Correction, attachment added: SRV Group Plc provides adjusted financial information for 2018 in accordance with the new segment reporting structure
SRV GROUP PLC STOCK EXCHANGE RELEASE 23 APRIL 2019 14.35 EET
Correction, attachment added: SRV Group Plc provides adjusted financial information for 2018 in accordance with the new segment reporting structure
SRV Group Plc provides adjusted financial information for 2018 in accordance with the new segment reporting structure. Financial information on an unaudited basis is published for all four quarters of 2018 separately, as well as for full year 2018.
As of 1 January 2019, SRV will report on two business areas: Construction and Investments. The new reporting segments are perceived in the financial reporting as of Q1 interim report.
SRV’s financial reporting for 2018 has been adjusted to reflect the new segment reporting structure. The adjusted comparison figures are revenue, operative operating profit, operating profit, operating profit %, capital employed, return on investment (ROI), return on investment % (ROI %), inventories, assets and non-interest bearing liabilities. Operating profit % is not published for Investments. The amount of the order backlog, which is entirely stated to the Construction segment, is also presented as adjusted comparative information. The adjusted figures are presented in separate PDF file attached to this release. Adjustment of segment reporting does not affect the Group's profit figures.
Basis of preparation
The Construction business area includes housing construction, business construction, technical departments and procurement. The invested capital of the business area includes the capital required for residential and commercial production with plots. All plots in Finland and Estonia and Papula’s plots in Russia are included in the Construction segment’s invested capital. The income expectation of these plots is mainly generated by construction.
The Investments business area includes SRV's holdings in the Tampere Deck project, the REDI shopping centre in Finland and Pearl Plaza, Okhta Mall and 4Daily shopping centres in Russia and smaller holdings in office and logistics sites in St. Petersburg and Moscow. In addition, the segment includes plots in Russia whose income expectation is generated through longer-term development and ownership. In addition to ownership, the operation of shopping centres is included in the Investments business area.
Other functions and eliminations in the new structure include, in addition to segment eliminations, the following activities: project development, finance, HR, legal affairs, communications and marketing, and business development.
For further information, please contact:
Ilkka Pitkänen, CFO, Tel. +358 40 667 0906, ilkka.pitkanen@srv.fi
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SRV in brief
SRV is a bold developer and innovator in the construction industry. We want to offer the best customer experience as a constructor of urban city centres, while also being the most attractive employer in the industry. Our genuine cooperation and enthusiasm for our work comes across in every encounter. Sustainability is reflected in all our activities.
Established in 1987, we are a publicly listed company since 2007 in Helsinki Nasdaq stock exchange that operates in selected growth centres in Finland and Russia. Our revenue in 2018 was EUR 960 million. Over 1,000 people work for us and we employ a network of almost 4,000 subcontractors in our projects.
SRV - Building for life