2015-08-05 07:00:01 CEST
2015-08-05 07:00:08 CEST
REGULATED INFORMATION
Lassila & Tikanoja - Interim report (Q1 and Q3)
Lassila & Tikanoja plc: Interim report 1 January - 30 June 2015
Helsinki, Finland, 2015-08-05 07:00 CEST (GLOBE NEWSWIRE) --
Lassila & Tikanoja plc: Interim report 1 January - 30 June 2015
- Net sales for the second quarter EUR 164.2 million (EUR 159.8 million);
operating profit EUR 14.4 million (EUR 12.9 million); operating profit
excluding non-recurring items EUR 14.4 million (EUR 13.5 million); earnings per
share EUR 0.28 (EUR 0.29)
- Net sales for January-June EUR 321.5 million (EUR 319.2 million); operating
profit EUR 20.9 million (EUR 15.1 million); operating profit excluding
non-recurring items EUR 21.8 million (EUR 20.9 million); earnings per share EUR
0.42 (EUR -0.13)
- Full-year net sales and operating profit excluding non-recurring items in
2015 are expected to remain at the 2014 level.
CEO PEKKA OJANPÄÄ:
“The economic recession kept the business environment challenging. In spite of
this, our net sales increased in the second quarter. The majority of the growth
was attributable to strategically targeted acquisitions. Net sales also grew
organically for the first time in a long while, supported by a focus on sales
and customer relationships. We achieved an improvement also in profitability
and cash flow. Profitability was supported by the successful integration of
acquired businesses and good cost control. In line with our strategy, our focus
in the prevailing economic situation is on strengthening our market position
and ensuring profitability and cash flow through the development of our
business operations and by business acquisitions.”
GROUP NET SALES AND FINANCIAL PERFORMANCE
Second quarter
Lassila & Tikanoja's net sales for the second quarter increased by 2.7% to EUR
164.2 million (EUR 159.8 million). Operating profit totalled EUR 14.4 million
(EUR 12.9 million). Operating profit excluding non-recurring items was EUR 14.4
million (EUR 13.5 million), representing 8.8% (8.4%) of net sales. Earnings per
share were EUR 0.28 (EUR 0.29).
In the second quarter, net sales grew particularly in Industrial Services,
which saw strong demand for process cleaning. Net sales also increased in
Environmental Services and Facility Services. The majority of the growth was
attributable to acquisitions made by the Group. The net sales of the Renewable
Energy Sources division declined substantially due to demand being lower than
in the comparison period.
Profitability improved mainly due to the strong profitability of the
Environmental Services division's recycling business and the Industrial
Services division's process cleaning business. Profitability also developed
favourably in the second quarter in Renewable Energy Sources due to the good
energy content of the division's fuels. The profitability of the Facility
Services division decreased slightly.
January-June
Lassila & Tikanoja's net sales for January-June amounted to EUR 321.5 million
(EUR 319.2 million), an increase of 0.7%. Operating profit totalled EUR 20.9
million (EUR 15.1 million). Operating profit excluding non-recurring items was
EUR 21.8 million (EUR 20.9 million), representing 6.8% (6.5%) of net sales.
Earnings per share were EUR 0.42 (EUR -0.13).
In the first half of the year, net sales grew in Environmental Services and
Facility Services, primarily due to acquisitions made by the Group. The net
sales of the Renewable Energy Sources division decreased due to low demand. In
Industrial Services, net sales were on the same level with the comparison
period.
In the comparison period, the company's reported operating profit included EUR
5.8 million in non-recurring items.
Operating profit excluding non-recurring items increased in all divisions
during the first half of the year. In the first quarter, the company recorded
non-recurring restructuring costs of EUR 0.9 million related to the damage
repair services business. The company continued to adapt the damage repair
services business to the weakened market situation.
Financial summary
4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2015 2014 % 2015 2014 % 2014
--------------------------------------------------------------------------------
------------------------------ ------
Net sales, EUR million 164.2 159.8 2.7 321.5 319.2 0.7 639.7
------------------------------ ------
Operating profit excluding 14.4 13.5 6.9 21.8 20.9 4.3 53.8
non-recurring items, EUR
million*
------------------------------ ------
Operating margin excluding 8.8 8.4 6.8 6.5 8.4
non-recurring items, %
------------------------------ ------
Operating profit, EUR million 14.4 12.9 11.4 20.9 15.1 38.7 48.5
------------------------------ ------
Operating margin, % 8.8 8.1 6.5 4.7 7.6
------------------------------ ------
Profit before tax, EUR 13.6 12.9 5.2 20.6 -2.6 26.6
million
------------------------------ ------
Earnings per share, EUR 0.28 0.29 -3.1 0.42 -0.13 0.47
------------------------------ ------
EVA, EUR million 9.5 7.9 19.9 11.2 4.9 127.0 29.1
--------------------------------------------------------------------------------
* Breakdown is presented below the division reviews.
NET SALES AND OPERATING PROFIT BY DIVISION
Environmental Services
Second quarter
The division's net sales for the second quarter increased by 3.7% to EUR 66.5
million (EUR 64.2 million). Operating profit was EUR 10.8 million (EUR 9.3
million) and operating profit excluding non-recurring items was EUR 10.8
million (EUR 9.6 million).
Net sales increased particularly in the recycling business, mainly due to
acquisitions. The increase in the net sales of the recycling business was also
attributable to stronger demand for services in the construction sector. Net
sales decreased in the environmental product business due to structural changes
implemented in line with strategy.
The division's profitability was weighed down by additional maintenance
shutdowns at the recycling plants in Turku and Kerava, which resulted in lower
waste processing volumes at the two plants. Nevertheless, the operating profit
of the Environmental Services division increased due to the otherwise improved
profitability of the recycling business and good operational efficiency in
waste management.
January-June
The Environmental Services division's net sales for January-June increased by
1.9% and amounted to EUR 127.5 million (EUR 125.1 million). Operating profit
was EUR 17.3 million (EUR 15.9 million) and operating profit excluding
non-recurring items was EUR 17.3 million (EUR 16.2 million).
Acquisitions and stronger demand for services in the construction sector
contributed to increased net sales in the recycling business and the division
as a whole. During the first half of the year, net sales decreased in Russia
due to lower demand for waste management services, recycling services and
environmental products declined as well as fluctuations in the rouble exchange
rate. In the environmental products business, net sales also decreased due to
the discontinuation of certain products.
