2014-02-05 07:06:37 CET
2014-02-05 07:07:40 CET
REGULATED INFORMATION
Lassila & Tikanoja - Financial Statement Release
Lassila & Tikanoja plc: Financial Statements 1 January - 31 December 2013
Helsinki, Finland, 2014-02-05 07:06 CET (GLOBE NEWSWIRE) --
Net sales for the final quarter EUR 169.7 million (EUR 171.8 million);
operating loss EUR 1.6 million (operating profit EUR 9.7 million); operating
profit excluding non-recurring items EUR 11.5 million (EUR 10.5 million);
earnings per share EUR -0.03 (EUR 0.18)
Full-year net sales EUR 668.2 million (EUR 674.0 million); operating profit EUR
33.2 million (EUR 48.4 million); operating profit excluding non-recurring items
EUR 51.8 million (EUR 47.4 million); earnings per share EUR 0.57 (EUR 0.89)
Full-year net sales in 2014 are expected to remain at the 2013 level. Operating
profit, excluding non-recurring items, is expected to remain at the 2013 level
or improve slightly.
The Board of Directors proposes a dividend of EUR 0.50 per share.
CEO PEKKA OJANPÄÄ:"We are following our strategy and are now close to completing restructuring
and efficiency enhancement measures, which caused non-recurring costs last
year. Financial uncertainty is continuing to have an impact on demand in the
industrial sector and on material flows in the construction and retail sectors.
This will hold back net sales growth. Nevertheless, we were able to improve our
profitability during the year and to generate a strong cash flow."
GROUP NET SALES AND FINANCIAL PERFORMANCE
Final quarter
Lassila & Tikanoja's net sales for the final quarter decreased by 1.2% to EUR
169.7 million (EUR 171.8 million). Operating loss was EUR 1.6 million
(operating profit EUR 9.7 million), and operating profit excluding
non-recurring items was EUR 11.5 million (EUR 10.5 million), representing 6.8%
(6.1%) of net sales. Earnings per share were EUR -0.03 (EUR 0.18).
Operating loss for the final quarter includes the following non-recurring
costs: EUR 7.0 million impairment of goodwill in Swedish business operations
and EUR 1.2 million associated with the discontinuation of the sewer repair
business.
During 2013, L&T reviewed the risks associated with major land areas currently
and previously in its use. Following the risk review process, the company
recorded a non-recurring provision of EUR 5.0 million for the potential costs
of closure of land areas divested during previous financial periods.
Fixed cost management and efficiency enhancement measures improved
profitability in all business segments.
Year 2013
Lassila & Tikanoja's net sales for the year 2013 amounted to EUR 668.2 million
(EUR 674.0 million); a decrease of 0.9%. Operating profit was EUR 33.2 million
(EUR 48.4 million), and operating profit excluding non-recurring items was EUR
51.8 million (EUR 47.4 million), representing 7.8% (7.0%) of net sales.
Earnings per share were EUR 0.57 (EUR 0.89).
Comparable net sales includes EUR 8.0 million worth of net sales generated by
L&T Recoil and the divested parts of the eco product business. Comparable
operating net sales, excluding non-recurring items, increased by 0.2%.
Factors contributing to the decrease in operating profit included the EUR 1.0
million non-recurring reorganisation costs (EUR 2.9 million), EUR 5.0 million
impairment on EcoStream Oy's shares, EUR 7.0 million impairment of goodwill in
Swedish business operations, a EUR 5.0 million provision associated with land
areas divested in previous financial periods, and costs of EUR 1.2 million
recorded for the discontinuation of the sewer repair business. A sales gain of
EUR 4.2 million on the divestment of L&T Recoil shares improved the reported
operating profit in the comparison period.
Financial summary
10-12/ 10-12/ Change 1-12/ 1-12/ Change
2013 2012 % 2013 2012 %
--------------------------------------------------------------------------------
---------------------------------------
Net sales, EUR million 169.7 171.8 -1.2 668.2 674.0 -0.9
---------------------------------- -------
Operating profit excluding 11.5 10.5 9.4 51.8 47.4 9.3
non-recurring items, EUR
million*
---------------------------------- -------
Operating margin excluding 6.8 6.1 7.8 7.0
non-recurring items, %
---------------------------------- -------
Operating profit, EUR million -1.6 9.7 33.2 48.4 -31.4
---------------------------------- -------
Operating margin, % -1.0 5.6 5.0 7.2
---------------------------------- -------
Profit before tax, EUR million -2.3 9.2 30.3 43.0 -29.5
---------------------------------- -------
Earnings per share, EUR -0.03 0.18 0.57 0.89 -36.0
---------------------------------- -------
Dividend / capital repayment per 0.50** 0.60 -16.7
share, EUR
---------------------------------- -------
Additional dividend and capital 0.50
repayment per share, EUR
---------------------------------- -------
EVA, EUR million -4.9 3.9 12.4 24.1 -48.5
--------------------------------------------------------------------------------
* Breakdown of operating profit excluding non-recurring items is presented
below the division reviews.
** Proposal by the Board of Directors
NET SALES AND FINANCIAL PERFORMANCE BY DIVISION
Environmental Services
Final quarter
The division's net sales for the final quarter increased by 1.6% to EUR 65.7
million (EUR 64.7 million). Operating profit totalled EUR 2.9 million (EUR 6.6
million) and operating profit excluding non-recurring items was EUR 7.9 million
(EUR 6.6 million).
Profitability developed favourably in the final quarter, due to greater
operational efficiency.
Year 2013
The Environmental Services division's net sales for 2013 amounted to EUR 257.9
million (EUR 265.7 million), showing a decrease of 2.9%. Operating profit
totalled EUR 30.1 million (EUR 34.3 million) and operating profit excluding
non-recurring items was EUR 35.1 million (EUR 30.6 million).
Comparable net sales includes EUR 8.0 million worth of net sales generated by
L&T Recoil and the divested parts of the eco product business.
Operational efficiency improvement contributed to the increase in operating
profit.
Industrial Services
Final quarter
The division's net sales for the final quarter totalled EUR 20.9 million (EUR
18.8 million), showing an
increase of 11.1%. Operating profit totalled EUR 1.6 million (EUR 1.2 million)
and operating profit
excluding non-recurring items was EUR 2.7 million (EUR 1.3 million).
The division's net sales improved, primarily as a result of the increase in net
sales in environmental construction. Operating profit excluding non-recurring
items rose due to efficiency improvement measures and effective cost control.
Year 2013
The division's net sales for 2013 totalled EUR 75.5 million (EUR 70.0 million),
showing an increase of 7.9%. Operating profit totalled EUR 5.2 million (EUR 3.9
million) and operating profit excluding non-recurring items was EUR 6.7 million
(EUR 4.4 million).
Net sales grew following an increase in demand for process cleaning. Demand for
sewer maintenance services and environmental construction was modest at the
start of the year, but improved during the second half.
Hazardous waste services enjoyed healthy demand and strong profitability
throughout the review period.
Facility Services
Final quarter
The division's net sales for the final quarter were down by 4.1% to EUR 71.7
million (EUR 74.8 million). Operating loss totalled EUR 5.6 million (operating
profit EUR 2.5 million) and operating profit excluding non-recurring items was
EUR 1.4 million (EUR 3.1 million).
The major restructuring process being deployed in the division continues to
burden business profitability.
The division's net sales fell from the comparison period, due to business
downsizing in Sweden and reduced demand for property maintenance services in
the final quarter.
Year 2013
The division's net sales for the year 2013 were down by 2.3% to EUR 292.5
million (EUR 299.5 million). Operating profit totalled EUR 4.4 million (EUR
13.0 million) and operating profit excluding non-recurring items was EUR 11.9
million (EUR 14.7 million).
The division's net sales fell from the comparison period, due to business
downsizing in Sweden and reduced demand for property maintenance services in
the second half of the year.
Costs incurred from the expansion of technical systems services had a negative
effect on profitability, as did the weak profitability of damage repair
services.
The Facility Services division implemented efficiency enhancement measures to
improve its profitability. The benefits of these measures will materialise
during 2014. Profitability improved in the cleaning business, particularly in
Sweden.
The entire division is currently engaged in a major restructuring and
reorganisation process, the purpose of which is to adapt operations to the
changes in market conditions, especially in Cleaning and Property Maintenance.
Renewable Energy Sources
Final quarter
Final quarter net sales of Renewable Energy Sources (L&T Biowatti) were down by
13.5% to EUR 15.8 million (EUR 18.3 million). The division recorded an
operating profit and operating profit excluding non-recurring items of EUR 0.6
million (EUR 0.3 million).
The decline in net sales could be attributed to business downsizing in Eastern
Finland and the late start of the heating season.
Year 2013
Full-year net sales of Renewable Energy Sources (L&T Biowatti) were up by 3.7%
to EUR 58.0 million (EUR 55.9 million). Operating profit amounted to EUR 1.4
million (operating loss EUR 0.1 million), and operating profit excluding
non-recurring items was EUR 1.1 million (EUR 0.1 million).
The division's net sales improved from the comparison period, due to strong
demand for wood-based fuels.
In the first half, profitability suffered from the weaker energy content of
fuels and higher logistics costs. Meanwhile, net sales growth and the
efficiency improvement measures taken improved the operating profit.
BREAKDOWN OF OPERATING PROFIT EXCLUDING NON-RECURRING ITEMS
EUR million 10-12/ 10-12/ 1-12/ 1-12/
2013 2012 2013 2012
--------------------------------------------------------------------------------
Operating profit -1.6 9.7 33.2 48.4
Non-recurring items:
Gain on sale of L&T Biowatti Oy -0.1 -0.5
equipment
Impairment of EcoStream Oy shares 5.0
Gain on sale of holding in L&T Recoil -4.2
Oy
Impairment of hazardous waste 0.2 0.5
treatment facilities
Gain on sale of eco product business -0.2 -0.2
Impairment of goodwill in Swedish 7.0 7.0
business operations
Potential costs of closure of land 5.0 5.0
areas divested
Discontinuation of the sewer repair 1.2 1.2
business
Restructuring costs 0.8 1.0 2.9
--------------------------------------------------------------------------------
Operating profit excluding 11.5 10.5 51.8 47.4
non-recurring items
FINANCING
Cash flows from operating activities amounted to EUR 86.4 million (EUR 80.5
million). A total of EUR 7.9 million in working capital was released (EUR 6.4
million released).
At the end of the period, interest-bearing liabilities amounted to EUR 122.8
million (EUR 96.9 million). In the final quarter, the company took out
long-term loans in the amount of EUR 30.0 million to balance the maturity of
its interest-bearing liabilities. Guarantees of EUR 16.4 million associated
with L&T Recoil to other providers of finance are still in force. In addition,
L&T has receivables of EUR 3.3 million from EcoStream Group.
Net interest-bearing liabilities amounted to EUR 64.4 million, showing a
decrease of EUR 17.9 million from the beginning of the year and EUR 0.9 million
in the final quarter.
Net financial expenses in 2013 amounted to EUR 2.9 million (EUR 5.4 million).
Net financial expenses were 0.4% (0.8%) of net sales. The amount of repaid
loans and the expiry of high-interest interest rate swaps contributed to the
decrease in net financial expenses. Costs in the comparison period included a
write-down of EUR 2.0 million on the receivables from a subordinated loan from
Recoil Oy.
The average interest rate on long-term loans (with interest-rate hedging) was
1.7% (2.2%). Long-term loans totalling EUR 22.1 million will mature during the
year 2014.
The equity ratio was 43.7% (49.4%) and the gearing rate 30.4 (35.3). Liquid
assets at the end of the period amounted to EUR 58.5 million (EUR 14.6
million).
Of the EUR 100 million commercial paper programme, EUR 35.0 million (EUR 12.0
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.
DISTRIBUTION OF ASSETS
The Annual General Meeting held on 12 March 2013 resolved that the profit for
2012 be placed in retained earnings and that no dividend be paid. A capital
repayment of EUR 0.60 per share was paid for the financial year 2012. The
capital repayment, totalling EUR 23.2 million, was paid to the shareholders on
22 March 2013.
The Extraordinary General Meeting held on 18 November 2013, resolved that an
extra dividend of EUR 0.35 per share as well as an additional capital repayment
of EUR 0.15 per share will be distributed to shareholders in addition to
already paid capital repayment of EUR 0.60 per share decided by the Annual
General Meeting on 12 March 2013. Thus, the cumulative amount of the extra
dividend and the additional capital repayment will be EUR 0.50 per share. The
extra dividend and capital repayment, totalling EUR 18.1 million, was paid to
the shareholders on 28 November 2013.
CAPITAL EXPENDITURE
In 2013, gross capital expenditure totalled EUR 32.7 million (EUR 49.4 million)
and was mainly comprised of machine and equipment purchases.
PERSONNEL
In 2013, the average number of employees converted into full-time equivalents
was 8,267 (8,399). The total number of full-time and part-time employees at the
end of the period was 8,847 (8,962). Of them 7,088 (7,035) people worked in
Finland and 1,759 (1,927) people in other countries.
PROPOSAL FOR THE DISTRIBUTION OF ASSETS
According to the financial statements, Lassila & Tikanoja plc's unrestricted
equity amount to EUR
86,373,918.28 with the operating profit for the period representing EUR
14,210,767.64. There were no
substantial changes in the financial standing of the company after the end of
the period, and the solvency test referred to in Chapter 13, section 2 of the
Companies Act does not affect the amount of distributable assets.
The Board of Directors proposes to the Annual General Meeting that a dividend
of EUR 0.50 per share be paid.
The dividend is paid to shareholders included in the company shareholder
register maintained by Euroclear Finland Oy on the record date, 24 March 2014.
The Board proposes to the Annual General Meeting that the dividend be paid on
31 March 2014.
No dividend shall be paid on shares held by the company on the record date of
24 March 2014.
On the day the proposal for the distribution of assets was made, the number of
shares entitling to dividend was 38,706,627, which means the total amount of
the dividend would be EUR 19,353,313.50.
Earnings per share amounted to EUR 0.57. The proposed dividend is 87.7% of the
earnings per share.
SHARE AND SHARE CAPITAL
Traded volume and price
The volume of trading excluding the shares held by the company in Lassila &
Tikanoja plc shares on NASDAQ OMX Helsinki in 2013 was 7,206,872 which is 18.7%
(25.8%) of the average number of outstanding shares. The value of trading was
EUR 99.5 million (EUR 105.1 million). The trading price varied between EUR
11.60 and EUR 15.59. The closing price was EUR 15.23. The market capitalisation
excluding the shares held by the company was EUR 589.5 million (EUR 450.4
million) at the end of the period.
Own shares
At the end of the period the company held 92,247 of its own shares,
representing 0.2% of all shares and votes.
Share capital and number of shares
The company's registered share capital amounts to EUR 19,399,437, and the
number of outstanding shares to 38,706,627 shares. The average number of shares
excluding the shares held by the company totalled 38,703,933.
Shareholders
At the end of the period, the company had 9,320 (9,382) shareholders.
Nominee-registered holdings accounted for 21.7% (17.2%) of the total number of
shares.
Authorisation for the Board of Directors
The Annual General Meeting held on 12 March 2013 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 500,000 company
shares, which is 1.3% of the total number of shares. The repurchase
authorisation will be effective for 18 months.
The Board of Directors is authorised to decide on issuance of new shares or
shares possibly held by the Company through share issue and/or issuance of
option rights or other special rights entitling to shares, referred to in
Chapter 10, Section 1 of the Finnish Companies Act, so that by virtue of the
authorisation altogether 500,000 shares, which is 1.3% of the total number of
shares, may be issued and/or conveyed at the maximum. The share issue
authorisation will be effective for 18 months.
RESOLUTIONS BY THE GENERAL MEETINGS
The Annual General Meeting of Lassila & Tikanoja plc, which was held on 12
March 2013, adopted the financial statements for the financial year 2012 and
released the members of the Board of Directors and the President and CEO from
liability.
The AGM resolved that the profit for 2012 be placed in retained earnings and
that no dividend be paid. A capital repayment of EUR 0.60 per share, as
proposed by the Board of Directors, was paid for the financial year 2012 on the
basis of the balance sheet adopted. The capital repayment, totalling EUR 23.2
million, payment date was on 22 March 2013.
The AGM confirmed the number of the members of the Board of Directors five. The
following Board members were re-elected to the Board until the end of the
following AGM: Heikki Bergholm, Eero Hautaniemi, Hille Korhonen, Sakari Lassila
and Miikka Maijala.
KPMG Oy Ab, Authorised Public Accountants, was elected auditor. KPMG Oy Ab
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 12 March 2013.
The Extraordinary General Meeting held on 18 November 2013, resolved that an
extra dividend and an additional capital repayment be paid. The extra dividend
of EUR 0.35 per share as well as an additional capital repayment of EUR 0.15
per share was distributed to the shareholders. The extra dividend and capital
repayment, totalling EUR 18.1 million, was paid on 28 November 2013.
BOARD OF DIRECTORS
The members of the Board of Directors are Heikki Bergholm, Eero Hautaniemi,
Hille Korhonen, Sakari Lassila and Miikka Maijala. In its constitutive meeting
the Board elected Heikki Bergholm as Chairman of the Board and Eero Hautaniemi
as Vice Chairman.
From among its members, the Board elected Eero Hautaniemi as Chairman and
Sakari Lassila and Miikka Maijala as members of the audit committee. Heikki
Bergholm was elected as Chairman of the remuneration committee and Hille
Korhonen as member of the committee.
SUMMARY OF STOCK EXCHANGE RELEASES PURSUANT TO ARTICLE 4, CHAPTER 6 OF THE
SECURITIES MARKETS ACT
In a release published on 25 March 2013, the company announced the comparable
figures for 2012 based on the new business structure.
In a release published on 9 April 2013, the company announced that as part of
EcoStream Oy's capital arrangements, Lassila & Tikanoja plc subscribed for
EcoStream Oy shares for a total of EUR 2.0 million on 8 April 2013. The
subscription price was EUR 3.00 per share. This subscription was financed
through a conversion of Lassila & Tikanoja's remaining sale price receivable
from the L&T Recoil Oy divestment, EUR 2.0 million, into EcoStream Oy shares.
Consequently, the arrangement had no direct impact on cash flow. Following this
arrangement and EcoStream Oy's other capital arrangements, Lassila & Tikanoja's
ownership in EcoStream Oy fell to approximately 16.4 per cent.
In connection with the arrangement, Lassila & Tikanoja's Board of Directors
decided on a write-down of all shares held by Lassila & Tikanoja plc to EUR
3.00 per share. As a result of this write-down, the company will record an
impairment of EUR 5.1 million on EcoStream Oy's shares for the second quarter.
After the write-down, the balance sheet value of the EcoStream shares held by
L&T will be approximately EUR 3.6 million.
The impairment will be treated as a non-recurring cost item, with no impact on
cash flow.
In a release published on 1 July 2013, the company announced that the
consideration of charges relating to L&T's overtime investigation was complete.
The police investigation and the consideration of charges were aimed at the
overtime work of 25 of L&T's property maintenance employees. On the basis of
the consideration of charges, the District Prosecutor for Helsinki has decided
to press charges against 21 former and current management staff at Lassila &
Tikanoja, including Pekka Ojanpää, President and CEO since 1 November 2011.
In a release published on 23 September 2013, in conjunction with the Capital
Markets Day, the company announced that its financial targets for the year 2016
remain unchanged. The theme of the Capital Markets Day was: “L&T moving from
re-structuring to profitable growth”.
In a release published on 19 December 2013, the company announced that it
recognises a total of EUR 7.0 million in impairment of goodwill in its Swedish
business operations in the fourth quarter. In the Group, the impairment is
allocated to the Facility Services division. The impairment is due to the
decrease in yield expectations in Swedish operations, particularly in the
Öst-Göta region. After the impairment loss, the amount of goodwill remaining in
the Group's balance sheet totals about EUR 3.5 million in relation to Swedish
operations.
EVENTS AFTER THE BALANCE SHEET DATE
The company's management is not aware of any events of material importance
after the balance sheet date, which might have affected the preparation of the
financial statements.
NEAR-TERM RISKS AND UNCERTAINTIES
Economic uncertainty may cause major changes in the Environmental Services
division's secondary raw material markets and in the demand for Industrial
Services.
Uncertainties associated with government subsidies for renewable fuels and with
their continuity could affect demand for the Renewable Energy Sources
division's services.
L&T's total risks in the EcoStream Group amount to EUR 23.3 million, and if the
risks materialised, there would be an impact on cash flow of approximately EUR
16.4 million. The EUR 16.4 million guarantee given by L&T to other financiers
on L&T Recoil Oy's bank loans is still in effect. Furthermore, L&T has
outstanding receivables from the EcoStream Group totalling EUR 3.3 million, and
holds EcoStream Oy shares worth EUR 3.6 million.
More detailed information on L&T's risks and risk management is available in
the Annual Report for 2012, in the report of the Board of Directors, and in the
consolidated financial statements.
OUTLOOK FOR THE YEAR 2014
Full-year net sales in 2014 are expected to remain at the 2013 level. Operating
profit, excluding non-recurring items, is expected to remain at the 2013 level
or improve slightly.
CONDENSED FINANCIAL STATEMENTS 1 JANUARY-31 DECEMBER 2013
CONSOLIDATED INCOME STATEMENT
EUR 1 000 10-12/ 10-12/ 1-12/ 1-12/
2013 2012 2013 2012
--------------------------------------------------------------------------------
Net sales 169 705 171 791 668 217 673 985
Cost of sales -157 135 -155 876 -597 288 -602 581
--------------------------------------------------------------------------------
Gross profit 12 569 15 915 70 929 71 404
Other operating income 1 328 1 535 4 280 7 708
Sales and marketing expenses -3 968 -4 329 -14 503 -16 745
Administrative expenses -3 700 -2 927 -12 985 -12 090
Other operating expenses -845 -509 -2 512 -1 584
Impairment, property, plant and 0 -5 027 -302
equipment and other non-current assets
Impairment, goodwill and other -7 000 -7 000
intangible assets
--------------------------------------------------------------------------------
Operating profit -1 616 9 685 33 182 48 391
Financial income 197 102 529 860
Financial expenses -922 -614 -3 385 -6 256
--------------------------------------------------------------------------------
Profit before tax -2 341 9 173 30 327 42 995
Income taxes 1 003 -2 117 -8 144 -8 543
--------------------------------------------------------------------------------
Profit for the period -1 338 7 056 22 183 34 452
Attributable to:
Equity holders of the company -1 339 7 055 22 185 34 459
Non-controlling interest 0 1 -3 -7
Earnings per share attributable to
equity holders of the parent company:
Basic earnings per share, EUR -0.03 0.18 0.57 0.89
Diluted earnings per share, EUR -0.03 0.18 0.57 0.89
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR 1 000 10-12/ 10-12/ 1-12/ 1-12/
2013 2012 2013 2012
--------------------------------------------------------------------------------
Profit for the period -1 338 7 056 22 183 34 452
Items not to be recognised through profit or
loss
Items arising from re-measurement of defined 67 -189 67 -189
benefit plans
--------------------------------------------------------------------------------
Items not to be recognised through profit or 67 -189 67 -189
loss, total
Items pontentially to be recognised through
profit or loss
Hedging reserve, change in fair value -487 -700 -368 1 098
Revaluation reserve
Gains in the period 0 1 -2 2
--------------------------------------------------------------------------------
Current available-for-sale financial assets 0 1 -2 2
Currency translation differences -238 -141 -427 627
Currency translation differences, -9 -1 -31 10
non-controlling interest
-------------------------------
Items pontentially to be recognised through -734 -841 -828 1 737
profit or loss, total
--------------------------------------------------------------------------------
Total comprehensive income, after tax -2 005 6 026 21 422 36 000
Attributable to:
Equity holders of the company -1 995 6 026 21 456 35 997
Non-controlling interest -9 0 -34 3
TAX EFFECTS OF COMPONENTS OF OTHER COMPREHENSIVE INCOME
31.12.2013 31.12.2012
--------
EUR 1 000 Before Tax After Before Tax After
tax expense/ tax tax expense/ tax
benefit benefit
--------------------------------------------------------------------------------
Hedging reserve, change -458 91 -368 1 454 -356 1 098
in fair value
--------
Revaluation reserve
--------
Current -3 1 -2 2 2
available-for-sale
financial assets
--------
Currency translation -427 -427 694 -67 627
differences
--------
Currency translation -31 -31 10 10
differences
non-controlling
interest
--------------------------------------------------------------------------------
--------------------------------------------- ---------------------------
Components of other -919 91 -828 2 160 -423 1 737
comprehensive income
--------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR 1 000 12/2013 12/2012
----------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets
Goodwill 112 818 120 189
Customer contracts arising from acquisitions 5 071 7 880
Agreements on prohibition of competition 397 1 810
Other intangible assets arising from business acquisitions 36 57
Other intangible assets 7 993 8 494
----------------------------------------------------------------------------
126 315 138 430
Property, plant and equipment
Land 3 750 3 844
Buildings and constructions 49 744 52 393
Machinery and equipment 115 797 121 179
Other 85 86
Prepayments and construction in progress 2 157 2 657
----------------------------------------------------------------------------
171 533 180 159
Other non-current assets
Available-for-sale investments 4 251 7 284
Finance lease receivables 3 685 3 608
Deferred tax assets 2 847 3 845
Other receivables 2 389 2 755
----------------------------------------------------------------------------
13 174 17 492
Total non-current assets 311 021 336 081
Current assets
Inventories 26 097 24 884
Trade and other receivables 99 979 103 925
Derivative receivables 84 1 290
Prepayments 335 491
Current available-for-sale financial assets 0 2 499
Cash and cash equivalents 58 474 12 083
----------------------------------------------------------------------------
Total current assets 184 969 145 172
TOTAL ASSETS 495 990 481 253
----------------------------------------------------------------------------
EUR 1 000 12/2013 12/2012
----------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity
Equity attributable to equity holders of the company
Share capital 19 399 19 399
Other reserves -1 539 -743
Unrestricted equity reserve 297 29 381
Retained earnings 170 876 150 233
Profit for the period 22 185 34 459
----------------------------------------------------------------------
211 218 232 729
Non-controlling interest 240 274
----------------------------------------------------------------------
Total equity 211 458 233 003
Liabilities
Non-current liabilities
Deferred tax liabilities 25 809 31 313
Retirement benefit obligations 777 672
Provisions 6 085 4 304
Interest-bearing liabilities 65 852 57 961
Other liabilities 500 942
----------------------------------------------------- --------
99 023 95 192
---------
Current liabilities
Interest-bearing liabilities 56 991 38 915
Trade and other payables 119 954 112 880
Derivative liabilities 501 1 129
Tax liabilities 4 666 14
Provisions 3 397 120
----------------------------------------------------------------------
185 509 153 058
Total liabilities 284 532 248 250
TOTAL EQUITY AND LIABILITIES 495 990 481 253
----------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
EUR 1 000 12/2013 12/2012
--------------------------------------------------------------------------------
Cash flows from operating activities
Profit for the period 22 183 34 452
Adjustments
Income taxes 8 144 8 543
Depreciation, amortisation and impairment 54 003 43 642
Financial income and expenses 2 856 5 395
Gain on sale of shares 0 -4 181
Other 3 787 1 603
--------------------------------------------------------------------------------
Net cash generated from operating activities before change in 90 973 89 454
working capital
Change in working capital
Change in trade and other receivables 2 800 -10 574
Change in inventories -1 204 -121
Change in trade and other payables 6 261 17 096
--------------------------------------------------------------------------------
Change in working capital 7 857 6 401
Interest paid -3 647 -5 070
Interest received 534 830
Income taxes -9 271 -11 127
--------------------------------------------------------------------------------
Net cash from operating activities 86 446 80 488
Cash flows from investing activities
Acquisition of subsidiaries and businesses, net of cash -2 498
acquired
Proceeds from sale of subsidiaries and businesses, net of sold 7 820
cash
Purchases of property, plant and equipment and intangible -28 062 -40 659
assets
Proceeds from sale of property, plant and equipment and 1 206 2 826
intangible assets
Change in other non-current receivables 367 560
Dividends received 1 1
--------------------------------------------------------------------------------
Net cash used in investing activities -26 488 -31 950
Cash flows from financing activities
Change in short-term borrowings 22 899 -5 781
Proceeds from long-term borrowings 30 000 10 200
Repayments of long-term borrowings -26 249 -25 254
Dividends paid and other asset distribution -42 521 -21 254
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net cash generated from financing activities -15 871 -42 089
EUR 1 000 12/2013 12/2012
-------------------------------------------------------------
-------------------------------------------------------------
Net change in liquid assets 44 087 6 449
Liquid assets at beginning of period 14 582 8 069
Effect of changes in foreign exchange rates -195 64
-------------------------------------------------------------
-------------------------------------------------------------
Liquid assets at end of period 58 474 14 582
Liquid assets
EUR 1 000 12/2013 12/2012
-------------------------------------------------------------
Cash and cash equivalents 58 474 12 083
Available-for-sale financial assets 2 499
-------------------------------------------------------------
Total 58 474 14 582
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR 1 Share Curren Reva-l Hedgin Investe Retaine Equity Non-co
Total
000 capita cy uation g d d attribu ntroll
equity
l transl reserv reserv unrestr earning table ing
ation e e ic-tede s to intere
differ quity equity st
-ences reserve holders
of the
company
--------------------------------------------------------------------------------
--
--------------------------------------------------------------------------------
--
Equity 19 399 -1 412 0 -1 057 50 658 150 085 217 673 271 217
944
at
1.1.2
012
Amendm 93 93
93
ent in
IAS19
--------------------------------------------------------------------------------
--
Adjust 19 399 -1 412 0 -1 057 50 658 150 178 217 766 271 218
037
ed
equit
y
1.1.2
012
Total
compr
ehensi
ve
incom
e
Profit 34 459 34 459 -7 34
452
for
the
perio
d
Items -189 -189
-189
arisi
ng
from
re-me
asurem
ent of
defin
ed
benef
it
plans
Hedgin 1 098 1 098 1
098
g
reser
ve,
chang
e in
fair
value
Curren 2 2
2
t
avail
able-f
or-sal
e
finan
cial
asset
s
Curren 627 627 10
637
cy
trans
lation
diffe
rences
--------------------------------------------------------------------------------
--
--------------------------------------------------------------------------------
--
Total 627 2 1 098 34 270 35 997 3 36
000
compr
ehensi
ve
incom
e
Transa
ctions
with
share
holder
s
Share- 125 125
125
based
benef
its
Capita -21 277 22 -21 255 -21
255
l
repay
ment
--------------------------------------------------------------------------------
--
--------------------------------------------------------------------------------
--
Transa -21 277 147 -21 130 -21
130
ctions
with
share
holder
s,
total
Other 96 96
96
chang
es
--------------------------------------------------------------------------------
--
--------------------------------------------------------------------------------
--
Equity 19 399 -785 2 41 29 381 184 692 232 729 274 233
003
at
31.12
.2012
EUR 1 000 Share Cur-rency Reva-l Hedgin Invest Re-tain Equity
Non-co Total
capita transla-t uation g ed ed attributable
ntroll equity
l ion reserv reserv unrest earning to equity
ing
differ-en e e ric-te s holders
intere
ces d of the company
st equity
reserv
e
--------------------------------------------------------------------------------
-------------
--------------------------------------------------------------------------------
-------------
Equity 19 399 -785 2 41 29 381 184 692 232 729
274 233 003
at
1.1.2
012
Amendm -189 -189
-189
ent in
IAS19
--------------------------------------------------------------------------------
-------------
Adjust 19 399 -785 2 41 29 381 184 503 232 540
274 232 814
ed
equit
y at
1.1.2
012
Total
compr
ehensi
ve
incom
e
Profit 22 185 22 185
-3 22 183
for
the
perio
d
Items 67 67
67
arisi
ng
from
re-me
asurem
ent of
defin
ed
benef
it
plans
Hedgin -368 -368
-368
g
reser
ve,
chang
e in
fair
value
Curren -2 -2
-2
t
avail
able-f
or-sal
e
finan
cial
asset
s
Curren -427 -427
-31 -458
cy
trans
lation
diffe
rences
--------------------------------------------------------------------------------
-------------
--------------------------------------------------------------------------------
-------------
Total -427 -2 -368 22 252 21 456
-34 21 422
compr
ehensi
ve
incom
e
Transa
ctions
with
share
holder
s
Share- -57 444 387
387
based
benef
its
Divide -13 547 -13 547
-13 547
nds
paid
Divide 22 22
22
nds
retur
ned
Capita -29 027 -29 027
-29 027
l
repay
ment
--------------------------------------------------------------------------------
-------------
--------------------------------------------------------------------------------
-------------
Transa -29 084 -13 081 -42 165
-42 165
ctions
with
share
holder
s,
total
Other -613 -613
-613
chang
es
--------------------------------------------------------------------------------
-------------
--------------------------------------------------------------------------------
-------------
Equity 19 399 -1 212 0 -327 297 193 061 211 218
240 211 458
at
31.12
.2013
KEY FIGURES
10-12/ 10-12/ 1-12/ 1-12/
2013 2012 2013 2012
--------------------------------------------------------------------------------
Earnings per share, EUR -0.03 0.18 0.57 0.89
Earnings per share, diluted, EUR -0.03 0.18 0.57 0.89
Cash flows from operating activities per 0.65 0.79 2.23 2.08
share, EUR
EVA, EUR million -4.9 3.9 12.4 24.1
Capital expenditure, EUR 1000 8 944 13 120 32 668 49 385
Depreciation, amortisation and impairment, 17 458 10 762 54 003 43 642
EUR 1000
Equity per share, EUR 5.46 6.01
Dividend / share, EUR 0.50* 0.35
Dividend / earnings, % 87.23* 39.31
Dividend yield, % 3.3* 3.01
Capital repayment / share, EUR 0.75
Capital repayment / earnings, % 84.24
Capital repayment yield, % 6.4
P/E ratio 26.6 13.1
Return on equity, ROE, % 10.0 15.3
Return on invested capital, ROI, % 10.6 14.4
Equity ratio, % 43.7 49.4
Gearing, % 30.4 35.3
Net interest-bearing liabilities, EUR 1000 64 369 82 294
Average number of employees in full-time 8 267 8 399
equivalents
Total number of full-time and part-time 8 847 8 962
employees at end of period
Number of outstanding shares adjusted for
issues, 1000 shares
average during the period 38 704 38 688
at end of period 38 707 38 692
average during the period, diluted 38 721 38 701
* Proposal by the Board of Directors
ACCOUNTING POLICIES
This financial statements release is in compliance with IAS 34 standard. The
financial statements release has been prepared with application of the IFRSstandards and interpretations in effect on 31 December 2013.
The figures are presented as thousands of euros. All figures have been rounded
and, consequently, the sum of individual figures may deviate from the sum total
presented.
More detailed information on accounting policies is presented in the
consolidated financial statements of Lassila & Tikanoja plc, which will be
released on 26 February 2014.
The interim report has not been audited.
SEGMENT INFORMATION
Net sales
10-12/ 10-12/
2013 2012
--------- -------------
EUR 1 000 Externa Inter-d Total Externa Inter-d Total Total net
l ivision l ivision sales,
change %
--------------------------------------------------------------------------------
Environmenta 64 466 1 229 65 695 62 936 1 734 64 670 1.6
l Services
--------- -------------
Industrial 20 214 647 20 861 18 065 705 18 770 11.1
Services
--------- -------------
Facility 70 161 1 545 71 706 73 527 1 262 74 789 -4.1
Services
--------- -------------
Renewable 14 864 954 15 819 17 263 1 024 18 287 -13.5
Energy
Sources --------- -------------
Eliminations -4 375 -4 375 -4 725 -4 725
--------------------------------------------------------------------------------
L&T total 169 705 0 169 705 171 791 0 171 791 -1.2
--------- -------------
1-12/20 1-12/20
13 12
--------- -------------
EUR 1 000 Externa Inter-d Total Externa Inter-d Total Total net
l ivision l ivision sales,
change %
--------------------------------------------------------------------------------
Environmenta 254 119 3 807 257 926 259 791 5 870 265 661 -2.9
l Services
--------- -------------
Industrial 72 141 3 385 75 526 66 863 3 133 69 996 7.9
Services
--------- -------------
Facility 287 842 4 700 292 542 295 451 4 042 299 493 -2.3
Services
--------- -------------
Renewable 54 115 3 894 58 010 51 880 4 067 55 947 3.7
