Quarterly Report • Oct 28, 2008
Quarterly Report
Open in ViewerOpens in native device viewer
Lassila & Tikanoja's net sales for the third quarter totalled EUR 151.2 million (EUR 138.6 million), showing an increase of 9.1%. The growth was entirely organic. The operating profit was EUR 17.6 million (EUR 15.5 million), representing 11.6% (11.2%) of net sales. The operating profit excluding non-recurring and imputed items was EUR 16.3 million (EUR 16.9 million). Earnings per share were EUR 0.31 (EUR 0.28).
Strong organic growth continued. However, the general increase in costs and the reduction in recycling volumes hampered financial performance in the third quarter. Measures to boost production efficiency continued in order to adapt to increased production costs, and prices were revised. Changes in the fair values of oil derivatives raised operating profit by EUR 1.3 million (EUR -0.5 million).
The nine-month net sales increased by 11.4% to EUR 452.9 million (EUR 406.4 million), with corporate acquisitions accounting for 2.0 percentage points of this growth. Operating profit amounted to EUR 50.6 million (EUR 36.7 million), representing 11.2% (9.0%) of net sales. The operating profit excluding nonrecurring and imputed items was EUR 36.4 million (EUR 41.0 million). Earnings per share were EUR 0.99 (EUR 0.63).
Organic growth outperformed market growth, and new service products were introduced to the market. Operating profit fell due to a rise in the general cost level, particularly in the prices of transport fuels. Similarly, the reduction in recycling volumes and the decreased demand for recovered fuels and biofuels attributable to the mild winter burdened financial performance. Changes in the fair values of oil derivatives decreased operating profit by EUR 0.1 million (EUR 2.1 million).
A capital gain of EUR 14.3 million from the sale of Ekokem shares in January increased the operating profit.
| 7-9/ | 7-9/ | Change | 1-9 / |
1-9 / |
Change | 1-1 2/ |
|---|---|---|---|---|---|---|
| 2007 | ||||||
| 554.6 | ||||||
| 16.9 | -3.6 | 41.0 | -11.2 | 54.3 | ||
| 48.8 | ||||||
| 8.8 | ||||||
| 14.2 | 14.5 | 33.6 | 40.4 | 44.5 | ||
| 0.31 | 0.28 | 10.7 | 0.99 | 0.63 | 57.1 | 0.83 |
| 9.7 | 8.8 | 10.2 | 28.3 | 18.5 | 53.0 | 23.0 |
| 2008 151.2 16.3 17.6 11.6 16.2 |
2007 138.6 15.5 11.2 |
% 9.1 13.6 |
2008 452.9 36.4 50.6 11.2 47.2 |
2007 406.4 36.7 9.0 |
% 11.4 38.0 |
* Breakdown of operating profit excluding non-recurring and imputed items is presented at th nd of th explanatory statement. e e e
The net sales of Environmental Service te manageme s &T Biow tti, environm ducts) rose by 8.6% to EUR 73.7 million (EUR 67.9 million). The operating ofit was EUR 9.7 million (EUR 9.7 million), and the operating profit excluding non-recurring and imputed items was EUR 9.7 million (EUR 9.9 million). s (was nt, recycling service , L a ental pro pr
Strong ued. Price ere rev and measures to boost pr uction efficiency continued. The profitability of recycling services weakened due to smaller transport and processing volumes resulting from the slowdown in construction and to the decrease in the sales prices of recycled raw materials. organic growth contin s w ised od
Construc dded capacity at the Kerava recycling plant proceeded in schedule, and the first stage (recycled timber unit) is expected to be on line early next year. Construction of the second stage (construction waste recycling plant) is about to begin, and the plant is expected to be complet in about a year. tion of a ed
L&T Biowatti reached its targets thanks to an increase in the demand for biofuels during the p riod. However, the rising costs affected its operations, and production limitations in the mechanical forest industry hampered the procurement of byproducts for raw ma rial. The wood pellet plant in L umäki with an annual capacity of about 20,000 tonnes was introduced at the beginning of October. e te u
International operations within Environmental Services expan d, and performance develope Profitability development was particularly good in Latvia thanks to production efficiency measures and decreased costs. de d favourably.
Net sales for environmental products increased considerably and financial performance improved.
nvironmental Services' net sales for January–September totalled EUR 225.9 million (EUR 205.1 million); (EUR 26.6 million), and the operating rofit excluding non-recurring and imputed items was EUR 26.3 million (EUR 27.8 million). E an increase of 10.1%. The operating profit was EUR 26.3 million p
ue to the steep rise in the general cost level and transport fuel prices, prices were revised. Financial rticularly the slowdown in construction lowered the amount of intake volumes at oduction D uncertainty and pa recycling plants. Measures to enhance production efficiency were launched to adjust to higher pr costs.
onstruction of substantial added capacity began at the Kerava recycling plant, which will double the costs f the year. C plant's capacity to almost 400,000 tonnes by 2010. At the same time, the recovery rate will increase significantly. Due to the reduced capacity of the landfill at the Kerava plant for technical reasons, the of disposal of plant reject will increase. The industrial landfill site constructed in Kotka will be opened before the end o
ild racting sing and transport equipment. The production of wood pellets was launched at the beginning of the nal quarter. The demand for L&T Biowatti's biofuels fell clearly short of the expected level due to the exceptionally m winter. The mild winter also hampered the collection of forest processed chips and raised subcont costs. L&T Biowatti will revise its organisation, expand its service offerings, and invest in its own collecting, proces fi
nal Business in Russia and Latvia developed as planned. Resources were increased to expand internatio operations.
ll units of Lassila & Tikanoja plc's Environmental Services received certificates for quality, environmental A management, occupational health and safety. The objective of certification is to improve service and reinforce shared operating procedures.
et sales for environmental products increased and performance development was positive. N
ew UR 4.2 illion), and the operating profit excluding non-recurring and imputed items was EUR 4.8 million (EUR 4.6 The net sales of Property and Office Support Services (property maintenance and cleaning services) gr by 8.4% to EUR 56.3 million (EUR 52.0 million). The operating profit was EUR 4.8 million (E m million).
s sold well in both product lines. Prices were revised. Net sales from international operations creased in Russia and Latvia. The division's strong organic growth continued, particularly in property maintenance, and additional service in
eded The division's performance improved as a result of profit improvement in property maintenance and smaller losses from international operations. Production efficiency improvement measures continued to respond to rising production costs, and the action programme to improve profitability in Sweden proce according to plans.