Profitability was weighed down by additional maintenance shutdowns at the
recycling plants in Turku and Kerava, which resulted in lower waste processing
volumes at the two plants. Nevertheless, the division's operating profit
increased due to the otherwise improved profitability of the recycling business
and good operational efficiency in waste management.
Industrial Services
Second quarter
The division's net sales for the second quarter increased by 5.6% to EUR 20.8
million (EUR 19.7 million). Operating profit was EUR 2.5 million (EUR 1.9
million) and operating profit excluding non-recurring items was EUR 2.5 million
(EUR 2.0 million).
The division's net sales increased mainly due to the strong demand for process
cleaning services. Net sales also increased in hazardous waste management and
environmental construction.
In sewer maintenance, the operating result improved significantly due to
previously implemented adaptation measures. Profitability also improved in
process cleaning due to strong demand.
January-June
The Facility Services division's net sales for January-June decreased by 0.1%
to EUR 35.7 million (EUR 35.7 million). Operating profit was EUR 2.1 million
(EUR 1.8 million) and operating profit excluding non-recurring items was EUR
2.1 million (EUR 1.9 million).
The division's net sales were on the same level with the comparison period.
Demand for process cleaning was strong in the second quarter. Net sales also
increased in hazardous waste management and environmental construction. In
sewer maintenance, net sales decreased due to the closure of unprofitable
units.
The operating result of the sewer maintenance business improved significantly
due to adaptation measures implemented during the first half of the year.
Profitability also improved in process cleaning due to strong demand.
Facility Services
Second quarter
The division's net sales for the second quarter increased by 2.6% to EUR 70.1
million (EUR 68.3 million). Operating profit totalled EUR 1.8 million (EUR 2.1
million). Operating profit excluding non-recurring items was EUR 1.8 million
(EUR 2.2 million).
The technical systems maintenance business saw continued strong growth
supported by organic sales growth and acquisitions. Demand also increased in
property maintenance and cleaning services. The net sales of the damage repair
services business continued to decline as a result of the low number of damage
incidents and the implementation of adaptation measures.
Profitability declined in cleaning services and property maintenance. In
technical systems maintenance, the operating loss was lower than in the
comparison period. The implementation of restructuring measures saw the damage
repair services business return to profitability in the second quarter.
January-June
The Facility Services division's net sales for January-June increased by 2.5%
to EUR 140.7 million (EUR 137.4 million). Operating profit totalled EUR 2.1
million (EUR 2.6 million). Operating profit excluding non-recurring items was
EUR 3.0 million (EUR 2.8 million).
Demand in the property maintenance business improved from the previous year,
while the technical systems maintenance business saw continued strong growth
supported by organic sales growth and acquisitions. Demand continued to decline
in damage repair services. The Group closed down unprofitable business
locations in the damage repair services business during the first half of the
year, which affected the entire division's net sales and operating profit. The
net sales of the cleaning business in Sweden declined more than expected.
Profitability developed favourably in property maintenance and the maintenance
of technical systems. Adaptation measures implemented in damage repair services
significantly reduced the operating loss excluding non-recurring items. The
result of the cleaning business was weighed down in the first half of the year
by several large-scale customer start-ups and the slightly weaker profitability
of Swedish operations.
The company will continue to adapt the damage repair services business to the
prevailing market situation. In the first quarter, the company recorded
non-recurring restructuring costs of EUR 0.9 million related to the damage
repair services business, of which EUR 0.3 million were actual costs incurred
in the first quarter and EUR 0.6 million are provisions for future
restructuring measures.
Renewable Energy Sources
Second quarter
Second quarter net sales of Renewable Energy Sources (L&T Biowatti) were down
by 11.3% to EUR 9.1 million (EUR 10.3 million). Operating profit and operating
profit excluding non-recurring items were EUR 0.5 million (EUR 0.3 million).
The division's net sales declined mainly due to the short heating season and
the challenging market situation for biofuels. Towards the end of the period,
however, demand was stronger than in the comparison period. The division's
profitability improved due to the good energy content of its fuels and the
strong operational efficiency.
January-June
The net sales of the Renewable Energy Sources division (L&T Biowatti) in
January-June were down by 15.6% to EUR 22.0 million (EUR 26.1 million).
Operating profit and operating profit excluding non-recurring items were EUR
1.2 million (EUR 1.1 million).
The division's net sales declined mainly due to the short heating season and
the challenging market situation for biofuels. Profitability improved due to
efficiency improvement measures and the good energy content of fuels.
BREAKDOWN OF OPERATING PROFIT EXCLUDING NON-RECURRING ITEMS
EUR million 4-6/201 4-6/201 1-6/201 1-6/201 1-12/201
5 4 5 4 4
--------------------------------------------------------------------------------
Operating profit 14.4 12.9 20.9 15.1 48.5
Non-recurring items:
Gain on sale of L&T Biowatti Oy -0.4
equipment
L&T Recoil Oy 6.4 6.4
Divestment of Latvian business -1.1 -1.1
operations
Restructuring costs 0.5 0.9 0.5 2.0
Other non-recurring items -1.5
--------------------------------------------------------------------------------
Total non-recurring items 0.0 0.5 0.9 5.8 5.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit excluding 14.4 13.5 21.8 20.9 53.8
non-recurring items
FINANCING
Cash flows from operating activities amounted to EUR 37.6 million (EUR 27.3
million). A total of EUR 1.0 million in working capital was released (EUR 6.8
million committed).
At the end of the period, interest-bearing liabilities amounted to EUR 101.1
million (EUR 100.7 million).
Net interest-bearing liabilities amounted to EUR 60.5 million (EUR 80.2
million), showing an increase of EUR 8.5 million from the beginning of the year
and a decrease of EUR 19.7 million from the comparison period.
Net financial expenses in January-June amounted to EUR 0.2 million (EUR 17.6
million). Net financial expenses were 0.1% (5.5%) of net sales. The amount of
net financial expenses in the comparison period was primarily due to the EUR
16.7 million payment made under the L&T Recoil Oy guarantee commitment and
exchange rate fluctuations that affected the Group's internal loans denominated
in foreign currencies.
The average interest rate on long-term loans (with interest rate hedging) was
1.5% (1.7%). Long-term loans totalling EUR 4.9 million will mature during the
rest of the year.
