Interim Report January June 2015

Transcription

1 Interim Reprt January June 2015 Fredrik Strand, President and CEO Antti Heinla, CFO July 23, 2015

2 Cntents Grup develpment Cash flw and wrking capital Financing Market utlk and guidance fr 2015

3 Summary f Q2/2015 Order backlg Order backlg grew by 3% cmpared t the previus year and remained n a par with the previus quarter. Revenue Revenue was EUR millin in Q2, an increase f 8 percent cmpared t the previus year. The imprved perfrmance in the secnd quarter cmpared t last year, is largely explained by the write dwns cnnected t the prject prtfli reviews dne in EBITDA EBITDA fr Q2 amunted t EUR 22.0 millin, up frm the previus year. The imprved perfrmance in the secnd quarter cmpared t last year, is largely explained by the write dwns cnnected t the prject prtfli reviews dne in Wrking capital and perating cash flw Wrking capital amunted t EUR 7.7 millin (Q2/2014: 48.6). Operating cash flw befre financial and tax items was EUR 1.8 millin (Q2/2014: 4.1). 3 Interim Reprt 1-6/2015

4 Key figures EUR millin 4 6/15 4 6/14 Change 1 6/15 1 6/14 Change 1 12/14 Order backlg 1, , , , ,323.6 Revenue , , ,406.6 EBITDA EBITDA margin, % Earnings per share, basic, EUR Wrking capital Operating cash flw befre financial and tax items Interest-bearing net debt Persnnel, average fr the perid 17,032 17,333 17,018 17,354 17,300 4 Interim Reprt 1-6/2015

5 Grup revenue up frm the previus year Grup revenue EUR millin 1 12/13: 2, /14: 2,407 Revenue was EUR 1,201.5 millin in January June, an increase f 2 percent cmpared t the previus year /12: X,XXX Revenue increased in all cuntries apart frm Nrway. In Nrway the full effect f the exit f ne large technical installatin and maintenance and IT services cntract is nw fully visible. Revenue breakdwn by cuntry EUR millin (5%) (1%) (5%) (-11%) (11%) (16%) (15%) Sweden Finland Germany Nrway Austria Denmark Other cuntries Revenue by business area 1 6/2015 Service and maintenance 54% (1 6/2014: 54%) Prjects 46% (46%) 1 6/14 1 6/15 5 Interim Reprt 1-6/2015

6 Service and maintenance: activity level remained stable The technical installatin and maintenance market was stable verall. Successful in Industrial Slutins in executing seasnal shutdwns. General interest in managed services and life cycle slutins cntinued t increase. Service and maintenance revenue /13: 1,409 (55%) /14: 1,297 (54%) 305 Service and maintenance revenue, EUR millin % f ttal Grup revenue % 56% 54% 56% 55% 54% 54% 53% 55% 53% 6 Interim Reprt 1-6/2015

7 Several multi-millin prjects annunced in Q2 Finland: Prject market is imprving slwly and has been active and able t secure sme large new deals, especially in Industrial slutins. Nrway: Lwer activity related t the il industry. Germany, Austria and Sweden: Demand remained favurable in a stable market envirnment. Denmark and Eastern Eurpe: Gd develpment with new clients. Prject business revenue /13: 1,134 (45%) /14: 1,110 (46%) Prject business revenue, EUR millin % f ttal Grup revenue % 44% 46% 44% 45% 46% 46% 47% 45% 47% 7 Interim Reprt 1-6/2015

8 Prfitability n track t reach financial target EBITDA, EUR millin EBITDA margin, % 1 12/13: 70.9 (2.8%) 1 12/14: 67.5 (2.8%) 34.3 EBITDA fr Q2 amunted t EUR 22.0 millin, up frm the previus year The imprved perfrmance in the secnd quarter cmpared t last year, is largely explained by the write dwns cnnected t the prject prtfli reviews dne in The perfrmance during the rest f the year is cnsidered t be mre in line with last year. EBITDA, EUR millin (rlling 12m) /13 1 3/14 4 6/14 7 9/ /14 1 3/15 4 6/15 8 Interim Reprt 1-6/2015

9 Stable rder backlg develpment in Q2 Order backlg EUR millin Q1 Q2 Q3 Q4 +4% +3% 1,335 1,392 1,350 1,393 Order backlg grew by 3% cmpared t the previus year and remained n a par with the previus quarter. 3/12 3/13 3/14 3/15 6/12 6/13 6/14 6/15 9/12 9/13 9/14 12/1212/1312/14 9 Interim Reprt 1-6/2015

