Guidance for 2018-2013

Guidance for 2018

Caverion’s guidance for 2018 is unchanged: “Caverion estimates that the Group’s revenue for 2018 will decrease compared to the previous year (2017: EUR 2,275.8 million). Caverion estimates that the Group’s adjusted EBITDA will more than double in 2018 (2017: EUR 25.8 million).”

Adjusted EBITDA = EBITDA before items affecting comparability (IAC).

Items affecting comparability (IAC) are material items or transactions, which are relevant for understanding the financial performance of Caverion when comparing profit of the current period with previous periods. These items can include (1) capital gains and losses from divestments; (2) write-downs, expenses and/or income from separately identified major risk projects; (3) restructuring expenses and (4) other items that according to Caverion management’s assessment are not related to normal business operations. In 2018, major risk projects include three completed Large Projects from Industrial Solutions. The financial impacts of these will be reported separately by Caverion under “Items affecting comparability (IAC)”. The adjusted EBITDA figures for 2017 have been calculated accordingly. The German anti-trust fine and there-related legal and other costs fall under “Items affecting comparability (IAC)” in category (4) i.e. “other items that according to Caverion management’s assessment are not related to normal business operations”.

Adjusted EBITDA ‒ Items affecting comparability

Adjusted EBITDA Half-year 2018

Caverion published IFRS 15 restated figures and quarterly Adjusted EBITDA for 2017 as well as its guidance for 2018 according to IFRS 15 in a stock exchange release on 21 March 2018.


Previous guidance for 2018 (24 April 2018)

Caverion’s guidance for 2018 updated with IFRS 15 figures on 21 March 2018 (Unchanged 24 April 2018)

Caverion's guidance for 2018 is unchanged: "Caverion estimates that the Group’s revenue for 2018 will decrease compared to the previous year (2017: EUR 2,275.8 million). Caverion estimates that the Group’s adjusted EBITDA will more than double in 2018 (2017: EUR 25.8 million)."

Adjusted EBITDA = EBITDA before items affecting comparability (IAC).

Items affecting comparability (IAC) are material items or transactions, which are relevant for understanding the financial performance of Caverion when comparing profit of the current period with previous periods. These items can include (1) capital gains and losses from divestments; (2) write-downs, expenses and/or income from separately identified major risk projects; (3) restructuring expenses and (4) other items that according to Caverion management’s assessment are not related to normal business operations. In 2018, major risk projects include three completed Large Projects from Industrial Solutions. The financial impacts of these will be reported separately by Caverion under “Items affecting comparability (IAC)”. The adjusted EBITDA figure for 2017 has been calculated accordingly.

Adjusted EBITDA ‒ Items affecting comparability

Adjusted EBITDA Q1 2018

Caverion published IFRS 15 restated figures and quarterly Adjusted EBITDA for 2017 as well as its guidance for 2018 according to IFRS 15 in a stock exchange release on 21 March 2018.


Previous guidance for 2018 (7 February 2018)


Caverion estimates that the Group’s revenue for 2018 will decrease compared to the previous year (2017: EUR 2,282.8 million). Caverion estimates that the Group’s adjusted EBITDA will more than double in 2018 (2017: EUR 22.3 million).

Adjusted EBITDA = EBITDA before items affecting comparability (IAC).

Items affecting comparability (IAC) are material items or transactions, which are relevant for understanding the financial performance of Caverion when comparing profit of the current period with previous periods. These items can include (1) capital gains and losses from divestments; (2) write-downs, expenses and/or income from separately identified major risk projects; (3) restructuring expenses and (4) other items that according to Caverion management’s assessment are not related to normal business operations. In 2018, major risk projects include three completed Large Projects from Industrial Solutions. The financial impacts of these will be reported separately by Caverion under “Items affecting comparability (IAC)”. The adjusted EBITDA figure for 2017 has been calculated accordingly.

Adjusted EBITDA ‒ Items affecting comparability

1 Guidance 07022018

Caverion’s current guidance for 2018 is based on the IFRS standards applied on the balance sheet date. As a result of the adoption of new IFRS 15 accounting principles effective from January 1, 2018, Caverion’s revenue recognition will change in 2018. The IFRS 15 restated figures for 2017 will be published in March 2018. At the same time, Caverion will update its guidance according to IFRS 15. 

In its revenue guidance Caverion applies the following guidance terminology.

2 Guidance 07022018

In its adjusted EBITDA guidance Caverion applies the following guidance terminology, with a +/- 2pp (percentage point) threshold to the said limits.

3 Guidance 07022018



Guidance for 2017

December 12, 2017: Caverion’s new guidance for 2017

Caverion estimates that the Group’s revenue will remain at the previous year's level in 2017 (2016: EUR 2,364 million). Caverion estimates that the Group’s EBITDA excluding restructuring costs will grow clearly or significantly compared to last year in 2017 (2016: EUR 15.6 million).

Previous guidance for 2017

Caverion estimates that the Group’s revenue will remain at the previous year's level in 2017 (2016: EUR 2,364 million). Caverion estimates that the Group’s EBITDA excluding restructuring costs will more than double in 2017 (2016: EUR 15.6 million).

