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CONSTI GROUP PLC ANNUAL REPORT ORGANIC GROWTH CONSTI GROUP PLC ANNUAL REPORT 2015 CONSTI GROUP PLC ANNUAL REPORT 2015 Contents Consti in brief 4 CEO’s review 6 Business strategy 8 Operating enviroment 12 Technical Building Services 14 Building Facades 16 Renovation Contracting 18 Service business 20 Personnel 22 Corporate social responsibility 24 Corporate Governance 26 Board of Directors 30 Management Team 32 Financial Statements 34 Information for investors and shareholders 104 2 3 Cover photo: Kuvatoimisto Kuvio Oy Cover photo: Kuvatoimisto Kuvio Oy CONSTI GROUP PLC CONSTI IN BRIEF CONSTI GROUP PLC CONSTI IN BRIEF Net sales Order intake Order backlog € million € million € million 280 280 200 256.2 181.3 180 240 240 227.3 163.4 CONSTI IN BRIEF 215.9 213.5 160 200 200 140 171.9 Consti is one of Finland’s leading companies 162.7 120 117.9 160 160 focused on renovation and technical building 100 services. 120 120 80 Consti has a comprehensive service offering covering techni- 60 80 80 cal building services, residential pipeline renovation, reno- vation contracting, building facade repair and maintenance, 40 and other renovation and technical services for demanding 40 40 20 residential and non-residential properties. 0 0 0 Consti’s offering includes service contracting as well as 2013 2014 2015 2013 2014 2015 2013 2014 2015 OULU technical repair and maintenance services to contract cus- tomers. Consti has focused its operations especially to Finland’s growth centres in southern and western Finland. EBIT1 Free cash flow2 Number of personnel at year end LOCATIONS € million € million 20 20 15.7 15 15 Net sales EUR 256 million 10.5 8.9 10 7.9 10 5.5 Adjusted EBIT EUR 10.5 million 4.0 TAMPERE 5 5 Average number of employees 910 HÄMEENLINNA LAHTI 732 853 0 0 890 2013 TURKU PORVOO 2013 2014 2015 2013 2014 2015 2014 2015 HELSINKI & UUSIMAA Net sales Net sales Net sales by business segment by geographical area by customer group 11% 15% 34% 10% 79% 39% 36% 2015 2015 18% 2015 26% 31% Technical Building Services Building Facades Renovation Contracting We provide installation and repair We provide repair and mainte- We provide comprehensive renova- 2014 2014 2014 as well as maintenance and up- nance services related to building tion and modifications of the use of 32% 25% 43% 8% 12% 80% 21% 21% 20% 39% keep services related to techno- exteriors, such as facades, roofs, buildings in non-residential build- logical building systems such as windows, balconies and yards, ings as well as service contracting Technical Building Services Helsinki & Uusimaa Housing companies heating, plumbing, electric, venti- along with the renovation of rental and repair and maintenance servic- Renovation Contracting Tampere Pirkanmaa Public sector lation, fire safety and automation apartment buildings and the con- es related to same. Building Facades Other Real estate investors systems. struction of extra storeys for resi- Corporations dential buildings. 1) Adjusted EBIT before non-recurring items 4 2) Net cash flow from operating activities before financial and tax items less investments in intangible and tangible assets 5 CONSTI GROUP PLC CEO’S REVIEW CONSTI GROUP PLC CEO’S REVIEW CONSTI GREW PROFITABLY 2015 was a successful year for Consti. Our sales leading companies focusing on renovation and FOLLOWING OUR IPO, grew and our comparable profitability improved. technical building services. Entering the capi- Our net sales grew from 216 million to 256 mil- tal market broadened our owner base and added WE HAVE APPROXIMATELY lion euro, which means a growth of 18.6 per- trade in our shares, which in turn eases the use cent. The majority of this growth was organic of our shares as equity in potential acquisitions and achieved without acquisitions. and possibly also in rewarding our personnel. We were successful in increasing our sales and I also expect our IPO to increase awareness of improving our market position in all our busi- Consti amongst both customers and the best tal- ness areas: Technical Building Services, Building ents in the business. Facades and Renovation Contracting, as well as To accomplish our growth plans we need relia- related services. Our sales grew especially well ble and competent professionals who understand in Building Facades and Renovation Contracting. customer needs in technical building services, Both the growth of our sales and our improved facade renovations and renovation contracting. profitability were driven in part by the mild weath- We are after all one of the few companies that CONSTI EMPLOYEES AS er which enabled continuing especially building has such a broad range of competence in reno- OWNERS. facade work without interruptions until the end vations in-house – including the people making of the year. the renovations. Our adjusted EBITDA for the entire year grew to Although we are now a listed company, Consti 12.6 million euro, which is 4.9 percent