Lemminkäinen and YIT will complete the merger
- Stock Exchange Releases
- 3/21/2012
Comparison figures for 2011, under Lemminkäinen's new sector division
LEMMINKÄINEN CORPORATION STOCK EXCHANGE RELEASE 21.3.2012 at 3 p.m. COMPARISON FIGURES FOR 2011, UNDER LEMMINKÄINEN'S NEW SECTOR DIVISION From the beginning of 2012, Lemminkäinen's business operations are organised into four business sectors: International Operations, Building Construction, Infrastructure Construction and Technical Building Services. Effective 1 January 2012, Lemminkäinen's international operations were organised into a new business sector - the compa
LEMMINKÄINEN CORPORATION STOCK EXCHANGE RELEASE 21.3.2012 at 3 p.m.
COMPARISON FIGURES FOR 2011, UNDER LEMMINKÄINEN'S NEW SECTOR DIVISION
From the beginning of 2012, Lemminkäinen's business operations are organised into four business sectors: International Operations, Building Construction, Infrastructure Construction and Technical Building Services.
Effective 1 January 2012, Lemminkäinen's international operations were organised into a new business sector - the company's fourth - which the company created out of its international operations to ensure profitable growth and the company's competitiveness in an international operating environment. The International Operations business sector will contain all Lemminkäinen's business functions outside Finland. In addition to Finland, Lemminkäinen's main market areas comprise the other Nordic countries, Russia and the Baltic countries. This business sector change aims to take better account of these growth markets in operational management and development.
Comparison figures for 2011, based on the new sector division, are presented in the following:
| NET SALES | 1-3/ | 1-6/ | 1-9/ | 1-12/ |
| EUR mill. | 2011 | 2011 | 2011 | 2011 |
| International operations | 72.4 | 260.2 | 562.9 | 809.8 |
| Building Construction | 143.8 | 322.2 | 499.8 | 720.9 |
| Infrastructure Construction | 65.1 | 216.2 | 443.0 | 596.2 |
| Technical Building Services | 52.0 | 108.1 | 171.2 | 239.9 |
| Other operations | 6.5 | 13.9 | 22.2 | 31.0 |
| Group eliminations | -19.1 | -42.3 | -67.0 | -90.4 |
| Segments total | 320.6 | 878.3 | 1,632.1 | 2,307.4 |
| Reconciling items | -4.3 | -12.0 | -17.0 | -33.3 |
| Group total. IFRS | 316.3 | 866.3 | 1,615.1 | 2,274.1 |
| OPERATING PROFIT/LOSS | 1-3/ | 1-6/ | 1-9/ | 1-12/ |
| EUR mill. | 2011 | 2011 | 2011 | 2011 |
| International operations | -13.3 | 3.6 | 30.9 | 42.2 |
| Building Construction | -4.3 | -0.6 | 1.8 | 9.4 |
| Infrastructure Construction | 7.1 | 13.4 | 35.0 | 30.9 |
| Technical Building Services | 0.4 | -0.7 | 1.3 | 2.8 |
| Other operations | -3.6 | -7.1 | -10.7 | -16.6 |
| Segments total | -13.8 | 8.6 | 58.3 | 68.8 |
| Reconciling items | -14.2 | -16.0 | -14.0 | -15.3 |
| Group total, IFRS | -28.0 | -7.4 | 44.3 | 53.5 |
| OPERATING PROFIT, % OF NET SALES | 1-3/ | 4-6/ | 7-9/ | 10-12/ |
| EUR mill. | 2011 | 2011 | 2011 | 2011 |
| International operations | -18.4 | 1.4 | 5.5 | 5.2 |
| Building Construction | -3.0 | -0.2 | 0.4 | 1.3 |
| Infrastructure Construction | 10.9 | 6.2 | 7.9 | 5.2 |
| Technical Building Services | 0.8 | -0.6 | 0.8 | 1.2 |
| Group total, IFRS | -8.9 | -0.9 | 2.7 | 2.4 |
| NET SALES, QUARTERLY | 1-3/ | 4-6/ | 7-9/ | 10-12/ |
