Consti
Overview
Financial overview
Equity research
Consti’s Q2 results beat our estimates for both net sales and EBIT. The company showed resilience in a tough market as the Building Technology and Public Sector business areas delivered even stronger growth than expected. Despite positive results for Q2, the market continues to be challenging for the rest of the year.
Consti's net sales in Q2 amounted to EUR 82.9m, above our estimates (Evli est. EUR 75.9m.), with growth of 9.4% y/y. EBIT amounted to EUR 3.0m, also above our estimates (Evli est. EUR 2.5m).
Consti reports its Q2 results on Friday 19th of July. Our main interest on the report lies on the order intake, which has traditionally been the strongest during the second quarter. Market conditions remain challenging while the backlog is still on a healthy level for FY 2024.
Consti’s backlog for 2024 coupled with a robust balance sheet protects it from short-term market turbulence while the long-term case backed by fundamental market trends remains intact. We retain BUY-rating with a TP of EUR 12.0.
Consti’s Q1 net sales beat our estimates slightly while operative profitability missed by only a small margin. Order intake was on the softer side, yet backlog remains robust.
Consti's net sales in Q1 amounted to EUR 65.5m, only slightly higher than our estimate (Evli est. EUR 64.5m.), with decline of 4.9% y/y. EBIT amounted to EUR 0.2m, weaker than our estimates (Evli est. EUR 0.5m).
Consti reports its Q1/24 results on 25th of April. We expect continued sales decline during the seasonally slow Q1 as a result of the strong comparison period Q1/23 and lower order intake during H2/23.
Consti’s Q4 figures missed our estimates mainly due to lower volumes than expected. The company expects EBIT of EUR 9-12m for 2024, the range is rather conservative in our view and reflects the low visibility to market development.
Consti's net sales in Q4 amounted to EUR 86.1m, below our estimates (Evli est. EUR 96.1m.), with decline of 7.7% y/y. EBIT amounted to EUR 3.9m, also weaker than our estimates (Evli est. EUR 4.8m).
Consti reports its Q4 figures on 2nd of February. We expect a solid finish to the year despite continued salary inflation as we expect slight net sales growth for the quarter.
Annual financials
Quarterly financials
Assets
Equity and liabilities
Cashflow
Environment
Social
Governance
Annual and sustainability reports
- Annual report 2022
- Corporate Social Responsibility report 2021
- Annual report 2021
- Annual report 2020
Company news
CONSTI PLC STOCK EXCHANGE RELEASE 14 AUGUST 2024 at 3.30 p.m.
Change in Consti Group’s Management Team: Pirkka Lähteinen appointed as Business Area Director of Corporations; Jukka Mäkinen will retire
Pirkka Lähteinen (born 1977, B.Eng.), has been appointed as Business Area Director of Corporations. Lähteinen has worked as Regional Director of Corporations since 2019, and as a member of Consti Group’s Management Team since 2009.
Pirkka Lähteinen will assume his position on 1 September 2024 and he will report to Esa Korkeela, CEO of Consti Group.
Jukka Mäkinen, the acting Business Area Director of Corporations, has announced his retirement by the end of November 2024. Mäkinen's membership in Consti Group's Management Team will end on 31 August 2024, after which he will act as an advisor at Consti until his retirement.
”I would like to warmly thank Jukka for his more than 10-year career at Consti and all the work done for our company,” says CEO Esa Korkeela.
The CVs and photos of Consti Group’s Management team are available on Consti’s Investor site at: http://investor.consti.fi/en/corporate-governance/ceo-and-management-team/management-team
CONSTI PLC
Additional information
Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568
Distribution:
Nasdaq Helsinki Ltd.
Major media
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
CONSTI PLC STOCK EXCHANGE RELEASE 6 AUGUST 2024, at 4.30 p.m.
Consti Plc: Notice pursuant to the Finnish Securities Market Act, Chapter 9, Section 10
Consti Plc ("Consti") has received an announcement from Risto Kivi ("Kivi") on 6 August 2024, in accordance with the Finnish Securities Market Act Chapter 9, Section 5.
According to the announcement, the number of Consti shares and votes owned by Kivi increased above five (5) per cent of the share capital of Consti on 1 July 2024.
Total position of Kivi subject to the notification:
| % of shares and voting rights | % of shares and voting rights through financial instruments | % of total | Total number of shares and voting rights of issuer |
Resulting situation on the date on which the threshold was crossed or reached | 5.04 % |
| 5.04 % | 8,010,736 |
Position of previous notification (if applicable) | - |
| - |
|
Notified details of the resulting situation on the date on which the threshold was reached:
A: shares and voting rights
Class / type of shares | Number of shares and voting rights | % of shares and voting rights | ||
Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | |
FI4000178256 | 403,854 |
| 5.04 % |
|
SUBTOTAL A | 403,854 |
| 5.04 % |
|
CONSTI PLC
Further information:
Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619
Distribution:
Nasdaq Helsinki Ltd.
