2012-10-23 07:00:01 CEST
2012-10-23 07:00:11 CEST
REGULATED INFORMATION
Lassila & Tikanoja - Interim report (Q1 and Q3)
Lassila & Tikanoja plc: Interim Report 1 January-30 September 2012
Helsinki, Finland, 2012-10-23 07:00 CEST (GLOBE NEWSWIRE) --
Net sales for the third quarter EUR 161.2 million (EUR 163.5 million);
operating profit EUR 19.6 million (EUR 18.2 million); operating profit
excluding non-recurring items EUR 19.7 million (EUR 18.2 million); earnings per
share EUR 0.40 (EUR 0.32)
Net sales for January-September EUR 502.2 million (EUR 485.1 million);
operating profit EUR 38.7 million (EUR 33.5 million); operating profit
excluding non-recurring items EUR 36.9 million (EUR 34.7 million); earnings per
share EUR 0.71 (EUR 0.62)
Group's full-year net sales in 2012 are expected to remain at the 2011 level.
Operating profit, excluding non-recurring items, is expected to remain at the
2011 level or improve slightly.
CEO PEKKA OJANPÄÄ:
”Our performance in the third quarter was more or less in line with our
expectations. Operating profit excluding non-recurring items picked up from the
comparison period despite the economic uncertainty, which, to some extent,
reflected on demand for services required by the industry. Cleaning and Office
Support Services performed particularly well. Our key priority at this time is
to implement the strategy announced in September, as well as key projects
designed to improve our profitability.”
GROUP NET SALES AND FINANCIAL PERFORMANCE
Third quarter
Lassila & Tikanoja's net sales for the third quarter decreased by 1.4% to EUR
161.2 million (EUR 163.5 million). Operating profit was EUR 19.6 million (EUR
18.2 million), representing 12.2% (11.1%) of net sales, and operating profit
excluding non-recurring items was EUR 19.7 million (EUR 18.2 million). Earnings
per share were EUR 0.40 (EUR 0.32).
Net sales declined slightly from the comparison period, as a result of the
divestment of L&T's holding in the joint venture L&T Recoil and postponed
shutdown-related work in process cleaning services. Meanwhile, demand for
wood-based fuels improved from the comparison period.
Following the divestment of holdings in the loss-making L&T Recoil, the
Environmental Services division was able to improve its profitability, which in
turn boosted the quarter's financial performance. Successful sales of
commissioned assignments in Cleaning and Office Support Services also
contributed to our performance improvement. In addition, Renewable Energy
Sources was able to reduce its losses compared to the comparison period.
January-September
Lassila & Tikanoja's net sales for January-September amounted to EUR 502.2
million (EUR 485.1 million); an
increase of 3.5%. Operating profit was EUR 38.7 million (EUR 33.5 million),
representing 7.7% (6.9%) of net
sales, and operating profit excluding non-recurring items was EUR 36.9 million
(EUR 34.7 million). Earnings per
share were EUR 0.71 (EUR 0.62).
Net sales grew in January-September, primarily thanks to the increase in demand
for Environmental Services and wood-based fuels seen in the first half.
The overall performance improvement from the comparison period could be largely
attributed to the volume increase in Environmental Services, the divestment of
holdings in the loss-making joint venture L&T Recoil at the end of June and the
decrease in losses recorded by Renewable Energy Sources. Profitability in
January-September was eroded by the non-recurring compensation of EUR 0.7
million paid in the second quarter, in accordance with the collective labour
agreement and the increase in subcontracting and labour costs in Property
Maintenance.
A non-recurring capital gain of EUR 4.2 million was recorded in the second
quarter, from the sale of holdings in L&T Recoil Oy, and non-recurring costs
totalling EUR 2.2 million from the rearrangement and efficiency enhancement
measures taken in Environmental Services, Property Maintenance and in the
Swedish business. The efficiency enhancement measures are expected to generate
annual savings of at least EUR 4.0 million. The measures are proceeding as
planned.
Financial summary
7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2012 2011 % 2012 2011 % 2011
--------------------------------------------------------------------------------
--------------------------------------------
Net sales, EUR million 161.2 163.5 -1.4 502.2 485.1 3.5 652.1
------------------------------ ------
Operating profit excluding 19.7 18.2 8.2 36.9 34.7 6.3 44.3
non-recurring items, EUR
million*
------------------------------ ------
Operating profit, EUR million 19.6 18.2 8.0 38.7 33.5 15.5 25.6
------------------------------ ------
Operating margin, % 12.2 11.1 7.7 6.9 3.9
------------------------------ ------
Profit before tax, EUR 19.1 16.9 12.8 33.8 30.0 12.7 21.0
million
------------------------------ ------
Earnings per share, EUR 0.40 0.32 25.0 0.71 0.62 14.5 0.44
------------------------------ ------
EVA, EUR million 13.8 11.0 25.5 20.2 12.7 59.1 -2.2
--------------------------------------------------------------------------------
* Breakdown of operating profit excluding non-recurring items is presented
below the division reviews.
NET SALES AND FINANCIAL PERFORMANCE BY DIVISION
Environmental Services
Third quarter
The division's net sales for the third quarter were down by 3.0% to EUR 83.3
million (EUR 85.9 million). Operating profit totalled EUR 12.8 million (EUR
12.3 million) and operating profit excluding non-recurring items was EUR 12.8
million (EUR 12.3 million).
The division's net sales fell slightly from the comparison period following the
divestment of holdings in L&T Recoil in June. Some shutdown-related work in
process cleaning services was postponed to October, which also taxed net sales.
Waste management and recycling service volumes and the prices of secondary raw
materials remained at a healthy level during the quarter. In waste management,
prices of services were revised at the beginning of the period, to match higher
production costs.
The division's profitability improvement from the comparison period could be
attributed to the L&T Recoil divestment at the end of June.
Net sales and operating profit from international operations declined slightly
from the comparison period.
January-September
The Environmental Services division's net sales for January-September amounted
to EUR 248.4 million (EUR 241.9 million), showing an increase of 2.7%.
