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Caverion Annual Report 2019 Financial Statements

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Caverion Annual Report 2019 Financial Statements CONSOLIDATED PARENT COMPANY IN BRIEF BOARD OF DIRECTORS’ REPORT KEY FIGURES FINANCIAL STATEMENTS FINANCIAL STATEMENTS AUDITOR’S REPORT Annual Review 2019 1 Caverion Annual Review 2019 CONSOLIDATED PARENT COMPANY IN BRIEF BOARD OF DIRECTORS’ REPORT KEY FIGURES FINANCIAL STATEMENTS FINANCIAL STATEMENTS AUDITOR’S REPORT Table of contents In brief . 03 Disclosure on non-financial information . 21 Calculation of key figures . 26 Board of Directors’ Report . 12 Key figures . 25 Shareholders . 27 Subsidiaries . 28 AUDITED Consolidated financial statements, IFRS 3 . Working capital and deferred taxes . 44 5 .7 Investments in associated companies and Consolidated income statement . 29 3 .1 Inventories . 45 joint ventures . 69 Consolidated statement of 3 .2 Trade and other receivables . 45 5 .8 Employee benefit obligations . 70 comprehensive income . 29 3 .3 Trade and other payables . 46 5 .9 Lease agreements . 72 Consolidated statement of financial position . 30 3 .4 Provisions . 47 5 .10 Commitments and contingent liabilities . 73 Consolidated statement of cash flows . 31 3 .5 Deferred tax assets and liabilities . 48 Consolidated statement of changes in equity . 32 6 Others . 74 6 .1 Key management compensation . 75 4 . Business combinations Notes to the consolidated financial and capital expenditure . 51 6 .2 Share-based payments . 75 statements . 34 4 .1 Acquisitions and disposals . 52 6 .3 Related party transactions . 78 4 .2 Goodwill . 54 1 Basis of preparation . 34 4 .3 Tangible and intangible assets . 56 Parent company financial statements, FAS . 79 2 Financial performance . 39 5 Capital structure . 59 Signatures to the Board of Directors’ report 2 .1 Revenue from contracts with customers . 40 5 .1 Capital management . 60 and Financial statements and Auditor’s note . 91 2 .2 Costs and expenses . 41 5 .2 Shareholders’ equity . 60 2 .3 Depreciation, amortisation and impairment . 42 5 .3 Change in net debt . 62 Auditor’s report . 92 2 .4 Financial income and expenses . 42 5 .4 Financial assets and liabilities by category . 63. 2 .5 Income taxes . 43 5 .5 Financial risk management . 66 2 .6 Earnings per share . 43 5 .6 Derivative instruments . 68 1 Basis of preparation 2 Financial 3 Working capital 4 Business combinations 5 Capital structure 6 Others performance and deferred taxes and capital expenditure 2 Caverion Annual Review 2019 CONSOLIDATED PARENT COMPANY IN BRIEF BOARD OF DIRECTORS’ REPORT KEY FIGURES FINANCIAL STATEMENTS FINANCIAL STATEMENTS AUDITOR’S REPORT Revenue (EUR million) Caverion – Building Performance 2,500 2,000 2,443 2,364 2,276 2,204 2,123 1,500 1,000 With Caverion’s services and solutions, built environments Good market position continued 500 become smart and sustainable. Customers can trust our Our market position remained strong in 2019. The company is expert guidance during the entire life cycle of their buildings, ranked among the five largest players in all of our largest oper- 0 2015 2016 2017 2018 2019 infrastructure or industrial sites and processes: from design ating countries: Finland, Sweden, Norway, Denmark, Germany & build to technical and industrial maintenance as well as and Austria. We see good growth prospects especially in facility management, including smart technologies and Smart Technologies, including Building Automation, Cooling, Adjusted EBITDA (EUR million) advisory services. and Security and Safety. 150 120 Our customers are supported by over 16,000 professionals In 2019, Caverion was selected as the most sustainable building in 11 countries in Northern, Central and Eastern Europe. Our technology company in Northern Europe by Corporate Knights. 90 revenue in 2019 was approximately EUR 2.1 billion. Caverion’s We focus on delivering long-lasting benefits for our customers 60 shares are listed on Nasdaq Helsinki. Caverion’s head office is by combining people, technology and data. Our new customer 30 located in Vantaa, Finland. promise is Building Performance. 25.8 53.4 120.4 0 2017 2018 2019 Caverion has two business units: Projects and Services. Revenue by Services Projects customer segment in 2019 Caverion provides its customers with a broad range of Caverion delivers building technology projects for services, from technical maintenance and facility manage- customers’ new investments and renovations. Our Industry 29% ment to smart technologies and advisory services. Being competitive edge in the Projects business is based on our Real Estate Users 25% a forerunner in technology, digitalisation and sustainability, international footprint, the full range of building technology Public sector 16% Real Estate Investors supported by a wide service network, we can offer our disciplines, including smart