Major media
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
CONSTI PLC STOCK EXCHANGE RELEASE 29 JULY 2024 at 9.45 a.m.
Subscription of Shares with Stock Options 2020
Between 8 June 2024 and 30 June 2024, a total of 5,831 Consti Ltd new shares have been subscribed for with the company's stock options 2020. The subscription price, a total of EUR 27,988.80, has been booked in the invested non-restricted equity.
The subscribed new shares have been registered with the Trade Register on July 29, 2024. After the registrations, the total number of shares in the Company is now 8,016,567 shares.
The new shares will be available for public trading on the main list of Nasdaq Helsinki Ltd together with the old shares approximately as of July 30, 2024.
The share subscription period for with stock options 2020 has ended on 30 June, 2024.
Additional information on the stock option programs is available in the Company’s website, www.consti.fi.
CONSTI PLC
Further information:
Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568
Distribution:
Nasdaq Helsinki Ltd.
Major media
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
CONSTI PLC HALF-YEAR FINANCIAL REPORT 19 JULY 2024, at 8.30 a.m.
Consti Plc Half-Year Financial Report for January – June 2024
NET SALES GREW, OPERATING RESULT AT PAR WITH PREVIOUS YEAR
4–6/2024 highlights (comparison figures in parenthesis 4–6/2023):
- Net sales EUR 82.9 (75.7) million; growth 9.4%
- EBITDA EUR 4.0 (3.9) million and EBITDA margin 4.8% (5.1%)
- Operating result (EBIT) EUR 3.0 (3.0) million and EBIT margin 3.6% (4.0%)
- Order backlog EUR 261.2 (297.9) million; change -12.3 %
- Order intake EUR 90.8 (106.5) million; change -14.8%
- Free cash flow EUR 1.2 (4.1) million
- Earnings per share EUR 0.27 (0.29)
1–6/2024 highlights (comparison figures in parenthesis 1–6/2023):
- Net sales EUR 148.4 (144.7) million; growth 2.6%
- EBITDA EUR 5.3 (5.3) million and EBITDA margin 3.6% (3.7%)
- Operating result (EBIT) EUR 3.2 (3.7) million and EBIT margin 2.2% (2.5%)
- Order intake EUR 127.1 (165.2) million; change -23.1%
- Free cash flow EUR 0.7 (3.1) million
- Earnings per share EUR 0.27 (0.33)
Guidance on the Group outlook for 2024:
Consti estimates that its operating result for 2024 will be in the range of EUR 9–12 million.
KEY FIGURES (EUR 1,000) | 4-6/ | 4-6/ | Change % | 1-6/ | 1-6/ | Change % | 1-12/ |
Net sales | 82,853 | 75,747 | 9.4 % | 148,379 | 144,675 | 2.6 % | 320,607 |
EBITDA | 3,998 | 3,871 | 3.3 % | 5,282 | 5,344 | -1.2 % | 15,940 |
EBITDA margin, % | 4.8 % | 5.1 % |
| 3.6 % | 3.7 % |
| 5.0 % |
Operating result (EBIT) | 2,994 | 3,020 | -0.9 % | 3,209 | 3,677 | -12.7 % | 12,345 |
Operating result (EBIT) margin, % | 3.6 % | 4.0 % |
| 2.2 % | 2.5 % |
| 3.9 % |
Profit/loss for the period | 2,141 | 2,204 | -2.9 % | 2,106 | 2,508 | -16.1 % | 9,014 |
Order backlog |
|
|
| 261,224 | 297,870 | -12.3 % | 270,021 |
Free cash flow | 1,210 | 4,095 | -70.5 % | 693 | 3,125 | -77.8 % | 13,104 |
Cash conversion, % | 30.3 % | 105.8 % |
| 13.1 % | 58.5 % |
| 82.2 % |
Net interest-bearing debt |
|
|
| 3,901 | 6,949 | -43.9 % | -934 |
Gearing, % |
|
|
| 9.6 % | 20.6 % |
| -2.3 % |
Return on investment, ROI % |
|
|
| 21.9 % | 20.9 % |
| 20.8 % |
Number of personnel at period end |
|
|
| 1,087 | 1,052 | 3.3 % | 1,008 |
Earnings per share, undiluted (EUR) | 0.27 | 0.29 | -6.9 % | 0.27 | 0.33 | -18.2 % | 1.17 |
CEO Esa Korkeela’s comment
“Consti's solid performance continued in the second quarter. Our second-quarter net sales increased by 9.4 percent and were EUR 82.9 (75.7) million. Our net sales grew strongly in the Public Sector and Building Technology business areas but contracted in the Housing Companies business area. Net sales for our Corporations business area remained almost at the same level with the previous year.
