Quarterly Report • Aug 6, 2013
Quarterly Report
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"We pursued our strategy implementation in the second quarter, and the efficiency improvement measures produced the expected results. We were able to improve our operating profit year-on-year and to generate a strong cash flow. The current economic uncertainty is reflecting on demand in the industrial sector and on the material flows in retail trade, which in turn is halting our net sales growth."
Lassila & Tikanoja's net sales for the second quarter decreased by 0.5% to EUR 168.9 million (EUR 169.7 million). Operating profit was EUR 8.5 million (EUR 14.1 million), and operating profit excluding non-recurring items was EUR 13.4 million (EUR 12.1 million), representing 7.9% (7.2%) of net sales. Earnings per share were EUR 0.14 (EUR 0.24).
Comparable net sales includes EUR 3.3 million worth of net sales generated by L&T Recoil and the divested parts of the eco product business.
Gain from the sale of L&T Recoil shares boosted operating profit by EUR 4.2 million in the comparison period while the non-recurring write-down of EUR 5.0 million on EcoStream Oy shares reduced it in the review period.
Lassila & Tikanoja's net sales for January–June amounted to EUR 336.6 million (EUR 341.0 million); an decrease of 1.3%. Operating profit was EUR 14.8 million (EUR 19.1 million), and operating profit excluding non-recurring items was EUR 20.2 million (EUR 17.2 million), representing 6.0% (5.0%) of net sales. Earnings per share were EUR 0.26 (EUR 0.31).
Comparable net sales includes EUR 7.3 million worth of net sales generated by L&T Recoil and the divested parts of the eco product business.
Operating profit was taxed by the non-recurring reorganisation costs of EUR 0.7 million (EUR 2.0 million). Gain from the sale of L&T Recoil shares boosted operating profit by EUR 4.2 million in the comparison period while the non-recurring write-down of EUR 5.0 million on EcoStream Oy shares reduced it in the review period.
| 4-6/ | 4-6/ | Change | 1-6/ | 1-6/ | Change | 1-12/ | |
|---|---|---|---|---|---|---|---|
| 2013 | 2012 | % | 2013 | 2012 | % | 2012 | |
| Net sales, EUR million | 168.9 | 169.7 | -0.5 | 336.6 | 341.0 | -1.3 | 674.0 |
| Operating profit excluding | |||||||
| non-recurring items, EUR | |||||||
| million* | 13.4 | 12.1 | 10.0 | 20.2 | 17.2 | 17.1 | 47.4 |
| Operating margin excluding | |||||||
| non-recurring items, % | 7.9 | 7.2 | 6.0 | 5.0 | 7.0 | ||
| Operating profit, EUR million | 8.5 | 14.1 | -40.0 | 14.8 | 19.1 | -22.5 | 48.4 |
| Operating margin, % | 5.0 | 8.3 | 4.4 | 5.6 | 7.2 | ||
| Profit before tax, EUR million | 7.9 | 10.8 | -26.9 | 13.8 | 14.8 | -6.6 | 43.0 |
| Earnings per share, EUR | 0.14 | 0.24 | -41.7 | 0.26 | 0.31 | -16.1 | 0.89 |
| EVA, EUR million | 3.4 | 7.9 | -57.0 | 4.3 | 6.4 | -32.8 | 24.1 |
* Breakdown of operating profit excluding non-recurring items is presented below the division reviews.
The division's net sales for the second quarter were down by 3.7% to EUR 66.6 million (EUR 69.1 million). Operating profit totalled EUR 9.1 million (EUR 12.4 million) and operating profit excluding nonrecurring items was EUR 9.1 million (EUR 8.7 million).
Comparable net sales includes EUR 3.3 million worth of net sales generated by L&T Recoil and the divested parts of the eco product business.
Despite the decrease in material flows in the recycling, building and retail sectors, the division was able to improve its profitability. Efficiency enhancement measures and effective cost control contributed to the increase in operating profit.
The Environmental Services division's net sales for January–June amounted to EUR 126.8 million (EUR 134.6 million), showing a decrease of 5.8%. Operating profit totalled EUR 15.3 million (EUR 16.6 million) and operating profit excluding non-recurring items was EUR 15.3 million (EUR 13.0 million).
Comparable net sales includes EUR 7.3 million worth of net sales generated by L&T Recoil and the divested parts of the eco product business.
Comparable net sales remained at the comparison period's level even though the recycling material volume declined following the slowdown in the building and retail trade sectors. Net sales growth could be attributed to new customer contracts and positive developments in the waste management business.
Efficiency enhancement measures and effective cost control contributed to the increase in operating profit.
The division's net sales for the second quarter totalled EUR 20.0 million (EUR 20.2 million), showing an decrease of 0.8%. Operating profit totalled EUR 1.9 million (EUR 2.2 million) and operating profit excluding non-recurring items was EUR 1.9 million (EUR 2.5 million).
Demand for industrial services perked up in the second quarter. Meanwhile the demand for environmental construction and sewer maintenance services remained weak at the beginning of the second quarter, which had a negative effect on both net sales and operating profit.
The division's net sales for January-June totalled EUR 33.7 million (EUR 33.1 million), showing an increase of 2.0%. Operating profit totalled EUR 1.4 million (EUR 0.9 million) and operating profit excluding non-recurring items was EUR 1.4 million (EUR 1.3 million).
Net sales grew following an increase in demand for process cleaning. Demand for sewer maintenance services and environmental construction was modest at the start of the year, but improved towards the end of the review period.
The demand for our hazardous waste services remained strong throughout the period, helping to maintain a healthy profit level.
The division's net sales for the second quarter were up by 1.4% to EUR 73.4 million (EUR 72.4 million). Operating profit totalled EUR 2.8 million (EUR 1.0 million) and operating profit excluding non-recurring items was EUR 2.9 million (EUR 2.1 million).
The demand for damage repair services returned to normal and, especially in Sweden, the profitability of cleaning business improved year-on-year, affecting the second quarter's operating profit.
The division's net sales for January-June were down by 1.8% to EUR 149.2 million (EUR 152.0 million). Operating profit totalled EUR 3.3 million (EUR 2.6 million) and operating profit excluding non-recurring items was EUR 3.7 million (EUR 3.8 million).
