2015-10-28 07:00:01 CET
2015-10-28 07:00:07 CET
REGULATED INFORMATION
Lassila & Tikanoja - Interim report (Q1 and Q3)
Lassila & Tikanoja plc: Interim Report 1 January - 30 September 2015
Helsinki, Finland, 2015-10-28 07:00 CET (GLOBE NEWSWIRE) --
Lassila & Tikanoja plc: Interim Report 1 January - 30 September 2015
- Net sales for the third quarter EUR 159.6 million (EUR 158.1 million);
operating profit EUR 19.3 million (EUR 19.4 million); operating profit
excluding non-recurring items EUR 19.5 million (EUR 19.7 million); earnings per
share EUR 0.38 (EUR 0.39)
- Net sales for January-September EUR 481.1 million (EUR 477.4 million);
operating profit EUR 40.2 million (EUR 34.5 million); operating profit
excluding non-recurring items EUR 41.2 million (EUR 40.6 million); earnings per
share EUR 0.80 (EUR 0.25)
- 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 has slowed down the development of the business
throughout the year, and during the summer the market situation again took a
turn for the worse. In spite of this, our net sales increased, primarily due to
strategically targeted acquisitions. Profitability in the third quarter was at
the same level as in the corresponding period last year. Profitability was
supported by good cost control. The development of the Facility Services
division's profitability has been substantially below our expectations, and we
will continue to implement restructuring measures. 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
Third quarter
Lassila & Tikanoja's net sales for the third quarter increased by 0.9% to EUR
159.6 million (EUR 158.1 million). Operating profit totalled EUR 19.3 million
(EUR 19.4 million). Operating profit excluding non-recurring items was EUR 19.5
million (EUR 19.7 million), representing 12.2% (12.4%) of net sales. Earnings
per share were EUR 0.38 (EUR 0.39).
In the third quarter, net sales grew particularly in Facility Services due to
acquisitions. Net sales also grew slightly in Environmental Services, also due
to acquisitions. Net sales declined in Industrial Services and Renewable Energy
Sources.
Operating profit excluding non-recurring items improved in Environmental
Services due to acquisitions and good operational efficiency. The favourable
profitability development of Renewable Energy Sources continued due to the good
energy content of the division's fuels. In Facility Services, operating profit
excluding non-recurring items declined due to the loss-making result of the
technical systems maintenance business and the lower profitability of cleaning
services. In Industrial Services, profitability was weakened by the low demand
for hazardous waste management services, as well as the lower price of waste
oil.
January-September
Lassila & Tikanoja's net sales for January-September amounted to EUR 481.1
million (EUR 477.4 million), an increase of 0.8%. Operating profit totalled EUR
40.2 million (EUR 34.5 million). Operating profit excluding non-recurring items
was EUR 41.2 million (EUR 40.6 million), representing 8.6% (8.5%) of net sales.
Earnings per share were EUR 0.80 (EUR 0.25).
Net sales grew in Facility Services and Environmental Services, primarily due
to acquisitions. The net sales of the Industrial Services and Renewable Energy
Sources divisions decreased due to lower demand.
In the comparison period, the company's reported operating profit included EUR
6.1 million in non-recurring items.
Operating profit excluding non-recurring items increased in all divisions
except Facility Services. The Group recognised non-recurring restructuring
costs of EUR 1.0 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
7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2015 2014 % 2015 2014 % 2014
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Net sales, EUR million 159.6 158.1 0.9 481.1 477.4 0.8 639.7
Operating profit excluding 19.5 19.7 -1.1 41.2 40.6 1.6 53.8
non-recurring items, EUR
million*
Operating margin excluding 12.2 12.4 8.6 8.5 8.4
non-recurring items, %
Operating profit, EUR million 19.3 19.4 -0.6 40.2 34.5 16.5 48.5
Operating margin, % 12.1 12.3 8.4 7.2 7.6
Profit before tax, EUR 18.4 18.5 -0.9 39.0 16.0 144.3 26.6
million
Earnings per share, EUR 0.38 0.39 -1.8 0.80 0.25 215.9 0.47
EVA, EUR million 14.4 14.6 -1.4 25.6 19.5 31.3 29.1
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* Breakdown is presented below the division reviews.
NET SALES AND OPERATING PROFIT BY DIVISION
Environmental Services
Third quarter
The division's net sales for the third quarter increased by 0.2% to EUR 64.7
million (EUR 64.6 million). Operating profit was EUR 11.0 million (EUR 10.7
million) and operating profit excluding non-recurring items was EUR 11.1
million (EUR 10.6 million).
