2012-07-24 07:00:00 CEST
2012-07-24 07:00:07 CEST
REGULATED INFORMATION
Lassila & Tikanoja - Interim report (Q1 and Q3)
Lassila & Tikanoja plc: Interim report 1 January - 30 June 2012
Helsinki, Finland, 2012-07-24 07:00 CEST (GLOBE NEWSWIRE) --
Net sales for the second quarter EUR 169.7 million (EUR 162.2 million);
operating profit EUR 14.1 million (EUR 8.9 million); operating profit excluding
non-recurring items EUR 12.1 million (EUR 9.7 million); earnings per share EUR
0.24 (EUR 0.19)
Net sales for January-June EUR 341.0 million (EUR 321.7 million); operating
profit EUR 19.1 million (EUR 15.3 milion); operating profit excluding
non-recurring items EUR 17.2 million (EUR 16.5 million); earnings per share EUR
0.31 (EUR 0.29)
Full-year net sales in 2012 are expected to remain at the 2011 level. Operating
profit, excluding non-recurring items, is expected to remain at the 2011 level
or improve slightly.
CEO PEKKA OJANPÄÄ:
“Our performance in the second quarter was in line with our expectations, and
measures taken to improve profitability began to produce results.
Environmental Services primarily accounted for the increase in our operating
profit excluding non-recurring items. Completion of the oil re-refinery
business rearrangement will simplify the structure of our business portfolio,
and provide more resources for key business development. Implementation of key
projects underway to optimise logistics, lower working capital and develop
procurement operations will continue in the second half.”
GROUP NET SALES AND FINANCIAL PERFORMANCE
Second quarter
Lassila & Tikanoja's net sales for the second quarter increased by 4.6% to EUR
169.7 million (EUR 162.2 million). Operating profit was EUR 14.1 million (EUR
8.9 million), representing 8.3% (5.5%) of net sales, and operating profit
excluding non-recurring items was EUR 12.1 million (EUR 9.7 million). Earnings
per share were EUR 0.24 (EUR 0.19).
Net sales grew in all divisions apart from Cleaning and Office Support
Services, growth being primarily organic. Demand for waste management and
process cleaning services, and for wood-based fuels in particular, perked up
from the comparison period.
Profitability in the quarter improved thanks to volume growth in Environmental
Services and good performance in shutdown-related work in the industry sector.
The joint venture L&T Recoil was also able to improve its profitability, and
Renewable Energy Sources to halve its losses. Non-recurring compensation of EUR
0.7 million paid in accordance with the collective labour agreement taxed the
profitability.
A non-recurring capital gain of EUR 4.2 million was recorded for the quarter,
from the sale of holdings in the joint venture L&T Recoil Oy, and non-recurring
costs totalling EUR 2.2 million from the rearrangement and efficiency
enhancement measures taken in Environmental Services and in the Swedish
business.
January-June
Lassila & Tikanoja's net sales for January-June amounted to EUR 341.0 million
(EUR 321.7 million); an
increase of 6.0%. Operating profit was EUR 19.1 million (EUR 15.3 million),
representing 5.6% (4.8%) of net
sales, and operating profit excluding non-recurring items was EUR 17.2 million
(EUR 16.5 million). Earnings per
share were EUR 0.31 (EUR 0.29).
Net sales grew in the first half, thanks to stronger demand for Environmental
Services and wood-based fuels. More than half of the growth seen in the first
half was organic.
Operating profit excluding non-recurring items improved slightly from the
comparison period; this could be attributed to volume growth in Environmental
Services and smaller fixed costs in Renewable Energy Sources. Performance in
January-June was taxed by the increase seen in the first quarter in fuel and
repair costs in Environmental Services, and in subcontracting and labour costs
in Property Maintenance.
Financial summary
4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2012 2011 % 2012 2011 % 2011
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--------------------------------------------
Net sales, EUR million 169.7 162.2 4.6 341.0 321.7 6.0 652.1
------------------------------ ------
Operating profit excluding 12.1 9.7 24.7 17.2 16.5 4.2 44.3
non-recurring items, EUR
million*
------------------------------ ------
Operating profit, EUR million 14.1 8.9 59.6 19.1 15.3 24.5 25.6
------------------------------ ------
Operating margin, % 8.3 5.5 5.6 4.8 3.9
------------------------------ ------
Profit before tax, EUR 10.8 7.7 40.2 14.8 13.1 12.7 21.0
million
------------------------------ ------
Earnings per share, EUR 0.24 0.19 26.3 0.31 0.29 6.9 0.44
------------------------------ ------
EVA, EUR million 7.9 1.9 315.8 6.4 1.7 276.5 -2.2
--------------------------------------------------------------------------------
* Breakdown of operating profit excluding non-recurring items is presented
below the division reviews.
NET SALES AND FINANCIAL PERFORMANCE BY DIVISION
Environmental Services
Second quarter
The division's net sales for the second quarter were up by 5.5% to EUR 88.1
million (EUR 83.5 million). Operating profit totalled EUR 14.6 million (EUR 9.2
million) and operating profit excluding non-recurring items was EUR 11.2
million (EUR 9.2 million).
Strong demand for waste management and process cleaning services powered the
division's net sales upwards. In addition, recycling volumes grew and the
prices of secondary raw materials stayed at a healthy level. Growth in the
quarter was primarily organic.
The division's operating profit improved from the comparison period, thanks to
volume growth in waste management services and a good performance in
shutdown-related work in the industry sector. Volume growth in recycling also
boosted the division's profitability. Joint venture L&T Recoil's profitability
improved as a non-scheduled maintenance shutdown of the kind that had a
negative impact on performance in the comparison period was not required in
this quarter.
The division's year-on-year net sales from international operations declined
slightly while operating profit remained unchanged.
At the end of the quarter, L&T sold its 50 percent holding in the joint venture
L&T Recoil to the co-owner, EcoStream Oy. The sale price consisted of a EUR 10
million cash contribution and a slightly lower than 20 percent interest in
EcoStream. A non-recurring capital gain of EUR 4.2 million on the arrangement
was recorded for the quarter. At the same time, a non-recurring cost of EUR 2.0
million was recorded in financial expenses, consisting of interest receivable
from subordinated loans granted to the joint venture.
