Tikkurila's Interim Report for January-September 2012 - A good result in a weakening market situation
Stock Exchange Release
November 7, 2012 at 9:00 a.m. (CET+1)
July-September 2012 highlights
- Revenue was at the comparison period level at EUR 191.7 million (7-9/2011: EUR 191.8 million).
- Operating profit (EBIT) excluding non-recurring items was EUR 32.2 (31.0) million, i.e. 16.8 (16.2) percent of revenue.
- Operating profit (EBIT) was EUR 31.4 (31.0) million, i.e. 16.4 (16.2) percent of revenue.
- Non-recurring items were EUR -0.7 (0.0) million.
- EPS was EUR 0.51 (0.50).
- Cash flow after capital expenditure was EUR 64.0 (38.5) million. The improvement was mainly based on better net working capital development than in the comparison period.
January-September 2012 highlights
- Revenue increased by 4.8 percent to EUR 550.1 million (1-9/2011: EUR 524.6 million).
- Operating profit (EBIT) excluding non-recurring items was EUR 77.1 (65.0) million, i.e. 14.0 (12.4) percent of revenue.
- Operating profit (EBIT) was EUR 70.5 (65.0) million, i.e. 12.8 (12.4) percent of revenue.
- Non-recurring items were EUR -6.6 (0.0) million.
- EPS was EUR 1.02 (0.92).
Revenue and EBIT estimates for 2012
- Tikkurila reiterates its outlook for 2012, which was updated on September 11, 2012. Tikkurila expects reported EBIT to exceed EUR 65 million (2011: EUR 61.2 million) and EBIT excluding non-recurring items to exceed EUR 70 million (EUR 62.7 million). Reported revenue is expected to exceed EUR 660 million (EUR 644 million).
|(EUR million)|| 7-9/
|Change %|| 1-9/
|Change %|| 1-12/
|Operating profit (EBIT), excluding non-recurring items||32.2||31.0||3.8%||77.1||65.0||18.7%||62.7|
|Operating profit (EBIT) margin, excluding non-recurring items, %||16.8%||16.2%||14.0%||12.4%||9.7%|
|Operating profit (EBIT)||31.4||31.0||1.5%||70.5||65.0||8.5%||61.2|
|Operating profit (EBIT) margin, %||16.4%||16.2%||12.8%||12.4%||9.5%|
|Profit before taxes||30.4||28.7||6.1%||63.4||56.0||13.4%||50.7|
|Other key indicators|
|ROCE, %, rolling||20.9%||20.6%||20.9%||20.6%||19.4%|
|Cash flow after capital expenditure||64.0||38.5||66.4%||40.5||12.5||224.5%||13.3|
|Net interest-bearing debt at period-end||89.1||102.7||-13.2%||99.4|
|Equity ratio, %||43.6%||41.0%||44.1%|
|Personnel at period-end||3,358||3,721||-9.8%||3,551|
Comments by Erkki Järvinen, President and CEO:
"Despite the increasingly challenging market situation, we achieved a good result in the third quarter. Our operating profit improved slightly from the record level of the comparison period. This development was supported by the streamlining of our operations and our committed personnel who performed well. In addition, we obtained some support through favorable exchange rate fluctuations.
In September, we upgraded our full-year profit estimate and adjusted our estimate on the revenue development. We reiterate our outlook, i.e. we expect our reported EBIT to exceed EUR 65 million and EBIT excluding non-recurring items to exceed EUR 70 million. Reported revenue is expected to exceed EUR 660 million."
Disclosing procedures of financial reviews
Tikkurila Oyj follows the disclosure procedure enabled by Standard 5.2b published by the Finnish Financial Supervision Authority, and discloses relevant information (i.e. information likely to have a material effect on the value of Tikkurila's share price) related to its Interim Report with this Stock Exchange Release. Tikkurila's Interim Report for January-September 2012 is attached to this release and is also available on company's website at www.tikkurilagroup.com.
Tikkurila will hold a press conference regarding its January-September 2012 Interim Report for the media and analysts today on November 7, 2012, at 12:00 p.m. (CET+1) in the Akseli Gallén-Kallela Cabinet at the Hotel Kämp (address Pohjoisesplanadi 29, 00100 Helsinki). The conference will be held in Finnish language. Attendees will be served lunch at the conference premises starting at 11:30 (CET+1). The Interim Report will be presented by Erkki Järvinen, President and CEO, and Jukka Havia, CFO.
The stock exchange release and presentation materials will be available before the event at www.tikkurilagroup.com/investors.
Erkki Järvinen, President and CEO
For further information, please contact:
Erkki Järvinen, President and CEO
Mobile +358 400 455 913, firstname.lastname@example.org
Jukka Havia, CFO
Mobile +358 50 355 3757, email@example.com
Minna Avellan, Manager, Investor Relations
Mobile +358 40 533 7932, firstname.lastname@example.org
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Source: Tikkurila Oyj via Thomson Reuters ONE