The division's net sales increased in waste management and the recycling
business, mainly due to acquisitions. Lower demand in Russia for waste
management, recycling services and environmental products, as well as
fluctuations in the rouble exchange rate had a negative effect on net sales. In
the environmental product business, net sales decreased due to structural
changes implemented in line with strategy.
The division's operating profit excluding non-recurring items improved due to
good operational efficiency and profits from acquired businesses . Operating
profit was weighed down by the lower volume of recyclable materials in
recycling plants and the lower price of secondary raw materials.
January-September
The Environmental Services division's net sales for January-September increased
by 1.3% and amounted to EUR 192.2 million (EUR 189.7 million). Operating profit
was EUR 28.4 million (EUR 26.5 million) and operating profit excluding
non-recurring items was EUR 28.5 million (EUR 26.9 million).
The division's net sales increased in waste management and the recycling
business, mainly due to acquisitions. Net sales in Russia decreased due to
lower demand and fluctuations in the rouble exchange rate. In the environmental
products business, net sales decreased due to the discontinuation of certain
products.
Profitability was weighed down by additional maintenance shutdowns in the
second quarter at the recycling plants in Turku and Kerava, which resulted in
lower waste processing volumes at the two plants. The division's operating
profit nevertheless increased thanks to the improved profitability of the
recycling business in the first half of the year but, towards the end of the
review period, operating profit was negatively impacted by the lower volume of
recyclable materials at the recycling plants and the lower price of secondary
raw materials.
Industrial Services
Third quarter
The division's net sales for the third quarter were down by 3.5% to EUR 21.0
million (EUR 21.8 million). Operating profit and operating profit excluding
non-recurring items were EUR 2.9 million (EUR 3.1 million).
The low demand for hazardous waste management and sewer maintenance services
had a negative impact on the division's net sales. In sewer maintenance, net
sales decreased also due to the closure of unprofitable units. The demand for
process cleaning services remained strong in the third quarter, and net sales
also grew in environmental construction.
The low demand for hazardous waste management services and the low price of
waste oil had a negative effect on operating profit. In sewer maintenance, the
operating result improved significantly thanks to previously implemented
restructuring measures. Profitability improved in process cleaning due to
strong demand.
January-September
The Industrial Services division's net sales for January-September amounted to
EUR 56.7 million (EUR 57.5 million), showing a decrease of 1.4%. Operating
profit and operating profit excluding non-recurring items were EUR 5.0 million
(EUR 4.9 million).
The division's net sales were weighed down by the low demand for hazardous
waste management in the third quarter. In sewer maintenance, net sales
decreased due to the closure of unprofitable units. Demand for process cleaning
was strong in the second and third quarters, and net sales also grew in
environmental construction.
The operating result of the sewer maintenance business improved significantly
due to restructuring measures implemented during the first half of the year.
Profitability also improved in process cleaning due to strong demand. The low
demand for hazardous waste management services and the low price of waste oil
had a negative impact on operating profit.
Facility Services
Third quarter
The division's net sales for the third quarter increased by 2.8% to EUR 70.5
million (EUR 68.6 million). Operating profit totalled EUR 4.9 million (EUR 6.3
million). Operating profit excluding non-recurring items was EUR 5.0 million
(EUR 6.3 million).
The technical systems maintenance business saw continued strong growth
supported by organic sales growth and acquisitions, but the business
nevertheless recorded a loss.
Service demand increased in the property maintenance and cleaning businesses.
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
restructuring measures.
Profitability declined in cleaning services and property maintenance. The
result of the cleaning business was weighed down by several large-scale
customer start-ups. The operating loss of the damage repair services business
was significantly reduced due to restructuring measures implemented by the
Group.
January-September
The Facility Services division's net sales for January-September increased by
2.6% and amounted to EUR 211.3 million (EUR 206.0 million). Operating profit
totalled EUR 7.0 million (EUR 8.9 million). Operating profit excluding
non-recurring items was EUR 8.0 million (EUR 9.0 million).
Demand improved from the comparison period in the property maintenance and
cleaning businesses. The net sales of the cleaning business in Sweden declined.
The technical systems maintenance business saw continued strong growth
supported by organic sales growth and acquisitions, but the business
nevertheless recorded a loss. Profitability also declined in cleaning services
and property maintenance. The result of the cleaning business was weighed down
by several large-scale customer start-ups and the slightly weaker profitability
of Swedish operations.
Demand continued to decline in damage repair services. The Group closed down
unprofitable business locations in the first half of the year, which affected
the entire division's net sales and operating profit. The restructuring
measures significantly reduced the operating loss excluding non-recurring
items.
