Publicado 09/02/2023 08:18
- Comunicado -

Caverion Corporation's Financial Statement Release for 1 January - 31 December 2022: Strong performance and earnings (2)

(Información remitida por la empresa firmante)

HELSINKI, Feb. 9, 2023 /PRNewswire/ --

1 January – 31 December 2022

  • Public tender offers made for all Caverion shares. More information has been presented in this report and stock exchange releases.
  • Order backlog: EUR 1,943.3 (1,863.8) million, up by 4.3 (15.8) percent. Services backlog increased by 8.2 (14.1) percent. Projects backlog decreased by 0.6 (+18.0) percent.
  • Revenue: EUR 2,352.1 (2,139.5) million, up by 9.9 (-0.7) percent. Organic growth was 8.6 (-2.0) percent. Services business revenue increased by 12.0 (2.7) percent. Projects business revenue increased by 6.1 (-6.7) percent.
  • Adjusted EBITA: EUR 105.8 (87.7) million, or 4.5 (4.1) percent of revenue, up by 20.7 percent.
  • EBITA: EUR 86.1 (59.4) million, or 3.7 (2.8) percent of revenue, up by 44.9 percent.
  • Operating profit: EUR 69.9 (43.5) million, or 3.0 (2.0) percent of revenue, up by 60.6 percent.
  • Operating cash flow before financial and tax items: EUR 144.3 (103.8) million, up by 39.0 percent.
  • Cash conversion (LTM): 100.6 (91.2) percent.
  • Earnings per share, undiluted: EUR 0.32 (0.17) per share.
  • Net debt/Adjusted EBITDA: 1.2x (1.0x).
  • Acquisitions: Caverion closed 12 acquisitions in January–December 2022, total annual revenue EUR 94.3 million*.
  • Board's dividend proposal for the AGM on 27 March 2023: Dividend of EUR 0.20 per share for the year 2022.

1 October – 31 December 2022

  • Revenue: EUR 682.9 (585.3) million, up by 16.7 (1.0) percent. Organic growth was 14.9 (-1.1) percent. Services business revenue increased by 19.5 (3.0) percent. Projects business revenue increased by 11.0 (-2.7) percent.
  • Adjusted EBITA: EUR 38.7 (30.1) million, or 5.7 (5.1) percent of revenue, up by 28.7 percent.
  • EBITA: EUR 24.6 (8.6) million, or 3.6 (1.5) percent of revenue, up by 185.0 percent.
  • Operating profit: EUR 20.0 (5.1) million, or 2.9 (0.9) percent of revenue, up by 291.2 percent.
  • Operating cash flow before financial and tax items: EUR 106.9 (76.7) million.
  • Earnings per share, undiluted: EUR 0.09 (0.01) per share.
  • Acquisitions: Caverion closed three acquisitions in October–December 2022, total annual revenue EUR 11.5 million.

Guidance for 2023: In 2023, Caverion Group's revenue (2022: EUR 2,352.1 million) and adjusted EBITA (2022: EUR 105.8 million) will grow compared to 2022


Jacob Götzsche, President and CEO:

"Our year 2022 was marked by a clear profitability uplift as a result of the determined performance improvement actions made during the past years. Our revenue grew by 9.9 percent to EUR 2,352.1 (2,139.5) million and adjusted EBITA increased by 20.7 percent to EUR 105.8 (87.7) million in line with our guidance. Our EBITA was record-high during our nearly ten-year history as a publicly listed company and amounted to EUR 86.1 (59.4) million in 2022. Our earnings per share almost doubled from 2021. The performance improvement was supported by the overall revenue growth mainly in Services. In addition, our consistent efforts in improving project risk management have gradually resulted in healthier and more profitable project portfolio. This demonstrates our strong capability to deliver sustainable, profitable growth in line with our strategy that was updated during the year.

The positive momentum of the first nine months of the year continued also in the fourth quarter of 2022. Our fourth quarter revenue increased by 16.7 percent to EUR 682.9 (585.3) million and organic growth was 14.9 percent. The organic growth was partially driven by the increased costs of materials and external services, that we were able to successfully factor in our sales prices. We estimate this inflation impact to account for roughly one third of the organic growth.

Our adjusted EBITA improved by 28.7 percent to EUR 38.7 (30.1) million, or 5.7 (5.1) percent of revenue during the fourth quarter of 2022, even though the high sick leave levels and operating expense increases continued to negatively impact our profitability. Overall, our business has however proved to be relatively resilient to the rapid inflation. I am also pleased that we could improve our operating cash flow before financial and tax items to EUR 106.9 (76.7) million in the fourth quarter.