The equity ratio was 43.4% (43.2%) and the gearing rate was 31.1 (42.9). Liquid
assets at the end of the period amounted to EUR 40.6 million (EUR 20.5
million).
Of the EUR 100 million commercial paper programme, EUR 0 (EUR 30.0 million) was
in use at the end of the period. A committed limit totalling EUR 30.0 million
was not in use, as was the case in the comparison period.
The company issued a EUR 30 million senior unsecured bond in 2014. The bond
matures on 15 September 2019 and carries a fixed annual interest rate of 2.125
per cent.
The Group has granted internal loans to its subsidiaries in Russia totalling
RUB 270 million (EUR 3.7 million).
DISTRIBUTION OF ASSETS
The Annual General Meeting held on 18 March 2015 resolved that a dividend of
EUR 0.75 per share be paid on the basis of the balance sheet that was adopted
for the financial year 2014. The dividend, totalling EUR 29.0 million, was paid
to shareholders on 27 March 2015.
CAPITAL EXPENDITURE
In January-June, gross capital expenditure totalled EUR 17.5 million (EUR 20.3
million), consisting mainly of machine and equipment purchases and small
targeted acquisitions.
PERSONNEL
In January-June, the average number of employees converted into full-time
equivalents was 6,894 (7,658). At the end of the period, Lassila & Tikanoja had
8,615 (8,451) full-time and part-time employees. Of these, 7,716 (7,610) worked
in Finland and 899 (841) in other countries.
SHARES AND SHARE CAPITAL
Traded volume and price
The volume of trading on Nasdaq Helsinki in January-June 2015, excluding the
shares held by the company in Lassila & Tikanoja plc, was 5,653,818 shares,
which is 14.6% (11.8%) of the average number of outstanding shares. The value
of trading was EUR 96.4 million (EUR 66.3 million). The highest share price was
EUR 18.74 and the lowest EUR 14.54. The closing price was EUR 15.41. At the end
of the period, the market capitalisation excluding the shares held by the
company was EUR 595.1 million (EUR 583.1 million).
Own shares
At the end of the period, the company held 184,315 of its own shares,
representing 0.5% 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 is 38,614,559. The average number of shares excluding the
shares held by the company was 38,612,344.
Shareholders
At the end of the period, the company had 9,915 (9,645) shareholders.
Nominee-registered holdings accounted for 21.9% (18.3%) of the total number of
shares.
Authorisation for the Board of Directors
The Annual General Meeting held on 18 March 2015 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. In addition, the Annual
General Meeting authorised the Board of Directors to decide on the share issue
and the issuance of special rights entitling to shares.
The Board of Directors is authorised to purchase a maximum of 2,000,000 company
shares (5.2% of the total number of shares). The repurchase authorisation is
effective for 18 months.
The Board of Directors is authorised to decide on the issuance of new shares or
shares which may be held by the company through a share issue and/or issuance
of option rights or other special rights conferring entitlement to shares,
referred to in Chapter 10, Section 1 of the Finnish Companies Act, so that
under the authorisation, a maximum of 2,000,000 shares (5.2% of the total
number of shares) may be issued and/or conveyed. The share issue authorisation
is effective for 18 months.
RESOLUTIONS BY THE ANNUAL GENERAL MEETING
The Annual General Meeting, which was held on 18 March 2015, adopted the
financial statements and consolidated financial statements for 2014 and
released the members of the Board of Directors and the President and CEO from
liability.
The Annual General Meeting resolved that a dividend of EUR 0.75 per share,
totalling EUR 29.0 million, be paid on the basis of the balance sheet adopted
for the financial year 2014. It was decided that the dividend be paid on 27
March 2015.
The Annual General Meeting confirmed the number of members of the Board of
Directors as five. Heikki Bergholm, Eero Hautaniemi, Laura Lares, Sakari
Lassila and Miikka Maijala were re-elected to the Board until the end of the
following Annual General Meeting.
KPMG Oy Ab, Authorised Public Accountants, was elected auditor. KPMG Oy Ab
named 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 18 March 2015.
BOARD OF DIRECTORS
The members of Lassila & Tikanoja plc's Board of Directors are Heikki Bergholm,
Eero Hautaniemi, Laura Lares, Sakari Lassila and Miikka Maijala. At its
constitutive meeting after the Annual General Meeting, the Board of Directors
elected Heikki Bergholm as Chairman of the Board and Eero Hautaniemi as Vice
Chairman.
Eero Hautaniemi was elected as Chairman and Sakari Lassila and Laura Lares as
members of the Audit Committee. Heikki Bergholm was elected as the Chairman of
the Personnel Committee and Miikka Maijala as a member of the committee.
SUMMARY OF STOCK EXCHANGE RELEASES PURSUANT TO ARTICLE 4, CHAPTER 6 OF THE
SECURITIES MARKET ACT
On 20 January 2015, the company announced that, according to the preliminary
financial statements figures for 2014, the company's net sales are estimated to
be approximately EUR 639 million (2013: EUR 668.2 million) and the operating
profit excluding non-recurring items is estimated to be EUR 53.8 million (2013:
EUR 51.8 million).
Previously, the company had estimated that the 2014 net sales were expected to
remain at the 2013 level or slightly below and operating profit excluding
non-recurring items would also remain at the 2013 level or slightly below.
On 27 May 2015, the company announced that Jorma Mikkonen, Lassila & Tikanoja
plc's Director, Corporate Relations and Responsibility, has been appointed as a
member of the company's Group Executive Board starting from 1 June 2015.
Mikkonen's responsibilities include corporate relations, EHSQ, communications
and corporate safety.
EVENTS AFTER THE REPORTING PERIOD
The company management is not aware of any events of material importance that
might have affected the preparation of the interim report.
NEAR-TERM RISKS AND UNCERTAINTIES
Economic uncertainty may result in significant changes in the secondary raw
material markets for Environmental Services and the demand for Facility
Services and Industrial Services.
Uncertainties related to government subsidies for renewable fuels and to the
continuity of such subsidies may affect demand for the services of Renewable
Energy Sources. In addition, low prices for fossil fuels may affect the demand
of the recovered and renewable fuels produced by the company.
More detailed information on L&T's risks and risk management is available in
the Annual Report for 2014, in the Report of the Board of Directors and in the
consolidated financial statements.