The January–September net sales of Property and Office Support Services increased by 13.2% to EUR 169.0 million (EUR 149.3 million). The operating profit was EUR 7.6 million (EUR 7.0 million), and the operating profit excluding non-recurring and imputed items was EUR 7.6 million (EUR 7.4 million).
ontract revenue increased, and the sales of additional services in both product lines were successful. osts, and prices were revised. C Production costs rose and price competition remained intense. Operations were adapted to increased production c
ncept provides customers the opportunity to carry out concrete nvironment-friendly actions. New service products were introduced to the market. New products in cleaning services included the L&T® EcoCleaning concept, which received the Nordic Ecolabel, also known as the Swan label, as the first product of the industry in Finland. The co e
he holding in Blue Service Partners was sold to the joint venture partner in the beginning of February. T
oss from international operations declined, and operations in Russia and Latvia developed as planned. In ive action programme has been launched to improve profitability. L Sweden an extens
air s) went up by 15.2% to EUR 22.9 million (EUR 19.9 million). The perating profit was EUR 3.7 million (EUR 2.1 million), and the operating profit excluding non-recurring and The net sales of Industrial Services (hazardous waste management, industrial solutions, damage rep services and wastewater service o imputed items EUR 2.4 million (EUR 3.0 million).
the production adjustment perspective. Demand for damage repair service was low the third quarter. Net sales increased in all product lines, and prices were revised. Fluctuation in demand continued, which was challenging from in
yed ntil next spring because of a design flaw in the piping. Changes in the fair value of oil derivatives raised There were several coinciding shutdowns in the industry, which resulted in increased subcontracting. Furthermore, costs associated with the storage of raw materials for the L&T Recoil re-refinery and the starting of operations burdened the financial performance. The completion of the facility will be dela u operating profit by EUR 1.3 million (EUR -0.5 million).
industrial solutions business. New partner agreements were signed in the
Key priorities in operations included profitability improvement and production adjustment to the forthcoming slower winter season.
he January–September net sales of Industrial Services totalled EUR 62.3 million (EUR 55.6 million); an xcluding non-recurring and imputed items EUR 4.1 million (EUR 7.3 million). T increase of 12.1%. The operating profit was EUR 4.0 million (EUR 4.6 million), and the operating profit e
nd for Industrial ervices. Earnings were also adversely affected by recycled fuel delivery difficulties early this year. Changes in the fair values of oil derivatives amounted to EUR -0.1 million (EUR -2.1 million). Production could not be adapted quickly enough to the rapid fluctuations in the dema S
New partner agreements were made in damage repair services, and the service network was expanded.
Prices were revised, and profitability improvement measures were initiated in all product lines.
At the end of the period, interest-bearing liabilities amounted to EUR 10.9 million more than a year earlier. Net interest-bearing liabilities, totalling EUR 117.6 million, increased by EUR 6.5 million from the comparison period and by EUR 31.3 million from the beginning of the year. Net finance costs exceeded those for the comparison period by EUR 0.1 million in the third quarter and by EUR 0.4 million in January– September. Interest expenses increased by EUR 0.2 million in the third quarter and by EUR 0.6 million in January–September as a result of the growth in interest-bearing liabilities and a rise in the interest rate level.
An expense of EUR 0.1 million arising from changes in the fair values of interest rate swaps was recognised in the finance costs in the third quarter, equalling to the amount for the comparison period. In January–September, an expense of EUR 0.2 million arising from the change in the fair value of interest rate swaps was recognised this year as well as in the comparison period.
Net finance costs were 0.8% (0.8%) of net sales and 6.8% (8.4%) of operating profit. The equity ratio was 44.9% (42.6%) and the gearing rate 57.3 (61.7). Cash flows from operating activities in January– September amounted to EUR 41.8 million (EUR 34.4 million), and EUR 8.5 million (EUR 17.7 million) were tied up in the working capital.
The equity ratio is expected to remain healthy, and financing for 2009 has already been secured.
he Annual General Meeting held on 1 April 2008 resolved on a dividend of EUR 0.55 per share. The UR 21.3 million, was paid to the shareholders on 11 April 2008. T dividend, totalling E
apital expenditure totalled EUR 52.2 million (EUR 77.6 million). Production plants were built and C machinery and equipment were purchased and information systems were replaced.
r the property maintenance services business of Rantakylän Talonhuolto Oy and in e first quarter the cleaning services business of Siivouspalvelu Siivoset Oy and the cleaning services ess al In the second quarte th business of Siivousliike Lainio Oy were acquired into Property and Office Support Services. The busin of Obawater Oy was acquired into waste water services within Industrial Services. The combined annu net sales of the acquired businesses totalled EUR 0.7 million.
ll-time equivalents was 8,177 ,723). At the end of the period, the total number of full-time and part-time employees was 9,625 (9,226). In January–September, the average number of employees converted into fu (7 Of them 7,326 (6,989) people worked in Finland and 2,299 (2,237) people in other countries.
inki from January through eptember was 15,370,189 which is 39.6% (39.0%) of the average number of shares. The value of trading e he The volume of trading in Lassila & Tikanoja plc shares on NASDAQ OMX Hels S was EUR 261.4 million. The trading price varied between EUR 12.88 and EUR 23.00. The closing pric was EUR 13.80. The market capitalisation was EUR 535.4 million (EUR 876.9 million) at the end of t period.
t the beginning of the year the company's registered share capital amounted to EUR 19,392,187. Since ons. After ese subscriptions the share capital is EUR 19,399,437, and the number of the shares 38,798,874 shares. A the beginning of the year, 14,500 shares have been subscribed for pursuant to 2005A share opti th
2005, 600,000 share options were issued, each entitling its holder to subscribe for one share of Lassila dvance ns In & Tikanoja plc. In the beginning of the exercise period, 25 key persons held 162,000 2005A options. 32 key persons hold 176,000 2005B options and 40 key persons hold 221,500 2005C options. L&T A Oy, a wholly-owned subsidiary of Lassila & Tikanoja plc, holds 8,000 2005A options, 24,000 2005B optio and 8,500 2005C options and these options will not be exercised.