Operating profit totalled EUR 30.4 million (EUR 25.7 million) and
operating profit excluding non-recurring items was EUR 27.1 million (EUR 25.7
million).
Waste management services and the healthy demand for industrial services were
the key drivers of net sales growth in January-September. Towards the end of
the period, shutdown-related work in process cleaning in particular were again
affected by postponements. Waste volumes and the prices of secondary raw
materials (fibres, plastics, metals) remained robust throughout the period.
The division's profitability rose following the sale of L&T Recoil, which,
together with production efficiency boosting measures, pushed operating profit
up. Performance was taxed by the increase seen in the first half in fuel and
repair costs, as well as weaker profitability in international operations.
At the end of the second quarter, L&T sold its 50 percent holding in the joint
venture L&T Recoil to the co-owner, EcoStream Oy. The sale price consisted of a
EUR 10 million cash contribution and a slightly lower than 20 percent interest
in EcoStream. A non-recurring capital gain of EUR 4.2 million on the
arrangement was recorded for the second quarter. At the same time, a
non-recurring cost of EUR 2.0 million was recorded in financial expenses,
consisting of interest receivable from subordinated loans granted to the joint
venture.
Cleaning and Office Support Services
Third quarter
The division's net sales for the third quarter totalled EUR 41.3 million (EUR
41.5 million), showing a decrease of 0.5%. Operating profit totalled EUR 4.5
million (EUR 3.7 million) and operating profit excluding non-recurring items
was EUR 4.5 million (EUR 3.7 million).
Net sales in domestic operations remained at almost the previous year's level.
Despite price competition, the division was able to raise its profitability
year-on-year thanks to successful sales of commissioned assignments and fixed
cost management.
Net sales from international operations remained unchanged, while the financial
result improved slightly thanks to higher profitability in Swedish operations.
January-September
The January-September net sales of Cleaning and Office Support Services
increased by 3.5% to EUR 121.3 million (EUR 117.2 million). Operating profit
totalled EUR 5.6 million (EUR 6.2 million) and operating profit excluding
non-recurring items was EUR 6.7 million (EUR 6.4 million).
The division's year-on-year net sales grew slightly as a result of acquisitions
made in the spring 2011. Demand for commissioned assignments was healthy
throughout the period.
The division's operating profit rose from the comparison period, thanks to a
good performance in commissioned assignments. In the first half, profitability
was adversely affected by the loss-making operations in Sweden and higher
labour costs, which were not fully set off by service price hikes.
The non-recurring cost of EUR 1.0 million recorded in the second quarter for
the reorganisation of the Swedish operations eroded the division's operating
profit.
Property Maintenance
Third quarter
The division's net sales for the third quarter were up by 0.1% to EUR 31.4
million (EUR 31.3 million). Operating profit totalled EUR 3.3 million (EUR 3.6
million) and operating profit excluding non-recurring items was EUR 3.3 million
(EUR 3.6 million).
A strong workload in maintenance services for technical systems raised net
sales to the comparison period's level.
The division's operating profit decreased slightly from the comparison period,
since the commissioned assignments in damage repair services were less in size.
Meanwhile, the profitability of property maintenance and maintenance services
for technical systems improved, thanks to production efficiency enhancement
measures.
In damage repair services, new co-operation agreements were signed with
insurance companies during the quarter, which will strengthen L&T's market
position in the future and provide a steadier workload.
January-September
The division's net sales for January-September were up by 2.2% to EUR 103.4
million (EUR 101.1 million). Operating profit totalled EUR 4.8 million (EUR 6.3
million) and operating profit excluding non-recurring items was EUR 4.9 million
(EUR 6.3 million).
Expansion of the damage repair service network and the increase in workload
contributed to the year-on-year increase in the division's net sales.
Increasingly tight price competition in property maintenance and the rise in
subcontracting and overtime costs in the first half eroded the division's
operating profit.
Renewable Energy Sources
Third quarter
Third quarter net sales of Renewable Energy Sources (L&T Biowatti) were up by
10.6% to EUR 8.0 million
(EUR 7.2 million). The division recorded an operating loss of EUR 0.4 million
(a loss of EUR 1.1 million), and
an operating loss excluding non-recurring items of EUR 0.4 million (a loss of
EUR 1.1 million).
Volume growth boosted net sales, even though the warm and rainy weather in the
early autumn dampened demand and taxed the energy content of forest processed
chips. Problems in peat production will raise the competitiveness of wood-based
fuels in the coming heating season. Smaller depreciation helped curtail the
division's operating loss.
January-September
January-September net sales of Renewable Energy Sources (L&T Biowatti) were up
by 14.7% to EUR 37.7 million (EUR 32.8 million). Operating loss amounted to EUR
0.3 million (a loss of EUR 3.1 million), and operating loss excluding
non-recurring items was EUR 0.2 million (a loss of EUR 2.7 million).
Net sales increased from the comparison period thanks to successful new
sales.Profitability also improved thanks to smaller depreciation and a trimmer
cost structure. Chips' weak energy content had a negative impact on first-half
results.
BREAKDOWN OF OPERATING PROFIT EXCLUDING NON-RECURRING ITEMS
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Operating profit 19.6 18.2 38.7 33.5 25.6
Non-recurring items:
Gain on sale of holding in L&T Recoil Oy -4.2
Impairment of hazardous waste treatment 0.3
facility in Tuusula
Impairment of L&T Biowatti 17.1
Discontinuation of wood pellet production of 0.1 0.1
L&T Biowatti
Restructuring costs 0.1 2.1 1.1 1.5
Operating profit excluding non-recurring 19.7 18.2 36.9 34.7 44.3
items
--------------------------------------------------------------------------------
FINANCING
Cash flows from operating activities amounted to EUR 49.7 million (EUR 45.2
million). EUR 6.4 million was tied up in the working capital (EUR 9.4 million
tied up).
