2016-02-03 07:00:01 CET
2016-02-03 07:00:01 CET
REGULATED INFORMATION
Lassila & Tikanoja - Financial Statement Release
Lassila & Tikanoja plc: Financial Statements 1 January – 31 December 2015
Lassila & Tikanoja plc: Financial Statements 1 January – 31 December 2015
- Net sales for the final quarter EUR 165.2 million (EUR 162.3 million);
operating profit EUR 9.7 million (EUR 14.0 million); operating profit excluding
non-recurring items EUR 11.3 million (EUR 13.2 million); earnings per share EUR
0.18 (EUR 0.21)
- Full-year net sales EUR 646.3 million (EUR 639.7 million); operating profit
EUR 49.9 million (EUR 48.5 million); operating profit excluding non-recurring
items EUR 52.5 million (EUR 53.8 million); earnings per share EUR 0.98 (EUR
0.47)
- Full-year net sales and operating profit in 2016 are expected to remain at
the 2015 level or improve slightly.
- The Board of Directors proposes a dividend of EUR 0.85 per share.
CEO PEKKA OJANPÄÄ:
“The economic recession and challenging market situation slowed down the
development of our business throughout the year. Nevertheless, our net sales
increased, primarily due to strategically targeted acquisitions. Operating
profit excluding non-recurring items decreased slightly from the previous year,
mainly due to the weak development of the Facility Services division’s result.
The development of the Facility Services division’s profitability has been
substantially below our expectations, and we will continue to implement
measures to improve the efficiency of its operations. Our other divisions
achieved a good result in 2015, considering the market situation. In addition,
our cash flow from operating activities was strong. Economic growth in Finland
is expected to remain slow in 2016. In the prevailing economic climate, our
focus remains on strengthening our market position and ensuring profitability
and cash flow through the development of our business operations and by
targeted business acquisitions”.
GROUP NET SALES AND FINANCIAL PERFORMANCE
October–December
Lassila & Tikanoja’s net sales for the final quarter increased by 1.8%
year-on-year, to EUR 165.2 million (EUR 162.3 million). Operating profit was
EUR 9.7 million (EUR 14.0 million). Operating profit excluding non-recurring
items was EUR 11.3 million (EUR 13.2 million), representing 6.8% (8.1%) of net
sales. Earnings per share were EUR 0.18 (EUR 0.21).
In the final quarter, net sales grew particularly in Facility Services due to
acquisitions. Net sales also grew slightly in Industrial Services. In
Environmental Services and Renewable Energy Sources, however, net sales
decreased due to lower service demand and the lower prices of secondary raw
materials.
The decline in the Group’s operating profit excluding non-recurring items was
mainly attributable to the weaker result of the Environmental Services
division, which was due to the lower volumes of recyclable materials as well as
the lower market prices of secondary raw materials. Operating profit excluding
non-recurring items also decreased in other divisions.
The final quarter’s operating profit was reduced by restructuring costs of EUR
1.6 million, primarily in Facility Services.
Year 2015
Lassila & Tikanoja’s net sales for 2015 increased by 1.0% year-on-year, to EUR
646.3 million (EUR 639.7 million). Operating profit was EUR 49.9 million (EUR
48.5 million). Operating profit excluding non-recurring items was EUR 52.5
million (EUR 53.8 million), representing 8.1% (8.4%) of net sales. Earnings per
share were EUR 0.98 (EUR 0.47).
Net sales grew in Facility Services and Environmental Services, primarily due
to acquisitions. The net sales of Industrial Services and Renewable Energy
Sources decreased due to lower service demand.
Operating profit excluding non-recurring items decreased from the previous
year, primarily due to the weak development of the Facility Services division’s
result. Operating profit excluding non-recurring items also decreased in
Industrial Services. Operating profit excluding non-recurring items increased
significantly in Renewable Energy Sources and slightly in Environmental
Services.
Financial summary
10–12/ 10–12/ Change 1–12/ 1–12/ Change
2015 2014 % 2015 2014 %
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------------------------------------------
Net sales, EUR million 165.2 162.3 1.8 646.3 639.7 1.0
------------------------------- -------
Operating profit excluding 11.3 13.2 -14.6 52.5 53.8 -2.3
non-recurring items, EUR
million
------------------------------- -------
Operating margin excluding 6.8 8.1 8.1 8.4
non-recurring items, %
------------------------------- -------
Operating profit, EUR million 9.7 14.0 -30.8 49.9 48.5 2.9
------------------------------- -------
Operating margin, % 5.9 8.6 7.7 7.6
------------------------------- -------
Profit before tax, EUR million 8.6 10.6 -18.6 47.7 26.6 79.2
------------------------------- -------
Earnings per share, EUR 0.18 0.21 -16.9 0.98 0.47 109.7
------------------------------- -------
Dividend/share, EUR 0.85** 0.75 13.3
------------------------------- -------
EVA, EUR million 4.7 9.5 -50.2 30.3 29.1 4.1
--------------------------------------------------------------------------------
* Breakdown is presented below the division reviews.
** Proposal by the Board of Directors
NET SALES AND OPERATING PROFIT BY DIVISION
Environmental Services
October–December
The division’s net sales for the final quarter decreased by 0.9% to EUR 64.2
million (EUR 64.8 million). Operating profit was EUR 7.4 million (EUR 10.8
million) and operating profit excluding non-recurring items was EUR 7.6 million
(EUR 9.0 million).
The factors contributing to the division’s decreased net sales were the lower
demand and price of services produced for municipal waste management companies.
The demand for waste management and recycling services also declined in Russia.
In the environmental products business, net sales decreased due to the
discontinuation of certain products.
The Environmental Services division’s operating profit excluding non-recurring
items decreased due to the lower volume of recyclable materials at recycling
plants and the decreased market prices of secondary raw materials.
Year 2015
The Environmental Services division’s net sales for 2015 amounted to EUR 256.5
million (EUR 254.5 million), showing an increase of 0.8%. Operating profit was
EUR 35.8 million (EUR 37.3 million) and operating profit excluding
non-recurring items was EUR 36.1 million (EUR 35.9 million).
The division’s full-year net sales increased primarily due to acquisitions. Net
sales decreased in Russia due to lower demand and the depreciation of the
rouble. In the environmental products business, net sales decreased due to the
discontinuation of certain products.