EUR 26,87. The exercise period for 2005A options is 2 November 2007 to 29 May 2009, for 2005B ptions 3 November 2008 to 31 May 2010, and for 2005C options 2 November 2009 to 31 May 2011. The exercise price for the 2005A options is EUR 14.22, for 2005B options EUR 16.98 and for 2005C options o
The outstanding options issued under the share option plan 2005 entitle their holders to subscribe for a maximum of 1.4% of the current number of shares. The 2005A options have been listed on NASDAQ OMX Helsinki since 2 November 2007.
ling 20,500 options and &T Advance Oy 9,500 options. The Annual General Meeting of the year 2008 resolved to issue 230,000 share option rights, each entit its holder to subscribe for one share of Lassila & Tikanoja plc. 41 key persons hold 2 L
ns is EUR 16.27. The exercise price of the share options shall, as per e dividend record date, be reduced by the amount of dividend which exceeds 70% of the profit per share ion has r to the share ubscription are deducted from the subscription price. The exercise price shall, however, always amount to The exercise price for the 2008 optio th for the financial period to which the dividend applies. However, only such dividends whose distribut been agreed upon after the option pricing period and which have been distributed prio s at least EUR 0.01. The exercise period will be from 1 November 2010 to 31 May 2012.
As a result of the exercise of the outstanding 2008 share options, the number of shares may increase by a maximum of 220,500 new shares, which is 0.6% of the current number of shares.
financial period, the company had 5,978 (5,050) shareholders. Nominee-registered oldings accounted for 10.7% (13.3%) of the total number of shares. At the end of the h
the shares nd votes in Lassila & Tikanoja plc had fallen to 4.52%. On 26 March 2008, Varma Mutual Pension Insurance Company announced that its holding of a
l Pension Insurance Company announced that its holding of the shares nd votes in Lassila & Tikanoja plc had exceeded the threshold of 10%. On 20 May 2008, Ilmarinen Mutua a
The Board of Directors is not authorised to effect any share issues or to launch a convertible bond or a bond with warrants. Neither is the Board authorised to decide on the repurchase nor disposal of the company's own shares.
e President and CEO from liability. The AGM resolved that a dividend of EUR 0.55, a total of EUR 21.3 ard of Directors, be paid for the financial year 2007. The dividend payment The Annual General Meeting of Lassila & Tikanoja plc, which was held on 1 April 2008, adopted the financial statements for the financial year 2007 and released the members of the Board of Directors and th million, as proposed by the Bo date was 11 April 2008.
ikki Bergholm and Matti Kavetvuo were lected as new members for the same term. The Annual General Meeting confirmed the number of the members of the Board of Directors six. The following Board members were re-elected to the Board until the end of the following AGM: Eero Hautaniemi, Lasse Kurkilahti, Juhani Lassila and Juhani Maijala. He e
PricewaterhouseCoopers Oy, Authorised Public Accountants, were elected auditors with Heikki Lassila, Authorised Public Accountant, acting as Principal Auditor.
The Annual General Meeting approved the Board's proposal to issue 230,000 share options to key personnel of the Lassila & Tikanoja Group and/or to a wholly-owned subsidiary of Lassila & Tikanoja plc.
t its organising meeting following the Annual General Meeting, the Board of Directors re-elected Juhani aijala as Chairman of the Board and Juhani Lassila as Vice Chairman. A M
kanoja sold its holding in the shares of Ekokem Oy Ab to Ilmarinen utual Pension Insurance Company. Lassila & Tikanoja had obtained possession of the shares over a On 22 January 2008, Lassila & Ti M period of several years and they no longer had any connection to the business operations of the company and were, consequently, not essential for them. A tax-exempt capital gain arising from the sale was recognised in the financial statements for the first quarter of the year 2008. The positive effect of the sale on the profit for the period will be EUR 14.2 million.
ting profit xcluding non-recurring and imputed items is estimated to be somewhat lower than in the previous year. In a release disclosed on 22 July 2008, the company announced that the full-year opera e Previously the company estimated that the full-year financial performance will remain at the same level as in the previous year.
08, the company announced that the waste oil re-refinery of joint venture L&T Recoil Oy of ne the completion with a few months. On 3 October 20 will not be completed until next spring, while earlier it was expected to be completed towards the end this year. Flaws had been detected in the piping design, which postpo
lthough the markets in which L&T primarily operates are not highly cyclical, slowdown in economy may nstruction waste, and it is highly ely that further slowdown is in the horizon. Planning and implementing work is more difficult because of strial Services, particularly in forest industry. A reduce transport and recycling volumes and the number of commissioned assignments. The slowdown in the construction business has already translated into lower volumes of co lik the rapid fluctuations in the demand for Indu
l th the business may have a substantial effect on the operating profit of Industrial ervices. If the next winter is mild, this will have a negative impact on L&T Biowatti's earnings evelopment. Heavier forest industry production restrictions are very likely, which will hamper L&T amendment to Latvian waste legislation may ave adverse effects on the competition situation for waste management in Riga. A further postponement in the starting of L&T Recoil's operations and changes in the fair values of oi derivatives associated wi S d Biowatti's supply of by-products for raw material. A planned h
pected to increase by approximately 10 per cent. The operating profit excluding on-recurring and imputed items is expected to be somewhat lower than in the previous year. However, Full-year net sales are ex n due to the capital gain from Ekokem shares, earnings will exceed those for the previous year.
outlook for Environmental Services is stable. The full-year perating profit excluding non-recurring and imputed items for Environmental Services is expected to be at In Environmental Services, the slowdown in the construction and forest industries will affect transport and intake volumes. In other respects, the market o a slightly lower level than a year ago.
he market outlook for Property and Office Support Services will remain stable. However, the competitive erformance but still remain in the red. The full-year operating profit excluding non-recurring and imputed T environment will remain challenging, and the financial uncertainties may reflect in the number of commissioned assignments. The division's international operations are expected to improve their p items from Property and Office Support Services is expected to fall somewhat short of the previous year's level due to higher social costs.
s will continue. After the end of the period, a decision has been made to iscontinue the division's soil washing services which have been making a loss. As a result, a non-Strong fluctuations in the demand for Industrial Services are likely to continue in the final quarter, and production adjustment measure d recurring expense amounting to approximately EUR 2.6 million will be recognised for the final quarter. The division's full-year operating profit excluding non-recurring and imputed items will fall short of last year's level.