OUTLOOK FOR THE REST OF THE YEAR
Full-year net sales and operating profit excluding non-recurring items in 2015
are expected to remain at the 2014 level.
CONDENSED FINANCIAL STATEMENTS 1 JANUARY - 30 JUNE 2015
CONSOLIDATED INCOME STATEMENT
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2015 2014 2015 2014 2014
--------------------------------------------------------------------------------
Net sales 164.2 159.8 321.5 319.2 639.7
Cost of sales -143.6 -140.5 -286.7 -285.6 -561.6
--------------------------------------------------------------------------------
Gross profit 20.6 19.2 34.7 33.6 78.1
Other operating income 1.0 1.0 1.4 2.8 7.0
Sales and marketing expenses -3.4 -3.7 -6.7 -7.5 -14.2
Administrative expenses -3.2 -3.1 -6.5 -6.7 -12.7
Other operating expenses -0.6 -0.5 -2.1 -7.2 -9.7
Impairment, property, plant and 0.0 0.0 0.0 0.0 0.0
equipment and other non-current assets
Impairment, goodwill and other 0.0 0.0 0.0 0.0 0.0
intangible assets
--------------------------------------------------------------------------------
Operating profit 14.4 12.9 20.9 15.1 48.5
Financial income 0.1 0.1 1.1 0.2 0.4
Financial expenses -0.8 -0.1 -1.3 -17.8 -22.3
--------------------------------------------------------------------------------
Profit before tax 13.6 12.9 20.6 -2.6 26.6
Income taxes -2.8 -1.7 -4.2 -2.6 -8.4
--------------------------------------------------------------------------------
Profit for the period 10.8 11.2 16.4 -5.1 18.1
Attributable to:
Equity holders of the company 10.8 11.2 16.4 -5.1 18.1
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
Earnings per share attributable to
equity holders of the parent company:
Earnings per share, EUR 0.28 0.29 0.42 -0.13 0.47
Diluted earnings per share, EUR 0.28 0.29 0.42 -0.13 0.47
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million 4-6/20 4-6/20 1-6/20 1-6/20 12/201
15 14 15 14 4
--------------------------------------------------------------------------------
Profit for the period 10.8 11.2 16.4 -5.1 18.1
Items not to be recognised through
profit or loss
Items arising from re-measurement of 0.0 0.0 0.0 0.0 -0.1
defined benefit plans
--------------------------------------------------------------------------------
Items not to be recognised through 0.0 0.0 0.0 0.0 -0.1
profit or loss, total
Items potentially to be recognised
through profit or loss
Hedging reserve, change in fair value 0.2 0.0 0.4 -0.3 -0.6
Currency translation differences 0.1 -0.1 0.5 -0.5 -2.1
Currency translation differences 0.0 0.0 0.0 0.3 0.3
recognised in profit or loss
Currency translation differences, 0.0 0.0 0.0 0.0 -0.1
non-controlling interest
----------------------------------------- -------------------------------
Items potentially to be recognised 0.2 -0.1 1.0 -0.4 -2.4
through profit or loss, total
--------------------------------------------------------------------------------
Total comprehensive income, after tax 11.1 11.1 17.4 -5.5 15.6
Attributable to:
Equity holders of the company 11.1 11.1 17.4 -5.5 15.7
Non-controlling interest 0.0 0.0 0.0 0.0 -0.1
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million 6/2015 6/2014 12/2014
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets
Goodwill 111.2 108.2 109.9
Customer contracts arising from acquisitions 5.4 4.3 5.3
Agreements on prohibition of competition 0.1 0.1 0.1
Other intangible assets arising from business 0.7 0.0 0.7
acquisitions
Other intangible assets 11.7 8.6 9.7
--------------------------------------------------------------------------------
129.2 121.2 125.7
Property, plant and equipment
Land 5.1 3.4 3.3
Buildings and constructions 41.8 47.2 44.3
Machinery and equipment 106.2 111.6 112.2
Other 0.1 0.1 0.1
Prepayments and construction in progress 3.7 3.2 2.2
--------------------------------------------------------------------------------
156.9 165.4 162.1
Other non-current assets
Available-for-sale investments 0.6 0.6 0.6
Finance lease receivables 2.6 3.7 3.2
Deferred tax assets 2.6 2.9 2.7
Other receivables 2.1 2.3 2.3
--------------------------------------------------------------------------------
8.0 9.6 8.7
Total non-current assets 294.0 296.2 296.5
Current assets
Inventories 23.4 24.7 22.6
Trade and other receivables 99.9 101.9 94.7
Derivative receivables 0.1 0.0 0.1
Prepayments 1.7 2.1 0.5
Current available-for-sale financial assets 0.0 0.0 10.0
Cash and cash equivalents 40.6 20.5 34.0
--------------------------------------------------------------------------------
Total current assets 165.7 149.2 161.8
Total assets 459.7 445.4 458.3
--------------------------------------------------------------------------------
EUR million 6/2015 6/2014 12/2014
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity
Equity attributable to equity holders of the parent
company
Share capital 19.4 19.4 19.4
Other reserves -2.8 -1.9 -3.9
Invested unrestricted equity reserve 0.5 0.3 0.3
Retained earnings 161.1 174.2 172.2
Profit for the period 16.4 -5.1 18.1
--------------------------------------------------------------------------------
194.5 186.8 206.2
Non-controlling interest 0.2 0.2 0.2
--------------------------------------------------------------------------------
Total equity 194.7 187.1 206.3
Liabilities
Non-current liabilities
Deferred tax liability 24.1 24.0 24.7
