2014-08-06 07:00:00 CEST
2014-08-06 07:00:05 CEST
REGULATED INFORMATION
Lassila & Tikanoja - Interim report (Q1 and Q3)
Lassila & Tikanoja: Interim report 1 January - 30 June 2014
Helsinki, Finland, 2014-08-06 07:00 CEST (GLOBE NEWSWIRE) --
Lassila & Tikanoja plc Interim Report 6
August 2014 8.00 am
Lassila & Tikanoja: Interim report 1 January - 30 June 2014
Net sales for the second quarter EUR 159.8 million (EUR 168.9 million);
operating profit EUR 12.9 million (EUR 8.5 million); operating profit excluding
non-recurring items EUR 13.5 million (EUR 13.4 million); earnings per share EUR
0.29 (EUR 0.14)
Net sales for January-June EUR 319.2 million (EUR 336.6 million); operating
profit EUR 15.1 million (EUR 14.8 million); operating profit excluding
non-recurring items EUR 20.9 million (EUR 20.2 million); earnings per share EUR
-0.13 (EUR 0.26)
Lassila & Tikanoja's net sales in 2014 are expected to remain at the 2013 level
or slightly below. Operating profit excluding non-recurring items is expected
to remain at the 2013 level or slightly below.
CEO PEKKA OJANPÄÄ:
“Economic recession still decreases demand in the industrial sector and
material flows in the construction and retail sectors and has a negative impact
on the demand for the services in the Facility Services division. Thanks to
operational efficiency, the Environmental Services division's comparable net
sales and profitability improved in the first months of the year. In Industrial
Services, too, we were able to grow and improve profitability during the first
half of the year. In Facility Services and Renewable Energy Sources, we
continued to improve the efficiency of operations in a challenging operating
environment. We were able to improve the Group's profitability year-on-year.
However, due to lower demand, it will not be possible to accumulate similar net
sales and operating profit during the second half of the year as we did last
year.”
GROUP NET SALES AND FINANCIAL PERFORMANCE
Second quarter
Lassila & Tikanoja's net sales for the second quarter decreased by 5.4%
year-on-year, to EUR 159.8 million (EUR 168.9 million). Operating profit was
EUR 12.9 million (EUR 8.5 million). Operating profit excluding non-recurring
items was EUR 13.5 million (EUR 13.4 million), representing 8.4% (7.9%) of net
sales. Earnings per share were EUR 0.29 (EUR 0.14).
During the second quarter, comparable net sales decreased in the Facility
Services and Renewable Energy Sources divisions and remained at the 2013 level
in the Environmental Services and Industrial Services divisions.
The net sales of the comparison period includes EUR 4.1 million of net sales
from the Latvian business operations that were divested during the first
quarter of 2014 as well as EUR 0.3 million of operating profit. Most of net
sales is allocated to the Environmental Services division.
Operating profit excluding non-recurring items was at the 2013 level. During
the second quarter, there were EUR 0.5 million of non-recurring expenses,
mainly related to the restructuring of the customer service function.
January-June
Lassila & Tikanoja's net sales for January-June amounted to EUR 319.2 million
(EUR 336.6 million), a decrease of 5.2% year-on-year. Operating profit was EUR
15.1 million (EUR 14.8 million). Operating profit excluding non-recurring items
was EUR 20.9 million (EUR 20.2 million), representing 6.5% (6.0%) of net sales.
Earnings per share were EUR -0.13 (EUR 0.26).
During the first half of the year, comparable net sales decreased in the
Facility Services and Renewable Energy Sources divisions and remained at the
2013 level in the Environmental Services. In the Industrial Services division
net sales increased year-on-year.
The net sales of the comparison period includes EUR 5.4 million of net sales
from the Latvian business operations that were divested on 13 March 2014 as
well as EUR 0.3 million of operating profit. The 2013 net sales of the company
includes EUR 16.6 million of net sales from the Latvian business operations as
well as EUR 1.3 million of operating profit, most of which is allocated to the
Environmental Services division.
The operating profit recorded for January-June includes EUR 6.4 million of
non-recurring costs relating to holdings in EcoStream Oy, which has filed for
bankruptcy, and to outstanding receivables from the EcoStream Group and L&T
Recoil. In addition, a non-recurring capital gain of EUR 1.1 million was
recognised on the Latvian business operations.
Furthermore, the Group's net profit was affected by the EUR 16.7 million
payment made under the L&T Recoil guarantee commitment and recognised in
financial expenses. After the entries related to EcoStream Group's insolvency,
the company has no liabilities related to EcoStream Oy and L&T Recoil.
Financial summary
4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2014 2013 % 2014 2013 % 2013
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--------------------------------------------
Net sales, EUR million 159.8 168.9 -5.4 319.2 336.6 -5.2 668.2
------------------------------ ------
Operating profit excluding 13.5 13.4 0.8 20.9 20.2 3.8 51.8
non-recurring items, EUR
million*
------------------------------ ------
Operating margin excluding 8.4 7.9 6.5 6.0 7.8
non-recurring items, %
------------------------------ ------
Operating profit, EUR million 12.9 8.5 52.1 15.1 14.8 1.8 33.2
------------------------------ ------
Operating margin, % 8.1 5.0 4.7 4.4 5.0
------------------------------ ------
Profit before tax, EUR 12.9 7.9 63.9 -2.6 13.8 -118.5 30.3
million
------------------------------ ------
Earnings per share, EUR 0.29 0.14 104.4 -0.13 0.26 -151.5 0.57
------------------------------ ------
EVA, EUR million 7.9 3.4 136.2 4.9 4.3 15.7 12.4
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* Breakdown is presented below the division reviews.
NET SALES AND OPERATING PROFIT BY DIVISION
Environmental Services
Second quarter
The division's net sales for the second quarter decreased by 3.7% to EUR 64.2
million (EUR 66.6 million). Comparable net sales increased by 0.9% to EUR 64.2
million. Operating profit totalled EUR 9.3 million (EUR 9.1 million) and
operating profit excluding non-recurring items was EUR 9.6 million (EUR 9.1
million).