Operations will focus on profitability improvement. Investments will be lower than in the previous year.
| E UR million |
7-9/ 2008 |
7-9/ 2007 |
1-9 / 2008 |
1-9/ 2007 |
1-12/ 2007 |
|---|---|---|---|---|---|
| Operating profit | 17.6 | 15.5 | 50.6 | 36.7 | 48. 8 |
| Non-recurring items | |||||
| Loss on sale of landfill operations of Salvor and | |||||
| integration of the remaining Salvor's operations | 0.5 | 1.8 | 2.3 | ||
| Reorganisation of Property and O ffice Support |
|||||
| Services operations in Russia | 0.4 | 0.4 | 0.4 | ||
| Gain on sale of the shares of Ekokem | -14.3 | ||||
| Oil derivatives | -1.3 | 0.5 | 0.1 | 2.1 | 2.8 |
| Operating profit excluding non-recurring and | |||||
| imputed items | 16.3 | 16.9 | 36.4 | 41.0 | 54.3 |
ting policies as in the annual financial statements for the year 2007 have been applied. These terim financial statements have been prepared in accordance with the IFRS standards and ccounting policies in Annual Report 2007. Income tax expense is based on the estimated average annual come tax rate excluding the tax-exempt gain on sale of Ekokem shares. This interim financial report is in compliance with IAS 34, Interim Financial Reporting Standard. The same accoun in interpretations as adopted by the EU. Forthcoming standards and interpretations are presented in the a in
ch stimates and assumptions that affect the carrying amounts at the balance sheet date for the assets and liabilities and the amounts of revenues and expenses. Judg nts ar mad pplyi e licies. Actual results may differ from the estim and assumptio The preparation of financial statements in accordance with IFRS require the management to make su e eme e also e in a ng th accounting po ates ns.
cial statements have not been audited. The interim finan
| E UR 1000 |
7-9/2008 7-9/2007 1-9/ | 2008 | 1-9/2007 | 1-12 /200 7 |
|
|---|---|---|---|---|---|
| Net sales | 151 243 | 13 8 56 9 |
452 938 |
406 441 |
554 613 |
| Cost of goods sold | -129 016 -116 792 -396 756 -348 719 | -478 151 | |||
| Gross profit | 22 227 | 21 777 | 56 182 | 57 722 | 76 46 2 |
| Other operating income | 2 016 | 1 044 | 17 888 | 2 672 | 3 834 |
| Selling and marketing costs | -3 491 | -3 156 | -11 711 | -10 866 | -14 616 |
| Administrative expenses | -2 941 | -2 797 | -9 232 | -8 686 | -11 614 |
| Other operating expenses | -228 | -1 393 | -2 510 | -4 166 | -5 291 |
| Operating profit | 17 583 | 15 475 | 50 617 | 36 676 | 48 775 |
| Finance income | 373 | 258 | 1 189 | 1 037 | 1 661 |
| Finance costs | -1 719 | -1 552 | -4 625 | -4 107 | -5 978 |
| Profit before tax | 16 237 | 14 181 | 47 181 | 33 606 | 44 458 |
| Income tax expense | -4 303 | -3 499 | -8 745 | -9 074 | -12 291 |
| Profit for the period | 11 934 | 10 682 | 38 436 | 24 532 | 32 167 |
| Attributable to: | |||||
| Equity holders of the company | 11 929 | 10 680 | 38 432 | 24 278 | 31 909 |
| Minority interest | 5 | 2 | 4 | 254 | 258 |
| Earnings per share for profit attributable to the equity holders of the company: | |||||
| Earnings per share, EUR | 0.31 | 0.28 | 0.99 | 0.63 | 0.83 |
| Earnings per share, EUR - diluted | 0.31 | 0.27 | 0.99 | 0.63 | 0.82 |
| EU R 1000 |
9/2008 | 9/2007 | 12/2007 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | |||
| Goodwill | 119 498 | 120 167 | 119 946 |
| Intangible assets arising from business combinations | 26 081 | 32 324 | 30 6 00 |
| Other intangible assets | 12 270 | 9 425 | 11 571 |
| Total | 157 849 |
161 916 | 162 117 |
| Property, plant and equipment | |||
| Land | 3 690 | 3 519 | 3 53 2 |
| Buildings and constructions | 38 218 | 37 950 | 39 594 |
| Machinery and equipment | 109 693 | 98 168 | 103 83 2 |
| Other | 114 | 275 | 82 |
| Advance payments and construction in progress | 26 582 | 6 098 | 4 830 |
| Total | 178 297 | 146 010 | 151 870 |
| Other non-current assets | |||
| Investments in associates | 3 | ||
| Available-for-sale investme nts |
502 | 2 978 | 410 |
| Finance lease receivables | 4 827 | 3 605 | 3 823 |
| Deferred i ncome tax assets |
1 373 | 596 | 924 |
| Other receivables | 644 | 252 | 236 |
| Total | 7 346 | 7 434 |
5 393 |
| Total non-current assets | 343 4 92 |
3 15 3 60 |
319 38 0 |
| Current assets | |||
| Inventories | 17 26 1 |
14 197 |
14 350 |
| Trade and other receivables | 84 82 7 |
87 2 59 |
71 824 |
| Derivative receivab les |
1 0 69 |
4 40 |
1 189 |
| Advance paymen ts |
2 99 4 |
2 06 8 |
774 |
| Available-for-sa le investments |
5 98 8 |
1 9 96 |
21 287 |
| Cash and cash equ ivalents |
8 8 83 |
8 4 95 |
9 521 |
| Total current assets | 121 02 2 |
1 14 455 |
118 94 5 |
| TOTAL ASSETS | 464 514 | 429 815 | 438 325 |
| EUR 1000 | 9/2008 | 9/2007 | 12/2007 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity attributable to equity holders of the company |
|||
| Share cap ital |
