Good morning, and welcome to this Webcast Concerning Caverion's Third Quarter Results. I am Noora Koikkalainen, Head of Investor Relations here at Caverion, and with me here today, I have our CEO, Jacob Götzsche, and CFO, Mikko Kettunen. As usual, we will start with the presentations, after which we will be happy to answer any questions. I think we're ready to start. Go ahead, Jacob. Thank you, Noora, and also good morning on my behalf. I will start my presentation today by sharing the key highlights concerning our business performance during the third quarter of 2023. Mikko will then go through our financial performance in more detail after my presentation. At the end, we will update you on the status of the public tender offer by Triton. In Q3, the operating environment continued to be challenging. Despite this, we have been able to deliver solid profitability and revenue growth. Our Q3 revenue increased by 2.5% to EUR 578 million, with an organic growth of 2.5%, which is a decent result considering the operating environment. In comparable currencies, our service revenue increased by 4.4% and our projects by 10.2% during the quarter. Our order backlog was slightly behind last year, just below EUR 2 billion. In comparable currencies, our order backlog was, however, at last year's level. Overall, the negative impact of the currency devaluation in Sweden and Norway continued to be significant. In consideration of the current operating environment, I'm particularly pleased about our strong Adjusted EBIT, which improved by 10.6% to EUR 29.7 million. This represents a margin of 5.1% for Q3. Worth mentioning here is also the fact that during the quarter, we paid the tender offer related cost reimbursement of EUR 10 million to Bain Consortium. This impacted the year-to-date profitability and cash flow significantly. Excluding this extraordinary payment, our underlying operating cash flow is positive in the quarter and for the first nine months, and are at the same level as last year. Mikko will come back to that later in more details. The execution of our sustainable growth strategy has progressed well during the year in all our business focus areas. During Q3, we completed two acquisitions, one in Norway and one in Finland. Now, a few words about our operating environment, which continues to be challenging, driven by lower economic growth prospects. The conflicts in Ukraine, and recently also in the Middle East, create further economic uncertainty. Furthermore, the continued high inflation and increasing interest rates are impacting negatively the demand environment for new construction. We see this reflected, especially in the project business, going forward. However, in the service businesses, the market demand and the general investment activity has remained positive. While we are not immune to the challenges of the current operating environment, we see that global trends, energy efficiency, the green transition, for example, driving the long-term demand also in our business. This mitigates the limitation in the short term, which we can see in our performance. The sentiment indicator continued to be volatile during the year. Although Caverion is exposed to the construction industry in our project business, a large part of the project revenue stems from renovations and the public sector. These segments have typically performed resilient through cycles. So all in all, our underlying business has proven resilient. The core inflation remained high during Q3, even though showing some signs of easing. The cost inflation related to material prices continued to impact also the building technology market. We have managed increases in material prices and delays in the supply chain on a daily basis, and I'm pleased that so far at Caverion, we have been successful at mitigating the negative effects. Some of the key measures include price increase clauses in tenders in our agreements covering material, labor, energy and fuel cost. As management mentioned, energy efficiency and the green transition in the built environment are global trends, driving demand among our customers for our services, even in these times. Here's a couple of recent customers that I would like to highlight to you. In Germany, we have a long partnership with the Deggendorf Institute of Technology. We recently installed highly efficient heat pump technology as well as energy monitoring systems in the campus. This will allow us to measure energy consumption and ensure that the CO2 reduction targets are met. In Finland, Caverion is supporting Fingrid in modernizing the power grid in the country, expanding substation, and renewing power lines. The result will be increased transmission capacity and improved operational reliability of the network, which are key aspects in the infrastructure necessary for the green transition. With another customer, Telia, we continued the partnership to manage their data centers, which amount to over 100 in Finland. Our technical maintenance support Telia in the operation of their core business, as well as in reaching their sustainability goals and reducing CO2 emission in their properties. At the core of making Caverion the preferred choice for our customer are, of course, our people. At the end of September, we almost employed 15,000 employees, slightly less than compared to last year, mainly reflecting the timing of the acquisition of Porreal GmbH, where we divested the soft facility management part in December last year with approximately 230 employees. Keeping our people safe is our top priority for us, and the continued focus is on having a zero-accident culture. At the end of September, our accident frequency rate was 4.4. This rate continues to be on one of the best in our sector. In the third quarter, we also welcomed 85 new colleagues to the Caverion Group as we completed two acquisitions in the Nordic, with a total annual revenue of approximately EUR 12 million. VVS Teknikk in Norway supports our existing unit in Ålesund, as well as our ambitions to grow in this region, where there are many major projects ongoing in commercial building, in industry, and in the food sector. The acquisition of Kiwa Inspecta's building services, on the other hand, expanded Caverion's expertise in advisory services in Finland and supports our role as a leading provider of technical facility management services in Finland. Going forward, and as outlined by our strategy, high-quality companies that complement our existing capabilities and geographical footprint will continue to be on our radar. So overall, we feel we are in a good position in Caverion to meet the demands of our customers and to manage our business going forward. On this basis, we continue to expect the underlying demand to be overall positive in services. In projects, with our balanced business portfolio, we still expect the underlying business activity to remain stable. Consequently, we reiterate our guidance for the full year 2023 and estimate that Caverion Group's revenue and Adjusted EBIT will grow compared to last year. All in all, Caverion is well set to deliver on its long-term business target and accelerated sustainable growth. We continue to focus on being the trusted expert partner for our customers and to support them in being smart and sustainable throughout the entire life cycle of buildings, infrastructure, and industrial sites. Now, I would like to hand over to Mikko, who will give you an overview of the financials in the quarter in more