| EUR mill. | 2011 | 2011 | 2011 | 2011 |
| International operations | 72.4 | 187.8 | 302.7 | 246.9 |
| Building Construction | 143.8 | 178.4 | 177.6 | 221.1 |
| Infrastructure Construction | 65.1 | 151.1 | 226.8 | 153.2 |
| Technical Building Services | 52.0 | 56.1 | 63.1 | 68.7 |
| Other operations | 6.5 | 7.4 | 8.3 | 8.8 |
| Group eliminations | -19.1 | -23.2 | -24.7 | -23.4 |
| Segments total | 320.6 | 557.7 | 753.8 | 675.3 |
| Reconciling items | -4.3 | -7.7 | -5.0 | -16.3 |
| Group total, IFRS | 316.3 | 550.0 | 748.8 | 659.0 |
| OPERATING PROFIT/LOSS, QUARTERLY | 1-3/ | 4-6/ | 7-9/ | 10-12/ |
| EUR mill. | 2011 | 2011 | 2011 | 2011 |
| International operations | -13.3 | 16.9 | 27.3 | 11.3 |
| Building Construction | -4.3 | 3.7 | 2.4 | 7.6 |
| Infrastructure Construction | 7.1 | 6.3 | 21.6 | -4.1 |
| Technical Building Services | 0.4 | -1.1 | 2.0 | 1.5 |
| Other operations | -3.6 | -3.5 | -3.6 | -5.9 |
| Segments total | -13.8 | 22.4 | 49.7 | 10.5 |
| Reconciling items | -14.2 | -1.8 | 2.0 | -1.3 |
| Group total, IFRS | -28.0 | 20.6 | 51.7 | 9.2 |
| OPERATING PROFIT, % OF NET SALES, QUARTERLY | 1-3/ | 4-6/ | 7-9/ | 10-12/ |
| EUR mill. | 2011 | 2011 | 2011 | 2011 |
| International operations | -18.4 | 9.0 | 9.0 | 4.6 |
| Building Construction | -3.0 | 2.1 | 1.4 | 3.4 |
| Infrastructure Construction | 10.9 | 4.2 | 9.5 | -2.7 |
| Technical Building Services | 0.8 | -2.0 | 3.2 | 2.2 |
| Group total, IFRS | -8.9 | 3.8 | 6.9 | 1.4 |
| ASSETS | ||||
| EUR mill. | 03/2011 | 06/2011 | 09/2011 | 12/2011 |
| International operations | 212.1 | 321.4 | 354.2 | 304.0 |
| Building Construction | 373.5 | 372.6 | 337.4 | 418.1 |
| Infrastructure Construction | 163.0 | 213.6 | 216.5 | 158.8 |
| Technical Building Services | 32.2 | 35.2 | 35.5 | 35.2 |
| Other operations | 48.4 | 46.5 | 47.5 | 50.8 |
| Segments total | 829.1 | 989.3 | 991.1 | 966.9 |
| Assets unallocated to segments | ||||
| and Group eliminations, total | 269.4 | 407.0 | 684.8 | 275.9 |
| Group total, IFRS | 1,098.5 | 1,396.3 | 1,675.9 | 1,242.8 |
| ORDER BOOK BY BUSINESS SECTOR | ||||
| EUR mill. | 03/2011 | 06/2011 | 09/2011 | 12/2011 |
| International operations | 445.7 | 563.2 | 527.2 | 482.5 |
| Building Construction | 632.2 | 666.8 | 629.8 | 580.5 |
| Infrastructure Construction | 285.9 | 389.5 | 214.7 | 238.3 |
| Technical Building Services | 107.9 | 115.4 | 113.7 | 99.0 |
| Group total | 1,471.7 | 1,734.8 | 1,485.4 | 1,400.4 |
| - of which unsold | 192.7 | 222.6 | 178.0 | 206.3 |
| PERSONNEL BY BUSINESS SECTOR, AVERAGE | ||||
| EUR mill. | 03/2011 | 06/2011 | 09/2011 | 12/2011 |
| International operations | 2,080 | 2,406 | 2,632 | 2,636 |
| Building Construction | 1,689 | 1,741 | 1,738 | 1,696 |
| Infrastructure Construction | 1,604 | 1,825 | 2,015 | 2,032 |
| Technical Building Services | 1,764 | 1,779 | 1,798 | 1,796 |
| Parent company | 226 | 238 | 253 | 261 |
| Group total | 7,363 | 7,989 | 8,436 | 8,421 |
Other adjustments in the 2011 financial statements
For the corresponding period, Lemminkäinen makes an adjustment for funds that were prematurely entered in 2008 in connection with a claim for compensation. As a result of the adjustment, profit is reduced by EUR 3.2 million and sales and other receivables by EUR 4.4 million, and deferred tax receivables are increased by EUR 1.1 million.