Our operating result for April–June was EUR 3.0 (3.0) million, representing 3.6 (4.0) percent of net sales. Operationally, the second quarter of the year proceeded in line with our expectations, with projects progressing predominantly as planned. Profitability remained stable compared to the corresponding period. Our relative profitability in the second quarter was mainly affected by changes in the relative net sales shares of business areas in comparison with the reference period, and also partly by allocation of resources in tendering and negotiation activities to secure our order backlog. Our balance sheet and liquidity position at the end of the review period remained at a good level.
During April-June, our order intake amounted to EUR 90.8 (106.5) million, which means a decrease of 14.8 percent relative to the strong benchmark period. In April-June, we continued our active but disciplined tendering activities. Although the tightened competition and weakened demand affected our order intake, we are satisfied with the total amount and quality of orders received. The distribution of orders between business areas and units was not optimally realised during the review period. The majority of our order intake in the second quarter consists of several smaller projects. Our order backlog at the end of the review period decreased by 12.3 percent year-on-year and was EUR 261.2 (297.9) million.
We published our updated strategy in February 2024. The implementation of our updated strategy is now underway, and our work to deploy the strategy is progressing by business area according to our plans. During the review period, we continued our long-term investments in the growth of our Building Technology business area and achieved growth of 58.7 percent compared to the corresponding period. Our operational efficiency improvement initiatives focused on ensuring the performance of our business in the prevailing operating environment, with an emphasis on, among other things, tendering and improving the efficiency of our production, as well as achieving a more consistent performance level of our project deliveries.
Based on our current market outlook, we expect demand for renovation and building technology services to weaken in 2024. According to forecasts, renovation is expected to contract by about 0.4 percent in 2024. The strong weakening of demand for new construction has clearly increased competition for renovation projects and building technology contracts.
In the first half of 2024, the readiness of housing companies and the public sector for renovation investments has remained at a reasonable level in our operating areas, but private real estate investment companies have been cautious about launching new construction projects. However, we believe that the prevailing market conditions favour a versatile construction and building technology expert like Consti, which has a strong financial position and the ability to deliver diverse projects ranging from small service contracts to extensive construction projects.
The demand outlook for construction is weakened by persistently high construction costs, rapidly increased interest rates and tighter availability of financing, and we do not anticipate significant improvement during the third quarter of the year. Supported by a healthy order backlog, we aim to continue delivering solid results and focus on implementing our updated strategy.”
Operating environment
Construction market 2024–2025
Construction market research institute Euroconstruct estimated in its June 2024 report that the volume for Building construction output will decline by 6.4% in 2024. According to Euroconstruct's forecast, the new construction volume is estimated to decline by around 12.5 percent and the renovation volume by 0.4 percent in 2024.
For the year 2025, Euroconstruct predicts that renovation volumes will increase by 0.5 percent. The report estimates that there is potential for even higher growth due to the needs-based nature of renovation, as factors that slow down demand ease.
The renovation market in general
The demand for renovation has been steady in Finland for a long time, and the market value of renovation is almost the same as that of new construction. In 2023, the value of residential building renovation remained on level with the previous year, i.e. around EUR 9 billion. The value of other renovation was still around EUR 6 billion.
Nearly two-thirds of renovation involve residential properties, with over half of them being professional renovation. In residential renovation, there is a notable emphasis on building technology, constituting around 40 percent of the total value of renovation.
The renovation market encompasses not only technical repairs related to building age but also significant building purpose modifications, for example, converting old, underutilised office properties into hotels or apartments, or improving usability by renewing layouts.
Approximately one-fifth of all renovation is maintenance and upkeep, with a higher-than-average share in non-residential properties.
In needs-based renovation, facade repairs and pipeline renovation are the largest projects for residential buildings. The number and value of pipeline renovation have been growing faster than other renovation for a long time, and this growth is expected to continue for a few more years. The growth is sustained by the large number of residential buildings that have reached the age when pipeline renovation are required. For a long time, apartment buildings built in the 1960s had the most building technology renovation. Now, properties built in the 1970s, which have the largest number of dwellings in terms of floor area, and partly properties from the 1980s, which are the most numerous due to e.g., the large number of terraced house construction, have reached renovation age. In addition to addressing technical repair needs, building technology enhancements improve living comfort.
Together with pipeline renovation, the increase in heating costs and the green transition contribute to growth in the building technology market. While energy efficiency has so far been primarily addressed alongside other renovation, the rising cost of energy and carbon neutrality goals have increased interest in separate energy renovation.
Besides building technology renovation, many housing companies have a growing need for facade renovation, which have often been neglected due to financial reasons in favour of pipeline renovation. Climate change significantly increases the demand for facade renovation and related maintenance services. The importance of roofs, eaves, cladding, and intact facades grows as winters become wetter, slanting rainfall increases and extreme weather phenomena intensify. The need for facade renovation is also heightened by the large number of residential buildings from the 1970s and 1980s reaching the renovation age.
