CONSTI GROUP PLC CARNEGIE CONSTRUCTION SEMINAR - CEO Esa Korkeela 23 AUGUST 2019
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CONSTI GROUP PLC
CARNEGIE CONSTRUCTION
SEMINAR
CEO Esa Korkeela
23 AUGUST 2019
CONTENTS 1. Q2 2019 in brief 2. Turnaround program 3. Market environment and competitive landscape 4. Appendix 1 23 August 2019 Consti Group Plc / Carnegie Construction Seminar
Highlights of the second quarter of 2019
Net sales grew, EBIT turned positive
EUR EUR EUR
+3.5m -1.5m +0.5m
y-o-y y-o-y y-o-y
NET SALES: EBIT: FREE CASH FLOW:
EUR 81.2m EUR +0.1m EUR +2.7m
EUR EUR No.
+3.6m -59.4m -56
y-o-y y-o-y y-o-y
NET DEBT: ORD. BACKLOG: PERSONNEL:
EUR 22.0m EUR 226.8m 1,097
2 23 August 2019 Consti Group Plc / Carnegie Construction Seminar
Quarterly performance overview
Net sales grew by 10.5%, order intake and order backlog declined year-on-year
QUARTERLY NET SALES (EUR m) QUARTERLY ORDER INTAKE (EUR m) QUARTERLY ORDER BACKLOG (EUR m)
FY’17 NET SALES: FY’18 NET SALES: FY’17 ORD. INTAKE: FY’18 ORD. INTAKE:
EUR 300.2m EUR 315.8m EUR 278.1m EUR 228.5m
286,2
270,1
H1/18: H1/19: H1/18: H1/19:
+10.5% -18.8%
104,9
140.0 154.7 161.4 131.0
250,2
96,8
237,8
227,9
226,8
225,7
225,1
88,7
86,3
212,9
83,0
81,2
198,8
78,9
78,8
77,8
77,8
73,5
73,5
72,7
62,3
59,5
57,4
57,3
39,3
30,7
27,9
Q1/17
Q2/17
Q3/17
Q4/17
Q1/18
Q2/18
Q3/18
Q4/18
Q1/19
Q2/19
Q1/17
Q2/17
Q3/17
Q4/17
Q1/18
Q2/18
Q3/18
Q4/18
Q1/19
Q2/19
Q1/17
Q2/17
Q3/17
Q4/17
Q1/18
Q2/18
Q3/18
Q4/18
Q1/19
Q2/19
3 23 August 2019 Consti Group Plc / Carnegie Construction Seminar
EBIT development
Q2 2019 EBIT turned positive
Quarterly EBIT development Q1/2017 – Q2/2019 (EUR m) Comments
8 8%
■ Q2/19 EBIT amounted to EUR 0.1 (1.7) million, or -
FY 2017 EBIT: FY 2018 EBIT:
EUR -0.4m EUR -2.1m 0.1% (2.1%) of net sales
Quarterly EBIT (EUR million, bar graph)
6 6%
– EBIT improved from previous quarter and turned
Quarterly EBIT margin (line graph)
positive
4 3,4 % 4%
– During the period, profitability development was
2,1 % mostly positive
2 2%
– However, the operating result was still materially
0,5 % 2,7
1,7 0,1 % affected by execution of the remaining performance
-0,8
0 0,3
-0,4
0,1 0% obligations of a building purpose modification
-1,4 project related to a high-value property
-2,6 -0,2 -2,2 -0,5 %
-2
-1,0 %
-2% – Excluding the negative impact of the project in
-1,8 %
-0,3 %
-2,2 % question, April-June EBIT would have improved
-3,0 %
significantly year-on-year
-4 -4%
Q1/17
Q2/17
Q3/17
Q4/17
Q1/18
Q2/18
Q3/18
Q4/18
Q1/19
Q2/19
■ H1/19 EBIT amounted to EUR -0.3 (1.5) million, or -
0.2% (1.0%) of net sales
EBIT (left axis) EBIT margin (right axis)
4 23 August 2019 Consti Group Plc / Carnegie Construction Seminar
Quarterly balance sheet structure
Q2 financial position improved compared to Q1 thanks to positive cash flow in April-June
Quarterly net debt, equity ratio and gearing Q1/2017 – Q2/2019 Comments
30 100% ■ Financial position as per 30 June 2019 improved from
92,0 %
88,9 % previous quarter-end thanks to positive cash flow in Q2
83,6 % 85,2 % 90%
80,5 %
25 ■ In addition to operating profitability, change in NWC plays
80%
69,7 % 3,5
and important role in development of Consti’s cash flow
3,5
70% and therefore also net debt
20
55,0 % 60% ■ NWC was at EUR -7.8m at the end of Q2/2019
49,7 % 48,6 % 47,7 %
15 50% ■ Q2/2019 net debt at EUR 22.0m (18.5m), of which EUR
3.5m is attributable to IFRS 16 related lease liabilities
40%
10 37,2 %
■ Q2/2019 equity ratio at 27.2% (29.3%)
32,9 %
30%
31,9 %
28,6 %
30,9 % 29,3 % 28,3 % 27,7 % 27,2 %
– Adoption of IFRS 16 decreased Q2 2019 equity ratio by
25,4 % 20% 1.0 percentage points
5
10% ■ Q2/2019 gearing at 85.2% (69.7%)
15,0 15,5 13,4 12,1 20,3 18,5 22,5 19,6 20,5 18,5
0 0% – Adoption of IFRS 16 increased Q2 2019 gearing by
Q1/17
Q2/17
Q3/17
Q4/17
Q1/18
Q2/18
Q3/18
Q4/18
Q1/19
Q2/19
13.5 percentage points
■ Excluding IFRS 16, Q2 2019 financial position virtually