Demand in the recycling business was reduced by the decrease in the volume of
recyclable materials, due to the market conditions. Demand developed favourably
in waste management and Russian operations.
The net sales of the comparison period includes EUR 3.0 million of net sales
from the Latvian business operations that were divested during the first
quarter of 2014.
Profitability improved due to operational efficiency measures.
January-June
The Environmental Services division's net sales for January-June amounted to
EUR 125.1 million (EUR 126.8 million), showing a decrease of 1.4%. Comparable
net sales increased by 1.6% to EUR 123.0 million. Operating profit totalled EUR
15.9 million (EUR 15.3 million) and operating profit excluding non-recurring
items was EUR 16.2 million (EUR 15.3 million).
Demand in the recycling business was affected negatively by the decrease in the
volume of recyclable materials, due to the market conditions. Demand developed
favourably in waste management and Russian operations.
The net sales of the comparison period includes EUR 3.9 million of net sales
from the Latvian business operations that were divested on 13 March 2014.
Profitability developed favourably, thanks to improved operational efficiency.
Industrial Services
Second quarter
The division's net sales for the second quarter totalled EUR 19.7 million (EUR
20.0 million), showing a decrease of 1.5%. Operating profit totalled EUR 1.9
million (EUR 1.9 million) and operating profit excluding non-recurring items
was EUR 2.0 million (EUR 1.9 million).
Demand for process cleaning was strong. In all other service lines the net
sales was slightly below the 2013 level.
Operating profit excluding non-recurring items improved slightly, particularly
as a result of the good profitability of hazardous waste services.
January-June
The Industrial Services division's net sales for January-June totalled EUR 35.7
million (EUR 33.7 million), showing an increase of 5.8%. Operating profit
totalled EUR 1.8 million (EUR 1.4 million) and operating profit excluding
non-recurring items was EUR 1.9 million (EUR 1.4 million).
Net sales increased in all of the division's service lines, first and foremost
thanks to good demand in the first quarter.
The division was able to improve the profitability of its operations as a
result of efficiency improvement measures and increasing volume.
Facility Services
Second quarter
The division's net sales for the second quarter were down by 6.9% to EUR 68.3
million (EUR 73.4 million). Operating profit totalled EUR 2.1 million (EUR 2.8
million). Operating profit excluding non-recurring items was EUR 2.2 million
(EUR 2.9 million).
The division's net sales declined year-on-year, due to business downsizing in
Sweden and low demand for damage repair services. In addition, net sales was
impacted by weaker demand for services in the cleaning and property maintenance
businesses.
The profitability of the division was weakened by lower demand for services in
the cleaning and property maintenance businesses and by the weak profitability
of damage repair services. Property maintenance was able to improve its
profitability year-on-year.
January-June
The Facility Services division's net sales for January-June decreased by 7.9%
to EUR 137.4 million (EUR 149.2 million). Operating profit totalled EUR 2.6
million (EUR 3.3 million). Operating profit excluding non-recurring items was
EUR 2.8 million (EUR 3.7 million).
The division's net sales declined year-on-year, due to business downsizing in
Sweden and lower than normal demand for seasonal work in property maintenance
during the first months of the year.
The profitability of the division was weakened by lower demand for services in
the cleaning and property maintenance businesses and by the weak profitability
of damage repair services.
Demand for the services of the division has declined, which has decreased both
the net sales and the profitability of the division. The entire division is
undergoing a major reorganisation process in order to adapt operations to the
changes in market conditions. This affects the profitability of business. The
benefits of the process will gradually start to materialise in the second half
of 2014.
Renewable Energy Sources
Second quarter
Second quarter net sales of Renewable Energy Sources (L&T Biowatti) were down
by 21.1% to EUR 10.3 million (EUR 13.0 million). Operating profit totalled EUR
0.3 million (EUR 0.1 million) and operating profit excluding non-recurring
items was EUR 0.3 million (operating loss EUR 0.1 million).
The decrease in net sales could mostly be attributed to the short heating
season and the downsizing of operations in Eastern Finland. As a result of
efficiency improvement measures, profitability improved year-on-year.
January-June
January-June net sales of Renewable Energy Sources (L&T Biowatti) were down by
24.9% to EUR 26.1 million (EUR 34.8 million). Operating profit totalled EUR 1.1
million (EUR 1.1 million) and operating profit excluding non-recurring items
was EUR 1.1 million (EUR 0.9 million).
The decrease in net sales could mostly be attributed to the short heating
season and the downsizing of operations in Eastern Finland. As a result of
efficiency improvement measures, relative profitability improved year-on-year.
BREAKDOWN OF OPERATING PROFIT EXCLUDING NON-RECURRING ITEMS
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2014 2013 2014 2013 2013
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--------------------------------------------------------------------------------
Operating profit 12.9 8.5 15.1 14.8 33.2
Non-recurring items:
Gain on sale of L&T Biowatti Oy equipment -0.3 -0.3 -0.5
Impairment of EcoStream Oy shares 5.0 5.0 5.0
L&T Recoil Oy 6.4
Divestment of Latvian business operations -1.1
Impairment of goodwill in Swedish business 7.0
operations
Potential costs of closure of divested land areas 5.0
Discontinuation of the sewer renovation business 1.2
Restructuring costs 0.5 0.2 0.5 0.7 1.0
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Operating profit excluding non-recurring items 13.5 13.4 20.9 20.2 51.8
FINANCING
Cash flows from operating activities amounted to EUR 27.3 million (EUR 44.4
million). A total of EUR 6.8 million in working capital was committed (EUR 9.7
million released). The principal reason behind working capital commitment was
the increase in trade receivables.
At the end of the period, interest-bearing liabilities amounted to EUR 100.7
million (EUR 89.0 million).