The company will continue to adapt the damage repair services business to the
prevailing market situation. The Group recognised non-recurring restructuring
costs of EUR 1.0 million related to the damage repair services business.
Renewable Energy Sources
Third quarter
Third quarter net sales of Renewable Energy Sources (L&T Biowatti) were down by
9.0% to EUR 5.6 million (EUR 6.1 million). Operating profit totalled EUR 0.6
million (operating loss EUR 0.5 million) and operating profit excluding
non-recurring items was EUR 0.6 million (operating loss EUR 0.3 million).
The division's net sales declined mainly due to the low demand for biofuels.
The division's profitability improved due to the good energy content of its
fuels and the measures taken to improve operational efficiency.
January-September
The net sales of Renewable Energy Sources (L&T Biowatti) in January-September
were down by 14.3% to EUR 27.6 million (EUR 32.2 million). Operating profit
totalled EUR 1.8 million (EUR 0.6 million) and operating profit excluding
non-recurring items was EUR 1.8 million (EUR 0.8 million).
The division's net sales declined mainly due to the low demand for biofuels,
which resulted from the short heating season. Net sales were also decreased by
the continued refocusing of business operations on selected geographic areas in
line with strategy. Profitability improved due to efficiency improvement
measures and the good energy content of fuels.
BREAKDOWN OF OPERATING PROFIT EXCLUDING NON-RECURRING ITEMS
EUR million 7-9/201 7-9/201 1-9/201 1-9/201 1-12/201
5 4 5 4 4
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Operating profit 19.3 19.4 40.2 34.5 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 0.1 1.0 0.5 2.0
Other non-recurring items 0.1 0.2 0.1 0.2 -1.5
--------------------------------------------------------------------------------
Total non-recurring items 0.1 0.2 1.0 6.1 5.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit excluding 19.5 19.7 41.2 40.6 53.8
non-recurring items
FINANCING
Cash flows from operating activities amounted to EUR 60.9 million (EUR 49.1
million). A total of EUR 3.4 million in working capital was committed (EUR 9.4
million).
At the end of the period, interest-bearing liabilities amounted to EUR 99.9
million (EUR 99.6 million).
Net interest-bearing liabilities amounted to EUR 48.5 million (EUR 64.3
million), showing a decrease of EUR 3.5 million from the beginning of the year
and a decrease of EUR 15.8 million from the comparison period.
Net financial expenses in January-September amounted to EUR 1.2 million (EUR
18.5 million). Net financial expenses were 0.2% (3.9%) 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 4.1 million will mature during the
rest of the year.
The equity ratio was 45.9% (45.6%) and the gearing rate was 23.3 (31.9). Liquid
assets at the end of the period amounted to EUR 51.3 million (EUR 35.3
million).
Of the EUR 100 million commercial paper programme, EUR 0 (EUR 0) 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.
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-September, gross capital expenditure totalled EUR 31.2 million (EUR
27.9 million), consisting mainly of machine and equipment purchases and
targeted acquisitions.
PERSONNEL
In January-September, the average number of employees converted into full-time
equivalents was 7,234 (7,386). At the end of the period, Lassila & Tikanoja had
8,345 (7,952) full-time and part-time employees. Of these, 7,462 (7,161) worked
in Finland and 883 (791) in other countries.
SHARES AND SHARE CAPITAL
Traded volume and price
The volume of trading on Nasdaq Helsinki in January-September 2015, excluding
the shares held by the company in Lassila & Tikanoja plc, was 8,090,895 shares,
which is 21.0% (17.8%) of the average number of outstanding shares. The value
of trading was EUR 138.6 million (EUR 98.1 million). The highest share price
was EUR 18.74 and the lowest EUR 14.54. The closing price was EUR 17.97. At the
end of the period, the market capitalisation excluding the shares held by the
company was EUR 693.5 million (EUR 517.7 million).
Own shares
At the end of the period, the company held 207,329 of its own shares,
representing 0.5% of all shares and votes. The company started a programme on
15 September 2015 to repurchase its own shares.
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 38,591,545. The average number of shares excluding the
shares held by the company was 38,612,874.
Shareholders
At the end of the period, the company had 9,795 (9,764) shareholders.
Nominee-registered holdings accounted for 22.0% (16.9%) 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.
On 2 September 2015, the company announced that the Board of Directors has
approved the Group's updated strategy as part of its annual strategy work and
that, going forward, the Renewable Energy Sources division will be included in
L&T's core businesses. The company also announced that its Board of Directors
has resolved to exercise the authorisation by the Annual General Meeting on 18
March 2015 to repurchase a maximum of 500,000 of the company's own shares,
which corresponds to approximately 1.3% of the total number of issued shares.
