Caverion Oyj - Company Announcement

Caverion repeats its revenue guidance, lowers its guidance on EBITDA and continues a positive progression towards reaching a negative working capital

Helsinki, 2014-07-14 07:30 CEST (GLOBE NEWSWIRE) -- 

CAVERION CORPORATION    STOCK EXCHANGE RELEASE    JULY 14, 2014 AT 8:30 a.m EEST


Caverion repeats its revenue guidance, lowers its guidance on EBITDA and
continues a positive progression towards reaching a negative working capital 

Caverion Corporation lowers its guidance announced in January 2014 regarding
EBITDA for 2014. Caverion now estimates that the Group's EBITDA for 2014
excluding non-recurring items will be below the previous guidance and will
remain at the previous year's level (EBITDA excluding non-recurring items in
2013: EUR 81.7 million). The company repeats its previous guidance regarding
revenue. 

Turnaround of the business after the demerger has taken a longer time than
expected and is still partly ongoing. Projects in Norway and Denmark have
continued to dilute the profitability in April−June 2014. Furthermore, Caverion
has reviewed the project business more closely in all the divisions and revised
the cost estimates and provisions relating to some low-performing projects in
the overall project portfolio. 

There are no changes to the previously communicated market outlook. The
profitability of the Norwegian project business is expected to improve during
the second half of 2014. The target to reach negative working capital by the
end of 2016 is progressing according to plan. 

New guidance:

Caverion estimates that the Group's revenue with comparable exchange rates and
EBITDA excluding non-recurring items for 2014 will remain at the previous
year's level. 

In 2014 the targeted EBITDA level will be reached 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. 

Previous guidance announced on January 28, 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. 

Additional information will be provided in the Interim Report for January−June
2014, which will be published on July 22, 2014. A briefing for the media,
analysts and investors will be arranged in conjunction with the interim report. 



For additional 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, tel. +358 40 5581 328,
milena.haeggstrom@caverion.fi 


CAVERION CORPORATION


Distribution: NASDAQ OMX, principal media, www.caverion.com

Caverion designs, builds, operates and maintains user-friendly and
energy-efficient technical solutions for buildings and industries.Our services
are used in offices, retail properties, housing, public premises, industrial
plants and infrastructure, among other places.We aim to be a leading European
provider of advanced and sustainable life cycle solutions.Our strengths include
technological competence and comprehensive services, covering all technical
disciplines throughout the life cycle of the property and industrial
plant.Caverion was established through the demerger of Building Services and
Industrial Services businesses from YIT Group in June 2013.Our revenue for 2013
amounted to approximately EUR 2.5 billion.Caverion has nearly 18,000 employees
in 13 countries in Northern and Central Europe.Caverion's shares are listed on
NASDAQ OMX Helsinki. www.caverion.com