Retirement benefit obligations 1.0 0.8 1.0
Provisions 4.2 6.1 4.2
Interest-bearing liabilities 93.7 45.9 71.2
Other liabilities 0.3 0.5 0.3
--------------------------------------------------------------------------------
123.3 77.4 101.4
Current liabilities
Interest-bearing liabilities 7.4 54.7 24.8
Trade and other payables 128.3 122.1 120.4
Derivative liabilities 0.6 0.7 1.4
Tax liabilities 2.3 0.0 0.7
Provisions 3.1 3.4 3.3
--------------------------------------------------------------------------------
141.7 181.0 150.7
Total liabilities 265.0 258.4 252.0
Total equity and liabilities 459.7 445.4 458.3
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
EUR million 1-6/20 1-6/20 1-12/20
15 14 14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flows from operating activities
Profit for the period 16.4 -5.1 18.1
Adjustments
Income taxes 4.2 2.6 8.4
Depreciation and impairment 20.0 20.1 40.2
Financial income and expenses 0.2 17.6 21.9
Gain on sale of shares 0.0 -1.5 -1.5
Other 0.1 6.4 1.9
--------------------------------------------------------------------------------
Net cash generated from operating activities before 40.9 40.0 89.1
change in working capital
Change in working capital
Change in trade and other receivables -5.7 -9.3 -1.4
Change in inventories -0.9 1.4 3.6
Change in trade and other payables 7.6 1.0 0.0
--------------------------------------------------------------------------------
Change in working capital 1.0 -6.8 2.2
Interest paid -1.1 -0.9 -3.0
Interest received 0.2 0.2 0.4
Income taxes -3.4 -5.1 -9.1
Net cash from operating activities 37.6 27.3 79.6
--------------------------------------------------------------------------------
Cash flows from investing activities
Acquisition of subsidiaries and businesses, net of cash -2.5 -2.0 -9.8
acquired
Proceeds from sale of subsidiaries and businesses, net 0.0 11.7 13.5
of sold cash
Purchases of property, plant and equipment and -15.1 -16.4 -34.1
intangible assets
Proceeds from sale of property, plant and equipment and 0.0 0.0 0.4
intangible assets
Purchases of available-for-sale investments 0.0 - -0.2
Change in other non-current receivables 0.8 -0.5 0.3
Dividends received 0.0 0.0 0.0
--------------------------------------------------------------------------------
Net cash used in investing activities -16.8 -7.2 -29.8
Cash flows from financing activities
Change in short-term borrowings 0.0 -5.0 -32.2
Proceeds from long-term borrowings 25.0 - 29.9
Repayments of long-term borrowings -19.9 -17.2 -24.8
Dividends paid and other asset distribution -29.0 -19.4 -19.4
Acquisition of own shares -0.4 - -1.9
L&T Recoil Oy guarantee commitment - -16.7 -16.7
Other financing items - - 0.9
Net cash generated from financing activities -24.2 -58.2 -64.2
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Net change in liquid assets -3.5 -38.0 -14.4
Liquid assets at beginning of period 44.0 58.5 58.5
Effect of changes in foreign exchange rates 0.1 0.0 -0.1
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--------------------------------------------------------------------------------
Liquid assets at end of period 40.6 20.5 44.0
Liquid assets
EUR million 1-6/2015 1-6/2014 1-12/2014
------------------------------------------------------------------
Cash and cash equivalents 40.6 20.5 34.0
Available-for-sale financial assets 0.0 0.0 10.0
------------------------------------------------------------------
Total 40.6 20.5 44.0
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR Share Curren Revalu Hedgin Invest Retain Equity Non-co Total
millio capita cy ation g ed ed attribu ntroll equity
n l transl reserv reserv unrest earnin table ing
ation e e ricted gs to intere
differ equity equity st
ences reserv holders
e of the
parent
company
--------------------------------------------------------------------------------
Equity 19.4 -1.2 0.0 -0.3 0.3 193.1 211.2 0.2 211.5
on 1
Jan.
2014
Total
compre
hensive
income
Profit -5.1 -5.1 0.0 -5.1
for
the
period
Items 0.0 0.0
arisin
g from
re-mea
suremen
t of
define
d
benefi
t plans
Hedging -0.3 -0.3 -0.3
reserv
e,
change
in
fair
value
Availab 0.0 0.0
le-for-
sale
financ
ial
assets
Currenc -0.1 -0.1 -0.1
y
transl
ation
differ
ences
--------------------------------------------------------------------------------
Total 0.0 -0.1 0.0 -0.3 0.0 -5.1 -5.5 0.0 -5.5
compre
hensive
income
Transac
tions
with
shareh
olders
Share-b 0.0 -0.1 -0.1 -0.1
ased
benefi
ts
Dividen -19.4 -19.4 -19.4
ds paid
Dividen
ds
return
ed
Capital
repaym
ent
--------------------------------------------------------------------------------
Transac 0.0 0.0 0.0 0.0 0.0 -19.5 -19.4 -19.4
tions
with
shareh
olders,
total
Other 0.5 0.5 0.5
change
s
--------------------------------------------------------------------------------
Equity 19.4 -1.3 0.0 -0.6 0.3 169.0 186.8 0.2 187.1
on 30
June
2014
EUR Share Curren Revalu Hedgin Invest Retain Equity Non-co Total
millio capita cy ation g ed ed attribu ntroll equity
n l transl reserv reserv unrest earnin table ing
ation e e ricted gs to intere
differ equity equity st
ences reserv holders
e of the
parent
company
--------------------------------------------------------------------------------
Equity 19.4 -3.0 0.0 -0.9 0.3 190.3 206.2 0.2 206.3
on 1
Jan.