EVENTS AFTER THE REVIEW 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 SEPTEMBER 2015
CONSOLIDATED INCOME STATEMENT
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2015 2014 2015 2014 2014
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Net sales 159.6 158.1 481.1 477.4 639.7
Cost of sales -135.7 -133.2 -422.4 -418.8 -561.6
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Gross profit 24.0 24.9 58.7 58.6 78.1
Other operating income 0.6 0.5 2.0 3.3 7.0
Sales and marketing expenses -2.9 -3.0 -9.6 -10.5 -14.2
Administrative expenses -2.8 -2.5 -9.3 -9.1 -12.7
Other operating expenses 0.5 -0.5 -1.6 -7.7 -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 19.3 19.4 40.2 34.5 48.5
Financial income 0.1 0.1 0.9 0.3 0.4
Financial expenses -1.0 -1.0 -2.1 -18.8 -22.3
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Profit before tax 18.4 18.5 39.0 16.0 26.6
Income taxes -3.7 -3.5 -7.9 -6.1 -8.4
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Profit for the period 14.7 15.0 31.1 9.9 18.1
Attributable to:
Equity holders of the company 14.7 15.0 31.1 9.9 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 0.38 0.39 0.80 0.25 0.47
Diluted earnings per share, EUR 0.38 0.39 0.80 0.25 0.47
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million 7-9/20 7-9/20 1-9/20 1-9/20 12/201
15 14 15 14 4
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Profit for the period 14.7 15.0 31.1 9.9 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 -0.1 0.4 -0.4 -0.6
Currency translation differences -0.5 -0.2 0.0 -0.7 -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 -0.4 -0.4 0.4 -0.8 -2.4
through profit or loss, total
--------------------------------------------------------------------------------
Total comprehensive income, after tax 14.3 14.6 31.5 9.1 15.6
Attributable to:
Equity holders of the company 14.3 14.6 31.4 9.1 15.7
Non-controlling interest 0.0 0.0 0.0 0.0 -0.1
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million 9/2015 9/2014 12/2014
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets
Goodwill 113.4 108.2 109.9
Customer contracts arising from acquisitions 5.7 3.7 5.3
Agreements on prohibition of competition 0.2 0.0 0.1
Other intangible assets arising from business 0.6 0.0 0.7
acquisitions
Other intangible assets 12.6 8.8 9.7
--------------------------------------------------------------------------------
132.5 120.7 125.7
Property, plant and equipment
Land 5.0 3.4 3.3
Buildings and constructions 41.0 46.0 44.3
Machinery and equipment 105.6 109.9 112.2
Other 0.1 0.1 0.1
Prepayments and construction in progress 4.2 3.5 2.2
--------------------------------------------------------------------------------
155.9 162.8 162.1
Other non-current assets
Available-for-sale investments 0.6 0.6 0.6
Finance lease receivables 2.3 3.4 3.2
Deferred tax assets 2.5 2.9 2.7
Other receivables 2.1 2.0 2.3
--------------------------------------------------------------------------------
7.4 8.9 8.7
Total non-current assets 295.8 292.5 296.5
Current assets
Inventories 26.1 24.1 22.6
Trade and other receivables 92.6 101.3 94.7
Derivative receivables 0.0 0.0 0.1
Prepayments 1.1 2.3 0.5
Current available-for-sale financial assets 0.0 0.0 10.0
Cash and cash equivalents 51.3 35.3 34.0
--------------------------------------------------------------------------------
Total current assets 171.1 163.1 161.8
Total assets 467.0 455.6 458.3
--------------------------------------------------------------------------------
EUR million 9/2015 9/2014 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 -3.4 -2.3 -3.9
Invested unrestricted equity reserve 0.5 0.3 0.3
Retained earnings 161.0 174.2 172.2
Profit for the period 31.1 9.9 18.1
--------------------------------------------------------------------------------
208.5 201.5 206.2
Non-controlling interest 0.2 0.2 0.2
--------------------------------------------------------------------------------
Total equity 208.7 201.7 206.3
Liabilities
Non-current liabilities
Deferred tax liability 24.2 24.1 24.7
Retirement benefit obligations 1.0 0.8 1.0
Provisions 4.1 6.1 4.2
Interest-bearing liabilities 92.2 74.8 71.2
Other liabilities 0.3 0.5 0.3
--------------------------------------------------------------------------------
122.0 106.4 101.4
Current liabilities
Interest-bearing liabilities 7.7 24.8 24.8
Trade and other payables 120.7 119.0 120.4
Derivative liabilities 0.9 0.9 1.4
