Caverion Corporation Financial Statement Release
1 January -
- The public tender offer by
Triton/Crayfish BidCo Oy for all shares ofCaverion Corporation was completed inNovember 2023 and redemption proceedings for the remaining minority shares were initiated. - Order backlog:
EUR 1,908.7 (1,943.3) million, down by 1.8 percent. Services backlog increased by 0.1 percent. Projects backlog decreased by 4.3 percent. - Revenue:
EUR 2,490.9 (2,352.1) million, up by 5.9 percent. Organic growth was 5.6 (8.6) percent. Services business revenue increased by 3.2 percent. Projects business revenue increased by 11.3 percent. - Adjusted EBITA:
EUR 123.7 (105.8) million, or 5.0 (4.5) percent of revenue, up by 16.9 percent. The majority of the adjustments were related to the public tender offer process. - EBITA:
EUR 93.2 (86.1) million, or 3.7 (3.7) percent of revenue, up by 8.2 percent. - Operating profit:
EUR 77.2 (69.9) million, or 3.1 (3.0) percent of revenue, up by 10.4 percent. - Operating cash flow before financial and tax items:
EUR 165.9 (144.3) million, up by 14.9 percent. - Cash conversion (LTM): 107.5 (100.6) percent.
- Earnings per share, undiluted:
EUR 0.24 (0.32) per share. Earnings per share adjusted with items related to the tender offer process wasEUR 0.52 (0.34) per share. - Net debt/Adjusted EBITDA: 1.3x (1.2x).
- Acquisitions:
Caverion closed five acquisitions in January-December 2023 , total annual revenueEUR 60.4 million . - Board's dividend proposal for the AGM on
12 June 2024 : No dividend will be paid for the year 2023.
1 October -
- Revenue:
EUR 670.0 (682.9) million, down by 1.9 percent. Organic growth was -0.9 (14.9) percent. Services business revenue decreased by 4.9 percent. Projects business revenue increased by 4.7 percent. - Adjusted EBITA:
EUR 44.0 (38.7) million, or 6.6 (5.7) percent of revenue, up by 13.8 percent. - EBITA:
EUR 28.7 (24.6) million, or 4.3 (3.6) percent of revenue, up by 16.6 percent. - Operating profit:
EUR 24.9 (20.0) million, or 3.7 (2.9) percent of revenue, up by 24.9 percent. - Operating cash flow before financial and tax items:
EUR 132.3 (106.9) million. - Earnings per share, undiluted:
EUR 0.00 (0.09) per share. Earnings per share adjusted with items related to the tender offer process wasEUR 0.21 (0.11) per share.
Unless otherwise noted the figures in brackets refer to the corresponding period in the previous year.
EUR million | 10-12/23 | 10-12/22 | Change | 1-12/23 | 1-12/22 | Change |
Revenue | 670.0 | 682.9 | -1.9% | 2,490.9 | 2,352.1 | 5.9% |
Organic growth, % | -0.9 | 14.9 |
| 5.6 | 8.6 |
|
Adjusted EBITDA | 60.0 | 53.8 | 11.5% | 184.7 | 163.0 | 13.3% |
Adjusted EBITDA margin, % | 9.0 | 7.9 |
| 7.4 | 6.9 |
|
EBITDA | 44.8 | 39.8 | 12.6% | 154.3 | 143.4 | 7.6% |
EBITDA margin, % | 6.7 | 5.8 |
| 6.2 | 6.1 |
|
Adjusted EBITA | 44.0 | 38.7 | 13.8% | 123.7 | 105.8 | 16.9% |
Adjusted EBITA margin, % | 6.6 | 5.7 |
| 5.0 | 4.5 |
|
EBITA | 28.7 | 24.6 | 16.6% | 93.2 | 86.1 | 8.2% |
EBITA margin, % | 4.3 | 3.6 |
| 3.7 | 3.7 |
|
Operating profit | 24.9 | 20.0 | 24.9% | 77.2 | 69.9 | 10.4% |
Operating profit margin, % | 3.7 | 2.9 |
| 3.1 | 3.0 |
|
Result for the period | 0.4 | 13.1 | -96.9% | 33.1 | 46.2 | -28.5% |
Earnings per share, undiluted, EUR | 0.00 | 0.09 | -96.9% | 0.24 | 0.32 | -26.9% |