19 399 | 19 376 | 19 392 |
| Share premium reserve | 50 673 | 50 115 | 50 474 |
| Other reserves | -757 | -3 | 14 055 |
| Reta ined earnings |
97 556 | 86 166 | 86 327 |
| Profit for the period | 38 432 | 24 278 | 31 909 |
| T otal |
20 5 303 |
17 9 932 |
20 2 157 |
| M inority interest |
189 | 186 | 187 |
| T otal equity |
205 492 | 1 80 118 |
202 344 |
| L iabilities |
|||
| Non-c urrent liabilities |
|||
| Deferred income tax liabili ties |
29 952 | 29 504 | 29 842 |
| P ension obligations |
632 | 51 0 |
542 |
| P rovisions |
1 128 |
928 | 953 |
| In terest-bearing liabilities |
7 8 425 |
6 5 276 |
8 1 411 |
| O ther liabilities |
870 | 488 | 500 |
| T otal |
111 007 |
96 706 |
113 248 |
| Current liabilities | |||
| Interest-bearing liabilities | 54 092 | 56 335 | 35 757 |
| T rade and other payables |
92 601 | 95 022 | 85 183 |
| Derivative liabilitie s |
1 078 | 440 | 897 |
| Tax liabilities | 244 | 1 044 | 794 |
| Provisions | 150 | 102 | |
| Total | 14 8 015 |
152 991 |
12 2 733 |
| Total liabilities | 25 9 022 |
24 9 697 |
235 981 |
| TOTAL EQUITY AND LIABI LITIES |
46 4 514 |
42 9 815 |
43 8 325 |
| EUR 1000 | 9/2008 | 9/2007 | 12/2007 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit for the period |
38 436 | 24 532 | 32 167 |
| Adjustments | |||
| Income tax expense | 8 745 | 9 074 | 12 291 |
| Depreciation and amortis ation and impairment |
28 067 | 24 540 | 33 432 |
| Finance income and costs |
3 436 | 3 0 70 |
4 317 |
| Oil derivatives | 81 | 2 215 | 2 947 |
| Gain on sale of share s |
-14 258 | ||
| Othe r |
-906 | -583 | -859 |
| Net cash generat ed from operating activities before change in working |
|||
| capital | 63 601 | 62 848 | 84 295 |
| Change in wo rking capital |
|||
| Change in trade and o ther receivables |
-17 965 | -4 903 | |
| -14 113 | |||
| Change in inventories | -2 925 | -6 135 | -6 824 |
| Change in trade an d other payables |
8 525 | 6 385 |
-1 450 |
| Change in wo rking capital |
-8 513 | -17 715 |
-13 177 |
| Interest paid | -3 554 | -2 424 |
-5 104 |
| Interes t received |
1 093 | 747 | 1 460 |
| In come tax paid |
-10 858 | -9 056 | -12 041 |
| Net cash from ope rating activities |
41 769 | 34 400 | 55 433 |
| Cash flows from investin g activities |
|||
| Acquisition of subs idiaries and businesses, net of cash acquired |
-420 | -39 716 |
-37 050 |
| Proceeds fro m sale of subsidiaries and businesses, net of sold cash |
1 878 |
||
| Purchase s of property, plant and equipment and intangible assets |
-53 285 | -32 157 |
-49 109 |
| Proc eeds from sale of property, plant and equipment and intangible |
|||
| assets | 1 734 | 3 777 | 2 261 |
| Purchases of available-for-sale investments | -110 | -75 | -147 |
| Change in other non-current receiva bles |
-6 | 26 | 1 |
| Proceeds from sale of available-for-sale investments | 16 813 | 942 | 1 098 |
| Dividends received | 3 | 1 | 4 |
| Net cash used in investment activities | -35 271 | -67 202 | -81 064 |
| Cash flows from financing activities | |||
| Proceeds from share issue | 206 | 2 561 | 2 936 |
| Change in short-term borrowings | 7 365 | 24 488 | 23 011 |
| Proceeds from long-term borrowings | 20 000 | 30 000 | 50 302 |
| Repayments of long-term borrowings | -11 864 | -17 092 | -39 909 |
| Dividends paid | -21 315 | -21 361 | -21 360 |
| Net cash generated from financing activities | -5 608 | 18 596 | 14 980 |
| Net change in liquid assets | 890 | -14 206 | -10 651 |
| Liquid assets at beginning of period | 14 008 | 24 790 | 24 790 |
| Effect of changes in foreign exchange rates | -35 | -92 | -131 |
| Change in fair value of current available-for-sale investments | 8 | -1 | |
| Liquid assets at end of period | 14 871 | 10 491 | 14 008 |
| Liquid assets | |||
| EUR 1000 | 9/2008 | 9/2007 | 12/2007 |
| Cash | 8 883 | 8 495 | 9 521 |
| Certificates of deposit and commercial papers | 5 988 | 1 996 | 4 487 |
| Total | 14 871 | 10 491 | 14 008 |
| Share Revaluation | Equity attributable | ||||||
|---|---|---|---|---|---|---|---|
| Share | premium | and other | Retained | to equity holders of the |
Minority | Total | |
| EUR 1000 | capital | reserve | reserves | earnings | company | interest | equity |
| Equity at 1.1.2008 | 19 392 | 50 474 | 14 055 | 118 236 | 202 157 | 187 | 202 344 |
| Hedging reserve, | |||||||
| change in fair value | $-46$ | $-46$ | $-46$ | ||||
| Current available-for-sale | |||||||
| investments, reversal of | |||||||
| change in fair value due to sale |
$-14233$ | $-14233$ | $-14233$ | ||||
| Translation differences | $-533$ | $-533$ | -2 | $-535$ | |||
| Items recognised | |||||||
| directly in equity | $-14812$ | $-14812$ | $-2$ | $-14814$ | |||
| Profit for the period | 38 432 | 38 4 32 | 4 | 38 4 36 | |||
| Total recognised | |||||||
| income and expenses | $-14812$ | 38 4 32 | 23 6 20 | 2 | 23 622 | ||