In addition to renovation related to building technology and environmental goals, the need for renovation in commercial and office premises is increased by changes in space needs.
The need for renovation is sustained by both the aging building stock and global megatrends such as urbanisation, an aging population, changes in working habits and retail, and sustainability goals. Renovation play a crucial role in reducing the carbon footprint of the built environment, as the number of new buildings increases by only about one percent annually.
In Finland, both new construction and renovation are still strongly concentrated in growth centres.
Outlook for 2024
In 2024, the Building construction output in Finland is estimated to decrease by approximately 6.4 percent from the previous year. New construction is predicted to decline by approximately 12.5 percent and renovation by 0.4 percent in 2024.
Consti anticipates a decline in demand for renovation and building technology services in 2024. The significant weakening in demand for new construction has notably intensified competition for renovation projects and building technology contracts. In the first half of 2024, the readiness of housing companies and the public sector for renovation investments has remained at a reasonable level in Consti’s operating areas, but private real estate investment companies have been cautious about initiating new construction projects.
The demand outlook for construction is weakened by persistently high construction costs, rapidly increased interest rates and tighter availability of financing, and Consti does not anticipate significant improvement during the third quarter of the year.
Despite the market conditions, Consti aims to continue its solid performance supported by a healthy order backlog in 2024.
Consti estimates that its operating result for 2024 will be in the range of EUR 9–12 million.
Press conference
Microsoft Teams meeting for analysts, portfolio managers and media representatives, will take place 19 July 2024, at 10:00 a.m. (EET). The meeting will be hosted by CEO Esa Korkeela and CFO Anders Löfman.
Analysts, portfolio managers and media representatives are kindly requested to register for the meeting no later than Thursday 18 July 2024 at 12.00 p.m. by sending an email to IR@consti.fi. A link to the meeting will be sent to registered participants during the afternoon of Thursday 18 July 2024.
Financial communication in 2024
Consti Plc shall publish one more interim report during 2024:
- Interim report 1–9/2024 published 25 October 2024
CONSTI PLC
Further information:
Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568
Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619
Distribution:
Nasdaq Helsinki Ltd.
Major media
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
Attachments
CONSTI PLC INVESTOR NEWS 10 JULY 2024, at 2:30 p.m.
Consti Plc's Half Year Financial Report for January-June 2024 to be published on 19 July 2024 at 8:30 a.m.
Consti Plc's Half Year Financial Report for January-June 2024 will be published on Friday 19 July 2024 at 8:30 a.m. Finnish time (EET). The report will be available on the company's investor site at https://investor.consti.fi/en after publishing.
Microsoft Teams meeting for analysts, portfolio managers and media representatives will take place on the same day, 19 July 2024, at 10:00 a.m. (EET). The meeting will be hosted by CEO Esa Korkeela and CFO Anders Löfman.
Analysts, portfolio managers and media representatives are kindly requested to register for the meeting no later than Thursday 18 July 2024 at 12.00 noon by sending an email to IR@consti.fi. A link to the meeting will be sent to registered participants during the afternoon of Thursday 18 July 2024.
The presentation material (in English) will be published on the company's investor site after the presentation.
CONSTI PLC
Further information:
Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568
Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619
Distribution:
Nasdaq Helsinki Ltd.
Major media
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
CONSTI PLC STOCK EXCHANGE RELEASE 1 JULY 2024 at 9.45 a.m.
Subscription of Shares with Stock Options 2020
Between 21 February 2024 and 7 June 2024, a total of 31,897 Consti Plc (“Company”) new shares have been subscribed for with the company's stock options 2020. The subscription price, a total of EUR 153,105.60, has been recognised in the invested non-restricted equity.
The subscribed new shares have been registered with the Trade Register on 1 July 2024. After the registrations, the total number of shares in the Company is now 8,010,736 shares.
The new shares will be available for public trading on the main list of Nasdaq Helsinki Ltd together with the old shares approximately as of 2 July 2024.
Additional information on the stock option programs is available on the Company’s investor site, https://investor.consti.fi/en.
CONSTI PLC
Further information:
Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568
Distribution:
Nasdaq Helsinki Ltd.
Major media
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
CONSTI PLC MANAGERS’ TRANSACTIONS 19 JUNE 2024, at 10.00 a.m.
Consti Oyj - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Risto Kivi
Position: Other senior manager
Issuer: Consti Oyj
LEI: 743700JMXCC11CRJCS71
Notification type: INITIAL NOTIFICATION
Reference number: 66675/4/4
____________________________________________
Transaction date: 2024-06-18
Outside a trading venue
Instrument type: SHARE
ISIN: FI4000178256
Nature of transaction: SUBSCRIPTION
(X) Linked to stock option programme
Transaction details
(1): Volume: 11500 Unit price: 4.8 EUR
Aggregated transactions (1):
Volume: 11500 Volume weighted average price: 4.8 EUR
CONSTI PLC
Further information:
Joni Sorsanen, CFO, Consti Plc, Tel. +358 50 443 3045
Distribution:
Nasdaq Helsinki Ltd.
