Lassila & Tikanoja Oyj
Lassila & Tikanoja plc: Financial Statements 1 January – 31 December 2013
DGAP-News: Lassila & Tikanoja Oyj / 05.02.2014 / 07:06 --------------------------------------------------------------------- Helsinki, Finland, 2014-02-05 07:06 CET (GLOBE NEWSWIRE) -- Net sales for the final quarter EUR 169.7 million (EUR 171.8 million); operating loss EUR 1.6 million (operating profit EUR 9.7 million); operating profit excluding non-recurring items EUR 11.5 million (EUR 10.5 million); earnings per share EUR -0.03 (EUR 0.18) Full-year net sales EUR 668.2 million (EUR 674.0 million); operating profit EUR 33.2 million (EUR 48.4 million); operating profit excluding non-recurring items EUR 51.8 million (EUR 47.4 million); earnings per share EUR 0.57 (EUR 0.89) Full-year net sales in 2014 are expected to remain at the 2013 level. Operating profit, excluding non-recurring items, is expected to remain at the 2013 level or improve slightly. The Board of Directors proposes a dividend of EUR 0.50 per share. CEO PEKKA OJANPÄÄ: 'We are following our strategy and are now close to completing restructuring and efficiency enhancement measures, which caused non-recurring costs last year. Financial uncertainty is continuing to have an impact on demand in the industrial sector and on material flows in the construction and retail sectors. This will hold back net sales growth. Nevertheless, we were able to improve our profitability during the year and to generate a strong cash flow.' GROUP NET SALES AND FINANCIAL PERFORMANCE Final quarter Lassila & Tikanoja's net sales for the final quarter decreased by 1.2% to EUR 169.7 million (EUR 171.8 million). Operating loss was EUR 1.6 million (operating profit EUR 9.7 million), and operating profit excluding non-recurring items was EUR 11.5 million (EUR 10.5 million), representing 6.8% (6.1%) of net sales. Earnings per share were EUR -0.03 (EUR 0.18). Operating loss for the final quarter includes the following non-recurring costs: EUR 7.0 million impairment of goodwill in Swedish business operations and EUR 1.2 million associated with the discontinuation of the sewer repair business. During 2013, L&T reviewed the risks associated with major land areas currently and previously in its use. Following the risk review process, the company recorded a non-recurring provision of EUR 5.0 million for the potential costs of closure of land areas divested during previous financial periods. Fixed cost management and efficiency enhancement measures improved profitability in all business segments. Year 2013 Lassila & Tikanoja's net sales for the year 2013 amounted to EUR 668.2 million (EUR 674.0 million); a decrease of 0.9%. Operating profit was EUR 33.2 million (EUR 48.4 million), and operating profit excluding non-recurring items was EUR 51.8 million (EUR 47.4 million), representing 7.8% (7.0%) of net sales. Earnings per share were EUR 0.57 (EUR 0.89). Comparable net sales includes EUR 8.0 million worth of net sales generated by L&T Recoil and the divested parts of the eco product business. Comparable operating net sales, excluding non-recurring items, increased by 0.2%. Factors contributing to the decrease in operating profit included the EUR 1.0 million non-recurring reorganisation costs (EUR 2.9 million), EUR 5.0 million impairment on EcoStream Oy's shares, EUR 7.0 million impairment of goodwill in Swedish business operations, a EUR 5.0 million provision associated with land areas divested in previous financial periods, and costs of EUR 1.2 million recorded for the discontinuation of the sewer repair business. A sales gain of EUR 4.2 million on the divestment of L&T Recoil shares improved the reported operating profit in the comparison period. Financial summary 10-12/ 10-12/ Change 1-12/ 1-12/ Change 2013 2012 % 2013 2012 % -------------------------------------------------------------------------------- --------------------------------------- Net sales, EUR million 169.7 171.8 -1.2 668.2 674.0 -0.9 ---------------------------------- ------- Operating profit excluding 11.5 10.5 9.4 51.8 47.4 9.3 non-recurring items, EUR million* ---------------------------------- ------- Operating margin excluding 6.8 6.1 7.8 7.0 non-recurring items, % ---------------------------------- ------- Operating profit, EUR million -1.6 9.7 33.2 48.4 -31.4 ---------------------------------- ------- Operating margin, % -1.0 5.6 5.0 7.2 ---------------------------------- ------- Profit before tax, EUR million -2.3 9.2 30.3 43.0 -29.5 ---------------------------------- ------- Earnings per share, EUR -0.03 0.18 0.57 0.89 -36.0 ---------------------------------- ------- Dividend / capital repayment per 0.50** 0.60 -16.7 share, EUR ---------------------------------- ------- Additional dividend and capital 0.50 repayment per share, EUR ---------------------------------- ------- EVA, EUR million -4.9 3.9 12.4 24.1 -48.5 -------------------------------------------------------------------------------- * Breakdown of operating profit excluding non-recurring items is presented below the division reviews. ** Proposal by the Board of Directors NET SALES AND FINANCIAL PERFORMANCE BY DIVISION Environmental Services Final quarter The division's net sales for the final quarter increased by 1.6% to EUR 65.7 million (EUR 64.7 million). Operating profit totalled EUR 2.9 million (EUR 6.6 million) and operating profit excluding non-recurring items was EUR 7.9 million (EUR 6.6 million). Profitability developed favourably in the final quarter, due to greater operational efficiency. Year 2013 The Environmental Services division's net sales for 2013 amounted to EUR 257.9 million (EUR 265.7 million), showing a decrease of 2.9%. Operating profit totalled EUR 30.1 million (EUR 34.3 million) and operating profit excluding non-recurring items was EUR 35.1 million (EUR 30.6 million). Comparable net sales includes EUR 8.0 million worth of net sales generated by L&T Recoil and the divested parts of the eco product business. Operational efficiency improvement contributed to the