The division's net sales declined from the comparison period due to reduced demand for damage repair services and decline in the Swedish operations.
Costs incurred from the expansion of technical systems services had a negative effect on profitability, as did the weak demand for damage repair services in the first half.
The Facility Services division implemented efficiency enhancement measures to improve its profitability. Profitability improved in the cleaning business, particularly in Sweden.
Second quarter net sales of Renewable Energy Sources (L&T Biowatti) were up by 7.4% to EUR 13.0 million (EUR 12.1 million). The division recorded an operating profit of EUR 0.1 million (operating loss EUR 0.7 million), and an operating loss excluding non-recurring items of EUR 0.1 million (operating loss EUR 0.6 million).
The demand for wood-based fuels remained brisk in the second quarter. Efficiency enhancement measures had a positive impact on the division's profitability.
January–June net sales of Renewable Energy Sources (L&T Biowatti) were up by 17.1% to EUR 34.8 million (EUR 29.7 million). Operating profit amounted to EUR 1.1 million (EUR 0.1 million), and operating profit excluding non-recurring items was EUR 0.9 million (EUR 0.2 million).
There was a significant improvement in the division's net sales from the comparison period, due to strong demand for wood-based fuels.
Profitability suffered from the weak energy content of fuels and higher logistics costs. Operating profit improved following net sales growth and the efficiency improvement measures.
| 4-6/ | 4-6/ | 1-3/ | 1-3/ | 1-12/ | |
|---|---|---|---|---|---|
| EUR million | 2013 | 2012 | 2013 | 2012 | 2012 |
| Operating profit | 8.5 | 14.1 | 14.8 | 19.1 | 48.4 |
| Non-recurring items: | |||||
| Gain on sale of L&T Biowatti Oy equipment | -0.3 | -0.3 | |||
| Impairment of Ecostream Oy shares | 5.0 | 5.0 | |||
| Gain on sale of holding in L&T Recoil Oy | -4.2 | -4.2 | -4.2 | ||
| Impairment of hazardous waste treatment facilities | 0.3 | 0.3 | 0.5 | ||
| Gain on sale of eco product business | -0.2 | ||||
| Restructuring costs | 0.2 | 1.9 | 0.7 | 2.0 | 2.9 |
| Operating profit excluding non-recurring items | 13.4 | 12.1 | 20.2 | 17.2 | 47.4 |
Cash flows from operating activities amounted to EUR 44.4 million (EUR 31.6 million). A total of EUR 9.7 million in working capital was released (EUR 2.4 million released).
At the end of the period, interest-bearing liabilities amounted to EUR 89.0 million (EUR 129.5 million). L&T Recoil accounted for EUR 17.7 million of the interest-bearing liabilities in the reference period. Guarantees of EUR 16.4 million given by Lassila & Tikanoja to other providers of finance for these liabilities are still in force. In addition L&T had receivables from EcoStream Group of EUR 3.3 million.
Net interest-bearing liabilities amounted to EUR 73.9 million, showing a decrease of EUR 8.4 million from the beginning of the year and EUR 38.8 million from the comparison period.
Net finance costs in the January-June amounted to EUR 1.0 million (EUR 4.3 million). Net finance costs were 0.3% (1.3%) of net sales.
The average interest rate on long-term loans (with interest-rate hedging) was 2.2% (2.5%). Long-term loans totalling EUR 16.2 million will mature during the rest of the year.
The equity ratio was 47.3% (43.3%) and the gearing rate 33.9 (53.8). Liquid assets at the end of the period amounted to EUR 15.1 million (EUR 16.7 million).
Of the EUR 100 million commercial paper programme, EUR 15.0 million (EUR 34.0 million) was in use at the end of the period. A committed limit totalling EUR 30.0 million was not in use, as was the case in the comparison period.
The Annual General Meeting held on 12 March 2013 resolved that the profit for 2012 be placed in retained earnings and that no dividend be paid. A capital repayment of EUR 0.60 per share was paid for the financial year 2012. The capital repayment, totalling EUR 23.2 million, was paid to the shareholders on 22 March 2013.
Capital expenditure for January-June totalled EUR 16.7 million (EUR 27.8 million) and was mainly comprised of machine and equipment purchases.
In January-June the average number of employees converted into full-time equivalents was 8,002 (8,220). The total number of full-time and part-time employees at the end of the period was 9,567 (9,817). Of them 7,602 (7,689) people worked in Finland and 1,965 (2,128) people in other countries.
The volume of trading excluding the shares held by the company in Lassila & Tikanoja plc shares on NASDAQ OMX Helsinki in January-June was 3,796,733 which is 9.8% (14.6%) of the average number of outstanding shares. The value of trading was EUR 49.5 million (EUR 59.1 million). The trading price varied between EUR 11.60 and EUR 14.19. The closing price was EUR 13.40. The market capitalisation excluding the shares held by the company was EUR 518.7 million (EUR 362.1 million) at the end of the period.
At the end of the period the company held 92,247 of its own share shares, representing 0.2% of all shares and votes.
The company's registered share capital amounts to EUR 19,399,437, and the number of outstanding shares to 38,706,627 shares. The average number of shares excluding the shares held by the company totalled 38,701,195.
Lassila & Tikanoja plc's Board of Directors decided on 17 December 2012 on a new share-based incentive programme. The programme's earnings period began on 1 January 2013 and ends on 31 December 2013. Potential rewards to be paid for the year 2013 will be based on the EVA result of Lassila & Tikanoja group. Potential rewards will be paid partly as shares and partly in cash. A maximum total of 53,300 Lassila & Tikanoja plc shares may be paid out on the basis of the programme. The programme covers 10 persons.
At the end of the period, the company had 9,485 (9,525) shareholders. Nominee-registered holdings accounted for 17.9% (15.3%) of the total number of shares.
The Annual General Meeting held on 12 March 2013 authorised Lassila & Tikanoja plc's Board of Directors to make decisions on the repurchase of the company's own shares using the company's unrestricted equity. In addition, the Annual General Meeting authorised the Board of Directors to decide on the share issue and the issuance of special rights entitling to shares.
The Board of Directors is authorised to purchase a maximum of 500,000 company shares, which is 1.3% of the total number of shares. The repurchase authorisation will be effective for 18 months.