Net debt (excl. IFRS 16 impact) IFRS 16 impact on Net debt
comparable to that of Q2 2018
Equity ratio (right axis) Gearing (right axis)
5 23 August 2019 Consti Group Plc / Carnegie Construction Seminar
Maturity distribution of interest-bearing debt (30 June 2019)
No significant bank loan redemptions in 2019-2021. Turnaround plays an important role in
development of financial position
Maturity profile of interest-bearing debt1) as per 30 June 2019 (EUR m) Comments
30 ■ Consti’s gross interest-bearing debt at EUR 23.8 million
(excluding IFRS 16) at the end of Q2 2019
25 0,0 0,0 3,6
1,9 5,4 ■ Virtually all of the interest-bearing debt consist of bank
loans
20 Majority of the ■ Majority of Consti’s bank loans have maturity in 2022, i.e.
amount relates
to revolving 16,9 no significant bank loan redemptions in 2019-2021, which
15 credit facility supports the implementation of the change program and
that can be
rolled over
27,4 actions to improve profitability
23,8
22,0 ■ Of note, however, is that hybrid bond of EUR 3.2m has its
10
1,8 first call date in 2021 (non-call period of 2 years)
1,9 ■ Through high cash conversion rate inherent to Consti’s
5
5,1 business, improvement in profitability would directly
support company’s financial position
0
Consti’s long-term financial target is to achieve cash
Net debt
2019
2020
2021
2022
2023
2024
Cash and cash
(excl. IFRS 16)
Calculated
Lease liabilities
Gross debt (IFRS)
■
interests
equivalents
Gross debt
(IFRS 16)
conversion ratio in excess of 90 percent (Free cash flow
divided by EBITDA)
Maturity profile
1) Both calculated interest payments and repayments of the principal included in maturity profile values
6 23 August 2019 Consti Group Plc / Carnegie Construction SeminarCONTENTS 1. Q2 2019 in brief 2. Turnaround program 3. Market environment and competitive landscape 4. Appendix 7 23 August 2019 Consti Group Plc / Carnegie Construction Seminar
Overview of Consti’s turnaround program and activities
The main focus in 2019 is on implementing the new organisation structure
1 • Group level
• Reorganization of • Chief Legal
changes in
Technical Building Officer
Targeted Service and
Services business area appointed
reorganisations & HR mgmt
new organisation
structure • New customer-oriented organization structure effective as of 18 February 2019
• Reorganization of
• Cost savings expected to materialize in 2019, and to take effect fully from the
Housing repair unit
beginning of 2020 onwards
2 • Improvements in pipeline renovation business sales and tendering process
• Improvements in technical installations business sales and tendering process
Disciplined
tendering process
• Internal project tendering process and risk management developed, internal project approval limits lowered
• Cut out building purpose modification projects which do not meet Consti’s risk / profit targets
3
• Continued implementation of harmonized project management processes
Implementation of
strategic
initiatives (esp. • Implementation of performance management principles on all organisational levels
Profitable and
competitive • Enhanced implementation of strategic initiatives in the new organizational structure
operations) • Implementation of new project management system throughout the Group
H2 H1 H2 H1 H2
2017 2018 2019
8 23 August 2019 Consti Group Plc / Carnegie Construction Seminar1
Consti Group consists of four complementary operating segments
New organisation effective as of 18 February 2019
HOUSING BUILDING
CORPORATIONS 39% PUBLIC SECTOR 28%
COMPANIES TECHNOLOGY
33%
• Renovation services for • Renovation services for • Renovation services for • Building technology
housing companies corporations and the public sector installations and
• Renovation of building investors • Renovation of schools, maintenance
envelopes (facades, • Comprehensive hospitals and other public • Technical installations to