increase in operating profit. Industrial Services Final quarter The division's net sales for the final quarter totalled EUR 20.9 million (EUR 18.8 million), showing an increase of 11.1%. Operating profit totalled EUR 1.6 million (EUR 1.2 million) and operating profit excluding non-recurring items was EUR 2.7 million (EUR 1.3 million). The division's net sales improved, primarily as a result of the increase in net sales in environmental construction. Operating profit excluding non-recurring items rose due to efficiency improvement measures and effective cost control. Year 2013 The division's net sales for 2013 totalled EUR 75.5 million (EUR 70.0 million), showing an increase of 7.9%. Operating profit totalled EUR 5.2 million (EUR 3.9 million) and operating profit excluding non-recurring items was EUR 6.7 million (EUR 4.4 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 during the second half. Hazardous waste services enjoyed healthy demand and strong profitability throughout the review period. Facility Services Final quarter The division's net sales for the final quarter were down by 4.1% to EUR 71.7 million (EUR 74.8 million). Operating loss totalled EUR 5.6 million (operating profit EUR 2.5 million) and operating profit excluding non-recurring items was EUR 1.4 million (EUR 3.1 million). The major restructuring process being deployed in the division continues to burden business profitability. The division's net sales fell from the comparison period, due to business downsizing in Sweden and reduced demand for property maintenance services in the final quarter. Year 2013 The division's net sales for the year 2013 were down by 2.3% to EUR 292.5 million (EUR 299.5 million). Operating profit totalled EUR 4.4 million (EUR 13.0 million) and operating profit excluding non-recurring items was EUR 11.9 million (EUR 14.7 million). The division's net sales fell from the comparison period, due to business downsizing in Sweden and reduced demand for property maintenance services in the second half of the year. Costs incurred from the expansion of technical systems services had a negative effect on profitability, as did the weak profitability of damage repair services. The Facility Services division implemented efficiency enhancement measures to improve its profitability. The benefits of these measures will materialise during 2014. Profitability improved in the cleaning business, particularly in Sweden. The entire division is currently engaged in a major restructuring and reorganisation process, the purpose of which is to adapt operations to the changes in market conditions, especially in Cleaning and Property Maintenance. Renewable Energy Sources Final quarter Final quarter net sales of Renewable Energy Sources (L&T Biowatti) were down by 13.5% to EUR 15.8 million (EUR 18.3 million). The division recorded an operating profit and operating profit excluding non-recurring items of EUR 0.6 million (EUR 0.3 million). The decline in net sales could be attributed to business downsizing in Eastern Finland and the late start of the heating season. Year 2013 Full-year net sales of Renewable Energy Sources (L&T Biowatti) were up by 3.7% to EUR 58.0 million (EUR 55.9 million). Operating profit amounted to EUR 1.4 million (operating loss EUR 0.1 million), and operating profit excluding non-recurring items was EUR 1.1 million (EUR 0.1 million). The division's net sales improved from the comparison period, due to strong demand for wood-based fuels. In the first half, profitability suffered from the weaker energy content of fuels and higher logistics costs. Meanwhile, net sales growth and the efficiency improvement measures taken improved the operating profit. BREAKDOWN OF OPERATING PROFIT EXCLUDING NON-RECURRING ITEMS EUR million 10-12/ 10-12/ 1-12/ 1-12/ 2013 2012 2013 2012 -------------------------------------------------------------------------------- Operating profit -1.6 9.7 33.2 48.4 Non-recurring items: Gain on sale of L&T Biowatti Oy -0.1 -0.5 equipment Impairment of EcoStream Oy shares 5.0 Gain on sale of holding in L&T Recoil -4.2 Oy Impairment of hazardous waste 0.2 0.5 treatment facilities Gain on sale of eco product business -0.2 -0.2 Impairment of goodwill in Swedish 7.0 7.0 business operations Potential costs of closure of land 5.0 5.0 areas divested Discontinuation of the sewer repair 1.2 1.2 business Restructuring costs 0.8 1.0 2.9 -------------------------------------------------------------------------------- Operating profit excluding 11.5 10.5 51.8 47.4 non-recurring items FINANCING Cash flows from operating activities amounted to EUR 86.4 million (EUR 80.5 million). A total of EUR 7.9 million in working capital was released (EUR 6.4 million released). At the end of the period, interest-bearing liabilities amounted to EUR 122.8 million (EUR 96.9 million). In the final quarter, the company took out long-term loans in the amount of EUR 30.0 million to balance the maturity of its interest-bearing liabilities. Guarantees of EUR 16.4 million associated with L&T Recoil to other providers of finance are still in force. In addition, L&T has receivables of EUR 3.3 million from EcoStream Group. Net interest-bearing liabilities amounted to EUR 64.4 million, showing a decrease of EUR 17.9 million from the beginning of the year and EUR 0.9 million in the final quarter. Net financial expenses in 2013 amounted to EUR 2.9 million (EUR 5.4 million). Net financial expenses were 0.4% (0.8%) of net sales. The amount of repaid loans and the expiry of high-interest interest rate swaps contributed to the decrease in net financial expenses. Costs in the comparison period included a write-down of EUR 2.0 million on the receivables from a subordinated loan from Recoil Oy. The average interest rate on long-term loans (with interest-rate hedging) was 1.7% (2.2%). Long-term loans totalling EUR 22.1 million will mature during the year 2014. The equity ratio was 43.7% (49.4%) and the gearing rate 30.4 (35.3). Liquid assets at the end of the period amounted to EUR 58.5 million (EUR 14.6 million). Of the EUR 100 million commercial paper programme, EUR 35.0 million (EUR 12.0 million) was in use at the end of the period. A committed limit totalling EUR 30.0 million was not in use, as was the case in the comparison period. DISTRIBUTION OF ASSETS The Annual General Meeting held on 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. The Extraordinary General Meeting held on 18 November 2013, resolved that an extra dividend of EUR 0.35 per share as well as an additional capital repayment of EUR 0.15 per share will be distributed to shareholders in addition to already paid capital repayment of EUR 0.60 per share decided by the Annual General Meeting on 12 March 2013. Thus, the cumulative amount of the extra dividend and the additional capital repayment will be EUR 0.50 per share. The extra dividend and capital repayment, totalling EUR 18.1 million, was paid to the shareholders on 28 November 2013. CAPITAL EXPENDITURE In 2013, gross capital expenditure totalled EUR 32.7 million (EUR 49.4 million) and was mainly comprised of machine and equipment purchases. PERSONNEL In 2013, the average number of employees converted into full-time equivalents was 8,267 (8,399). The total number of full-time and part-time employees at the end of the period was 8,847 (8,962). Of them 7,088 (7,035) people worked in Finland and 1,759 (1,927) people in other countries. PROPOSAL FOR THE DISTRIBUTION OF ASSETS According to the financial statements, Lassila & Tikanoja plc's unrestricted equity amount to EUR 86,373,918.28 with the operating profit for the period representing EUR 14,210,767.64. There were no substantial changes in the financial standing of the company after the end of the period, and the solvency test referred to in Chapter 13, section 2 of the Companies Act does not affect the amount of distributable assets. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.50 per share be paid. The dividend is paid to shareholders included in the company shareholder register maintained by Euroclear Finland Oy on the record date, 24 March 2014. The Board proposes to the Annual General Meeting that the dividend be paid on 31 March 2014. No dividend shall be paid on shares held by the company on the record date of 24 March 2014. On the day the proposal for the distribution of assets was made, the number of shares entitling to dividend was 38,706,627, which means the total amount of the dividend would be EUR 19,353,313.50. Earnings per share amounted to EUR 0.57. The proposed dividend is 87.7% of the earnings per share. SHARE AND SHARE CAPITAL Traded volume and price The volume of trading excluding the shares held by the company in Lassila & Tikanoja plc shares on NASDAQ OMX Helsinki in 2013 was 7,206,872 which is 18.7% (25.8%) of the average number of outstanding shares. The value of trading was EUR 99.5 million (EUR 105.1 million). The trading price varied between EUR 11.60 and EUR 15.59. The closing price was EUR 15.23. The market capitalisation excluding the shares held by the company was EUR 589.5 million (EUR 450.4 million) at the end of the period. Own shares At the end of the period the company held 92,247 of its own shares, representing 0.2% of all shares and votes. Share capital and number of shares The company's registered share capital amounts to EUR 19,399,437, and the number of outstanding shares to 38,706,627 shares. The average number of shares excluding the shares held by the company totalled 38,703,933. Shareholders At the end of the period, the company had 9,320 (9,382) shareholders. Nominee-registered holdings accounted for 21.7% (17.2%) of the total number of shares. Authorisation for the Board of Directors 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. RESOLUTIONS BY THE GENERAL MEETINGS 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 AGM 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 Extraordinary General Meeting held on 18 November 2013, resolved that an extra dividend and an additional capital repayment be paid. The extra dividend of EUR 0.35 per share as well as an additional capital repayment of EUR 0.15 per share was distributed to the shareholders. The extra dividend and capital repayment, totalling EUR 18.1 million, was paid on 28 November 2013. BOARD OF DIRECTORS The members of the Board of Directors are Heikki Bergholm, Eero Hautaniemi, Hille Korhonen, Sakari Lassila and Miikka Maijala. In its constitutive meeting the Board elected Heikki Bergholm as Chairman of the Board and Eero Hautaniemi as Vice Chairman. From among its members, the Board elected Eero Hautaniemi as Chairman and Sakari Lassila and Miikka Maijala as members of the audit committee. Heikki Bergholm was elected as Chairman of the remuneration committee and Hille Korhonen as member of the committee. SUMMARY OF STOCK EXCHANGE RELEASES PURSUANT TO ARTICLE 4, CHAPTER 6 OF THE SECURITIES MARKETS ACT 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. In a release published on 23 September 2013, in conjunction with the Capital Markets Day, the company announced that its financial targets for the year 2016 remain unchanged. The theme of the Capital Markets Day was: 'L&T moving from re-structuring to profitable growth'. In a release published on 19 December 2013, the company announced that it recognises a total of EUR 7.0 million in impairment of goodwill in its Swedish business operations in the fourth quarter. In the Group, the impairment is allocated to the Facility Services division. The impairment is due to the decrease in yield expectations in Swedish operations, particularly in the Öst-Göta region. After the impairment loss, the amount of goodwill remaining in the Group's balance sheet totals about EUR 3.5 million in relation to Swedish operations. EVENTS AFTER THE BALANCE SHEET DATE The company's management is not aware of any events of material importance after the balance sheet date, which might have affected the preparation of the financial statements. NEAR-TERM RISKS AND UNCERTAINTIES Economic uncertainty may cause major changes in the Environmental Services division's secondary raw material markets and in the demand for Industrial Services. Uncertainties associated with government subsidies for renewable fuels and with their continuity could affect demand for the Renewable Energy Sources division's services. L&T's total risks in the EcoStream Group amount to EUR 23.3 million, and if the risks materialised, there would be an impact on cash flow of approximately EUR 16.4 million. The EUR 16.4 million guarantee given by L&T to other financiers on L&T Recoil Oy's bank loans is still in effect. Furthermore, L&T has outstanding receivables from the EcoStream Group totalling EUR 3.3 million, and holds EcoStream Oy shares worth EUR 3.6 million. 