Major media
www.consti.fi
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
CONSTI PLC MANAGERS’ TRANSACTIONS 24 MAY 2024, at 2.30 p.m.
Consti Plc - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Heikki Untamala
Position: Other senior manager
Issuer: Consti Plc
LEI: 743700JMXCC11CRJCS71
Notification type: INITIAL NOTIFICATION
Reference number: 64033/4/4
____________________________________________
Transaction date: 2024-05-22
Outside a trading venue
Instrument type: FINANCIAL INSTRUMENT LINKED TO A SHARE OR A DEBT INSTRUMENT
Name of the instrument: Consti Plc stock options 2020
Nature of transaction: DISPOSAL
(X) Linked to stock option programme
Transaction details
(1): Volume: 2719 Unit price: 4.615 EUR
Aggregated transactions (1):
Volume: 2719 Volume weighted average price: 4.615 EUR
CONSTI PLC
Further information:
Joni Sorsanen, CFO, Consti Plc, Tel. +358 50 443 3045
Distribution:
Nasdaq Helsinki Ltd.
Major media
www.consti.fi
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
CONSTI PLC MANAGERS’ TRANSACTIONS 24 MAY 2024, at 2.30 p.m.
Consti Plc - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Jukka Mäkinen
Position: Other senior manager
Issuer: Consti Plc
LEI: 743700JMXCC11CRJCS71
Notification type: INITIAL NOTIFICATION
Reference number: 64023/5/4
____________________________________________
Transaction date: 2024-05-22
Outside a trading venue
Instrument type: FINANCIAL INSTRUMENT LINKED TO A SHARE OR A DEBT INSTRUMENT
Name of the instrument: Consti Plc stock options 2020
Nature of transaction: DISPOSAL
(X) Linked to stock option programme
Transaction details
(1): Volume: 5143 Unit price: 4.615 EUR
Aggregated transactions (1):
Volume: 5143 Volume weighted average price: 4.615 EUR
CONSTI PLC
Further information:
Joni Sorsanen, CFO, Consti Plc, Tel. +358 50 443 3045
Distribution:
Nasdaq Helsinki Ltd.
Major media
www.consti.fi
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
CONSTI PLC MANAGERS’ TRANSACTIONS 24 MAY 2024, at 2.30 p.m.
Consti Plc - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Pirkka Lähteinen
Position: Other senior manager
Issuer: Consti Plc
LEI: 743700JMXCC11CRJCS71
Notification type: INITIAL NOTIFICATION
Reference number: 64027/4/5
____________________________________________
Transaction date: 2024-05-22
Outside a trading venue
Instrument type: FINANCIAL INSTRUMENT LINKED TO A SHARE OR A DEBT INSTRUMENT
Name of the instrument: Consti Plc stock options 2020
Nature of transaction: DISPOSAL
(X) Linked to stock option programme
Transaction details
(1): Volume: 3000 Unit price: 4.615 EUR
Aggregated transactions (1):
Volume: 3000 Volume weighted average price: 4.615 EUR
CONSTI PLC
Further information:
Joni Sorsanen, CFO, Consti Plc, Tel. +358 50 443 3045
Distribution:
Nasdaq Helsinki Ltd.
Major media
www.consti.fi
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
CONSTI PLC STOCK EXCHANGE RELEASE 23 MAY 2024, at 10.00 a.m.
Consti Plc: Notice pursuant to the Finnish Securities Market Act, Chapter 9, Section 10
Consti Plc ("Consti") has received an announcement from Elementa Management AB ("Elementa") on 22 May 2024, in accordance with the Finnish Securities Market Act Chapter 9, Section 5.
According to the announcement, the number of Consti shares and votes owned by Elementa decreased below five (5) per cent of the share capital of Consti on 22 May 2024.
Total position of Elementa subject to the notification:
| % of shares and voting rights | % of shares and voting rights through financial instruments | % of total | Total number of shares and voting rights of issuer |
Resulting situation on the date on which the threshold was crossed or reached | 3.88 % |
| 3.88 % | 7.978.839 |
Position of previous notification (if applicable) | 9.99 % |
| 9.99 % |
|
Notified details of the resulting situation on the date on which the threshold was reached:
A: shares and voting rights
Class / type of shares | Number of shares and voting rights | % of shares and voting rights | ||
Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | |
FI4000178256 | 309,960 |
| 3.88 % |
|
SUBTOTAL A | 309,960 |
| 3.88 % |
|
Information in relation to the person subject to the notification obligation as contained in the notification:
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity: | |||
| % of shares and voting rights | % of shares and voting rights through financial instruments | Total of both |
Elementa Management AB |
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Elementa Fund | 3.88 % |
| 309,960 |
Consti Plc
Further information:
Joni Sorsanen, CFO, Consti Plc, Tel. +358 50 443 3045
Distribution:
Nasdaq Helsinki Ltd.
