Financial development in 2013

 

 

  • EBITDA for January–December decreased from previous year. However, profitability developed during the year according to plan, while the efficiency programme progressed in Northern Europe. In Sweden and Denmark, profitability developed according to plan. In Norway, the profitability of project business was weak in the latter half of the year, and results from the profitability improvement measures are expected to be seen in 2014. In Central Europe, EBITDA decreased mainly due to reduced volumes in Germany. The Group’s EBITDA was burdened by M&A-related project costs, one-off items related to restructuring and costs related to the demerger of YIT.
  • Revenue decreased from previous year, mainly due to more careful selection of projects in Norway and Sweden, lower revenue from service and maintenance and the postponement of Caverion’s project start-ups in Germany. Changes in foreign exchange rates decreased the revenue for January–December by EUR 21 million.
  • The order backlog at the end of the year increased by 6% from December 2012, taking into account the effect of foreign exchange rates. In Central Europe, the order backlog increased by 25%. The order backlog strengthened in Germany in 2013, which is expected to have a positive effect on revenue development in the first half of 2014. The decrease in the order backlog in Northern Europe was partly due to Caverion’s more careful selection of projects.
  • Operating cash flow after investments was very strong in the final quarter of 2013. The cash flow was burdened by demerger-related IT investments of EUR 21 million in January–December.
  • The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.22 per share be paid, representing 78% of the Group’s net profit for the period. 

Key figures

EUR million 1–12/13 1–12/12 1) Change
Revenue 2,543.6 2,803.2 -9%
EBITDA 70.9 85.3 -17%
EBITDA margin, % 2.8 3.0
Operating profit 49.4 61.1 -19%
Operating profit margin, % 1.9 2.2
Net profit for the period 35.5 40.8 -13%
Working capital 46.0 94.0 -51%
Operating cash flow after investments 74.2 40.5 83%
Interest-bearing net debt, end of period 2) 86.5

Gearing, end of period, % 2) 34.6

Earnings per share, basic, EUR 3) 0.28 0.32 -13%
Personnel, average for the period 18,071 19,132 -6%

1) The effects of the revised IAS 19 standard on the consolidated income statement 1–12/2012 are presented in the tables to the Financial Statements Bulletin.

2) Interest-bearing net debt and gearing in 2012 are not comparable with the 2013 figures, because of the new credit facility transferred to Caverion Corporation as a result of the partial demerger as per June 30. Interest-bearing net debt on as per June 30, 2013 was EUR 194.0 million.

3) Excluding the financial cost effect in 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 had 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.