Net interest-bearing liabilities amounted to EUR 80.2 million, showing an
increase of EUR 15.8 million from the beginning of the year and an increase of
EUR 6.3 million year-on-year.
Net financial expenses in January-June amounted to EUR 17.6 million (EUR 1.0
million). Net financial expenses were 5.5% (0.3%) of net sales. The increase in
net financial expenses was mostly due to the EUR 16.7 million payment made
under the L&T Recoil Oy guarantee commitment.
The average interest rate on long-term loans (with interest-rate hedging) was
1.7% (2.2%). Long-term loans totalling EUR 4.9 million will mature during the
rest of the year.
The equity ratio was 43.2% (47.3%) and the gearing rate was 42.9 (33.9). Liquid
assets at the end of the period amounted to EUR 20.5 million (EUR 15.1
million).
Of the EUR 100 million commercial paper programme, EUR 30.0 million (EUR 15.0
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 19 March 2014 resolved that a dividend of
EUR 0.50 per share be paid on the basis of the balance sheet that was adopted
for the financial year 2013. The dividend, totalling EUR 19.4 million, was paid
to shareholders on 31 March 2014.
CAPITAL EXPENDITURE
In January-June 2014, gross capital expenditure totalled EUR 20.3 million (EUR
16.7 million), consisting mainly of machine and equipment purchases and small
targeted acquisitions.
PERSONNEL
In January-June, the average number of employees converted into full-time
equivalents was 7,658 (8,002). At the end of the period, Lassila & Tikanoja had
8,451 (9,567) full-time and part-time employees. Of these, 7,610 (7,689) worked
in Finland and 841 (1,965) in other countries. The number of employees working
in other countries was mainly decreased by the divestment of the Latvian
business operations.
SHARE AND SHARE CAPITAL
Traded volume and price
The volume of trading on NASDAQ OMX Helsinki in January-June 2014, excluding
the shares held by the company in Lassila & Tikanoja plc, was 4,581,862 shares,
which is 11.8% (9.8%) of the average number of outstanding shares. The value of
trading was EUR 66.3 million (EUR 49.5 million). The trading price varied
between EUR 13.77 and EUR 15.84. The closing price was EUR 15.05. At the end of
the period, the market capitalisation excluding the shares held by the company
was EUR 583.1 million (EUR 518.7 million).
Own shares
At the end of the period, the company held 51,409 of its own shares,
representing 0.1% of all shares and votes.
Share capital and number of shares
The company's registered share capital amounts to EUR 19,399,437 and the number
of outstanding shares is 38,747,465. The average number of shares excluding the
shares held by the company was 38,732,811.
Share-based incentive programme 2014
On 18 December 2013, Lassila & Tikanoja plc's Board of Directors decided on a
new share-based incentive programme for 2014 as part of the key personnel's
incentive and commitment system. The earnings period of the programme began on
1 January 2014 and ends on 31 December 2014. Any rewards to be paid for 2014
will be based on the Group's EVA result. Possible rewards will be paid partly
as shares and partly in cash. A maximum of 39,105 Lassila & Tikanoja plc shares
may be paid out under the programme. The programme covers 10 persons.
Shareholders
At the end of the period, the company had 9,645 (9,485) shareholders.
Nominee-registered holdings accounted for 18.3% (17.9%) of the total number of
shares.
Authorisation for the Board of Directors
The Annual General Meeting held on 19 March 2014 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 possibly held by the company through a 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 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 19 March 2014, adopted the
financial statements and consolidated financial statements for 2013 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 0.50 per share,
totalling EUR 19.4 million, be paid on the basis of the balance sheet to be
adopted for the financial year 2013. It was decided that the dividend be paid
on 31 March 2014.
The Annual General Meeting confirmed the number of members of the Board of
Directors as six. Heikki Bergholm, Eero Hautaniemi, Hille Korhonen, Sakari
Lassila and Miikka Maijala were re-elected and Laura Lares was elected as a new
member to the Board until the end of the following Annual General Meeting.
KPGM 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 19 March 2014.
BOARD OF DIRECTORS
The members of Lassila & Tikanoja plc's Board of Directors are Heikki Bergholm,
Eero Hautaniemi, Hille Korhonen, Laura Lares, Sakari Lassila and Miikka
Maijala. At its organising meeting held 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 Chairman and
Hille Korhonen and Miikka Maijala as members of the remuneration committee.
SUMMARY OF STOCK EXCHANGE RELEASES PURSUANT TO ARTICLE 4, CHAPTER 6 OF THE
SECURITIES MARKET ACT
In a release published on 3 March 2014, the company announced that Lassila &
Tikanoja and Bioinvest SIA have signed an agreement on the sale of L&T's
business operations in Latvia to Bioinvest SIA. In a release published on 13
March 2014, the company announced that the divestment of the business
operations had been completed. The total net sales of the divested business
operations amount to approximately EUR 16 million, most of which is allocated
to the Environmental Services division. As a result of the divestment,
approximately 950 employees transferred to Bioinvest.
In a release published on 21 March 2014, the company announced that it had been
informed that the financiers of the EcoStream Group had called in a loan
granted to L&T Recoil Oy, part of the EcoStream Group. In addition, the company
announced that it had received a claim from the financing banks to pay
approximately EUR 16.7 million on the basis of a loan guarantee commitment
associated with L&T Recoil Oy's loans.
Lassila & Tikanoja's total risk associated with the EcoStream Group, including
the above guarantee commitment, is approximately EUR 23.4 million as announced
earlier. Of this amount, the above guarantee commitment of approximately EUR
16.7 million has an effect on cash flow.
On 30 April 2014, the company announced that it had received information
according to which the District Prosecutor for Helsinki had decided to drop the
charges against the company's President and CEO Pekka Ojanpää and eight other
current and former members of Lassila & Tikanoja's management staff who were
accused of offences related to occupational health and safety and working hours
legislation. The corporate fine and claim for advantage received remained in
force against the company.