At the end of the period, interest-bearing liabilities amounted to EUR 114.0
million (EUR 153.6 million). L&T Recoil accounted for EUR 18.6 million of the
interest-bearing liabilities in the comparison period. Net interest-bearing
liabilities amounted to EUR 102.3 million, showing a decrease of EUR 24.9
million from the beginning of the year and EUR 39.4 million from the comparison
period.
Net finance costs amounted to EUR 4.9 million (EUR 3.5 million) in
January-September. This increase could be attributed to the non-recurring cost
recognition of EUR 2.0 million on interest receivable from subordinated loans
given to L&T Recoil Oy in the second quarter. Net finance costs were 1.0%
(0.7%) of net sales.
The average interest rate on long-term loans (with interest-rate hedging) was
2.4% (3.1%). Long-term loans totalling EUR 7.2 million will mature during the
rest of the year.
The equity ratio was 47.5% (43.4%) and the gearing rate 45.1 (63.5). Liquid
assets at the end of the period amounted to EUR 11.7 million (EUR 12.0
million).
Of the EUR 100 million commercial paper programme, EUR 22.0 million (EUR 27
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 15 March 2012 resolved that the profit for
2011 be placed in retained earnings and that no dividend be paid. A capital
repayment of EUR 0.55 per share would be paid for the financial year 2011. The
capital repayment, totalling EUR 21.3 million, was paid to the shareholders on
27 March 2012.
CAPITAL EXPENDITURE
In January-September capital expenditure totalled EUR 36.3 million (EUR 55.7
million) and was mainly comprised of machine and equipment purchases.
PERSONNEL
In January-September the average number of employees converted into full-time
equivalents was 8,504 (8,614). The total number of full-time and part-time
employees at the end of the period was 9,101 (9,648). Of them 7,078 (7,565)
people worked in Finland and 2,023 (2,083) people in other countries.
SHARE AND SHARE CAPITAL
Traded volume and price
The volume of trading excluding the shares held by the company in Lassila &
Tikanoja plc shares on NASDAQ OMX Helsinki in January-September was 7,967,973
which is 20.6 % (19.9%) of the average number of outstanding shares. The value
of trading was EUR 82.4 million (EUR 94.8 million). The trading price varied
between EUR 12.15 and EUR 8.59. The closing price was EUR 10.60. The market
capitalisation excluding the shares held by the company was EUR 410.1 million
(EUR 408.1 million) at the end of the period.
Own shares
At the end of the period the company held 106,810 of its own shares,
representing 0.3% of all shares and votes.
Share capital and number of shares
The company's registered share capital amounts to EUR 19,399,437, and the
number of outstanding shares to 38,692,064 shares. The average number of shares
excluding the shares held by the company totalled 38,687,133.
Share-based incentive programme 2012
Lassila & Tikanoja plc's Board of Directors decided on 14 December 2011 on a
new share-based incentive programme. Rewards will be based on the EVA result of
Lassila & Tikanoja group without L&T Recoil. They will be paid partly as shares
and partly in cash. The part paid in cash will cover the taxes caused by the
reward. Based on the programme a maximum of 65,520 shares of the company can
be granted. The company will buy the shares from the stock market. The
programme covers 22 persons.
Shareholders
At the end of the period, the company had 9,411 (9,489) shareholders.
Nominee-registered holdings accounted for 16.7% (13.3%) of the total number of
shares.
Authorisation for the Board of Directors
The Annual General Meeting held on 15 March 2012 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.
The Board of Directors is authorised to purchase a maximum of 500,000 company
shares, which is 1.3% of the total number of shares. The share issue
authorisation will be effective for 18 months.
RESOLUTIONS BY THE GENERAL MEETING
The Annual General Meeting of Lassila & Tikanoja plc, which was held on 15
March 2012, adopted the financial statements for the financial year 2011 and
released the members of the Board of Directors and the Presidents and CEOs from
liability.
The AGM resolved that the profit for 2011 be placed in retained earnings and
that no dividend be paid. A capital repayment of EUR 0.55 per share, as
proposed by the Board of Directors, would be paid for the financial year 2011
on the basis of the balance sheet adopted. The capital repayment, totalling EUR
21.3 million, payment date was resolved to be on 27 March 2012.
The Annual General Meeting confirmed the number of the members of the Board of
Directors five. The following Board members were re-elected to the Board until
the end of the following AGM: Heikki Bergholm, Eero Hautaniemi, Hille Korhonen,
Sakari Lassila and Miikka Maijala.
KPMG Oy Ab, Authorised Public Accountants, was elected auditor. KPMG Oy Ab has
announced that it will name 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 15 March 2012.
BOARD OF DIRECTORS
The members of the Board of Directors are Heikki Bergholm, Eero Hautaniemi,
Hille Korhonen, Sakari Lassila and Miikka Maijala. In its constitutive meeting
the Board elected Heikki Bergholm as Chairman of the Board and Eero Hautaniemi
as Vice Chairman.
From among its members, the Board elected Eero Hautaniemi as Chairman and
Sakari Lassila and Miikka Maijala as members of the audit committee. Heikki
Bergholm was elected as Chairman of the remuneration committee and Hille
Korhonen as member of the committee.
SUMMARY OF STOCK EXCHANGE RELEASES PURSUANT TO ARTICLE 7, CHAPTER 2 OF THE
SECURITIES MARKETS ACT
In a release published on 7 September 2012 the company announced its new
strategy. The core businesses of the new clarified portfolio are environmental,
industrial and facility services. From 1 January 2013, L&T's reporting segments
are Environmental Services, Industrial Services, Facility Services, and
Renewable Energy Sources. The new financial targets are: organic growth over
5%, return on investment (ROI) 20%, operating profit 9% and gearing 30-80%.
In a release published on 7 September 2012 the company announced changes in
company's management. Petri Salermo (QBA, born 1970) has been appointed Vice
President, Environmental Services effective from 1 January 2013, Ville Rantala
(M.Sc. Econ., born 1971) has been appointed Vice President, Industrial Services
effective from 1 January 2013 and Petri Myllyniemi (M.Sc. Econ.; B.Sc. Eng.,
born 1964) has been appointed Vice President, Facility Services, effective from
7 January 2013. For the time being, Juha Simola and Henri Turunen will continue
to act as the Vice Presidents of the current Property Maintenance and Cleaning
and Office Support Services divisions and as members of the Group Executive
Board.