10 Examples f rders received in April June Dixi, Vantaa, Finland cntinues cperatin with YIT in Dixi s secnd phase by prviding ttal technical slutins fr the Office and Cmmercial Centre. was als respnsible fr delivering the building systems f the first phase which was cmpleted and came int use in January Service areas: Design, Prject Executin Technical disciplines: All building systems f the prperty Cntract value: ~EUR 7.6 millin Lifespan: Secnd phase is set t be cmpleted in 2017 Size: 4,000 m 2 f cmmercial premises and 8,000 m 2 f ffice space Deutsche Telekm Deutsche Telekm, Hamburg, Germany prvides building slutins t a new Deutsche Telekm ffice cmplex in Hamburg. is respnsible fr prject executin and cvers the technical disciplines f heating and sanitatin, cling and electricity. Service areas: Prject Executin Technical disciplines: Heating and sanitatin, Cling, Electricity Cntract value: EUR 14.3 millin Lifespan: 6/2015 6/2016 Size: 34,000 m² 10 Interim Reprt 1-6/2015

11 Examples f rders received in April June Metsä Fibre, Äänekski, Finland will deliver a ttal f five pulp twers t Metsä Fibre s new biprduct plant. Tw f these twers are amng the largest in the wrld with a vlume f 15,000 m3. The cntract cvers prject management, design, materials purchase, prefabricatin and installatin. The biprduct plant under cnstructin is the largest investment in the histry f wd-prcessing industry in Finland. Metsä Fibre Service areas: Design, Prject Management Cntract value: nt disclsed Lifespan: The design and prefabricatin will begin in 2015, installatin will take place in Metsä Fibre 11 Interim Reprt 1-6/2015

12 Examples f rders received in April June Frankfurt Schl f Finance and Management, Frankfurt am Main, Germany implements a large prject with ttal technical slutins t the new campus f Frankfurt Schl f Finance and Management. is respnsible fr design and engineering and prject executin. Campus will be equipped by Krantz Multifunctinal AVACS sails. Service areas: Design & Engineering, Prject Executin Technical disciplines: Heating and sanitatin, Ventilatin and air cnditining, Cling, Electricity, Autmatin, Security and safety Cntract value: nt disclsed Lifespan: cmpleted in June 2017 Size: 32,500 m² Frankfurt Schl f Finance and Management Mss municipal prperty cmpany, Nrway delivers Managed Life cycle services fr Mss municipal prperty in the frm f Energy Perfrmance Cntracting (EPC). The aim is t reduce the energy cnsumptin f these prperties by 45% thrugh upgrading, mdernising and ptimising the building systems. Service areas: Managed Life Cycle (Design & Engineering, Prject Executin, Prject Management, Managed Operatins) Technical disciplines: Heating, Ventilatin and air cnditining, Autmatin Cntract value: nt disclsed Lifespan: The first f three phases starts in June 2015 Size: 91,000 m² 12 Interim Reprt 1-6/2015

13 Examples f rders received in April June The Ryal Cllege f Music, Stckhlm, Sweden prvides building systems n the new campus f The Ryal Cllege f Music in Stckhlm and installs heating and sanitatin, cling and electricity systems t the prperty. Service areas: Prject Executin, Prject Management Technical disciplines: Heating and Sanitatin, Cling, Electricity Cntract value: ~EUR 4.3 millin Lifespan: wrk n site underway and will be cmpleted in 2016 Size: 21,000 m 2 Uppsala University Uppsala University, Uppsala, Sweden helps t turn ne f Sweden s ldest universities int a mdern ffice building by delivering building slutins. delivers ventilatin & air cnditining, electricity slutins as well as infrmatin and cmmunicatins t Uppsala University s new ffice building, Segerstedthuset. Service areas: Prject Executin, Prject Management Technical disciplines: Ventilatin and air cnditining, Electricity, Infrmatin and cmmunicatin Cntract value: EUR 5.4 millin Lifespan: cmpleted during spring 2017 Size: 22,100 m² 13 Interim Reprt 1-6/2015

14 17,113 emplyees at the end f June During the perid we cntinued t develp a winning team: Organisatinal management Talent management Leadership develpment Internatinal teams strengthened with key prfessinals and lcal trainees. Emplyees by cuntry at the end f June 2015 Cntinuus imprvement fr ccupatinal health and safety Safety and well-being f emplyees as a key target Finland 28% Sweden 22% Nrway 15% Germany 14% Denmark 6% Austria 4% Other cuntries 10% 14 Interim Reprt 1-6/2015

15 Cash flw and wrking capital

16 Firm grip n managing wrking capital Wrking capital, Wrking capital Mre than EUR 110 millin f EUR millin wrking capital released since 9/2013: 100 4% 120 5% 64 Wrking capital t sales, % (LTM) Advances received stable at a level f EUR millin (7-9/2013: EUR millin) Imprvement frm mre efficient invicing prcess 46 3% % 2% 2% 8-1% -1% 0% /13 7 9/ /13 1 3/14 4 6/14 7 9/ /14 1 3/15 4 6/15 Efficient wrking capital management enables us t develp ur strategic business mix. Successful in Industrial Slutins in executing seasnal shutdwns. As the invicing is dne at the end f the prject the wrking capital is reflected accrdingly. 16 Interim Reprt 1-6/2015

