2011-03-30 09:00:00 CEST
2011-03-30 09:00:04 CEST
REGULATED INFORMATION
Lemminkäinen - Company Announcement
Review period information for year 2010, under Lemminkäinen´s new segment division
LEMMINKÄINEN CORPORATION STOCK EXCHANGE BULLETIN 30.3.2011 at 10 a.m.
REVIEW PERIOD INFORMATION FOR YEAR 2010, UNDER LEMMINKÄINEN'S NEW SEGMENT
DIVISION
From the beginning of 2011, Lemminkäinen's business operations will be
organised under three business entities: Building Construction, Infrastructure
Construction and Technical Building Services.
In December 2010, Lemminkäinen announced the divestment of the roofing
operations then located in its Building Products segment. As of 1 January 2011,
its concrete products business and environment and sports construction
operations were transferred from the Building Products to the Infrastructure
Construction segment.
Furthermore, the telecommunication networks construction company, Lemcon
Networks Oy, was included in the Technical Building Services segment from the
beginning of 2011. This company formerly operated as part of the Building
Construction segment.
The review period information for year 2010 under the new segment division is
summarised below.
SEGMENT INFORMATION
NET SALES 1-3/ 1-6/ 1-9/ 1-12/
EUR mill. 2010 2010 2010 2010
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Building Construction 160.6 317.8 522.5 770.2
Infrastructure Construction 71.6 342.3 707.4 932.9
Technical Building Services 62.3 130.1 195.0 269.1
Other operations 2.8 5.7 8.5 11.4
Group eliminations -12.2 -28.0 -51.1 -72.6
Segments total 285.2 767.8 1,382.3 1,911.0
Reconciling items -0.8 -4.6 -8.7 -18.5
Group total, IFRS 284.4 763.2 1,373.6 1,892.5
OPERATING PROFIT 1-3/ 1-6/ 1-9/ 1-12/
EUR mill. 2010 2010 2010 2010
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Building Construction 0.5 4.8 7.5 25.6
Infrastructure Construction -27.9 -11.1 20.2 15.3
Technical Building Services 1.8 4.6 6.2 4.5
Other operations -3.4 -7.1 -11.0 -15.6
Segments total -29.1 -8.8 23.0 29.7
Reconciling items 0.6 0.3 1.3 -0.7
Group total, IFRS -28.5 -8.5 24.3 29.0
1-3/ 1-6/ 1-9/ 1-12/
OPERATING PROFIT, % OF NET SALES 2010 2010 2010 2010
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Building Construction 0.3 1.5 1.4 3.3
Infrastructure Construction -39.0 -3.2 2.9 1.6
Technical Building Services 2.9 3.5 3.2 1.7
Group total, IFRS -10.0 -1.1 1.8 1.5
NET SALES, QUARTERLY 1-3/ 4-6/ 7-9/ 10-12/
EUR mill. 2010 2010 2010 2010
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Building Construction 160.6 157.2 204.7 247.7
Infrastructure Construction 71.6 270.7 365.1 225.5
Technical Building Services 62.3 67.8 64.9 74.1
Other operations 2.8 2.9 2.8 2.9
Group eliminations -12.2 -15.8 -23.1 -21.5
Segments total 285.2 482.6 614.5 528.7
Reconciling items -0.8 -3.8 -4.1 -9.8
Group total, IFRS 284.4 478.8 610.4 518.9
OPERATING PROFIT, QUARTERLY 1-3/ 4-6/ 7-9/ 10-12/
EUR mill. 2010 2010 2010 2010
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Building Construction 0.5 4.3 2.7 18.1
Infrastructure Construction -27.9 16.8 31.3 -4.9
Technical Building Services 1.8 2.8 1.6 -1.7
Other operations -3.4 -3.7 -3.9 -4.6
Segments total -29.1 20.3 31.8 6.7