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 1-3/ | 1-6/ | 1-9/ | 1-12/ |
| EUR mill. | 2011 | 2011 | 2011 | 2011 |
| Non-current assets | ||||
| Tangible assets | 176.2 | 201.5 | 199.3 | 207.2 |
| Goodwill | 84.7 | 85.7 | 85.4 | 85.7 |
| Other intangible assets | 15.8 | 17.5 | 17.3 | 18.7 |
| Investments | 14.7 | 13.8 | 15.0 | 15.3 |
| Deferred tax asset | 23.4 | 31.5 | 30.0 | 19.4 |
| Other non-current receivables | 5.9 | 6.2 | 6.1 | 4.8 |
| Total | 320.8 | 356.2 | 353.1 | 351.0 |
| Current assets | ||||
| Inventories | 404.3 | 455.9 | 460.3 | 448.5 |
| Trade and other receivables | 334.0 | 550.5 | 597.4 | 407.3 |
| Income tax receivables | 14.6 | 14.3 | 13.7 | 5.6 |
| Cash funds | 24.7 | 19.4 | 251.5 | 30.4 |
| Total | 777.7 | 1,040.1 | 1,322.8 | 891.8 |
| Assets, total | 1,098.5 | 1,396.3 | 1,675.9 | 1,242.8 |
| Share capital | 34.0 | 34.0 | 34.0 | 34.0 |
| Share premium account | 5.8 | 5.7 | 5.7 | 5.7 |
| Hedging reserve | -1.0 | -0.9 | -1.0 | -0.9 |
| Fair value reserve | 0.1 | 0.0 | 0.0 | |
| Invested unrestricted equity reserve | 63.1 | 63.2 | 63.2 | 63.2 |
| Translation differences | 2.4 | 2.2 | -0.3 | 1.4 |
| Retained earnings | 220.7 | 210.9 | 210.6 | 210.6 |
| Profit/loss for the period | -11.7 | 0.6 | 35.3 | 34.7 |
| Equity attributable to shareholders of the parent company | 313.4 | 315.7 | 347.5 | 348.7 |
| Non-controlling interest | 2.2 | 2.1 | 1.5 | 1.7 |
| Shareholders' equity, total | 315.6 | 317.9 | 349.0 | 350.4 |
| Non-current liabilities | ||||
| Deferred tax liabilities | 17.4 | 20.1 | 21.3 | 21.7 |
| Pension liabilities | 0.6 | 3.5 | 3.3 | 3.9 |
| Financial liabilities | 141.4 | 191.0 | 342.4 | 194.6 |
| Provisions | 2.6 | 3.7 | 4.4 | 6.2 |
| Other liabilities | 3.9 | 3.1 | 2.8 | 3.2 |
| Total | 165.9 | 221.4 | 374.3 | 229.7 |
| Current liabilities | ||||
| Financial liabilities | 253.2 | 330.1 | 272.1 | 237.0 |
| Provisions | 6.4 | 9.1 | 8.3 | 7.5 |
| Accounts payable and other liabilities | 348.2 | 507.6 | 659.0 | 416.4 |
| Income tax liabilities | 9.2 | 10.2 | 13.3 | 1.8 |
| Total | 617.0 | 857.0 | 952.6 | 662.7 |
| Liabilities, total | 782.9 | 1,078.4 | 1,326.9 | 892.4 |
| Shareholders' equity and liabilities, total | 1,098.5 | 1,396.3 | 1,675.9 | 1,242.8 |
| ECONOMIC TRENDS AND FINANCIAL INDICATORS | 1-3/ | 1-6/ | 1-9/ | 1-12/ |
| 2011 | 2011 | 2011 | 2011 | |
| Return on equity, rolling 12 months, % 1) | 4.9 | 5.7 | 9.9 | 10.5 |