17 Rlling 12-mnth cash flw up t EUR 132 millin Operating cash flw befre financial and tax items EUR millin Rlling 12 mnths Strng rlling 12-mnth cash flw supprted by efficient management f wrking capital Develpment and investment Cntinuus develpment and investment in technlgies, prcesses and cmpetences Capex investments f EUR 5.5 millin in Q2, mainly relating t IT and the develpment f cmmn business prcesses. 1 3/13 4 6/13 7 9/ /13 1 3/14 4 6/14 7 9/ /14 1 3/15 4 6/15 17 Interim Reprt 1-6/2015

18 Financing

19 Balanced debt structure Debt maturity EUR millin New financing arrangement ttalling EUR 200 millin agreed in May 2015 Strengthened debt maturity structure Five-year syndicated unsecured revlving credit facility f EUR 100 millin Five-year bilateral unsecured term lans in ttal f EUR 100 millin Lan prtfli Banks 93% Insurance cmpanies 5% Others 2% Interest rate type (after hedges) Fixed interest 86% Flating interest 14% Lan prtfli ttal: EUR millin Average interest rate after hedges: 1.41% 19 Interim Reprt 1-6/2015

20 Strng balance sheet and liquidity Develpment f net debt EUR millin Net debt remains in Q level Strng cash psitin enabled vluntary repayment f grss debt by EUR 20 millin 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 Grss debt t net debt EUR millin Liquidity reserve EUR 161 millin EUR millin Unused credit facilities 86 Lng-term brrwings Shrt-term brrwings Cash and cash equivalents Net debt 42 Cash and cash equivalents 20 Interim Reprt 1-6/2015

21 Market utlk and guidance

22 Market utlk fr s business in 2015 Technical installatin and maintenance Expected t be stable. Requirements fr increased energy efficiency and better indr cnditins and tightening envirnmental legislatin supprt psitive market develpment. Large prjects Large tenders fr buildings and industry expected t increase during the year. Lw interest rates and availability f financing are expected t supprt investments. Demand fr design & build f ttal technical slutins is expected t develp favurably. Managed services Need fr new services and the demand fr life cycle slutins are expected t increase. Custmers fcus n their cre peratins pens pprtunities in utsurced peratin and maintenance mainly fr public authrities, industries and utilities. Overall changes in the perating envirnment due t grwing uncertainty ver the general macrecnmic develpment and munting geplitical tensins may lead t sme expected cautiusness in prject start-ups and service demand. 22 Interim Reprt 1-6/2015

23 Guidance fr 2015 reiterated Revenue estimates that the Grup s revenue will remain at the previus year's level. EBITDA estimates that the Grup s EBITDA margin fr 2015 will grw significantly. 23 Interim Reprt 1-6/2015

24 Dividend plicy Dividend pay-ut at least 50 per cent f the net prfit fr the perid. A dividend f EUR 0.22 per share was paid n April 2, Interim Reprt 1-6/2015

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26 Additinal slides

27 30,744 sharehlders n June 30, 2015 Largest sharehlders Shares, pcs Majr sharehlders n June 28,2013 % f share Capital Change after March 2015, pcs Change after March 2015, % 1. Structr S.A. 17,840, % 2. Herlin Antti and cmpanies cntrlled by him 13,370, , % 3. Ilmarinen Mutual Pensin Insurance Cmpany 4,195, , % 4. Fndita funds 3,542, , % 5. Varma Mutual Pensin Insurance Cmpany 2,864, % 6. Nrdea funds 2,821, , % 7. OP funds 2,310, , % 8. Aktia funds 2,155, , % 9. The State Pensin Fund 1,850, % 10. Danske Invest funds 1,748, , % 11. El Pensin Cmpany 1,344, % 12. SEB Investment Funds 1,304, , % 13. Evli funds 1,162, , % 14. Brtherus Ilkka 1,048, , % 15. Etera Mutual Pensin Insurance Cmpany 757, % 16. Säästöpankki funds 731, , % 17. Odin funds 526, % 18. Oyj 510, % 19. Danske Invest Finland Opprtunities 430, , % 20. Föreningen Knstsamfundet rf 423, % 20 largest, ttal 60,936, All shares 125,596, Owners by categry by shares wned Nminee registered and nn-finnish hlders 35.6% (Mar 31, 2015: 34.7%) Husehlds 19.1% (19.5%) General gvernment 9.8% (9.3%) Financial and insurance crpratins 13.8% (14.3%) Nn-prfit institutins 5.5% (5.8%) Nn-financial crpratins and husing crpratins 16.3% (16.3%) 30,744 wners (Mar 31, 2015: 31,489) 27