In a release published on 14 September 2012 the company announced it is hosting
a Capital Markets Day. The aim of the day was to present L&T's new strategy.
NEAR-TERM UNCERTAINTIES
Economic uncertainty may cause radical changes in the Environmental Services
division's secondary raw material markets and in industrial customer
relationships.
Uncertainties associated with government subsidies for renewable fuels and with
their continuity could affect demand for the Renewable Energy Sources
division's services.
More detailed information on L&T's risks and risk management is available in
the Annual Report for 2011, in the report of the Board of Directors, and in the
consolidated financial statements.
OUTLOOK FOR THE REST OF THE YEAR
Despite the economic uncertainty, the outlook for Environmental Services is, by
and large, stable, but any changes in demand for industrial services may
complicate operational adjustments.
The outlook for Cleaning and Office Support Services and for Property
Maintenance is stable.
Demand for Renewable Energy Sources' (L&T Biowatti) wood-based fuels will pick
up from the comparison period, and with a more effective cost structure in
place, operating profit will improve.
Group's full-year net sales in 2012 are expected to remain at the 2011 level.
Operating profit, excluding non-recurring items, is expected to remain at the
2011 level or improve slightly.
CONDENSED FINANCIAL STATEMENTS 1 JANUARY-30 SEPTEMBER 2012
CONSOLIDATED INCOME STATEMENT
EUR 1000 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2012 2011 2012 2011 2011
Net sales 161 216 163 469 502 194 485 129 652 130
--------------------------------------------------------------------------------
Cost of sales -135 695 -139 -446 705 -432 -584
720 446 152
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gross profit 25 521 23 749 55 489 52 683 67 978
Other operating income 614 442 6 173 2 012 3 038
Selling and marketing costs -3 380 -3 276 -12 416 -11 291 -15 217
Administrative expenses -2 747 -2 252 -9 163 -8 590 -11 408
Other operating expenses -379 -484 -1 075 -1 311 -1 733
Impairment, non-current assets -302 -5 677
Impairment, goodwill and other -11 384
intangible assets
Operating profit 19 629 18 179 38 706 33 503 25 597
--------------------------------------------------------------------------------
Finance income 255 72 758 712 1 041
Finance costs -823 -1 349 -5 642 -4 216 -5 644
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit before tax 19 061 16 902 33 822 29 999 20 994
Income tax expense -3 770 -4 345 -6 426 -6 170 -4 030
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit for the period 15 291 12 557 27 396 23 829 16 964
Attributable to:
Equity holders of the company 15 293 12 555 27 404 23 825 16 960
Non-controlling interest -2 2 -8 4 4
Earnings per share for profit attributable to the equity holders of the company:
Basic earnings per share, EUR 0.40 0.32 0.71 0.62 0.44
Diluted earnings per share, EUR 0.40 0.32 0.71 0.61 0.44
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR 1000 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit for the period 15 291 12 557 27 396 23 829 16 964
Other comprehensive income, after tax
Hedging reserve, change in fair value 1 141 -1 191 1 798 -1 415 -487
Revaluation reserve
Gains in the period -2 13 1 9 -4
Current available-for-sale financial -2 13 1 9 -4
assets
--------------------------------------------------------------------------------
Currency translation differences 688 -577 768 -534 111
Currency translation differences, 8 -18 11 -18 -11
non-controlling interest
--------------------------------------------------------------------------------
Other comprehensive income, after tax 1 835 -1 773 2 578 -1 958 -391
--------------------------------------------------------------------------------
Total comprehensive income, after tax 17 126 10 784 29 974 21 871 16 573
Attributable to:
Equity holders of the company 17 120 10 801 29 971 21 885 16 580
Non-controlling interest 6 -17 3 -14 -7
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR 1000 9/2012 9/2011 12/2011
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets
Goodwill 120 212 123 497 119 509
Customer contracts arising from acquisitions 8 241 11 167 10 591
Agreements on prohibition of competition 2 181 11 314 3 162
Other intangible assets arising from business 62 84 78
acquisitions
Other intangible assets 8 590 12 444 11 149
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
139 286 158 506 144 489
Property, plant and equipment
Land 4 140 4 926 4 589
Buildings and constructions 47 579 79 013 78 217
Machinery and equipment 120 953 117 424 120 015
Other 87 83 85
Prepayments and construction in progress 5 893 4 994 4 616
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
178 652 206 440 207 522
Other non-current assets
Available-for-sale investments 7 293 589 605
Finance lease receivables 3 706 3 367 3 578
Deferred tax assets 3 537 4 940 6 323
Other receivables 2 853 3 282 3 315
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
17 389 12 178 13 821
Total non-current assets 335 327 377 124 365 832
Current assets
Inventories 29 696 27 516 27 953
Trade and other receivables 106 048 101 155 91 629
Derivative receivables 356 525 419
Prepayments 2 841 2 496 438
Current available-for-sale financial assets 2 400 6 294 2 299
Cash and cash equivalents 9 326 5 656 5 770
Total current assets 150 667 143 642 128 508
--------------------------------------------------------------------------------
TOTAL ASSETS 485 994 520 766 494 340
--------------------------------------------------------------------------------
EUR 1000 9/2012 9/2011 12/2011
-------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity
Equity attributable to equity holders of the company
Share capital 19 399 19 399 19 399
Share premium reserve 50 673
Other reserves 98 -4 029 -2 469
Unrestricted equity reserve 29 381 -15 50 658
Retained earnings 150 227 133 076 133 125
Profit for the period 27 404 23 825 16 960
-------------------------------------------------------------------------------
226 509 222 929 217 673
Non-controlling interest 274 264 271
-------------------------------------------------------------------------------
Total equity 226 783 223 193 217 944
Liabilities
Non-current liabilities
Deferred tax liabilities 30 586 32 135 29 389
Retirement benefit obligations 665 664 628
Provisions 2 835 2 723 2 500
Borrowings 67 575 100 858 92 914
Other liabilities 970 1 001 960
-------------------------------------------------------------------------------
102 631 137 381 126 391
Current liabilities
Borrowings 46 431 52 767 42 319
Trade and other payables 110 321 103 981 105 751
