Events in 2017

Q4

Caverion sold its Krantz business in Germany

Caverion completed the sale of its product business under the Krantz brand in Germany to STEAG Energy Services GmbH. The sale became effective on 31 December 2017.

Code of Conduct e-learning reached 93% completion

A new Code of Conduct e-learning was launched in November, and we had an ambitious target of getting everyone at Caverion completing the training by the end of 2017. By the target date, 93% of us completed the Code of Conduct e-learning.

New plan period for share-based long-term incentive plan

Caverion's Board of Directors approved the commencement of a new plan period for 2018–2020 in the share-based long-term incentive plan for the Group’s senior management.

Caverion updated its guidance for 2017

Caverion estimated that the Group’s revenue will remain at the previous year's level in 2017 (2016: EUR 2,364 million). Caverion estimated that the Group’s EBITDA excluding restructuring costs will grow clearly or significantly compared to last year in 2017 (2016: EUR 15.6 million).

Client satisfaction survey conducted

A group-wide client satisfaction survey collected valuable information for developing our operations and understanding customer retention.

New Strategy “Fit for Growth” and new financial targets until 2020

Caverion launched its new strategy and set new financial targets. The new strategy until 2020 is built around the digitalisation of the industry.

Capital Markets Day was held in Helsinki, Finland

Capital Markets Day was organised in Helsinki on 7 November 2017 and participated by over 50 investors, analysts and media representatives. At the event, more detailed information was provided on Caverion's new strategy, its Must-Wins and how to reach the financial targets of the Group.

Caverion launched IoTFlex, a maintenance service

New digital maintenance service IoTFlex uses smart sensors to measure the actual condition of machines and employs real-time analytics to predict the occurrence of possible faults. The service is offered to industrial clients, at first in Finland.

Caverion became Finland's largest in remote property management

Caverion and Enegia made a partnership agreement on providing energy efficiency services and entered into an asset deal covering remote property management. In the transaction, Enegia's remote management business and the associated personnel were transferred to Caverion Finland on 1 November 2017.

Q3

Caverion Guidelines easily available for employees

Company’s Group level policies and guidelines were gathered, validated and updated, and complemented with a few new necessary guidelines and made them easily available for employees. Together, they describe Caverion's main standards of ethical conduct, corporate governance and ways of working.

Caverion appointed a Managing Director for Caverion Denmark

Michael Højgaard was appointed as the Managing Director of Caverion Denmark as of 1 September 2017.

ServiFlex+ concept for managing technical installations in buildings

Caverion digitalised ServiFlex for better buildings, improved energy performance and optimised costs with the renewed concept. Sales of the new concept started in Sweden, Norway, and Finland.

Two acquisitions in Austria

Caverion acquired parts of the business of Ausserwöger Elektrotechnik, Austrian electrical installation company. Caverion also acquired Weiss Anlagen Technik, Austrian cleanroom technology company.

Caverion renewed major Managed Services contract in Germany

Caverion renewed its Services contract for Munich Uptown building, a skyscraper and an office complex in Munich, Germany.

Q2

Changes in Caverion’s Group Management Board

Sakari Toikkanen was appointed as Head of Division Industrial Solutions of Caverion Corporation as of 21 June 2017. Toikkanen assumes the position until a new permanent head of division is hired. In addition to this interim role, Toikkanen continued as the Head of Strategy, IT and Communications of Caverion Corporation and as a member of the Group Management Board.

Caverion Corporation issued a hybrid bond

Caverion Corporation issued a EUR 100 million hybrid bond.

Golden Helmet 2017 awards

Golden Helmet awards are given in Caverion each year for exceptional work for the company. Winners in four categories were selected based on the 227 nominations received from colleagues throughout Caverion.

Changes in Caverion’s Group Management Board

Minna Schrey-Hyppänen was appointed as Head of Human Resources and a member of the Group Management Board of Caverion Corporation as of 26 June 2017.

Q1

Annual General Meeting

The Annual General Meeting of Caverion Corporation was held on 17 March 2017 in Helsinki, Finland. 393 shareholders were present at the meeting, either in person or represented by proxy. Michael Rosenlew was elected as the Chairman of the Board of Directors, Markus Ehrnrooth as the Vice Chairman and Jussi Aho, Joachim Hallengren, Thomas Hinnerskov, Antti Herlin, Anna Hyvönen and Eva Lindqvist as members of the Board of Directors for a term continuing until the end of the next AGM.

Changes in Caverion’s Group Management Board

Erkki Huusko was appointed as head of Division Industrial Solutions and a member of the Group Management Board of Caverion Corporation as of 19 January 2017.

Guidance for 2017

Caverion estimated that the Group’s revenue will remain at the previous year's level in 2017 (2016: EUR 2,364 million). Caverion estimated that the Group’s EBITDA excluding restructuring costs will more than double in 2017 (2016: EUR 15.6 million).

Changes in Caverion’s Group Management Board and organisation structure

Thomas Hietto was appointed as the head of business unit Services as of 1 July 2017. Jarno Hacklin was appointed as the head of business unit Projects as of 9 January. Ville Tamminen was appointed as the head of Division Finland as of 9 January. Anne Viitala was appointed as the head of new Group function Legal & Governance as of 9 January. The appointed also started as members of the Group Management Board of Caverion Corporation.

Ari Lehtoranta took up the position of President and CEO

Ari Lehtoranta started as the President and CEO of Caverion Corporation 1 January 2017.

