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- 3/30/2011
Review period information for year 2010, under Lemminkäinen´s new segment division
LEMMINKÄINEN CORPORATION STOCK EXCHANGE BULLETIN 30.3.2011 at 10 a.m. REVIEW PERIOD INFORMATION FOR YEAR 2010, UNDER LEMMINKÄINEN'S NEW SEGMENT DIVISION From the beginning of 2011, Lemminkäinen's business operations will be organised under three business entities: Building Construction, Infrastructure Construction and Technical Building Services. In December 2010, Lemminkäinen announced the divestment of the roofing operations then located in its Building Products segment. As
LEMMINKÄINEN CORPORATION STOCK EXCHANGE BULLETIN 30.3.2011 at 10 a.m.
REVIEW PERIOD INFORMATION FOR YEAR 2010, UNDER LEMMINKÄINEN'S NEW SEGMENT DIVISION
From the beginning of 2011, Lemminkäinen's business operations will be organised under three business entities: Building Construction, Infrastructure Construction and Technical Building Services.
In December 2010, Lemminkäinen announced the divestment of the roofing operations then located in its Building Products segment. As of 1 January 2011, its concrete products business and environment and sports construction operations were transferred from the Building Products to the Infrastructure Construction segment.
Furthermore, the telecommunication networks construction company, Lemcon Networks Oy, was included in the Technical Building Services segment from the beginning of 2011. This company formerly operated as part of the Building Construction segment.
The review period information for year 2010 under the new segment division is summarised below.
| SEGMENT INFORMATION | ||||
| NET SALES | 1-3/ | 1-6/ | 1-9/ | 1-12/ |
| EUR mill. | 2010 | 2010 | 2010 | 2010 |
| Building Construction | 160.6 | 317.8 | 522.5 | 770.2 |
| Infrastructure Construction | 71.6 | 342.3 | 707.4 | 932.9 |
| Technical Building Services | 62.3 | 130.1 | 195.0 | 269.1 |
| Other operations | 2.8 | 5.7 | 8.5 | 11.4 |
| Group eliminations | -12.2 | -28.0 | -51.1 | -72.6 |
| Segments total | 285.2 | 767.8 | 1,382.3 | 1,911.0 |
| Reconciling items | -0.8 | -4.6 | -8.7 | -18.5 |
| Group total, IFRS | 284.4 | 763.2 | 1,373.6 | 1,892.5 |
| OPERATING PROFIT | 1-3/ | 1-6/ | 1-9/ | 1-12/ |
| EUR mill. | 2010 | 2010 | 2010 | 2010 |
| Building Construction | 0.5 | 4.8 | 7.5 | 25.6 |
| Infrastructure Construction | -27.9 | -11.1 | 20.2 | 15.3 |
| Technical Building Services | 1.8 | 4.6 | 6.2 | 4.5 |
| Other operations | -3.4 | -7.1 | -11.0 | -15.6 |
| Segments total | -29.1 | -8.8 | 23.0 | 29.7 |
| Reconciling items | 0.6 | 0.3 | 1.3 | -0.7 |
| Group total, IFRS | -28.5 | -8.5 | 24.3 | 29.0 |
| 1-3/ | 1-6/ | 1-9/ | 1-12/ | |
| OPERATING PROFIT, % OF NET SALES | 2010 | 2010 | 2010 | 2010 |
| Building Construction | 0.3 | 1.5 | 1.4 | 3.3 |
| Infrastructure Construction | -39.0 | -3.2 | 2.9 | 1.6 |
| Technical Building Services | 2.9 | 3.5 | 3.2 | 1.7 |
| Group total, IFRS | -10.0 | -1.1 | 1.8 | 1.5 |
| NET SALES, QUARTERLY | 1-3/ | 4-6/ | 7-9/ | 10-12/ |
| EUR mill. | 2010 | 2010 | 2010 | 2010 |
| Building Construction | 160.6 | 157.2 | 204.7 | 247.7 |
| Infrastructure Construction | 71.6 | 270.7 | 365.1 | 225.5 |