Tax liabilities 4.3 1.1 0.7
Provisions 2.8 1.7 3.3
--------------------------------------------------------------------------------
136.3 147.5 150.7
Total liabilities 258.3 253.9 252.0
Total equity and liabilities 467.0 455.6 458.3
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CONSOLIDATED STATEMENT OF CASH FLOWS
EUR million 1-9/20 1-9/20 1-12/20
15 14 14
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Cash flows from operating activities
Profit for the period 31.1 9.9 18.1
Adjustments
Income taxes 7.9 6.1 8.4
Depreciation and impairment 30.0 30.1 40.2
Financial income and expenses 1.2 18.5 21.9
Gain on sale of shares 0.0 -1.5 -1.5
Other -0.1 4.2 1.9
--------------------------------------------------------------------------------
Net cash generated from operating activities before 70.1 67.3 89.1
change in working capital
Change in working capital
Change in trade and other receivables 2.9 -9.8 -1.4
Change in inventories -3.5 2.0 3.6
Change in trade and other payables -2.8 -1.7 0.0
--------------------------------------------------------------------------------
Change in working capital -3.4 -9.4 2.2
Interest paid -1.1 -2.0 -3.0
Interest received 0.2 0.3 0.4
Income taxes -4.9 -7.1 -9.1
--------------------------------------------------------------------------------
Net cash from operating activities 60.9 49.1 79.6
Cash flows from investing activities
Acquisition of subsidiaries and businesses, net of cash -5.9 -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 -23.4 -23.4 -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 1.3 0.0 0.3
Dividends received 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net cash used in investing activities -28.0 -13.6 -29.8
Cash flows from financing activities
Change in short-term borrowings 0.0 -34.9 -32.2
Proceeds from long-term borrowings 25.0 29.9 29.9
Repayments of long-term borrowings -21.2 -17.6 -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 0.0 -16.7
Other financing items 0.0 -16.7 0.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net cash generated from financing activities -25.6 -58.6 -64.2
Net change in liquid assets 7.4 -23.2 -14.4
Liquid assets at beginning of period 44.0 58.5 58.5
Effect of changes in foreign exchange rates 0.0 0.0 -0.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liquid assets at end of period 51.3 35.3 44.0
Liquid assets
EUR million 1-9/2015 1-9/2014 1-12/2014
------------------------------------------------------------------
Cash and cash equivalents 51.3 35.3 34.0
Available-for-sale financial assets 0.0 0.0 10.0
------------------------------------------------------------------
Total 51.3 35.3 44.0
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR Share Curren Revalu Hedgin Invest Retain Equity Non-co Total
millio capita cy ati g ed ed attribu ntroll equity
n l transl on reserv unrest earnin table ing
ation reserv e ricted gs to intere
differ e 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 9.9 9.9 0.0 9.9
for
the
period
Items 0.0 0.0
arisin
g from
re-mea
suremen
t of
define
d
benefi
t plans
Hedging -0.4 -0.4 -0.4
reserv
e,
change
in
fair
value
Availab 0.0 0.0
le-for-
sale
financ
ial
assets
Currenc -0.4 -0.4 -0.4
y
transl
ation
differ
ences
--------------------------------------------------------------------------------
Total 0.0 -0.4 0.0 -0.4 0.0 9.9 9.1 0.0 9.1
compre
hensive
income
Transac
tions
with
shareh
olders
Share-b 0.0 -0.1 0.0 0.0
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 0.6 0.6 0.6
change
s
--------------------------------------------------------------------------------
Equity 19.4 -1.6 0.0 -0.7 0.3 184.1 201.5 0.2 201.7
on 30
Sep.
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 31.1 31.1 0.0 31.1
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 0.0 0.0 0.0 0.0
y
transl
ation
differ
ences
--------------------------------------------------------------------------------
Total 0.0 0.0 0.0 0.5 0.0 31.0 31.4 0.0 31.5
compre
hensive
income
Transac
tions
with
shareh
olders
Share-b 0.1 0.2 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 -0.8 -0.5 -0.5
tion of
own
shares
--------------------------------------------------------------------------------
Transac 0.0 0.0 0.0 0.0 0.1 -29.5 -29.4 -29.4
tions
with
shareh
olders,
total
Other 0.3 0.3 0.3
change
s
--------------------------------------------------------------------------------
Equity 19.4 -3.0 0.0 -0.4 0.5 192.1 208.5 0.2 208.7
on 30
Sep.