The Board of Directors is authorised to decide on issuance of new shares or shares possibly held by the Company through share issue and/or issuance of option rights or other special rights entitling to shares, referred to in Chapter 10, Section 1 of the Finnish Companies Act, so that by virtue of the authorisation altogether 500,000 shares, which is 1.3% of the total number of shares, may be issued and/or conveyed at the maximum. The share issue authorisation will be effective for 18 months.
The Annual General Meeting of Lassila & Tikanoja plc, which was held on 12 March 2013, adopted the financial statements for the financial year 2012 and released the members of the Board of Directors and the President and CEO from liability.
The AGM resolved that the profit for 2012 be placed in retained earnings and that no dividend be paid. A capital repayment of EUR 0.60 per share, as proposed by the Board of Directors, was paid for the financial year 2012 on the basis of the balance sheet adopted. The capital repayment, totalling EUR 23.2 million, payment date was on 22 March 2013.
The 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 named Lasse Holopainen, Authorised Public Accountant, as its principal auditor.
The resolutions of the Annual General Meeting were announced in more detail in a stock exchange release on 12 March 2013.
The 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.
In a release published on 25 March 2013, the company announced the comparable figures for 2012 based on the new business structure.
In a release published on 9 April 2013, the company announced that as part of EcoStream Oy's capital arrangements, Lassila & Tikanoja plc subscribed for EcoStream Oy shares for a total of EUR 2.0 million on 8 April 2013. The subscription price was EUR 3.00 per share. This subscription was financed through a conversion of Lassila & Tikanoja's remaining sale price receivable from the L&T Recoil Oy divestment, EUR 2.0 million, into EcoStream Oy shares. Consequently, the arrangement had no direct impact on cash flow. Following this arrangement and EcoStream Oy's other capital arrangements, Lassila & Tikanoja's ownership in EcoStream Oy fell to approximately 16.4 per cent.
In connection with the arrangement, Lassila & Tikanoja's Board of Directors decided on a write-down of all shares held by Lassila & Tikanoja plc to EUR 3.00 per share. As a result of this write-down, the company will record an impairment of EUR 5.1 million on EcoStream Oy's shares for the second quarter.
After the write-down, the balance sheet value of the EcoStream shares held by L&T will be approximately EUR 3.6 million.
The impairment will be treated as a non-recurring cost item, with no impact on cash flow.
In a release published on 1 July 2013, the company announced that the consideration of charges relating to L&T's overtime investigation was complete. The police investigation and the consideration of charges were aimed at the overtime work of 25 of L&T's property maintenance employees. On the basis of the consideration of charges, the District Prosecutor for Helsinki has decided to press charges against 21 former and current management staff at Lassila & Tikanoja, including Pekka Ojanpää, President and CEO since 1 November 2011.
Economic uncertainty may cause major changes in the Environmental Services division's secondary raw material markets and in the Industrial Services division's demand.
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 2012, in the report of the Board of Directors, and in the consolidated financial statements.
Full-year net sales in 2013 are expected to remain at the 2012 level. Operating profit, excluding nonrecurring items, is expected to remain at the 2012 level or improve slightly.
| 4-6/ | 4-6/ | 1-6/ | 1-6/ | 1-12/ | |
|---|---|---|---|---|---|
| EUR 1 000 | 2013 | 2012 | 2013 | 2012 | 2012 |
| Net sales | 168 882 | 169 692 | 336 603 | 340 978 | 673 985 |
| Cost of sales | -149 488 | -151 299 | -303 855 | -311 010 | -602 581 |
| Gross profit | 19 394 | 18 393 | 32 748 | 29 968 | 71 404 |
| Other operating income | 1 368 | 5 011 | 1 746 | 5 559 | 7 708 |
| Selling and marketing costs | -3 764 | -4 945 | -7 404 | -9 036 | -16 745 |
| Administrative expenses | -2 991 | -3 408 | -6 237 | -6 416 | -12 090 |
| Other operating expenses | -499 | -605 | -1 047 | -696 | -1 584 |
| Impairment, non-current assets | -5 027 | -302 | -5 027 | -302 | -302 |
| Impairment, goodwill and other intangible assets | |||||
| Operating profit | 8 481 | 14 144 | 14 779 | 19 077 | 48 391 |
| Finance income | 110 | 148 | 231 | 503 | 860 |
| Finance costs | -700 | -3 504 | -1 229 | -4 819 | -6 256 |
| Profit before tax | 7 891 | 10 788 | 13 781 | 14 761 | 42 995 |
| Income tax expense | -2 407 | -1 447 | -3 850 | -2 656 | -8 543 |
| Profit for the period | 5 484 | 9 341 | 9 931 | 12 105 | 34 452 |
| Attributable to: | |||||
| Equity holders of the company | 5 484 | 9 342 | 9 935 | 12 111 | 34 459 |
| Non-controlling interest | 0 | -1 | -4 | -6 | -7 |
| Earnings per share for profit attributable to the equity holders of the company: |
|||||
| Basic earnings per share, EUR | 0.14 | 0.24 | 0.26 | 0.31 | 0.89 |
| Diluted earnings per share, EUR | 0.14 | 0.24 | 0.26 | 0.31 | 0.89 |
| 4-6/ | 4-6/ | 1-6/ | 1-6/ | 1-12/ | |
|---|---|---|---|---|---|
| EUR 1 000 | 2013 | 2012 | 2013 | 2012 | 2012 |
| Profit for the period | 5 484 | 9 341 | 9 931 | 12 105 | 34 452 |