roofs, windows, remodelling and overhaul service buildings non-residential properties
balconies, etc.) projects in residential and • Renovation of public and public buildings
• Pipeline renovations of non-residential properties rental apartment • Service & maintenance
housing companies for corporations and buildings
investors
• Service & maintenance • Service & maintenance
• Service & maintenance
SERVICE BUSINESS
• Wide range of services for HVAC and renovation contracting
• Building facade cleaning and maintenance painting of building exteriors and staircases
• Small-scale building repairs including window repairs, renewal of lobbies, inspection of premises
9 23 August 2019 Consti Group Plc / Carnegie Construction Seminar1
New organisation structure to bring multiple benefits for Consti
TARGETED BENEFITS OF THE NEW ORGANISATION CONSTI’S NEW ORGANISATION STRUCTURE
Enhanced strategy implementation throughout the CONSTI
1 GROUP PLC
Group COMMON
SUPPORT
FUNCTIONS
New organisation drives customer-centric, effective
2 New
and efficient operations CONSTI operating
RENOVATION segments
Enables centralisation of expertise and flexibility in
3
resourcing
HOUSING CORPORA- PUBLIC BUILDING
COMPANIES TIONS SECTOR TECHNOLOGY
Improves risk management and agility of the
4
organisation
Technical
Service
install.
Targeted annual cost savings of EUR ~2m, fully
5
effective as of 2020
10 23 August 2019 Consti Group Plc / Carnegie Construction Seminar1
Implementation of new organisation structure progressing
Q2 2019 UPDATE ON THE PROGRESS IN IMPLEMENTATION CONSTI’S NEW ORGANISATION
■ Implementation work progressing according to CONSTI
plan GROUP PLC
COMMON
SUPPORT
– New business areas have developed their FUNCTIONS
operations in line with expectations New
operating
CONSTI
RENOVATION segments
• Organisation gradually moving closer to
the work sites
HOUSING CORPORA- PUBLIC BUILDING
• Risk management and agility of the COMPANIES TIONS SECTOR TECHNOLOGY
organisation improving
Technical
– As a total, Consti has already been able to install.
Service
realise year-on-year fixed cost benefits during
H1 2019
■ In H2 2019, for instance development of
internal support functions as well as changes in
legal structure to be continued
11 23 August 2019 Consti Group Plc / Carnegie Construction Seminar2
16%
In Consti’s business, the single most important factor determining
profitability is the management of the tail of loss-making projects
Whale curve (illustrative)
25
In project business, there will always be
projects with minor or even negative
contribution to profits
20 One of the most important tasks of line
Accumulated project margin (€m)
management is to identify and cut out
projects that are not suitable for the
company
15
Through successful risk management in
the tendering phase, the impact of
occasional loss-making projects can be
10 covered by other profitable projects
Project size is only one attribute to be
considered - contractual terms, project
delivery method, customer profile, project
5 scope, real estate characteristics, quality
standards, project duration, own
Number of projects under POC from best to worst based on project margin contribution competences etc. are equally important
0
1 51 101 151 201 251 301 351 401 451 501 551 601
12 23 August 2019 Consti Group Plc / Carnegie Construction Seminar2 3
16%
Practical implications for managing the tail of loss-making projects
■ Solid internal project tendering and risk management process:
– Three stages: (1) Tender calculation approval, (2) Bid approval, and (3) Contract approval
– Strict approval limits
– Cut out clear no-go projects
– Identification of technical and commercial risks
– Project management resources in place at the time of tendering
■ Suitable organisation structure for the business:
– Know your customer
– Know your own capabilities and resources
– Centralisation of expertise and flexible resources
■ Harmonised project steering and management:
– Implementation of new project management system
– Continuous monitoring and training
13 23 August 2019 Consti Group Plc / Carnegie Construction Seminar2 3
16%
Implementation of harmonised project steering and management processes
to be continued
1 2 3 4
Tendering Planning and
Construction Finalisation
and negotiation preparation
• Enhanced risk management • Standardised planning and • Standardised process • Finalisation procedures
from the very beginning preparation process throughout the project delivery according to plans conducted
• No more projects in which the • Plays an important role in • Harmonised project reporting in phase 2
project delivery method is not laying foundation for and steering process across • Final financial settlement
balanced with the risks and successful project delivery the line organisation • Warranty-related actions
profit potential
• Post-project analysis
• E.g. no more building
• Customer feedback
purpose modification
projects where these
criteria not met
• Risk assessment in three
stages
1. Tender calculation
approval
2. Bid approval
3. Contract approval
Implementation of Consti’s Must-Do actions across the project phases as well as organisation
14 23 August 2019 Consti Group Plc / Carnegie Construction SeminarCONTENTS 1. Q2 2019 in brief 2. Turnaround program 3. Market environment and competitive landscape 4. Appendix 15 23 August 2019 Consti Group Plc / Carnegie Construction Seminar
Construction confidence still strong in Finland but the recent trend is
downwards, economic sentiment fell below long-term avg. during H1 2019
Economic Sentiment and Construction Confidence / Finland (2007 – 07/2019) Comments
150 ■ Since summer 2015, construction confidence in
Economic Sentiment Indicator Finland has strengthened and remained above
140 the long-term average
Construction Confidence Indicator
ESI and CCI for Finland (Jan 2007 - Jul 2019)
130 ■ However, after achieving its peak in January
2019 the trend in construction confidence has
120 been downwards
110 ■ According to Confederation of Finnish
Construction Industries (CFCI), construction has
100 acted as an engine for the Finnish economic
growth for four consecutive years
90
Long-term ■ In March 2019, economic sentiment indicator fell
80 average below the long-term average for the first time in
2.5 years, indicating potential decline in the
70 Finnish economy going forward
■ CFCI estimates in its April 2019 report that
60
construction is expected to be the first industry in
50 Finland to enter downturn
Sep-08
Aug-11
Sep-13
Aug-16
Sep-18
Feb-09
Feb-14
Feb-19
Jan-07
Jun-07
Jul-09
Jan-12
Jun-12
Oct-10
Jul-14
Jan-17
Jun-17
Oct-15
Jul-19
Apr-08
Apr-13
Apr-18
May-10
May-15
Nov-07
Dec-09
Mar-11
Nov-12
Dec-14
Mar-16
Nov-17
■ According to Statistics Finland, cubic volume of
granted building permits decreased further year-
on-year in March-May 2019 (-28.3%)
Note: Mean-adjusted figures
Source: European Commission, July 2019
16 23 August 2019 Consti Group Plc / Carnegie Construction SeminarStable growth in renovation expected to continue
Finnish new building and renovation market development 2011 – 2021 Comments
EUR b Renovation volume (real) New building volume (real) ■ The amount of professional renovation has grown
nearly continuously for the past 20 years in Finland
30 28,0 28,2 28,0
27,5 27,2 ■ In 2014-15 the value of renovation surpassed the
26,7 26,5 26,7
25,4 15,3 value of new building
16,3 24,7 24,6 14,6 14,8
14,8 13,8 13,1
25 13,5 ■ According to Euroconstruct, the value of building
13,3
12,3 11,8 renovation amounted to approximately EUR 13.0
billion in 2018
CAGR
20 ■ Euroconstruct estimates that renovation will continue
2018-21:
-4.9% to grow by approximately 1.7 percent in 2019. The
Confederation of Finnish Construction Industries RT
15 (CFCI) estimates growth of 1.8 percent
13,4 13,6 ■ In 2019, growth is expected to be seen in both
12,8 13,0 12,9 13,0 13,2