The division’s operating profit excluding non-recurring items was slightly
better than in the comparison period. The profitability of the recycling
business improved early in the year but, towards the end of the review period,
operating profit was decreased by the lower volume of recyclable materials at
recycling plants and the decreased market prices of secondary raw materials.
The division’s profitability was also weighed down by additional maintenance
shutdowns in the second quarter at the recycling plants in Turku and Kerava,
which resulted in lower waste processing volumes at the two plants.
Industrial Services
October–December
The division’s net sales for the final quarter increased by 0.2% to EUR 20.3
million (EUR 20.3 million). Operating profit was EUR 1.8 million (EUR 1.6
million) and operating profit excluding non-recurring items was EUR 1.8 million
(EUR 2.1 million).
The demand for process cleaning services was very strong in the final quarter,
which supported the net sales of the division as a whole. Demand also grew
year-on-year in sewer maintenance services.
The demand for hazardous waste services and the price of waste oil remained at
a low level, which had a negative impact on net sales and operating profit.
Profitability also declined in environmental construction. In sewer
maintenance, the operating result improved significantly due to previously
implemented adaptation measures. Profitability improved in process cleaning due
to strong demand.
Year 2015
The Industrial Services division’s net sales for 2015 amounted to EUR 77.0
million (EUR 77.8 million), showing a decrease of 1.0%. Operating profit was
EUR 6.8 million (EUR 6.5 million) and operating profit excluding non-recurring
items was EUR 6.8 million (EUR 7.1 million).
The division’s net sales were weighed down by the low demand for hazardous
waste management in the second half of the year. In sewer maintenance, net
sales decreased due to the closure of unprofitable units. The demand for
process cleaning services remained strong almost throughout the year, and net
sales also grew in environmental construction.
The division’s operating profit excluding non-recurring items was reduced by
the low demand for hazardous waste management and the low price of waste oil.
The operating result of the sewer maintenance business improved significantly
due to adaptation measures implemented earlier in the year. Profitability also
improved in process cleaning due to strong demand.
Facility Services
October–December
The division’s net sales for the final quarter increased by 4.3% to EUR 71.7
million (EUR 68.8 million). Operating profit was EUR 1.0 million (EUR 1.7
million). Operating profit excluding non-recurring items was EUR 2.5 million
(EUR 2.6 million).
The technical systems maintenance business saw continued strong growth
supported by organic sales growth and acquisitions made earlier in the year.
The operating profit of technical systems maintenance nevertheless showed a
loss, which had a negative impact on the division’s operating profit.
Service demand grew in cleaning and property maintenance. The net sales of the
renovation business (previously referred to as damage repair services)
continued to decline as a result of the low number of damage incidents and the
implementation of adaptation measures.
The profitability of property maintenance improved significantly year-on-year,
and the operating loss of the renovation business was reduced due to
restructuring measures. The division’s operating profit was reduced by the loss
recorded by the maintenance of technical systems business as well as the weaker
profitability of cleaning services.
The final quarter’s operating profit was reduced by restructuring costs of EUR
1.5 million.
Year 2015
The Facility Services division’s net sales for 2015 grew by 3.0% to EUR 282.9
million (EUR 274.7 million). Operating profit was EUR 8.1 million (EUR 10.6
million). Operating profit excluding non-recurring items was EUR 10.5 million
(EUR 11.7 million).
Demand improved from the comparison period in the property maintenance and
cleaning businesses, but the net sales of cleaning services in Sweden declined.
The technical systems maintenance business saw strong growth throughout the
year, supported by organic sales growth and acquisitions. The operating profit
of technical systems maintenance nevertheless showed a loss. Profitability also
declined in the cleaning business, with the result negatively affected by
start-up costs related to several major contracts as well as the weaker
profitability of the cleaning business in Sweden. Profitability improved
significantly in property maintenance.
In the renovation business, demand declined throughout the year. The Group
closed down unprofitable business locations in the first half of the year,
which affected the entire division’s net sales and operating profit. The
adaptation measures significantly reduced the operating loss excluding
non-recurring items.
Renewable Energy Sources
October–December
Final quarter net sales of Renewable Energy Sources (L&T Biowatti) were down by
1.8% to EUR 11.7 million (EUR 12.0 million). Operating profit was EUR 0.3
million (EUR 1.0 million) and operating profit excluding non-recurring items
was EUR 0.3 million (EUR 0.6 million).
The division’s net sales declined due to the low demand for biofuels and lower
electricity prices. Operating profit was negatively affected by impairment
recognised on the inventory of raw material in the final quarter.
Year 2015
The net sales of Renewable Energy Sources (L&T Biowatti) in 2015 declined by
10.9% to EUR 39.4 million (EUR 44.2 million). Operating profit was EUR 2.1
million (EUR 1.6 million) and operating profit excluding non-recurring items
was EUR 2.1 million (EUR 1.4 million).
The division’s net sales declined mainly due to the low demand for biofuels,
which resulted from the short heating season. Net sales were also decreased by
the continued refocusing of business operations on selected geographic areas in
line with strategy. Profitability improved significantly due to efficiency
improvement measures and the good energy content of fuels.
BREAKDOWN OF OPERATING PROFIT EXCLUDING NON-RECURRING ITEMS
EUR million 10–12/201 10–12/201 1–12/201 1–12/201
5 4 5 4
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Operating profit 9.7 14.0 49.9 48.5
Non-recurring items:
Gain on sale of L&T Biowatti Oy -0.4 -0.4
equipment
L&T Recoil Oy 6.4
Divestment of Latvian business -1.1
operations
Restructuring costs 1.6 1.4 2.6 2.0
Other non-recurring items -1.8 0.1 -1.5
--------------------------------------------------------------------------------
Total non-recurring items 1.6 -0.8 2.7 5.3
--------------------------------------------------------------------------------
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Operating profit excluding 11.3 13.2 52.5 53.8
non-recurring items
FINANCING
Cash flow from operating activities increased to EUR 89.8 million (EUR 79.6
million) due to the release of working capital. A total of EUR 9.5 million in
working capital was released (EUR 2.2 million released).
At the end of the period, interest-bearing liabilities amounted to EUR 95.8
million (EUR 96.0 million).
Net interest-bearing liabilities amounted to EUR 41.8 million (EUR 52.0
million), showing a decrease of EUR 6.3 million from the previous quarter and a
decrease of EUR 10.2 million from the comparison period.
