LEMMINKÄINEN CORPORATION FINANCIAL STATEMENTS BULLETIN 4 FEBRUARY 2016
AT 8:00 A.M.
LEMMINKÄINEN FINANCIAL STATEMENTS BULLETIN
1 January – 31 December 2015
October–December 2015 (10–12/2014)
· Order inflow was EUR 296.0 million (128.6).
· Net sales totalled EUR 528.5 million (608.3).
· Operating profit amounted to EUR 18.9 million (0.1), or 3.6% (0.0) of
net sales.
· Profit for the period was EUR 9.9 million (-6.3). Profit for the period in
continuing operations was EUR 9.9 million (-6.2).
· Earnings per share were EUR 0.33 (-0.42). Earnings per share in
continuing operations were EUR 0.33 (-0.41).
· Cash flow from operating activities totalled EUR 30.5 million (-1.1).
· Equity ratio at the end of the review period was 40.6% (37.1) and
gearing 33.6% (51.8).
· Interest-bearing net debt at the end of the review period was
EUR 126.8 million (213.6).
January–December 2015 (1–12/2014)
· Order book at the end of period amounted to EUR 1,180.3 million (1,456.1).
· Net sales totalled EUR 1,879.0 million (2,044.5).
· Operating profit was EUR 37.3 million (36.3) or 2.0% (1.8) of net sales.
· Profit for the period was EUR 7.2 million (18.1). The 2014 figure includes
the capital gain from the sale of technical building services business.
Profit for the period in continuing operations was EUR 7.2 million (-5.0).
· Earnings per share were EUR -0.15 (0.40). Earnings per share in
continuing operations were EUR -0.15 (-0.68).
· Cash flow from operating activities totalled EUR 106.6 million (-48.4).
· The Board of Directors proposes to the AGM that for the financial year
that ended on 31 December 2015, the company will distribute a per-share
dividend of EUR 0.12 (0.00).
Profit guidance for 2016
Lemminkäinen estimates that its net sales in 2016 will be on the level of EUR
1.8 billion. Operating profit (IFRS) in 2016 is expected to improve as compared
to 2015 (EUR 37.3 million).
Key figures, IFRS 10-12/ 10-12/ Change 1-12/ 1-12/ Change
2015 2014 2015 2014
Net sales M€ 528.5 608.3 -79.8 1,879.0 2,044.5 -165.5
Paving M€ 203.9 236.2 -32.3 874.5 907.5 -33.0
Infra projects M€ 76.0 73.4 2.6 263.1 286.0 -22.9
Building M€ 176.1 165.9 10.2 537.8 539.0 -1.2
construction,
Finland
Russian M€ 70.0 82.0 -12.0 136.7 196.1 -59.4
operations
Other operations M€ 2.4 50.7 -48.3 66.8 115.9 -49.1
and Group
eliminations
Operating profit M€ 18.9 0.1 18.8 37.3 36.3 1.0
Paving M€ -3.4 5.2 -8.6 16.9 32.2 -15.3
Infra projects M€ 3.6 1.5 2.1 11.8 7.2 4.6
Building M€ 11.4 -2.9 14.3 12.9 9.3 3.6
construction,
Finland
Russian M€ 10.9 10.2 0.7 2.9 19.7 -16.8
operations
Other operations M€ -3.7 -13.9 10.2 -7.2 -32.2 25.0
Operating margin % 3.6 0.0 2.0 1.8
Paving % -1.7 2.2 1.9 3.5
Infra projects % 4.8 2.1 4.5 2.5
Building % 6.5 -1.8 2.4 1.7
construction,
Finland
Russian % 15.6 12.4 2.1 10.1
operations
Pre-tax profit M€ 13.7 -7.7 21.4 16.7 -1.7 18.4
Profit from M€ 9.9 -6.2 16.1 7.2 -5.0 12.2
continuing
operations
Profit for the M€ 9.9 -6.3 16.2 7.2 18.1 -10.9
period
Earnings per share, € 0.33 -0.41 0.74 -0.15 -0.68 0.53
continuing
operations
Earnings per share € 0.33 -0.42 0.75 -0.15 0.40 -0.55
for the period
Cash flow from M€ 30.5 -1.1 31.6 106.6 -48.41) 155.0
operating
activities 1)
1) Cash flow from operating activities includes EUR 59.7 million of damages paid
in Q1/2014 related to asphalt cartel.