As part of the operational enhancement programme announced on 26 April 2012,
the division took actions involving a non-recurring cost of EUR 0.8 million
recorded for the period, including a write-down associated with the closure of
a hazardous waste treatment facility located in Tuusula.
January-June
The Environmental Services division's net sales for January-June amounted to
EUR 165.1 million (EUR 156.0
million), showing an increase of 5.9%. Operating profit totalled EUR 17.6
million (EUR 13.4 million) and
operating profit excluding non-recurring items was EUR 14.2 million (EUR 13.4
million).
The majority of growth in the division was generated by waste management
services and process cleaning services required by the industry. Demand for
both services perked up after a subdued first quarter. Growth was primarily
organic.
Profitability in the first quarter was burdened by the increase in fuel and
repair costs and weaker profitability in international operations (Latvia,
Russia). In the second quarter, the volume growth in waste management services
and strong performance in the shutdown-related assignments in the industrial
sector drove profitability up.
Recycled raw material volumes remained healthy in the first half, as did the
prices of secondary raw materials (fibres, plastics, metals).
Cleaning and Office Support Services
Second quarter
The division's net sales for the second quarter totalled EUR 40.7 million (EUR
40.8 million), showing a decrease of 0.3%. Operating profit totalled EUR 0.2
million (EUR 1.0 million) and operating profit excluding non-recurring items
was EUR 1.2 million (EUR 1.2 million).
Net sales from Finnish operations decreased somewhat from the comparison
period, even though sales of commissioned assignments developed as expected. In
the absence of business acquisition and integration costs that taxed the result
in the comparison period, the result for Finnish operations improved.
Results from international operations remained negative due to loss-making
operations in Sweden. The savings programme launched in Sweden in April will
continue in the second half.
The non-recurring cost of EUR 1.0 million associated with the reorganisation of
the Swedish operations eroded the division's operating profit.
January-June
The January-June net sales of Cleaning and Office Support Services increased by
5.7% to EUR 80.0 million
(EUR 75.6 million). Operating profit totalled EUR 1.1 million (EUR 2.5 million)
and operating profit excluding
non-recurring items was EUR 2.2 million (EUR 2.7 million).
Acquisitions made in the previous spring contributed to net sales growth from
the comparison period. Demand for commissioned assignments remained at the
previous year's level.
Swedish operations were in the red, which taxed the division's operating
profit. The result from Finnish operations was slightly better than in the
comparison period, although the increase in service prices did not fully cover
the rise in labour costs.
Property Maintenance
Second quarter
The division's net sales for the second quarter were up by 2.7% to EUR 31.7
million (EUR 30.9 million). Operating profit totalled EUR 0.8 million (EUR 0.8
million) and operating profit excluding non-recurring items was EUR 0.9 million
(EUR 0.8 million).
An increase in the damage repair services workload contributed to a slight
increase in the division's net sales from the comparison period.
The quarter's operating profit remained unchanged, thanks to production
efficiency enhancement measures taken in property maintenance and tighter
subcontracting cost control.
January-June
The division's net sales for January-June were up by 3.1% to EUR 72.0 million
(EUR 69.8 million). Operating
profit totalled EUR 1.5 million (EUR 2.7 million) and operating profit
excluding non-recurring items was EUR 1.6
million (EUR 2.7 million).
Expansion of the damage repair service network and the resulting increase in
workload contributed to the increase in the division's net sales in the first
half.
Meanwhile, operating profit declined; this could be attributed to tougher price
competition than a year earlier and the increase in subcontracting and overtime
costs seen in the first quarter.
Renewable Energy Sources
Second quarter
Second quarter net sales of Renewable Energy Sources (L&T Biowatti) were up by
26.0% to EUR 12.1 million
(EUR 9.6 million). The division recorded an operating loss of EUR 0.7 million
(a loss of EUR 1.3 million), and
an operating loss excluding non-recurring items of EUR 0.6 million (a loss of
EUR 1.3 million).
There was a marked improvement in the division's net sales from the comparison
period, due to stronger demand for wood-based fuels. However, the weak energy
content of forest processed chips undermined the division's profitability.
Smaller depreciation and volume growth helped curtail operating loss from the
comparison period.
January-June
January-June net sales of Renewable Energy Sources (L&T Biowatti) were up by
15.9% to EUR 29.7 million
(EUR 25.6 million). Operating profit amounted to EUR 0.1 million (a loss of EUR
2.0 million), and operating profit
excluding non-recurring items was EUR 0.2 million (a loss of EUR 1.6 million).
Net sales increased from the comparison period thanks to successful new sales.
Despite the negative impact of chips' weak energy content on first-half
results, profitability improved thanks to smaller depreciation and a trimmer
cost structure.
BREAKDOWN OF OPERATING PROFIT EXCLUDING NON-RECURRING ITEMS
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Operating profit 14.1 8.9 19.1 15.3 25.6
Non-recurring items:
Gain on sale of holding in L&T Recoil Oy -4.2 -4.2
Impairment of hazardous waste treatment 0.3 0.3
facility in Tuusula
Impairment of L&T Biowatti 17.1
Discontinuation of wood pellet production of 0.1 0.1
L&T Biowatti
Restructuring costs 1.9 0.8 2.0 1.1 1.5
Operating profit excluding non-recurring 12.1 9.7 17.2 16.5 44.3
items
--------------------------------------------------------------------------------
FINANCING
Cash flows from operating activities amounted to EUR 31.6 million (EUR 31.5
million). EUR 2.4 million was released from the working capital (EUR 3.2
million).
At the end of the period, interest-bearing liabilities amounted to EUR 129.5
million (EUR 154.5 million). Net interest-bearing liabilities amounted to EUR
112.7 million, showing a decrease of EUR 14.5 million from the beginning of the
year and EUR 31.3 million from the comparison period.
Net finance costs amounted to EUR 4.3 million (EUR 2.2 million) in
January-June. This increase could be attributed to the non-recurring cost
recognition of EUR 2.0 million on interest receivable from subordinated loans
given to L&T Recoil Oy. Net finance costs were 1.3% (0.7%) of net sales.