Major media
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
CONSTI PLC INVESTOR NEWS 25 APRIL 2024, at 8.45 a.m.
Consti Plc's Corporate Social Responsibility Report 2023 published
Consti Plc's Corporate Social Responsibility Report 2023 has been published both in Finnish and English on the company's website at www.consti.fi. The report is available in the same format also as an attachment to this release.
Consti’s Corporate Social Responsibility Report 2023 presents the progress made in sustainability topics that are the most important to Consti’s stakeholders and business, outlining also actions made in 2023.
CONSTI PLC
Further information:
Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568
Minna Vierula, Design and sustainability manager, Consti Plc, Tel. +358 50 513 5277
Distribution:
Nasdaq Helsinki Ltd.
Major media
www.consti.fi
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
Attachments
CONSTI PLC INTERIM REPORT 25 APRIL 2024, at 8.30 a.m.
Consti Plc Interim Report for January – March 2024
SOLID PERFORMANCE IN A CHALLENGING MARKET
1–3/2024 highlights (comparison figures in parenthesis 1–3/2023):
- Net sales EUR 65.5 (68.9) million; change -4.9%
- EBITDA EUR 1.3 (1.5) million and EBITDA margin 2.0% (2.1%)
- Operating result (EBIT) EUR 0.2 (0.7) million and EBIT margin 0.3% (1.0%)
- Order backlog EUR 244.4 (253.8) million; change -3.7%
- Order intake EUR 36.3 (58.6) million; change -38.0%
- Free cash flow EUR -0.5 (-1.0) million
- Earnings per share EUR -0.00 (0.04)
Guidance on the Group outlook for 2024:
Consti estimates that its operating result for 2024 will be in the range of EUR 9-12 million.
KEY FIGURES (EUR 1,000) | 1-3/ | 1-3/ | Change % | 1-12/ |
Net sales | 65,525 | 68,928 | -4.9 % | 320,607 |
EBITDA | 1,284 | 1,473 | -12.8 % | 15,940 |
EBITDA margin, % | 2.0 % | 2.1 % |
| 5.0 % |
Operating result (EBIT) | 214 | 657 | -67.3 % | 12,345 |
Operating result (EBIT) margin, % | 0.3 % | 1.0 % |
| 3.9 % |
Profit/loss for the period | -36 | 304 |
| 9,014 |
Order backlog | 244,371 | 253,756 | -3.7 % | 270,021 |
Free cash flow | -517 | -970 | 46.8 % | 13,104 |
Cash conversion, % | n/a | n/a |
| 82.2 % |
Net interest-bearing debt | 1,299 | 5,661 | -77.0 % | -934 |
Gearing, % | 3.1 % | 15.8 % |
| -2.3 % |
Return on investment, ROI % | 20.6 % | 19.3 % |
| 20.8 % |
Number of personnel at period end | 1,031 | 1,020 | 1.1 % | 1,008 |
Earnings per share, undiluted (EUR) | -0.00 | 0.04 |
| 1.17 |
CEO Esa Korkeela’s comment
”In line with our expectations, 2024 started with declining net sales. Our seasonally low net sales in January-March contracted by 4.9 per cent to EUR 65.5 (68.9) million. Our net sales grew in the Public Sector and Building Technology business areas but decreased in the Housing Companies and Corporations business areas.
Our operating result for January-March was EUR 0.2 (0.7) million, representing 0.3 (1.0) percent of net sales. Operationally, the first quarter of the year proceeded as expected, with projects progressing predominantly as planned. Our profitability in the first quarter was impacted by the lower net sales level than in the comparison period and changes in the relative net sales shares of business areas compared to the corresponding period. Our balance sheet and liquidity position at the end of the reporting period remained at a good level.
During January-March, our order intake amounted to EUR 36.3 (58.6) million, which is a 38.0 percent decrease year-on-year. In January-March, we continued our disciplined tendering activities, which together with intensified competition and weaker demand, impacted our order intake for the reporting period. Our order intake for the first quarter does not include individual projects of significant size but consists of several smaller projects. Our order backlog at the end of the reporting period decreased by 3.7 percent year-on-year and was EUR 244.4 (253.8) million.
We published our updated strategy during the reporting period in February. The implementation of our updated strategy is now underway, and our work to deploy the strategy is progressing by business area according to our plans. During the reporting period, we continued to invest in, among other things, the expansion of our technical real estate services and strengthened our expertise to achieve the goals we have set for the 2024-2027 strategy period. Additionally, we continued our sustainability work by focusing on selected sustainability themes: mitigating climate change, promoting occupational safety and well-being, and developing responsible practices in the industry.
