Lehto Group Plc:IMPACT OF IFRS 15 STANDARD IMPLEMENTATION FOR FINANCIAL INFORMATION 2017
Lehto Group Plc
Stock Exchange release
3 May 2018, 7:55 a.m. EEST
Lehto has adopted the IFRS 15 Revenue from Contracts with Customers retroactively from 1 January 2018 in accordance with IAS 8, and presents restated comparative data for 2017. Figures are unaudited.
The impact of new standard on the company's net sales for 2017 is minor. The Company’s contracts with customers are generally less than 12 months in duration. There are minor effects due to combination of customer contracts, the recognition of revenue from additional work not part of the contracts and the treatment of variable consideration. The Group has also some contracts that do not meet the criteria of IFRS 15 for recognition over time but they are recognised when control is passed, i.e. at a certain point in time.
|Net Sales by Service Area||Restated||Restated||Restated||Restated|
|Social Care and Educational Premises||109.1||48.6||34.3||13.8|
|Net Sales by Service Area||Reported||Reported||Reported||Reported|
|Social Care and Educational Premises||105.3||77.6||49.1||19.3|
|Net sales, EUR million||597.6||335.4||213.9||75.2|
|Operating profit, EUR million||64.6||25.5||15.4||4.9|
|Operating profit, % of net sales||10.8%||7.6%||7.2%||6.5%|
|Profit for the period, EUR million||51.6||20.5||12.1||3.7|
|Net sales, EUR million||594.1||367.3||231.5||80.6|
|Operating profit, EUR million||61.5||33.5||19.9||6.8|
|Operating profit, % of net sales||10.4%||9.1%||8.6%||8.5%|
|Profit for the period, EUR million||49.2||26.9||15.7||5.3|
Veli-Pekka Paloranta, Chief Financial Officer
+358 400 944 074
Lehto Group in brief:
Lehto is the fastest growing construction and real e group. We operate in four service areas: Business Premises, Housing, Social Care and Educational Premises, and Building Renovation. We are the innovator and pioneer of the construction sector. Our economically driven operating model makes construction more profitable, ensures the quality of construction and brings significant time and cost savings to the customer. At the end of 2017, we employed around 1,200 people. Our net sales for 2017 amounted to EUR 594 million.