The average interest rate on long-term loans (with interest-rate hedging) was
2.5% (3.1%). Long-term loans totalling EUR 10.7 million will mature during the
rest of the year.
The equity ratio was 43.3% (42.0%) and the gearing rate 53.8 (67.6). Liquid
assets at the end of the period amounted to EUR 16.7 million (EUR 10.5
million).
Of the EUR 100 million commercial paper programme, EUR 34.0 million (EUR 23.5
million) was in use at the end of the period. A cfommitted limit totalling EUR
30.0 million, was not in use, as was the case in the comparison period.
DISTRIBUTION OF ASSETS
The Annual General Meeting held on 15 March 2012 resolved that the profit for
2011 be placed in retained earnings and that no dividend be paid. A capital
repayment of EUR 0.55 per share would be paid for the financial year 2011. The
capital repayment, totalling EUR 21.3 million, was paid to the shareholders on
27 March 2012.
CAPITAL EXPENDITURE
In January-June capital expenditure totalled EUR 27.8 million (EUR 45.1
million) and was mainly comprised of machine and equipment purchases.
In the second quarter, the Environmental Services division acquired the waste
management business of Sita Finland Oy in Oulu.
PERSONNEL
In January-June the average number of employees converted into full-time
equivalents was 8,220 (8,228). The total number of full-time and part-time
employees at the end of the period was 9,817 (10,389). Of them 7,689 (8,198)
people worked in Finland and 2,128 (2,191) people in other countries.
SHARE AND SHARE CAPITAL
Traded volume and price
The volume of trading excluding the shares held by the company in Lassila &
Tikanoja plc shares on NASDAQ OMX Helsinki in January-June was 5,653,917 which
is 14.6% (13.4%) of the average number of outstanding shares. The value of
trading was EUR 59.1 million (EUR 68.2 million). The trading price varied
between EUR 12.15 and EUR 8.59. The closing price was EUR 9.36. At the end of
the period, the company held 113,305 of its own shares. The market
capitalisation excluding the shares held by the company was EUR 362.1 million
(EUR 467.9 million) at the end of the period.
Own shares
At the end of the period the company held 113,305 of its own shares,
representing 0.3% of all shares and votes.
Share capital and number of shares
The company's registered share capital amounts to EUR 19,399,437, and the
number of outstanding shares to 38,685,569 shares. The average number of shares
excluding the shares held by the company totalled 38,685,569.
Share option scheme 2008
In 2008, 230,000 share option rights were issued. The exercise period in NASDAQ
OMX Helsinki ended on 31 May 2012. No shares were subscribed for pursuant to
the option rights.
Share-based incentive programme 2012
Lassila & Tikanoja plc's Board of Directors decided on 14 December 2011 on a
new share-based incentive programme. Rewards will be based on the EVA result of
Lassila & Tikanoja group without L&T Recoil. They will be paid partly as shares
and partly in cash. The part paid in cash will cover the taxes caused by the
reward. Based on the programme a maximum of 65,520 shares of the company can
be granted. The company will buy the shares from the stock market. The
programme covers 22 persons.
Shareholders
At the end of the period, the company had 9,525 (9,498) shareholders.
Nominee-registered holdings accounted for 15.3% (12.2%) of the total number of
shares.
Authorisation for the Board of Directors
The Annual General Meeting held on 15 March 2012 authorised Lassila & Tikanoja
plc's Board of Directors to make decisions on the repurchase of the company's
own shares using the company's unrestricted equity.
The Board of Directors is authorised to purchase a maximum of 500,000 company
shares, which is 1.3% of the total number of shares. The share issue
authorisation will be effective for 18 months.
RESOLUTIONS BY THE GENERAL MEETING
The Annual General Meeting of Lassila & Tikanoja plc, which was held on 15
March 2012, adopted the financial statements for the financial year 2011 and
released the members of the Board of Directors and the Presidents and CEOs from
liability.
The AGM resolved that the profit for 2011 be placed in retained earnings and
that no dividend be paid. A capital repayment of EUR 0.55 per share, as
proposed by the Board of Directors, would be paid for the financial year 2011
on the basis of the balance sheet adopted. The capital repayment, totalling EUR
21.3 million, payment date was resolved to be on 27 March 2012.
The Annual General Meeting confirmed the number of the members of the Board of
Directors five. The following Board members were re-elected to the Board until
the end of the following AGM: Heikki Bergholm, Eero Hautaniemi, Hille Korhonen,
Sakari Lassila and Miikka Maijala.
KPMG Oy Ab, Authorised Public Accountants, was elected auditor. KPMG Oy Ab has
announced that it will name Lasse Holopainen, Authorised Public Accountant, as
its principal auditor.
The resolutions of the Annual General Meeting were announced in more detail in
a stock exchange release on 15 March 2012.
BOARD OF DIRECTORS
The members of the Board of Directors are Heikki Bergholm, Eero Hautaniemi,
Hille Korhonen, Sakari Lassila and Miikka Maijala. In its constitutive meeting
the Board elected Heikki Bergholm as Chairman of the Board and Eero Hautaniemi
as Vice Chairman.
From among its members, the Board elected Eero Hautaniemi as Chairman and
Sakari Lassila and Miikka Maijala as members of the audit committee. Heikki
Bergholm was elected as Chairman of the remuneration committee and Hille
Korhonen as member of the committee.
SUMMARY OF STOCK EXCHANGE RELEASES PURSUANT TO ARTICLE 7, CHAPTER 2 OF THE
SECURITIES MARKETS ACT
In a release published on 26 April 2012 the company announced that it is
launching a new operational enhancement programme to improve its profitability
and to adapt operations to the current market environment.
In a release published on 2 May 2012 the company announced that Jorma Mikkonen,
Vice President, Environmental Services, leaves the Group Executive Board of
Lassila & Tikanoja plc.
In a release published on 8 May 2012 the company announced that Lassila &
Tikanoja plc and EcoStream Oy are negotiating on a business transaction in
which Lassila & Tikanoja will sell its 50 percent holding in the joint venture
L&T Recoil Oy to EcoStream Oy, a co-owner.
