Assemblin Caverion Group announces the offering of €800 million in aggregate principal amount of notes and discloses certain additional financial information
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In order to read the full press release about the offering, please download it via the English news flow at the assemblin.com web page (or in the Swedish news flow at the assemblin.se web page).
Assemblin Caverion Group AB (publ) has also today announced certain operating data and Non-IFRS financial information, as set out below.
Caverion Combination Synergies
Within the first 100 days following the Caverion Combination, it is expected that SEK 180 million in synergies will be secured, comprising SG&A savings through overhead reductions such as reductions in managerial and administrative overlap, both on a Group and divisional level. As of April 30, 2024, 57% of these have already been actioned.
Adjusted Free Cash Flow and Cash Conversion
The following is a calculation of Assemblin Adjusted Free Cash Flow and Assemblin Cash Conversion for the periods presented:
| Assemblin Financing Group | Assemblin Group | Assemblin Financing Group | Assemblin Group | ||||||||||||||||||||
| Year ended December 31, | Four-month period ended May 2, | Eight-month period ended December 31, | 2023 Aggregated Total(non-IFRS) | Three months ended March 31, | Aggregated LTM Total(non-IFRS) | ||||||||||||||||||
| 2021 | 2022 | 2023 | Total | 2023 | 2024 | Total | |||||||||||||||||
| (SEK millions) | |||||||||||||||||||||||
| Assemblin Adjusted EBITDA........................... | 980 | 1,184 | 408 | 934 | 1,343 | 307 | 323 | 1,359 | |||||||||||||||
| Non-lease tangible net capital expenditures......... | (11 | ) | (16 | ) | (9 | ) | (6 | ) | (15 | ) | (6 | ) | (4 | ) | (14 | ) | |||||||
| Finance lease repayments (excluding interest)........................... | (202 | ) | (221 | ) | (78 | ) | (177 | ) | (255 | ) | (58 | ) | (69 | ) | (266 | ) | |||||||
| Change in Assemblin Net Working Capital............... | 85 | (215 | ) | (12 | ) | 13 | 1 | 68 | 229 | 162 | |||||||||||||
| Assemblin Adjusted Free Cash Flow.............. | 853 | 728 | 309 | 764 | 1,073 | 311 | 479 | 1,241 | |||||||||||||||
| Assemblin Adjusted EBITA.............................. | 758 | 940 | 320 | 738 | 1,059 | 241 | 248 | 1,066 | |||||||||||||||
| Assemblin Cash Conversion (%).............. | 112 | % | 78 | % | 96 | % | 104 | % | 101 | % | 129 | % | 193 | % | 116 | % | |||||||
For further information, contact:
Philip Carlsson, CFO Assemblin Caverion Group, philip.carlsson@assemblin.se, +46 10 475 39 50
Åsvor Brynnel, EVP and Head of Communications, HR and Sustainability, Assemblin Caverion Group, asvor.brynnel@assemblin.se, +46 10 475 39 48
About Assemblin Caverion Group
Assemblin Caverion Group is a leading northern European technical service and installation company. The Group employs approximately 22,000 skilled professionals in 10 countries, sharing the passion for smart and sustainable solutions. We deliver installations, technical services and solutions along the full lifecycle of the built environment to support our customers and their increasing demand for energy efficiency, sustainability, and automation for buildings, infrastructure and industrial sites. Assemblin Caverion Group was formed in April 2024 through the combination of Assemblin Group and Caverion Corporation. Our combined revenue amounts to approximately EUR 3.8 billion.
www.assemblincaverion.com
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