Lassila & Tikanoja plc
Stock exchange release
25 October 2024 at 8:00 a.m.
Lassila & Tikanoja plc: Interim Report 1 January-30 September 2024
SOLID PROFIT PERFORMANCE IN A CHALLENGING BUSINESS CYCLE
Unless otherwise mentioned, the figures in brackets refer to the corresponding period in the previous year.
- Net sales for the third quarter were EUR 192.3 million (200.9). Net sales decreased by 4.3%.
- Adjusted operating profit for the third quarter was EUR 20.0 million (21.2) and operating profit was EUR 18.9 million (21.1). Earnings per share were EUR 0.35 (EUR 0.41).
- Net sales for January-September totalled EUR 576.5 million (601.2). Adjusted operating profit was EUR 32.7 million (31.8) and operating profit was EUR 28.2 million (31.7). Earnings per share were EUR 0.51 (EUR 0.65).
- Net cash flow from operating activities after investments for January-September was EUR 12.2 million (28.1) and net cash flow from operating activities after investments per share was EUR 0.32 (0.74). In the first quarter of the year, net cash flow from operating activities was lower compared to the comparison period. In the second and third quarter, net cash flow from operating activities after investments strengthened clearly compared to the comparison period.
Outlook for the year 2024, updated 1 August 2024
Net sales in 2024 are estimated to be at the same level as in the previous year, and adjusted operating profit is estimated to be at the same level or better compared to the previous year.
PRESIDENT AND CEO EERO HAUTANIEMI:
"Net sales for the third quarter amounted to EUR 192.3 million (200.9). Adjusted operating profit was EUR 20.0 million (21.2). The business operations in Finland achieved a solid result despite the challenging business environment.
In Environmental Services, the challenging business environment was reflected in the demand for recycling and waste management services throughout the review period. The division's market share remained strong in corporate and producer responsibility organisation customers. The efficiency improvement measures implemented in the first half of the year have successfully adapted the costs of service production to the current market situation.
In Industrial Services, the hazardous waste business line saw strong demand. In the process cleaning business line, the annual maintenance breaks were carried out as planned and resourcing was successful. In the environmental construction business line, two extensive soil remediation projects were successfully completed. The weak economic situation in the construction customer segment was reflected in a decrease in the volumes of material flows delivered to the material treatment centres.
In Facility Services Finland, all business lines achieved a better result than in the comparison period, and the division's operating profit improved. Measures to streamline the cost structure continued during the period under review. The number of employees in the division has decreased by more than 600 people compared to the comparison period. In Facility Services Sweden, a significant customer relationship ended in late 2023, and the loss of that significant account was not fully offset by new customer accounts during the review period. The division has a programme under way to simplify operating models and adapt the cost level. The number of employees in the division has decreased by approximately 120 compared to the comparison period.
L&T's key sustainability indicators, carbon footprint and total recordable incident frequency developed favourably.
We launched work to renew our operating model in accordance with the strategy updated in autumn 2023, and the new Group Executive Board started its work at the beginning of the third quarter. The aim of the measures is to support the growth of circular economy business operations by intensifying cooperation between Environmental Services and Industrial Services and improving the efficiency of business operations.
In autumn 2023, the Board of Directors of Lassila & Tikanoja decided, in connection with their strategy review, to evaluate the strategic alternatives for the Facility Services Finland and Facility Services Sweden divisions as part of the development of the business portfolio. The strategic review continued during the review period."
GROUP NET SALES AND FINANCIAL PERFORMANCE
July-September
Net sales for the third quarter amounted to EUR 192.3 million (200.9), representing a year-on-year decrease of 4.3%. The organic decrease in net sales was 4.7%. Adjusted operating profit was EUR 20.0 million (21.2), representing 10.4% (10.6%) of net sales. Operating profit was EUR 18.9 million (21.1), representing 9.8% (10.5%) of net sales. Operating profit included items affecting comparability totalling EUR 1.0 million, consisting mainly of expenses arising from the restructuring of business operations. Earnings per share were EUR 0.35 (EUR 0.41).
Net sales were on a par with the comparison period in Industrial Services and decreased in the other divisions. Operating profit improved in Facility Services Finland, and declined in the other divisions.
The result for the review period was negatively affected by net financial expenses rising to EUR -2.2 million (-1.8). The share of the profit of the joint venture Laania Oy amounted to EUR 0.2 million (0.3) in the third quarter.
January-September
Net sales for January-September amounted to EUR 576.5 million (601.2), a decrease of 4.1% year-on-year. The organic decrease in net sales was 4.4%. Adjusted operating profit was EUR 32.7 million (31.8), representing 5.7% (5.3%) of net sales. Operating profit was EUR 28.2 million (31.7), representing 4.9% (5.3%) of net sales. Operating profit included items affecting comparability totalling EUR 4.5 million, consisting mainly of expenses arising from the restructuring of business operations. Earnings per share were EUR 0.51 (EUR 0.65).
Net sales increased in Industrial Services and decreased in the other divisions. Operating profit improved in Industrial Services and Facility Services Finland, and declined in Environmental Services and Facility Services Sweden.
The result for the review period was negatively affected by net financial expenses rising to EUR -6.2 million (-4.2). The result for the comparison period was positively affected by the fair value of EUR 1.3 million of an interest rate swap being recognised in financial items due to the termination of the interest rate swap. The result for the period was positively affected by L&T's EUR 2.3 million (2.5) share of the profit of the joint venture Laania Oy.
