interim report january march 2014 report january–march 2014 fredrik strand, president and ceo...

Interim Report January–March 2014

Fredrik Strand, President and CEO Antti Heinola, CFO April 24, 2014

° Business and strategy

° Market outlook

° Q1 financials and guidance

Contents

Business and strategy

Caverion

Sweden Finland

Estonia

Russia Latvia Denmark

Norway

Lithuania Germany

The Czech Republic

Austria

Poland

Romania

YIT

(1912)

Huber Oy

(1879)

Calor AB

(1898)

caverion GmbH

(2007)

M+W Zander (1998) | Meissner + Wurst (1912) | Krantz (1882) | Zander (1950) | Stangl KG (1929)

MAB Anlagenbau Austria GmbH | Rohr- und Heizungsbau GmbH (1955) | Voest-Alpine MCE Austria | Allmänna Ingeniörsbyrån (1901) | Carl Christensen & Co.

Brdr. Petersens Eftf. A/S | Gerdes & Wesenberg | Monies & Andersens Eftf | E. Rasmussen/ER Electric A/S (1907) | EB Installasjon (1988)

Asea Brown Boveri (1987) | Asea Per Kure AS (1897) | A/S Norsk Elektrisk & Brown Boveri (1908)

Elektro Union National Industri (1917) | Elektrisk Bureau AS (1882) | Frognerkilens Fabrikk Norsk Elektrisk Aktielag (1873)

AS Norsk Viftefabrikk (1932) | Elmek (1990) | Emico AS (1992) | Tehsistem SIA (2001)

Caverion Corporation (2013)

ABB

building systems

(1988)

MCE AG

building systems

(1989)

4 Interim Report 1-3/2014

Caverion - a European company Our roots

Caverion

Caverion has strong growth potential in fragmented European markets

5

Company revenues for 2013. *) Cofely and Strabag: 2012 figures.

**) Bilfinger SE includes Industrial and Building & Facility segments.

Source: Company information, Caverion.

European building

systems market

(EUR billion)

6.1

9.0

6.2 9.5 Russia

(St. Petersburg, Moscow)

5.5 3.6 (Baltic countries)

3.6

30.1 6.7 (Poland,

Czech Republic,

Romania)

Caverion’s operating countries

Interim Report 1-3/2014

829

960

1,221

2,393

2,544

4,563

4,945

6,309

7,714

Alpiq Intec

Strabag Property andFacility Services*

Bravida

MITIE

Caverion

SPIE

Royal Imtech

Bilfinger SE**

Cofely*

Company revenues

EUR million

Caverion

Strategy 2016 We are

a leading European

provider of advanced and sustainable

life cycle solutions for buildings and industries.

Profitability

(EBITDA) over 6% of

revenue

Average annual

revenue growth > 10%

Negative

working capital

Increasing

profits

Strong

growth

Innovative

and advanced

solutions

We design, build, operate and maintain user-friendly and energy-efficient

solutions for buildings, infrastructure and industrial plants.

Step ahead + Cooperation + Responsibility + High performance

Vision

Financial

targets

Strategic

focus

areas

Mission

Values

Operational

excellence

Strong

company

image

Excellent

leadership


Caverion

Strategic milestones Targeting improved profitability

7

Key target

EBITDA over 6% of revenue by the end of 2016

Fix Increasing profits – Demerger and restructuring

01

Build Operational excellence – Developing internal processes and harmonization Excellent leadership – Lean organization and winning team

02

Create Innovative and advanced solutions – Developing business mix Strong growth – Back on track

03

Reach Operational excellence – Most efficient service company Innovative and advanced solutions – Strong own concepts and capabilities in both projects and services Strong company image

04


Caverion

Our vision: To be a leading European provider of advanced and sustainable life cycle solutions for buildings and industries

° We understand the complexity of buildings and processes.

° We have technical and management skills in all disciplines throughout the life cycle.

8

° The life cycle view is included in everything we do.

° We manage the life cycle - from individual technology to advanced total solutions - and decrease the costs related to the property.