Net financial expenses in 2015 amounted to EUR 2.2 million (EUR 21.9 million).
Net financial expenses were 0.3% (3.4%) of net sales. The amount of net
financial expenses in the comparison period was primarily due to the EUR 16.7
million payment made under the L&T Recoil Oy guarantee commitment and exchange
rate fluctuations that affected the Group’s internal loans denominated in
foreign currencies.
The average interest rate on long-term loans (with interest rate hedging) was
1.5% (1.7%). Long-term loans totalling EUR 34.9 million will mature in 2016.
The equity ratio was 46.5% (46.3%) and the gearing rate was 19.8 (25.2). Liquid
assets at the end of the period amounted to EUR 54.0 million (EUR 44.0
million).
Of the EUR 100 million commercial paper programme, EUR 0 (EUR 0) was in use at
the end of the period. A committed limit totalling EUR 30.0 million was not in
use, as was the case in the comparison period.
DISTRIBUTION OF ASSETS
The Annual General Meeting held on 18 March 2015 resolved that a dividend of
EUR 0.75 per share be paid on the basis of the balance sheet that was adopted
for the financial year 2014. The dividend, totalling EUR 29.0 million, was paid
to shareholders on 27 March 2015.
CAPITAL EXPENDITURE
In 2015, gross capital expenditure totalled EUR 49.6 million (EUR 44.7
million), consisting primarily of machine and equipment purchases as well as
acquisitions.
PERSONNEL
In 2015, the average number of employees converted into full-time equivalents
was 7,099 (7,257). At the end of the period, Lassila & Tikanoja had 8,085
(7,830) full-time and part-time employees. Of these, 7,192 (7,076) worked in
Finland and 893 (754) in other countries.
PROPOSAL FOR THE DISTRIBUTION OF ASSETS
According to the financial statements, Lassila & Tikanoja plc's unrestricted
equity amounts to EUR 97,547,601.44, with the operating profit for the period
representing EUR 51,410,401.98. 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 0.85 per share be paid for the financial year 2015.
The dividend is paid to shareholders included in the company shareholder
register maintained by Euroclear Finland Oy on the record date, 21 March 2016.
The Board proposes to the Annual General Meeting that the dividend be paid on
30 March 2016.
No dividend shall be paid on shares held by the company on the record date of
21 March 2016.
On the day the proposal for the distribution of assets was made, the number of
shares entitling to dividend was 38,361,153, which means the total amount of
the dividend would be EUR 32,606,980.05.
Earnings per share amounted to EUR 0.98. The proposed dividend, EUR 0.85 per
share, is 86.5% of the earnings per share.
L&T’s online Annual Report, which includes the report by the Board of Directors
and the financial statements for 2015, will be published in the week starting
on 22 February 2016 at www.lassila-tikanoja.fi/annualreport2015.
SHARES AND SHARE CAPITAL
Traded volume and price
The volume of trading on Nasdaq Helsinki in 2015, excluding the shares held by
the company in Lassila & Tikanoja plc, was 10,014,840 shares, which is 26.0%
(26.3%) of the average number of outstanding shares. The value of trading was
EUR 172.4 million (EUR 145.2 million). The highest share price was EUR 18.74
and the lowest EUR 14.54. The closing price was EUR 18.12. At the end of the
period, the market capitalisation excluding the shares held by the company was
EUR 695.1 million (EUR 584.7 million).
Own shares
At the end of the period, the company held 437,721 of its own shares,
representing 1.1% of all shares and votes. The company started a programme on
15 September 2015 to repurchase its own shares. The programme ended on 31
December 2015. The company acquired a total of 253,406 of its own shares during
the programme.
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 38,361,153. The average number of shares excluding the
shares held by the company was 38,589,658.
Shareholders
At the end of the period, the company had 9,790 (10,152) shareholders.
Nominee-registered holdings accounted for 21.6% (17.9%) of the total number of
shares.
Authorisation for the Board of Directors
The Annual General Meeting held on 18 March 2015 authorised Lassila & Tikanoja
plc’s Board of Directors to make decisions on the repurchase of the company’s
own shares using the company’s unrestricted equity. In addition, the Annual
General Meeting authorised the Board of Directors to decide on the share issue
and the issuance of special rights entitling their holders 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. At the end of the financial year, the unused portion
of the repurchase authorisation amounted to 1,746,594 shares.
The Board of Directors is authorised to decide on the issuance of new shares or
shares which may be held by the company through a share issue and/or issuance
of option rights or other special rights conferring entitlement to shares,
referred to in Chapter 10, Section 1 of the Finnish Companies Act, so that
under the authorisation, a maximum of 2,000,000 shares (5.2% of the total
number of shares) may be issued and/or conveyed. The share issue authorisation
is effective for 18 months.
RESOLUTIONS BY THE ANNUAL GENERAL MEETING
The Annual General Meeting, which was held on 18 March 2015, adopted the
financial statements and consolidated financial statements for 2014 and
released the members of the Board of Directors and the President and CEO from
liability.
The Annual General Meeting resolved that a dividend of EUR 0.75 per share,
totalling EUR 29.0 million, be paid on the basis of the balance sheet adopted
for the financial year 2014. It was decided that the dividend be paid on 27
March 2015.
The Annual General Meeting confirmed the number of members of the Board of
Directors as five. Heikki Bergholm, Eero Hautaniemi, Laura Lares, Sakari
Lassila and Miikka Maijala were re-elected to the Board until the end of the
following Annual General Meeting.
KPMG Oy Ab, Authorised Public Accountants, was elected auditor. KPMG Oy Ab
named Lasse Holopainen, Authorised Public Accountant, as its principal auditor.
The resolutions of the Annual General Meeting were announced in more detail in
a stock exchange release on 18 March 2015.
BOARD OF DIRECTORS
The members of Lassila & Tikanoja plc’s Board of Directors are Heikki Bergholm,
Eero Hautaniemi, Laura Lares, Sakari Lassila and Miikka Maijala. At its
constitutive meeting after the Annual General Meeting, the Board of Directors
elected Heikki Bergholm as Chairman of the Board and Eero Hautaniemi as Vice
Chairman.
Eero Hautaniemi was elected as Chairman and Sakari Lassila and Laura Lares as
members of the Audit Committee. Heikki Bergholm was elected as the Chairman of
the Personnel Committee and Miikka Maijala as a member of the committee.