technologies, efficiency, and Developers 15% customers flexible and high-quality service. Our goal is to be design and build competence as well as integrated life General Contractors 15% a leading service company and customers’ trusted partner, cycle deliveries including maintenance and updates and to grow faster than the market. throughout the building life cycle. In Finland, Caverion is the leading industrial maintenance We are building project productivity and quality through company. Our service offering covers the maintenance of professional project management, prefabrication, and being production processes: from individual services to compre- a forerunner in digitalising project planning and execution Revenue by business unit in 2019 hensive maintenance partnerships and operating power (BIM). Our goal is to be a selective master of projects with plants and district heating distribution. profitable project business supporting service growth. Services 60% Projects 40% 3 Caverion Annual Review 2019 CONSOLIDATED PARENT COMPANY IN BRIEF BOARD OF DIRECTORS’ REPORT KEY FIGURES FINANCIAL STATEMENTS FINANCIAL STATEMENTS AUDITOR’S REPORT Revenue by division in 2019 16,200 Sweden 21% employees Finland 18% Norway 17% Germany 17% 2,123 EUR million Industrial Solutions 10% revenue Austria 9% Denmark 5% 30,000 Other countries 3% spaces in service Personnel by division in 2019 >10,000 Ruotsi Sweden 18% spaces remotely monitored Finland 17% Norway 15% 5.3 Germany 14% 62 accident frequency rate (LTIFR) Finland Industrial Solutions 18% Other countries 8% 45 Austria 5% 11 Norway Denmark 5% countries Estonia Group Services 1% 2 77 2 Listed Sweden Russia on Nasdaq Helsinki Services business share of revenue, % 4 100 Denmark 12 Latvia Head office 80 4 in Vantaa, Finland Lithuania 60 40 48% 53% 55% 60% 90% 20 ISO 14001 environmentally certified 0 12 2016 2017 2018 2019 Poland 1,670 EUR million Order backlog 19 Germany 120.4 EUR million 11 Adjusted EBITDA Austria Number of localities 4 Caverion Annual Review 2019 CONSOLIDATED PARENT COMPANY IN BRIEF BOARD OF DIRECTORS’ REPORT KEY FIGURES FINANCIAL STATEMENTS FINANCIAL STATEMENTS AUDITOR’S REPORT FROM THE CEO From the CEO We made good progress in 2019 and this was also visible in our financial performance, especially towards the end of the year, when we turned back to growth. Deployment of digital solutions proceeded fast and according to our plans. The sustainability trend strengthened much more than we anticipated earlier. Digitalisation and sustainability ones. These are just examples of how we can reduce support our future energy use and emissions and mitigate climate change To me, the most positive development in the world in together with our customers. Furthermore in 2019, 2019 was the overall rise in environmental conscience we were selected as the most sustainable building and creation of new actions to fight climate change. This technology company in Northern Europe in a study by is an area where we must all act and we at Caverion can Corporate Knights. do more than most. Buildings account for approximately 40% of energy Strong development in Services consumption and 36% of CO2 emissions in the EU area. The Services business unit continued to improve its Europe is looking to achieve its energy and climate profitability. The Services business increased its share goals by improving energy performance in buildings: of the Group’s total revenue and amounted to 60.0% of speeding up cost-effective renovation and renewal of Group revenue. The need for new services and digital existing buildings and increasing the utilisation of smart solutions continues to increase. Customers’ focus on core technology. Larger non-residential buildings must be operations opens up outsourcing and maintenance as well equipped with building automation and control systems as technical building management opportunities for us. by 2025. All supermarket chains will need to replace their old refrigeration systems based on fluorinated Our order backlog increased both in Services and greenhouse gases (F-gases) with the new CO2-based Projects compared to the previous year. 5 Caverion Annual Review 2019 CONSOLIDATED PARENT COMPANY IN BRIEF BOARD OF DIRECTORS’ REPORT KEY FIGURES FINANCIAL STATEMENTS FINANCIAL STATEMENTS AUDITOR’S REPORT FROM THE CEO Profitability in projects burdened 2019 results Cash flow was a highlight of 2019. Our operating cash flow before Profitability of the Projects business was still negatively financial and tax items improved to EUR 143.7 (21.6) million. Our impacted by old projects. We made a material write-down for adjusted EBITDA improved to EUR 120.4 (53.4) million, or 5.7 (2.4) the one remaining risk project reported under adjusted EBITDA The improvements per cent of revenue. in the fourth quarter of 2019. Although the Projects business seen in our improved
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