| Share option remuneration | |||||||
| Subscriptions | |||||||
| pursuant to 2005 options | 7 | 199 | 206 | 206 | |||
| Remuneration expense of | 643 | 643 | 643 | ||||
| share options Dividends paid |
$-21323$ | $-21323$ | $-21323$ | ||||
| Equity at 30.9.2008 | 19 399 | 50 673 | $-757$ | 135 988 | 205 303 | 189 | 205 492 |
| Equity at 1.1.2007 | 19 264 | 47 666 | 326 | 106 904 | 174 160 | 2709 | 176869 |
| Hedging reserve, | |||||||
| change in fair value | 92 | 92 | 92 | ||||
| Current available-for-sale | |||||||
| investments, | |||||||
| change in fair value | -9 | -9 | -9 | ||||
| Translation differences | $-412$ | $-412$ | 1 | $-411$ | |||
| Items recognised directly in equity |
$-329$ | $-329$ | 1 | $-328$ | |||
| Profit for the period | 24 278 | 24 278 | 255 | 24 533 | |||
| Total recognised | |||||||
| income and expenses | $-329$ | 24 278 | 23 949 | 256 | 24 205 | ||
| Share option remuneration | |||||||
| Subscriptions | |||||||
| pursuant to 2002 options | 112 | 2449 | 2561 | 2561 | |||
| Remuneration expense of | |||||||
| share options | 452 | 452 | 452 | ||||
| Dividends paid | $-21190$ | $-21190$ | $-180$ | $-21370$ | |||
| Purchase of a minority | 19 376 | 50 115 | $-3$ | 110 444 | 179 932 | $-2599$ 186 |
$-2599$ 180 118 |
| Equity at 30.9.2007 |
| 7-9 / |
7-9/ | 1-9/ | 1-9/ | 1-12/ | |
|---|---|---|---|---|---|
| 2008 | 2007 | 2008 | 2007 | 2007 | |
| Earnings per share, EUR | 0.31 | 0.28 | 0.99 | 0.63 | 0.83 |
| Earnings per share, EUR - d iluted |
0.31 | 0.27 | 0.99 | 0 .63 |
0.82 |
| Cash flows from o perating activities pe r share , EU R |
0.41 | 0.25 | 1.08 | 0 .89 |
1.43 |
| EVA, EUR million | 9.7 | 8.8 | 2 8.3 |
18.5 | 2 3.0 |
| Capital expenditure, EU R 1000 |
20 817 | 12 937 | 52 238 | 77 638 | 93 187 |
| Depreciation and amor tisation, EUR 1000 |
9 448 | 8 719 | 28 067 | 24 540 | 33 432 |
| Equity per share, EUR | 5.29 | 4.64 | 5.21 | ||
| Return on equity, ROE , % |
25.1 | 18 .3 |
17.0 | ||
| Return on investe d capital, ROI, % |
21.0 | 18.1 | 17.6 | ||
| Equity ratio, % | 44.9 | 42 .6 |
46.6 | ||
| Gearing, % | 57.3 | 61. 7 |
42.7 | ||
| Net interest-bearing lia bilities, EUR 1000 |
1 17 646 |
111 12 1 |
86 360 | ||
| Average number of employees in full-tim e equivalent s Total number of full-time and part-time employees at |
8 177 | 7 723 | 7 819 | ||
| end of period | 9 625 |
9 226 | 9 387 |
||
| Adjusted num ber of shares, 1000 shares |
|||||
| average during the period |
38 795 | 38 637 | 38 670 | ||
| at end of period | 38 799 | 38 752 |
38 784 | ||
| average during the perio d, diluted |
38 825 | 38 837 | 38 843 |
| 7-9/ | 7-9/ | Change | 1-9/ | 1-9/ | Change | 1-12/ | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| EUR 1000 | 2008 | 2007 | % | 2008 | 200 7 |
% | 2007 | ||||
| Environmental Services Property and Office Support |
73 740 | 67 915 | 8.6 | 225 | 859 | 20 5 05 7 |
10 | .1 | 279 | 845 | |
| Services | 5 6 309 |
51 963 | 8 .4 |
168 9 |
97 | 14 9 343 |
13.2 | 2 | 04 141 | ||
| Industrial Services | 22 906 | 19 890 | 15. | 2 62 |
33 3 |
5 5 612 |
12.1 | 75 479 | |||
| G roup admin. and other |
3 | 9 | 10 | ||||||||
| Inter-division net sales | -1 712 | -1 202 | -4 251 | -3 58 0 |
-4 | 862 | |||||
| L&T total | 151 243 | 138 569 | 9.1 | 452 938 | 406 44 1 |
11 | .4 | 554 | 613 | ||
| OPERATING PROFIT | |||||||||||
| 7-9/ | 7-9/ | 1-9/ | 1 -9/ |
1- | 12/ | ||||||
| EUR 1000 | 2008 | % | 2007 | % | 2008 | % | 2007 | % | 20 | 0 7 |
% |
| Environmental Services Property and O ffice Support |
9 723 13.2 | 9 730 | 1 4.3 |
26 298 | 11.6 | 26 605 | 13.0 | 34 977 | 12.5 | ||
| S ervices |
4 806 | 8.5 | 4 213 | 8.1 | 7 571 | 4.5 | 6 990 | 4.7 | 11 005 | 5.4 | |
| Industrial Services | 3 707 16.2 | 2 133 | 10.7 | 3 991 | 6.4 | 4 589 | 8.3 | 4 769 | 6.3 | ||
| Group admin. and other | -653 | -601 | 12 757 | - 1 508 |
-1 9 6 7 |
||||||
| L&T total | 17 583 11.6 15 475 | 11.2 | 50 617 | 11.2 | 3 6 676 |
9. 0 |
48 7 5 7 |
8.8 | |||
| OTHER SEGMENT REPORTING | |||||||||||
| 7-9/ | 7-9/ | 1-9/ | 1-9/ | 1-12/ | |||||||
| EUR 1000 | 2008 | 2007 | 2008 | 2007 | 2007 | ||||||
| Assets | |||||||||||
| Environmental Services Property and Office Support Services |
272 673 | 264 576 74 674 |
250 980 75 508 |
||||||||
| Industrial Services | 74 500 97 478 |
74 573 | 78 311 | ||||||||
| Group admin. and other | 443 | 2 875 | 2 814 | ||||||||
| Non-allocated assets | 19 420 | 13 117 | 30 712 | ||||||||
| L&T total | 464 514 | 429 815 | 438 325 | ||||||||
| Liabilities | |||||||||||
| Environmental Services | 42 747 | 51 660 | 36 935 | ||||||||
| Property and Office Support Services | 30 647 | 29 918 | 32 447 | ||||||||
| Industrial Services | 20 337 | 13 427 | 17 046 | ||||||||
| Group admin. and other | 651 | 765 | 667 | ||||||||
