Tikkurila's Interim Report for January-December 2012 - A record year 2012

Tikkurila Oyj
Stock Exchange Release
February 15, 2013 at 00 a.m. (CET+1)
 
Full-year 2012 highlights

• Revenue increased by 4.4 percent to EUR 671.8 million (2011: EUR 643.7 million).
• Operating profit (EBIT) excluding non-recurring items was EUR 73.9 (62.7) million, i.e. 11.0 (9.7) percent of revenue.
• Operating profit (EBIT) was EUR 66.6 (61.2) million, i.e. 9.9 (9.5) percent of revenue.
• Non-recurring items were EUR -7.4 (-1.5) million.
• EPS was EUR 0.92 (0.80).
• The Board proposes a dividend of EUR 0.76 (0.73) per share, which corresponds to about 82.6 (90.7) percent of the Group's 2012 earnings per share.
• Cash flow after capital expenditure was EUR 50.3 (13.3) million.

October-December 2012 highlights

• Revenue increased by 2.2 percent to EUR 121.8 million (10-12/2011: EUR 119.1 million).
• Operating loss (EBIT) excluding non-recurring items was EUR -3.2 (-2.3) million, i.e. -2.6 (-1.9) percent of revenue.
• Operating loss (EBIT) was EUR -4.0 (-3.8) million, i.e. -3.3 (-3.2) percent of revenue. 
• EPS was EUR -0.10 (-0.11).

Revenue and EBIT estimates for 2013

• Tikkurila expects its revenue and EBIT in euro excluding non-recurring items for the financial year 2013 to remain on 2012 level. 

Key Figures
(EUR million)	10-12/2012	10-12/2011	Change %	1-12/2012	1-12/2011	Change %
Income statement
Revenue	121.8	119.1	2.2%	671.8	643.7	4.4%
Operating profit (EBIT),
excluding non-recurring items	-3.2	-2.3	-40.6%	73.9	62.7	17.8%
Operating profit (EBIT) margin, excluding non-recurring items, %	-2.6%	-1.9%		11.0%	9.7%
Operating profit (EBIT)	-4.0	-3.8	-5.6%	66.6	61.2	8.7%
Operating profit (EBIT) margin, %	-3.3%	-3.2%		9.9%	9.5%
Profit before taxes	-4.2	-5.3	20.5%	59.2	50.7	16.9%
Net profit	-4.6	-5.0	9.5%	40.6	35.5	14.3%
Other key indicators
EPS*, EUR	-0.10	-0.11	9.5%	0.92	0.80	14.3%
ROCE, % rolling	21.0%	19.4%		21.0%	19.4%
Cash flow after capital expenditure	9.8	0.8		50.3	13.3	278.7%
Net interest-bearing debt at				80.6	99.4	-18.9%
period-end
Gearing, %				39.1%	51.9%
Equity ratio, %				47.7%	44.1%
Personnel at period-end				3,227	3,551	-9.1%

Comments by Erkki Järvinen, President and CEO: