Financial position at the end of March 2017

Caverion’s cash and cash equivalents amounted to EUR 24.7 million at the end of March (12/2016: EUR 47.7 million). In addition, Caverion has undrawn revolving credit facilities amounting to EUR 100.0 million and undrawn overdraft facilities amounting to EUR 19.0 million.

The Group’s interest-bearing loans and borrowings amounted to EUR 189.6 million at the end of March (12/2016: EUR 193.3 million), and the average interest rate after hedges was 2.1 percent. Approximately 68 percent of the loans have been raised from banks and other financial institutions, approximately 19 percent directly from the money markets and approximately 11 percent from insurance companies. A total of EUR 65.4 million of the interest-bearing loans and borrowings will fall due during the next 12 months. The Group’s net debt amounted to EUR 164.9 million at the end of March (12/2016: EUR 145.5 million).

Caverion’s external loans are subject to a financial covenant based on the ratio of the Group’s net debt to EBITDA. Caverion and its core banks agreed on a change in the loan documentation during the period. Financial covenant shall not exceed 5.0:1 at the end of March and thereafter the ratio shall not exceed 3.5:1. In connection with the financing arrangement agreed on December 22, 2016, Caverion and its lending parties confirmed the EBITDA calculation principles related to the Group’s financial covenant. At the end of March, the Group’s Net debt to EBITDA was 3.7 according to the confirmed calculation principles.

Debt maturity

Loan portfolio
Interest rate type

Net debt development

Gross debt to net debt

Liquidity reserve

Cash flow and working capital

The Group's free cash flow was negative although improving from the corresponding period last year. Free cash flow amounted to EUR -18.5 (-28.8) million in January–March. Free cash flow was partly improved by the lower level of investments compared to last year. The Group's operating cash flow before financial and tax items amounted to EUR -12.1 (-18.8) million in January–March.

Working capital was EUR 17.3 (15.6) million at the end of March. The amount of POC receivables amounted to EUR 291.0 million (3/2016: 284.0) at the end of March. Trade receivables increased by EUR 8.6 million from the corresponding period in the previous year, impacted by revenue growth. Trade receivables amounted to EUR 313.4 million (3/2016: 304.8) at the end of March.