SUMMARY OF STOCK EXCHANGE RELEASES PURSUANT TO ARTICLE 4, CHAPTER 6 OF THE
SECURITIES MARKET ACT
On 20 January 2015, the company announced that, according to the preliminary
financial statements figures for 2014, the company’s net sales are estimated to
be approximately EUR 639 million (2013: EUR 668.2 million) and the operating
profit excluding non-recurring items is estimated to be EUR 53.8 million (2013:
EUR 51.8 million).
Previously, the company had estimated that the 2014 net sales were expected to
remain at the 2013 level or slightly below and operating profit excluding
non-recurring items would also remain at the 2013 level or slightly below.
On 27 May 2015, the company announced that Jorma Mikkonen, Lassila & Tikanoja
plc’s Director, Corporate Relations and Responsibility, has been appointed as a
member of the company’s Group Executive Board starting from 1 June 2015.
Mikkonen’s responsibilities include corporate relations, EHSQ, communications
and corporate safety.
On 2 September 2015, the company announced that the Board of Directors has
approved the Group’s updated strategy as part of its annual strategy work and
that, going forward, the Renewable Energy Sources division will be included in
L&T’s core businesses. The company also announced that its Board of Directors
has resolved to exercise the authorisation by the Annual General Meeting on 18
March 2015 to repurchase a maximum of 500,000 of the company’s own shares,
which corresponds to approximately 1.3% of the total number of issued shares.
On 16 November 2015, the company announced that Petri Myllyniemi, Vice
President of Facility Services and a member of the Group Executive Board, would
leave the company on 30 November 2015. President and CEO Pekka Ojanpää assumed
responsibility for the Facility Services division until further notice.
EVENTS AFTER THE REVIEW PERIOD
On 4 January 2016, the company announced that it has concluded the repurchase
of its own shares that was announced on 2 September 2015. The repurchase of the
company’s own shares began on 15 September 2015 and the repurchase programme
ended on 31 December 2015. The final share purchase was realised on 21 December
2015. A total of 253,406 shares were purchased during the repurchase programme.
As of the conclusion of the repurchase programme, the company holds a total of
437,721 of its own shares, which corresponds to 1.1% of shares and votes.
The company’s management is not aware of any events of material importance
after the review period that might have affected the preparation of the
financial statements release.
NEAR-TERM RISKS AND UNCERTAINTIES
Economic uncertainty may result in significant changes in the secondary raw
material markets for Environmental Services and the demand for Facility
Services and Industrial Services.
Low prices for fossil fuels may affect the demand of the recovered and
renewable fuels produced by the company.
More detailed information on L&T’s risks and risk management is available in
the 2015 Annual Report, which will be published on 25 February, and in the
Report of the Board of Directors and the consolidated financial statements.
OUTLOOK FOR THE YEAR 2016
Full-year net sales and operating profit in 2016 are expected to remain at the
2015 level or improve slightly.
CONDENSED FINANCIAL STATEMENTS 1 JANUARY – 31 DECEMBER 2015
CONSOLIDATED INCOME STATEMENT
EUR million 10–12/2 10–12/2 1–12/2 1–12/2
015 014 015 014
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Net sales 165.2 162.3 646.3 639.7
Cost of sales -149.7 -142.8 -572.0 -561.6
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Gross profit 15.5 19.5 74.2 78.1
Other operating income 1.7 3.7 3.7 7.0
Sales and marketing expenses -3.3 -3.7 -12.9 -14.2
Administrative expenses -3.7 -3.6 -13.0 -12.7
Other operating expenses -0.5 -2.0 -2.1 -9.7
Operating profit 9.7 14.0 49.9 48.5
Financial income 0.1 0.1 0.3 0.4
Financial expenses -1.1 -3.5 -2.5 -22.3
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Profit before tax 8.6 10.6 47.7 26.6
Income taxes -1.8 -2.3 -9.7 -8.4
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Profit for the period 6.8 8.3 37.9 18.1
Attributable to:
Equity holders of the company 6.8 8.3 37.9 18.1
Non-controlling interest 0.0 0.0 0.0 0.0
Earnings per share attributable to equity
holders of the parent company:
Earnings per share, EUR 0.18 0.21 0.98 0.47
Diluted earnings per share, EUR 0.18 0.21 0.98 0.47
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million 10–12/ 10–12/ 1–12/ 1–12/
2015 2014 2015 2014
--------------------------------------------------------------------------------
Profit for the period 6.8 8.3 37.9 18.1
Items not to be recognised through profit or loss
Items arising from re-measurement of defined 0.1 -0.1 0.1 -0.1
benefit plans
--------------------------------------------------------------------------------
Items not to be recognised through profit or loss, 0.1 -0.1 0.1 -0.1
total
Items potentially to be recognised through profit
or loss
Hedging reserve, change in fair value 0.0 -0.2 0.4 -0.6
Currency translation differences 0.1 -1.4 0.1 -2.1
Currency translation differences recognised in 0.0 0.0 0.0 0.3
profit or loss
Currency translation differences, non-controlling 0.0 -0.1 0.0 -0.1
interest
--------------------------------------------------- ---------------------
Items potentially to be recognised through profit 0.1 -1.7 0.4 -2.4
or loss, total
--------------------------------------------------------------------------------
Total comprehensive income, after tax 7.0 6.5 38.4 15.6
Attributable to:
Equity holders of the company 7.0 6.6 38.5 15.7
Non-controlling interest 0.0 -0.1 0.0 -0.1
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million 12/2015 12/2014
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ASSETS
Non-current assets
Intangible assets
Goodwill 113.7 109.9
Customer contracts arising from acquisitions 5.4 5.3
Agreements on prohibition of competition 0.2 0.1
Other intangible assets arising from business acquisitions 0.6 0.7
Other intangible assets 15.0 9.7
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134.9 125.7
Property, plant and equipment
Land 5.0 3.3
Buildings and constructions 39.9 44.3
Machinery and equipment 111.0 112.2
Other 0.1 0.1
Prepayments and construction in progress 5.5 2.2