2015
Total
compre
hensive
income
Profit 16.4 16.4 0.0 16.4
for
the
period
Items 0.0 0.0
arisin
g from
re-mea
suremen
t of
define
d
benefi
t plans
Hedging 0.5 -0.1 0.4 0.4
reserv
e,
change
in
fair
value
Availab 0.0 0.0
le-for-
sale
financ
ial
assets
Currenc 0.5 0.5 0.0 0.6
y
transl
ation
differ
ences
--------------------------------------------------------------------------------
Total 0.0 0.5 0.0 0.5 0.0 16.3 17.4 0.0 17.4
compre
hensive
income
Transac
tions
with
shareh
olders
Share-b 0.1 0.1 0.3 0.3
ased
benefi
ts
Dividen -29.0 -29.0 -29.0
ds paid
Dividen 0.0 0.0 0.0
ds
return
ed
Acquisi -0.4 -0.4 -0.4
tion of
own
shares
--------------------------------------------------------------------------------
Transac 0.0 0.0 0.0 0.0 0.1 -29.2 -29.0 -29.0
tions
with
shareh
olders,
total
Other 0.0 0.0 0.0
change
s
--------------------------------------------------------------------------------
Equity 19.4 -2.4 0.0 -0.4 0.5 177.5 194.5 0.2 194.7
on 30
June
2015
KEY FIGURES
4-6/20 4-6/20 1-6/20 1-6/20 1-12/2
15 14 15 14 014
--------------------------------------------------------------------------------
Earnings per share, EUR 0.28 0.29 0.42 -0.13 0.47
Diluted earnings per share, EUR 0.28 0.29 0.42 -0.13 0.47
Cash flows from operating activities per 0.49 0.35 0.97 0.71 2.06
share, EUR
EVA, EUR million* 9.5 7.9 11.2 4.9 29.1
Gross capital expenditure, EUR million 8.0 11.3 17.5 20.3 44.7
Depreciation, amortisation and 9.9 9.9 20.0 20.1 40.2
impairment, EUR million
Equity per share, EUR 5.04 4.83 5.34
Return on equity (ROE), % 16.4 -5.1 8.7
Return on invested capital, ROI, % 14.5 9.8 15.4
Equity ratio, % 43.4 43.2 46.3
Gearing, % 31.1 42.9 25.2
Net interest-bearing liabilities, EUR 60.5 80.2 52.0
million
Average number of employees in full-time 6,894 7,658 7,257
equivalents
Total number of full-time and part-time 8,615 8,451 7,830
employees at end of period
Number of outstanding shares adjusted
for issues, 1,000 shares
average during the period 38,610 38,733 38,729
at end of period 38,615 38,747 38,702
average during the period, diluted 38,624 38,744 38,740
* EVA = operating profit - cost calculated on invested capital (average of four
quarters) WACC: 2015 6.51%, 2014 6.58%
ACCOUNTING POLICIES
This financial statements release is in compliance with the IAS 34 (Interim
Financial Reporting) standard.
The financial statements release has been prepared with application of the IFRS
standards and interpretations in effect on 31 December 2014.
More detailed information on accounting policies is presented in the
consolidated financial statements of Lassila & Tikanoja plc dated
31 December 2014.
The interim report has not been audited.
SEGMENT INFORMATION
Net sales
4-6/2015 4-6/2014
------- ---------------
EUR million Extern Inter-di Total Extern Inter-div Total Total net
al vision al ision sales, change
%
--------------------------------------------------------------------------------
------- ---------------
Environmental 65.7 0.9 66.5 63.1 1.0 64.2 3.7
Services
------- -------
Industrial 20.3 0.5 20.8 19.2 0.5 19.7 5.6
Services
------- -------
Facility 69.1 1.0 70.1 67.3 1.1 68.3 2.6
Services
------- -------
Renewable 9.1 0.0 9.1 10.2 0.1 10.3 -11.3
Energy
Sources
------- -------
Eliminations -2.4 -2.4 -2.7 -2.7
--------------------------------------------------------------------------------
Total 164.2 0.0 164.2 159.8 0.0 159.8 2.7
------- -------
1-6/2015 1-6/2014
------- ---------------
EUR million Extern Inter-di Total Extern Inter-div Total Total net
al vision al ision sales, change
%
--------------------------------------------------------------------------------
------- ---------------
Environmental 125.8 1.7 127.5 123.3 1.8 125.1 1.9
Services
------- -------
Industrial 34.7 0.9 35.7 34.7 1.0 35.7 -0.1
Services
------- -------
Facility 139.0 1.8 140.7 135.3 2.1 137.4 2.5
Services
------- -------
Renewable 21.9 0.1 22.0 26.0 0.1 26.1 -15.6
Energy
Sources
------- -------
Eliminations -4.4 -4.4 -5.0 -5.0
--------------------------------------------------------------------------------
Total 321.5 0.0 321.5 319.2 0.0 319.2 0.7
------- -------
12/2014
-------
EUR million Extern Inter-di Total
al vision
---------------------------------------
-------
Environmental 250.9 3.7 254.5
Services
-------
Industrial 74.3 3.5 77.8
Services
-------
Facility 270.6 4.2 274.7
Services
-------
Renewable 44.0 0.2 44.2
Energy
Sources
-------
Eliminations -11.6 -11.6
---------------------------------------
Total 639.7 0.0 639.7
-------
Operating profit
EUR million 4-6/ % 4-6/ % 1-6/ % 1-6/ % 12/ %
2015 2014 2015 2014 2014
--------------------------------------------------------------------------------
Environmental 10.8 16.3 9.3 14.4 17.3 13.6 15.9 12.7 37.3 14.7
Services
Industrial Services 2.5 11.9 1.9 9.8 2.1 5.9 1.8 5.0 6.5 8.4
Facility Services 1.8 2.6 2.1 3.0 2.1 1.5 2.6 1.9 10.6 3.9
Renewable Energy 0.5 5.8 0.3 2.5 1.2 5.6 1.1 4.1 1.6 3.7
Sources
Group administration -1.2 -0.6 -1.9 -6.3 -7.6
and other
--------------------------------------------------------------------------------
Total 14.4 8.8 12.9 8.1 20.9 6.5 15.1 4.7 48.5 7.6
OTHER SEGMENT INFORMATION
EUR million 1-6/2015 1-6/2014 12/2014
-------------------------------------------------------------------------------
Assets
Environmental Services 214.1 211.4 212.4
Industrial Services 74.3 77.0 72.6
Facility Services 102.0 102.8 98.8
Renewable Energy Sources 22.9 25.9 24.6
Group administration and other 1.2 1.2 1.1
Unallocated assets 45.3 27.1 48.9
-------------------------------------------------------------------------------
L&T total 459.7 445.4 458.3
Liabilities
Environmental Services 53.4 54.0 50.5
Industrial Services 23.9 21.5 21.9
Facility Services 51.6 49.5 48.3
Renewable Energy Sources 4.8 6.5 6.2
Group administration and other 2.6 1.4 1.9
Unallocated liabilities 128.7 125.6 123.2
-------------------------------------------------------------------------------
L&T total 265.0 258.4 252.0
EUR million 4-6/2015 4-6/2014 1-6/2015 1-6/2014 12/2014
-------------------------------------------------------------------------------
Capital expenditure