11,9 12,1 12,4 residential (+1.8%) and non-residential (+1.6%)
10 11,7
CAGR renovation
2018-21:
■ According to the Euroconstruct’s June 2019 report,
+1.6%
5 new building is expected to decline by 3.2% in 2019
while the forecast for 2020 shows decline of 6.4%
■ The growth of professional renovation is expected to
0 gain some speed as the new building starts to slow
2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019F 2020F 2021O down going forward
Source: Euroconstruct, June 2019
Confederation of Finnish Construction Industries RT (CFCI), April 2019
17 23 August 2019 Consti Group Plc / Carnegie Construction SeminarThe whole construction sector value chain lately under pressure, but the
expected decline in Finnish new building likely to bring relief
Current challenges in availability of professionals
are not limited to contractors
As a result, inefficiencies throughout the whole
construction value chain
Designers Consultants
Direct impact on projects’ schedules and costs
Materials,
Sub- Owner /
products Main
Distributors contractors developer / End users
and systems contractor
/ installers investor
suppliers
18 23 August 2019 Consti Group Plc / Carnegie Construction SeminarRenovation market supported by a number of key structural growth drivers
Ageing building stock the single most important growth driver
Ageing building stock Energy efficiency
Million
m2 Finnish building stock by construction year
Buildings achieve age of 50 years (approx):
100 Urbanisation and concentration of
89,4 ~2045
90
~2019 ~2025-2035 renovation in growth centers
83,3
80
70 36,1 63,4
29,7
58,7
60
52,1 51,5
Modifications of the use of buildings
48,8
50 25,8
22,5
15,9 19,3
40 19,5
30
19,7 53,6 53,3 Increased need for building technology
19,0
20
6,7 36,2 36,1 37,5 and automation
7,4 32,2 29,3
10 2,5
11,6 13,0 1,9
0 0,6
-1920 1921 - 1940 - 1960 - 1970 - 1980 - 1990 - 2000 - 2010 - Others
1939 1959 1969 1979 1989 1999 2009 2018
Construction year
Source: Statistics Finland, May 2019
19 23 August 2019 Consti Group Plc / Carnegie Construction SeminarFinnish renovation market highly fragmented
Consti continued to be the largest player in Finnish renovation in 2018
Operators in the Finnish renovation market (based on revenue in 2018) Overall renovation market (excl. households)
300 8
~7.4 BEUR
250 7
EUR 145b EUR 130b EUR 45b EUR 40b
> 200 MEUR, n=2 6
200
Renovation sales, MEUR (2018)
5
150
83 % < 40 MEUR sales
4
> 100 MEUR, n=4
100
> 80 MEUR, n=8
3
50 > 40 MEUR, n=11
2
EUR 20b
0 2% Top 9-11 players
1 5%
Fira
YIT
Are*
Lujatalo
Skanska
NCC
Caverion*
Peab
Consti
Quattro Mikenti*
Lehto Group
Top 5-8 players
3% Top 3-4 players
EUR 45b EUR 45b 7% Top 2 players
0
Total market breakdown
(2018 renovation excl. households, BEUR)
Source: Rakennuslehti, Asiakastieto, Consti analysis
* Technical building services specialists estimated on the basis of assumed business mix: 25 % renovation / 25% new building / 50% technical maintenance & facility management
20 23 August 2019 Consti Group Plc / Carnegie Construction SeminarOutlook and guidance for 2019
The economic cycle in construction continues to be on a high level
Still challenges in availability of certain sub-contractors
However, recent statistics on the building permits and starts
suggest that construction is likely to slow down after a long
upswing as the economic growth starts to wane
The potential decrease in the new building volume is likely to have
a two-fold impact on Consti:
1) As the pressure in the whole construction value chain eases
up, the availability and quality of resources improve
contribution to profitability improvement
2) Competition slightly to increase especially in large renovation
projects
In 2019, renovation expected to grow by 1.8% (CFCI) / 1.7%
(Euroconstruct)
The Group’s guidance for 2019 remains unchanged: “The
Company estimates that its operating result for 2019 will grow
compared to 2018.”
