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SRV - Q1 figures beat expectations

SRV's net sales in Q1 amounted to EUR 208.1m, above our and consensus estimates (EUR 187.0m/198.0m Evli/cons.). EBIT amounted to EUR 4.5m, above our and consensus estimates (EUR -5.1m/-0.4m Evli/cons.). SRV estimates that 520 developer-contracted housing units will be completed in 2020 (previously 586).
  • Revenue in Q1 was EUR 208.1m (EUR 222.6m in Q1/19), above our estimates and consensus estimates (EUR 187.0m/198.0m Evli/Cons.). Growth in Q1 amounted to -6.5 % y/y.
  • Operating profit in Q1 amounted to EUR 4.5m (EUR 3.3m in Q1/19), above our estimates and consensus estimates (EUR -5.1m/-0.4m Evli/cons.), at a margin of 2.2 %. Operative operating profit was EUR 5.0m (Evli EUR 0.9m).
  • EPS in Q1 amounted to EUR -0.13 (EUR -0.02 in Q1/19), below our estimates and consensus estimates (EUR 0.07/-0.08 Evli/cons.).
  • The order backlog in Q1 was EUR 1,361.5m (EUR 1,782.5m in Q1/19), down by -23.6 %.
  • Construction: Revenue in Q1 was EUR 204.9m vs. EUR 186.3m Evli. Operating profit in Q1 amounted to EUR 6.2m vs. EUR 3.4m Evli.
  • Investments: Revenue in Q1 was EUR 1.6m vs. EUR 1.2m Evli. Operating profit in Q1 amounted to EUR 1.4m vs. EUR -7.5m Evli.
  • Other operations and elim.: Revenue in Q1 was EUR 1.6m vs. EUR -0.5m Evli. Operating profit in Q1 amounted to EUR -0.2m vs. EUR -1.0m Evli.
  • SRV estimates that 520 developer-contracted housing units will be completed in 2020 (previously 586).
  • The coronavirus pandemic did not substantially affect SRV’s revenue and result for January–March.
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