Consti
Overview
Financial overview
Equity research
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.
Consti’s steady development continued with slightly higher than expected growth during the Q3. With the gain from the sale of relining business, the company is pushing the higher limit of the current guidance.
Consti's net sales in Q3 amounted to EUR 89.9m above our estimates (Evli est. EUR 81.5m.), with growth of 13.8% y/y. EBIT amounted to EUR 4.8m, clearly above our estimates (Evli est. EUR 3.4m) driven partly by the sale of the company’s relining business.
Consti reports its Q3 results on 27th of October. We expect continued good execution supported by the strong backlog. We continue to keep an eye on order intake and the future outlook as the renovation market sentiment shows signs of weakness.
Annual 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 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 |
|
|
|
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
CONSTI PLC STOCK EXCHANGE RELEASE 10 APRIL 2024 at 2.45 p.m.
Consti Plc: Change in Consti Group’s Management Team
Joni Sorsanen, Consti Group’s CFO and member of the Group Management Team, has resigned and is moving to a new position outside the company. Sorsanen will leave his position and Consti’s Group Management Team in July 2024. Sorsanen has worked at Consti since 2018. The recruitment process for a new CFO has been launched.
”I want to thank Joni for his valuable contribution as the CFO and a member of the Group Management Team. I wish Joni all the best in the future,” says CEO Esa Korkeela.
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 MANAGERS’ TRANSACTIONS 8 APRIL 2024, at 11.30 a.m.
Consti Plc - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Juhani Pitkäkoski
Position: Member of the Board/Deputy member
Issuer: Consti Plc
LEI: 743700JMXCC11CRJCS71
Notification type: INITIAL NOTIFICATION
Reference number: 57595/4/4
____________________________________________
Transaction date: 2024-04-03
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000178256
Nature of transaction: ACQUISITION
Transaction details
(1): Volume: 225 Unit price: 10.6 EUR
(2): Volume: 1775 Unit price: 10.6 EUR
Aggregated transactions (2):
Volume: 2000 Volume weighted average price: 10.6 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 3 APRIL 2024, at 5.50 p.m.
Organising Meeting of the Board of Directors of Consti Plc
The Board of Directors elected by the Annual General Meeting of Shareholders of Consti Plc today, held its organising meeting and elected Petri Rignell as the Chairman of the Board. Other board members are Erkki Norvio, Anne Westersund, Johan Westermarck, Juhani Pitkäkoski and Katja Pussinen.
The Board of Directors appointed Erkki Norvio, Juhani Pitkäkoski and Petri Rignell as members of the Nomination and Remuneration Committee. The Board of Directors has not established other committees.
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
Consti Plc Stock Exchange Release 3 April 2024 at 5.45 p.m. EEST
Resolutions of the Annual General Meeting of Consti Plc on 3 April 2024
The Annual General Meeting of Consti Plc, which was held today, on 3 April 2024, adopted the financial statements for financial period 2023, discharged the members of the Board of Directors and the CEO from liability for the financial period 2023 and adopted the company’s renumeration report as well as the amended remuneration policy for governing bodies.
The General Meeting resolved that a dividend of EUR 0.70 per share for the financial year 2023 shall be paid. The dividend shall be paid in two instalments. The first instalment, EUR 0.40 per share, will be paid to shareholders registered in the company's shareholders’ register, maintained by Euroclear Finland Ltd, on the record date of the dividend, 5 April 2024. It was resolved that this instalment of the dividend will be paid on 12 April 2024.
The second instalment, EUR 0.30 per share, will be paid to shareholders registered in the shareholders’ register maintained by Euroclear Finland Ltd on the record date of the dividend, which, together with the dividend payment date, shall be decided by the Board of Directors in its meeting scheduled for 24 October 2024. The record date of the dividend date would then be 28 October 2024 and the dividend payment date 4 November 2024.
The Board of Directors and Auditor
The General Meeting resolved that the Board of Directors consists of six (6) members. The following current members of the Board of Directors Petri Rignell, Erkki Norvio, Anne Westersund, Johan Westermarck and Juhani Pitkäkoski were re-elected as members of the Board of Directors for the following term of office. Katja Pussinen was elected as a new member of the Board.
Audit firm KPMG Oy Ab was elected as Auditor of the company and Turo Koila, Authorised Public Accountant, will act as the auditor in charge. It was resolved that KPMG Oy Ab will also carry out the assurance of the company’s sustainability reporting for the financial year 2024 in accordance with the transitional provision of the act changing the Limited Liability Companies Act (1252/2023) and Turo Koila, Authorized Public Accountant, Authorized Sustainability Auditor will act as the principally responsible sustainability reporting assurer.