In a release published on 25 June 2012 the company announced that it has sold
its 50 percent holding in joint venture L&T Recoil Oy to the co-owner,
EcoStream Oy.
NEAR-TERM UNCERTAINTIES
Economic uncertainty may cause radical changes in the Environmental Services
division's secondary raw material markets and in industrial customer
relationships.
Uncertainties associated with government subsidies for renewable fuels and with
their continuity could affect demand for the Renewable Energy Sources
division's services.
More detailed information on L&T's risks and risk management is available in
the Annual Report for 2011, in the report of the Board of Directors, and in the
consolidated financial statements.
OUTLOOK FOR THE REST OF THE YEAR
Despite the economic uncertainty, the outlook for Environmental Services is, by
and large, stable, but any changes in demand for industrial services may
complicate operational adjustments.
The business environment for Cleaning and Office Support Services and Property
Maintenance is expected to remain stable, though price competition will remain
tough.
Demand for Renewable Energy Sources' (L&T Biowatti) wood-based fuels is
expected to pick up from the comparison period, and the more effective cost
structure should result in profitability improvement.
Full-year net sales in 2012 are expected to remain at the 2011 level. Operating
profit, excluding non-recurring items, is expected to remain at the 2011 level
or improve slightly.
CONDENSED FINANCIAL STATEMENTS 1 JANUARY-30 JUNE 2012
CONSOLIDATED INCOME STATEMENT
EUR 1000 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2012 2011 2012 2011 2011
Net sales 169 692 162 340 978 321 652 130
186 660
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Cost of sales -151 299 -146 -311 010 -292 -584
068 726 152
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Gross profit 18 393 16 118 29 968 28 934 67 978
Other operating income 5 011 890 5 559 1 570 3 038
Selling and marketing costs -4 945 -4 219 -9 036 -8 015 -15 217
Administrative expenses -3 408 -3 372 -6 416 -6 338 -11 408
Other operating expenses -605 -557 -696 -827 -1 733
Impairment, non-current assets -302 -302 -5 677
Impairment, goodwill and other -11 384
intangible assets
Operating profit 14 144 8 860 19 077 15 324 25 597
--------------------------------------------------------------------------------
Finance income 148 341 503 640 1 041
Finance costs -3 504 -1 504 -4 819 -2 867 -5 644
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--------------------------------------------------------------------------------
Profit before tax 10 788 7 697 14 761 13 097 20 994
Income tax expense -1 447 -421 -2 656 -1 825 -4 030
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Profit for the period 9 341 7 276 12 105 11 272 16 964
Attributable to:
Equity holders of the company 9 342 7 276 12 111 11 270 16 960
Non-controlling interest -1 -6 2 4
Earnings per share for profit attributable to the equity holders of the company:
Basic earnings per share, EUR 0.24 0.19 0.31 0.29 0.44
Diluted earnings per share, EUR 0.24 0.19 0.31 0.29 0.44
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR 1000 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2012 2011 2012 2011 2011
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--------------------------------------------------------------------------------
Profit for the period 9 341 7 276 12 105 11 272 16 964
Other comprehensive income, after tax
Hedging reserve, change in fair value 348 -1 145 657 -224 -487
Revaluation reserve
Gains in the period -2 3 -4 -4
Current available-for-sale financial 0 -2 3 -4 -4
assets
--------------------------------------------------------------------------------
Currency translation differences -601 11 80 43 111
Currency translation differences, -15 3 -11
non-controlling interest
--------------------------------------------------------------------------------
Other comprehensive income, after tax -268 -1 136 743 -185 -391
--------------------------------------------------------------------------------
Total comprehensive income, after tax 9 073 6 140 12 848 11 087 16 573
Attributable to:
Equity holders of the company 9 089 6 141 12 851 11 084 16 580
Non-controlling interest -16 -1 -3 3 -7
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR 1000 6/2012 6/2011 12/2011
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ASSETS
Non-current assets
Intangible assets
Goodwill 119 735 123 293 119 509
Customer contracts arising from acquisitions 9 027 12 087 10 591
Agreements on prohibition of competition 2 534 12 077 3 162
Other intangible assets arising from business 67 258 78
acquisitions
Other intangible assets 8 968 13 031 11 149
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--------------------------------------------------------------------------------
140 331 160 746 144 489
Property, plant and equipment
Land 4 129 4 634 4 589
Buildings and constructions 47 604 79 267 78 217
Machinery and equipment 122 185 115 980 120 015
Other 85 84 85
Prepayments and construction in progress 5 423 5 097 4 616
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--------------------------------------------------------------------------------
179 426 205 062 207 522
Other non-current assets
Available-for-sale investments 7 293 613 605
Finance lease receivables 3 848 3 433 3 578
Deferred tax assets 3 713 4 566 6 323
Other receivables 2 946 3 288 3 315
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
17 800 11 900 13 821
Total non-current assets 337 557 377 708 365 832
Current assets
Inventories 26 941 24 830 27 953
Trade and other receivables 107 862 96 740 91 629
Derivative receivables 113 772 419
Prepayments 2 688 2 646 438
Current available-for-sale financial assets 6 997 3 299 2 299
Cash and cash equivalents 9 739 7 185 5 770
Total current assets 154 340 135 472 128 508
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TOTAL ASSETS 491 897 513 180 494 340
--------------------------------------------------------------------------------
EUR 1000 6/2012 6/2011 12/2011
-------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity
Equity attributable to equity holders of the company
Share capital 19 399 19 399 19 399
Share premium reserve 50 673
Other reserves -1 729 -2 274 -2 469
Unrestricted equity reserve 29 381 -15 50 658
Retained earnings 150 200 133 548 133 125
Profit for the period 12 111 11 270 16 960
-------------------------------------------------------------------------------
209 362 212 601 217 673
Non-controlling interest 268 281 271
-------------------------------------------------------------------------------
Total equity 209 630 212 882 217 944
Liabilities
Non-current liabilities
Deferred tax liabilities 30 301 32 157 29 389
Retirement benefit obligations 667 677 628
Provisions 2 589 2 710 2 500