Our order backlog amounted to EUR 1,943.3 (1,863.8) million at the end of December, 4.3 percent higher compared to the previous year. We expect our solid order backlog to support revenue growth also going forward. Around 63.2 percent of our order backlog is estimated to be realised as revenue during 2023. The high inflation still continues to have some impact on the building technology market, although we have seen some first signs of the material price inflation cooling down. In 2023, we expect the underlying demand to be overall positive in Services. In Projects, we expect the underlying business activity to remain stable in 2023, however, the economic uncertainty may start to impact the demand environment negatively.

The effects of the corona pandemic continued to stabilise during the fourth quarter. We remain somewhat cautious with the pandemic as unpredictable virus variants and new waves of the pandemic may continue to emerge.

As part of the implementation of our Sustainable Growth strategy, we closed 12 acquisitions in 2022 with total annual revenue of EUR 94.3 million and welcomed more than 560 new colleagues from the acquired companies. In the fourth quarter, we closed three acquisitions bringing us additional capabilities in smart security services, refrigeration and technical installation. Our fourth quarter revenue increased by 4.1 percent as a result of acquisitions and divestments compared to the previous year. We continue to screen high quality companies that complement our existing capabilities or geographical footprint.

As we close the year 2022 with strong results, I would like to thank our customers, partners, shareholders and our almost 14,500 employees for their contribution during our journey so far. Updated status on the recent tender offers has been presented under "Events after the reporting period" in this report. The tender offers announced provide clear evidence that our goal to achieve Sustainable Growth by serving our customers along the entire lifecycle of the built environment and assisting in green transition to smart buildings is an attractive strategy."

Impacts of the Ukraine war on Caverion's business during 2022

Russia's invasion of Ukraine at the end of February 2022 increased geopolitical tensions especially in Europe overnight. The war has created uncertainties weakening the growth prospects in several countries where Caverion operates. The duration of the Ukrainian conflict and its future effects on the industry, and Caverion in particular, remain uncertain, and the overall situation remains highly volatile.

Caverion divested its Russian subsidiary at the end of 2021 and has no operations in Ukraine or Belarus. Therefore, the impact of the conflict on Caverion is currently indirect. Caverion has experienced increases in material prices and delays in the supply chain and in decision-making, however Caverion continued to manage them on a daily basis without having a significant impact on performance during 2022.

Market outlook for 2023

Caverion expects the underlying demand to be overall positive in Services during 2023.

In Projects, Caverion expects the underlying business activity to remain stable in 2023. In Projects, however, the economic uncertainty may start to impact the demand environment negatively. The market instability resulting from the war in Ukraine and the high inflation are expected to dampen the willingness to invest in new construction.

This scenario assumes a sufficient control of the corona pandemic impacts with no significant unforeseen setbacks in 2023 and no further escalation of the conflict in Ukraine.

The digitalisation and sustainability megatrends are in many ways favourable to Caverion and they are believed to increase demand for Caverion's offerings going forward. The increased energy efficiency requirements, and the increasing digitalisation, automation and technology requirements in the built environment remain strong, together with the urbanisation megatrend. Increasing awareness of sustainability is supported by both EU-driven regulations and national legislation setting higher targets and actions for energy efficiency and carbon-neutrality. The continued focus on energy efficiency and CO2 reduction activities and projects continues to support activity and business volume in Caverion's operating environment.

Financial and sustainability targets

Caverion updated its financial targets in connection with publishing its updated strategy on 9 May 2022. Sustainability targets remained unchanged. Previous financial targets and results for 2021 are available at Caverion's website at


Caverion will hold a news conference on its Financial Statement Release on Thursday, 9 February 2023, at 10.00 a.m. Finnish time (EET) at Hotel Kämp, Room Symposion, Helsinki, Finland. The news conference can be viewed live on Caverion's website at It is also possible to participate in the event through a conference call by registering beforehand on the following link: Phone numbers and the conference ID to access the conference will be provided after the registration. To ask a question, press *5 on your telephone keypad to enter the queue. More practical information on the news conference can be found on Caverion's website,

Financial information to be published in 2023

Annual Review 2022 including the financial statements will be published during week 9/2023, at the latest. Interim/Half-yearly Reports for 2023 will be published on 27 April, 3 August and 3 November 2023.

Financial reports and other investor information are available on Caverion's website The materials may also be ordered by sending an e-mail to


Distribution: Nasdaq Helsinki, principal media,

For further information, please contact:

Mikko Kettunen, CFO, Caverion Corporation, tel. +358 50 347 7462,

Milena Hæggström, Head of Investor Relations and External Communications, Caverion Corporation,tel. +358 40 5581 328,

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