| Non-allocated liabilities | 164 640 | 153 927 | 148 886 | ||||||||
| L&T total | 259 022 | 249 697 | 235 981 | ||||||||
| Capital expenditure | |||||||||||
| Environmental Services | 11 003 | 8 283 | 25 317 | 52 136 | 60 704 | ||||||
| Property and Office Support Services | 1 336 | -394 | 6 109 | 16 941 | 20 040 | ||||||
| Industrial Services | 8 399 | 4 918 | 20 733 | 8 388 | 12 267 | ||||||
| Group admin. and other | 79 | 130 | 79 | 173 | 176 | ||||||
| L&T total | 20 817 | 12 937 | 52 238 | 77 638 | 93 187 | ||||||
| Depreciation and amortisation | |||||||||||
| Environmental Services | 5 739 | 5 199 | 17 068 | 14 936 | 20 330 | ||||||
| Property and Office Support Services | 2 139 | 2 200 | 6 382 | 5 718 | 7 782 | ||||||
| Industrial Services | 1 570 | 1 318 | 4 615 | 3 883 | 5 315 | ||||||
| Group admin. and other | 2 | 2 | 3 | 5 | |||||||
| L&T total | 9 448 | 8 719 | 28 067 | 24 540 | 33 432 |
| EUR 1000 | 7-9/ 2008 |
4-6/ 2008 |
1-3/ 2 008 |
10-12/ 2007 |
7-9/ 2 007 |
4-6/ 20 7 0 |
1-3/ 200 7 |
10-12/ 2006 |
|---|---|---|---|---|---|---|---|---|
| Net sales | ||||||||
| Environmental Services | 73 740 |
7 6 6 39 |
75 480 |
74 7 88 |
67 91 5 |
71 7 44 |
65 39 8 |
53 765 |
| Property and Office | ||||||||
| Support S ervices |
56 309 |
5 7 1 14 |
55 574 |
54 7 98 |
51 96 3 |
48 6 60 |
48 72 0 |
44 584 |
| Industrial Services | 22 906 |
2 2 0 52 |
17 375 |
19 86 7 |
19 890 |
19 5 72 |
16 15 0 |
18 252 |
| Group admin. and other | 1 | 3 | 3 | 3 | 3 | |||
| Inter-division net sales | -1 7 12 |
- 1 4 41 |
-1 098 |
-1 282 | -1 202 |
-1 2 20 |
-1 158 | -1 242 |
| L&T total | 151 243 |
15 364 4 |
147 331 |
148 1 72 |
138 56 9 |
138 7 59 |
129 113 | 115 362 |
| Operating profit | ||||||||
| Environmental Services Property and Office |
9 7 23 |
8 151 | 8 4 23 |
8 3 72 |
9 730 | 8 10 4 |
8 77 1 |
7 104 |
| S upport Services |
4 806 |
1 156 | 1 609 | 4 015 | 4 213 | 1 690 | 1 087 | 1 154 |
| Industrial Services | 3 707 |
1 16 2 |
-878 | 180 | 2 13 3 |
2 59 5 |
-1 39 |
3 025 |
| Group admin. and other | -653 | -271 | 13 681 | -468 | -601 | -349 | -558 | -971 |
| L&T total | 17 583 |
10 198 | 22 8 5 3 |
12 099 |
15 475 | 12 04 0 |
9 1 61 |
10 312 |
| Operating margin | ||||||||
| Environmental Services P roperty and Office |
13.2 | 10.6 | 11.2 | 11.2 | 14. 3 |
11. 3 |
1 3.4 |
1 3.2 |
| Support Services | 8.5 | 2.0 | 2.9 | 7.3 | 8.1 | 3.5 | 2.2 | 2.6 |
| In dustrial Services |
16.2 | 5.3 | -5 .1 |
0.9 | 10.7 | 13.3 | -0 .9 |
16.6 |
| L&T total | 11.6 | 6.6 | 15 .5 |
8.2 | 11 .2 |
8.7 | 7 .1 |
8.9 |
| Finance costs. net | -1 346 | -990 | -1 100 | -1 247 | -1 294 | -924 | -852 | -366 |
| Share of profits of | ||||||||
| associates | 18 | |||||||
| Profit before tax | 16 237 | 9 208 | 21 735 | 10 852 | 14 181 |
1 1 116 |
8 30 9 |
9 964 |
In September 2007, L&T obtained full ownership of Salvor Oy. The busin ratio vor w d and most of the operations were transferred from Environm rvic ust ervices. The figures for the comparison period were adjusted accordingly. ess ope ns of Sal ere reorganise ental Se es into Ind rial S
| Fair values used in | Carrying amounts | |
|---|---|---|
| EUR 1000 | consolidation | before consolidation |
| Property, plant and equipment | 116 | 116 |
| Customer contracts | 158 | |
| Agreements on prohibition of competition | 81 | |
| Trade and other receivables | 10 | 10 |
| Total assets | 366 | 126 |
| Net assets | 366 | 126 |
| Goodwill arising from acquisitions | 55 | |
| Acquisition cost | 420 | |
| Acquisition cost | 420 | |
| Cash flow effect of acquisitions | 420 |
The cleaning services business of Siivousp acq rty and Office 1 January 2008, the cleaning services business of Siivousliike Lainio Oy on 1 March inte serv sin f Ra län Talonhuolto n 1 A 008. was ired i ste wat r services within Industria s on alvelu Siivoset Oy was uired into Prope Support Services on 2008 and the property ma r Oy nance acqu ices bu nto wa ess o e ntaky Oy o l Service pril 2 15 Feb The business of Obawate ruary 2008.
s of the acquired companie lled E 80 t nd. The aggreg cqui UR 420 thousand, of which EUR 55 tho was gnised in goodwill. All itemisations in S 3 are not present ca fig immaterial. The aggregate net sale ost was E s tota usand UR 6 reco housa ate a sition c accordance with IFR ed be use the ures are
huolto Savolainen Oy group was acquired, a company specialising in waste ecycling , with annual net sales of EUR 2.5 million. The compa pr dous waste manage n ia g . O P- Oy to On 1 October 2008, Jäte management and r aste water, hazar services ny also Huolto ovides w ment a d industr l cleanin services ulun TO , a company specialising in property management, was acquired in October through a purchase entering in force on 1 November 2008. The company's annual net sales for 2007 amounted to EUR 2.5 million.