2015
KEY FIGURES
7-9/20 7-9/20 1-9/20 1-9/20 1-12/2
15 14 15 14 014
--------------------------------------------------------------------------------
Earnings per share, EUR 0.38 0.39 0.80 0.25 0.47
Diluted earnings per share, EUR 0.38 0.39 0.80 0.25 0.47
Cash flows from operating activities per 1.09 0.56 1.58 1.27 2.06
share, EUR
EVA, EUR million* 14.4 14.6 25.6 19.5 29.1
Gross capital expenditure, EUR million 13.7 7.6 31.2 27.9 44.7
Depreciation, amortisation and 10.0 10.0 30.0 30.1 40.2
impairment, EUR million
Equity per share, EUR 5.41 5.21 5.34
Return on equity (ROE), % 20.0 6.4 8.7
Return on invested capital, ROI, % 17.6 14.6 15.4
Equity ratio, % 45.9 45.6 46.3
Gearing, % 23.3 31.9 25.2
Net interest-bearing liabilities, EUR 48.5 64.3 52.0
million
Average number of employees in full-time 7,234 7,386 7,257
equivalents
Total number of full-time and part-time 8,345 7,952 7,830
employees at end of period
Number of outstanding shares adjusted
for issues, 1,000 shares
average during the period 38,610 38,738 38,729
at end of period 38,592 38,747 38,702
average during the period, diluted 38,613 38,749 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
7-9/2015 7-9/2014
EUR million Extern Inter-di Total Extern Inter-div Total Total net
al vision al ision sales, change
%
--------------------------------------------------------------------------------
Environmental 64.1 0.7 64.7 64.0 0.7 64.6 0.2
Services
Industrial 20.6 0.4 21.0 20.4 1.4 21.8 -3.5
Services
Facility 69.4 1.1 70.5 67.7 1.0 68.6 2.8
Services
Renewable 5.5 0.0 5.6 6.1 0.0 6.1 -9.0
Energy
Sources
Eliminations -2.3 -2.3 -3.1 -3.1
--------------------------------------------------------------------------------
-------
Total 159.6 0.0 159.6 158.1 0.0 158.1 0.9
1-9/2015 1-9/2014
EUR million Extern Inter-di Total Extern Inter-div Total Total net
al vision al ision sales, change
%
--------------------------------------------------------------------------------
Environmental 189.9 2.4 192.2 187.2 2.5 189.7 1.3
Services
Industrial 55.4 1.3 56.7 55.1 2.4 57.5 -1.4
Services
Facility 208.4 2.9 211.3 202.9 3.1 206.0 2.6
Services
Renewable 27.5 0.1 27.6 32.1 0.2 32.2 -14.3
Energy
Sources
Eliminations -6.7 -6.7 -8.1 -8.1
--------------------------------------------------------------------------------
-------
Total 481.1 0.0 481.1 477.4 0.0 477.4 0.8
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 7-9/ % 7-9/ % 1-9/ % 1-9/ % 12/ %
2015 2014 2015 2014 2014
--------------------------------------------------------------------------------
Environmental 11.0 17.0 10.7 16.5 28.4 14.8 26.5 14.0 37.3 14.7
Services
Industrial Services 2.9 13.7 3.1 14.2 5.0 8.8 4.9 8.5 6.5 8.4
Facility Services 4.9 6.9 6.3 9.1 7.0 3.3 8.9 4.3 10.6 3.9
Renewable Energy 0.6 9.9 -0.5 -8.1 1.8 6.5 0.6 1.8 1.6 3.7
Sources
Group administration -0.1 -0.1 -2.0 -6.4 -7.6
and other
--------------------------------------------------------------------------------
Total 19.3 12.1 19.4 12.3 40.2 8.4 15.1 7.2 48.5 7.6
OTHER SEGMENT INFORMATION
EUR million 1-9/2015 1-9/2014 12/2014
-------------------------------------------------------------------------------
Assets
Environmental Services 208.1 208.7 212.4
Industrial Services 73.6 78.2 72.6
Facility Services 102.3 102.2 98.8
Renewable Energy Sources 24.2 24.8 24.6
Group administration and other 1.1 1.3 1.1
Unallocated assets 57.7 40.4 48.9
-------------------------------------------------------------------------------
L&T total 467.0 455.6 458.3
Liabilities
Environmental Services 50.0 50.5 50.5
Industrial Services 22.4 23.7 21.9
Facility Services 48.2 45.2 48.3
Renewable Energy Sources 6.0 7.1 6.2
Group administration and other 1.9 1.4 1.9