Based on our current market outlook, we anticipate a decline in demand for renovation and building technology services in 2024. Forecasts suggest that renovation is expected to contract by approximately 1.0 percent in 2024. The significant weakening in demand for new construction has notably intensified competition for renovation projects and building technology contracts. In early 2024, the readiness of housing companies and the public sector for renovation investments has remained at a reasonable level in our operating areas, but private real estate investment companies have been cautious about initiating new construction projects. However, we believe that the prevailing market conditions favour a versatile construction and building technology expert like Consti, which has a strong financial position and the ability to deliver diverse projects ranging from small service contracts to extensive construction projects.
The demand outlook for construction is weakened by persistently high construction costs, rapidly increased interest rates and tighter availability of financing, and we do not anticipate significant improvement during the second quarter of the year. Supported by a healthy order backlog, we aim to continue delivering solid results and focus on implementing our updated strategy.”
Operating environment
Construction market 2024–2025
In its March business cycle report, the Confederation of Finnish Construction Industries (CFCI) estimated that the entire construction market will contract by about 5 percent in 2024. According to CFCI’s forecast, the renovation market is expected to decline by about 1 percent in 2024, while new residential construction is projected to decline by as much as 22 percent.
In its March economic outlook, CFCI states that the weak economic situation and the cessation of energy subsidies will burden renovation in 2024. CFCI predicts that pent-up demand will turn the renovation market towards a modest growth of around 1 percent next year.
The renovation market in general
The demand for renovation has been steady in Finland for a long time, and the market value of renovation is almost the same as that of new construction. In 2023, the value of residential building renovation remained on level with the previous year, i.e. around EUR 9 billion. The value of other renovation was still around EUR 6 billion.
Nearly two-thirds of renovation involve residential properties, with over half of them being professional renovation. In residential renovation, there is a notable emphasis on building technology, constituting around 40 percent of the total value of renovation.
The renovation market encompasses not only technical repairs related to building age but also significant building purpose modifications, for example, converting old, underutilised office properties into hotels or apartments, or improving usability by renewing layouts.
Approximately one-fifth of all renovation is maintenance and upkeep, with a higher-than-average share in non-residential properties.
In needs-based renovation, facade repairs and pipeline renovation are the largest projects for residential buildings. The number and value of pipeline renovation have been growing faster than other renovation for a long time, and this growth is expected to continue for a few more years. The growth is sustained by the large number of residential buildings that have reached the age when pipeline renovation are required. For a long time, apartment buildings built in the 1960s had the most building technology renovation. Now, properties built in the 1970s, which have the largest number of dwellings in terms of floor area, and partly properties from the 1980s, which are the most numerous due to e.g., the large number of terraced house construction, have reached renovation age. In addition to addressing technical repair needs, building technology enhancements improve living comfort.
Together with pipeline renovation, the increase in heating costs and the green transition contribute to growth in the building technology market. While energy efficiency has so far been primarily addressed alongside other renovation, the rising cost of energy and carbon neutrality goals have increased interest in separate energy renovation.
Besides building technology renovation, many housing companies have a growing need for facade renovation, which have often been neglected due to financial reasons in favour of pipeline renovation. Climate change significantly increases the demand for facade renovation and related maintenance services. The importance of roofs, eaves, cladding, and intact facades grows as winters become wetter, slanting rainfall increases and extreme weather phenomena intensify. The need for facade renovation is also heightened by the large number of residential buildings from the 1970s and 1980s reaching the renovation age.
In addition to renovation related to building technology and environmental goals, the need for renovation in commercial and office premises is increased by changes in space needs.
The need for renovation is sustained by both the aging building stock and global megatrends such as urbanisation, an aging population, changes in working habits and retail, and sustainability goals. Renovation play a crucial role in reducing the carbon footprint of the built environment, as the number of new buildings increases by only about one percent annually.
In Finland, both new construction and renovation are still strongly concentrated in growth centres.
Outlook for 2024
In its March business cycle report, the Confederation of Finnish Construction Industries (CFCI) estimated that the entire construction market will contract by about 5 percent in 2024. According to CFCI’s forecast, the renovation market is expected to decline by about 1 percent in 2024, while new residential construction is projected to decline by as much as 22 percent. In its March economic outlook, CFCI states that the weak economic situation and the cessation of energy subsidies will burden renovation in 2024.
Consti anticipates a decline in demand for renovation and building technology services in 2024. The significant weakening in demand for new construction has notably intensified competition for renovation projects and building technology contracts. In early 2024, the readiness of housing companies and the public sector for renovation investments has remained at a reasonable level in Consti’s operating areas, but private real estate investment companies have been cautious about initiating new construction projects.