ual Report 2007 under Note 2 f the consolidated financial statements and under Summary on significant accounting policies. The accounting policy concerning business combinations is presented in Ann o
| EUR 1000 | 1-9/2008 | 1-9/2007 | 1-12/2007 |
|---|---|---|---|
| Carrying amount at beginning of period | 16 2 117 |
1 24 407 |
124 407 |
| Business acquisitions | 294 | 42 115 | 41 885 |
| Other capital expenditure | 2 937 | 3 243 | 5 403 |
| Disposals | -122 | -2 100 | -1 546 |
| Amortisation and impairment | -6 790 | -5 649 | -7 921 |
| Transfers between items | 121 | 228 | |
| Exchange differences | -587 | -221 | -339 |
| Carrying amount at end of perio d |
157 849 | 161 91 6 |
162 117 |
| EUR 1000 | 1-9/2008 | 1 -9/2007 |
1-12/2007 |
|---|---|---|---|
| Carrying amount at beginning of perio d |
151 870 | 134 03 8 |
134 038 |
| Business acquisitions | 116 | 5 510 | 5 574 |
| Other capital expenditure | 48 782 | 27 384 | 40 147 |
| Disposals | -1 009 | -1 814 | -2 096 |
| Depreciation and impairment | -21 277 | -18 894 | -25 511 |
| Transfers between items | -121 | -228 | |
| Exchange differences | -185 | -93 | -54 |
| Carryin g amount at end of period |
178 297 | 146 010 | 151 870 |
| EUR 1000 | 1-9/2008 | 1-9/2007 | 1-12/2007 |
|---|---|---|---|
| Intangible assets | 1 122 | 165 | 70 |
| Property, plant and equipment | 16 739 | 9 762 | 8 646 |
| Total | 17 861 | 9 927 | 8 716 |
| The Group's share of capital commitments of joint ventures |
4 093 | 4 396 | 5 090 |
(Joint ventures)
| EUR 1000 | 1-9/2008 | 1-9/2007 | 1-12/2007 |
|---|---|---|---|
| Sales | 766 | 1 520 | 1 851 |
| Purchases | 245 | 247 | |
| Non-current receivables | |||
| Capital loan receivable | 7 646 | 1 296 | 2 646 |
| Current receivables | |||
| Trade receivables | 79 | 934 | 110 |
| Current payables | |||
| Trade payables |
| EUR 1000 | 9/2008 | 9/2007 | 12/2007 |
|---|---|---|---|
| Securities for own commitments | |||
| Real estate mortgages | 19 192 |
10 514 | 10 114 |
| Corporate mortgages | 1 9 000 |
1 5 000 |
1 5 000 |
| Other secu rities |
191 | 153 | 182 |
| Bank guarantees required for environmental permits |
4 163 | 3 888 |
4 309 |
| Other securities are security depos its. |
|||
| T he Group has given no pledges, mortgages or guarantees on behalf of outsiders. |
|||
| Operating lease liabilities | |||
| E UR 1000 |
9/2008 | 9/2007 | 12/2007 |
| Maturity not later than one year | 6 917 | 6 521 | 7 424 |
| Maturity later than one year and not later than five years |
15 316 | 13 976 | 15 611 |
| Maturity later than five years |
7 188 |
3 703 | 3 905 |
| Total | 29 421 | 24 200 | 26 940 |
| Derivative financial instruments | |||
| Interest rate swaps | |||
| EUR 1000 | 9/2008 | 9/2007 | 12/2007 |
| Nominal values of interest rate swaps* | |||
| Maturity not later than one ye ar |
15 000 | 15 500 | 7 500 |
| M aturity later than one year and not later than five years |
15 000 | 15 000 |
| Total | 15 000 | 30 500 | 22 500 |
|---|---|---|---|
| Fair value | 220 | 563 | 394 |
| Nominal values of interest rate s waps** |
|||
| Maturi ty not later than one year |
4 629 | 1 429 | 3 029 |
| M aturity later than one year and not later than five years |
18 514 | 5 714 | 18 514 |
| Maturity later than five years | 9 000 | 6 428 | 12 028 |
| Total | 3 2 143 |
1 3 571 |
3 3 571 |
| Fair value | 641 | 644 | 703 |
ot been applied to these interest rate swaps. Changes in fair recognised in finance income and costs. * Hedge accounting under IAS 39 has n values have been
The interest rate swaps are used to hedge cash flow related to a floating rate loan, and hedge under IAS 39 has been applied to it. The hedges hav fective otal c e fair values has been recognised in the hedging fund under equity. ** accounting e been ef , and the t hange in th
| Currency d erivatives |
|||
|---|---|---|---|
| EUR 1000 | 9/2008 | 9/2007 | 12/2007 |
| Nominal values of forward contracts* | |||
| Maturity not later than one year | 2 1 60 |
2 01 9 |
2 184 |
| Fair value | 24 | 21 | 7 |
Hedge accounting under IAS 39 has not been applied to the currency derivatives. Changes in fair values have been recognised in finance income and costs. *
| Oil derivatives | |||
|---|---|---|---|
| 1 000 bbl |
9/2008 | 9/2007 | 12/2007 |
| Volume of crude oil put options | |||
| Maturity not later than one year | 226 | 125 | 182 |
| Maturity later than one y ear and not later than five years |
57 | 283 | 2 26 |
| Total | 283 | 408 | 4 08 |
| Fair value, EUR 1000 | 184 | 4 24 |
83 |
| Volume of sold crude oil futures | |||
| M aturity not later than one year |
42 | 42 | 42 |
| Fair value, EUR 1000 | -1 078 | -506 | -897 |
edge accounting under IAS 39 has not been applied to oil derivatives. Changes in fair values have been expenses. H recognised in other operating
he fair values of the oil options have been determined on the basis of a generally used valuation model. contracts are based on market pri the balan et date. T The fair values of other derivative ces at ce she
profit attributable to equity holders of the parent company /adjusted average number of shares Earnings per share:
from operating activities/share: ash flow from operating activities as in the cash flow statement / adjusted average number of shares Cash flows c
EVA:
age of four quarters) before taxes 2007: 8.75% operating profit - cost calculated on invested capital (aver WACC WACC 2008: 9.3%
of the parent company / adjusted number of shar nd of peri Equity/share: profit attributable to equity holders es at e od
for the period / shareholders' equity (average)) x 100 Return on equity, % (ROE): (profit
nvestment, % (ROI): ring Return on i (profit before tax + interest expenses and other finance costs) / (balance sheet total - non-interest-bea liabilities (average)) x 100
Equity ratio, %: shareholders' equity / (balance sheet total - advances received) x 100
es / shareholders' equity x 100 Gearing, %: net interest-bearing liabiliti
ssets Net interest-bearing liabilities: Interest-bearing liabilities - liquid a
ber 2008 Helsinki 27 Octo
ASSILA & TIKANOJA PLC L Board of Directors
rjo Jari Sa President and CEO
ntact Jari Sarjo, l. +358 10 636 2810. For further information, please co President and CEO, te
anagement and property and plant support services and a leading supplier of wood-based biofuels, recovered fuels and recycled raw materials. With operations Lassila & Tikanoja specialises in environmental m is in Finland, Sweden, Latvia, Russia and Norway, L&T employs 9,500 persons. Net sales in 2007 amounted to EUR 555 million. L&T is listed on NASDAQ OMX Helsinki.
ASDAQ OMX Helsinki Distribution: N Major media www.lassila-tikanoja.com
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.