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161.5 162.1
Other non-current assets
Available-for-sale investments 0.6 0.6
Finance lease receivables 2.1 3.2
Deferred tax assets 2.4 2.7
Other receivables 2.0 2.3
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7.0 8.7
Total non-current assets 303.4 296.5
Current assets
Inventories 23.6 22.6
Trade and other receivables 84.4 94.7
Derivative receivables 0.0 0.1
Prepayments 0.3 0.5
Current available-for-sale financial assets 5.0 10.0
Cash and cash equivalents 49.0 34.0
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Total current assets 162.4 161.8
Total assets 465.8 458.3
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EUR million 12/2015 12/2014
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EQUITY AND LIABILITIES
Equity
Equity attributable to equity holders of the parent company
Share capital 19.4 19.4
Other reserves -3.4 -3.9
Invested unrestricted equity reserve 0.5 0.3
Retained earnings 156.8 172.2
Profit for the period 37.9 18.1
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211.2 206.2
Non-controlling interest 0.1 0.2
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Total equity 211.4 206.3
Liabilities
Non-current liabilities
Deferred tax liabilities 24.9 24.7
Retirement benefit obligations 0.9 1.0
Provisions 4.1 4.2
Interest-bearing liabilities 61.0 71.2
Other liabilities 0.4 0.3
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91.2 101.4
Current liabilities
Interest-bearing liabilities 34.9 24.8
Trade and other payables 121.9 120.4
Derivative liabilities 1.1 1.4
Tax liabilities 1.4 0.7
Provisions 3.9 3.3
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163.2 150.7
Total liabilities 254.4 252.0
Total equity and liabilities 465.8 458.3
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CONSOLIDATED STATEMENT OF CASH FLOWS
EUR million 1–12/ 1–12/
2015 2014
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Cash flows from operating activities
Profit for the period 37.9 18.1
Adjustments
Income taxes 9.7 8.4
Depreciation and impairment 40.0 40.2
Financial income and expenses 2.2 21.9
Gain on sale of shares 0.0 -1.5
Other 0.7 1.9
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Net cash generated from operating activities before change in 90.6 89.1
working capital
Change in working capital
Change in trade and other receivables 11.8 -1.4
Change in inventories -1.0 3.6
Change in trade and other payables -1.3 0.0
--------------------------------------------------------------------------------
Change in working capital 9.5 2.2
Interest paid -1.7 -3.0
Interest received 0.3 0.4
Income taxes -8.9 -9.1
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Net cash from operating activities 89.8 79.6
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Cash flows from investing activities
Acquisition of subsidiaries and businesses, net of cash acquired -6.5 -9.8
Proceeds from sale of subsidiaries and businesses, net of sold - 13.5
cash
Prepayments for Group companies and businesses -3.6 -
Purchases of property, plant and equipment and intangible assets -37.6 -34.1
Proceeds from sale of property, plant and equipment and intangible 0.0 0.4
assets
Purchases of available-for-sale investments - -0.2
Change in other non-current receivables 1.7 0.3
Dividends received 0.0 0.0
--------------------------------------------------------------------------------
Net cash used in investing activities -46.1 -29.8
Cash flows from financing activities
Change in short-term borrowings 0.2 -32.2
Proceeds from long-term borrowings 25.0 29.9
Repayments of long-term borrowings -25.2 -24.8
Dividends paid and other asset distribution -29.0 -19.4
Acquisition of own shares -4.7 -1.9
L&T Recoil Oy guarantee commitment - -16.7
Other financing items 0.0 0.9
--------------------------------------------------------------------------------
Net cash generated from financing activities -33.7 -64.2
Net change in liquid assets 10.0 -14.4
Liquid assets at beginning of period 44.0 58.5
Effect of changes in foreign exchange rates 0.0 -0.1
--------------------------------------------------------------------------------
Liquid assets at end of period 54.0 44.0
Liquid assets
EUR million 1–12/2015 1–12/2014
---------------------------------------------------------
Cash and cash equivalents 49.0 34.0
Available-for-sale financial assets 5.0 10.0
---------------------------------------------------------
Total 54.0 44.0
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR Share Curren Revalu Hedgin Invest Retain Equity Non-co Total
millio capita cy ati g ed ed attribu ntroll equity
n l transl on reserv unrest earnin table ing
ation reserv e ricted gs to intere
differ e equity equity st
ences reserv holders
e of the
parent
company
--------------------------------------------------------------------------------
Equity 19.4 -1.2 0.0 -0.3 0.3 193.1 211.2 0.2 211.5
on 1
Jan.
2014
Total
compre
hensive
income
Profit 18.1 18.1 0.0 18.1
for
the
period
Items -0.1 -0.1 -0.1
arisin
g from
re-mea
suremen
t of
define
d
benefi
t plans
Hedging -0.6 -0.6 -0.6
reserv
e,
change
in
fair
value
Availab 0.0 0.0
le-for-
sale
financ
ial
assets
Currenc -1.8 -1.8 -0.1 -1.9
y
transl
ation
differ
ences
--------------------------------------------------------------------------------
Total -1.8 -0.6 18.0 15.7 -0.1 15.6
compre
hensive
income
Transac
tions
with
shareh
olders
Share-b 0.0 0.5 0.5 0.5
ased
benefi
ts
Dividen -19.4 -19.4 -19.4
ds paid
Dividen 0.0 0.0 0.0
ds
return
ed
Capital -1.9 -1.9 -1.9
repaym
ent
--------------------------------------------------------------------------------
Transac 0.0 -20.8 -20.7 -20.7
tions
with
shareh
olders,
total
Other 0.0 0.0 0.0
change
s
--------------------------------------------------------------------------------
Equity 19.4 -3.0 0.0 -0.9 0.3 190.3 206.2 0.2 206.3
on 31
Dec.
2014
EUR Share Curren Revalu Hedgin Invest Retain Equity Non-co Total
millio capita cy ation g ed ed attribu ntroll equity
n l transl reserv reserv unrest earnin table ing
ation e e ricted gs to intere
differ equity equity st
ences reserv holders
e of the
parent
company
--------------------------------------------------------------------------------
Equity 19.4 -3.0 0.0 -0.9 0.3 190.3 206.2 0.2 206.3
on 1
Jan.
2015
Total
compre
hensive
income
Profit 37.9 37.9 0.0 37.9
for
the
period
Items 0.1 0.1 0.1
arisin
g from
re-mea
suremen
t of
define
d
benefi
t plans
Hedging 0.5 -0.1 0.4 0.4
reserv
e,
change
in
fair
value
Availab 0.0 0.0
le-for-
sale
financ
ial
assets
Currenc 0.1 0.0 0.1 0.0 0.1
y
transl
ation
differ
ences
--------------------------------------------------------------------------------
Total 0.1 0.5 37.9 38.5 0.0 38.4
compre
hensive
income
Transac
tions
with
shareh
olders
Share-b 0.1 0.2 0.3 0.3
ased
benefi
ts
Dividen -29.0 -29.0 -29.0
ds paid
Dividen 0.0 0.0 0.0
ds
return
ed
Acquisi -4.7 -4.7 -4.7
tion of
own
shares
--------------------------------------------------------------------------------
Transac 0.1 -33.5 -33.4 -33.4
tions
with
shareh
olders,
total
Other 0.0 0.0 0.0
change
s
--------------------------------------------------------------------------------
Equity 19.4 -2.9 0.0 -0.4 0.5 194.7 211.2 0.1 211.4
on 31
Dec.
2015
KEY FIGURES
10–12/ 10–12/ 1–12/20 1–12/20
2015 2014 15 14
--------------------------------------------------------------------------------
Earnings per share, EUR 0.18 0.21 0.98 0.47
Diluted earnings per share, EUR 0.18 0.21 0.98 0.47
Cash flow from operating activities/share, EUR 0.75 0.79 2.33 2.06
EVA, EUR million* 4.7 9.5 30.3 29.1
Gross capital expenditure, EUR million 18.4 16.8 49.6 44.7
Depreciation, amortisation and impairment, EUR 10.0 10.2 40.0 40.2
million
Equity per share, EUR 5.51 5.34
Dividend/share, EUR 0,85** 0.75
Dividend/earnings, % 86,5** 160.0
Effective dividend yield, % 4,7** 5.0
P/E ratio 18.40 32.32
Return on equity, % (ROE) 18.2 8.7
Return on invested capital, ROI, % 16.5 15.4
Equity ratio, % 46.5 46.3
Gearing, % 19.8 25.2
Net interest-bearing liabilities, EUR million 41.8 52.0
Average number of employees in full-time 7,099 7,257
equivalents
Total number of full-time and part-time 8,085 7,830
employees at end of period
Number of outstanding shares adjusted for
issues, 1,000 shares
average during the period 38,590 38,729
at end of period 38,361 38,702
average during the period, diluted 38,605 38,740
* EVA = operating profit - cost calculated on invested capital (average of four
quarters) WACC: 2015 6.51%, 2014 6.58%
** Proposal by the Board of Directors
ACCOUNTING POLICIES
This financial statements release is in compliance with the IAS 34 (Interim
Financial Reporting) standard.
The financial statements release has been prepared with application of the IFRS
standards and interpretations in effect on 31 December 2015.
More detailed information on accounting policies is presented in the
consolidated financial statements of Lassila & Tikanoja plc dated 31.12.2015.
The information presented in the financial statements release has not been
audited.
SEGMENT INFORMATION
Net sales
10–12/ 10–12/
2015 2014
------- ---------------
EUR million Extern Inter-di Total Extern Inter-div Total Total net
al vision al ision sales, change
%
--------------------------------------------------------------------------------
------- ---------------
Environmental 63.2 1.0 64.2 63.6 1.2 64.8 -0.9
Services
------- -------
Industrial 19.7 0.6 20.3 19.1 1.1 20.3 0.2
Services
------- -------
Facility 70.6 1.1 71.7 67.6 1.1 68.8 4.3
Services
------- -------
Renewable 11.7 0.0 11.7 11.9 0.1 12.0 -1.8
Energy
Sources
------- -------
Eliminations -2.8 -2.8 -3.5 -3.5
--------------------------------------------------------------------------------
Total 165.2 0.0 165.2 162.3 0.0 162.3 1.8
------- -------
1–12/201 1–12/2014
5
------- ---------------
EUR million Extern Inter-di Total Extern Inter-div Total Total net
al vision al ision sales, change
%
--------------------------------------------------------------------------------
------- ---------------
Environmental 253.1 3.4 256.5 250.9 3.7 254.5 0.8
Services
------- -------
Industrial 75.0 2.0 77.0 74.3 3.5 77.8 -1.0
Services
------- -------
Facility 279.0 4.0 282.9 270.6 4.2 274.7 3.0
Services
------- -------
Renewable 39.2 0.2 39.4 44.0 0.2 44.2 -10.9
Energy
Sources
------- -------
Eliminations -9.5 -9.5 -11.6 -11.6
--------------------------------------------------------------------------------
Total 646.3 0.0 646.3 639.7 0.0 639.7 1.0
------- -------
Operating profit
EUR million 10–12/ % 10–12/ % 1–12/ % 1–12/ %
2015 2014 2015 2014
--------------------------------------------------------------------------------
Environmental Services 7.4 11.6 10.8 16.6 35.8 14.0 37.3 14.7
Industrial Services 1.8 9.1 1.6 8.0 6.8 8.9 6.5 8.4
Facility Services 1.0 1.5 1.7 2.5 8.1 2.9 10.6 3.9
Renewable Energy Sources 0.3 2.6 1.0 8.7 2.1 5.3 1.6 3.7
Group administration and -1.0 -1.2 -3.0 -7.6
other
--------------------------------------------------------------------------------
Total 9.7 5.9 14.0 8.6 49.9 7.7 48.5 7.6
OTHER SEGMENT INFORMATION
EUR million 1–12/2015 1–12/2014
----------------------------------------------------------------------------
Assets
Environmental Services 214.2 212.4
Industrial Services 71.4 72.6