EVENTS AFTER THE REVIEW PERIOD
On 3 July 2014, the company published a press release announcing that the
Helsinki District Court has exonerated Lassila & Tikanoja from summary penal
orders related to overtime work offences. The corporate fine claim presented by
the prosecutor was dropped and the Finnish State was obligated to compensate
the company for the legal costs of the case. According to the Court, the
guidelines and monitoring systems of the company have been adequate and the
safety or health of the employees had not been jeopardised.
The District Court considered five of the company's current or former
supervisors to be guilty of offences related to working hours legislation.
Three of them were sentenced to pay 8-15 unit fines and two were left without a
sentence by reason of the triviality of the criminal act.
On 1 August 2014, the company announced a change to its outlook. Lassila &
Tikanoja's net sales in 2014 are expected to remain at the 2013 level or
slightly below. Operating profit excluding non-recurring items is expected to
remain at the 2013 level or slightly below.
Previously, the company estimated that comparable net sales in 2014 would
remain at the 2013 level and operating profit excluding non-recurring items
would remain at the 2013 level or improve slightly.
NEAR-TERM RISKS AND UNCERTAINTIES
Economic uncertainty may result in major changes in Environmental Services'
secondary raw material markets and in demand for Facility Services and
Industrial Services.
Uncertainties associated with government subsidies for renewable fuels and with
the continuity of such subsidies may affect demand for the services of
Renewable Energy Sources.
More detailed information on L&T's risks and risk management is available in
the Annual Report for 2013, in the Report of the Board of Directors and in the
consolidated financial statements.
OUTLOOK FOR THE REST OF THE YEAR
Lassila & Tikanoja's net sales in 2014 are expected to remain at the 2013 level
or slightly below. Operating profit excluding non-recurring items is expected
to remain at the 2013 level or slightly below.
CONDENSED FINANCIAL STATEMENTS 1 JANUARY - 30 JUNE 2014
CONSOLIDATED INCOME STATEMENT
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2014 2013 2014 2013 2013
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Net sales 159.8 168.9 319.2 336.6 668.2
Cost of sales -140.5 -149.5 -285.6 -303.9 -597.3
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Gross profit 19.2 19.4 33.6 32.7 70.9
Other operating income 1.0 1.4 2.8 1.7 4.3
Sales and marketing expenses -3.7 -3.8 -7.5 -7.4 -14.5
Administrative expenses -3.1 -3.0 -6.7 -6.2 -13.0
Other operating expenses -0.5 -0.5 -7.2 -1.0 -2.5
Impairment, property, plant and - -5.0 - -5.0 -5.0
equipment and other non-current assets
Impairment, goodwill and other - - - - -7.0
intangible assets
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Operating profit 12.9 8.5 15.1 14.8 33.2
Financial income 0.1 0.1 0.2 0.2 0.5
Financial expenses -0.1 -0.7 -17.8 -1.2 -3.4
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Profit before tax 12.9 7.9 -2.6 13.8 30.3
Income taxes -1.7 -2.4 -2.6 -3.8 -8.1
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Profit for the period 11.2 5.5 -5.1 9.9 22.2
Attributable to:
Equity holders of the company 11.2 5.5 -5.1 9.9 22.2
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 0.29 0.14 -0.13 0.26 0.57
Diluted earnings per share, EUR 0.29 0.14 -0.13 0.26 0.57
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2014 2013 2014 2013 2013
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Profit for the period 11.2 5.5 -5.1 9.9 22.2
Items not to be recognised through profit or loss
Items arising from re-measurement of defined - - - - 0.1
benefit plans
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Items not to be recognised through profit or - - - - 0.1
loss, total
Items potentially to be recognised through profit
or loss
Hedging reserve, change in fair value 0.0 -1.2 -0.3 -0.3 -0.4
Revaluation reserve
Current available-for-sale financial assets
Gains in the period 0.0 0.0 0.0 0.0 0.0
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Current available-for-sale financial assets 0.0 0.0 0.0 0.0 0.0
Currency translation differences -0.1 -1.1 -0.5 -0.8 -0.4
Currency translation differences recognised in 0.0 0.0 0.3 0.0 0.0
profit or loss
Currency translation differences, non-controlling 0.0 0.0 0.0 0.0 0.0
interest
------------------------------
Items potentially to be recognised through profit -0.1 -2.3 -0.4 -1.1 -0.8
or loss, total
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Total comprehensive income, after tax 11.1 3.2 -5.5 8.8 21.4
Attributable to:
Equity holders of the company 11.1 3.2 -5.5 8.8 21.5
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million 6/2014 6/2013 12/2013
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ASSETS
Non-current assets
Intangible assets
Goodwill 108.2 119.9 112.8
Customer contracts arising from acquisitions 4.3 6.4 5.1
Agreements on prohibition of competition 0.1 1.1 0.4
Other intangible assets arising from business 0.0 0.0 0.0
acquisitions
Other intangible assets 8.6 8.6 8.0
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121.2 136.0 126.3
Property, plant and equipment
Land 3.4 3.7 3.8
Buildings and constructions 47.2 50.0 49.7
Machinery and equipment 111.6 116.7 115.8
Other 0.1 0.1 0.1
Prepayments and construction in progress 3.2 4.4 2.2
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165.4 174.9 171.5
Other non-current assets
Holdings in associated companies 0.0 - 0.0
Available-for-sale investments 0.6 4.3 4.3
Finance lease receivables 3.7 3.6 3.7
Deferred tax assets 2.9 3.4 2.8
Other receivables 2.3 5.8 2.4
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9.6 17.1 13.2
Total non-current assets 296.2 328.0 311.0
Current assets
Inventories 24.7 26.0 26.1
Trade and other receivables 101.9 101.0 100.0
Derivative receivables 0.0 0.4 0.1
Prepayments 2.1 1.8 0.3