| Return on investment, rolling 12 months, % 1) | 8.6 | 6.4 | 9.2 | 10.8 |
| Operating profit, % of net sales | -8.9 | -0.9 | 2.7 | 2.4 |
| Equity ratio, % | 32.6 | 25.9 | 23.3 | 30.8 |
| Gearing, % | 117.2 | 157.8 | 104.0 | 114.5 |
| Interest-bearing net debt, EUR million | 369.9 | 501.7 | 363.0 | 401.2 |
| Gross investments, EUR million (incl. leasing purchases) | 9.5 | 50.1 | 62.2 | 84.0 |
| Order book, EUR mill. | 1,471.7 | 1,734.8 | 1,485.4 | 1,400.4 |
| - of which orders outside Finland, EUR mill. | 445.7 | 563.2 | 527.2 | 482.5 |
| Average number of employees | 7,363 | 7,989 | 8,436 | 8,421 |
| Employees at end of period | 7,576 | 9,432 | 9,121 | 7,929 |
| Net sales, EUR mill. | 316.3 | 866.3 | 1,615.1 | 2,274.1 |
| - of which operations outside Finland, EUR mill. | 71.9 | 252.0 | 549.1 | 780.3 |
| % of net sales | 22.7 | 29.1 | 34.0 | 34.3 |
| 1) Includes the effect of discontinued operations | ||||
| SHARE-SPECIFIC INDICATORS | 1-3/ | 1-6/ | 1-9/ | 1-12/ |
| 2011 | 2011 | 2011 | 2011 | |
| Earnings per share, EUR | -0.59 | 0.03 | 1.80 | 1.77 |
| Equity per share, EUR | 15.95 | 16.07 | 17.69 | 17.75 |
| Dividend per share, EUR | 0.501) | |||
| Dividend to earnings ratio, % | 28.3 | |||
| Market capitalization, EUR mill. | 517.4 | 455.6 | 396.8 | 367.8 |
| Share price at end of period, EUR | 26.34 | 23.19 | 20.20 | 18.72 |
| Trading volume during period, 1,000 shares | 890 | 1,738 | 3,125 | 3,367 |
| Number of issued shares, 1,000 shares | 19,645 | 19,645 | 19,645 | 19,645 |
| Weighted average number of shares over the period, 1,000 shares | 19,645 | 19,645 | 19,645 | 19,645 |
| 1) Board of Directors' proposal to the AGM | ||||
LEMMINKÄINEN OYJ
Corporate Communications
MORE INFORMATION:
Robert Öhman, CFO
Lemminkäinen Corporation
Tel. +358 2071 53515
robert.ohman@lemminkainen.fi
Katri Sundström
Vice President, Investor Relations
Tel. +358 2071 54813
katri.sundstrom@lemminkainen.fi
DISTRIBUTION:
NASDAQ OMX Helsinki
key media
www.lemminkainen.com
Lemminkäinen Group operates in all areas of the construction sector. The Group's business sectors are building construction, infrastructure construction, technical building services and international operations. Net sales in 2011 were about EUR 2.3 billion, of which international operations accounted for roughly one third. The Group employs an average of 8,400 people. Lemminkäinen Corporation's share is quoted on NASDAQ OMX Nordic Exchange Helsinki. www.lemminkainen.com