Tikkurila's Interim Report for January-June 2015 - Decreasing revenue due to Russia, Group profitability still high

Tikkurila Oyj
Stock Exchange Release
August 4, 2015 at 9:00 a.m. (CET+1)
 
Tikkurila's Interim Report for January-June 2015
- Decreasing revenue due to Russia, Group profitability still high

April-June 2015 highlights

• Revenue for the second quarter decreased by 7.0 percent to EUR 179.5 million (4-6/2014: EUR 192.9 million).
• Operating profit (EBIT) excluding non-recurring items was EUR 28.6 (32.2) million, i.e. 15.9 (16.7) percent of revenue.
• Operating profit (EBIT) was EUR 30.9 (32.5) million, i.e. 17.2 (16.8) percent of revenue.
• EPS was EUR 0.52 (0.56).

January-June 2015 highlights

• Revenue decreased by 6.5 percent to EUR 312.7 million (1-6/2014: EUR 334.4 million).
• Operating profit (EBIT) excluding non-recurring items was EUR 43.9 (45.3) million, i.e. 14.0 (13.5) percent of revenue.
• Operating profit (EBIT) was EUR 46.2 (46.3) million, i.e. 14.8 (13.8) percent of revenue.
• EPS was EUR 0.82 (0.73).

Guidance for 2015 intact

• Tikkurila expects its revenue and EBIT excluding non-recurring items for the financial year 2015 to be below the 2014 level.

Key figures
(EUR million)	4-6/2015	4-6/2014	Change %	1-6/2015	1-6/2014	Change %	1-12/2014
Income statement
Revenue	179.5	192.9	-7.0%	312.7	334.4	-6.5%	618.4
Operating profit (EBIT), excluding non-recurring items	28.6	32.2	-11.3%	43.9	45.3	-3.0%	64.2
Operating profit (EBIT) margin, excluding non-recurring items, %	15.9%	16.7%		14.0%	13.5%		10.4%
Operating profit (EBIT)	30.9	32.5	-4.7%	46.2	46.3	-0.2%	63.7
Operating profit (EBIT) margin, %	17.2%	16.8%		14.8%	13.8%		10.3%
Profit before taxes	28.9	30.4	-4.9%	46.3	42.2	9.7%	63.3
Net profit for the period	23.0	24.9	-7.6%	36.3	32.2	12.7%	48.3
Other key indicators
EPS, EUR	0.52	0.56	-7.6%	0.82	0.73	12.8%	1.10
ROCE, %, rolling	22.8%	25.7%		22.8%	25.7%		22.9%
Cash flow after capital expenditure	-7.2	-7.0	-2.5%	-20.8	-11.9	-75.5%	49.9
Net interest-bearing debt at period-end				101.8	97.0	-5.0%	47.4
Gearing, %				51.4%	48.5%		24.6%
Equity ratio, %				40.9%	41.1%		49.5%
Personnel at period-end				3,300	3,340	-1.2%	3,142