Cash and cash equivalents 20.5 15.1 58.5
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Total current assets 149.2 144.3 185.0
Total assets 445.4 472.3 496.0
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EUR million 6/2014 6/2013 12/2013
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EQUITY AND LIABILITIES
Equity
Equity attributable to equity holders of the parent
company
Share capital 19.4 19.4 19.4
Other reserves -1.9 -1.8 -1.5
Invested unrestricted equity reserve 0.3 6.1 0.3
Retained earnings 174.2 184.2 170.9
Profit for the period -5.1 9.9 22.2
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186.8 217.8 211.2
Non-controlling interest 0.2 0.3 0.2
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Total equity 187.1 218.1 211.5
Liabilities
Non-current liabilities
Deferred tax liabilities 24.0 30.6 25.8
Retirement benefit obligations 0.8 0.9 0.8
Provisions 6.1 4.2 6.1
Interest-bearing liabilities 45.9 46.7 65.9
Other liabilities 0.5 0.9 0.5
-------------------------------------------------------- ----------------
77.4 83.3 99.0
--------
Current liabilities
Interest-bearing liabilities 54.7 42.3 57.0
Trade and other payables 122.1 127.6 120.0
Derivative liabilities 0.7 0.7 0.5
Tax liabilities 0.0 0.0 4.7
Provisions 3.4 0.3 3.4
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181.0 170.9 185.5
Total liabilities 258.4 254.3 284.5
Total equity and liabilities 445.4 472.3 496.0
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CONSOLIDATED STATEMENT OF CASH FLOWS
EUR million 6/2014 6/2013 12/201
3
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Cash flows from operating activities
Profit for the period -5.1 9.9 22.2
Adjustments
Income taxes 2.6 3.9 8.1
Depreciation, amortisation and impairment 20.1 26.1 54.0
Financial income and expenses 17.6 1.0 2.9
Gain on sale of shares -1.5 - 0.0
Other 6.4 -0.6 3.8
--------------------------------------------------------------------------------
Net cash generated from operating activities before 40.0 40.3 91.0
change in working capital
Change in working capital
Change in trade and other receivables -9.3 -3.6 2.8
Change in inventories 1.4 -1.2 -1.2
Change in trade and other payables 1.0 14.5 6.3
--------------------------------------------------------------------------------
Change in working capital -6.8 9.7 7.9
Interest paid -0.9 -1.3 -3.6
Interest received 0.2 0.2 0.5
Income taxes -5.1 -4.6 -9.3
--------------------------------------------------------------------------------
Net cash from operating activities 27.3 44.4 86.4
Cash flows from investing activities
Acquisition of subsidiaries and businesses, net of cash -2.0 - -
acquired
Proceeds from sale of subsidiaries and businesses, net 11.7 - -
of sold cash
Purchases of property, plant and equipment and -16.4 -14.1 -28.1
intangible assets
Proceeds from sale of property, plant and equipment and 0.0 0.8 1.2
intangible assets
Purchases of available-for-sale investments - - -
Change in other non-current receivables -0.5 0.2 0.4
Proceeds from sale of available-for-sale investments - - -
Dividends received 0.0 - 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net cash used in investing activities -7.2 -13.1 -26.5
Cash flows from financing activities
Change in short-term borrowings -5.0 3.0 22.9
Proceeds from long-term borrowings - - 30.0
Repayments of long-term borrowings -17.2 -10.4 -26.2
Dividends paid and other asset distribution -19.4 -23.2 -42.5
Other financing items -16.7
Repurchase of own shares - - 0.0
Net cash generated from financing activities -58.2 -30.6 -15.9
--------------------------------------------------------------------------------
EUR million 6/2014 6/2013 12/2013
--------------------------------------------------------------------
--------------------------------------------------------------------
Net change in liquid assets -38.0 0.6 44.1
Liquid assets at beginning of period 58.5 14.6 14.6
Effect of changes in foreign exchange rates 0.0 -0.1 -0.2
Liquid assets at end of period 20.5 15.1 58.5
--------------------------------------------------------------------
Liquid assets
EUR million 6/2014 6/2013 12/2013
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash and cash equivalents 20.5 15.1 58.5
Available-for-sale financial assets 0.0 0.0 0.0
--------------------------------------------------------------------
Total 20.5 15.1 58.5
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR Share Curren Revalu Hedgin Invest Retain Equity Non-co Total
millio capita cy ation g ed ed attribu ntroll equity
n l transl reserv reserv unrest earnin table ing
ation e e ricted gs to intere
differ equity equity st
ences reserv holders
e of the
parent
company
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 19.4 -0.8 0.0 0.0 29.4 184.5 232.5 0.3 232.8
on 1
Jan.
2013
Total
compre
hensive
income
Profit 9.9 9.9 0.0 9.9
for
the
period
Items 0.0 0.0 0.0
arisin
g from
re-mea
suremen
t of
define
d
benefi
t plans
Hedging -0.3 -0.3 0.0 -0.3
reserv
e,
change
in
fair
value
Availab 0.0 0.0 0.0 0.0
le-for-
sale
financ
ial
assets
Currenc -0.8 -0.8 0.0 -0.8
y
transl
ation
differ
ences
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 0.0 -0.8 0.0 -0.3 0.0 9.9 8.8 0.0 8.8
compre
hensive
income
Transac
tions
with
shareh
olders
Share-b 0.0 0.0 0.0
ased
benefi
ts
Dividen
ds paid
Dividen
ds
return
ed
Capital -23.3 0.3 -23.0 -23.0
repaym
ent
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transac 0.0 0.0 0.0 0.0 -23.3 0.3 -23.0 0.0 -23.0
tions
with
shareh
olders,
total
Other -0.6 -0.6 0.0 -0.6
change
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 19.4 -1.6 0.0 -0.2 6.1 194.2 217.8 0.3 218.1
on 30
June
2013
EUR Share Curren Revalu Hedgin Invest Retain Equity Non-co Total
millio capita cy ation g ed ed attribu ntroll equity
n l transl reserv reserv unrest earnin table ing
ation e e ricted gs to intere
differ equity equity st
ences reserv holders
e of the
parent
company
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 19.4 -1.2 0.0 -0.3 0.3 193.1 211.2 0.2 211.5
on 1
Jan.
2014
Total
compre
hensive
income
Profit -5.1 -5.1 0.0 -5.1
for
the
period
Items 0.0 0.0
arisin
g from
re-mea
suremen
t of
define
d
benefi
t plans
Hedging -0.3 -0.3 -0.3
reserv
e,
change
in
fair
value
Availab 0.0 0.0
le-for-
sale
financ
ial
assets
Currenc -0.1 -0.1 -0.1
y
transl
ation
differ
ences
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 0.0 -0.1 0.0 -0.3 0.0 -5.1 -5.5 0.0 -5.5
compre
hensive
income
Transac
tions
with
shareh
olders
Share-b 0.0 -0.1 -0.1 -0.1
ased
benefi
ts
Dividen -19.4 -19.4 -19.4
ds paid
Transac 0.0 0.0 0.0 0.0 0.0 -19.5 -19.4 -19.4
tions
with
shareh
olders,
total
--------------------------------------------------------------------------------
Other 0.5 0.5 0.5
change
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 19.4 -1.3 0.0 -0.6 0.3 169.0 186.8 0.2 187.1
on 30
June
2014
KEY FIGURES
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2014 2013 2014 2013 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share, EUR 0.29 0.14 -0.13 0.26 0.57
Diluted earnings per share, EUR 0.29 0.14 -0.13 0.26 0.57
Cash flows from operating activities per 0.35 0.45 0.71 1.15 2.23
share, EUR
EVA, EUR million 7.9 3.4 4.9 4.3 12.4
Capital expenditure, EUR million 11.3 10.7 20.3 16.7 32.7
Depreciation, amortisation and impairment, 9.9 15.5 20.1 26.1 54.0
EUR million
Equity per share, EUR 4.83 5.63 5.46
Return on equity, ROE, % -5.1 8.8 10.0
Return on invested capital, ROI, % 9.8 9.4 10.6
Equity ratio, % 43.2 47.3 43.7
Gearing, % 42.9 33.9 30.4
Net interest-bearing liabilities, EUR 80.2 73.9 64.4
million
Average number of employees in full-time 7,658 8,002 8,267
equivalents
Total number of full-time and part-time 8,451 9,567 8,847
employees at end of period
Number of outstanding shares adjusted for
issues, 1,000 shares
average during the period 38,733 38,701 38,704
at end of period 38,747 38,707 38,707
average during the period, diluted 38,744 38,710 38,721
ACCOUNTING POLICIES
This interim report is in compliance with the IAS 34 (Interim Financial
Reporting) standard. The interim report has been prepared with application of
the IFRS standards and interpretations in effect on 31 December 2013, with the
exception of changes to IFRS standards listed below.
From the beginning of 2014, the figures in the interim report tables are
presented in millions of euros. The comparison figures have been restated
accordingly. The figures are rounded to the nearest 0.1 million euros 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, released on 26
February 2014.
The Group observes the following IAS/IFRS standards and interpretations that
came into effect or were amended on 1 January 2014:
• IFRS 10 Consolidated Financial Statements and its amendments
• IFRS 11 Joint Arrangements and its amendments
• IFRS 12 Disclosure of Interests in Other Entities and its amendments
• IAS 27 Separate Financial Statements
• IAS 28 Investments in Associates and Joint Ventures
• IFRIC 21 Levies
The amended standards and interpretations did not have a material impact on the
reported result or financial position.
The interim report has not been audited.
SEGMENT INFORMATION
Net sales
4-6/ 4-6/
2014 2013
------- ---------------
EUR million Extern Interdiv Total Extern Interdiv Total Total net
al ision al ision sales, change
%
--------------------------------------------------------------------------------
------- ---------------
Environmental 63.1 1.0 64.2 65.7 0.9 66.6 -3.7
Services
------- -------
Industrial 19.2 0.5 19.7 18.9 1.1 20.0 -1.5
Services
------- -------
Facility 67.3 1.1 68.3 72.3 1.1 73.4 -6.9
Services
------- -------
Renewable 10.2 0.1 10.3 12.0 1.0 13.0 -21.1
Energy
Sources
------- -------
Eliminations -2.7 -2.7 -4.1 -4.1
--------------------------------------------------------------------------------
-------
Total 159.8 0.0 159.8 168.9 0.0 168.9 -5.4
------- ---------------
1-6/ 1-6/
2014 2013
------- ---------------
EUR million Extern Interdiv Total Extern Interdiv Total Total net
al ision al ision sales, change
%
--------------------------------------------------------------------------------
------- ---------------
Environmental 123.3 1.8 125.1 124.8 2.0 126.8 -1.4
Services
------- -------
Industrial 34.7 1.0 35.7 32.0 1.7 33.7 5.8
Services
------- -------
Facility 135.3 2.1 137.4 147.1 2.1 149.2 -7.9
Services
------- -------
Renewable 26.0 0.1 26.1 32.7 2.0 34.8 -24.9
Energy
Sources
------- -------
Eliminations -5.0 -5.0 -7.9 -7.9
--------------------------------------------------------------------------------
-------
Total 319.2 0.0 319.2 336.6 0.0 336.6 -5.2
------- ---------------
1-12/
2013
EUR million External Interdivision Total
--------------------------------------------------------
Environmental Services 254.1 3.8 257.9
Industrial Services 72.1 3.4 75.5
Facility Services 287.8 4.7 292.5
Renewable Energy Sources 54.1 3.9 58.0
Eliminations -15.8 -15.8
--------------------------------------------------------
Total 668.2 0.0 668.2
