Tikkurila's Interim Report for January-September 2012 - A good result in a weakening market situation
Tikkurila Oyj
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).
Key figures
(EUR million) 7-9/ 7-9/ Change % 1-9/ 1-9/ Change % 1-12/
2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Income statement
Revenue 191.7 191.8 -0.1% 550.1 524.6 4.8% 643.7
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
Net profit 22.6 22.0 2.8% 45.1 40.5 11.4% 35.5
Other key indicators
EPS, EUR 0.51 0.50 2.8% 1.02 0.92 11.4% 0.80
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
Gearing, % 42.1% 53.3% 51.9%
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.
Press Conference
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.
Tikkurila Oyj
Erkki Järvinen, President and CEO
For further information, please contact:
Erkki Järvinen, President and CEO
Mobile +358 400 455 913, erkki.jarvinen@tikkurila.com
Jukka Havia, CFO
Mobile +358 50 355 3757, jukka.havia@tikkurila.com
Minna Avellan, Manager, Investor Relations
Mobile +358 40 533 7932, minna.avellan@tikkurila.com
For 150 years already, Tikkurila has provided consumers and professionals with
user-friendly and sustainable solutions for surface protection and decoration.
Tikkurila wants to be the leading paint company in the Nordic area as well as in
Russia and other selected Eastern European countries. - Tikkurila inspires you
to color your life.
www.tikkurilagroup.com
