------------------
Operating cash flow after investments 106.4 5.3 -35.3 -2.2
-----------------------------------------------------------------------
EUR million 10-12/ 10-12/12 Change 1-12/13 1-12/12 Change
13 1) 1)
--------------------------------------------------------------------------------
Revenue 688.1 748.4 -8% 2,543.6 2,803.2 -9%
--------------------------------------------------------------------------------
EBITDA 25.3 9.8 159% 70.9 85.3 -17%
--------------------------------------------------------------------------------
EBITDA margin, % 3.7 1.3 2.8 3.0
--------------------------------------------------------------------------------
Operating profit 19.5 4.3 358% 49.4 61.1 -19%
--------------------------------------------------------------------------------
Operating profit margin, % 2.8 0.6 1.9 2.2
--------------------------------------------------------------------------------
Net profit for the period 17.2 2.6 553% 35.5 40.8 -13%
--------------------------------------------------------------------------------
Working capital 46.0 94.0 -51% 46.0 94.0 -51%
--------------------------------------------------------------------------------
Operating cash flow after 106.4 79.3 34% 74.2 40.5 83%
investments
--------------------------------------------------------------------------------
Interest-bearing net debt, 86.5 86.5
end of period2)
--------------------------------------------------------------------------------
Gearing, end of period, %2) 34.6 34.6
--------------------------------------------------------------------------------
Earnings per share, basic, 0.14 0.02 553% 0.28 0.32 -13%
EUR3)
--------------------------------------------------------------------------------
Personnel, average for the 17,753 18,767 -5% 18,071 19,132 -6%
period
--------------------------------------------------------------------------------
1) The effects of the revised IAS 19 standard on the consolidated income
statement for 1-12/2012 have been presented in the financial tables to the
Financial Statements Bulletin.
2) Interest-bearing net debt and gearing for 2012 are not comparable to the
figures in 2013 due to the new credit facility transferred to Caverion
Corporation as a result of the partial demerger as per June 30, 2013.
Interest-bearing net debt as per 30 June, 2013 amounted to EUR 194.0 million.
3) Excluding the financial cost effect for January-June 2013 of the new
financing arrangements transferred to Caverion Corporation as a result of the
partial demerger. If the refinancing under the new loan agreement would have
been drawn down at the beginning of the financial year, the net financing
expenses in January-December would have amounted to approximately EUR 8.4
million.
Caverion has formed a separate legal group as of June 30, 2013. The financial
information presented in this Financial Statements Bulletin is based on actual
figures as an independent group after the consummation of the demerger and
carve-out figures prior to the consummation of the demerger. The carve-out
financial information presented in this Financial Statements Bulletin reflects
the performance and financial position of the entities that have historically
formed the Building Services business within YIT Group. Accordingly, the
consolidated statement of financial position as of December 31, 2013,
consolidated income statement, consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash
flows for the period July - December 2013 and the related key figures are based
on actual figures as an independent group. The income statements, statements of
cash flows, statements of financial position and comparative figures for the
periods before June 30, 2013 are based on carve-out financial information of
Building Services business of YIT Group.
Word from the CEO Juhani Pitkäkoski: Strong cash flow strengthened financial
position - Profitability development actions ongoing according to plan
“We have had extensive efficiency improvement measures under way and their
impact is already visible. As a result, profitability has developed according
to plan also in the fourth quarter.
In line with our financial target to reach negative working capital by the end
of 2016 we continue to focus on freeing up capital tied into our operations and
improving our cash flow going forward. Our working capital decreased
significantly to EUR 46.0 million and our operating cash flow for the fourth
quarter was seasonally very strong. As a result, our net debt decreased and
amounted to EUR 86.5 million at the end of December.
Our service efficiency programme is ongoing in all countries in which we
operate. The market for service and maintenance is expected to improve slightly
in 2014.”
GUIDANCE FOR 2014
The Board of Directors of Caverion Corporation confirmed in its meeting on 27
January, 2014 the outlook and guidance for 2014.
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.
