Caverion Corporation Revised Unaudited Preliminary Financial Guidance for the Year 2016; Project Write-Downs for the Fourth Quarter and Full Year of 2016
The company continued the review of its project portfolio in the last quarter of 2016. As a result of the review, several projects were still identified with challenges in project management and execution. Based on the review, the company has made the necessary cost estimate adjustments, write-downs and provision increases related to its project portfolio, which mainly relate to divisions Sweden, Germany and Industrial Solutions. The project write-downs totalled approximately EUR 38 million for the fourth quarter of 2016 and approximately EUR 57 million for the full year of 2016.