Group’s revenue with comparable exchange rates and EBITDA excluding non-recurring items for 2014 were in line with the previous year.
- Order backlog increased by 7% from the end of 2013. Changes in currency rates decreased the order backlog in the end of December 2014 by EUR 31.6 million.
- Revenue decreased by 5% compared to the previous year. At previous year’s exchange rates for corresponding period, revenue decreased by 3%. Revenue grew in Germany due to increased order backlog in 2013, and decreased mainly in Sweden and Norway due to Caverion’s increased selectiveness in projects and revised revenues in the project portfolio. Service and maintenance revenue was 54% (2013: 55%) and project revenue 46% (45%) of total group revenue. Revenue in service and maintenance decreased by 8% and revenue in projects decreased by 2%.
- EBITDA decreased by 5% compared to the previous year. Projects mainly in Norway and Denmark diluted the profitability. The profitability was also affected by the more close revision of the overall project portfolio in all divisions in the second quarter as well as the revision of the cost estimates and provisions relating to some low-performing projects. However, actions to improve profitability progressed well during the second half of the year.
- Working capital developed towards financial tagets. At the end of December, it was EUR 19.3 million negative, while Caverion targets negative working capital by the end of 2016.
- Operating cash flow before financial and tax items strengthened by 5%.
- The Board of Directors proposes a dividend of EUR 0.22 per share, which corresponds 100% of the Group’s result for the year.
Comparative figures for 2013 are carve-out figures for the periods before the effective date of the partial demerger (June 30, 2013).