Borrowings 74 208 101 456 92 914
Other liabilities 1 021 1 017 960
-------------------------------------------------------------------------------
108 786 138 017 126 391
Current liabilities
Borrowings 55 260 53 012 42 319
Trade and other payables 116 630 107 073 105 751
Derivative liabilities 859 1 696 1 850
Tax liabilities 13 24 85
Provisions 719 476
173 481 162 281 150 005
-------------------------------------------------------------------------------
Total liabilities 282 267 300 298 276 396
TOTAL EQUITY AND LIABILITIES 491 897 513 180 494 340
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
EUR 1000 6/2012 6/2011 12/2011
--------------------------------------------------------------------------------
Cash flows from operating activities
Profit for the period 12 105 11 272 16 964
Adjustments
Income tax expense 2 657 1 825 4 030
Depreciation, amortisation and impairment 22 123 21 823 61 548
Finance income and costs 4 315 2 227 4 602
Gain on sale of shares -4 413
Other 448 -368 -858
--------------------------------------------------------------------------------
Net cash generated from operating activities before 37 235 36 779 86 286
change in working capital
Change in working capital
Change in trade and other receivables -17 313 -12 309 -7 843
Change in inventories -2 177 3 127 9
Change in trade and other payables 21 853 12 380 11 055
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Change in working capital 2 363 3 198 3 221
Interest paid -3 036 -3 026 -6 165
Interest received 526 539 1 020
Income tax paid -5 523 -6 013 -9 896
--------------------------------------------------------------------------------
Net cash from operating activities 31 565 31 477 74 466
Cash flows from investing activities
Acquisition of subsidiaries and businesses, net of -807 -23 574 -24 430
cash acquired
Proceeds from sale of Group companies and businesses, 7 820
net of sold cash
Purchases of property, plant and equipment and -21 381 -20 331 -45 503
intangible assets
Proceeds from sale of property, plant and equipment 255 1 724 1 850
and intangible assets
Purchases of available-for-sale investments -20
Change in other non-current receivables 368 98 98
Proceeds from sale of available-for-sale investments
Dividends received 1
--------------------------------------------------------------------------------
Net cash used in investing activities -13 744 -42 083 -68 005
Cash flows from financing activities
Change in short-term borrowings 16 087 17 751 8 712
Proceeds from long-term borrowings 10 200 20 000 20 000
Repayments of long-term borrowings -14 197 -9 875 -19 761
Dividends paid and other asset distribution -21 254 -21 284 -21 284
Repurchase of own shares -517
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Net cash generated from financing activities -9 164 6 592 -12 850
EUR 1000 6/2012 6/2011 12/2011
--------------------------------------------------------------------------------
Net change in liquid assets 8 657 -4 014 -6 389
Liquid assets at beginning of period 8 069 14 548 14 548
Effect of changes in foreign exchange rates 10 -50 -90
Change in fair value of current available-for-sale
investments
Liquid assets at end of period 16 736 10 484 8 069
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Liquid assets
EUR 1000 6/2012 6/2011 12/2011
--------------------------------------------------------------------------------
Cash and cash equivalents 9 739 7 185 5 770
Available-for-sale financial assets 6 997 3 299 2 299
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Total 16 736 10 484 8 069
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
A = Share capital
B = Share premium reserve
C = Currency translation differences
D = Revaluation reserve
E = Hedging reserve
F = Invested unrestricted equity reserve
G = Retained earnings
H = Equity attributable to equity holders of the company
I = Non-controlling interest
J = Total equity
EUR A B C D E F G H I
J
1000
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----
Equity 19 399 0 -1 412 0 -1 057 50 658 150 085 217 673 271
217 944
at
1.1.2
012
Expens 93 93
93
e
recog
nitio
n of
share
-based
benef
its
Repurc
hase
of
own
share
s
Capita -21 277 22 -21 255
-21 255
l
repay
ment
Total 80 3 657 12 111 12 851 -3
12 848
compr
ehens
ive
incom
e
--------------------------------------------------------------------------------
----
--------------------------------------------------------------------------------
----
Equity 19 399 0 -1 332 3 -400 29 381 162 311 209 362 268
209 630
at
30.6.
2012
Equity 19 399 50 673 -1 523 -48 -570 0 154 785 222 716 278
222 994
at
1.1.2
011
--------------------------------------------------------------------------------
----
--------------------------------------------------------------------------------
----
Expens 90 90
90
e
recog
nitio
n of
share
-based
benef
its
Repurc -37 -37
-37
hase
of
own
share
s
Divide -21 290 -21 290
-21 290
nds
paid
Transf 52 -15 37
37
er
from
reval
uation
rese
rve
Total 43 -4 -224 11 270 11 085 3
11 088
compr
ehensi
ve
incom
e
--------------------------------------------------------------------------------
----
--------------------------------------------------------------------------------
----
Equity 19 399 50 673 -1 480 0 -794 -15 144 818 212 601 281
212 882
at
30.6.
2011
KEY FIGURES
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Earnings per share, EUR 0.24 0.19 0.31 0.29 0.44
Earnings per share, diluted, EUR 0.24 0.19 0.31 0.29 0.44
Cash flows from operating activities 0.59 0.54 0.82 0.81 1.92
per share, EUR
EVA, EUR million 7.9 1.9 6.4 1.7 -2.2
Capital expenditure, EUR 1000 16 359 32 235 27 833 45 103 70 590
Depreciation, amortisation and 11 297 11 255 22 123 21 823 61 548
impairment, EUR 1000
Equity per share, EUR 5.41 5.49 5.63
Return on equity, ROE, % 11.3 10.3 7.7
Return on invested capital, ROI, % 11.3 8.9 7.6
Equity ratio, % 43.3 42.0 44.5
Gearing, % 53.8 67.6 58.3
Net interest-bearing liabilities, EUR 112 732 143 127
1000 984 165
Average number of employees in 8 220 8 228 8 513
full-time equivalents
Total number of full-time and part-time 9 817 10 389 9 357
employees at end of period
Number of outstanding shares adjusted
for issues,
1000 shares
average during the period 38 686 38 737 38 722
at end of period 38 686 38 736 38 686
average during the period, diluted 38 709 38 768 38 762
ACCOUNTING POLICIES
This interim report release is in compliance with IAS 34 standard. The same
accounting policies as in the annual financial statements for the year 2011
have been applied. The following new, revised or amended IFRS standards and
IFRIC interpretations that have become effective in 2012 have not had an impact
on the financial statements:
- IFRS 7 (amendment) Financial Instruments: Disclosures - Derecognition
- IAS 12 (amendment) Income taxes - Deferred tax
- annual improvements to IFRS.