| Other comprehensive income, after tax | |||||
| Items arising from re-measurement of defined benefit plans | -189 | ||||
| Total | 0 | 0 | 0 | 0 | -189 |
| Hedging reserve, change in fair value | -1 213 | 348 | -256 | 657 | 1 098 |
| Revaluation reserve | |||||
| Gains in the period | -1 | 0 | -2 | 3 | 2 |
| Current available-for-sale financial assets | -1 | 0 | -2 | 3 | 2 |
| Currency translation differences | -1 081 | -601 | -831 | 80 | 627 |
| Currency translation differences, non-controlling interest | -20 | -15 | -16 | 3 | 10 |
| Other comprehensive income, after tax | -2 315 | -268 | -1 105 | 743 | 1 737 |
| Total comprehensive income, after tax | 3 169 | 9 073 | 8 826 | 12 848 | 36 000 |
| Attributable to: | |||||
| Equity holders of the company | 3 189 | 9 089 | 8 846 | 12 851 | 35 997 |
| Non-controlling interest | -19 | -16 | -20 | -3 | 3 |
| EUR 1 000 | 6/2013 | 6/2012 | 12/2012 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | |||
| Goodwill | 119 917 | 119 735 | 120 189 |
| Customer contracts arising from acquisitions | 6 396 | 9 027 | 7 880 |
| Agreements on prohibition of competition | 1 079 | 2 534 | 1 810 |
| Other intangible assets arising from business acquisitions | 46 | 67 | 57 |
| Other intangible assets | 8 580 | 8 968 | 8 494 |
| 136 018 | 140 331 | 138 430 | |
| Property, plant and equipment | |||
| Land | 3 746 | 4 129 | 3 844 |
| Buildings and constructions | 49 957 | 47 604 | 52 393 |
| Machinery and equipment | 116 732 | 122 185 | 121 179 |
| Other | 85 | 85 | 86 |
| Prepayments and construction in progress | 4 352 | 5 423 | 2 657 |
| 174 872 | 179 426 | 180 159 | |
| Other non-current assets | |||
| Available-for-sale investments | 4 254 | 7 293 | 7 284 |
| Finance lease receivables | 3 623 | 3 848 | 3 608 |
| Deferred tax assets | 3 447 | 3 713 | 3 845 |
| Other receivables | 5 823 | 2 946 | 2 755 |
| 17 147 | 17 800 | 17 492 | |
| Total non-current assets | 328 037 | 337 557 | 336 081 |
| Current assets | |||
| Inventories | 26 044 | 26 941 | 24 884 |
| Trade and other receivables | 100 963 | 107 862 | 103 925 |
| Derivative receivables | 382 | 113 | 1 290 |
| Prepayments | 1 838 | 2 688 | 491 |
| Current available-for-sale financial assets | 6 997 | 2 499 | |
| Cash and cash equivalents | 15 078 | 9 739 | 12 083 |
| Total current assets | 144 305 | 154 340 | 145 172 |
| TOTAL ASSETS | 472 342 | 491 897 | 481 253 |
| EUR 1 000 | 6/2013 | 6/2012 | 12/2012 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity attributable to equity holders of the company | |||
| Share capital | 19 399 | 19 399 | 19 399 |
| Share premium reserve | |||
| Other reserves | -1 832 | -1 729 | -743 |
| Unrestricted equity reserve | 6 103 | 29 381 | 29 381 |
| Retained earnings | 184 216 | 150 200 | 150 233 |
| Profit for the period | 9 935 | 12 111 | 34 459 |
| 217 821 | 209 362 | 232 729 | |
| Non-controlling interest | 254 | 268 | 274 |
| Total equity | 218 075 | 209 630 | 233 003 |
| Liabilities | |||
| Non-current liabilities | |||
| Deferred tax liabilities | 30 637 | 30 301 | 31 313 |
| Retirement benefit obligations | 894 | 667 | 672 |
| Provisions | 4 194 | 2 589 | 4 304 |
| Borrowings | 46 724 | 74 208 | 57 961 |
| Other liabilities | 879 | 1 021 | 942 |
| 83 328 | 108 786 | 95 192 | |
| Current liabilities | |||
| Borrowings | 42 293 | 55 260 | 38 915 |
| Trade and other payables | 127 648 | 116 630 | 112 880 |
| Derivative liabilities | 677 | 859 | 1 129 |
| Tax liabilities | 13 | 14 | |
| Provisions | 321 | 719 | 120 |
| 170 939 | 173 481 | 153 058 | |
| Total liabilities | 254 267 | 282 267 | 248 250 |
| TOTAL EQUITY AND LIABILITIES | 472 342 | 491 897 | 481 253 |
| EUR 1 000 | 6/2013 | 6/2012 | 12/2012 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit for the period | 9 931 | 12 105 | 34 452 |
| Adjustments | |||
| Income tax expense | 3 850 | 2 657 | 8 543 |
| Depreciation, amortisation and impairment | 26 117 | 22 123 | 43 642 |
| Finance income and costs | 998 | 4 315 | 5 395 |
| Gain on sale of shares | -4 413 | -4 181 | |
| Other | -589 | 448 | 1 603 |
| Net cash generated from operating activities before change in working | |||
| capital | 40 307 | 37 235 | 89 454 |
| Change in working capital | |||
| Change in trade and other receivables | -3 593 | -17 313 | -10 574 |
| Change in inventories | -1 156 | -2 177 | -121 |
| Change in trade and other payables | 14 478 | 21 853 | 17 096 |
| Change in working capital | 9 729 | 2 363 | 6 401 |
| Interest paid | -1 267 | -3 036 | -5 070 |
| Interest received | 240 | 526 | 830 |
| Income tax paid | -4 640 | -5 523 | -11 127 |
| Net cash from operating activities | 44 369 | 31 565 | 80 488 |
| Cash flows from investing activities | |||
| Acquisition of subsidiaries and businesses, net of cash acquired | -807 | -2 498 | |
| Proceeds from sale of subsidiaries and businesses, net of sold cash | 7 820 | 7 820 | |
| Purchases of property, plant and equipment and intangible assets | -14 093 | -21 381 | -40 659 |
| Proceeds from sale of property, plant and equipment and intangible | |||
| assets | 781 | 255 | 2 826 |
| Purchases of available-for-sale investments | |||
| Change in other non-current receivables | 198 | 368 | 560 |
| Proceeds from sale of available-for-sale investments | |||
| Dividends received | 1 | 1 | |
| Net cash used in investing activities | -13 114 | -13 744 | -31 950 |
| Cash flows from financing activities | |||