| Technical Building Services | 62.3 | 67.8 | 64.9 | 74.1 |
| Other operations | 2.8 | 2.9 | 2.8 | 2.9 |
| Group eliminations | -12.2 | -15.8 | -23.1 | -21.5 |
| Segments total | 285.2 | 482.6 | 614.5 | 528.7 |
| Reconciling items | -0.8 | -3.8 | -4.1 | -9.8 |
| Group total, IFRS | 284.4 | 478.8 | 610.4 | 518.9 |
| OPERATING PROFIT, QUARTERLY | 1-3/ | 4-6/ | 7-9/ | 10-12/ |
| EUR mill. | 2010 | 2010 | 2010 | 2010 |
| Building Construction | 0.5 | 4.3 | 2.7 | 18.1 |
| Infrastructure Construction | -27.9 | 16.8 | 31.3 | -4.9 |
| Technical Building Services | 1.8 | 2.8 | 1.6 | -1.7 |
| Other operations | -3.4 | -3.7 | -3.9 | -4.6 |
| Segments total | -29.1 | 20.3 | 31.8 | 6.7 |
| Reconciling items | 0.6 | -0.3 | 1.1 | -2.0 |
| Group total, IFRS | -28.5 | 20.0 | 32.9 | 4.7 |
| 1-3/ | 1-6/ | 1-9/ | 1-12/ | |
| OPERATING PROFIT, % OF NET SALES, QUARTERLY | 2010 | 2010 | 2010 | 2010 |
| Building Construction | 0.3 | 2.7 | 1.3 | 7.3 |
| Infrastructure Construction | -39.0 | 6.2 | 8.6 | -2.2 |
| Technical Building Services | 2.9 | 4.1 | 2.5 | -2.3 |
| Group total, IFRS | -10.0 | 4.2 | 5.4 | 0.9 |
| ASSETS | ||||
| EUR mill. | 03/2010 | 06/2010 | 09/2010 | 12/2010 |
| Building Construction | 365.5 | 391.3 | 420.0 | 440.1 |
| Infrastructure Construction | 286.8 | 400.9 | 417.6 | 317.8 |
| Technical Building Services | 36.2 | 36.9 | 39.8 | 44.5 |
| Other operations | 38.1 | 44.2 | 45.9 | 46.2 |
| Segments total | 726.6 | 873.3 | 923.2 | 848.6 |
| Assets unallocated to segments | ||||
| and Group eliminations, total | 290.7 | 313.6 | 282.8 | 216.7 |
| Group total, IFRS | 1,017.3 | 1,186.9 | 1,206.0 | 1,065.3 |
| ORDER BOOK | ||||
| EUR mill. | 03/2010 | 06/2010 | 09/2010 | 12/2010 |
| Building Construction | 621.2 | 711.7 | 666.0 | 683.9 |
| - of which unsold | 115.5 | 149.6 | 102.2 | 135.3 |
| Infrastructure Construction | 550.7 | 585.0 | 434.5 | 416.6 |
| Technical Building Services | 124.4 | 133.5 | 129.5 | 125.9 |
| Group total | 1,296.3 | 1,430.2 | 1,230.0 | 1,226.4 |
| - of which international orders | 287.2 | 338.6 | 252.3 | 294.3 |
| PERSONNEL, AVERAGE | 03/2010 | 06/2010 | 09/2010 | 12/2010 |
| Building Construction | 1,946 | 2,017 | 2,050 | 2,063 |
| Infrastructure Construction | 3,212 | 3,748 | 4,054 | 4,000 |
| Technical Building Services | 2,066 | 2,085 | 2,089 | 2,060 |
| Parent company | 115 | 116 | 146 | 191 |
| Group total | 7,339 | 7,966 | 8,339 | 8,314 |
Further corrections to the financial statement for 2010
In its financial statement for 2010, Lemminkäinen posted a liability in its balance for the period. This had been omitted from the final settlement for a joint venture submitted on 19 May 2008. In an additional settlement report conducted in December in 2010, it was discovered that, under a legal interpretation of the agreement, Lemminkäinen has a liability of EUR 1.5 million towards a party to the joint venture. This posting will have a total impact of EUR 0.3 million on imputed tax receivables for 2010, of EUR 1.2 million on short-term liabilities and of EUR -0.9 million on profit for the period. In addition, the posting has an effect on certain economic trend indicators.