The preparation of financial statements in accordance with IFRS require the
management to make such estimates and assumptions that affect the carrying
amounts at the balance sheet date for the assets and liabilities and the
amounts of revenues and expenses. Judgements are also made in applying the
accounting policies. Actual results may differ from the estimates and
assumptions.
The interim report has not been audited.
SEGMENT INFORMATION
Net sales
4-6/2012 4-6/2011
-------------------------------------
EUR 1000 Externa Inter-d Total Extern Inter-d Total Total net
l ivision al ivision sales,
change %
--------------------------------------------------------------------------------
Environmental 87 159 967 88 126 82 644 891 83 535 5.5
Services
-------- ------------
Cleaning and 40 170 488 40 658 40 418 366 40 784 -0.3
Office Support
Services
-------- ------------
Property 31 266 452 31 718 30 324 555 30 879 2.7
Maintenance
-------- ------------
Renewable 11 097 1 002 12 099 8 800 800 9 600 26.0
Energy Sources
-------- ------------
Eliminations 0 -2 909 -2 909 -2 612 -2 612
--------------------------------------------------------------------------------
L&T total 169 692 0 169 692 162 0 162 4.6
186 186
-------- ------------
1-6/2012 1-6/2011
-------------------------------------
EUR 1000 Externa Inter-d Total Extern Inter-d Total Total net
l ivision al ivision sales,
change %
--------------------------------------------------------------------------------
Environmental 163 120 1 997 165 117 154 1 800 155 5.9
Services 164 964
-------- ------------
Cleaning and 79 071 908 79 979 74 967 673 75 640 5.7
Office Support
Services
-------- ------------
Property 71 151 866 72 017 68 536 1 282 69 818 3.1
Maintenance
-------- ------------
Renewable 27 636 2 047 29 683 23 993 1 618 25 611 15.9
Energy Sources
-------- ------------
Eliminations -5 818 -5 818 -5 373 -5 373
--------------------------------------------------------------------------------
L&T total 340 978 0 340 978 321 0 321 6.0
660 660
-------- ------------
1-12/2011
EUR 1000 External Inter-division Total
-----------------------------------------------------------------------
Environmental Services 322 264 3 620 325 884
Cleaning and Office Support Services 155 817 1 454 157 271
Property Maintenance 132 399 2 192 134 591
Renewable Energy Sources 41 650 3 752 45 402
Eliminations 0 -11 018 -11 018
-----------------------------------------------------------------------
L&T total 652 130 0 652 130
Operating profit
EUR 4-6/ % 4-6/ % 1-6/ % 1-6/ % 1-12/ %
1000 2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Environ 14 567 16.5 9 182 11.0 17 582 20.0 13 357 16.0 33 970 10.4
mental
Servic
es
Cleanin 235 0.6 1 001 2.5 1 080 2.7 2 476 6.1 7 131 4.5
g and
Office
Suppor
t
Servic
es
Propert 790 2.5 769 2.5 1 541 4.9 2 671 8.6 8 181 6.1
y
Mainte
nance
Renewab -733 -6.1 -1 325 -13.8 54 0.4 -1 976 -20.6 -21 -46.8
le 250
Energy
Source
s
Group -715 -767 -1 180 -1 204 -2 435
admin.
and
other
--------------------------------------------------------------------------------
------------------------------------------------------------------------
L&T 14 144 8.3 8 860 5.5 19 077 11.2 15 324 9.4 25 597 3.9
total
Finance 3 356 -1 163 -4 316 -2 227 -4 603
costs,
net
--------------------------------------------------------------------------------
------------------------------------------------------------------------
Profit 10 788 7 697 14 761 13 097 20 994
before
tax
Other segment information
EUR 1000 6/2012 6/2011 12/2011
---------------------------------------------------------------
Assets
Environmental Services 321 796 350 779 346 224
Cleaning and Office Support Services 57 348 55 471 54 302
Property Maintenance 48 240 40 773 45 048
Renewable Energy Sources 28 838 41 447 27 346
Group admin. and other 9 704 2 065 2 528
Unallocated assets 25 971 22 645 18 892
---------------------------------------------------------------
--------------------------
L&T total 491 897 513 180 494 340
Liabilities
Environmental Services 63 701 57 782 57 367
Cleaning and Office Support Services 32 351 30 191 29 804
Property Maintenance 17 046 16 808 15 889
Renewable Energy Sources 7 060 4 284 3 932
Group admin. and other 1 054 1 598 1 343
Unallocated liabilities 161 055 189 635 168 061
---------------------------------------------------------------
--------------------------
L&T total 282 267 300 298 276 396
EUR 1000 4-6/2012 4-6/2011 1-6/2012 1-6/2011 1-12/201
1
--------------------------------------------------------------------------------
Capital expenditure
Environmental Services 6 372 16 846 12 554 25 660 43 362
Cleaning and Office Support 1 053 12 138 2 570 13 360 14 721
Services
Property Maintenance 1 997 3 033 5 672 5 664 11 776
Renewable Energy Sources 233 203 330 291 454
Group admin. and other 6 704 15 6 707 128 277
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
L&T total 16 359 32 235 27 833 45 103 70 590
Depreciation and amortisation
Environmental Services 8 112 7 620 16 118 14 999 30 760
Cleaning and Office Support 1 245 1 280 2 514 2 233 4 928
Services
Property Maintenance 1 568 1 188 3 047 2 257 4 873
Renewable Energy Sources 66 1 167 138 2 334 3 919
Group admin. and other 4 4 7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
L&T total 10 995 11 255 21 821 21 823 44 487
Impairment
Environmental Services 302 302
Renewable Energy Sources 17 061
L&T total 302 0 302 0 17 061
--------------------------------------------------------------------------------