Energy
Sources
--------- -------------
Eliminations -15 786 -15 786 -17 112 -17 112
--------------------------------------------------------------------------------
L&T total 668 217 0 668 217 673 985 0 673 985 -0.9
--------- -------------
Operating profit
EUR 1 000 10-12/ % 10-12/ % 1-12/ % 1-12/ %
2013 2012 2013 2012
--------------------------------------------------------------------------------
Environmental 2 921 4.4 6 592 10.2 30 092 11.7 34 251 12.9
Services
Industrial 1 573 7.5 1 161 6.2 5 230 6.9 3 892 5.6
Services
Facility Services -5 560 -7.8 2 516 3.4 4 444 1.5 12 980 4.3
Renewable Energy 590 3.7 269 1.5 1 448 2.5 -61 -0.1
Sources
Group admin. and -1 140 -853 -8 032 -2 671
other
--------------------------------------------------------------------------------
L&T total -1 616 -1.0 9 685 5.6 33 182 5.0 48 391 7.2
Financial -725 -512 -2 856 -5 396
expenses, net
--------------------------------------------------------------------------------
Profit before tax -2 341 9 173 30 327 42 995
Other segment information
EUR 1 000 12/2013 12/2012
------------------------------------------
Assets
Environmental Services 214 465 228 457
Industrial Services 69 954 81 573
Facility Services 103 358 105 718
Renewable Energy Sources 29 417 30 179
Group admin. and other 7 481 9 853
Unallocated assets 71 314 25 473
------------------------------------------
L&T total 495 990 481 253
Liabilities
Environmental Services 51 810 42 381
Industrial Services 21 506 18 687
Facility Services 49 646 50 073
Renewable Energy Sources 5 463 6 094
Group admin. and other 2 091 1 378
Unallocated assets 154 016 129 637
------------------------------------------
L&T total 284 532 248 250
EUR 1 000 10-12/ 10-12/ 1-12/ 1-12/
2013 2012 2013 2012
-------------------------------------------------------------
Capital expenditure
Environmental Services 4 443 5 120 15 702 16 149
Industrial Services 864 4 857 3 163 11 272
Facility Services 3 435 3 030 11 295 14 727
Renewable Energy Sources 97 113 265 486
Group admin. and other 106 0 2 244 6 751
-------------------------------------------------------------
L&T total 8 944 13 120 32 668 49 385
Depreciation and amortisation
Environmental Services 5 411 5 905 21 883 24 690
Industrial Services 1 643 1 910 6 638 7 084
Facility Services 3 344 2 873 13 169 11 276
Renewable Energy Sources 60 70 273 281
Group admin. and other 1 4 14 9
-------------------------------------------------------------
L&T total 10 458 10 762 41 976 43 340
Impairment
Environmental Services 302
Facility Services 7 000 7 000
Group admin. and other 5 027
-------------------------------------------------------------
-------------------------------------------------------------
L&T total 7 000 0 12 027 302
INCOME STATEMENT BY QUARTER
EUR 1 10-12/ 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
000 2013 2013 2013 2013 2012 2012 2012 2012
--------------------------------------------------------------------------------
Net
sales
Environm 65 695 65 433 66 597 60 201 64 670 66 388 69 136 65 467
ental
Service
s
Industri 20 861 20 933 20 002 13 730 18 770 18 145 20 158 12 923
al
Service
s
Facility 71 706 71 645 73 395 75 796 74 789 72 708 72 376 79 620
Service
s
Renewabl 15 819 7 430 12 991 21 770 18 287 7 977 12 099 17 584
e Energy
Sources
Group
admin.
and
other
Inter-di -4 375 -3 532 -4 103 -3 776 -4 725 -4 002 -4 077 -4 308
vision
net
sales
--------------------------------------------------------------------------------
L&T 169 705 161 909 168 882 167 721 171 791 161 216 169 692 171 286
total
Operatin
g profit
Environm 2 921 11 888 9 059 6 224 6 592 11 019 12 368 4 272
ental
Service
s
Industri 1 573 2 281 1 895 -519 1 161 1 789 2 199 -1 257
al
Service
s
Facility -5 560 6 745 2 830 429 2 516 7 843 1 025 1 596
Service
s
Renewabl 590 -203 94 967 269 -384 -733 787
e Energy
Sources
Group -1 140 -692 -5 397 -803 -853 -638 -715 -465
admin.
and
other
--------------------------------------------------------------------------------
L&T -1 616 20 019 8 481 6 298 9 685 19 629 14 144 4 933
total
Operatin
g margin
Environm 4.4 18.2 13.6 10.3 10.2 16.6 17.9 6.5
ental
Service
s
Industri 7.5 10.9 9.5 -3.8 6.2 9.9 10.9 -9.7
al
Service
s
Facility -7.8 9.4 3.9 0.6 3.4 10.8 1.4 2.0
Service
s
Renewabl 3.7 -2.7 0.7 4.4 1.5 -4.8 -6.1 4.5
e Energy
Sources
--------------------------------------------------------------------------------
---------
L&T -1.0 12.4 5.0 3.8 5.6 12.2 8.3 2.9
total
Financia -725 -1 132 -590 -408 -512 -568 -3 356 -960
l
expense
s, net
--------------------------------------------------------------------------------
Profit -2 341 18 887 7 891 5 890 9 173 19 061 10 788 3 973
before
tax
BUSINESS ACQUISITIONS
In 2013, Lassila & Tikanoja made no business acquisitions.
The accounting policy concerning business combinations is presented under Note
2 of the consolidated financial statements and under Summary on significant
accounting policies.
CHANGES IN INTANGIBLE ASSETS
EUR 1 000 1-12/2013 1-12/2012
------------------------------------------------------------
Carrying amount at beginning of period 138 430 144 489
Business acquisitions 1 110
Other capital expenditure 2 597 2 322
Disposals -1 957
Amortisation and impairment -13 959 -8 023
Transfers between items -329
Exchange differences -424 489
------------------------------------------------------------
Carrying amount at end of period 126 315 138 430
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
EUR 1 000 1-12/2013 1-12/2012
------------------------------------------------------------
Carrying amount at beginning of period 180 159 207 522
Business acquisitions 2 438
Other capital expenditure 28 065 36 810
Disposals -1 254 -31 258
Depreciation and impairment -35 016 -35 619
Transfers between items 329
Exchange differences -751 266
------------------------------------------------------------
Carrying amount at end of period 171 533 180 159
CAPITAL COMMITMENTS
EUR 1 000 1-12/2013 1-12/2012
---------------------------------------------------
Intangible assets 0 109
Property, plant and equipment 4 043 1 953
---------------------------------------------------
Total 4 043 2 062
RELATED-PARTY TRANSACTIONS
(Joint ventures and L&T sickness fund)
EUR 1 000 1-12/2013 1-12/2012
--------------------------------------------
Sales 0 939
Other operating income 24
Interest income 0 391
The support paid by the parent company to L&T sickness fund was EUR 786
thousand (2012: EUR 780 thousand).