| Change in short-term borrowings | 2 997 | 16 087 | -5 781 |
| Proceeds from long-term borrowings | 10 200 | 10 200 | |
| Repayments of long-term borrowings | -10 425 | -14 197 | -25 254 |
| Dividends paid and other asset distribution | -23 197 | -21 254 | -21 254 |
| Repurchase of own shares | |||
| Net cash generated from financing activities | -30 625 | -9 164 | -42 089 |
| EUR 1 000 | 6/2013 | 6/2012 | 12/2012 |
|---|---|---|---|
| Net change in liquid assets | 630 | 8 657 | 6 449 |
| Liquid assets at beginning of period | 14 582 | 8 069 | 8 069 |
| Effect of changes in foreign exchange rates | -134 | 10 | 64 |
| Change in fair value of current available-for-sale investments | |||
| Liquid assets at end of period | 15 078 | 16 736 | 14 582 |
| Liquid assets | |||
| EUR 1 000 | 6/2013 | 6/2012 | 12/2012 |
| Cash and cash equivalents | 15 078 | 9 739 | 12 083 |
| Available-for-sale financial assets | 6 997 | 2 499 | |
| Total | 15 078 | 16 736 | 14 582 |
| Equity | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Cur | attribut | |||||||||
| rency | Invested | able | ||||||||
| transla | unrestric | to equity | ||||||||
| Share | Share premium |
tion differ |
Reva luation |
Hedging | ted equity |
Re tained |
holders of the |
Non controllin |
Total | |
| EUR 1 000 | capital | reserve | ences | reserve | reserve | reserve | earnings | company | g interest | equity |
| Equity at | ||||||||||
| 1.1.2013 | 19 399 | 0 | -785 | 2 | 41 | 29 381 | 184 692 | 232 729 | 274 | 233 003 |
| Amendment | ||||||||||
| in IAS19 | -189 | -189 | -189 | |||||||
| Equity at | ||||||||||
| 1.1.2013 | 19 399 | 0 | -785 | 2 | 41 | 29 381 | 184 503 | 232 540 | 274 | 232 814 |
| Expense | ||||||||||
| recognition of | ||||||||||
| share-based benefits |
18 | 18 | 18 | |||||||
| Capital | ||||||||||
| repayment | -23 278 | 299 | -22 979 | -22 979 | ||||||
| Total | ||||||||||
| comprehensiv | ||||||||||
| e income | -831 | -2 | -256 | 9 935 | 8 846 | -20 | 8 826 | |||
| Other | ||||||||||
| differences | -604 | -604 | -604 | |||||||
| Equity at | ||||||||||
| 30.6.2013 | 19 399 | 0 | -1 616 | 0 | -215 | 6 103 | 194 151 | 217 821 | 254 | 218 075 |
| Equity at 1.1.2012 |
19 399 | 0 | -1 412 | 0 | -1 057 | 50 658 | 150 085 | 217 673 | 271 | 217 944 |
| Amendment | ||||||||||
| in IAS19 | 93 | 93 | 93 | |||||||
| Expense | ||||||||||
| recognition of | ||||||||||
| share-based | ||||||||||
| benefits | 0 | |||||||||
| Capital | ||||||||||
| repayment | -21 277 | 22 | -21 255 | -21 255 | ||||||
| Total | ||||||||||
| comprehensiv | ||||||||||
| e income | 80 | 3 | 657 | 12 111 | 12 851 | -3 | 12 848 | |||
| Equity at 30.6.2012 |
19 399 | 0 | -1 332 | 3 | -400 | 29 381 | 162 311 | 209 362 | 268 | 209 630 |
| 4-6/ 2013 |
4-6/ 2012 |
1-6/ 2013 |
1-6/ 2012 |
1-12/ 2012 |
|
|---|---|---|---|---|---|
| Earnings per share, EUR | 0.14 | 0.24 | 0.26 | 0.31 | 0.89 |
| Earnings per share, diluted, EUR | 0.14 | 0.24 | 0.26 | 0.31 | 0.89 |
| Cash flows from operating activities per share, | |||||
| EUR | 0.45 | 0.59 | 1.15 | 0.82 | 2.08 |
| EVA, EUR million | 3.4 | 7.9 | 4.3 | 6.4 | 24.1 |
| Capital expenditure, EUR 1000 | 10 737 | 16 359 | 16 656 | 27 833 | 49 385 |
| Depreciation, amortisation and impairment, EUR | |||||
| 1000 | 15 540 | 11 297 | 26 118 | 22 123 | 43 641 |
| Equity per share, EUR | 5.63 | 5.41 | 6.01 | ||
| Return on equity, ROE, % | 8.8 | 11.3 | 15.3 | ||
| Return on invested capital, ROI, % | 9.4 | 11.3 | 14.4 | ||
| Equity ratio, % | 47.3 | 43.3 | 49.4 | ||
| Gearing, % | 33.9 | 53.8 | 35.3 | ||
| Net interest-bearing liabilities, EUR 1000 Average number of employees in full-time |
73 939 | 112 732 | 82 294 | ||
| equivalents Total number of full-time and part-time employees |
8 002 | 8 220 | 8 399 | ||
| at end of period | 9 567 | 9 817 | 8 962 | ||
| Number of outstanding shares adjusted for issues, 1000 shares |
|||||
| average during the period | 38 701 | 38 686 | 38 688 | ||
| at end of period | 38 707 | 38 686 | 38 692 | ||
| average during the period, diluted | 38 710 | 38 709 | 38 701 |
This interim report release is in compliance with IAS 34 standard. The same accounting policies as in the annual financial statements for the year 2012 have been applied. The following new, revised or amended IFRS standards and IFRIC interpretations that have become effective in 2013 have not had an impact on the financial statements:
Key changes: The amendment eliminates the use of the 'corridor'approach. The definition of estimated return on funded defined benefit plan assets will change. Financial cost is determined on the net assets (included in the obligation and in the plan). Impact on statement of financial position on 31 December 2012 and statement of comprehensive income for the period 1 January 2012–31 December 2012 EUR 189 thousand.
The new standard sets out the requirement to determine fair value and to disclose related information in the financial statements; the new standard also includes a definition of fair value. The use of fair value is not extended, but the standard offers guidelines for value definition when another standard requires or permits fair value measurements. IFRS 13 extends the disclosure requirement for assets measured at fair value not included in financial assets. The EU has not yet approved the new standard for application. The new standard is not expected to have a material impact on consolidated financial statements.