Environmental Services 3.8 4.7 8.5 10.8 26.6
Industrial Services 1.0 2.6 1.9 3.6 6.6
Facility Services 3.1 4.0 7.0 5.8 11.3
Renewable Energy Sources 0.0 0.0 0.1 0.1 0.2
Group administration and other 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
L&T total 8.0 11.3 17.5 20.3 44.7
Depreciation and amortisation
Environmental Services 5.0 5.0 10.0 10.3 20.1
Industrial Services 1.6 1.6 3.4 3.2 6.9
Facility Services 3.3 3.2 6.5 6.5 13.0
Renewable Energy Sources 0.1 0.1 0.1 0.1 0.2
Group administration and other 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
L&T total 9.9 9.9 20.0 20.1 40.2
Impairment
Environmental Services
Industrial Services
Facility Services
Renewable Energy Sources
Group administration and other
-------------------------------------------------------------------------------
L&T total 0.0 0.0 0.0 0.0 0.0
INCOME STATEMENT BY QUARTER
EUR million 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2015 2015 2014 2014 2014 2014
-----------------------------------------------------------------------------
Net sales
Environmental Services 66.5 60.9 64.8 64.6 64.2 60.9
Industrial Services 20.8 14.8 20.3 21.8 19.7 16.0
Facility Services 70.1 70.7 68.8 68.6 68.3 69.0
Renewable Energy Sources 9.1 12.9 12.0 6.1 10.3 15.8
Group administration and other
Interdivision net sales -2.4 -2.1 -3.5 -3.1 -2.7 -2.4
-----------------------------------------------------------------------------
L&T total 164.2 157.3 162.3 158.1 159.8 159.4
Operating profit
Environmental Services 10.8 6.5 10.8 10.7 9.3 6.6
Industrial Services 2.5 -0.4 1.6 3.1 1.9 -0.1
Facility Services 1.8 0.3 1.7 6.3 2.1 0.6
Renewable Energy Sources 0.5 0.7 1.0 -0.5 0.3 0.8
Group administration and other -1.2 -0.7 -1.2 -0.1 -0.6 -5.7
-----------------------------------------------------------------------------
L&T total 14.4 6.5 14.0 19.4 12.9 2.1
Operating margin
Environmental Services 16.3 10.7 16.6 16.5 14.4 10.9
Industrial Services 11.9 -2.5 8.0 14.2 9.8 -0.9
Facility Services 2.6 0.5 2.5 9.1 3.0 0.8
Renewable Energy Sources 5.8 5.5 8.7 -8.1 2.5 5.2
-----------------------------------------------------------------------------
L&T total 8.8 4.1 8.6 12.3 8.1 1.3
Financial income and expenses, net -0.8 0.5 -3.4 -0.9 0.0 -17.6
-----------------------------------------------------------------------------
Profit before tax 13.6 7.0 10.6 18.5 12.9 -15.5
BUSINESS ACQUISITIONS, COMBINED
1-6/2015 1-6/2014 1-12/2014
EUR million Fair value, Fair value, Fair value,
total total total
--------------------------------------------------------------------------------
Intangible assets 1.4 0.6 3.5
Property, plant and equipment 0.3 0.5 3.5
Investments 0.0 0.0 0.0
Receivables 0.1 0.4 0.4
Cash and cash equivalents 0.8 0.8 0.8
--------------------------------------------------------------------------------
Total assets 2.5 2.2 8.1
Interest-bearing liabilities - 0.2 0.2
Other liabilities 0.3 0.5 0.5
Deferred tax liabilities 0.1 0.1 0.1
--------------------------------------------------------------------------------
Total liabilities 0.4 0.8 0.8
Net assets acquired 2.1 1.4 7.3
Total consideration 3.2 2.8 10.6
Goodwill 1.1 1.4 3.3
Effect on cash flow
Consideration paid in cash -3.2 -2.8 -10.6
Cash and cash equivalents of the 0.8 0.8 0.8
acquired company
--------------------------------------------------------------------------------
Cash flow from investing activities -2.5 -2.0 -9.8
Facility Services acquired the share capital of the following companies: 2
March 2015 NN-Kiinteistötyö Oy.
Facility Services acquired the business operations of the following companies:
2 February 2015 Jyväs-Jää Oy, 1 June 2015 CEUS Oy's building automation
business, 3 June 2015 HH-kiinteistöpalvelut Oy. On 1 June 2015, Environmental
Services acquired the waste management business operations of Kiinteistö- ja
jätehuolto Vuorinen.
The accounting policy concerning business combinations is presented under Note
2 of the financial statements and under accounting policies.
CHANGES IN INTANGIBLE ASSETS
EUR million 1-6/2015 1-6/2014 1-12/2014
---------------------------------------------------------------------
Carrying amount at beginning of period 125.7 126.3 126.3
Business acquisitions 2.5 1.7 6.9
Other capital expenditure 3.2 2.3 4.5
Disposals 0.0 -5.6 -5.6
Depreciation and impairment -2.4 -3.0 -5.6
Transfers between items 0.0 - -0.1
Exchange differences 0.2 -0.4 -0.7
---------------------------------------------------------------------
Carrying amount at end of period 129.2 121.2 125.7
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
EUR million 1-6/2015 1-6/2014 1-12/2014
---------------------------------------------------------------------
Carrying amount at beginning of period 162.1 171.5 171.5
Business acquisitions 0.3 0.5 3.4
Other capital expenditure 11.5 15.8 29.9
Disposals -0.5 -5.4 -6.0
Depreciation and impairment -17.6 -17.1 -34.7
Transfers between items 0.0 - 0.1
Exchange differences 1.0 0.0 -2.2
---------------------------------------------------------------------
Carrying amount at end of period 156.9 165.4 162.1
CAPITAL COMMITMENTS
EUR million 1-6/2015 1-6/2014 1-12/2014
------------------------------------------------------------
Intangible assets 0.1 - -
Property, plant and equipment 5.7 13.7 3.4
------------------------------------------------------------
Total 5.8 13.7 3.4
FINANCIAL ASSETS AND LIABILITIES BY CATEGORY
EUR Financial Loans Availab Financia Derivat Carryin Fair Fair
millio assets and and le-for- l ives g values value
n liabilitie other sale liabilit under amounts by hierar
30.6.20 s at fair receiv financi ies hedge by balanc chy
15 value ables al measured account balance e level
through assets at ing sheet sheet
profit or amortise item item
loss d cost
-------------------------------------------------------------------------
-------
Non-cur
rent
financ
ial
assets
Availab
le-for-
sale
invest
ments
Finance 00.6 0.6 0.6 3
lease
receiv
ables
Other 1.1 1.1 1.1 2
receiv
ables
2.2 2.2 2.2
Current
financ
ial
assets
Availab
le-for-
sale
financ
ial
assets
Trade 5.0 5.0
and
other
receiv
ables
Finance 94.2 94.2 94.2
lease
receiv
ables
