Helsinki, Finland, 2014-01-28 06:50 CET (GLOBE NEWSWIRE) --
CAVERION CORPORATION STOCK EXCHANGE RELEASE JANUARY 28, 2014 AT 7:50 EET
Caverion Corporation’s reporting structure to change
Caverion Corporation is changing its external reporting structure as of January 1, 2014 to better match the company’s new management structure and business areas. The segments based on geographical areas (Building Services Northern Europe and Building Services Central Europe) are replaced by one single operative segment, that will also include the Group services and other items.
At the same time, Caverion is renewing its guidance terminology so that it will more closely reflect the newly established company’s practice in estimating the future financial development. In the future, the company will give a verbal guidance with regard to revenue and profitability. However, the development of profitability in 2014 will be estimated also in absolute figures, due to the exceptional comparison period.
Geographical segments originated from a period when Caverion was still part of YIT Corporation. The division into Northern Europe and Central Europe was based on different development phases of these two areas due to acquisition of German Caverion GmbH in 2010, among others. The acquired businesses are now fully integrated, and therefore the reasoning for division no longer exists. The change in the reporting structure also reflects the goal to streamline the company’s management and organisation.
Since Caverion’s establishment, both service and maintenance and project businesses have been developed strongly across all countries. Therefore, replacing reporting segments that are purely based on geographical areas was an evident decision.
The first interim report based on the new reporting structure will be published on April 24, 2014 (interim report for January–March 2014).
The change in reporting structure will have no effect on the Group’s strategic targets.
For additional information, please contact:
Milena Hæggström, Head of Investor Relations, tel. +358 40 5581 328, firstname.lastname@example.org
Distribution: NASDAQ OMX, principal media, www.caverion.com