2015-07-23 08:00:00 CEST
2015-07-23 08:00:06 CEST
REGULATED INFORMATION
Caverion Oyj - Company Announcement
Caverion Corporation's Interim Report for January 1–June 30, 2015
Helsinki, Finland, 2015-07-23 08:00 CEST (GLOBE NEWSWIRE) --
CAVERION CORPORATION INTERIM REPORT July 23, 2015 at 9:00 a.m.
INTERIM REPORT FOR JANUARY 1 - JUNE 30, 2015
April 1 - June 30, 2015
· Order backlog: EUR 1,393.1 (Q2/2014: 1,350.3) million.
· Revenue: EUR 638.1 (588.4) million.
· EBITDA: EUR 22.0 (2.1) million, or 3.4 (0.4) percent of revenue.
· Working capital: EUR 7.7 million (Q2/2014: 48.6).
· Operating cash flow before financial and tax items: EUR 1.8 (4.1)
million.
January 1 - June 30, 2015
· Revenue: EUR 1,201.5 (1,179.7) million.
· EBITDA: EUR 36.2 (11.7) million, or 3.0 (1.0) percent of revenue.
· Operating cash flow before financial and tax items: EUR 11.7 (-7.0)
million.
Unless otherwise noted, the figures in brackets refer to the corresponding
period in the previous year.
KEY FIGURES
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EUR million 4-6/15 4-6/14 Change 1-6/15 1-6/14 Change 1-12/14
--------------------
Order backlog 1,393.1 1,350.3 3% 1,393.1 1,350.3 3% 1,323.6
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Revenue 638.1 588.4 8% 1,201.5 1,179.7 2% 2,406.6
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EBITDA 22.0 2.1 951% 36.2 11.7 210% 67.5
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EBITDA margin, % 3.4 0.4 3.0 1.0 2.8
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Operating profit 15.5 -3.6 23.4 0.4 44.2
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Operating profit 2.4 -0.6 1.9 0.0 1.8
margin, %
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Net profit for the 10.4 -4.1 15.8 -2.3 27.6
period
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Earnings per share, 0.08 -0.03 0.13 -0.02 0.22
basic, EUR
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Working capital 7.7 48.6 -84% 7.7 48.6 -84% -19.3
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Operating cash flow 1.8 4.1 -55% 11.7 -7.0 113.5
before financial
and tax items
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Interest-bearing 84.9 142.5 -40% 84.9 142.5 -40% 50.2
net debt
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Gearing, % 37.3 64.8 37.3 64.8 21.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Personnel, average 17,032 17,333 -2% 17,018 17,354 -2% 17,300
for the period
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Word from the President and CEO Fredrik Strand
“Our strategy execution has progressed well during the period. We have focused
on building the foundation for further growth with our internal actions. During
the "Build” phase of our strategy we are building a common operational model
and processes for the whole group. We are also investing in systems, tools and
harmonisation to shorten the invoicing process. Furthermore, we are deploying a
more rigorous project selection and introducing more thorough project follow-up
practices. The "Build" phase of our strategy is now ongoing throughout the
Group. As a Group we are now preparing to enter the next phase of our strategy.
The stabilisation of our operations can be seen in our financial performance.
Our revenue increased by 2% during the first half of the year, which correlates
with the stable market conditions in our primary markets. The improved
performance in the second quarter compared to last year, is largely explained
by the write downs connected to the project portfolio reviews done in 2014. The
performance during the rest of the year is considered to be more in line with
last year.
As we move towards the second half of this year our strategic focus is
gradually shifting more towards generating profitable growth. In line with this
we continue to develop our business mix for the future with initial focus on
Large Projects with total technical solutions, Managed Services and Technical
Installation & Maintenance. During the second quarter, we have received a
number of new demanding Large Projects and Managed Services contracts.”
OUTLOOK FOR 2015
Market outlook for Caverion's services and solutions
The mega trends in the industry, such as increase of technology in buildings,
energy efficiency requirements, increasing digitalisation and automation
continue to promote demand for Caverion's services and solutions over the
coming years.
Technical installation and maintenance business is expected to be stable.
Requirements for increased energy efficiency and better indoor conditions and
tightening environmental legislation will be significant factors to support
positive market development.
Large new tenders for buildings and industry are expected to increase during
the year. Positive signs can be seen in tendering activity, especially in the
public and industrial sectors. Low interest rates and availability of financing
are expected to support investments. The demand for design & build of total
technical solutions is expected to develop favourably in the large and
technically demanding projects.
Demand for managed services is expected to increase. As technology in buildings
is increasing the need for new services and the demand for life cycle solutions
are expected to increase. Customers' tendency towards focusing on their core
operations continues to open opportunities for Caverion in terms of outsourced
operation and maintenance mainly for public authorities, industries and
utilities.
Overall changes in the operating environment due to growing uncertainty over
the general macroeconomic development and mounting geopolitical tensions may
lead to some cautiousness in project start-ups and service demand.
Guidance for 2015
Caverion reiterates its guidance announced on January 29, 2015, according to
which Caverion estimates that the Group's revenue will remain at the previous
year's level and EBITDA margin for 2015 will grow significantly.
INFORMATION SESSION, WEBCAST AND CONFERENCE CALL
Caverion will hold a news conference and webcast on the Interim Report on
Thursday, July 23, 2015, at 11:00 a.m. (Finnish Time, EEST) at the Kämp Hotel
(Gallen-Kallela meeting room), Kluuvikatu 2, 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 (0)20 7162 0077 at
10:55 a.m. (Finnish time, EEST) at the latest. The participants will be asked
to provide the conference ID 953906. More practical information on the news
conference can be found on Caverion's website, www.caverion.com/investors.
Financial information and IR events in 2015
Interim Report for the third quarter will be published on October 23, 2015.
Financial reports and other investor information are available on 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 will also arrange a Capital Markets Day in Aachen, Germany on
September 9, 2015 at 9:00 a.m. (CEST). The purpose of the event is to give
further insight into Caverion's strategy and business prospects. In particular,
it explains how the development of the business mix and the creation of a
unified commercial offering enable growth and profitability improvement. The
guests can also visit Caverion Space for Innovation stands showcasing
Caverion's technical solutions and Caverion's R&D laboratory. Further
information on the programme has been published as a stock exchange release on
June 1, 2015.
CAVERION CORPORATION
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 Helsinki, principal media, www.caverion.com
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