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. OUTLOOK FOR THE YEAR 2014 Full-year net sales in 2014 are expected to remain at the 2013 level. Operating profit, excluding non-recurring items, is expected to remain at the 2013 level or improve slightly. CONDENSED FINANCIAL STATEMENTS 1 JANUARY-31 DECEMBER 2013 CONSOLIDATED INCOME STATEMENT EUR 1 000 10-12/ 10-12/ 1-12/ 1-12/ 2013 2012 2013 2012 -------------------------------------------------------------------------------- Net sales 169 705 171 791 668 217 673 985 Cost of sales -157 135 -155 876 -597 288 -602 581 -------------------------------------------------------------------------------- Gross profit 12 569 15 915 70 929 71 404 Other operating income 1 328 1 535 4 280 7 708 Sales and marketing expenses -3 968 -4 329 -14 503 -16 745 Administrative expenses -3 700 -2 927 -12 985 -12 090 Other operating expenses -845 -509 -2 512 -1 584 Impairment, property, plant and 0 -5 027 -302 equipment and other non-current assets Impairment, goodwill and other -7 000 -7 000 intangible assets -------------------------------------------------------------------------------- Operating profit -1 616 9 685 33 182 48 391 Financial income 197 102 529 860 Financial expenses -922 -614 -3 385 -6 256 -------------------------------------------------------------------------------- Profit before tax -2 341 9 173 30 327 42 995 Income taxes 1 003 -2 117 -8 144 -8 543 -------------------------------------------------------------------------------- Profit for the period -1 338 7 056 22 183 34 452 Attributable to: Equity holders of the company -1 339 7 055 22 185 34 459 Non-controlling interest 0 1 -3 -7 Earnings per share attributable to equity holders of the parent company: Basic earnings per share, EUR -0.03 0.18 0.57 0.89 Diluted earnings per share, EUR -0.03 0.18 0.57 0.89 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME EUR 1 000 10-12/ 10-12/ 1-12/ 1-12/ 2013 2012 2013 2012 -------------------------------------------------------------------------------- Profit for the period -1 338 7 056 22 183 34 452 Items not to be recognised through profit or loss Items arising from re-measurement of defined 67 -189 67 -189 benefit plans -------------------------------------------------------------------------------- Items not to be recognised through profit or 67 -189 67 -189 loss, total Items pontentially to be recognised through profit or loss Hedging reserve, change in fair value -487 -700 -368 1 098 Revaluation reserve Gains in the period 0 1 -2 2 -------------------------------------------------------------------------------- Current available-for-sale financial assets 0 1 -2 2 Currency translation differences -238 -141 -427 627 Currency translation differences, -9 -1 -31 10 non-controlling interest ------------------------------- Items pontentially to be recognised through -734 -841 -828 1 737 profit or loss, total -------------------------------------------------------------------------------- Total comprehensive income, after tax -2 005 6 026 21 422 36 000 Attributable to: Equity holders of the company -1 995 6 026 21 456 35 997 Non-controlling interest -9 0 -34 3 TAX EFFECTS OF COMPONENTS OF OTHER COMPREHENSIVE INCOME 31.12.2013 31.12.2012 -------- EUR 1 000 Before Tax After Before Tax After tax expense/ tax tax expense/ tax benefit benefit -------------------------------------------------------------------------------- Hedging reserve, change -458 91 -368 1 454 -356 1 098 in fair value -------- Revaluation reserve -------- Current -3 1 -2 2 2 available-for-sale financial assets -------- Currency translation -427 -427 694 -67 627 differences -------- Currency translation -31 -31 10 10 differences non-controlling interest -------------------------------------------------------------------------------- --------------------------------------------- --------------------------- Components of other -919 91 -828 2 160 -423 1 737 comprehensive income -------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION EUR 1 000 12/2013 12/2012 ---------------------------------------------------------------------------- ASSETS Non-current assets Intangible assets Goodwill 112 818 120 189 Customer contracts arising from acquisitions 5 071 7 880 Agreements on prohibition of competition 397 1 810 Other intangible assets arising from business acquisitions 36 57 Other intangible assets 7 993 8 494 ---------------------------------------------------------------------------- 126 315 138 430 Property, plant and equipment Land 3 750 3 844 Buildings and constructions 49 744 52 393 Machinery and equipment 115 797 121 179 Other 85 86 Prepayments and construction in progress 2 157 2 657 ---------------------------------------------------------------------------- 171 533 180 159 Other non-current assets Available-for-sale investments 4 251 7 284 Finance lease receivables 3 685 3 608 Deferred tax assets 2 847 3 845 Other receivables 2 389 2 755 ---------------------------------------------------------------------------- 13 174 17 492 Total non-current assets 311 021 336 081 Current assets Inventories 26 097 24 884 Trade and other receivables 99 979 103 925 Derivative receivables 84 1 290 Prepayments 335 491 Current available-for-sale financial assets 0 2 499 Cash and cash equivalents 58 474 12 083 ---------------------------------------------------------------------------- Total current assets 184 969 145 172 TOTAL ASSETS 495 990 481 253 ---------------------------------------------------------------------------- EUR 1 000 12/2013 12/2012 ---------------------------------------------------------------------- EQUITY AND LIABILITIES Equity Equity attributable to equity holders of the company Share capital 19 399 19 399 Other reserves -1 539 -743 Unrestricted equity reserve 297 29 381 Retained earnings 170 876 150 233 Profit for the period 22 185 34 459 ---------------------------------------------------------------------- 211 218 232 729 Non-controlling interest 240 274 ---------------------------------------------------------------------- Total equity 211 458 233 003 Liabilities Non-current liabilities Deferred tax liabilities 25 809 31 313 Retirement benefit obligations 777 672 Provisions 6 085 4 304 Interest-bearing liabilities 65 852 57 961 Other liabilities 500 942 ----------------------------------------------------- -------- 99 023 95 192 --------- Current liabilities Interest-bearing liabilities 56 991 38 915 Trade and other payables 119 954 112 880 Derivative liabilities 501 1 129 Tax liabilities 4 666 14 Provisions 3 397 120 ---------------------------------------------------------------------- 185 509 153 058 Total liabilities 284 532 248 250 TOTAL EQUITY AND LIABILITIES 495 990 481 253 ---------------------------------------------------------------------- CONSOLIDATED STATEMENT OF CASH FLOWS EUR 1 000 12/2013 12/2012 -------------------------------------------------------------------------------- Cash flows from operating activities Profit for the period 22 183 34 452 Adjustments Income taxes 8 144 8 543 Depreciation, amortisation and impairment 54 003 43 642 Financial income and expenses 2 856 5 395 Gain on sale of shares 0 -4 181 Other 3 787 1 603 -------------------------------------------------------------------------------- Net cash generated from operating activities before change in 90 973 89 454 working capital Change in working capital Change in trade and other receivables 2 800 -10 574 Change in inventories -1 204 -121 Change in trade and other payables 6 261 17 096 -------------------------------------------------------------------------------- Change in working capital 7 857 6 401 Interest paid -3 647 -5 070 Interest received 534 830 Income taxes -9 271 -11 127 -------------------------------------------------------------------------------- Net cash from operating activities 86 446 80 488 Cash flows from investing activities Acquisition of subsidiaries and businesses, net of cash -2 498 acquired Proceeds from sale of subsidiaries and businesses, net of sold 7 820 cash Purchases of property, plant and equipment and intangible -28 062 -40 659 assets Proceeds from sale of property, plant and equipment and 1 206 2 826 intangible assets Change in other non-current receivables 367 560 Dividends received 1 1 -------------------------------------------------------------------------------- Net cash used in investing activities -26 488 -31 950 Cash flows from financing activities Change in short-term borrowings 22 899 -5 781 Proceeds from long-term borrowings 30 000 10 200 Repayments of long-term borrowings -26 249 -25 254 Dividends paid and other asset distribution -42 521 -21 254 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Net cash generated from financing activities -15 871 -42 089 EUR 1 000 12/2013 12/2012 ------------------------------------------------------------- ------------------------------------------------------------- Net change in liquid assets 44 087 6 449 Liquid assets at beginning of period 14 582 8 069 Effect of changes in foreign exchange rates -195 64 ------------------------------------------------------------- ------------------------------------------------------------- Liquid assets at end of period 58 474 14 582 Liquid assets EUR 1 000 12/2013 12/2012 ------------------------------------------------------------- Cash and cash equivalents 58 474 12 083 Available-for-sale financial assets 2 499 ------------------------------------------------------------- Total 58 474 14 582 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY EUR 1 Share Curren Reva-l Hedgin Investe Retaine Equity Non-co Total 000 capita cy uation g d d attribu ntroll equity l transl reserv reserv unrestr earning table ing ation e e ic-tede s to intere differ quity equity st -ences reserve holders of the company -------------------------------------------------------------------------------- -- -------------------------------------------------------------------------------- -- Equity 19 399 -1 412 0 -1 057 50 658 150 085 217 673 271 217 944 at 1.1.2 012 Amendm 93 93 93 ent in IAS19 -------------------------------------------------------------------------------- -- Adjust 19 399 -1 412 0 -1 057 50 658 150 178 217 766 271 218 037 ed equit y 1.1.2 012 Total compr ehensi ve incom e Profit 34 459 34 459 -7 34 452 for the perio d Items -189 -189 -189 arisi ng from re-me asurem ent of defin ed benef it plans Hedgin 1 098 1 098 1 098 g reser ve, chang e in fair value Curren 2 2 2 t avail able-f or-sal e finan cial asset s Curren 627 627 10 637 cy trans lation diffe rences -------------------------------------------------------------------------------- -- -------------------------------------------------------------------------------- -- Total 627 2 1 098 34 270 35 997 3 36 000 compr ehensi ve incom e Transa ctions with share holder s Share- 125 125 125 based benef its Capita -21 277 22 -21 255 -21 255 l repay ment -------------------------------------------------------------------------------- -- -------------------------------------------------------------------------------- -- Transa -21 277 147 -21 130 -21 130 ctions with share holder s, total Other 96 96 96 chang es -------------------------------------------------------------------------------- -- -------------------------------------------------------------------------------- -- Equity 19 399 -785 