Energy

Maintenance

Investment

Life cycle model decreases

the costs related to the property

in the long run


Conventional

model

Life cycle

model

Caverion

Caverion’s service areas

Design &

Engineering

Services

Project

Execution

Project

Management

°

Managed

Operations

°

Technical

Maintenance Advisory Services

Managed Life

Cycle

°

Caverion

Caverion’s market offering

Advisory

Services

Design &

Engineering

Services

Project

Manage-

ment

Project

Execution

Technical

Maintenance

Managed

Operations

Managed

Life Cycle

Public

Industry

Real estate

owners and

developers

Real estate

users

General

contractors

Value proposition

for each client

segment

Commercial

view for

each

service

area

Disciplines

Delivery view for projects and services

Caverion

17,267 employees at the end of March

11

Finland 27%Sweden 23%Norway 19%Germany 14%Denmark 6%Austria 4%Other countries 8%

° Number of employees decreased in January−March by 406 employees.

Employees by country at the end of March 2014

Key areas of people

development

o Ensuring future professionals

and leaders

• Performance development

reviews and talent reviews

• Summer trainee

and apprentice campaigns

• Professional training and

leadership development

programmes

o Building common people

processes and platforms

o Developing occupational

safety and wellbeing

• Targets: zero accidents,

low sick leave rate


Market outlook

Caverion

Market outlook for Caverion’s business in 2014

13

Service and

maintenance

Project

deliveries

Sweden

Finland

Norway

Germany

Austria

Denmark

Russia

Source: Euroconstruct, December 2013

Caverion view

Service and maintenance

o Growth opportunities

favorable in all of Caverion’s

divisions.

o The demand for life cycle

solutions is expected to

increase.

Project deliveries

o New investments in building

systems expected to

increase slightly.

o Positive signs can be

seen.


Financials and guidance

Caverion

January–March 2014:

Positive development in order backlog and EBITDA

15

EBITDA ° EBITDA excl. non-recurring

items increased by 7%.

° Sweden: profitability improved according to plan.

° Norway: projects diluted profitability, but profitability expected to improve in 2014.

° Non-recurring payment of EUR 3.5 million (final settlement of an old joint venture)

Revenue

° Revenue decreased by 3%.

° Volumes increased in Germany and decreased in Sweden.

° At previous year’s exchange rates for corresponding period, revenue increased by 1%.

°

Order backlog

° Order backlog grew by 2% from 3/2013.

° At previous year’s exchange rates for corresponding period, order backlog increased by 4%.

° Increase of 8% from 12/2013

Working capital

° Working capital decreased compared to 3/2013, in line with our financial target.

° Working capital increased compared to 12/2013, reflecting the seasonality.


Caverion

Key figures

EUR million 1−3/14 1−3/13 Change 1−12/13

Revenue 591.3 607.9 -3% 2,543.6

EBITDA excluding non-recurring items 13.1 12.2 7% 81.7

EBITDA margin excluding non-recurring items, % 2.2 2.0 3.2

EBITDA 9.6 9.4 2% 70.9

EBITDA margin, % 1.6 1.5 2.8

Earnings per share, basic, EUR 0.01 0.02 -34% 0.28

Working capital 64.5 87.2 -26% 46.0

Operating cash flow after investments -16.9 -2.2 74.2

Net profit for the period 1.9 2.8 -34% 35.5

Interest-bearing net debt, end of period 104.1 86.5

Personnel, average for the period 17,375 18,381 -5% 18,071


Comparative figures for 2013 are carve-out figures for the periods before the effective date of the partial demerger (June 30, 2013).

Caverion

Group revenue was EUR 591 million in January−March

17

1-6/12: X,XXX

673 718

665

748

608 653

595

688

591

1-3/12 4-6/12 7-9/12 10-12/12 1-3/13 4-6/13 7-9/13 10-12/13 1-3/14

Group revenue EUR million

1–12/12: EUR 2,803 1−12/13: 2,544

165

126 134

101

36 31 15

145 125 129 113

31 32 16

Sweden Finland Norway Germany Austria Denmark Othercountries

1−3/13 1−3/14

Service andmaintenance55%

Projects45%

Revenue breakdown by country EUR million

° Revenue decreased by 3% compared to January−March 2013.

° At the previous year’s exchange rates for the corresponding period, revenue increased by 1%.

° Main effect in Norway EUR -16 million.

Revenue by business area


Caverion

Service and maintenance: Activity level remained stable

18

° Revenue decreased by 5% in January−March compared to the previous year.

° Volume in local currencies remained stable.

° Stable markets in all countries. General interest in life cycle services increasing.