Reconciling items 0.6 -0.3 1.1 -2.0
Group total, IFRS -28.5 20.0 32.9 4.7
1-3/ 1-6/ 1-9/ 1-12/
OPERATING PROFIT, % OF NET SALES, QUARTERLY 2010 2010 2010 2010
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Building Construction 0.3 2.7 1.3 7.3
Infrastructure Construction -39.0 6.2 8.6 -2.2
Technical Building Services 2.9 4.1 2.5 -2.3
Group total, IFRS -10.0 4.2 5.4 0.9
ASSETS
EUR mill. 03/2010 06/2010 09/2010 12/2010
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Building Construction 365.5 391.3 420.0 440.1
Infrastructure Construction 286.8 400.9 417.6 317.8
Technical Building Services 36.2 36.9 39.8 44.5
Other operations 38.1 44.2 45.9 46.2
Segments total 726.6 873.3 923.2 848.6
Assets unallocated to segments
and Group eliminations, total 290.7 313.6 282.8 216.7
Group total, IFRS 1,017.3 1,186.9 1,206.0 1,065.3
ORDER BOOK
EUR mill. 03/2010 06/2010 09/2010 12/2010
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Building Construction 621.2 711.7 666.0 683.9
- of which unsold 115.5 149.6 102.2 135.3
Infrastructure Construction 550.7 585.0 434.5 416.6
Technical Building Services 124.4 133.5 129.5 125.9
Group total 1,296.3 1,430.2 1,230.0 1,226.4
- of which international orders 287.2 338.6 252.3 294.3
PERSONNEL, AVERAGE 03/2010 06/2010 09/2010 12/2010
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Building Construction 1,946 2,017 2,050 2,063
Infrastructure Construction 3,212 3,748 4,054 4,000
Technical Building Services 2,066 2,085 2,089 2,060
Parent company 115 116 146 191
Group total 7,339 7,966 8,339 8,314
Further corrections to the financial statement for 2010
In its financial statement for 2010, Lemminkäinen posted a liability in its
balance for the period. This had been omitted from the final settlement for a
joint venture submitted on 19 May 2008. In an additional settlement report
conducted in December in 2010, it was discovered that, under a legal
interpretation of the agreement, Lemminkäinen has a liability of EUR 1.5
million towards a party to the joint venture. This posting will have a total
impact of EUR 0.3 million on imputed tax receivables for 2010, of EUR 1.2
million on short-term liabilities and of EUR -0.9 million on profit for the
period. In addition, the posting has an effect on certain economic trend
indicators.
CONSOLIDATED STATEMENT OF FINANCIAL 1-3/ 1-6/ 1-9/ 1-12/
POSITION, EUR mill. 2010 2010 2010 2010
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Non-current assets
Tangible assets 184.4 189.5 182.3 175.3
Goodwill 78.6 86.6 83.9 84.8
Other intangible assets 4.5 5.6 10.0 14.4
Investments 12.9 12.5 14.2 14.0
Deferred tax asset 22.9 21.7 20.5 16.3
Other non-current receivables 7.4 7.3 7.2 7.2
Total 310.7 323.2 317.9 312.0
Current assets
Inventories 387.2 427.5 386.3 369.8
Trade and other receivables 281.1 397.2 449.7 343.1
Cash funds 38.3 39.0 52.1 26.3
Total 706.6 863.7 888.0 739.2
Available-for-sale non-current assets 14.1
Assets, total 1,017.3 1,186.9 1,206.0 1,065.3
Share capital 34.0 34.0 34.0 34.0
Share premium account 5.8 5.8 5.8 5.8
Hedging reserve -2.1 -2.0 -1.8 -1.5
Fair value reserve 0.1 0.1 0.0 0.0
Invested unrestricted equity reserve 63.5 63.1 63.1 63.1