Operating cash flow before financial and tax items | 132.3 | 106.9 | 23.8% | 165.9 | 144.3 | 14.9% |
Order backlog |
|
|
| 1,908.7 | 1,943.3 | -1.8% |
Cash conversion (LTM), % |
|
|
| 107.5 | 100.6 |
|
Working capital |
|
|
| -170.8 | -141.4 | -20.8% |
Interest-bearing net debt |
|
|
| 236.8 | 200.9 | 17.9% |
Net debt/Adjusted EBITDA |
|
|
| 1.3 | 1.2 |
|
Gearing, % |
|
|
| 134.8 | 89.1 |
|
Equity ratio, % |
|
|
| 15.6 | 19.8 |
|
Personnel, end of period |
|
|
| 14,815 | 14,490 | 2.2% |
JACOB GÖTZSCHE, PRESIDENT AND CEO
"The year 2023 was another positive, and eventful, year for
In the fourth quarter, revenue was slightly behind last year at
In the fourth quarter, adjusted EBITA improved by 13.8% to
Order backlog at the end the year was stable at
In 2023, we made good progress in the execution of our Sustainable Growth strategy. We strengthened our service capacity and expertise by completing five acquisitions in
Sustainability and energy efficiency in the built environment are major priorities for our customers and hence also strategic focus and growth drivers for us at
The year 2023 also marks, for now, the last full year for
I wish to thank our customers, business partners, shareholders and the
MARKET OUTLOOK FOR 2024
The digitalisation and sustainability megatrends are in many ways favourable to
FINANCIAL AND SUSTAINABILITY TARGETSCaverion updated its financial targets in connection with publishing its updated strategy on 9 May 2022 . Sustainability targets remained unchanged.
Financial targets until the end of 2025 | 1-12/2023 | |||
Cash conversion (LTM) | Operating cash flow before financial and tax items / EBITDA > 100% | 107.5% | ||
Profitability | Adjusted EBITA > 5.5% of revenue | 5.0% | ||
Organic revenue growth | 3−4% p.a. over the strategy period | 5.6% | ||
M&A revenue growth | 2−3% p.a. over the strategy period | 4.1% | ||
Debt leverage | Net debt/LTM Adjusted EBITDA < 2.5x | 1.3x | ||
Dividend policy | Distribute at least 50% of the result for the year after taxes, however, taking leverage level into account | 0%* |
* Calculated as Dividend per earnings (%). The Board of Directors proposes to the Annual General Meeting to be held on
Sustainability targets | 2025 | 2023 | 2022 |
Decreasing our footprint |
|
|
|
Total carbon footprint defined and measured | 100% | 100% | 100% |
Increasing our handprint |
|
|
|
Carbon handprint over footprint (Scope 1−2) | 5x | >3x | >3x |
Our offering has a defined carbon handprint | 100% | 25% | 25% |
Caring for our people |
|
|
|
Lost Time Injury Frequency Rate (LTIFR) | <2 | 4.1 | 4.0 |
Share of female employees | 15% | 11% | 11% |
Our employees trained in sustainability | 100% | 97% | 30% |
Ensuring sustainable value chain |
|
|
|
Supplier Code of Conduct sign-off rate | >90% | 80% | 74% |
Our tender requests include sustainability criteria | 100% | - | - |
FINANCIAL INFORMATION TO BE PUBLISHED IN 2024
The Annual Review 2023 including the financial statements will be published during week 9/2024, at the latest.
Distribution: Nasdaq Helsinki, principal media, www.caverion.com
For further information, please contact:
https://news.cision.com/caverion/r/caverion-corporation-s-financial-statement-release-for-1-january---31-december-2023--eventful-year-w,c3924108
https://mb.cision.com/Main/14078/3924108/2590540.pdf
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