Seasonality

Revenue and earnings in construction services follow a seasonal pattern. Weather-related constraints and the later start of many construction projects regularly result in higher revenue in the second half of the year. As the majority of costs are fixed costs, earnings are also lower in the first few months of the year. Seasonal fluctuations are more pronounced in transportation infrastructures than in building construction and civil engineering.

Due to the recurring annual business pattern described above, revenue and earnings for each half-year period are comparable with those of the corresponding period of the previous year.