2 41 29 381 184 692 232 729 274 233 003 at 31.12 .2012 EUR 1 000 Share Cur-rency Reva-l Hedgin Invest Re-tain Equity Non-co Total capita transla-t uation g ed ed attributable ntroll equity l ion reserv reserv unrest earning to equity ing differ-en e e ric-te s holders intere ces d of the company st equity reserv e -------------------------------------------------------------------------------- ------------- -------------------------------------------------------------------------------- ------------- Equity 19 399 -785 2 41 29 381 184 692 232 729 274 233 003 at 1.1.2 012 Amendm -189 -189 -189 ent in IAS19 -------------------------------------------------------------------------------- ------------- Adjust 19 399 -785 2 41 29 381 184 503 232 540 274 232 814 ed equit y at 1.1.2 012 Total compr ehensi ve incom e Profit 22 185 22 185 -3 22 183 for the perio d Items 67 67 67 arisi ng from re-me asurem ent of defin ed benef it plans Hedgin -368 -368 -368 g reser ve, chang e in fair value Curren -2 -2 -2 t avail able-f or-sal e finan cial asset s Curren -427 -427 -31 -458 cy trans lation diffe rences -------------------------------------------------------------------------------- ------------- -------------------------------------------------------------------------------- ------------- Total -427 -2 -368 22 252 21 456 -34 21 422 compr ehensi ve incom e Transa ctions with share holder s Share- -57 444 387 387 based benef its Divide -13 547 -13 547 -13 547 nds paid Divide 22 22 22 nds retur ned Capita -29 027 -29 027 -29 027 l repay ment -------------------------------------------------------------------------------- ------------- -------------------------------------------------------------------------------- ------------- Transa -29 084 -13 081 -42 165 -42 165 ctions with share holder s, total Other -613 -613 -613 chang es -------------------------------------------------------------------------------- ------------- -------------------------------------------------------------------------------- ------------- Equity 19 399 -1 212 0 -327 297 193 061 211 218 240 211 458 at 31.12 .2013 KEY FIGURES 10-12/ 10-12/ 1-12/ 1-12/ 2013 2012 2013 2012 -------------------------------------------------------------------------------- Earnings per share, EUR -0.03 0.18 0.57 0.89 Earnings per share, diluted, EUR -0.03 0.18 0.57 0.89 Cash flows from operating activities per 0.65 0.79 2.23 2.08 share, EUR EVA, EUR million -4.9 3.9 12.4 24.1 Capital expenditure, EUR 1000 8 944 13 120 32 668 49 385 Depreciation, amortisation and impairment, 17 458 10 762 54 003 43 642 EUR 1000 Equity per share, EUR 5.46 6.01 Dividend / share, EUR 0.50* 0.35 Dividend / earnings, % 87.23* 39.31 Dividend yield, % 3.3* 3.01 Capital repayment / share, EUR 0.75 Capital repayment / earnings, % 84.24 Capital repayment yield, % 6.4 P/E ratio 26.6 13.1 Return on equity, ROE, % 10.0 15.3 Return on invested capital, ROI, % 10.6 14.4 Equity ratio, % 43.7 49.4 Gearing, % 30.4 35.3 Net interest-bearing liabilities, EUR 1000 64 369 82 294 Average number of employees in full-time 8 267 8 399 equivalents Total number of full-time and part-time 8 847 8 962 employees at end of period Number of outstanding shares adjusted for issues, 1000 shares average during the period 38 704 38 688 at end of period 38 707 38 692 average during the period, diluted 38 721 38 701 * Proposal by the Board of Directors ACCOUNTING POLICIES This financial statements release is in compliance with IAS 34 standard. The financial statements release has been prepared with application of the IFRS standards and interpretations in effect on 31 December 2013. The figures are presented as thousands of euros. All figures have been rounded and, consequently, the sum of individual figures may deviate from the sum total presented. More detailed information on accounting policies is presented in the consolidated financial statements of Lassila & Tikanoja plc, which will be released on 26 February 2014. The interim report has not been audited. SEGMENT INFORMATION Net sales 10-12/ 10-12/ 2013 2012 --------- ------------- EUR 1 000 Externa Inter-d Total Externa Inter-d Total Total net l ivision l ivision sales, change % -------------------------------------------------------------------------------- Environmenta 64 466 1 229 65 695 62 936 1 734 64 670 1.6 l Services --------- ------------- Industrial 20 214 647 20 861 18 065 705 18 770 11.1 Services --------- ------------- Facility 70 161 1 545 71 706 73 527 1 262 74 789 -4.1 Services --------- ------------- Renewable 14 864 954 15 819 17 263 1 024 18 287 -13.5 Energy Sources --------- ------------- Eliminations -4 375 -4 375 -4 725 -4 725 -------------------------------------------------------------------------------- L&T total 169 705 0 169 705 171 791 0 171 791 -1.2 --------- ------------- 1-12/20 1-12/20 13 12 --------- ------------- EUR 1 000 Externa Inter-d Total Externa Inter-d Total Total net l ivision l ivision sales, change % -------------------------------------------------------------------------------- Environmenta 254 119 3 807 257 926 259 791 5 870 265 661 -2.9 l Services --------- ------------- Industrial 72 141 3 385 75 526 66 863 3 133 69 996 7.9 Services --------- ------------- Facility 287 842 4 700 292 542 295 451 4 042 299 493 -2.3 Services --------- ------------- Renewable 54 115 3 894 58 010 51 880 4 067 55 947 3.7 Energy Sources --------- ------------- Eliminations -15 786 -15 786 -17 112 -17 112 -------------------------------------------------------------------------------- L&T total 668 217 0 668 217 673 985 0 673 985 -0.9 --------- ------------- Operating profit EUR 1 000 10-12/ % 10-12/ % 1-12/ % 1-12/ % 2013 2012 2013 2012 -------------------------------------------------------------------------------- Environmental 2 921 4.4 6 592 10.2 30 092 11.7 34 251 12.9 Services Industrial 1 573 7.5 1 161 6.2 5 230 6.9 3 892 5.6 Services Facility Services -5 560 -7.8 2 516 3.4 4 444 1.5 12 980 4.3 Renewable Energy 590 3.7 269 1.5 1 448 2.5 -61 -0.1 Sources Group admin. and -1 140 -853 -8 032 -2 671 other -------------------------------------------------------------------------------- L&T total -1 616 -1.0 9 685 5.6 33 182 5.0 48 391 7.2 Financial -725 -512 -2 856 -5 396 expenses, net -------------------------------------------------------------------------------- Profit before tax -2 341 9 173 30 327 42 995 Other segment information EUR 1 000 12/2013 12/2012 ------------------------------------------ Assets Environmental Services 214 465 228 457 Industrial Services 69 954 81 573 Facility Services 103 358 105 718 Renewable Energy Sources 29 417 30 179 Group admin. and other 7 481 9 853 Unallocated assets 71 314 25 473 ------------------------------------------ L&T total 495 990 481 253 Liabilities Environmental Services 51 810 42 381 Industrial Services 21 506 18 687 Facility Services 49 646 50 073 Renewable Energy Sources 5 463 6 094 Group admin. and other 2 091 1 378 Unallocated assets 154 016 129 637 ------------------------------------------ L&T total 284 532 248 250 EUR 1 000 10-12/ 10-12/ 1-12/ 1-12/ 2013 2012 2013 2012 ------------------------------------------------------------- Capital expenditure Environmental Services 4 443 5 120 15 702 16 149 Industrial Services 864 4 857 3 163 11 272 Facility Services 3 435 3 030 11 295 14 727 Renewable Energy Sources 97 113 265 486 Group admin. and other 106 0 2 244 6 751 ------------------------------------------------------------- L&T total 8 944 13 120 32 668 49 385 Depreciation and amortisation Environmental Services 5 411 5 905 21 883 24 690 Industrial Services 1 643 1 910 6 638 7 084 Facility Services 3 344 2 873 13 169 11 276 Renewable Energy Sources 60 70 273 281 Group admin. and other 1 4 14 9 ------------------------------------------------------------- L&T total 10 458 10 762 41 976 43 340 Impairment Environmental Services 302 Facility Services 7 000 7 000 Group admin. and other 5 027 ------------------------------------------------------------- ------------------------------------------------------------- L&T total 7 000 0 12 027 302 INCOME STATEMENT BY QUARTER EUR 1 10-12/ 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/ 000 2013 2013 2013 2013 2012 2012 2012 2012 -------------------------------------------------------------------------------- Net sales Environm 65 695 65 433 66 597 60 201 64 670 66 388 69 136 65 467 ental Service s Industri 20 861 20 933 20 002 13 730 18 770 18 145 20 158 12 923 al Service s Facility 71 706 71 645 73 395 75 796 74 789 72 708 72 376 79 620 Service s Renewabl 15 819 7 430 12 991 21 770 18 287 7 977 12 099 17 584 e Energy Sources Group admin. and other Inter-di -4 375 -3 532 -4 103 -3 776 -4 725 -4 002 -4 077 -4 308 vision net sales -------------------------------------------------------------------------------- L&T 169 705 161 909 168 882 167 721 171 791 161 216 169 692 171 286 total Operatin g profit Environm 2 921 11 888 9 059 6 224 6 592 11 019 12 368 4 272 ental Service s Industri 1 573 2 281 1 895 -519 1 161 1 789 2 199 -1 257 al Service s Facility -5 560 6 745 2 830 429 2 516 7 843 1 025 1 596 Service s Renewabl 590 -203 94 967 269 -384 -733 787 e Energy Sources Group -1 140 -692 -5 397 -803 -853 -638 -715 -465 admin. and other -------------------------------------------------------------------------------- L&T -1 616 20 019 8 481 6 298 9 685 19 629 14 144 4 933 total Operatin g margin Environm 4.4 18.2 13.6 10.3 10.2 16.6 17.9 6.5 ental Service s Industri 7.5 10.9 9.5 -3.8 6.2 9.9 10.9 -9.7 al Service s Facility -7.8 9.4 3.9 0.6 3.4 10.8 1.4 2.0 Service s Renewabl 3.7 -2.7 0.7 4.4 1.5 -4.8 -6.1 4.5 e Energy Sources -------------------------------------------------------------------------------- --------- L&T -1.0 12.4 5.0 3.8 5.6 12.2 8.3 2.9 total Financia -725 -1 132 -590 -408 -512 -568 -3 356 -960 l expense s, net -------------------------------------------------------------------------------- Profit -2 341 18 887 7 891 5 890 9 173 19 061 10 788 3 973 before tax BUSINESS ACQUISITIONS In 2013, Lassila & Tikanoja made no business acquisitions. The accounting policy concerning business combinations is presented under Note 2 of the consolidated financial statements and under Summary on significant accounting policies. CHANGES IN INTANGIBLE ASSETS EUR 1 000 1-12/2013 1-12/2012 ------------------------------------------------------------ Carrying amount at beginning of period 138 430 144 489 Business acquisitions 1 110 Other capital expenditure 2 597 2 322 Disposals -1 957 Amortisation and impairment -13 959 -8 023 Transfers between items -329 Exchange differences -424 489 ------------------------------------------------------------ Carrying amount at end of period 126 315 138 430 CHANGES IN PROPERTY, PLANT AND EQUIPMENT EUR 1 000 1-12/2013 1-12/2012 ------------------------------------------------------------ Carrying amount at beginning of period 180 159 207 522 Business acquisitions 2 438 Other capital expenditure 28 065 36 810 Disposals -1 254 -31 258 Depreciation and impairment -35 016 -35 619 Transfers between items 329 Exchange differences -751 266 ------------------------------------------------------------ Carrying amount at end of period 171 533 180 159 CAPITAL COMMITMENTS EUR 1 000 1-12/2013 1-12/2012 --------------------------------------------------- Intangible assets 0 109 Property, plant and equipment 4 043 1 953 --------------------------------------------------- Total 4 043 2 062 RELATED-PARTY TRANSACTIONS (Joint ventures and L&T sickness fund) EUR 1 000 1-12/2013 1-12/2012 -------------------------------------------- Sales 0 939 Other operating income 24 Interest income 0 391 The support paid by the parent company to L&T sickness fund was EUR 786 thousand (2012: EUR 780 thousand). FINANCIAL ASSETS AND LIABILITIES BY CATEGORY EUR 1 Financ Loans Availa Financi Deriva Carryin Fair Fair value hierarchy 000 ial and ble-fo al tives g values level under IFRS 13 assets other r-sale liabili under amounts by and receiva financ ties hedge by balance liabil bles ial measure accoun balance sheet ities assets