374 398

361

410

340 363

320

386

323

56% 55% 54% 55% 56% 56% 54% 56% 55%

Service andmaintenancerevenue,EUR million

% of totalGrouprevenue

Service and maintenance revenue

1−12/12: 1,542 (55%) 1−12/13: 1,409 (55%)


Caverion

Project business: Revenue on par with the previous year

19

Focus areas:

° Total technical solutions and Design & Build projects

° Strengthening technical expertise and R&D

° Improving profitability of project business

299 320

304

339

268 290

274

302

268

44% 45% 46% 45% 44% 44% 46% 44% 45%

Projectbusinessrevenue, EURmillion

% of totalGroup revenue

Project business revenue

1−12/12: 1,261 (45%) 1−12/13: 1,134 (45%)


o Volumes increased in Germany.

o New investments in building systems expected to increase slightly. Positive signs can be seen in tendering activity.

Caverion

EBITDA increased compared to the previous year

20

23.6 25.6

26.3

9.8 9.4

12.9

23.3

25.3

9.6 3.5% 3.6% 4.0%

1.3% 1.5% 2.0%

3.9% 3.7%

1.6%

1-3/12 4-6/12 7-9/12 10-12/12 1-3/13 4-6/13 7-9/13 10-12/13 1-3/14

EBITDA, EUR million

EBITDA margin, %

EBITDA

1−12/12: 85.3 (3.0%) 1−12/13: 70.9 (2.8%)

° Excluding non-recurring items, EBITDA increased by 7% and was EUR 13.1 million.

° Non-recurring payment of EUR million 3.5 related to the final settlement of an old joint venture in Denmark

° Sweden: profitability improved according to plan.

° Norway: project operations diluted profitability in January−March, but profitability is expected to improve in 2014.


Caverion

Working capital and cash flow

21

5.1

-18.4 -25.5

79.3

-2.2

-35.3

5.3

106.4

-16.9

40.5 33.2

16.2

47.1

74.2 59.5

Operating cash flow after investments EUR million

1−3/12 4−6/12 7−9/12 10−12/12 1−3/13 4−6/13 7−9/13 10−12/13 1−3/14

Rolling 12 months


120

46 64

5% 2% 3%

9/2013 12/2013 3/2014

Working capital

Working capital tosales, % (LTM)

Working capital EUR million

In working capital

management the focus is

on invoicing and trade

receivables and liabilities.

° Cash flow in 1−3/2014 was burdened by IT prepayments and investments of EUR 5.8 million and non-recurring payment of EUR 3.5 million related to fhe final settlement of an old joint venture in Denmark.

° Actions to reduce seasonality of cash flow

o No significant capex requirement

° Continuous development and investment in technologies, processes and competences

Caverion

Order backlog increased

22

° Order backlog increased by 8% from the end of December 2013 and by 2% from the end of March 2013.

° Changes in foreign exchange rates decreased the order backlog in January−March 2014 by EUR 33 million compared to January−March 2013.

1,335

3/12 6/12 9/12 12/12 3/13 6/13 9/13 12/13 3/14

1,274 1,296

1,470 1,429

1,340

1,199

1,315

Order backlog EUR million

1,241


Caverion

Examples of orders received in January−March 2014

23


° Rom Eiendom, delivery of building systems, Bergen, Norway Contract value: over EUR 11 million

° Sigmund Freud University, delivery of building systems, Vienna, Austria. Contract value: EUR 4.6 million

° Wohlgelegen conference centre, delivery of building systems, Heilbronn, Germany The contract value: ~EUR 4.5 million

° IZD Tower, technical maintenance, Vienna, Austria Contract value: EUR 3 million

° Ring Road III, a traffic monitoring system, Finland Contract value: EUR 2.5 million

° Opinmäki Campus, electrical works, Espoo, Finland The contract value: ~EUR 2 million

° Technical University of Munich, managed operations, Germany

° RTL, maintenance of the site, Cologne, Germany

° Uninett, AV solutions to 120 colleges and universities, Norway

° SMP, delivery of building systems to a new production plant, Schierling, Germany

° Borealis Polymers, the maintenance of the Kilpilahti production facilities, Kilpilahti, Finland

Caverion

Balanced debt structure

24

o Loan portfolio total: EUR 219.6 million

o Average interest rate after hedges: 2.16%

Loan portfolio

Interest rate type (after hedges)