detail. Mikko? Thank you, Jacob, and good morning also on my behalf. Let's now have a look at selective financial highlights of the quarter. Our revenue in Q3 was EUR 578 million, which represents a growth of 2.5% compared to the same period last year. During the nine-month period, the 13% revenue growth has been mainly organic, while acquisitions have also contributed to the growth. In the quarter as well as year- to- date, we have seen a significant currency impact due to the devaluation of the Swedish and Norwegian currencies. The negative contribution to the revenue of this currency impact was as much as EUR 22 million in the quarter and EUR 68 million year- to- date. If we look at the revenue composition in more detail, we can see that during the nine-month reporting period, revenue measured in local currencies increased practically in all divisions. Revenue increased also in projects and services businesses. We have been executing several sizable projects during the year, such as the new airport terminal in Frankfurt, Germany, a university hospital in northern Finland, as well as a recycling plant for car batteries. This type of projects are not dependent on the general market sentiment. That is currently quite difficult if we look at the construction market as a whole. However, as Caverion's focus is practically completely outside the residential market, we've been able to continue our profitable growth even in these challenging market conditions. This brings us to the topic of profitability. In the third quarter, our Adjusted EBITA improved by 11% compared to last year. In the nine month period, the improvement was almost 19%. Without the impact of the devaluation of Scandinavian currencies, the improvement would have been even better. We are, of course, very satisfied with these results. While we have been quite resilient to the high inflation and high interest rates, we are not immune to the negative market sentiment. Even if the challenges in the residential market do not have a significant impact to Caverion as a whole, we do experience the indirect impact through more competition and price pressure. Then moving on to cash flow. Our operating cash flow during the quarter was negative at EUR 6 million due to the EUR 10 million cost compensation to the first bidder in the tender offer process. Without this extraordinary item, the operating cash flow was positive at EUR 4 million. Our capital expenditure during the year so far has been EUR 40 million, and roughly two-thirds of this amount have been due to acquisitions. The cash flow presented on the previous page is, of course, directly impacted by working capital, which in the end of the quarter was seemingly on the level of the previous year. However, if we look at the composition of the working capital more closely, we can see that our receivables are increasing. The increased interest rates have started to impact the payment behavior also in our industry. Money has a cost now, and paying invoices before the due date is no longer as obvious as it used to be. Whereas we are encountering challenges in maintaining our working capital position under these circumstances, it is fair to recognize that Caverion's working capital continues to be significantly negative, and we are doing our utmost that it also stays that way. Let us now take a quick look ahead by seeing how our order backlog is developing. At the end of September, our order backlog was slightly below last year at EUR 1.94 billion. In comparable currencies, however, the order backlog was at the same level as last year. Whereas we, of course, would like the order backlog to increase quarter-a fter- quarter, we need to bear in mind that the EUR 2 billion whereabouts where we currently stand is still a record-high level in the history of Caverion Corporation. As such, I am quite pleased with our order backlog in these challenging market conditions. The order backlog provides us with confidence that our business will remain stable towards the year end, and as such, our guidance remains that both revenue and Adjusted EBITA will increase compared to 2022, as Jacob already mentioned earlier. To conclude my part of the presentation, a few words about our debt financing. As we announced last week, following the positive decision of the merger control authorities, Triton concluded significant block trades on Caverion shares. With these, the ownership of Triton exceeded 50%, which typically in the financing agreements is a so-called change-of-control event. What this means in practice is that the lenders now have the option to cancel their commitments and ask for early repayment of the loans. Caverion's existing debt financing was mostly arranged towards the end of 2021, when we were still in a zero-interest environment. Hence, it goes without saying that if the holders of these low-interest-rate, long-term loans have a chance to get an early repayment, they will most likely take it. The premature payment of the current debt financing, however, is not about to cause any liquidity problems for Caverion. As part of the tender offer for financing, Triton has arranged adequate financing facilities also for Caverion. These new facilities will be used for the early repayment of the existing senior loans. This ends our presentation for Q3, and we will now give an update on the tender offer process. Jacob, please join me. As you may know, the board-recommended tender offer by Triton recently took a major step forward when the final regulatory approvals were received and Triton completed block trades with major shareholders. The offer period ended two days ago, on first of November, and since yesterday, we have already known the preliminary result, according to which Triton will have 94.3% of all Caverion shares.... Caverion's current board of directors has already last week invited the shareholders to an extraordinary general meeting, which will be held on the fifteenth of November. This shareholder meeting is expected to decide on certain changes in the articles of association, as well as the composition of the new board of directors, which will reflect the new ownership. Triton's intention is to acquire all shares, and consequently, it is expected that they will soon initiate redemption proceedings to purchase all the remaining minority shares of Caverion. The ownership change in itself has no impact on our daily business. At Caverion, we continue to focus on serving our customers as before and look forward to continue to develop Caverion in the positive direction it is already on. It has been a long process, and we are really pleased to see it coming to an end. Furthermore, we are happy that with Triton, we will have an owner who has vast experience in our sector, and who will enable us to accelerate the execution of our strategy. Triton has a Nordic leadership style and they share similar values as us, and this is important for us as a company. This concludes our presentation today, and we are now ready to take any questions, and I will now hand over to you, Noora. Thank you, Jacob, and thank you, Mikko. So now we will move on to the Q&A session, and we'll start with any questions from the conference lines. Do we have any questions? If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. It seems we have no questions and also no questions online, so that concludes our webcast today. Thank you all for your participation. Thank you very much. Thank you.
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