INCOME STATEMENT BY QUARTER
EUR 1000 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/ 10-12/ 7-9/
2012 2012 2011 2011 2011 2011 2010 2010
--------------------------------------------------------------------------------
Net sales
Environmental 88 126 76 991 84 014 85 906 83 535 72 429 73 992 75 806
Services
Cleaning and 40 658 39 321 40 101 41 530 40 784 34 856 34 580 35 659
Office Support
Services
Property 31 718 40 299 33 451 31 322 30 879 38 939 31 596 26 926
Maintenance
Renewable 12 099 17 584 12 578 7 213 9 600 16 011 15 266 7 617
Energy Sources
Inter-division -2 909 -2 909 -3 143 -2 502 -2 612 -2 761 -3 927 -2 238
net sales
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
L&T total 169 692 171 167 163 162 159 151 143
286 001 469 186 474 507 770
Operating
profit
Environmental 14 567 3 015 8 305 12 308 9 182 4 175 8 204 10 930
Services
Cleaning and 235 845 937 3 718 1 001 1 475 181 4 088
Office Support
Services
Property 790 751 1 928 3 582 769 1 902 633 3 263
Maintenance
Renewable -733 787 -18 -1 085 -1 325 -651 -361 -1 432
Energy Sources 189
Group admin. -715 -465 -887 -344 -767 -437 -104 -574
and other
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
L&T total 14 144 4 933 -7 906 18 179 8 860 6 464 8 553 16 275
Operating
margin
Environmental 16.5 3.9 9.9 14.3 11.0 5.8 11.1 14.4
Services
Cleaning and 0.6 2.1 2.3 9.0 2.5 4.2 0.5 11.5
Office Support
Services
Property 2.5 1.9 5.8 11.4 2.5 4.9 2.0 12.1
Maintenance
Renewable -6.1 4.5 -144.6 -15.0 -13.8 -4.1 -2.4 -18.8
Energy Sources
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
L&T total 8.3 2.9 -4.7 11.1 5.5 4.1 5.6 11.3
Finance costs, -3 356 -960 -1 099 -1 277 -1 163 -1 064 -987 -1 272
net
Profit before 10 788 3 973 -9 005 16 902 7 697 5 400 7 566 15 003
tax
--------------------------------------------------------------------------------
BUSINESS ACQUISITIONS
Business combinations in aggregate
Consideration
EUR 1000 Fair values used in
consolidation
--------------------------------------------------------------------------------
Cash 999
Equity instruments
Contingent consideration 151
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total consideration transferred 1 150
Indemnification asset
Fair value of equity interest held before the acquisition
Total consideration 1 150
--------------------------------------------------------------------------------
Acquisition-related costs (included in the administrative 6
expenses in the consolidated financial statements)
Recognised amounts of identifiable assets acquired and liabilities assumed
Property, plant and equipment 515
Customer contracts 162
Agreements on prohibition of competition 151
Other intangible assets arising from business acquisitions
Other intangible assets
Non-current available-for-sale financial assets
Inventories 2
Trade and other receivables 87
Cash and cash equivalents 154
Total assets 1 072
-----------------------------------------------------------------
Deferred tax liabilities
Non-current interest-bearing liabilities 44
Trade and other payables 146
Retirement benefit obligations
Contingent liability
Total liabilities 190
-----------------------------------------------------------------
Total identifiable net assets 881
-----------------------------------------------------------------
Non-controlling interest
Goodwill 268
-----------------------------------------------------------------
-----------------------------------------------------------------
Total 1 150
Acquisitions by Property Maintenance
- 1 January 2012, the property maintenance operations of IK Kiinteistöpalvelu
Oy.
- 1 February 2012, the business of Jyvässeudun Talonmiehet Oy and
Kiinteistöhuolto Markku Hyttinen Oy.
Acquisitions by Environmental Services
- 1 May 2012, the waste management business of Sita Finland Oy in Oulu.
The figures for these acquired businesses are stated in aggregate, because none
of them is of material importance when considered separately. Fair values have
been determined as of the time the acquisition was realised. No business
operations have been divested as a consequence of any acquisition. All
acquisitions have been paid for in cash. With share acquisitions, L&T was able
to gain 100% of the voting rights. The conditional consideration is tied to the
transfer of the customer contracts to Lassila & Tikanoja plc, and the estimates
of the fair values of considerations were determined on the basis of
probability-weighted final acquisition price. The estimates for the conditional
consideration have not changed between the time of acquisition and the balance
sheet date. Trade and other receivables have been recorded at fair value at the
time of acquisition. Individual acquisition prices have not been itemised
because none of them is of material importance when considered separately.
Profit for the period includes changes allocated to acquisition prices
amounting to EUR 150 thousand.
By net sales, the largest acquisition was the business of Jyvässeudun
Talonmiehet Oy (EUR 858 thousand).
It is not possible to itemise the effects of the acquired businesses on the
consolidated net sales and profit for the period, because L&T integrates its
acquisitions into the current business operations as quickly as possible to
gain synergy benefits.
The accounting policy concerning business combinations is presented in Annual
Report under Note 2 of the consolidated financial statements and under Summary
on significant accounting policies.