| CONSOLIDATED STATEMENT OF FINANCIAL | 1-3/ | 1-6/ | 1-9/ | 1-12/ | |||||
| POSITION, EUR mill. | 2010 | 2010 | 2010 | 2010 | |||||
| Non-current assets | |||||||||
| Tangible assets | 184.4 | 189.5 | 182.3 | 175.3 | |||||
| Goodwill | 78.6 | 86.6 | 83.9 | 84.8 | |||||
| Other intangible assets | 4.5 | 5.6 | 10.0 | 14.4 | |||||
| Investments | 12.9 | 12.5 | 14.2 | 14.0 | |||||
| Deferred tax asset | 22.9 | 21.7 | 20.5 | 16.3 | |||||
| Other non-current receivables | 7.4 | 7.3 | 7.2 | 7.2 | |||||
| Total | 310.7 | 323.2 | 317.9 | 312.0 | |||||
| Current assets | |||||||||
| Inventories | 387.2 | 427.5 | 386.3 | 369.8 | |||||
| Trade and other receivables | 281.1 | 397.2 | 449.7 | 343.1 | |||||
| Cash funds | 38.3 | 39.0 | 52.1 | 26.3 | |||||
| Total | 706.6 | 863.7 | 888.0 | 739.2 | |||||
| Available-for-sale non-current assets | 14.1 | ||||||||
| Assets, total | 1,017.3 | 1,186.9 | 1,206.0 | 1,065.3 | |||||
| Share capital | 34.0 | 34.0 | 34.0 | 34.0 | |||||
| Share premium account | 5.8 | 5.8 | 5.8 | 5.8 | |||||
| Hedging reserve | -2.1 | -2.0 | -1.8 | -1.5 | |||||
| Fair value reserve | 0.1 | 0.1 | 0.0 | 0.0 | |||||
| Invested unrestricted equity reserve | 63.5 | 63.1 | 63.1 | 63.1 | |||||
| Translation differences | 0.3 | 2.2 | 0.6 | 2.2 | |||||
| Retained earnings | 224.6 | 224.6 | 224.7 | 224.5 | |||||
| Profit/loss for the period | -26.7 | -17.1 | 2.9 | 0.3 | |||||
| Equity attributable to shareholders of the parent company | 299.5 | 310.6 | 329.4 | 328.4 | |||||
| Non-controlling interest | 4.6 | 7.7 | 4.6 | 5.1 | |||||
| Shareholders' equity, total | 304.1 | 318.3 | 334.0 | 333.5 | |||||
| Non-current liabilities | |||||||||
| Deferred tax liabilities | 14.9 | 15.9 | 19.6 | 17.6 | |||||
| Pension liabilities | 0.5 | 0.5 | 0.5 | 0.5 | |||||
| Provisions | 2.6 | 2.9 | 1.7 | 2.3 | |||||
| Financial liabilities | 180.9 | 174.3 | 222.2 | 214.1 | |||||
| Other liabilities | 2.2 | 2.1 | 3.9 | 3.9 | |||||
| Total | 201.1 | 195.7 | 248.0 | 238.4 | |||||
| Current liabilities | |||||||||
| Accounts payable and other liabilities | 299.1 | 391.8 | 385.8 | 321.2 | |||||
| Provisions | 6.7 | 6.9 | 7.3 | 6.4 | |||||
| Financial liabilities | 206.4 | 274.1 | 230.9 | 161.4 | |||||
| Total | 512.2 | 672.9 | 624.0 | 489.0 | |||||
| Liabilities recorded against available-for-sale non-current assets | 4.4 | ||||||||
| Liabilities, total | 713.2 | 868.6 | 872.0 | 731.7 | |||||