d at ting sheet item at amortis item fair ed cost value throug h profit or loss -------------------------------------------------------------------------------- ---------- Level Level Level 1 2 3 -------------------------------------------------------------------------------- ---------- -------------------------------------------------------------------------------- ---------- Non-cu rrent finan cial asset s Availa 4 251 4 251 4 251 4251 ble-fo r-sale inves tments Financ 3 685 3 685 3 865 e lease recei vables Other 2 388 2 388 2 388 recei vables Curren t finan cial asset s Trade 85 280 85 280 85 280 and other recei vables Deriva 84 84 84 84 tive recei vables Availa ble-fo r-sale finan cial asset s Cash 58 474 58 474 58 474 and cash equiv alents -------------------------------------------------------------------------------- ---------- Total 149 827 4 251 0 84 154 162 154 342 finan cial asset s Non-cu rrent finan cial liabi lities Borrow 65 852 65 852 65 950 ings Other 197 197 197 liabi lities Curren t finan cial liabi lities Borrow 56 991 56 991 ings Trade 57 373 57 373 and other payab les Deriva 501 501 501 501 tive liabi lities -------------------------------------------------------------------------------- ---------- Total 180 414 501 180 915 66 649 finan cial liabi lities CONTINGENT LIABILITIES Securities for own commitments EUR 1 000 12/2013 12/2012 -------------------------------------------------------------------- Mortgages on rights of tenancy 102 186 Company mortgages 565 583 Other securities 163 178 Bank guarantees required for environmental permits 9 511 6 483 Other securities are security deposits. Off balance sheet liabilities Lassila & Tikanoja plc has given a guarantee for a share of 50 percent of L&T Recoil Oy's financial liabilities. The guarantee is valid no later than the maturity date of the liabilities on 31 August 2014. The financial liabilities of L&T Recoil totalled EUR 32.8 million on 31 December 2013. Operating lease liabilities EUR 1 000 12/2013 12/2012 ---------------------------------------------------------------------------- Maturity not later than one year 4 996 5 556 Maturity later than one year and not later than five years 6 137 8 377 Maturity later than five years 2 232 2 274 ---------------------------------------------------------------------------- Total 13 365 16 206 Liabilities associated with derivative agreements Interest rate swaps EUR 1 000 12/2013 12/2012 ---------------------------------------------------------------------------- Nominal values of interest rate and currency swaps* Maturity not later than one year 14 018 14 229 Maturity later than one year and not later than five years 16 739 28 940 Maturity later than five years 909 2 727 ---------------------------------------------------------------------------- Total 31 666 45 896 Fair value -428 -1 129 * 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. Commodity derivatives metric tonnes 12/2013 12/2012 ---------------------------------------------------------------------------- Nominal values of diesel swaps Maturity not later than one year 9 735 5 136 Maturity later than one year and not later than five years 825 660 ---------------------------------------------------------------------------- Total 10 560 5 796 Fair value, EUR 1000 -73 136 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. Currency forwards EUR 1 000 12/2013 12/2012 -------------------------------------------------- Volume of forward contracts Maturity not later than one year 0 775 Fair value 0 4 Hedge accounting under IAS 39 has not been applied to forward contracts. Changes in fair values have been recognised in financial income and expenses. Cross currency interest rate swaps EUR 1 000 12/2013 12/2012 -------------------------------------------------------------------------------- Maturity of cross currency interest rate swaps under hedge accounting Maturity not later than one year 7 200 12 800 Maturity later than one year and not later than five years 9 467 16 667 -------------------------------------------------------------------------------- Total 16 667 29 467 Fair value, EUR 1 000 79 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 approximately EUR 0.1 million negative. CALCULATION OF KEY FIGURES Earnings per share: profit attributable to equity holders of the parent company / adjusted average basic number of shares Earnings per share, diluted: profit attributable to equity holders of the parent company / adjusted average diluted number of shares Cash flows from operating activities/share: cash flow from operating activities as in the statement of cash flows / adjusted average number of shares EVA: operating profit - cost calculated on invested capital (average of four quarters) WACC 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 + financial expenses) / (total equity and liabilities - non-interest-bearing liabilities (average)) x 100 Equity ratio, %: equity / (total equity and liabilities - advances received) x 100 Gearing, %: net interest-bearing liabilities / equity x 100 Net interest-bearing liabilities: interest-bearing liabilities - liquid assets Operating profit excluding non-recurring items: operating profit +/- non-recurring items Helsinki, 4 February 2014 LASSILA & TIKANOJA PLC Board of Directors Pekka Ojanpää President and CEO For additional information please contact: Pekka Ojanpää, President and CEO, tel. +358 10 636 2810 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 9,000 persons. Net sales in 2013 amounted to EUR 668 million. L&T is listed on NASDAQ OMX Helsinki. Distribution: NASDAQ OMX Helsinki Major media www.lassila-tikanoja.com News Source: NASDAQ OMX End of Corporate News --------------------------------------------------------------------- 05.02.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Lassila & Tikanoja Oyj Finland ISIN: FI0009010854 End of News DGAP News-Service --------------------------------------------------------------------- 251053 05.02.2014
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