Translation differences 0.3 2.2 0.6 2.2
Retained earnings 224.6 224.6 224.7 224.5
Profit/loss for the period -26.7 -17.1 2.9 0.3
Equity attributable to shareholders of the 299.5 310.6 329.4 328.4
parent company
Non-controlling interest 4.6 7.7 4.6 5.1
Shareholders' equity, total 304.1 318.3 334.0 333.5
Non-current liabilities
Deferred tax liabilities 14.9 15.9 19.6 17.6
Pension liabilities 0.5 0.5 0.5 0.5
Provisions 2.6 2.9 1.7 2.3
Financial liabilities 180.9 174.3 222.2 214.1
Other liabilities 2.2 2.1 3.9 3.9
Total 201.1 195.7 248.0 238.4
Current liabilities
Accounts payable and other liabilities 299.1 391.8 385.8 321.2
Provisions 6.7 6.9 7.3 6.4
Financial liabilities 206.4 274.1 230.9 161.4
Total 512.2 672.9 624.0 489.0
Liabilities recorded against 4.4
available-for-sale non-current assets
Liabilities, total 713.2 868.6 872.0 731.7
Shareholders' equity and liabilities, total 1,017.3 1,186.9 1,206.0 1,065.3
1-3/ 1-6/ 1-9/ 1-12/
ECONOMIC TRENDS AND FINANCIAL INDICATORS 2010 2010 2010 2010
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Return on equity, % -8.8 -5.4 1.0 0.4
Return on investment, % -3.1 0.4 5.1 7.0
Operating profit, % of net sales -10.0 -1.1 1.8 1.5
Equity ratio, % 33.6 30.1 30.7 35.2
Gearing, % 114.8 128.7 120.1 104.7
Interest-bearing net debt, EUR million 349.0 409.5 401.0 349.2
Gross investments, EUR million (incl. 7.5 33.8 44.5 59.6
leasing purchases)
Order book, EUR mill. 1,296.3 1,430.2 1,230.0 1,226.4
- of which orders outside Finland, EUR mill. 287.2 338.6 252.3 294.3
Average number of employees 7,339 7,966 8,339 8,314
Employees at end of period 7,398 9,302 8,920 7,744
Net sales, EUR mill. 284.4 763.2 1,373.6 1,892.5
- of which operations outside Finland, EUR 64.0 218.1 416.5 543.5
mill.
% of net sales 22.5 28.6 30.3 28.7
1-3/ 1-6/ 1-9/ 1-12/
SHARE-SPECIFIC INDICATORS 2010 2010 2010 2010
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Earnings per share, EUR -1.52 -0.92 0.15 0.02
Equity per share, EUR 15.24 15.81 16.77 16.72
Dividend per share, EUR 0.50 1)
Dividend to earnings ratio, % over
100
Market capitalization, EUR mill. 552.4 467.5 485.2 510.8
Share price at end of period, EUR 28.12 23.80 24.70 26.00
Trading volume during period, 1000 shares 1,770 2,451 3,167 4,172
Number of issued shares, 1000 shares 19,645 19,645 19,645 19,645
Weighted average number of shares over the 17,532 18,588 18,948 19,124
period, 1000 shares
1) Board of Directors' proposal to the AGM
LEMMINKÄINEN CORPORATION
Corporate communications
ADDITIONAL INFORMATION:
Robert Öhman, CFO, +358 2071 53515, robert.ohman@lemminkainen.fi
Katri Sundström, IRO, +358 2071 54813, katri.sundstrom@lemminkainen.fi
DISTRIBUTION:
NASDAQ OMX Helsinki
key media
www.lemminkainen.com
Lemminkäinen Group operates in all areas of the construction sector. The
Group's business sectors are building construction, infrastructure construction
and technical building services. Net sales in 2010 were about EUR 2.0 billion,
of which international operations accounted for roughly a quarter. The Group
employs about 8,300 people. Lemminkäinen Corporation's share is quoted on
NASDAQ OMX Nordic Exchange Helsinki.
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