The interim report has not been audited.
| 4-6/2013 | 4-6/2012 | ||||||
|---|---|---|---|---|---|---|---|
| Inter | Inter | Total net sales, |
|||||
| EUR 1 000 | External | division | Total | External | division | Total | change % |
| Environmental | |||||||
| Services | 65 694 | 903 | 66 597 | 67 771 | 1 365 | 69 136 | -3.7 |
| Industrial Services | 18 908 | 1 094 | 20 002 | 19 388 | 770 | 20 158 | -0.8 |
| Facility Services | 72 309 | 1 086 | 73 395 | 71 436 | 940 | 72 376 | 1.4 |
| Renewable | |||||||
| Energy Sources | 11 971 | 1 020 | 12 991 | 11 097 | 1 002 | 12 099 | 7.4 |
| Eliminations | -4 103 | -4 103 | -4 077 | -4 077 | |||
| L&T total | 168 882 | 0 | 168 882 | 169 692 | 0 | 169 692 | -0.5 |
| 1-6/2013 | 1-6/2012 | ||||||
|---|---|---|---|---|---|---|---|
| EUR 1 000 | External | Inter division |
Total | External | Inter division |
Total | Total net sales, change % |
| Environmental | |||||||
| Services | 124 801 | 1 997 | 126 798 | 131 543 | 3 060 | 134 603 | -5.8 |
| Industrial Services | 31 988 | 1 744 | 33 732 | 31 577 | 1 504 | 33 081 | 2.0 |
| Facility Services | 147 100 | 2 091 | 149 191 | 150 222 | 1 774 | 151 996 | -1.8 |
| Renewable | |||||||
| Energy Sources | 32 714 | 2 047 | 34 761 | 27 636 | 2 047 | 29 683 | 17.1 |
| Eliminations | -7 879 | -7 879 | -8 385 | -8 385 | |||
| L&T total | 336 603 | 0 | 336 603 | 340 978 | 0 | 340 978 | -1.3 |
| 1-12/2012 | |||
|---|---|---|---|
| Inter | |||
| EUR 1 000 | External | division | Total |
| Environmental | |||
| Services | 259 791 | 5 870 | 265 661 |
| Industrial Services | 66 863 | 3 133 | 69 996 |
| Facility Services | 295 451 | 4 042 | 299 493 |
| Renewable | |||
| Energy Sources | 51 880 | 4 067 | 55 947 |
| Eliminations | -17 112 | -17 112 | |
| L&T total | 673 985 | 0 | 673 985 |
| Operating profit | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 4-6/ | 4-6/ | 1-6/ | 1-6/ | 1-12/ | ||||||
| EUR 1 000 | 2013 | % | 2012 | % | 2013 | % | 2012 | % | 2012 | % |
| Environmental | ||||||||||
| Services | 9 059 | 13.6 | 12 368 | 17.9 | 15 283 | 12.1 | 16 640 | 12.4 | 34 251 | 12.9 |
| Industrial | ||||||||||
| Services | 1 895 | 9.5 | 2 199 | 10.9 | 1 376 | 4.1 | 942 | 2.8 | 3 892 | 5.6 |
| Facility | ||||||||||
| Services | 2 830 | 3.9 | 1 025 | 1.4 | 3 259 | 2.2 | 2 621 | 1.7 | 12 980 | 4.3 |
| Renewable | ||||||||||
| Energy | ||||||||||
| Sources | 94 | 0.7 | -733 | -6.1 | 1 061 | 3.1 | 54 | 0.2 | -61 | -0.1 |
| Group admin. | ||||||||||
| and other | -5 397 | -715 | -6 200 | -1 180 | -2 671 | |||||
| L&T total | 8 481 | 5.0 | 14 144 | 8.3 | 14 779 | 4.4 | 19 077 | 5.6 | 48 391 | 7.2 |
| Finance costs, | ||||||||||
| net | -590 | -3 356 | -998 | -4 316 | -5 396 | |||||
| Profit before | ||||||||||
| tax | 7 891 | 10 788 | 13 781 | 14 761 | 42 995 | |||||
Other segment information
| EUR 1 000 | 6/2013 | 6/2012 | 12/2012 | ||
|---|---|---|---|---|---|
| Assets | |||||
| Environmental Services | 220 751 | 239 502 | 228 457 | ||
| Industrial Services | 74 761 | 82 294 | 81 573 | ||
| Facility Services | 114 236 | 105 588 | 105 718 | ||
| Renewable Energy Sources | 26 665 | 28 838 | 30 179 | ||
| Group admin. and other | 10 823 | 9 704 | 9 853 | ||
| Unallocated assets | 25 106 | 25 971 | 25 473 | ||
| L&T total | 472 342 | 491 897 | 481 253 | ||
| Liabilities | |||||
| Environmental Services | 51 375 | 44 270 | 42 381 | ||
| Industrial Services | 22 199 | 19 431 | 18 687 | ||
| Facility Services | 51 791 | 49 397 | 50 073 | ||
| Renewable Energy Sources | 7 268 | 7 060 | 6 094 | ||
| Group admin. and other | 1 052 | 1 054 | 1 378 | ||
| Unallocated assets | 120 582 | 161 055 | 129 637 | ||
| L&T total | 254 267 | 282 267 | 248 250 | ||
| 4-6/ | 4-6/ | 1-6/ | 1-6/ | 1-12/ | |
| EUR 1 000 | 2013 | 2012 | 2013 | 2012 | 2012 |
| Capital expenditure | |||||
| Environmental Services | 4 885 | 3 774 | 7 357 | 8 055 | 16 149 |
| Industrial Services | 1 071 | 2 598 | 1 585 | 4 499 | 11 272 |
| Facility Services | 2 846 | 3 050 | 5 541 | 8 242 | 14 727 |
| Renewable Energy Sources | 37 | 233 | 82 | 330 | 486 |
| Group admin. and other | 1 898 | 6 704 | 2 091 | 6 707 | 6 751 |
| L&T total | 10 737 | 16 359 | 16 656 | 27 833 | 49 385 |
| Depreciation and amortisation | |||||
| Environmental Services | 5 464 | 6 436 | 11 059 | 12 798 | 24 690 |
| Industrial Services | 1 684 | 1 676 | 3 347 | 3 320 | 7 084 |
| Facility Services | 3 287 | 2 813 | 6 526 | 5 561 | 11 276 |
| Renewable Energy Sources | 75 | 66 | 152 | 138 | 281 |
| Group admin. and other | 3 | 4 | 7 | 4 | 9 |
| L&T total | 10 513 | 10 995 | 21 091 | 21 821 | 43 340 |
| Impairment | |||||
| Environmental Services | 302 | 302 | 302 | ||
| Group admin. and other | 5 027 | 5 027 | |||
| L&T total | 5 027 | 302 | 5 027 | 302 | 302 |
| 4-6/ | 1-3/ | 10-12/ | 7-9/ | 4-6/ | 1-3/ | |
|---|---|---|---|---|---|---|
| EUR 1 000 | 2013 | 2013 | 2012 | 2012 | 2012 | 2012 |
| Net sales | ||||||