Unallocated liabilities 129.8 126.0 123.2
-------------------------------------------------------------------------------
L&T total 258.3 253.9 252.0
EUR million 7-9/2015 7-9/2014 1-9/2015 1-9/2014 12/2014
-------------------------------------------------------------------------------
Capital expenditure
Environmental Services 5.8 4.2 14.3 15.0 26.6
Industrial Services 2.8 1.3 4.7 4.9 6.6
Facility Services 5.0 2.1 12.0 7.9 11.3
Renewable Energy Sources 0.1 0.0 0.2 0.1 0.2
Group administration and other 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
L&T total 13.7 7.6 31.2 27.9 44.7
Depreciation and amortisation
Environmental Services 5.0 5.0 14.9 15.2 20.1
Industrial Services 1.6 1.7 5.0 4.9 6.9
Facility Services 3.3 3.2 9.9 9.7 13.0
Renewable Energy Sources 0.1 0.1 0.2 0.2 0.2
Group administration and other 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
L&T total 10.0 10.0 30.0 30.1 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 7-9/2015 4-6/2015 1-3/2015 10-12/201 7-9/2014
4
--------------------------------------------------------------------------------
Net sales
Environmental Services 64.7 66.5 60.9 64.8 64.6
Industrial Services 21.0 20.8 14.8 20.3 21.8
Facility Services 70.5 70.1 70.7 68.8 68.6
Renewable Energy Sources 5.6 9.1 12.9 12.0 6.1
Group administration and
other
Interdivision net sales -2.3 -2.4 -2.1 -3.5 -3.1
--------------------------------------------------------------------------------
L&T total 159.6 164.2 157.3 162.3 158.1
Operating profit
Environmental Services 11.0 10.8 6.5 10.8 10.7
Industrial Services 2.9 2.5 -0.4 1.6 3.1
Facility Services 4.9 1.8 0.3 1.7 6.3
Renewable Energy Sources 0.6 0.5 0.7 1.0 -0.5
Group administration and -0.1 -1.2 -0.7 -1.2 -0.1
other
--------------------------------------------------------------------------------
L&T total 19.3 14.4 6.5 14.0 19.4
Operating margin
Environmental Services 17.0 16.3 10.7 16.6 16.5
Industrial Services 13.7 11.9 -2.5 8.0 14.2
Facility Services 6.9 2.6 0.5 2.5 9.1
Renewable Energy Sources 9.9 5.8 5.5 8.7 -8.1
--------------------------------------------------------------------------------
L&T total 12.1 8.8 4.1 8.6 12.3
Financial income and -1.0 -0.8 0.5 -3.4 -0.9
expenses, net
--------------------------------------------------------------------------------
Profit before tax 18.4 13.6 7.0 10.6 18.5
BUSINESS ACQUISITIONS, COMBINED
1-9/2015 1-9/2014 1-12/2014
EUR million Fair value, Fair value, Fair value,
total total total
--------------------------------------------------------------------------------
Intangible assets 2.3 0.6 3.5
Property, plant and equipment 1.2 0.5 3.5
Investments 0.0 0.0 0.0
Receivables 1.4 0.4 0.4
Cash and cash equivalents 0.9 0.8 0.8
--------------------------------------------------------------------------------
Total assets 5.9 2.2 8.1
Interest-bearing liabilities 0.2 0.2
Other liabilities 2.3 0.5 0.5
Deferred tax liabilities 0.3 0.1 0.1
--------------------------------------------------------------------------------
Total liabilities 8.5 0.8 0.8
Net assets acquired 3.3 1.4 7.3
Total consideration 6.8 2.8 10.6
Goodwill 3.5 1.4 3.3
Effect on cash flow
Consideration paid in cash -6.8 -2.8 -10.6
Cash and cash equivalents of the 0.9 0.8 0.8
acquired company
--------------------------------------------------------------------------------
Cash flow from investing activities -5.9 -2.0 -9.8
Facility Services acquired the share capital of the following companies: 2
March 2015 NN-Kiinteistötyö Oy, 3 August 2015 Lakeuden Kylmäkeskus Oy.
Environmental Services acquired the share capital of the following companies: 1
July 2015 Kuljetus J Hirvonen 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 underaccounting policies.