CHANGES IN INTANGIBLE ASSETS
EUR 1000 1-6/2012 1-6/2011 1-12/2011
---------------------------------------------------------------------
Carrying amount at beginning of period 144 489 142 681 142 681
Business acquisitions 356 21 973 22 859
Other capital expenditure 954 1 593 2 646
Disposals -1 455 0 -18
Amortisation and impairment -4 221 -5 382 -23 865
Transfers between items
Exchange differences 208 -119 186
---------------------------------------------------------------------
Carrying amount at end of period 140 331 160 746 144 489
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
EUR 1000 1-6/2012 1-6/2011 1-12/2011
---------------------------------------------------------------------
Carrying amount at beginning of period 207 522 200 700 200 700
Business acquisitions 515 4 468 4 441
Other capital expenditure 19 303 17 069 40 616
Disposals -30 143 -756 -477
Depreciation and impairment -17 902 -16 441 -37 683
Transfers between items
Exchange differences 131 22 -75
---------------------------------------------------------------------
Carrying amount at end of period 179 426 205 062 207 522
CAPITAL COMMITMENTS
EUR 1000 1-6/2012 1-6/2011 1-12/2011
-----------------------------------------------------------------------
Intangible assets 220 100 0
Property, plant and equipment 5 050 9 244 4 593
-----------------------------------------------------------------------
------------------------------
Total 5 270 9 344 4 593
The Group's share of capital commitments 0 550 0
of joint ventures
RELATED-PARTY TRANSACTIONS
(Joint ventures)
EUR 1000 1-6/2012 1-6/2011 1-12/2011
------------------------------------------------------
Sales 939 862 2 489
Other operating income 24 38 63
Interest income 391 466 707
Non-current receivables
Capital loan receivable 22 146 24 396
Current receivables
Trade receivables 2 272 2 710
Loan receivables 1 452 1 633
CONTINGENT LIABILITIES
Securities for own commitments
EUR 1000 6/2012 6/2011 12/2011
---------------------------------------------------------------------------
Mortgages on rights of tenancy 186 42 179 42 186
Company mortgages 460 21 460 21 460
Other securities 200 195 174
Bank guarantees required for environmental permits 5 848 5 331 5 702
Other securities are security deposits.
Off balance sheet liabilities
Lassila & Tikanoja plc has given a guarantee for a share of 50 percent of L&T
Recoil Oy's financial liabilities.
The guarantee is valid no later than the maturity date of the liabilities on 31
August 2014.
The financial liabilities of L&T Recoil totalled EUR 34.5 million on 30 June
2012.
Operating lease liabilities
EUR 1000 6/2012 6/2011 12/2011
--------------------------------------------------------------------------------
Maturity not later than one year 6 332 8 284 7 708
Maturity later than one year and not later than five 10 470 18 813 15 504
years
Maturity later than five years 2 443 4 375 4 185
--------------------------------------------------------------------------------
------------------------
Total 19 245 31 472 27 397
Liabilities associated with derivative agreements
Interest rate and currency swaps
EUR 1000 6/2012 6/2011 12/2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Nominal values of interest rate and currency swaps*
Maturity not later than one year 12 444 18 204 13 429
Maturity later than one year and not later than five 22 596 58 520 38 033
years
Maturity later than five years
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 35 040 76 724 51 462
Fair value -545 -1 669 -1 504
Nominal value of interest rate swaps**
Maturity not later than one year 4 000 4 000
Maturity later than one year and not later than five 18 364 19 455
years
Maturity later than five years 3 636 4 545
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 26 000 28 000
Fair value -314 -144
* The interest rate and currency swaps are used to hedge cash flow related to a
floating rate loan, and hedge accounting under IAS 39 has been applied to it.
The hedges have been effective, and the changes in the fair values are shown in
the consolidated statement of comprehensive income for the period. On the
balance sheet date, the value of foreign currency loans was EUR 0.1 million
positive. The fair values of the swap contracts are based on the market data at
the balance sheet date.
** Hedge accounting under IAS 39 has not been applied to these interest rate
swaps. Changes in fair values
have been recognised in finance income and costs.
Commodity derivatives
metric tons 6/2012 6/2011 12/2011
--------------------------------------------------------------------------------
Nominal values of diesel swaps
Maturity not later than one year 3 816 5 070 2 544
Maturity later than one year and not later than five 1 272 1 272 636
years
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 5 088 6 342 3 180
Fair value, EUR 1000 112 705 419
Commodity derivative contracts were concluded, for hedging of future diesel oil
purchases. IAS 39 -compliant hedge accounting will be applied to these
contracts, and the effective change in fair value will be recognised in the
hedging reserve within equity. The fair values of commodity derivatives are
based on market prices at the balance sheet date.
Currency derivatives
EUR 1000 6/2012 6/2011 12/2011
---------------------------------------------------------
Volume of forward contracts
Maturity not later than one year 1 079
Fair value -19
Hedge accounting under IAS 39 has not been applied to forward contracts.
Changes in fair values have been recognised in finance income and costs.
CALCULATION OF KEY FIGURES
Earnings per share:
profit attributable to equity holders of the parent company / adjusted average
basic number of shares
Earnings per share, diluted:
profit attributable to equity holders of the parent company / adjusted average
diluted number of shares
Cash flows from operating activities/share:
cash flow from operating activities as in the statement of cash flows /
adjusted average number of shares
EVA:
operating profit - cost calculated on invested capital (average of four
quarters)
WACC 2011: 7.7% and WACC 2012: 7.1%
Equity per share:
equity attributable to equity holders of the parent company / adjusted basic
number of shares at end of period
Return on equity, % (ROE):
(profit for the period / equity (average)) x 100
Return on investment, % (ROI):
(profit before tax + finance costs) / (total equity and liabilities -
non-interest-bearing liabilities (average)) x 100
Equity ratio, %:
equity / (total equity and liabilities - advances received) x 100
Gearing, %:
net interest-bearing liabilities / equity x 100
Net interest-bearing liabilities:
interest-bearing liabilities - liquid assets
Operating profit excluding non-recurring items:
operating profit +/- non-recurring items
Helsinki, 23 July 2012
LASSILA & TIKANOJA PLC
Board of Directors
Pekka Ojanpää
President and CEO
For additional information please contact:
Pekka Ojanpää, President and CEO, tel. +358 10 636 2810,
Ville Rantala, CFO, tel. +358 50 385 1442 or
Keijo Keränen, Head of Treasury & IR, tel. +358 50 385 6957.
Lassila & Tikanoja specialises in environmental management and property and
plant support services. L&T is a significant supplier of wood-based biofuels,
recovered fuels and recycled raw materials. With operations in Finland, Sweden,
Latvia and Russia, L&T employs 10,000 persons. Net sales in 2011 amounted to
EUR 652 million. L&T is listed on NASDAQ OMX Helsinki.
Distribution:
NASDAQ OMX Helsinki
Major media
www.lassila-tikanoja.com
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