Derivat 0.1 0.1
ive
receiv
ables
Cash 35.6 35.6 35.6
and
cash
equiva
lents
-------------------------------------------------------------------------
Total 133.2 5.6 0.0 0.1 138.8 133.7
financ
ial
assets
Non-cur
rent
financ
ial
liabil
ities
Borrowi 93.7 93.7 93.7 93.2 2
ngs
Other 0.0 0.0 0.0
liabil
ities
Current
financ
ial
liabil
ities
Borrowi 7.4 7.4
ngs
Trade 59.0 59.0
and
other
payabl
es
Derivat 0.6 0.6 0.6 2
ive
liabil
ities
-------------------------------------------------------------------------
Total 93.7 160.1 0.6 160.7 93.7
financ
ial
liabil
ities
EUR Financial Loans Availab Financia Derivat Carryin Fair Fair
millio assets and and le-for- l ives g values value
n, 30 liabilitie other sale liabilit under amounts by hierar
June s at fair receiv financi ies hedge by balanc chy
2015 value ables al measured account balance e level
through assets at ing sheet sheet
profit or amortise item item
loss d cost
-------------------------------------------------------------------------
-------
Non-cur
rent
financ
ial
assets
Availab 00.6 0.6 0.6 3
le-for-
sale
invest
ments
Finance 3.7 3.7 3.9 2
lease
receiv
ables
Other 2.3 2.3 2.3
receiv
ables
Current
financ
ial
assets
Trade 95.6 95.6 95.6
and
other
receiv
ables
Finance 0.0
lease
receiv
ables
Derivat
ive
receiv
ables
Cash 20.5 20.5 20.5
and
cash
equiva
lents
-------------------------------------------------------------------------
Total 122.1 0.6 122.7 122.8
financ
ial
assets
Non-cur
rent
financ
ial
liabil
ities
Borrowi 45.9 45.9 45.9 46.0 2
ngs
Other 0.2 0.2 0.2
liabil
ities
Current
financ
ial
liabil
ities
Borrowi 54.7 54.7
ngs
Trade 59.6 59.6
and
other
payabl
es
Derivat 0.7 0.7 0.7 2
ive
liabil
ities
-------------------------------------------------------------------------
Total 160.4 0.7 161.1 46.9
financ
ial
liabil
ities
CONTINGENT LIABILITIES
EUR million 6/2015 6/2014 12/2014
--------------------------------------------------------------------------------
Securities for own commitments
Mortgages on rights of tenancy 0.2 0.2 0.2
Company mortgages 0.5 1.0 0.5
Other securities 0.2 0.2 0.2
Bank guarantees required for environmental permits 7.9 9.8 8.4
Other securities are security deposits.
Operating lease liabilities
EUR million 6/2015 6/2014 12/2014
--------------------------------------------------------------------------------
Maturity not later than one year 3.1 4.0 2.9
Maturity later than one year and not later than five 3.7 3.5 2.8
years
Maturity later than five years 2.0 2.0 2.0
--------------------------------------------------------------------------------
Total 8.7 9.6 7.7
Liabilities associated with derivative agreements
Interest rate swaps
EUR million 6/2015 6/2014 12/2014
--------------------------------------------------------------------------------
Nominal values of interest rate swaps
Maturity not later than one year 7.7 9.0 6.4
Maturity later than one year and not later than five 39.5 43.1 14.2
years
Maturity later than five years 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total 47.1 52.1 20.5
Fair value -0.5 -0.7 -0.6
The interest rate swaps are used for the hedging of cash flow related to
floating rate loans, and hedge accounting under IAS 39 has been applied to
them. The hedges have been effective, and the changes in their fair values are
shown on the consolidated statement of comprehensive income for the period.
The fair values of the swap contracts are based on the market data on thebalance sheet date.
Commodity derivatives
Metric tonnes 6/2015 6/2014 12/2014
--------------------------------------------------------------------------------
Nominal values of diesel swaps
Maturity not later than one year 2,777 5,800 8,300
Maturity later than one year and not later than five 0 0 0
years
--------------------------------------------------------------------------------
Total 2,777 5,800 8,300
Fair value, EUR million 0.0 -0.1 -0.6
Commodity derivative contracts were signed for the hedging of future diesel oil
purchases. IAS 39-compliant hedge accounting is applied to these contracts, and
the effective change in fair value is recognised in the hedging reserve within
equity. The fair values of commodity derivatives are based on market prices on
the balance sheet date.
Currency derivatives
EUR million 6/2015 6/2014 12/2014
-------------------------------------------------------------------------------
Nominal values of forward contracts and currency swaps
Maturity not later than one year 0.0 0.0 10.9
Fair value 0.0 0.0 -0.1
Hedge accounting under IAS 39 has not been applied to forward contracts.
Changes in fair value have been recognised in financial income and expenses.
CALCULATION OF KEY FIGURES
Earnings per share:
profit attributable to equity holders of the parent company / adjusted average
basic number of shares
Diluted earnings per share:
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
basic number of shares
EVA:
operating profit - cost calculated on invested capital (average of four
quarters)
WACC 2014: 6.58% and 2015: 6.51%
Equity per share:
profit 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 invested capital, % (ROI):
(profit before tax + financial expenses) / (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, 5 August 2015
LASSILA & TIKANOJA PLC
Board of Directors
Pekka Ojanpää
President and CEO
Additional information:
Pekka Ojanpää, President and CEO, tel. 010 636 2810
Timo Leinonen, CFO, tel. 0400 793 073
Lassila & Tikanoja is a service company that is transforming consumer society
into an efficient
recycling society. In co-operation with our customers, we are reducing waste
volumes, extending
the useful lives of properties, recovering materials and decreasing the use of
raw materials and energy. We help our customers to focus on their core business
and protect the environment. Together, we create well-being and jobs. With
operations in Finland, Sweden and Russia, L&T employs 8,000 persons. Net sales
in 2014 amounted to EUR 639.7 million. L&T is listed on Nasdaq Helsinki.
Distribution:
Nasdaq Helsinki
Major media
www.lassila-tikanoja.fi
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