| Environmental Services | 66 597 | 60 201 | 64 670 | 66 388 | 69 136 | 65 467 |
| Industrial Services | 20 002 | 13 730 | 18 770 | 18 145 | 20 158 | 12 923 |
| Facility Services | 73 395 | 75 796 | 74 789 | 72 708 | 72 376 | 79 620 |
| Renewable Energy Sources | 12 991 | 21 770 | 18 287 | 7 977 | 12 099 | 17 584 |
| Group admin. and other | ||||||
| Inter-division net sales | -4 103 | -3 776 | -4 725 | -4 002 | -4 077 | -4 308 |
| L&T total | 168 882 | 167 721 | 171 791 | 161 216 | 169 692 | 171 286 |
| Operating profit | ||||||
| Environmental Services | 9 059 | 6 224 | 6 592 | 11 019 | 12 368 | 4 272 |
| Industrial Services | 1 895 | -519 | 1 161 | 1 789 | 2 199 | -1 257 |
| Facility Services | 2 830 | 429 | 2 516 | 7 843 | 1 025 | 1 596 |
| Renewable Energy Sources | 94 | 967 | 269 | -384 | -733 | 787 |
| Group admin. and other | -5 397 | -803 | -853 | -638 | -715 | -465 |
| L&T total | 8 481 | 6 298 | 9 685 | 19 629 | 14 144 | 4 933 |
| Operating margin | ||||||
| Environmental Services | 13.6 | 10.3 | 10.2 | 16.6 | 17.9 | 6.5 |
| Industrial Services | 9.5 | -3.8 | 6.2 | 9.9 | 10.9 | -9.7 |
| Facility Services | 3.9 | 0.6 | 3.4 | 10.8 | 1.4 | 2.0 |
| Renewable Energy Sources | 0.7 | 4.4 | 1.5 | -4.8 | -6.1 | 4.5 |
| L&T total | 5.0 | 3.8 | 5.6 | 12.2 | 8.3 | 2.9 |
| Finance costs, net | -590 | -408 | -512 | -568 | -3 356 | -960 |
| Profit before tax | 7 891 | 5 890 | 9 173 | 19 061 | 10 788 | 3 973 |
In January-June 2013 Lassila & Tikanoja made no business acquisitions.
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.
| EUR 1 000 | 1-6/2013 | 1-6/2012 | 1-12/2012 |
|---|---|---|---|
| Carrying amount at beginning of period | 138 430 | 144 489 | 144 489 |
| Business acquisitions | 356 | 1 110 | |
| Other capital expenditure | 1 466 | 954 | 2 322 |
| Disposals | -1 455 | -1 957 | |
| Amortisation and impairment | -3 570 | -4 221 | -8 023 |
| Transfers between items | |||
| Exchange differences | -308 | 208 | 489 |
| Carrying amount at end of period | 136 018 | 140 331 | 138 430 |
| EUR 1 000 | 1-6/2013 | 1-6/2012 | 1-12/2012 |
|---|---|---|---|
| Carrying amount at beginning of period | 180 159 | 207 522 | 207 522 |
| Business acquisitions | 515 | 2 438 | |
| Other capital expenditure | 13 189 | 19 303 | 36 810 |
| Disposals | -525 | -30 143 | -31 258 |
| Depreciation and impairment | -17 521 | -17 902 | -35 619 |
| Transfers between items | |||
| Exchange differences | -430 | 131 | 266 |
| Carrying amount at end of period | 174 872 | 179 426 | 180 159 |
| EUR 1 000 | 1-6/2013 | 1-6/2012 | 1-12/2012 |
|---|---|---|---|
| Intangible assets | 220 | 109 | |
| Property, plant and equipment | 4 279 | 5 050 | 1 953 |
| Total | 4 279 | 5 270 | 2 062 |
The Group's share of capital commitments
(Joint ventures)
| EUR 1 000 | 1-6/2013 | 1-6/2012 | 1-12/2012 |
|---|---|---|---|
| Sales | 939 | 939 | |
| Other operating income | 24 | 24 | |
| Interest income | 391 | 391 | |
| Non-current receivables | |||
| Capital loan receivable | 0 | 0 | |
| Current receivables | |||
| Trade receivables | 0 | 0 | |
| Loan receivables | 0 | 0 |
| Financial | ||||||||
|---|---|---|---|---|---|---|---|---|
| assets and | Financial | Carrying | ||||||
| liabilities at | liabilities | amounts | ||||||
| fair value | Available | measured | Derivatives | by | Fair value | |||
| through | Loans and | for-sale | at | under | balance | Fair values | hierarchy | |
| EUR 1 000 | profit or loss |
other receivables |
financial assets |
amortised cost |
hedge accounting |
sheet item |
by balance sheet item |
level under IFRS 7 |
| Non-current financial | ||||||||
| assets | ||||||||
| Available-for-sale | ||||||||
| investments | 4 253 | 4 253 | 4 253 | 3 | ||||
| Finance lease | ||||||||
| receivables | 3 623 | 3 623 | 3 826 | |||||
| Other receivables | 5 822 | 5 822 | 5 822 | |||||
| Current financial assets Trade and other |
||||||||
| receivables | 90 556 | 90 556 | 90 556 | |||||
| Derivative receivables Available-for-sale |
382 | 382 | 382 | 2 | ||||
| financial assets Cash and cash |
2 | |||||||
| equivalents | 15 078 | 15 078 | 15 078 | |||||
| Total financial assets | 115 079 | 4 253 | 382 | 119 714 | 119 917 | |||
| Non-current financial liabilities |
||||||||
| Borrowings | 46 725 | 46 725 | 46 893 | |||||
| Other liabilities | 561 | 561 | 561 | |||||
| Current financial liabilities |
||||||||
| Borrowings Trade and other |
42 294 | 42 294 | ||||||
| payables | 61 971 | 61 971 | ||||||
| Derivative liabilities | 677 | 677 | 677 | 2 | ||||
| Total financial liabilities | 151 551 | 677 | 152 228 | 48 131 |
| EUR 1 000 | 6/2013 | 6/2012 | 12/2012 |
|---|---|---|---|
| Mortgages on rights of tenancy | 186 | 186 | 186 |
| Company mortgages | 583 | 460 | 583 |
| Other securities | 180 | 200 | 178 |
| Bank guarantees required for environmental permits | 8 694 | 5 848 | 6 483 |
Other securities are security deposits.
