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 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