Caverion Corporation’s Interim Report for January–September 2013
EBITDA improved according to plan for the second consecutive quarter in 2013
July 1 – September 30, 2013
- EBITDA excluding demerger related costs amounted to EUR 26.8 million (7-9/2012: EUR 26.3 million). EBITDA including the demerger related costs of EUR 3.5 million amounted to EUR 23.3 million (7-9/2012: EUR 26.3 million). The efficiency programme is progressing well in Sweden and profitability is improving according to plan. In Norway the project business had weak profitability.
- The revenue for July–September amounted to EUR 594.8 million (7-9/2012: EUR 664.7 million). The revenue decreased mainly due to increased selectiveness in project business.
- The order backlog increased from the end of June and amounted to EUR 1,296.0 million (6/2013: EUR 1,274.2 million). The order backlog increased especially in Germany, which is expected to contribute favourably to the revenue development during the first half of next year.
- Operating cash flow after investments (excluding demerger-related IT investments of EUR 5.7 million) increased from the previous year, amounting to EUR 11.0 million (7-9/2012: EUR -25.5 million).
January 1 – September 30, 2013
- EBITDA amounted to EUR 45.6 million (1–9/2012: EUR 75.4 million). EBITDA for January–September is burdened by HOCHTIEF Service Solutions 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 3.8 million.
- The revenue amounted to EUR 1,855.5 million (1–9/2012: EUR 2,054.8 million).
Word from the CEO Juhani Pitkäkoski: Profitability improved according to plan
“This is a historic first quarterly report for Caverion Corporation after the demerger from YIT Corporation, and we are delighted to present our first quarterly figures as an independent company.
We are satisfied with the improvement of profitability in the third quarter. We have had extensive efficiency improvement measures under way and the impact of these measures is already visible. The previously announced measures to carry out cost savings by reducing the number of personnel by a further 600 employees in 2013 were finalised during the third quarter.
In Sweden, the efficiency programme is progressing well and profitability is improving according to plan. The restructuring measures taken have had a positive impact on the profitability of the Swedish operations also in the third quarter. In Norway, we are still focusing on improving the profitability of the project business, especially in the capital region. The focus has been on closing unprofitable units and being more selective in project business. The efficiency programme has been delayed and we expect that the impact of the new measures will be seen in Norway next year. Our service efficiency programme is ongoing in all countries in which we operate.
Up until now we have been focusing on increasing the profitability and efficiency of our business. Now we are also focusing on more efficient use of capital. We have therefore introduced a new financial target: working capital, with the target to reach negative working capital by the end of 2016. By addressing this, we can free up capital tied up in our operations and improve our cash flow going forward.”
Daugiau informacijos svetainėje www.caverion.com