CHANGES IN INTANGIBLE ASSETS
EUR million 1-9/2015 1-9/2014 1-12/2014
---------------------------------------------------------------------
Carrying amount at beginning of period 125.7 126.3 126.3
Business acquisitions 5.8 1.9 6.9
Other capital expenditure 4.8 3.0 4.5
Disposals 0.0 -5.6 -5.6
Depreciation and impairment -3.7 -4.4 -5.6
Transfers between items 0.0 -0.1 -0.1
Exchange differences 0.0 -0.4 -0.7
---------------------------------------------------------------------
Carrying amount at end of period 132.5 120.7 125.7
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
EUR million 1-9/2015 1-9/2014 1-12/2014
---------------------------------------------------------------------
Carrying amount at beginning of period 162.1 171.5 171.5
Business acquisitions 0.5 0.5 3.4
Other capital expenditure 20.1 22.4 29.9
Disposals -0.8 -5.6 -6.0
Depreciation and impairment -26.3 -25.7 -34.7
Transfers between items 0.0 0.1 0.1
Exchange differences 0.2 -0.4 -2.2
---------------------------------------------------------------------
Carrying amount at end of period 155.9 162.8 162.1
CAPITAL COMMITMENTS
EUR million 1-9/2015 1-9/2014 1-12/2014
------------------------------------------------------------
Intangible assets - - -
Property, plant and equipment 8.2 3.7 3.4
------------------------------------------------------------
Total 8.2 3.7 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 Sep. 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 0.6 0.6 0.6 3
le-for-
sale
invest
ments
Finance 2.3 2.3 2.3 2
lease
receiv
ables
Other 1.9 1.9 1.9
receiv
ables
Current
financ
ial
assets
Availab
le-for-
sale
financ
ial
assets
Trade 86.5 86.5 86.5
and
other
receiv
ables
Derivat
ive
receiv
ables
Cash 51.3 51.3 51.3
and
cash
equiva
lents
-------------------------------------------------------------------------
Total 142.0 0.6 0.0 0.0 142.6 142.6
financ
ial
assets
Non-cur
rent
financ
ial
liabil
ities
Borrowi 92.2 92.2 91.5 2
ngs
Other 0.1 0.1 0.1
liabil
ities
Current
financ
ial
liabil
ities
Borrowi 7.7 7.7 7.7
ngs
Trade 55.6 55.6 55.6
and
other
payabl
es
Derivat 0.9 0.9 0.9 2
ive
liabil
ities
-------------------------------------------------------------------------
Total 155.6 0.9 156.4 155.7
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
Sep. 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 3.4 3.4 3.4 2
lease
receiv
ables
Other 2.0 2.0 2.0
receiv
ables
Current
financ
ial
assets
Trade 96.2 96.2 96.2
and
other
receiv
ables
Derivat
ive
receiva
bles
Cash 35.3 35.3 35.3
and
cash
equiva
lents
-------------------------------------------------------------------------
Total 137.0 0.6 137.6 137.6
financ
ial
assets
Non-cur
rent
financ
ial
liabil
ities
Borrowi 74.8 74.8 0.1 2
ngs
Other 0.2 0.2 0.2
liabil
ities
Current
financ
ial
liabil
ities
Borrowi 24.8 24.8
ngs
Trade 60.0 60.0
and
other
payabl
es
Derivat 0.7 0.7 0.7 2
ive
liabil
ities
-------------------------------------------------------------------------
Total 159.8 0.7 160.5 1.0
financ
ial
liabil
ities
CONTINGENT LIABILITIES
EUR million 9/2015 9/2014 12/2014
--------------------------------------------------------------------------------
Securities for own commitments
Mortgages on rights of tenancy 0.4 0.2 0.2
Company mortgages 1.1 0.9 0.5
Other securities 0.2 0.2 0.2
Bank guarantees required for environmental permits 7.6 8.1 8.4
Other securities are security deposits.
Operating lease liabilities
EUR million 9/2015 9/2014 12/2014
--------------------------------------------------------------------------------
Maturity not later than one year 4.1 3.9 2.9
Maturity later than one year and not later than five 7.7 3.6 2.8
years
Maturity later than five years 2.0 2.0 2.0
--------------------------------------------------------------------------------
Total 13.7 9.6 7.7
Liabilities associated with derivative agreements
Interest rate swaps
EUR million 9/2015 9/2014 12/2014
--------------------------------------------------------------------------------
Nominal values of interest rate swaps
Maturity not later than one year 6.9 9.0 6.4
Maturity later than one year and not later than five 35.5 42.3 14.2
years
Maturity later than five years 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total 42.4 51.4 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 the
balance sheet date.
Commodity derivatives
Metric tonnes 9/2015 9/2014 12/2014
--------------------------------------------------------------------------------
Nominal values of diesel swaps
Maturity not later than one year 3,404 3,300 8,300
Maturity later than one year and not later than five 0 0 0
years
--------------------------------------------------------------------------------
Total 3,404 3,300 8,300
Fair value, EUR million -0.4 -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 9/2015 9/2014 12/2014
-------------------------------------------------------------------------------
Nominal values of forward contracts and currency swaps
Maturity not later than one year - - 10.9
Fair value - - -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, 28 October 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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