Debt maturity EUR million

71

53

92

2 2

2014 2015 2016 2017 2018

Banks 94%

Insurancecompanies5%

Others 1%

Fixedinterest38%

Floatinginterest62%


Caverion

Financing position enables the implementation of the Group’s strategy

0

100

200

300

6/1

3

9/1

3

12/1

3

Sarake1

Sarake1

25

Net debt

at the end of March 2014 EUR million

Liquidity reserve EUR 195 million

at the end of March 2014 EUR million

Net debt EUR 104 million

146

74 116

104

Long-termborrowings

Short-termborrowings

Cash andcash

equivalents

Net debt

116

79

Unused creditfacilities

Cash andcashequivalents

Development of net debt EUR million

194 190

86 104

6/13 9/13 12/13 3/14


Caverion

Guidance for 2014 and dividend policy reiterated

26

Revenue guidance

Caverion estimates that the Group’s revenue for 2014 with comparable exchange rates will remain at the previous year's level.

EBITDA guidance

Caverion estimates that EBITDA for 2014 excluding non-recurring items will grow clearly to EUR 90−110 million.

In 2014 the EBITDA increase will be executed by

o Improving the operational efficiency

o Growing the service and maintenance business

o Increasing the project business in Germany

Dividend policy:

Dividend payout at least 50 per cent of the net profit for the period.

o Dividend of EUR 0.22/share

paid on April 2.

o EUR 27.6 million in total (78% of the net profit in 2013)

o Effective dividend yield of 2.5%


The potential changes in general macroeconomic environment may have an effect on Caverion’s business and customers.

Appendix

Caverion

Build services

Project

management

°

Managed

Operations °

Technical

maintenance Advisory Services


Kaivomestari, Espoo, Finland

• Service area: Managed Life Cycle (Facilities management and maintenance, real estate administration, outdoor area maintenance, energy efficiency, 24/7 help desk and control room services)

• Disciplines: All technologies in the property

• Lifespan: 2003−2028

• Size: 11,400 m2

• Contract value: Not diclosed

Caverion is responsible for the facilities

management and maintenance of the

Kaivomestari property owned by city of

Espoo during the 25-year agreement

period.

• High school, sports hall and swimming

hall, among others.

• Life cycle agreement based on public-

private partnership (PPP) model

• The customer pays a fixed fee and

Caverion guarantees agreed level of

services and energy costs.

• The key target: to maintain the property’s

value so that after use it is still equivalent

to new.

Caverion

Build services

Project

management

°

Managed

Operations °

Technical



DC Tower, Vienna, Austria

• Service area: Project Management (Project Execution, Design & Engineering)

• Disciplines: Heating & sanitation, ventilation & air conditioning, cooling, automation

• Lifespan: 2011−2013

• Size: ~140,000 m2

• Contract value: ~EUR 25 million

Caverion has provided a vast range of

building systems and project

management to DC Tower, the highest

building in Austria. The building

features advanced green design and

functionality.

• The building is 250 m tall with 60 floors,

comprising of a hotel, apartments and

restaurants, among others.

• Built and equipped in accordance with the

energy and sustainability requirements for

green buildings issued by the European

Commission.

• Advanced solutions such as

heat recovery and rain drainage, among

others.

Caverion

Build services

Project

management

°

Managed

Operations °

Technical



Caverion maintains the technical

systems in five office buildings owned

by Seabrokers. The aim is to provide a

healthy indoor climate and well-run

properties for high profile tenants.

• Statoil, Gas de France, Sandnes

Sparebank and ENI as tenants.

• The ServiFlex agreement flexibly

combines the maintenance of several

technical disciplines flexibly in one

agreement.

• One contact person from Caverion takes

care of all technical issues.

Seabrokers, Stavanger, Norway

• Service area: Technical Maintenance

• Disciplines: Heating & sanitation, ventilation & air conditioning, cooling, electricity, information & communication services, security & safety, automation, industrial installations, process piping.

• Lifespan: 2008− (ongoing)

• Size: ~110,000 m2

• Contract value: ~ NOK 1,800,000/ year

Caverion

Build services

Project

management

°

Managed

Operations °

Technical



The technical systems delivered by

Caverion contribute to the bio-safety in

the laboratory that conducts research

on dangerous veterinary viruses.

• The customer is one of the biggest

BSL3/BSL5 biosafety laboratories

worldwide.

• Caverion has designed and delivered

high-end clean room systems and gas

extinguishing systems as fire protection for

laboratories working in pressurized space.

• Technical solutions were developed in

Caverion’s own R&D centre in Aachen,

Germany.