SEGMENT PERFORMANCE
Revenue, EUR million 10-12/1 10-12/121 Change 1-12/13 1-12/121 Change
3 ) )
--------------------------------------------------------------------------------
Building Services 519.1 552.7 -6% 1,922.7 2,089.2 -8%
Northern Europe
--------------------------------------------------------------------------------
Building Services Central 169.2 195.8 -14% 621.3 714.2 -13%
Europe
--------------------------------------------------------------------------------
Eliminations -0.3 -0.1 -0.4 -0.2
--------------------------------------------------------------------------------
Group, total 688.1 748.4 -8% 2,543.6 2,803.2 -9%
--------------------------------------------------------------------------------
EBITDA, EUR million 10-12/1 10-12/121 Change 1-12/1 1-12/121 Change
3 ) 3 )
--------------------------------------------------------------------------------
Building Services Northern 18.5 0.3 6,002% 52.3 59.5 -12%
Europe
--------------------------------------------------------------------------------
Building Services Central 7.9 12.1 -35% 23.6 33.2 -29%
Europe
--------------------------------------------------------------------------------
Group services and other -1.1 -2.6 -5.0 -7.4
items
--------------------------------------------------------------------------------
Group, total 25.3 9.8 159% 70.9 85.3 -17%
--------------------------------------------------------------------------------
EBITDA margin, % 10-12/13 10-12/121) 1-12/13 1-12/121)
---------------------------------------------------------------------------
Building Services Northern Europe 3.6 0.1 2.7 2.8
---------------------------------------------------------------------------
Building Services Central Europe 4.7 6.2 3.8 4.7
---------------------------------------------------------------------------
Group, total 3.7 1.3 2.8 3.0
---------------------------------------------------------------------------
Operating profit, EUR 10-12/1 10-12/121 Change 1-12/1 1-12/121 Change
million 3 ) 3 )
--------------------------------------------------------------------------------
Building Services Northern 14.5 -4.0 36.4 41.1 -11%
Europe
--------------------------------------------------------------------------------
Building Services Central 6.6 10.8 -39% 18.8 27.4 -31%
Europe
--------------------------------------------------------------------------------
Group services and other -1.6 -2.6 -5.8 -7.4
items
--------------------------------------------------------------------------------
Group, total 19.5 4.3 358% 49.4 61.1 -19%
--------------------------------------------------------------------------------
Operating profit margin, % 10-12/13 10-12/121) 1-12/13 1-12/121)
---------------------------------------------------------------------------
Building Services Northern Europe 2.8 -0.7 1.9 2.0
---------------------------------------------------------------------------
Building Services Central Europe 3.9 5.5 3.0 3.8
---------------------------------------------------------------------------
Group, total 2.8 0.6 1.9 2.2
---------------------------------------------------------------------------
Order backlog, EUR million 12/13 9/13 Change 12/13 12/12 Change
--------------------------------------------------------------------------------
Building Services Northern 764.6 797.1 -4% 764.6 819.0 -7%
Europe
--------------------------------------------------------------------------------
Building Services Central 476.0 498.9 -5% 476.0 380.1 25%
Europe
--------------------------------------------------------------------------------
Group, total 1,240.7 1,296.0 -4% 1,240.7 1,199.1 3%
--------------------------------------------------------------------------------
1) The effects of the revised IAS 19 standard on the consolidated income
statement for 1-12/2012 have been presented in the financial tables to the
Financial Statements Bulletin.
Market outlook for Caverion's services in 2014
Caverion operates in Sweden, Finland, Norway, Germany, Austria, Denmark,
Russia, Estonia, Latvia, Lithuania, Poland, the Czech Republic and Romania. The
extensive geographical area of operations and comprehensive portfolio balance
the effect of economic fluctuations.
The opportunities to grow in service and maintenance business are still
favourable in all Caverion's operational areas. As technology in buildings is
increasing the need for new services and the demand for energy efficiency
services are expected to remain stable.
Decision-making on new investments is still slow, but positive signs can be
seen. New investments in building systems are expected to increase slightly.
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. Furthermore, services
and projects related to traffic infrastructure maintenance are estimated to
develop favourably.
Annual General Meeting 2014
Caverion Corporation's Annual General Meeting will be held on Monday, March 17,
2014, starting at 11:00 a.m. (Finnish time, EET) in Finlandia Hall, Conference
Wing. Full notice of the meeting, including the Board of Directors' proposals
to the Annual General Meeting, will be published as a separate stock exchange
release on January 28, 2014.
Financial information in 2014
The Annual Report, including the financial statements for 2013, will be
published on Caverion's website and IR App in Finnish and English at the latest
on February 21, 2014. Interim Reports will be published on April 24, July 22
and October 22, 2014.
INFORMATION SESSION, WEBCAST AND CONFERENCE CALL
Caverion will hold a news conference on the Financial Statements Bulletin on
Tuesday, January 28, 2014, at 10:00 a.m. (Finnish Time, EET). The news
conference will be held in English at Restaurant Bank, Unioninkatu 20,
Helsinki, Finland. The event is targeted for analysts, portfolio managers and
the media.
The news conference and the presentation, given by the company's President and
CEO, Juhani Pitkäkoski, can be viewed live on Caverion's website at
www.caverion.com/investors. The live webcast held will start at 10:00 a.m.
(Finnish time, EET). A recording of the webcast will be available at the same
address starting at approximately 12:00 (Finnish time, EET).
It is also possible to participate in the event through a conference call.
Participants are requested to call the assigned number +44 203 1940 544 (no
conference ID or pin code required) at least five minutes before the conference
call begins, at 9:55 a.m. (Finnish time, EET) at the latest. During the webcast
and conference call, all questions should be presented in English. At the end
of the event, there will also be an opportunity for the media to ask questions
in Finnish.
Schedule in different time zones:
Financial Statements News conference, Recorded
Bulletin published conference call and live webcast
webcast available
--------------------------------------------------------------------------------
EET 8:00 10:00 12:00
(Helsinki)
--------------------------------------------------------------------------------
CET (Paris, 7:00 9:00 11:00
Stockholm)
--------------------------------------------------------------------------------
GMT (London) 6:00 8:00 10:00
--------------------------------------------------------------------------------
US EST (New 1:00 3:00 5:00
York)
--------------------------------------------------------------------------------
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
Juhani Pitkäkoski
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
© 2024 Nasdaq, Inc. All Rights Reserved |