Operating profit
EUR 4-6/ % 4-6/ % 1-6/ % 1-6/ % 1-12/ %
million 2014 2013 2014 2013 2013
--------------------------------------------------------------------------------
Environmen 9.3 14.4 9.1 13.6 15.9 12.7 15.3 12.1 30.1 11.7
tal
Services
Industrial 1.9 9.8 1.9 9.5 1.8 5.0 1.4 4.1 5.2 6.9
Services
Facility 2.1 3.0 2.8 3.9 2.6 1.9 3.3 2.2 4.4 1.5
Services
Renewable 0.3 2.5 0.1 0.7 1.1 4.1 1.1 3.1 1.4 2.5
Energy
Sources
Group -0.6 22.7 -5.4 -6.3 -6.2 4.4 -8.0
administr
ation and
other
--------------------------------------------------------------------------------
Total 12.9 8.1 8.5 5.0 15.1 4.7 14.8 33.2 5.0
Financial 0.0 -0.6 -17.6 -1.0 -2.9
expenses,
net
--------------------------------------------------------------------------------
Profit 12.9 7.9 -2.6 13.8 30.3
before
tax
OTHER SEGMENT INFORMATION
EUR million 6/2014 6/2013 12/2013
-------------------------------------------------------
Assets
Environmental Services 211.4 220.8 214.5
Industrial Services 77.0 74.8 70.0
Facility Services 102.8 114.2 103.4
Renewable Energy Sources 25.9 26.7 29.4
Group administration and other 1.2 10.8 7.5
Unallocated assets 27.1 25.1 71.3
-------------------------------------------------------
L&T total 445.4 472.3 496.0
Liabilities
Environmental Services 54.0 51.4 51.8
Industrial Services 21.5 22.2 21.5
Facility Services 49.5 51.8 49.6
Renewable Energy Sources 6.5 7.3 5.5
Group administration and other 1.4 1.1 2.1
Unallocated liabilities 125.6 120.6 154.0
-------------------------------------------------------
L&T total 258.4 254.3 284.5
EUR million 4-6/2014 4-6/2013 1-6/2014 1-6/2013 1-12/2013
--------------------------------------------------------------------------------
Capital expenditure
Environmental Services 4.7 4.9 10.8 7.4 15.7
Industrial Services 2.6 1.1 3.6 1.6 3.2
Facility Services 4.0 2.8 5.8 5.5 11.3
Renewable Energy Sources 0.0 0.0 0.1 0.1 0.3
Group administration and 0.0 1.9 0.0 2.1 2.2
other
--------------------------------------------------------------------------------
L&T total 11.3 10.7 20.3 16.7 32.7
Depreciation and amortisation
Environmental Services 5.0 5.5 10.3 11.1 21.9
Industrial Services 1.6 1.7 3.2 3.3 6.6
Facility Services 3.2 3.3 6.5 6.5 13.2
Renewable Energy Sources 0.1 0.1 0.1 0.2 0.3
Group administration and 0.0 0.0 0.0 0.0 0.0
other
--------------------------------------------------------------------------------
L&T total 9.9 10.5 20.1 21.1 42.0
Impairment
Environmental Services
Industrial Services
Facility Services 7.0
Renewable Energy Sources
Group administration and 5.0 5.0 5.0
other
--------------------------------------------------------------------------------
L&T total 0.0 5.0 0.0 5.0 12.0
INCOME STATEMENT BY QUARTER
EUR million 4-6/ 1-3/ 10-12/ 7-9/ 4-6/
2014 2014 2013 2013 2013
----------------------------------------------------------------------
Net sales
Environmental Services 64.2 60.9 65.7 65.4 66.6
Industrial Services 19.7 16.0 20.9 20.9 20.0
Facility Services 68.3 69.0 71.7 71.6 73.4
Renewable Energy Sources 10.3 15.8 15.8 7.4 13.0
Group administration and other
Interdivision net sales -2.7 -2.4 -4.4 -3.5 -4.1
----------------------------------------------------------------------
L&T total 159.8 159.4 169.7 161.9 168.9
Operating profit
Environmental Services 9.3 6.6 2.9 11.9 9.1
Industrial Services 1.9 -0.1 1.6 2.3 1.9
Facility Services 2.1 0.6 -5.6 6.7 2.8
Renewable Energy Sources 0.3 0.8 0.6 -0.2 0.1
Group administration and other -0.6 -5.7 -1.1 -0.7 -5.4
----------------------------------------------------------------------
L&T total 12.9 2.1 -1.6 20.0 8.5
Operating margin
Environmental Services 14.4 10.9 4.5 18.2 13.6
Industrial Services 9.8 -0.9 7.6 10.9 9.5
Facility Services 3.0 0.8 -7.8 9.4 3.9
Renewable Energy Sources 2.5 5.2 3.7 -2.7 0.7
----------------------------------------------------------------------
-----------------------------------
L&T total 8.1 1.3 -1.0 12.4 5.0
Financial income and expenses, net 0.0 -17.6 -0.7 -1.1 -0.6
----------------------------------------------------------------------
Profit before tax 12.9 -15.5 -2.3 18.9 7.9
BUSINESS ACQUISITIONS, COMBINED
EUR million Fair value
-------------------------------------------------------------
Intangible assets 0.6
Property, plant and equipment 0.5
Investments 0.0
Receivables 0.4
Cash and cash equivalents 0.8
-------------------------------------------------------------
Total assets 2.2
Interest-bearing liabilities 0.2
Other liabilities 0.5
Deferred tax liabilities 0.1
-------------------------------------------------------------
Total liabilities 0.8
Net assets acquired 1.4
Total consideration 2.8
Goodwill 1.4
Effect on cash flow
Consideration paid in cash -2.8
Cash and cash equivalents of the acquired company 0.8
-------------------------------------------------------------
Cash flow from investing activities -2.0
Environmental Services acquired Paperitiikerit Oy on 1 February 2014 and
Joutsan Kuljetus Oy on 1 March 2014.