In its guidance Caverion applies the following guidance terminology, with a +/- 2pp (percentage point) threshold to the said limits.

Positive change

Lower limit
%

 

Upper limit
%

At last year’s level

-5%

 

5%

Grows

5%

 

15%

Grows clearly

15%

 

30%

Grows significantly

30%

 

100%

Doubles

100%

 

 

 

 

 

 

Negative change

Lower limit
%

 

Upper limit
%

Decreases

-15%

 

-5%

Decreases clearly

-30%

 

-15%

Decreases significantly

 

-30%

 

Guidance for 2016

October 19: Caverion specifies its guidance for 2016

Caverion estimates that the Group’s revenue for 2016 will remain at the previous year's level (2015: EUR 2,443 million) and the Group’s EBITDA excluding restructuring costs for 2016 will be in the range EUR 40-50 million (2015: EUR 91.5 million).

Read more (Stock exchange release 19 October, 2016)

Previous guidance for 2016

June 20: Business review resulting in restructuring actions including reduction of up to 700 employees and lowered EBITDA guidance for 2016 

Caverion estimates that the Group’s revenue for 2016 will remain at the previous year's level (2015: EUR 2,443 million) and the Group’s EBITDA excluding restructuring costs for 2016 will decrease clearly from the previous year's EBITDA level (2015: EUR 91.5 million).

Read more (Stock exchange release 20 June, 2016)

April 27: Caverion lowers its revenue and EBITDA guidance for 2016

Caverion Corporation lowers its revenue and EBITDA guidance for 2016 announced on January 27, 2016 and reiterated on April 22, 2016.

Caverion now estimates that the Group’s revenue for 2016 will remain at the previous year's level (2015: EUR 2,443 million) and the Group’s EBITDA for 2016 will grow from the previous year (2015: EUR 91.5 million).

Read more (Stock exchange release April 27, 2016)

April 22: Caverion provides preliminary information on its first quarter EBITDA


Caverion Corporation provides preliminary information on its first quarter EBITDA. The reported Group EBITDA for January–March 2016 decreased clearly from the previous year and amounted to EUR 11.5 (1-3/2015: 14.2) million. The reported Group EBITDA for January-March was earlier estimated to be in line with the previous year (stock exchange release on March 21, 2016).

The guidance published on January 27, 2016 remains unchanged. Caverion estimates that the Group’s revenue for 2016 will grow from the previous year (2015: EUR 2,443 million) and EBITDA for 2016 will grow significantly from the previous year (2015: EUR 91.5 million).

Read more (Stock exchange release April 22, 2016)

March 21, 2016: Caverion comments on the first quarter’s development

The reported Group EBITDA for January-March is estimated to be in line with the previous year. The guidance published on January 27, 2016 remains unchanged. Caverion estimates that the Group’s revenue for 2016 will grow from the previous year (2015: EUR 2,443 million) and EBITDA for 2016 will grow significantly from the previous year (2015: EUR 91.5 million).

Read more (Stock exchange release March 21, 2016)

Financial Statements Bulletin 1 January - 31 December, 2015 (January 27, 2016) 

Caverion estimates that the Group’s revenue for 2016 will grow from the previous year (2015: EUR 2,443 million) and the Group’s EBITDA for 2016 will grow significantly from the previous year (2015: EUR 91.5 million).

Previous guidance for 2015

Financial Statements Bulletin 2014 (January 29, 2015)

Caverion estimates that the Group’s revenue will remain at the previous year's level and EBITDA margin for 2015 will grow significantly.

Previous guidances for 2014

July 14, 2014

Caverion  lowers its guidance announced in January 2014 regarding EBITDA for 2014. The company repeats its previous guidance regarding revenue.

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.

Financial Statements Bulletin for 2013 (Jan 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.

Guidance for 2013

Interim Report 1-9/2013 (Nov 1, 2013)

Caverion repeats the estimate announced on June 4, 2013, according to which Caverion estimates that the Group’s revenue for the second half of 2013 is more than EUR 1.3 billion and EBITDA more than EUR 50 million. 

The guidance does not take into account the non-recurring expenses related to the demerger, or the expenses related to any potential mergers or acquisitions. The increased insecurity of the general macroeconomic development nonetheless has an effect on Caverion’s business and customers.

The operations in Finland were stable and at a good level in July–September. The efficiency programme in Sweden is progressing well and the operations are now developing according to plan, which is expected to contribute favourably to the development of profitability during the fourth quarter. Norway is suffering from very low profitability. The low order intake in Germany in the first half of 2013 has been reflected as lower revenue in January–September compared to the previous year. The improved order backlog in the third quarter 2013 was a positive sign, but is not expected to contribute to revenue until the first half of next year.

Interim Report 1-6/2013 (Jul 26, 2013)

Caverion repeats the estimate announced on 4 June 2013, according to which the Group’s revenue for the second half of 2013 is more than EUR 1.3 billion and EBITDA more than EUR 50 million.

The guidance does not take into account the non-recurring expenses related to the demerger, nor the expenses related to any potential mergers or acquisitions.