Facility Services 97.6 98.8
Renewable Energy Sources 23.3 24.6
Group administration and other 1.0 1.1
Unallocated assets 58.2 48.9
----------------------------------------------------------------------------
L&T total 465.8 458.3
Liabilities
Environmental Services 52.1 50.5
Industrial Services 21.9 21.9
Facility Services 49.8 48.3
Renewable Energy Sources 4.8 6.2
Group administration and other 2.1 1.9
Unallocated liabilities 123.7 123.2
----------------------------------------------------------------------------
L&T total 254.4 252.0
EUR million 10–12/2015 10–12/2014 1–12/2015 1–12/2014
----------------------------------------------------------------------------
Capital expenditure
Environmental Services 10.1 11.6 24.4 26.6
Industrial Services 2.9 1.8 7.5 6.6
Facility Services 5.3 3.4 17.3 11.3
Renewable Energy Sources 0.1 0.0 0.3 0.2
Group administration and other 0.0 0.0 0.0 0.0
----------------------------------------------------------------------------
L&T total 18.4 16.8 49.6 44.7
Depreciation and amortisation
Environmental Services 5.0 4.9 19.9 20.1
Industrial Services 1.6 2.0 6.6 6.9
Facility Services 3.4 3.2 13.3 13.0
Renewable Energy Sources 0.1 0.1 0.3 0.2
Group administration and other 0.0 0.0 0.0 0.0
----------------------------------------------------------------------------
L&T total 10.0 10.2 40.0 40.2
INCOME STATEMENT BY QUARTER
EUR million 10–12/201 7–9/2015 4–6/2015 1–3/2015 10–12/20
5 14
--------------------------------------------------------------------------------
Net sales
Environmental Services 64.2 64.7 66.5 60.9 64.8
Industrial Services 20.3 21.0 20.8 14.8 20.3
Facility Services 71.7 70.5 70.1 70.7 68.8
Renewable Energy Sources 11.7 5.6 9.1 12.9 12.0
Interdivision net sales -2.8 -2.3 -2.4 -2.1 -3.5
--------------------------------------------------------------------------------
L&T total 165.2 159.6 164.2 157.3 162.3
Operating profit
Environmental Services 7.4 11.0 10.8 6.5 10.8
Industrial Services 1.8 2.9 2.5 -0.4 1.6
Facility Services 1.0 4.9 1.8 0.3 1.7
Renewable Energy Sources 0.3 0.6 0.5 0.7 1.0
Group administration and -1.0 -0.1 -1.2 -0.7 -1.2
other
--------------------------------------------------------------------------------
L&T total 9.7 19.3 14.4 6.5 14.0
Operating margin
Environmental Services 11.6 17.0 16.3 10.7 16.6
Industrial Services 9.1 13.7 11.9 -2.5 8.0
Facility Services 1.5 6.9 2.6 0.5 2.5
Renewable Energy Sources 2.6 9.9 5.8 5.5 8.7
--------------------------------------------------------------------------------
L&T total 5.9 12.1 8.8 4.1 8.6
Financial income and -1.0 -1.0 -0.8 0.5 -3.4
expenses, net
--------------------------------------------------------------------------------
Profit before tax 8.6 18.4 13.6 7.0 10.6
BUSINESS ACQUISITIONS, COMBINED
1–12/2015 1–12/2014
EUR million Fair value, Fair value,
total total
--------------------------------------------------------------------------------
Intangible assets 2.5 3.5
Property, plant and equipment 1.6 3.5
Investments 0.0 0.0
Receivables 1.4 0.4
Cash and cash equivalents 0.9 0.8
--------------------------------------------------------------------------------
Total assets 6.4 8.1
Interest-bearing liabilities 0.2
Other liabilities 2.3 0.5
Deferred tax liabilities 0.3 0.1
--------------------------------------------------------------------------------
Total liabilities 2.6 0.8
Net assets acquired 3.8 7.3
Total consideration 7.4 10.6
Goodwill 3.6 3.3
Effect on cash flow
Consideration paid in cash -7.4 -10.6
Cash and cash equivalents of the acquired 0.9 0.8
company
--------------------------------------------------------------------------------
Cash flow from investing activities -6.5 -9.8
Facility Services acquired the share capital of the following companies: 2
March 2015 NN-Kiinteistötyö Oy, 3 August 2015 Lakeuden Kylmäkeskus Oy.
Environmental Services acquired the share capital of the following companies: 1
July 2015 Kuljetus J Hirvonen Oy.
Facility Services acquired the business operations of the following companies:
2 February 2015 Jyväs-Jää Oy, 1 June 2015 CEUS Oy’s building automation
business, 3 June 2015 HH-kiinteistöpalvelut Oy. On 1 June 2015, Environmental
Services acquired the waste management business operations of Kiinteistö- ja
jätehuolto Vuorinen.
On 1 December 2015, Environmental Services acquired the business operations of
the Kuopio-based Puijon Kiinteistöhuolto Oy.
The accounting policy concerning business combinations is presented under Note
2 of the financial statements and under accounting policies.
On 1 January 2016, L&T acquired the entire share capital of Huurinainen Oy, a
company specialising in waste management and sewer maintenance, as well as the
business operations of JPM-Kuljetus Oy. Part of the transaction prices for the
two acquisitions was paid in advance in 2015. These payments are not included
in the above table “Business acquisitions, combined” because the initial
accounting processes for the business combinations have not been completed yet.
CHANGES IN INTANGIBLE ASSETS
EUR million 1–12/2015 1–12/2014
------------------------------------------------------------
Carrying amount at beginning of period 125.7 126.3
Business acquisitions 6.0 6.9
Other capital expenditure 7.9 4.5
Disposals 0.0 -5.6
Depreciation and impairment -5.0 -5.6
Transfers between items 0.0 -0.1
Exchange differences 0.2 -0.7
------------------------------------------------------------
Carrying amount at end of period 134.9 125.7
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
EUR million 1–12/2015 1–12/2014
------------------------------------------------------------
Carrying amount at beginning of period 162.1 171.5
Business acquisitions 4.1 3.4
Other capital expenditure 31.5 29.9
Disposals -0.9 -6.0
Depreciation and impairment -35.1 -34.7
Transfers between items 0.0 0.1
Exchange differences -0.2 -2.2
------------------------------------------------------------
Carrying amount at end of period 161.5 162.1
CAPITAL COMMITMENTS
EUR million 1–12/2015 1–12/2014
---------------------------------------------------
Intangible assets - -
Property, plant and equipment 6.3 3.4
---------------------------------------------------
Total 6.3 3.4
FINANCIAL ASSETS AND LIABILITIES BY CATEGORY
EUR Financial Loans Availab Financia Derivat Carryin Fair Fair
millio assets and and le-for- l ives g values value
n liabilitie other sale liabilit under amounts by hierar
31 s at fair receiv financi ies hedge by balanc chy
Decemb value ables al measured account balance e level
er 2015 through assets at ing sheet sheet
profit or amortise item item
loss d cost
-------------------------------------------------------------------------
-------
Non-cur
rent
financ
ial
assets
Availab 0.6 0.6 3
le-for-
sale
invest
ments
Finance 2.1 2.1 2.1 2
lease
receiv
ables
Other 1.8 1.8
receiv
ables
Current
financ
ial
assets
Availab 5.0 5.0 2
le-for-
sale
invest
ments
Trade 78.8 78.8 78.8
and
other
receiv
ables
Derivat 0.0 0.0
ive
receiv
ables
Cash 49.0 49.0 49.0
and
cash
equiva
lents
-------------------------------------------------------------------------
Total 131.7 5.6 0.0 137.3 129.9
financ
ial
assets
Non-cur
rent
financ
ial
liabil
ities
Borrowi 61.0 61.0 61.1 2
ngs
Other 0.1 0.1
liabil
ities
Current
financ
ial
liabil
ities
Borrowi 34.9 34.9 34.9
ngs
Trade 57.6 57.6 57.6
and
other
payabl
es
Derivat 1.1 1.1 2
ive
liabil
ities
-------------------------------------------------------------------------
Total 153.5 1.1 154.6 153.6
financ
ial
liabil
ities
EUR Financial Loans Availab Financia Derivat Carryi Fair Fair
millio assets and and le-for- l ives ng values value
n liabilities other sale liabilit under amount by hierar
31 at fair receiv financi ies hedge s by balanc chy
Decemb value ables al measured account balanc e level
er 2014 through assets at ing e sheet
profit or amortise sheet item
loss d cost item
-------------------------------------------------------------------------
-------
Non-cur
rent
financ
ial
assets
Availab 00.6 0.6 3
le-for-
sale
invest
ments
Finance 3.2 3.2 3.2 2
lease
receiv
ables
Other 2.3 2.3
receiv
ables
Current
financ
ial
assets
Availab 4.0 4.0 2
le-for-
sale
invest
ments
Trade 93.1 93.1
and
other
receiv
ables
Derivat 0.1 0.1
ive
receiv
ables
Cash 34.0 34.0
and
cash
equiva
lents
-------------------------------------------------------------------------
Total 0.1 132.6 4.6 137.3 3.2
financ
ial
assets
Non-cur
rent
financ
ial
liabil
ities
Borrowi 71.2 71.2 71.6 2
ngs
Other 0.0 0.0
liabil
ities
Current
financ
ial
liabil
ities
Borrowi 24.8 24.8
ngs
Trade 57.7 57.7
and
other
payabl
es
Derivat 0.1 1.2 1.3 2
ive
liabil
ities
-------------------------------------------------------------------------
Total 0.1 153.7 1.2 155.0 71.6
financ
ial
liabil
ities
CONTINGENT LIABILITIES
EUR million 12/2015 12/2014
----------------------------------------------------------------------------
Securities for own commitments
Mortgages on rights of tenancy 0.4 0.2
Company mortgages 1.1 0.5
Other securities 0.2 0.2
Bank guarantees required for environmental permits 8.6 8.4
Other securities are security deposits.
Operating lease liabilities
EUR million 12/2015 12/2014
----------------------------------------------------------------------------
Maturity not later than one year 6.3 2.9
Maturity later than one year and not later than five years 13.1 2.8
Maturity later than five years 1.6 2.0
----------------------------------------------------------------------------
Total 21.0 7.7
Liabilities associated with derivative agreements
Interest rate swaps
EUR million 12/2015 12/2014
----------------------------------------------------------------------------
Nominal values of interest rate swaps
Maturity not later than one year 34.1 6.4
Maturity later than one year and not later than five years 4.5 14.2
Maturity later than five years 0.0 0.0
----------------------------------------------------------------------------
Total 38.6 20.5
Fair value -0.4 -0.6
The interest rate swaps are used for the hedging of cash flow related to
floating rate loans, and hedge accounting under IAS 39 has been applied to
them. The hedges have been effective, and the changes in their fair values are
shown on the consolidated statement of comprehensive income for the period. The
fair values of the swap contracts are based on the market data on the balance
sheet date.
Commodity derivatives
EUR million 12/2015 12/2014
----------------------------------------------------------------------------
Nominal values of diesel swaps
Maturity not later than one year 1.6 1.9
Maturity later than one year and not later than five years 0 0
----------------------------------------------------------------------------
Total 1.6 1.9
Fair value, EUR million -0.6 -0.6
Commodity derivative contracts were signed for the hedging of future diesel oil
purchases. IAS 39-compliant hedge accounting is applied to these contracts, and
the effective change in fair value is recognised in the hedging reserve within
equity. The fair values of commodity derivatives are based on market prices on
the balance sheet date.
Currency derivatives
EUR million 12/2015 12/2014
---------------------------------------------------------
Nominal values of forward contracts and
currency swaps
Maturity not later than one year - 10.9
Fair value - -0.1
Hedge accounting under IAS 39 has not been applied to forward contracts.
Changes in fair value have been recognised in financial income and expenses.
CALCULATION OF KEY FIGURES
Earnings per share:
profit attributable to equity holders of the parent company / adjusted average
basic number of shares
Diluted earnings per share:
profit attributable to equity holders of the parent company / adjusted average
diluted number of shares
Cash flows from operating activities/share:
cash flow from operating activities as in the statement of cash flows /
adjusted average
basic number of shares
EVA:
operating profit - cost calculated on invested capital (average of four
quarters)
WACC 2014: 6.58% and 2015: 6.51%
Equity per share:
profit attributable to equity holders of the parent company / adjusted basic
number of shares at end of period
Return on equity, % (ROE):
(profit for the period / equity (average)) x 100
Return on invested capital, % (ROI):
(profit before tax + financial expenses) / (total equity and liabilities -
non-interest-bearing liabilities (average)) x 100
Equity ratio, %:
equity / (total equity and liabilities - advances received) x 100
Gearing, %:
net interest-bearing liabilities / equity x 100
Net interest-bearing liabilities:
interest-bearing liabilities - liquid assets
Operating profit excluding non-recurring items:
operating profit +/- non-recurring items
Helsinki, 3 February 2016
LASSILA & TIKANOJA PLC
Board of Directors
Pekka Ojanpää
President and CEO
Additional information:
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 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 2015 amounted to EUR 646.3 million. L&T is listed on Nasdaq Helsinki.
Distribution:
Nasdaq Helsinki
Major media
www.lassila-tikanoja.fi
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