Helsinki, Finland, 2013-11-01 06:55 CET (GLOBE NEWSWIRE) --
CAVERION CORPORATION STOCK EXCHANGE RELEASE NOVEMBER 1, 2013 AT 7:55
Caverion Corporation updates its long-term financial targets for the strategy period 2014−2016
The Board of Directors of Caverion Corporation has approved updated financial targets for Caverion Group. The target for operating cash flow after investments has been replaced with a target for working capital. The targets for revenue and EBITDA remain as announced previously on June 4, 2013.
The company’s updated long-term financial targets by the end of 2016 are:
- Average annual growth in revenue of more than 10 per cent
- EBITDA over 6 per cent of revenue
- Negative working capital (New target)
"Our updated targets reflect our determination to focus not only on increasing the profitability and efficiency of our business, but also on more efficient use of capital. By addressing this, we can free up capital and further improve our cash flow," states CFO Antti Heinola.
Dividend policy repeated
Caverion’s dividend policy remains unchanged. The company’s aim is to distribute at least 50 per cent of the result for the year after taxes, excluding changes in fair value, as dividend and capital redemption to the company’s shareholders.
There is no certainty of the company achieving the above financial targets or being able to maintain them if it reaches them. The company uses the above-mentioned indicators at selected intervals in its business. Even though there are no plans to amend the dividend policy, there is also no guarantee that a dividend or capital redemption will actually be paid in the future, and no guarantee of the amount of the dividend or return of capital to be paid for any given year.
For additional information, please contact:
Antti Heinola, Chief Financial Officer, Caverion Corporation, tel. +358 40 352 1033, antti.heinola@caverion.fi
Milena Hæggström, Head of Investor Relations, tel. +358 40 5581 328, milena.haeggstrom@caverion.fi
CAVERION CORPORATION
Distribution: NASDAQ OMX, principal media, www.caverion.com
Caverion designs, builds and maintains user-friendly and energy-efficient building systems and offers industrial services. Our services are used in offices and retail properties, housing, public premises and industrial plants, among other places. We aim to be the number one building systems company in Europe. Our strengths include technological competence and customer-oriented service, covering all building systems throughout the life cycle of the property. Caverion was established through the demerger of Building Services and Industrial Services businesses from YIT Group on June 30, 2013. Our revenue for 2012 amounted to approximately EUR 2.8 billion. Caverion has over 18,000 employees in 13 countries in Northern and Central Europe. The company’s shares are listed on the NASDAQ OMX Helsinki. www.caverion.com