It was resolved that the annual remuneration of the Board Members is paid as follows: Chairman of the Board of Directors is paid EUR 54,000 and members of the Board of Directors are each paid EUR 42,000. It was also resolved that a EUR 500 fee per member per meeting is paid for meetings of the Board of Directors. It was resolved that the travel expenses incurred from participating in the meetings of the Board of Directors are compensated against an invoice. No separate remuneration is awarded for committee work. It was resolved that Auditor and Sustainability Reporting Assurer is paid a remuneration according to a reasonable invoice approved by the Company.
Authorisation of the Board of Directors to decide on the acquisition of own shares as well as on the issuance of shares and the issuance of special rights entitling to shares
The Board of Directors was authorised to decide on the acquisition of a maximum of 686,000 own shares in one or more tranches by using the unrestricted equity of the company. The own shares can be acquired at a price formed in public trading on the acquisition date or at a price otherwise formed on the market. In the acquisition, derivatives, inter alia, can be used. The acquisition of own shares may be made otherwise than in proportion to the share ownership of the shareholders (directed acquisition). Own shares acquired by the Company may be held by it, cancelled or transferred. The authorisation includes the right of the Board of Directors to resolve on how the own shares are acquired as well as to decide on other matters related to the acquisition of own shares.
The authorisation revokes previous unused authorisations on the acquisition of the company’s own shares. The authorisation is valid until the following Annual General Meeting, however no longer than until 30 June 2025.
The Board of Directors was authorised to decide on the issuance of shares and on the transfer of special rights entitling to shares referred to in Chapter 10, Section 1 of the Limited Liability Companies Act, in one or several tranches, either against or without consideration. The number of shares to be issued, including shares transferred under special rights, may not exceed 780,000 shares. The Board of the Directors may decide to issue either new shares and/or transfer of own shares possibly held by the company.
The authorisation entitles the Board of Directors to resolve on all the conditions of the issuance of shares and the issuance of special rights entitling to shares, including the right to deviate from the shareholders’ pre-emptive subscription right.
The authorisation revokes previous unused authorisations on the issuance of shares and the issuance of options and other special rights entitling to shares. The authorisation is valid until the end of the following Annual General Meeting, however no longer than until 30 June 2025.
The minutes of the General Meeting will be available on the website of Consti Plc at https://investor.consti.fi/en as of 17 April 2024, at the latest.
Consti Plc
Esa Korkeela, CEO
Additional information
Esa Korkeela, CEO, Consti Group Plc, Tel. +358 40 730 8568
Joni Sorsanen, CFO, Consti Group 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 STOCK EXCHANGE RELEASE 2 APRIL 2024, at 1.00 p.m.
Consti Plc: Notice pursuant to the Finnish Securities Market Act, Chapter 9, Section 10
Consti Plc ("Consti") has received an announcement from Lujatalo Oy on 2 April 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 Lujatalo Oy exceeded ten (10) per cent of the share capital of Consti on 28 March 2024.
Total position of Lujatalo Oy 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 | 10.03 % |
| 10.03 % | 7.978.839 |
Position of previous notification (if applicable) | 9.90 % |
| 9.90 % |
|
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 | 800.000 |
| 10.03 % |
|
SUBTOTAL A | 800.000 |
| 10.03 % |
|
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 |
Lujatalo Oy | 10.03 % |
| 800.000 |
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
| Shareholders | Date | % of Shares | % of Votes |
|---|---|---|---|
| Lujatalo Oy | 31.05.2024 | 10% | 10% |
| Wipunen varainhallinta Oy | 31.05.2024 | 9.4% | 9.4% |
| Heikintorppa Oy | 31.05.2024 | 9.4% | 9.4% |
| Fennia Life Insurance Company Ltd | 31.05.2024 | 6.5% | 6.5% |
| Korkeela Esa Sakari | 31.05.2024 | 6% | 6% |
| Kivi Risto Juhani | 31.05.2024 | 4.9% | 4.9% |
| Kalevo Markku | 31.05.2024 | 3.8% | 3.8% |
| Varma Mutual Pension Insurance Company | 31.05.2024 | 2.2% | 2.2% |
| Drumbo Oy | 31.05.2024 | 1.9% | 1.9% |
| Erikoissijoitusrahasto Aktia Mikro Markka | 31.05.2024 | 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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