21 23 August 2019 Consti Group Plc / Carnegie Construction SeminarCONTENTS 1. Q2 2019 in brief 2. Turnaround program 3. Market environment and competitive landscape 4. Appendix 22 23 August 2019 Consti Group Plc / Carnegie Construction Seminar
Consti is one of the leading renovation and technical services providers in
Finland
Net sales development since the foundation year 2008 (EUR m) Consti in brief
• Consti is one of Finland’s leading companies
offering comprehensive building technology,
pipeline renovation, renovation contracting,
façade renovation and other demanding
construction and maintenance services
• Company’s business is strongly concentrated in
Finland’s growth centres
• At the end of 2018, Consti employed 1,046
renovation and building technology
professionals
300 316
256 262
216
172
135 141 142 Oulu
83
18
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Tampere
Hämeenlinna
FAS IFRS
Turku
Lahti
Large acquisitions Inte-
Organic growth Listed company
gration
Helsinki
23 23 August 2019 Consti Group Plc / Carnegie Construction SeminarConsti Group’s sales and order backlog overview – Diverse business and
customer mix with strong focus on growth centres
BUSINESS SEGMENTS1 GEOGRAPHICAL LOCATIONS CUSTOMER GROUPS
2018 10% 2018 2018
17%
2017
13%
10% 2017 15% 2017 27%
33%
40% 11% 32%
37%
Net sales 37% 17%
EUR 316m (300m)
78% 33%
26% 35%
77% 23%
28% Share of Service:
13 % (16 %)
Technical Business Services Helsinki & Uusimaa Housing companies
Renovation Contracting Tampere & Pirkanmaa Public sector
Building Facades Others Real estate investors
Corporations
2018
2017 25%
33%
32%
Order backlog 41%
EUR 225m (226m)
35%
34%
Technical Building Services
Renovation Contracting
1 Business segments split excluding eliminations Building Facades
24 23 August 2019 Consti Group Plc / Carnegie Construction SeminarDiverse customer and project mix protects against market fluctuations and
dependency on single customer
Net sales by customer groups in 2018 Selected recent and ongoing reference projects
Oy Ässäkeskus Ab and KOy
Scandic Hotel Marski, Helsinki Espoonlahden kirkko, Espoo
Vallilan toimisto, Helsinki
Individual housing ■ Complete renovation ■ Oy Ässäkeskus Ab’s ■ Extensive renovation
corporations and their of the hotel property facility modifications including ia.
property managers and renewal of and repairs to technical Moderatisation of all
technical building building services facilities, renovation of
Corporations services systems systems old church roof and its
Housing
17%
companies ■ Renovation ■ KOy Vallila premises supporting structures
27% Contracting complete renovation of ■ Renovation
■ Technical Building three buildings Contracting
Real estate Services ■ Renovation Contracting
investors
33% Public sector
KOy Helsingin Satamakatu 3, HOAS Linnoituksentie 10, Bostads Ab Parkgatan 9,
23%
Helsinki Helsinki Helsinki
■ Modifications of old ■ Renovating the ■ Renewal of facades,
office building into bathroom, kitchen sheet metal roof and
rental apartment use and floors using copper details
■ Building Facades Consti’s amenity ■ Building Facades
■ Technical Building renovation concept
Services ■ Renovation
Contracting
Only one customer’s net sales slightly exceeded 10% of
the total annual sales
25 23 August 2019 Consti Group Plc / Carnegie Construction SeminarConsti Group’s project overview – Dispersed project base with a relatively
small median project size
Diversified project base and a fairly small median project size Project types: payment basis / performance obligation
Median project size (lhs) # of projects (rhs) Fixed price Target price Cost + fee
895 (incl. ceiling) (incl. unit price)
350 kEUR 874 1 000
806
300 670 700 800
250 • Main With design responsibility
200 600 contract
€222k
€216k
• Sub- or With design steering responsibility
€191k
150
€183k
€181k
400 partial
100 contract Without design responsibility
200
50
0 0
2014 2015 2016 2017 2018
Project size distribution (# of projects) Comments
Project value > €1m Project value €150k - €1m Project value < €150k ■ In 2018, the company had 874 projects1) with a median project size of
2018 21,3 % 33,4 % 45,3 % EUR 191 thousand
■ Large projects typically realise in net sales over several years
2017 20,6 % 33,4 % 46,0 %
■ 79% of the projects in progress in 2018 were valued at EUR 1 million
2016 20,7 % 32,8 % 46,5 % or below
2015 22,3 % 33,3 % 44,4 % ■ However, approximately 70% of 2018 revenue was generated from
projects valued in excess of EUR 1 million
2014 20,0 % 39,0 % 41,0 %
0% 20 % 40 % 60 % 80 % 100 %
1) Number of projects based on management accounts. Project is qualified if it is accounted for according to the POC method and had realized revenue during the financial year. Total number of work tasks performed is larger (including non-POC)
26 23 August 2019 Consti Group Plc / Carnegie Construction Seminar27 March 2019 Debt Investor Presentation
CONSTI GROUP PLC
23 AUGUST 2019
THANK
YOU
CONSTI GROUP PLC
HOPEATIE 2
FI-00440, HELSINKI
BUSINESS ID 2203605-05
WWW.CONSTI.FI
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