FINANCIAL ASSETS AND LIABILITIES BY CATEGORY
EUR 1 Financ Loans Availa Financi Deriva Carryin Fair Fair value
hierarchy
000 ial and ble-fo al tives g values level
under IFRS 13
assets other r-sale liabili under amounts by
and receiva financ ties hedge by balance
liabil bles ial measure accoun balance sheet
ities assets d at ting sheet item
at amortis item
fair ed cost
value
throug
h
profit
or
loss
--------------------------------------------------------------------------------
----------
Level
Level Level
1
2 3
--------------------------------------------------------------------------------
----------
--------------------------------------------------------------------------------
----------
Non-cu
rrent
finan
cial
asset
s
Availa 4 251 4 251 4 251
4251
ble-fo
r-sale
inves
tments
Financ 3 685 3 685 3 865
e
lease
recei
vables
Other 2 388 2 388 2 388
recei
vables
Curren
t
finan
cial
asset
s
Trade 85 280 85 280 85 280
and
other
recei
vables
Deriva 84 84 84
84
tive
recei
vables
Availa
ble-fo
r-sale
finan
cial
asset
s
Cash 58 474 58 474 58 474
and
cash
equiv
alents
--------------------------------------------------------------------------------
----------
Total 149 827 4 251 0 84 154 162 154 342
finan
cial
asset
s
Non-cu
rrent
finan
cial
liabi
lities
Borrow 65 852 65 852 65 950
ings
Other 197 197 197
liabi
lities
Curren
t
finan
cial
liabi
lities
Borrow 56 991 56 991
ings
Trade 57 373 57 373
and
other
payab
les
Deriva 501 501 501
501
tive
liabi
lities
--------------------------------------------------------------------------------
----------
Total 180 414 501 180 915 66 649
finan
cial
liabi
lities
CONTINGENT LIABILITIES
Securities for own commitments
EUR 1 000 12/2013 12/2012
--------------------------------------------------------------------
Mortgages on rights of tenancy 102 186
Company mortgages 565 583
Other securities 163 178
Bank guarantees required for environmental permits 9 511 6 483
Other securities are security deposits.
Off balance sheet liabilities
Lassila & Tikanoja plc has given a guarantee for a share of 50 percent of L&T
Recoil Oy's financial
liabilities.
The guarantee is valid no later than the maturity date of the liabilities on 31
August 2014.
The financial liabilities of L&T Recoil totalled EUR 32.8 million on 31
December 2013.
Operating lease liabilities
EUR 1 000 12/2013 12/2012
----------------------------------------------------------------------------
Maturity not later than one year 4 996 5 556
Maturity later than one year and not later than five years 6 137 8 377
Maturity later than five years 2 232 2 274
----------------------------------------------------------------------------
Total 13 365 16 206
Liabilities associated with derivative agreements
Interest rate swaps
EUR 1 000 12/2013 12/2012
----------------------------------------------------------------------------
Nominal values of interest rate and currency swaps*
Maturity not later than one year 14 018 14 229
Maturity later than one year and not later than five years 16 739 28 940
Maturity later than five years 909 2 727
----------------------------------------------------------------------------
Total 31 666 45 896
Fair value -428 -1 129
* The interest rate swaps are used to hedge cash flow related to a floating
rate loan, and hedge accounting under IAS 39 has been applied to it. The hedges
have been effective, and the changes in the fair values are shown in the
consolidated statement of comprehensive income for the period. The fair values
of the swap contracts are based on the market data at the balance sheet date.
Commodity derivatives
metric tonnes 12/2013 12/2012
----------------------------------------------------------------------------
Nominal values of diesel swaps
Maturity not later than one year 9 735 5 136
Maturity later than one year and not later than five years 825 660
----------------------------------------------------------------------------
Total 10 560 5 796
Fair value, EUR 1000 -73 136
Commodity derivative contracts were concluded, for hedging of future diesel oil
purchases. IAS 39 -compliant hedge accounting will be applied to these
contracts, and the effective change in fair value will be recognised in the
hedging reserve within equity. The fair values of commodity derivatives are
based on market prices at the balance sheet date.
Currency forwards
EUR 1 000 12/2013 12/2012
--------------------------------------------------
Volume of forward contracts
Maturity not later than one year 0 775
Fair value 0 4
Hedge accounting under IAS 39 has not been applied to forward contracts.
Changes in fair values have been recognised in financial income and expenses.
Cross currency interest rate swaps
EUR 1 000 12/2013 12/2012
--------------------------------------------------------------------------------
Maturity of cross currency interest rate swaps under hedge
accounting
Maturity not later than one year 7 200 12 800
Maturity later than one year and not later than five years 9 467 16 667
--------------------------------------------------------------------------------
Total 16 667 29 467
Fair value, EUR 1 000 79 1 150
The contracts are used to hedge cash flow related to foreign currency floating
rate loans. The changes in the fair values are shown in the consolidated
statement of comprehensive income for the period. On the balance sheet date,
the value of foreign currency loans was approximately EUR 0.1 million negative.
CALCULATION OF KEY FIGURES
Earnings per share:
profit attributable to equity holders of the parent company / adjusted average
basic number of shares
Earnings per share, diluted:
profit attributable to equity holders of the parent company / adjusted average
diluted number of shares
Cash flows from operating activities/share:
cash flow from operating activities as in the statement of cash flows /
adjusted average number of shares
EVA:
operating profit - cost calculated on invested capital (average of four
quarters)
WACC 2012: 7.1%
WACC 2013: 6.5%
Equity per share:
equity attributable to equity holders of the parent company / adjusted basic
number of shares at end of period
Return on equity, % (ROE):
(profit for the period / equity (average)) x 100
Return on investment, % (ROI):
(profit before tax + 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, 4 February 2014
LASSILA & TIKANOJA PLC
Board of Directors
Pekka Ojanpää
President and CEO
For additional information please contact:
Pekka Ojanpää, President and CEO, tel. +358 10 636 2810 or
Timo Leinonen, CFO, tel. +358 400 793 073.
Lassila & Tikanoja is a service company that is transforming the 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 to save the environment.
Together, we create well-being and jobs. With operations in Finland, Sweden,
Latvia and Russia, L&T employs 9,000 persons. Net sales in 2013 amounted to EUR
668 million. L&T is listed on NASDAQ OMX Helsinki.
Distribution:
NASDAQ OMX Helsinki
Major media
www.lassila-tikanoja.com
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