Key figures, IFRS 31 Dec 31 Dec Change 30 Sep Change 12/15
2015 2014 12/15 2015 vs.
vs. 12/14 9/15
Order book M€ 1,180.3 1,456.1 -275.8 1,268.5 -88.2
Operating capital M€ 474.8 590.4 -115.6 486.1 -11.3
Balance sheet total M€ 1,035.5 1,257.8 -222.3 1,235.6 -200.1
Interest-bearing net M€ 126.8 213.6 -86.8 154.4 -27.6
debt
Equity ratio 1) % 40.6 37.1 35.0
Gearing 2) % 33.6 51.8 41.7
Return on % 10.2 13.5 9.2
investment, rolling
12 months 3)
Return on capital % 5.3 4.5 2.5
employed,
rolling 12 months 4)
1) Equity ratio, if hybrid bonds were treated as debt: 12/2015: 28.6% and
12/2014: 24.6%.
2) Gearing, if hybrid bonds were treated as debt: 12/2015: 89.6% and
12/2014: 128.4%.
3) Includes the effect of discontinued operations
4) Calculation: Operating profit, rolling 12 months / (Total equity
(quarterly average) + interest-bearing liabilities (quarterly average)) x 100
President and CEO Casimir Lindholm:
“In 2015, we focused on improving our financial position and streamlining our
business portfolio. This can be seen in our balance sheet, which is clearly
lighter than a year ago and in our cash flow from operating activities, which
has remained positive throughout the year,” says Casimir Lindholm, President and
CEO. “Our financial position has strengthened. We carried out a partial
repurchase of our first hybrid bond (EUR 27 million) in the second quarter, our
interest-bearing net debt decreased from EUR 214 million to EUR 127 million and
our operating capital from EUR 590 million to EUR 475 million.”
“Our 2015 operating profit improved from the comparison period. Infra projects
and Building construction, Finland, performed better than in the comparison
year. Considering the market situation, our housing sales proceeded well both in
Finland and in Russia where our Tapiola 2 project was completed as planned
during the fourth quarter. In Paving, the overall result declined due to a
weaker year-on-year result in Norway, the divestment of the road maintenance
business in Norway as well as declining margins in individual earthworks
projects in Finland.”
“During the year, we divested the building construction business in Sweden and
the road maintenance business in Norway. In addition, we decided to withdraw
from the Ilmatar project in Russia. The streamlining of our portfolio resulted
in more than EUR 20 million write-downs in the 2015 result, but these actions
support the implementation of our strategy, improve our competitiveness and
financial position in the long run.”
“We are now a more financially stable company than two years ago. Overall, we
are proceeding as planned and in the coming years we will continue to focus on
improving our operational result and competitiveness in all of our operations.
We will improve our financial performance one step at a time while maintaining a
moderate risk level. We seek growth especially in infra projects in Scandinavia
where ongoing and planned infrastructure development programmes extend over
governmental election cycles.”
Briefing
A Finnish-language briefing for analysts and the media will be held at 10:00
a.m. on Thursday 4 February at Lemminkäinen’s head office. The street address is
Salmisaarenaukio 2, Helsinki, Finland. Lemminkäinen's President and CEO Casimir
Lindholm will present the Financial Statements Bulletin. Presentation material
can be found in Finnish and English at the company’s website,
www.lemminkainen.com/investors.
Financial reporting in 2016
In 2016, financial reports will be published as follows:
4 February 2016 Financial Statements Bulletin 2015
Week 9 Annual Report 2015
28 April 2016 Interim Report 1 Jan – 31 March 2016
28 July 2016 Interim Report 1 Jan – 30 June 2016
27 October 2016 Interim Report 1 Jan – 30 Sep 2016
LEMMINKÄINEN CORPORATION
Corporate Communications
ADDITIONAL INFORMATION:
Casimir Lindholm, President and CEO, tel. +358 2071 53378
Ilkka Salonen, CFO, tel. +358 2071 53378
DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media
www.lemminkainen.com
Lemminkäinen is an expert in complex infrastructure construction and building
construction in Northern Europe and one of the largest paving companies in its
market. Together with our customers and 4,800 professionals we employ, we build
a sustainable society. In 2015, our net sales were EUR 1.9 billion. Lemminkäinen
Corporation’s share is quoted on Nasdaq Helsinki Ltd. www.lemminkainen.com
ATTACHMENT
Financial bulletin 2015 pdf