The demand outlook for construction is weakened by persistently high construction costs, rapidly increased interest rates and tighter availability of financing, and Consti does not anticipate significant improvement during the second quarter of the year.
Despite the market conditions, Consti aims to continue its solid performance supported by a healthy order backlog in 2024.
Consti estimates that its operating result for 2024 will be in the range of EUR 9-12 million.
Press conference
Microsoft Teams meeting for analysts, portfolio managers and media representatives, will take place 25 April 2024, at 10:00 a.m. (EET). The meeting will be hosted by CEO Esa Korkeela and CFO Joni Sorsanen.
Analysts, portfolio managers and media representatives are kindly requested to register for the meeting no later than Wednesday 24 April 2024 at 12.00 p.m. by sending an email to IR@consti.fi. A link to the meeting will be sent to registered participants during the afternoon of Wednesday 24 April 2024.
Financial communication in 2024
Half-year report 1-6/2024 will be published 19 July 2024
Interim report 1-9/2024 will be published 25 October 2024
CONSTI PLC
Further information:
Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568
Joni Sorsanen, CFO, Consti Plc, Tel. +358 50 443 3045
Distribution:
Nasdaq Helsinki Ltd.
Major media
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
Attachments
CONSTI PLC STOCK EXCHANGE RELEASE 25 APRIL 2024 at 8.30 a.m.
Consti Plc: Change in Consti Group’s Management Team
Anders Löfman (born 1987), M.Sc. (econ.), has been appointed as CFO of Consti Plc and a member of the Group Management Team. Löfman has worked as Group Business Controller of Consti Plc since August 2021.
Anders Löfman will assume his position on 10 July 2024 at the latest and he will report to Esa Korkeela, CEO of Consti Group.
”Anders knows the Company and with his right kind of expertise he will be able to support the development and profitability improvement of Consti in line with our strategy. He has the qualities that we need for our Company's financial management in the future,” says CEO Esa Korkeela.
The CV and photo of Anders Löfman are available on Consti’s website at: http://investor.consti.fi/en/corporate-governance/ceo-and-management-team/management-team.
CONSTI PLC
Additional information
Esa Korkeela, CEO, Consti Group Plc, Tel. +358 40 730 8568
Distribution:
Nasdaq Helsinki Ltd.
Major media
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
CONSTI PLC INVESTOR NEWS 17 APRIL 2024, at 3:00 p.m.
Consti Plc's Interim Report for January-March 2024 to be published on 25 April 2024 at 8:30 a.m.
Consti Plc's Interim Report for January-March 2024 will be published on Thursday 25 April 2024 at 8:30 a.m. Finnish time (EET). The report will be available on the company's investor site at https://investor.consti.fi/en after publishing.
Microsoft Teams meeting for analysts, portfolio managers and media representatives will take place on the same day, 25 April 2024, at 10:00 a.m. (EET). The meeting will be hosted by CEO Esa Korkeela and CFO Joni Sorsanen.
Analysts, portfolio managers and media representatives are kindly requested to register for the meeting no later than Wednesday 24 April 2024 at 12.00 noon by sending an email to IR@consti.fi. A link to the meeting will be sent to registered participants during the afternoon of Wednesday 24 April 2024.
The presentation material (in English) will be published on the company's investor site after the presentation.
CONSTI PLC
Further information:
Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568
Joni Sorsanen, CFO, Consti Plc, Tel. +358 50 443 3045
Distribution:
Nasdaq Helsinki Ltd.
Major media
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
| Shareholders | Date | % of Shares | % of Votes |
|---|---|---|---|
| Lujatalo Oy | 31.07.2024 | 10.1% | 10.1% |
| Wipunen varainhallinta Oy | 31.07.2024 | 9.4% | 9.4% |
| Heikintorppa Oy | 31.07.2024 | 9.4% | 9.4% |
| Fennia Life Insurance Company Ltd | 31.07.2024 | 6.5% | 6.5% |
| Korkeela Esa Sakari | 31.07.2024 | 6% | 6% |
| Kivi Risto Juhani | 31.07.2024 | 5% | 5% |
| Kalevo Markku | 31.07.2024 | 3.7% | 3.7% |
| Varma Mutual Pension Insurance Company | 31.07.2024 | 2.2% | 2.2% |
| Drumbo Oy | 31.07.2024 | 1.9% | 1.9% |
| Erikoissijoitusrahasto Aktia Mikro Markka | 31.07.2024 | 1.5% | 1.5% |
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Company Facts
Guidance
Consti estimates that its operating result for 2024 will be in the range of EUR 9–12 million.
Financial targets
Growth: Net sales growing faster than the market. Profitability: EBIT-margin exceeding 5 %. Cash flow: Cash conversion ratio exceeding 90 %. Capital Structure: Net debt to adjusted EBITDA ratio of less than 2.5x. Dividend: At least 50 % t of the company's annual net profit
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