Derivative liabilities -482 3 075 1 850
Tax liabilities 14 59 85
Provisions 296 310
156 580 160 192 150 005
-------------------------------------------------------------------------------
Total liabilities 259 211 297 573 276 396
TOTAL EQUITY AND LIABILITIES 485 994 520 766 494 340
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
EUR 1000 9/2012 9/2011 12/2011
--------------------------------------------------------------------------------
Cash flows from operating activities
Profit for the period 27 396 23 829 16 964
Adjustments
Income tax expense 6 426 6 170 4 030
Depreciation, amortisation and impairment 32 880 33 154 61 548
Finance income and costs 4 883 3 504 4 602
Gain on sale of shares -4 181
Other -235 -399 -858
--------------------------------------------------------------------------------
Net cash generated from operating activities before 67 169 66 258 86 286
change in working capital
Change in working capital
Change in trade and other receivables -16 635 -19 233 -7 843
Change in inventories -4 934 446 9
Change in trade and other payables 15 137 9 377 11 055
--------------------------------------------------------------------------------
Change in working capital -6 432 -9 410 3 221
Interest paid -3 529 -4 432 -6 165
Interest received 686 691 1 020
Income tax paid -8 151 -7 938 -9 896
--------------------------------------------------------------------------------
Net cash from operating activities 49 743 45 169 74 466
Cash flows from investing activities
Acquisition of subsidiaries and businesses, net of -807 -23 546 -24 430
cash acquired
Proceeds from sale of Group companies and businesses, 7 820
net of sold cash
Purchases of property, plant and equipment and -29 021 -31 468 -45 503
intangible assets
Proceeds from sale of property, plant and equipment 519 1 802 1 850
and intangible assets
Purchases of available-for-sale investments -20
Change in other non-current receivables 462 127 98
Proceeds from sale of available-for-sale investments
Dividends received 1
--------------------------------------------------------------------------------
Net cash used in investing activities -21 026 -53 085 -68 005
Cash flows from financing activities
Change in short-term borrowings 4 133 19 166 8 712
Proceeds from long-term borrowings 10 200 20 000 20 000
Repayments of long-term borrowings -18 202 -11 945 -19 761
Dividends paid and other asset distribution -21 254 -21 284 -21 284
Repurchase of own shares -517 -517--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net cash generated from financing activities -25 123 5 420 -12 850
EUR 1000 9/2012 9/2011 12/2011
--------------------------------------------------------------------------------
Net change in liquid assets 3 594 -2 496 -6 389
Liquid assets at beginning of period 8 069 14 548 14 548
Effect of changes in foreign exchange rates 63 -102 -90
Change in fair value of current available-for-sale
investments
Liquid assets at end of period 11 726 11 950 8 069
--------------------------------------------------------------------------------
Liquid assets
EUR 1000 9/2012 9/2011 12/2011
--------------------------------------------------------------------------------
Cash and cash equivalents 9 326 5 656 5 770
Available-for-sale financial assets 2 400 6 294 2 299
--------------------------------------------------------------------------------
Total 11 726 11 950 8 069
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR Share Share Curre Reval Hedgin Investe Retain Equity
Non-co Total
1000 capita premi ncy uation g d ed attribu
ntroll equity
l um transl reserv reserv unrestr earnin table
ing
reserv ation e e icted gs to
intere e differ equity equity
st
ences reserve holders
of the
company
--------------------------------------------------------------------------------
----------
Equity 19 399 0 -1 412 0 -1 057 50 658 150 085 217 673
271 217 944
at
1.1.2
012
Expens 120 120
120
e
recog
nitio
n of
share
-based
benef
its
Repurc
hase
of
own
share
s
Capita -21 277 22 -21 255
-21 255
l
repay
ment
Total 768 1 1 798 27 404 29 971
3 29 974
compr
ehens
ive
incom
e
--------------------------------------------------------------------------------
----------
--------------------------------------------------------------------------------
----------
Equity 19 399 0 -644 1 741 29 381 177 631 226 509
274 226 783
at
30.9.
2012
Equity 19 399 50 673 -1 523 -48 -570 0 154 785 222 716
278 222 994
at
1.1.2
011
--------------------------------------------------------------------------------
----------
--------------------------------------------------------------------------------
----------
Expens 135 135
135
e
recog
nitio
n of
share
-based
benef
its
Repurc -554 -554
-554
hase
of
own
share
s
Divide -21 290 -21 290
-21 290
nds
paid
Transf 52 -15 37 37
37
er
from
reval
uation
rese
rve
Total -534 9 -1 415 23 825 21 885
-14 21 871
compr
ehensi
ve
incom
e
--------------------------------------------------------------------------------
----------
--------------------------------------------------------------------------------
----------
Equity 19 399 50 673 -2 057 13 -1 985 -15 156 938 222 929
264 223 193
at
30.9.
2011
KEY FIGURES
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Earnings per share, EUR 0.40 0.32 0.71 0.62 0.44
Earnings per share, diluted, EUR 0.40 0.32 0.71 0.61 0.44
Cash flows from operating activities 0.47 0.36 1.29 1.17 1.92
per share, EUR
EVA, EUR million 13.8 11.0 20.2 12.7 -2.2
Capital expenditure, EUR 1000 8 432 10 594 36 265 55 697 70 590
Depreciation, amortisation and 10 757 11 331 32 880 33 154 61 548
impairment, EUR 1000
Equity per share, EUR 5.85 5.76 5.63
Return on equity, ROE, % 16.4 14.2 7.7
Return on invested capital, ROI, % 15.2 12.6 7.6
Equity ratio, % 47.5 43.4 44.5
Gearing, % 45.1 63.5 58.3
Net interest-bearing liabilities, EUR 102 281 141 127
1000 676 165
Average number of employees in 8 504 8 614 8 513
full-time equivalents
Total number of full-time and part-time 9 101 9 648 9 357
employees at end of period
Number of outstanding shares adjusted
for issues,
1000 shares
average during the period 38 687 38 734 38 722
at end of period 38 692 38 686 38 686
average during the period, diluted 38 689 38 761 38 762
ACCOUNTING POLICIES
This interim report release is in compliance with IAS 34 standard. The same
accounting policies as in the annual financial statements for the year 2011
have been applied. The following new, revised or amended IFRS standards and
IFRIC interpretations that have become effective in 2012 have not had an impact
on the financial statements:
IFRS 7 (amendment) Financial Instruments: Disclosures -Derecognition
IAS 12 (amendment) Income taxes -Deferred tax
annual improvements to IFRS.