Q4

Caverion sold its Krantz business in Germany

Caverion completed the sale of its product business under the Krantz brand in Germany to STEAG Energy Services GmbH. The sale became effective on 31 December 2017.

Code of Conduct e-learning reached 93% completion

A new Code of Conduct e-learning was launched in November, and we had an ambitious target of getting everyone at Caverion completing the training by the end of 2017. By the target date, 93% of us completed the Code of Conduct e-learning.

New plan period for share-based long-term incentive plan

Caverion's Board of Directors approved the commencement of a new plan period for 2018–2020 in the share-based long-term incentive plan for the Group’s senior management.

Caverion updated its guidance for 2017

Caverion estimated that the Group’s revenue will remain at the previous year's level in 2017 (2016: EUR 2,364 million). Caverion estimated that the Group’s EBITDA excluding restructuring costs will grow clearly or significantly compared to last year in 2017 (2016: EUR 15.6 million).

Client satisfaction survey conducted

A group-wide client satisfaction survey collected valuable information for developing our operations and understanding customer retention.

New Strategy “Fit for Growth” and new financial targets until 2020

Caverion launched its new strategy and set new financial targets. The new strategy until 2020 is built around the digitalisation of the industry.

Capital Markets Day was held in Helsinki, Finland

Capital Markets Day was organised in Helsinki on 7 November 2017 and participated by over 50 investors, analysts and media representatives. At the event, more detailed information was provided on Caverion's new strategy, its Must-Wins and how to reach the financial targets of the Group.

Caverion launched IoTFlex, a maintenance service

New digital maintenance service IoTFlex uses smart sensors to measure the actual condition of machines and employs real-time analytics to predict the occurrence of possible faults. The service is offered to industrial clients, at first in Finland.

Caverion became Finland's largest in remote property management

Caverion and Enegia made a partnership agreement on providing energy efficiency services and entered into an asset deal covering remote property management. In the transaction, Enegia's remote management business and the associated personnel were transferred to Caverion Finland on 1 November 2017.

Q3

Caverion Guidelines easily available for employees

Company’s Group level policies and guidelines were gathered, validated and updated, and complemented with a few new necessary guidelines and made them easily available for employees. Together, they describe Caverion's main standards of ethical conduct, corporate governance and ways of working.

Caverion appointed a Managing Director for Caverion Denmark

Michael Højgaard was appointed as the Managing Director of Caverion Denmark as of 1 September 2017.

ServiFlex+ concept for managing technical installations in buildings

Caverion digitalised ServiFlex for better buildings, improved energy performance and optimised costs with the renewed concept. Sales of the new concept started in Sweden, Norway, and Finland.

Two acquisitions in Austria

Caverion acquired parts of the business of Ausserwöger Elektrotechnik, Austrian electrical installation company. Caverion also acquired Weiss Anlagen Technik, Austrian cleanroom technology company.

Caverion renewed major Managed Services contract in Germany

Caverion renewed its Services contract for Munich Uptown building, a skyscraper and an office complex in Munich, Germany.

Q2

Changes in Caverion’s Group Management Board

Sakari Toikkanen was appointed as Head of Division Industrial Solutions of Caverion Corporation as of 21 June 2017. Toikkanen assumes the position until a new permanent head of division is hired. In addition to this interim role, Toikkanen continued as the Head of Strategy, IT and Communications of Caverion Corporation and as a member of the Group Management Board.

Caverion Corporation issued a hybrid bond

Caverion Corporation issued a EUR 100 million hybrid bond.

Golden Helmet 2017 awards

Golden Helmet awards are given in Caverion each year for exceptional work for the company. Winners in four categories were selected based on the 227 nominations received from colleagues throughout Caverion.

Changes in Caverion’s Group Management Board

Minna Schrey-Hyppänen was appointed as Head of Human Resources and a member of the Group Management Board of Caverion Corporation as of 26 June 2017.

Q1

Annual General Meeting

The Annual General Meeting of Caverion Corporation was held on 17 March 2017 in Helsinki, Finland. 393 shareholders were present at the meeting, either in person or represented by proxy. Michael Rosenlew was elected as the Chairman of the Board of Directors, Markus Ehrnrooth as the Vice Chairman and Jussi Aho, Joachim Hallengren, Thomas Hinnerskov, Antti Herlin, Anna Hyvönen and Eva Lindqvist as members of the Board of Directors for a term continuing until the end of the next AGM.

Changes in Caverion’s Group Management Board

Erkki Huusko was appointed as head of Division Industrial Solutions and a member of the Group Management Board of Caverion Corporation as of 19 January 2017.

Guidance for 2017

Caverion estimated that the Group’s revenue will remain at the previous year's level in 2017 (2016: EUR 2,364 million). Caverion estimated that the Group’s EBITDA excluding restructuring costs will more than double in 2017 (2016: EUR 15.6 million).

Changes in Caverion’s Group Management Board and organisation structure

Thomas Hietto was appointed as the head of business unit Services as of 1 July 2017. Jarno Hacklin was appointed as the head of business unit Projects as of 9 January. Ville Tamminen was appointed as the head of Division Finland as of 9 January. Anne Viitala was appointed as the head of new Group function Legal & Governance as of 9 January. The appointed also started as members of the Group Management Board of Caverion Corporation.

Ari Lehtoranta took up the position of President and CEO

Ari Lehtoranta started as the President and CEO of Caverion Corporation 1 January 2017.