The accounting policy concerning business combinations is presented under Note
2 of the financial statements and under accounting policies.
CHANGES IN INTANGIBLE ASSETS
EUR million 1-6/2014 1-6/2013 1-12/2013
---------------------------------------------------------------------
---------------------------------------------------------------------
Carrying amount at beginning of period 126.3 138.4 138.4
Business acquisitions 1.7
Other capital expenditure 2.3 1.5 2.6
Disposals -5.6
Amortisation and impairment -3.0 -3.6 -14.0
Transfers between items -0.3
Exchange differences -0.4 -0.3 -0.4
---------------------------------------------------------------------
Carrying amount at end of period 121.2 136.0 126.3
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
EUR million 1-6/2014 1-6/2013 1-12/2013
---------------------------------------------------------------------
---------------------------------------------------------------------
Carrying amount at beginning of period 171.5 180.2 180.2
Business acquisitions 0.5
Other capital expenditure 15.8 13.2 28.1
Disposals -5.4 -0.5 -1.3
Deprecation and impairment -17.1 -17.5 -35.0
Transfers between items 0.3
Exchange differences 0.0 -0.4 -0.8
---------------------------------------------------------------------
Carrying amount at end of period 165.4 174.9 171.5
CAPITAL COMMITMENTS
EUR million 6/2014 6/2013 12/2013
------------------------------------------------------
------------------------------------------------------
Intangible assets
Property, plant and equipment 13.7 4.3 4.0
------------------------------------------------------
Total 13.7 4.3 4.0
FINANCIAL ASSETS AND LIABILITIES BY CATEGORY
EUR Financia Loans Availabl Financi Deriva Carrying Fair Fair
millio l assets and e-for-sa al tives amounts values value
n and other le liabili under by by hierar
liabilit receiva financia ties hedge balance balance chy
ies bles l assets measure accoun sheet sheet level
at fair d at ting item item
value amortis
through ed cost
profit
or loss
-------------------------------------------------------------------------
-------
Non-cur
rent
financ
ial
assets
Availab 0.6 0.6 0.6 3
le-for-
sale
invest
ments
Finance 3.7 3.7 3.9 2
lease
receiv
ables
Other 2.3 2.3 2.3
receiv
ables
Current
financ
ial
assets
Trade 95.6 95.6 95.6
and
other
receiv
ables
Derivat
ive
receiv
ables
Cash 20.5 20.5 20.5
and
cash
equiva
lents
-------------------------------------------------------------------------
Total 122.1 0.6 0.0 0.0 122.7 122.8
financ
ial
assets
Non-cur
rent
financ
ial
liabil
ities
Borrowi 45.9 45.9 45.9 46.0 2
ngs
Other 0.2 0.2 0.2
liabil
ities
Current
financ
ial
liabil
ities
Borrowi 54.7 54.7
ngs
Trade 59.6 59.6
and
other
payabl
es
Derivat 0.7 0.7 0.7 2
ive
liabil
ities
-------------------------------------------------------------------------
Total 160.4 0.7 161.1 46.9
financ
ial
liabil
ities
CONTINGENT LIABILITIES
Securities for own commitments
EUR million 6/2014 6/2013 12/2013
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Mortgages on rights of tenancy 0.2 0.2 0.1
Company mortgages 1.0 0.6 0.6
Other securities 0.2 0.2 0.2
Bank guarantees required for environmental permits 9.8 8.7 9.5
Other securities are security deposits.
Operating lease liabilities
EUR million 6/2014 6/2013 12/2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Maturity not later than one year 4.0 5.1 5.0
Maturity later than one year and not later than five 3.5 6.7 6.1
years
Maturity later than five years 2.0 2.2 2.2
--------------------------------------------------------------------------------
Total 9.6 14.0 13.4
Liabilities associated with derivative agreements
Cross currency interest rate swaps
EUR million 6/2014 6/2013 12/201
3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Maturity of cross currency interest rate swaps under
hedge accounting
Maturity not later than one year 0.0 11.2 7.2
Maturity later than one year and not later than five 0.0 13.1 9.5
years
--------------------------------------------------------------------------------
Total 0.0 24.3 16.7
Fair value 0.4 0.1
Foreign currency loans hedged with swaps have been converted into
euro-denominated loans.
Interest rate swaps
EUR million 6/2014 6/2013 12/2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Nominal values of interest rate swaps
Maturity not later than one year 9.0 17.8 14.0
Maturity later than one year and not later than five 43.1 20.3 16.7
years
Maturity later than five years 0.0 1.8 0.9
--------------------------------------------------------------------------------
Total 52.1 40.0 31.7
Fair value -0.7 -0.6 -0.4
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 6/2014 6/2013 12/2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Nominal values of diesel swaps
Maturity not later than one year 5.8 4.5 9.7
Maturity later than one year and not later than five 0.0 0.0 0.8
years
--------------------------------------------------------------------------------
Total 5.8 4.5 10.6
Fair value -0.1 0.0 -0.1
Commodity derivative contracts were signed for the hedging of future diesel oil
purchases. IAS 39-compliant hedge accounting is applied to these contracts, and
the effective change in fair value is recognised in the hedging reserve within
equity. The fair values of commodity derivatives are based on market prices on
the balance sheet date.
Currency derivatives
EUR million 6/2014 6/2013 12/2013
------------------------------------------------------------
------------------------------------------------------------
Nominal values of forward contracts
Maturity not later than one year 0.0 0.0 0.0
Fair value 0.0 0.0 0.0
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 2013: 6.52% and 2014: 6.58%
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, 6 August 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
Timo Leinonen, CFO, tel. +358 400 793 073
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 2013 amounted to EUR 668.2 million. L&T is listed on NASDAQ OMX Helsinki.
Distribution:
NASDAQ OMX Helsinki
Major media
www.lassila-tikanoja.com
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