Destia Group Plc


12.2.2016 at 9.00 (CET +1)

Destia corrects the financial statements bulletin 2015 sent out 11.2.2016 at 14:30 as follows: in the first paragraph of “Proposal by the Board on the use of distributable assets”, the Destia Group Plc’s FAS-compliant loss EUR 3,051,660.32
was corrected as profit
EUR 3,051,660.32.

Corrected release and report can be found below.

Destia’s financial statements bulletin 2015


Group Destia Group Destia Group Destia Group Destia Group Destia subgroup
Key figures (IFRS), MEUR   10-12/2015 10-12/2014 1-12/2015 7-12/2014 1-12/2014
Revenue 130.9 125.5 462.8 261.8 431.5
Operating profit 5.0 3.1 12.9 12.5 15.1
% of revenue 3.8 2.5 2.8 4.8 3.5
Result for the period 3.1 2.1 6.7 5.5 10.5
% of revenue 2.4 1.7 1.5 2.1 2.4
Return on investment, % 9.4 9.2 20.9
Earnings per share, EUR 56.14 53.77
Equity ratio, % 31.2 29.4 34.3
Net gearing, % 32.6 42.4 -41.2
Average personnel 1 505 1 502 1 502
Occupational accidents resulting in absence from work*) 7.6 9.3 9.3
Order book at the end of review period 717.4 628.2 628.2
*) Occupational accidents per one million working hours

The financial statements bulletin is based on the audited financial statements for 2015.

President & CEO Hannu Leinonen comments on the financial year:

“There was moderate success for Destia in 2015 despite a tough operating environment. As a result of the poor Finnish economy, demand in the infrastructure sector remained on rather a low level, which was evident in the fierce competition for projects. In spite of the challenging market situation, our revenue and order book increased. Our operating profit fell slightly short of the previous year. During the early part of the year, individual unsuccessful projects weakened our result in comparison with the previous year.

In the final quarter of the year, we concluded a transaction by which we divested our measurement, drilling and laboratory services in order to clarify our business portfolio. The sale of these businesses strengthened our balance sheet and created better conditions for developing and growing our core operations.

In order to achieve our strategic objectives, during the year we continued to invest strongly in personnel development. Particularly we focused on expertise, customer work and occupational safety. I am happy that our accident frequency is at a record low: 7.6 occupational accidents per one million working hours. The improvement of occupational safety has also been evident in good feedback that we have received from customers and industrial safety authorities.

In the year just ended, we signed a significant agreement on the apron expansion contract at Helsinki Airport. For us the project is the first to be completed under the alliance model. The project is carried out in an especially demanding work environment, allowing us to make extensive use of our infrastructure expertise. The focal areas of our growth strategy are railway construction and maintenance as well as rock and energy-infrastructure construction, which are areas where we succeeded in strengthening our position during the year. In the railway business, we have achieved a major intermediate goal, as half of Finland’s railway network maintenance contracts are carried out by Destia.

In recent years, we have strongly invested in the development and digitalisation of our operations. In 2015, we initiated and advanced several development projects through which we are creating a base for our profitable growth. One of our most significant development projects is the Voima project, by which we are boosting our operations and improving our competitiveness by streamlining, digitalising and automating our processes. In 2016, we will proceed to the commissioning of a data system that supports operations.

The year gone by was the first whole year under private ownership. Our owner has supported us strongly in the implementation of our strategy and in the forward development of the company. Our single-minded work for the benefit of profitable growth continues.”

Outlook for 2016

The operating environment for the infrastructure field and the whole construction sector remains challenging and competition for projects continues to be tough. Demand for projects, however, will remain moderate owing to several large private sector projects and to extra funding announced by the State for infrastructure projects, fundamental road maintenance and a reduction in the repair backlog.

Together with the development of customer and sales work, the order book provides a good basis for 2016. At the beginning of the year, the margin content of the order book did not contain contract-related compensation opportunities, for which reason the order book margin is lower than the previous year. The order book coupled with the measures that have been taken towards improving customer work and project management provide a solid foundation for maintaining good profitability and cash flow.

Market guidance for 2016

Destia’s revenue for 2016 is expected to grow, and operating profit is expected to fall short of the previous year.

Proposal by the Board on the use of distributable assets

Destia Group Plc’s FAS-compliant profit for the financial year was EUR 3,051,660.32, which is proposed to be recorded on the profits and losses account. Destia Group Plc’s distributable assets total EUR 35,884,803.10, including the EUR 38,000,000 in the invested unrestricted equity fund.

Destia Group Plc’s Board of Directors proposes to the Annual General Meeting that no dividend or repayment of capital be paid for the financial period that ended on 31 December 2015.

Vantaa, 11 February 2016

Destia Group Plc Board of Directors

This is a summary of Destia’s financial statements bulletin 2015. The complete financial statements bulletin with tables is attached to this release and available at

More information

Destia’s President and CEO Hannu Leinonen, tel. +358 20 444 4000 and CFO Pirkko Salminen, tel. +358 50 302 2485

Financial reporting

Destia will publish its annual report for 2015, including the financial statements and a report on corporate governance, on 3 March 2016.

DISTRIBUTION: Nasdaq Helsinki Oy Key media

Destia: Destia is a Finnish infrastructure and construction service company. We build, maintain and design traffic routes, railways, industrial and traffic environments as well as complete living environments. In 2015 the company’s revenue was over MEUR 460. With 1 400 dedicated experts we build the bigger picture, piece by piece.