of our net will not compromise its entrepreneurial and agile sales, while the comparable figures from 2014 way of working. We at Consti own one fifth of the were 9.8 million euro and 4.6 percent of our net company. After the IPO approximately 120 Consti sales. Our order backlog also grew significantly. employees own company shares. All of our business areas were successful in the Greater Helsinki area. Our Building Facade Renovations preserve our national wealth business has also shown positive development Renovations and technical building services in Oulu, as has Renovation Contracting in Turku have increased steadily during the past years. and Technical Building Services in Pirkanmaa. In addition to the aging building stock, demand Our goal is to strengthen our position in is driven by many societal changes from urban- Finland’s growth centres by broadening our offer- isation to the aging of our population. I believe ing so that Consti’s complete service offering is renovations will continue to be in great demand available in all areas where Consti operates. in 2016 as well. This builds a good foundation for Consti’s profitable growth. IPO to support growth Renovations upkeep our country’s national In November 2015 we announced that we were wealth, of which approximately half is tied to our considering an IPO in Helsinki Stock Exchange built environment. At the same time, we decrease and the IPO was carried out in December. It was the energy consumption of our built environment great to see the belief in our success. and add to the quality and comfort of living and With our IPO we aimed at improving our ability various kinds of business premises. to accomplish the company’s growth strategy, i.e. I wish to thank everyone at Consti, our owners Photo: Pasi Salminen strengthen Consti’s position as one of Finland’s and partners for a successful year 2015. Marko Holopainen 6 7 CONSTI GROUP PLC BUSINESS STRATEGY CONSTI GROUP PLC BUSINESS STRATEGY BUSINESS STRATEGY Target is to grow in the current market areas and extend the full Consti service offering to Finnish growth centres. The renovation market activity in Finland is business areas and the ability to carry out both currently strongly focused on the regions of large projects and small scale service tasks. Uusimaa and Tampere. This is mostly due to the Consti seeks to further strengthen and com- large building stock in these areas that has been plement its service offering in its current busi- built in the 1960s and 1970s, and which are ness areas. Such supplementary services would now entering a phase of renovation and a strong include, for example, building automation, glass migration. According to population projections, construction and roof renovations. migration to the cities of Helsinki, Tampere, Besides supplementing its service offering, Turku and Oulu will continue to be particular- Consti also seeks to further grow its Service busi- ly strong. ness, which currently covers repair and mainte- Consti is one of the leading companies focusing nance services and service contracting. Consti’s Photo: Kuvatoimisto Kuvio Oy on renovation and technical services in Finland management believes that there will be strong as measured by revenue. In 2014, 79 percent demand for such services in the future and that of the company’s turnover was generated in the continuous focus on the Service business will Uusimaa region and 10 percent in the Pirkanmaa further support Consti’s profitability and growth region. In addition, Consti is present in Turku, and support a low sensitivity to general econom- Oulu and Lahti. Consti seeks to exploit its favour- ic cycles. Renovation construction is increasingly concentrated in growth centres. able market position and grow further in its cur- rent market areas in business activities in which Complementary acquisitions it has decades of experience and a strong posi- Consti’s management has extensive experience strengthen its customer relationships and de- has been possible due to, among others, the tion such as in pipeline and building facade ren- as well as a track record in completing acquisi- velop its key account management activities. successful integration of previously acquired ovations for residential buildings and demanding tions in all of the company’s business and mar- Strong and close customer relationships will companies, the focusing of competence in spe- hotel and restaurant renovations. ket areas, as well as track record of successful support Consti in advanced project types, such cific business areas, the harmonisation of oper- Furthermore, Consti seeks to expand its activi- integration of the acquired businesses. In 2008- as Design and Build projects, turnkey contract- ating models and data systems, the deepening ties in the other growth centres of Finland in order 2015, Consti made a total of 16 acquisitions. ing and integrated project delivery (e.g.

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