Lassila & Tikanoja plc has given a guarantee for a share of 50 percent of L&T Recoil Oy's financial liabilities.
The guarantee is valid no later than the maturity date of the liabilities on 31 August 2014. The financial liabilities of L&T Recoil totalled EUR 32.8 million on 30 June 2013.
| EUR 1 000 | 6/2013 | 6/2012 | 12/2012 |
|---|---|---|---|
| Maturity not later than one year | 5 129 | 6 332 | 5 556 |
| Maturity later than one year and not later than five years | 6 700 | 10 470 | 8 377 |
| Maturity later than five years | 2 183 | 2 443 | 2 274 |
| Total | 14 012 | 19 245 | 16 206 |
| EUR 1 000 | 6/2013 | 6/2012 | 12/2012 |
|---|---|---|---|
| Nominal values of interest rate and currency swaps* | |||
| Maturity not later than one year | 17 824 | 14 229 | |
| Maturity later than one year and not later than five years | 20 339 | 28 940 | |
| Maturity later than five years | 1 818 | 2 727 | |
| Total | 39 981 | 0 | 45 896 |
| Fair value | -630 | -1 129 | |
| Nominal value of interest rate swaps** | |||
| Maturity not later than one year | 4 000 | 0 | |
| Maturity later than one year and not later than five years | 18 364 | 0 | |
| Maturity later than five years | 3 636 | 0 | |
| Total | 0 | 26 000 | 0 |
| Fair value | -314 | 0 |
* The interest rate swaps are used to hedge cash flow related to a floating rate loan, and hedge accounting under IAS 39 has been applied to it. The hedges have been effective, and the changes in the fair values are shown in the consolidated statement of comprehensive income for the period. The fair values of the swap contracts are based on the market data at the balance sheet date.
** 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.
| metric tonnes | 6/2013 | 6/2012 | 12/2012 |
|---|---|---|---|
| Nominal values of diesel swaps | |||
| Maturity not later than one year | 4524 | 3 816 | 5 136 |
| Maturity later than one year and not later than five years | 0 | 1 272 | 660 |
| Total | 4 524 | 5 088 | 5 796 |
| Fair value, EUR 1000 | -47 | 112 | 136 |
Commodity derivative contracts were concluded, for hedging of future diesel oil purchases. IAS 39 – compliant hedge accounting will be applied to these contracts, and the effective change in fair value will be recognised in the hedging reserve within equity. The fair values of commodity derivatives are based on market prices at the balance sheet date.
| EUR 1 000 | 6/2013 | 6/2012 | 12/2012 |
|---|---|---|---|
| Volume of forward contracts | |||
| Maturity not later than one year | 0 | 0 | 775 |
| Fair value | 0 | 0 | 4 |
Hedge accounting under IAS 39 has not been applied to forward contracts. Changes in fair values have been recognised in finance income and costs.
| EUR 1 000 | 6/2013 | 6/2012 | 12/2012 |
|---|---|---|---|
| Maturity of cross currency interest rate swaps under | |||
| hedge accounting | |||
| Maturity not later than one year | 11 200 | 12 444 | 12 800 |
| Maturity later than one year and not later than five years | 13 067 | 22 596 | 16 667 |
| Total | 24 267 | 35 040 | 29 467 |
| Fair value, EUR 1 000 | 382 | -545 | 1 150 |
The contracts are used to hedge cash flow related to foreign currency floating rate loans. The changes in the fair values are shown in the consolidated statement of comprehensive income for the period. On the balance sheet date, the value of foreign currency loans was EUR 0.4 million negative.
Earnings per share:
profit attributable to equity holders of the parent company / adjusted average basic number of shares
Earnings per share, diluted: profit attributable to equity holders of the parent company / adjusted average diluted number of shares
Cash flows from operating activities/share: cash flow from operating activities as in the statement of cash flows / adjusted average number of shares
EVA: operating profit - cost calculated on invested capital (average of four quarters) WACC 2012: 7.1% WACC 2013: 6.5%
Equity per share: equity attributable to equity holders of the parent company / adjusted basic number of shares at end of period
Return on equity, % (ROE): (profit for the period / equity (average)) x 100
Return on investment, % (ROI): (profit before tax + 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, 5 August 2013
LASSILA & TIKANOJA PLC Board of Directors
Pekka Ojanpää President and CEO
For additional information please contact: Pekka Ojanpää, President and CEO, tel. +358 10 636 2810 or Timo Leinonen, CFO, tel. +358 400 793 073.
Lassila & Tikanoja is a service company that is transforming the consumer society into an efficient recycling society. In co-operation with our customers we are reducing waste volumes, extending the useful lives of properties, recovering materials and decreasing the use of raw materials and energy. We help our customers to focus on their core business and to save the environment. Together, we create well-being and jobs. With operations in Finland, Sweden, Latvia and Russia, L&T employs 9,600 persons. Net sales in 2012 amounted to EUR 674.0 million. L&T is listed on NASDAQ OMX Helsinki.
Distribution: NASDAQ OMX Helsinki Major media www.lassila-tikanoja.com
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