| Shareholders' equity and liabilities, total | 1,017.3 | 1,186.9 | 1,206.0 | 1,065.3 | |||||
| 1-3/ | 1-6/ | 1-9/ | 1-12/ | ||||||
| ECONOMIC TRENDS AND FINANCIAL INDICATORS | 2010 | 2010 | 2010 | 2010 | |||||
| Return on equity, % | -8.8 | -5.4 | 1.0 | 0.4 | |||||
| Return on investment, % | -3.1 | 0.4 | 5.1 | 7.0 | |||||
| Operating profit, % of net sales | -10.0 | -1.1 | 1.8 | 1.5 | |||||
| Equity ratio, % | 33.6 | 30.1 | 30.7 | 35.2 | |||||
| Gearing, % | 114.8 | 128.7 | 120.1 | 104.7 | |||||
| Interest-bearing net debt, EUR million | 349.0 | 409.5 | 401.0 | 349.2 | |||||
| Gross investments, EUR million (incl. leasing purchases) | 7.5 | 33.8 | 44.5 | 59.6 | |||||
| Order book, EUR mill. | 1,296.3 | 1,430.2 | 1,230.0 | 1,226.4 | |||||
| - of which orders outside Finland, EUR mill. | 287.2 | 338.6 | 252.3 | 294.3 | |||||
| Average number of employees | 7,339 | 7,966 | 8,339 | 8,314 | |||||
| Employees at end of period | 7,398 | 9,302 | 8,920 | 7,744 | |||||
| Net sales, EUR mill. | 284.4 | 763.2 | 1,373.6 | 1,892.5 | |||||
| - of which operations outside Finland, EUR mill. | 64.0 | 218.1 | 416.5 | 543.5 | |||||
| % of net sales | 22.5 | 28.6 | 30.3 | 28.7 | |||||
| 1-3/ | 1-6/ | 1-9/ | 1-12/ | ||||||
| SHARE-SPECIFIC INDICATORS | 2010 | 2010 | 2010 | 2010 | |||||
| Earnings per share, EUR | -1.52 | -0.92 | 0.15 | 0.02 | |||||
| Equity per share, EUR | 15.24 | 15.81 | 16.77 | 16.72 | |||||
| Dividend per share, EUR | 0.50 1) | ||||||||
| Dividend to earnings ratio, % | over 100 | ||||||||
| Market capitalization, EUR mill. | 552.4 | 467.5 | 485.2 | 510.8 | |||||
| Share price at end of period, EUR | 28.12 | 23.80 | 24.70 | 26.00 | |||||
| Trading volume during period, 1000 shares | 1,770 | 2,451 | 3,167 | 4,172 | |||||
| Number of issued shares, 1000 shares | 19,645 | 19,645 | 19,645 | 19,645 | |||||
| Weighted average number of shares over the period, 1000 shares | 17,532 | 18,588 | 18,948 | 19,124 | |||||
| 1) Board of Directors' proposal to the AGM | |||||||||
LEMMINKÄINEN CORPORATION
Corporate communications
ADDITIONAL INFORMATION:
Robert Öhman, CFO, +358 2071 53515, robert.ohman@lemminkainen.fi
Katri Sundström, IRO, +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 and technical building services. Net sales in 2010 were about EUR 2.0 billion, of which international operations accounted for roughly a quarter. The Group employs about 8,300 people. Lemminkäinen Corporation's share is quoted on NASDAQ OMX Nordic Exchange Helsinki.