The Friedrich Loeffler Institute, Riems Island, Germany

• Service area: Advisory Services (Project Execution)

• Disciplines: Ventilation & air conditioning, electricity, security & safety

• Lifespan: 2008–2011

• Size: 89 laboratories

• Contract value: ~EUR 50 million

Caverion

Build services

Project

management

°

Managed

Operations °

Technical



Caverion has designed and installed

building systems for the new

courthouse of Western Jutland. Once

completed later this year, Caverion will

also have full responsibility for

managing operations in the facility

during the upcoming 25 years.

• Life cycle agreement, Public-private

partnership (PPP). Main contractor: A.

Enggaard

• The main target: high technical standards

and improved life cycle performance

• Full responsibility for energy efficiency

National courthouse, Viborg, Denmark

• Service area: Design & Engineering (Advisory Services, Project Execution, Managed Operations, Managed Life Cycle)

• Disciplines: Heating & sanitation, ventilation & air conditioning, cooling, electricity.

• Lifespan: 2013−2039

• Size: ~9,500 m2

• Contract value: Not disclosed

Caverion

Build services

Project

management

°

Managed

Operations °

Technical



Karolinska is one of Scandinavia’s premier

health facilities. Together with Locum,

Caverion has been taking care of technical

maintenance and managing operations in the

hospital area for over a decade.

• 47 employees assigned to work in the area.

• Caverion’s 24/7 operations centre monitors all

technical systems in the area, enabling

corrective measures to be conducted without

delay.

• Covers highly critical areas, such as the

hospital’s back up power, sterilization

technology and pneumatic tube system

transferring medicines and blood, among

others.

• The current cooperation is set to continue until

2019 with the target of increasing the energy

efficiency by 6% annually.

• Service area: Managed Operations

• Disciplines: Heating & sanitation, ventilation & air conditioning, cooling, security and safety, electricity

• Lifespan: 2002−2019

• Size: ~400,000 m2


Karolinska University Hospital (Locum), Solna, Sweden

Caverion

Build services

Project

management

°

Managed

Operations °

Technical



Vantaa Energy is building the first waste-to-

energy plant in the Helsinki region. By

delivering industrial piping to the plant,

Caverion is helping Vantaa Energy to meet

strict environmental requirements.

• With the new plant, the emissions will be

reduced by approx. 20%.

• New process technology used in the plant

required special competence and high quality.

• Caverion’s delivery included engineering,

prefabrication and installation of industrial

piping.

• Prefabrication was used for shortening lead

times and reducing needed manpower at site.

Vantaa Energy, Finland

• Service area: Project Execution, (Project Management)

• Disciplines: Industrial piping (high pressure and low pressure pipings)

• Lifespan: 2011−2014

• Size: 23 km of piping


Caverion

32,590 shareholders on March 31, 2014

36

Nominee registered and non-Finnishholders 35% (Dec 31, 2013: 38%)

Households 20% (20%)

General government12% (13%)

Financial and insurance corporations14.5% (13%)

Non-profit institutions 6% (6%)

Non-financial corporations and housingcorporations 12% (10%)

Owners by category by

shares owned Major shareholders on June 28,2013

A total of

32,590

shareholders

(31.12.2013:

33 353)