The preparation of financial statements in accordance with IFRS require the
management to make such estimates and assumptions that affect the carrying
amounts at the balance sheet date for the assets and liabilities and the
amounts of revenues and expenses. Judgements are also made in applying the
accounting policies. Actual results may differ from the estimates and
assumptions.
The interim report has not been audited.
SEGMENT INFORMATION
Net sales
7-9/2012 7-9/2011
-------------------------------------
EUR 1000 Externa Inter-d Total Extern Inter-d Total Total net
l ivision al ivision sales,
change %
--------------------------------------------------------------------------------
Environmental 82 533 771 83 304 85 140 766 85 906 -3.0
Services
-------- ------------
Cleaning and 40 762 578 41 340 41 122 408 41 530 -0.5
Office Support
Services
-------- ------------
Property 30 940 428 31 368 30 962 360 31 322 0.1
Maintenance
-------- ------------
Renewable 6 981 996 7 977 6 245 968 7 213 10.6
Energy Sources
-------- ------------
Eliminations -2 773 -2 773 -2 502 -2 502
--------------------------------------------------------------------------------
L&T total 161 216 0 161 216 163 0 163 -1.4
469 469
-------- ------------
1-9/2012 1-9/2011
-------------------------------------
EUR 1000 Externa Inter-d Total Extern Inter-d Total Total net
l ivision al ivision sales,
change %
--------------------------------------------------------------------------------
Environmental 245 653 2 768 248 421 239 2 566 241 2.7
Services 304 870
-------- ------------
Cleaning and 119 833 1 486 121 319 116 1 081 117 3.5
Office Support 089 170
Services
-------- ------------
Property 102 091 1 294 103 385 99 498 1 642 101 2.2
Maintenance 140
-------- ------------
Renewable 34 617 3 043 37 660 30 238 2 586 32 824 14.7
Energy Sources
-------- ------------
Eliminations -8 591 -8 591 -7 875 -7 875
--------------------------------------------------------------------------------
L&T total 502 194 0 502 194 485 0 485 3.5
129 129
-------- ------------
1-12/2011
EUR 1000 External Inter-division Total
-----------------------------------------------------------------------
Environmental Services 322 264 3 620 325 884
Cleaning and Office Support Services 155 817 1 454 157 271
Property Maintenance 132 399 2 192 134 591
Renewable Energy Sources 41 650 3 752 45 402
Eliminations 0 -11 018 -11 018
-----------------------------------------------------------------------
L&T total 652 130 0 652 130
Operating profit
EUR 1000 7-9/ % 7-9/ % 1-9/ % 1-9/ % 1-12/ %
2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Environm 12 808 15.4 12 308 14.3 30 390 12.2 25 665 10.6 33 970 10.4
ental
Service
s
Cleaning 4 544 11.0 3 718 9.0 5 624 4.6 6 194 5.3 7 131 4.5
and
Office
Support
Service
s
Property 3 299 10.5 3 582 11.4 4 840 4.7 6 253 6.2 8 181 6.1
Mainten
ance
Renewabl -384 -4.8 -1 085 -15.0 -330 -0.9 -3 061 -9.3 -21 -46.8
e Energy 250
Sources
Group -638 -344 -1 818 -1 548 -2 435
admin.
and
other
--------------------------------------------------------------------------------
-----------------------------------------------------------------------
L&T 19 629 12.2 18 179 11.1 38 706 7.7 33 503 6.9 25 597 3.9
total
Finance -568 -1 277 -4 884 -3 504 -4 603
costs,
net
--------------------------------------------------------------------------------
-----------------------------------------------------------------------
Profit 19 061 16 902 33 822 29 999 20 994
before
tax
Other segment information
EUR 1000 9/2012 9/2011 12/2011
---------------------------------------------------------------
Assets
Environmental Services 317 080 352 978 346 224
Cleaning and Office Support Services 58 069 54 838 54 302
Property Maintenance 50 472 44 267 45 048
Renewable Energy Sources 30 565 44 410 27 346
Group admin. and other 9 847 2 057 2 528
Unallocated assets 19 961 22 216 18 892
---------------------------------------------------------------
--------------------------
L&T total 485 994 520 766 494 340
Liabilities
Environmental Services 60 685 57 031 57 367
Cleaning and Office Support Services 29 286 28 213 29 804
Property Maintenance 16 616 15 961 15 889
Renewable Energy Sources 6 662 5 047 3 932
Group admin. and other 1 424 1 253 1 343
Unallocated liabilities 144 538 190 068 168 061
---------------------------------------------------------------
--------------------------
L&T total 259 211 297 573 276 396
EUR 1000 7-9/2012 7-9/2011 1-9/2012 1-9/2011 1-12/201
1
--------------------------------------------------------------------------------
Capital expenditure
Environmental Services 4 890 7 604 17 444 33 264 43 362
Cleaning and Office Support 1 316 732 3 886 14 092 14 721
Services
Property Maintenance 2 139 2 105 7 811 7 769 11 776
Renewable Energy Sources 43 118 373 409 454
Group admin. and other 44 35 6 751 163 277
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
L&T total 8 432 10 594 36 265 55 697 70 590
Depreciation and amortisation
Environmental Services 7 841 7 896 23 959 22 895 30 760
Cleaning and Office Support 1 262 1 341 3 776 3 574 4 928
Services
Property Maintenance 1 580 1 261 4 627 3 518 4 873
Renewable Energy Sources 73 827 211 3 161 3 919
Group admin. and other 1 6 5 6 7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
L&T total 10 757 11 331 32 578 33 154 44 487
Impairment
Environmental Services 302
Renewable Energy Sources 17 061
L&T total 0 0 302 0 17 061
--------------------------------------------------------------------------------
INCOME STATEMENT BY QUARTER
EUR 1000 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/ 10-12/
2012 2012 2012 2011 2011 2011 2011 2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales
Environmental 83 304 88 126 76 991 84 014 85 906 83 535 72 429 73 992
Services
Cleaning and 41 340 40 658 39 321 40 101 41 530 40 784 34 856 34 580
Office Support
Services
Property 31 368 31 718 40 299 33 451 31 322 30 879 38 939 31 596
Maintenance
Renewable 7 977 12 099 17 584 12 578 7 213 9 600 16 011 15 266
Energy Sources
Inter-division -2 773 -2 909 -2 909 -3 143 -2 502 -2 612 -2 761 -3 927
net sales
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
L&T total 161 216 169 171 167 163 162 159 151
692 286 001 469 186 474 507
Operating
profit
Environmental 12 808 14 567 3 015 8 305 12 308 9 182 4 175 8 204
Services
Cleaning and 4 544 235 845 937 3 718 1 001 1 475 181
Office Support
Services
Property 3 299 790 751 1 928 3 582 769 1 902 633
Maintenance
Renewable -384 -733 787 -18 -1 085 -1 325 -651 -361
Energy Sources 189
Group admin. -638 -715 -465 -887 -344 -767 -437 -104
and other
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
L&T total 19 629 14 144 4 933 -7 906 18 179 8 860 6 464 8 553
Operating
margin
Environmental 15.4 16.5 3.9 9.9 14.3 11.0 5.8 11.1
Services
Cleaning and 11.0 0.6 2.1 2.3 9.0 2.5 4.2 0.5
Office Support
Services
Property 10.5 2.5 1.9 5.8 11.4 2.5 4.9 2.0
Maintenance
Renewable -4.8 -6.1 4.5 -144.6 -15.0 -13.8 -4.1 -2.4
Energy Sources
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
L&T total 12.2 8.3 2.9 -4.7 11.1 5.5 4.1 5.6
Finance costs, -568 -3 356 -960 -1 099 -1 277 -1 163 -1 064 -987
net
Profit before 19 061 10 788 3 973 -9 005 16 902 7 697 5 400 7 566
tax
--------------------------------------------------------------------------------
BUSINESS ACQUISITIONS
Business combinations in aggregate
Consideration
EUR 1000 Fair values used in
consolidation
--------------------------------------------------------------------------------
Cash 999
Equity instruments
Contingent consideration 151
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total consideration transferred 1 150
Indemnification asset
Fair value of equity interest held before the acquisition
Total consideration 1 150
--------------------------------------------------------------------------------
Acquisition-related costs (included in the administrative 6
expenses in the consolidated financial statements)
Recognised amounts of identifiable assets acquired and liabilities assumed
Property, plant and equipment 515
Customer contracts 162
Agreements on prohibition of competition 151
Other intangible assets arising from business acquisitions
Other intangible assets
Non-current available-for-sale financial assets
Inventories 2
Trade and other receivables 87
Cash and cash equivalents 154
Total assets 1 072
-----------------------------------------------------------------
Deferred tax liabilities
Non-current interest-bearing liabilities 44
Trade and other payables 146
Retirement benefit obligations
Contingent liability
Total liabilities 190
-----------------------------------------------------------------
-----------------------------------------------------------------
-----------------------------------------------------------------
Total identifiable net assets 881
Non-controlling interest
Goodwill 268
-----------------------------------------------------------------
-----------------------------------------------------------------
Total 1 150
Acquisitions by Property Maintenance
- 1 January 2012, the property maintenance operations of IK Kiinteistöpalvelu
Oy.
- 1 February 2012, the business of Jyvässeudun Talonmiehet Oy and
Kiinteistöhuolto Markku Hyttinen Oy.
Acquisitions by Environmental Services
- 1 May 2012, the waste management business of Sita Finland Oy in Oulu.
The figures for these acquired businesses are stated in aggregate, because none
of them is of material importance when considered separately. Fair values have
been determined as of the time the acquisition was realised. No business
operations have been divested as a consequence of any acquisition. All
acquisitions have been paid for in cash. With share acquisitions, L&T was able
to gain 100% of the voting rights. The conditional consideration is tied to the
transfer of the customer contracts to Lassila & Tikanoja plc, and the estimates
of the fair values of considerations were determined on the basis of
probability-weighted final acquisition price. The estimates for the conditional
consideration have not changed between the time of acquisition and the balance
sheet date. Trade and other receivables have been recorded at fair value at the
time of acquisition. Individual acquisition prices have not been itemised
because none of them is of material importance when considered separately.
Profit for the period includes changes allocated to acquisition prices
amounting to EUR 150 thousand.
By net sales, the largest acquisition was the business of Jyvässeudun
Talonmiehet Oy (EUR 858 thousand).
It is not possible to itemise the effects of the acquired businesses on the
consolidated net sales and profit for the period, because L&T integrates its
acquisitions into the current business operations as quickly as possible to
gain synergy benefits.
The accounting policy concerning business combinations is presented in Annual
Report under Note 2 of the consolidated financial statements and under Summary
on significant accounting policies.
CHANGES IN INTANGIBLE ASSETS
EUR 1000 1-9/2012 1-9/2011 1-12/2011
---------------------------------------------------------------------
Carrying amount at beginning of period 144 489 142 681 142 681
Business acquisitions 433 22 227 22 859
Other capital expenditure 1 556 2 040 2 646
Disposals -1 685 -7 -18
Amortisation and impairment -6 193 -8 243 -23 865
Transfers between items
Exchange differences 686 -192 186
---------------------------------------------------------------------
Carrying amount at end of period 139 286 158 506 144 489
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
EUR 1000 1-9/2012 1-9/2011 1-12/2011
---------------------------------------------------------------------
Carrying amount at beginning of period 207 522 200 700 200 700
Business acquisitions 515 4 028 4 441
Other capital expenditure 27 056 27 402 40 616
Disposals -30 078 -404 -477
Depreciation and impairment -26 687 -24 911 -37 683
Transfers between items
Exchange differences 324 -375 -75
---------------------------------------------------------------------
Carrying amount at end of period 178 652 206 440 207 522
CAPITAL COMMITMENTS
EUR 1000 1-9/2012 1-9/2011 1-12/2011
-----------------------------------------------------------------------
Intangible assets 0 0 0
Property, plant and equipment 4 836 4 862 4 593
-----------------------------------------------------------------------
------------------------------
Total 4 836 4 862 4 593
The Group's share of capital commitments 0 150 0
of joint ventures
RELATED-PARTY TRANSACTIONS
(Joint ventures)
EUR 1000 1-9/2012 1-9/2011 1-12/2011
------------------------------------------------------
Sales 939 1 893 2 489
Other operating income 24 50 63
Interest income 391 512 707
Non-current receivables
Capital loan receivable 0 23 146 24 396
Current receivables
Trade receivables 0 2 408 2 710
Loan receivables 0 1 471 1 633
CONTINGENT LIABILITIES
Securities for own commitments
EUR 1000 9/2012 9/2011 12/2011
---------------------------------------------------------------------------
Mortgages on rights of tenancy 186 42 186 42 186
Company mortgages 460 21 460 21 460
Other securities 187 197 174
Bank guarantees required for environmental permits 6 255 5 649 5 702
Other securities are security deposits.
Off balance sheet liabilities
Lassila & Tikanoja plc has given a guarantee for a share of 50 percent of L&T
Recoil Oy's financial liabilities.
The guarantee is valid no later than the maturity date of the liabilities on 31
August 2014.
The financial liabilities of L&T Recoil totalled EUR 33.6 million on 30
September 2012.
Operating lease liabilities
EUR 1000 9/2012 9/2011 12/2011
--------------------------------------------------------------------------------
Maturity not later than one year 6 117 7 815 7 708
Maturity later than one year and not later than five 8 678 17 662 15 504
years
Maturity later than five years 2 387 4 280 4 185
--------------------------------------------------------------------------------
------------------------
Total 17 182 29 757 27 397
Liabilities associated with derivative agreements
Interest rate and currency swaps
EUR 1000 9/2012 9/2011 12/2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Nominal values of interest rate and currency swaps*
Maturity not later than one year 12 444 17 304 13 429
Maturity later than one year and not later than five 27 446 58 986 38 033
years
Maturity later than five years 3 636
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 43 526 76 290 51 462
Fair value 712 -3 074 -1 504
Nominal value of interest rate swaps**
Maturity not later than one year 4 000 3 807 4 000
Maturity later than one year and not later than five 12 000 636 19 455
years
Maturity later than five years 4 545
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 16 000 4 443 28 000
Fair value -223 443 -144
* The interest rate and currency swaps are used to hedge cash flow related to a
floating rate loan, and hedge accounting under IAS 39 has been applied to it.
The hedges have been effective, and the changes in the fair values are shown in
the consolidated statement of comprehensive income for the period. On the
balance sheet date, the value of foreign currency loans was EUR 0.9 million
negative. The fair values of the swap contracts are based on the market data at
the balance sheet date.
** Hedge accounting under IAS 39 has not been applied to these interest rate
swaps. Changes in fair values
have been recognised in finance income and costs.
Commodity derivatives
metric tons 9/2012 9/2011 12/2011
--------------------------------------------------------------------------------
Nominal values of diesel swaps
Maturity not later than one year 3 816 5 070 2 544
Maturity later than one year and not later than five 636 1 272 636
years
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 4 452 6 342 3 180
Fair value, EUR 1000 356 705 419
Commodity derivative contracts were concluded, for hedging of future diesel oil
purchases. IAS 39 -compliant hedge accounting will be applied to these
contracts, and the effective change in fair value will be recognised in the
hedging reserve within equity. The fair values of commodity derivatives are
based on market prices at the balance sheet date.
Currency derivatives
EUR 1000 9/2012 9/2011 12/2011
---------------------------------------------------------
Volume of forward contracts
Maturity not later than one year 1 099 0 1 079
Fair value -6 0 -19
Hedge accounting under IAS 39 has not been applied to forward contracts.
Changes in fair values have been recognised in finance income and costs.
CALCULATION OF KEY FIGURES
Earnings per share:
profit attributable to equity holders of the parent company / adjusted average
basic number of shares
Earnings per share, diluted:
profit attributable to equity holders of the parent company / adjusted average
diluted number of shares
Cash flows from operating activities/share:
cash flow from operating activities as in the statement of cash flows /
adjusted average number of shares
EVA:
operating profit - cost calculated on invested capital (average of four
quarters)
WACC 2011: 7.7% and WACC 2012: 7.1%
Equity per share:
equity attributable to equity holders of the parent company / adjusted basic
number of shares at end of period
Return on equity, % (ROE):
(profit for the period / equity (average)) x 100
Return on investment, % (ROI):
(profit before tax + finance costs) / (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, 22 October 2012
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,
Ville Rantala, CFO, tel. +358 50 385 1442 or
Keijo Keränen, Head of Treasury & IR, tel. +358 50 385 6957.
Lassila & Tikanoja specialises in environmental management and property and
plant support services. With operations in Finland, Sweden, Latvia and Russia,
L&T employs 9,100 persons. Net sales in 2011 amounted to EUR 652 million. L&T
is listed on NASDAQ OMX Helsinki.
Distribution:
NASDAQ OMX Helsinki
Major media
www.lassila-tikanoja.com
© 2024 Nasdaq, Inc. All Rights Reserved |