Largest shareholders

Shares,

pcs

% of all

shares

Change after

Dec. 31,

pcs

Change,

%

1. Structor S.A. 17,140,000 13.65 0 0

2. Herlin Antti 8,392,403 6.68 2,142,223 34.27

3. Varma Mutual Pension Insurance Company 6,930,850 5.52 -801,250 -10.36

4. OP funds 4,763,538 3.79 122,909 2.65

5. Ilmarinen Mutual Pension Insurance Company 4,056,215 3.23 0 0

6. Fondita funds 3,968,000 3.16 77,000 1.98

7. Nordea funds 3,706,269 2.95 1,423,708 62.37

8. Aktia funds 1,743,077 1.39 350,000 25.12

9. Odin funds 1,736,637 1.38 0 0

10. Danske Invest funds 1,522,295 1.21 114,970 8.17

11. The State Pension Fund 1,470,000 1.17 0 0

12. Elo Pension Company 1,344,468 1.07 335,468 33.25

13. Brotherus Ilkka 1,304,740 1.04 0 0

14. Evli funds 992,500 0.79 0 0

15. Etera Mutual Pension Insurance Company 757,446 0.60 0 0

16. Säästöpankki funds 506,052 0.40 -27,129 5.09

17. Föreningen Konstsamfundet rf 423,002 0.34 0 0

18. Foundation of Brita Maria Renlunds minne 412,000 0.33 0 0

19. Sigrid Jusélius Foundation 361,000 0.29 0 0

20. The Central Church Fund 323,950 0.26 68,500 26.82

20 largest, total 61,854,442 49.25

All shares 125,596,092 100.00


Caverion

Caverion’s Board of Directors Re-elected by the AGM on March 17, 2014

Henrik Ehrnrooth (b. 1954) M.Sc. (Forest economics),

B.Sc. (Econ.)

Chairman of the Board

Share ownership: 17,140,000*

Independent of company: Yes

Independent of owners: No

Michael Rosenlew (b. 1959) M.Sc. (Econ.)

Managing Director of Mikaros AB

Share ownership: 0


Independent of owners: Yes

Ari Lehtoranta (b. 1963) M.Sc. (Eng.)

Vice Chairman of the Board

Executive Vice President, Central and North Europe,

Customer Experience at KONE Corporation.

Share ownership: 0



Eva Lindqvist (b. 1958) M.Sc. (Eng.), MBA

Professional board member

Share ownership: 1,500



Anna Hyvönen (b. 1968) Lic. Tech.

Executive Vice President, Finland & Baltics, Ramirent Plc

Share ownership: 0



*) Henrik Ehrnrooth holds indirectly with his brothers Georg Ehrnrooth and Carl-Gustaf Ehrnrooth a

controlling interest in Structor S.A., the largest shareholder of Caverion Corporation.


Caverion

Caverion Group Management

38

Matti Malmberg Service efficiency

Antti Heinola

CFO

Karl-Walter Schuster

Project excellence

Germany and CEE (acting)

Sakari Toikkanen Group Development

Merja Eskola Human Resources

Fredrik Strand President and CEO

Jarno Hacklin

Finland, Russia, Baltic Countries

Erkki Huusko Industrial Services

Ulf Kareliusson Sweden

Peter Rafn Denmark

Knut Gaaserud Norway

Manfred Simmet Austria

Päivi Alakuijala Marketing & Communications

Group key executives

Business area executives Division executives

Juhani Pitkäkoski Mergers & Acquisitions


Caverion

New non-residential investments forecasted to slightly increase in Northern Europe in 2014−2016

39

80

90

100

110

120

130

140

150

160

2010 2011 2012 2013 2014 2015 2016

Finland Sweden Norway Denmark

New non-residential construction volumes

in Northern Europe, index

No data for Russia is available.



Caverion

Growing demand for service and maintenance estimated in Northern Europe in 2014−2016

40

80

90

100

110

120

130

140

150

160

2010 2011 2012 2013 2014 2015 2016

Finland Sweden Norway Denmark

Non-residential service and renovation volumes

in Northern Europe, index

No data for Russia is available.



Caverion

New non-residential investments forecasted to increase in Central Europe in 2014−2016

41

80

90

100

110

120

130

140

150

160

2010 2011 2012 2013 2014 2015 2016

Austria Czech Republic Germany Poland

New non-residential construction volumes

in Central Europe, index



Caverion

Stable demand in service and maintenance continues in Central Europe in 2014−2016

42

80

90

100

110

120

130

140

150

160

2010 2011 2012 2013 2014 2015 2016

Austria Czech Republic Germany Poland

Non-residential service and renovation volumes

in Central Europe, index



Caverion designs, builds, operates and maintains advanced and sustainable life cycle solutions for buildings and industries.

Caverion 44

Caverion

Megatrends support the demand for our services

45

Increasing amount of technology in buildings

Increasing demand for special technical competence as well as continuous service and maintenance.

Outsourcing of services.

Extensive service packages from one partner.

Climate change, energy efficiency

Tightening legislation,

growing energy

consumption and need for

modernizations in energy

sector.

Energy efficiency key

criterion for customers

when selecting service

provider.

Fragmented market

A lot of small companies in the market.

Extensive services is a competitive advantage especially in large projects.

Growth potential especially in German-speaking areas.

Digitalization

Demand for automation

and remote monitoring is

increasing.

Maintenance is

increasingly based on

preventive measures as

well as on actual needs

and conditions.

interim report january march 2014 report january–march 2014 fredrik strand, president and ceo...

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