Financial summary
| 7-9/2024 | 7-9/2023 | Change % | 1-9/2024 | 1-9/2023 | Change % | 1-12/2023 | |
| Net sales, EUR million | 192.3 | 200.9 | -4.3 | 576.5 | 601.2 | -4.1 | 802.1 |
| Adjusted operating profit, EUR million | 20.0 | 21.2 | -5.8 | 32.7 | 31.8 | 2.7 | 39.0 |
| Adjusted operating margin, % | 10.4 | 10.6 | 5.7 | 5.3 | 4.9 | ||
| Operating profit, EUR million | 18.9 | 21.1 | -10.3 | 28.2 | 31.7 | -11.0 | 38.4 |
| Operating margin, % | 9.8 | 10.5 | 4.9 | 5.3 | 4.8 | ||
| EBITDA, EUR million | 32.7 | 36.7 | -10.8 | 69.9 | 75.3 | -7.2 | 95.8 |
| EBITDA, % | 17.0 | 18.3 | 12.1 | 12.5 | 11.9 | ||
| Earnings per share, EUR | 0.35 | 0.41 | -14.9 | 0.51 | 0.65 | -21.5 | 0.79 |
| Net cash flow from operating activities after investments per share, EUR | 0.42 | 0.23 | 0.32 | 0.74 | 1.33 | ||
| Return on equity (ROE), % | 11.3 | 14.9 | 13.3 | ||||
| Capital employed, EUR million | 441.2 | 425.1 | 3.8 | 425.9 | |||
| Return on capital employed (ROCE), % | 9.0 | 11.7 | 10.3 | ||||
| Equity ratio, % | 36.8 | 35.8 | 36.8 | ||||
| Gearing, % | 77.0 | 77.9 | 69.3 |
NET SALES AND OPERATING PROFIT BY DIVISION
Environmental Services
July-September
The division's net sales for the third quarter amounted to EUR 72.3 million (74.1). Adjusted operating profit was EUR 10.5 million (11.7). Operating profit was EUR 10.5 million (11.7).
January-September
The Environmental Services division's net sales for January-September amounted to EUR 211.6 million (214.8). Adjusted operating profit was EUR 21.2 million (23.5). Operating profit was EUR 21.0 million (23.5).
In the Environmental Services division, the challenging business environment was reflected in the demand for recycling and waste management services, especially in the construction industry customer segment. The division's market share has remained strong in corporate and producer responsibility organisation customers. The efficiency improvement measures implemented in the first half of the year continued and the costs of service production have been successfully adapted to the current market situation.
Industrial Services
July-September
The division's net sales for the third quarter totalled EUR 38.8 million (39.0). Adjusted operating profit was EUR 5.9 million (6.1). Operating profit was EUR 5.7 million (6.1).
January-September
The Industrial Services division's net sales for January-September increased to EUR 108.9 million (103.1). Adjusted operating profit was EUR 11.7 million (10.2). Operating profit was EUR 11.3 million (10.2).
In Industrial Services, the hazardous waste business line saw strong demand. In the process cleaning business, the annual maintenance breaks were carried out as planned and resourcing was successful. In the environmental construction business, two extensive soil remediation projects were completed. The weak economic situation in the construction industry customer segment was reflected in a decrease in the volumes of material flows delivered to material treatment centres.
Facility Services Finland
July-September
The division's net sales for the third quarter totalled EUR 57.4 million (58.8). Operating profit was EUR 4.9 million (3.2).
January-September
The net sales of Facility Services Finland were EUR 179.2 million (188.6) in January-September. Operating profit was EUR 6.8 million (3.4).
In Facility Services Finland, all business lines achieved a better result than in the comparison period. There was strong demand for data-driven cleaning services and AI-assisted energy efficiency services in the division. Measures to streamline the cost structure continued and the division's operating profit improved clearly. The number of employees in the division has decreased by more than 600 compared to the comparison period.
Facility Services Sweden
July-September
The division's net sales for the third quarter decreased to EUR 25.2 million (30.3). Operating profit was EUR -1.5 million (0.2). Operating profit before the amortisation of purchase price allocations of acquisitions was EUR -1.1 million (0.5).
January-September
The net sales of the Facility Services Sweden division decreased to EUR 80.9 million (98.7) in January-September. Adjusted operating profit was EUR -6.0 million (-2.8). Operating profit was EUR -6.1 million (-2.8). Operating profit before the amortisation of purchase price allocations of acquisitions was EUR -5.1 million (-1.9).
Customer agreements in the public sector are mostly fixed-price contracts, and the division has not been able to pass the increased production costs on to customer prices. A significant customer relationship ended in the division in late 2023, and the loss of that significant account was not fully offset by new customer accounts during the review period. The division has a programme under way to simplify operating models and adapt the cost level. The results of the programme to adapt the division's operations are expected to become visible during the first half of 2025. The number of employees in the division decreased by approximately 120 from the comparison period.
FINANCING
Net cash flow from operating activities in January-September amounted to EUR 44.1 million (58.5). Net cash flow after investments totalled EUR 12.2 million (28.1). Net cash flow after investments for the review period was reduced by acquisitions, which had a total impact of approximately EUR 1.5 million. Net cash from operating activities for the review period was reduced by working capital tied up in the first quarter of the year. A total of EUR 12.7 million in working capital was tied up during January-September (EUR 12.3 million tied up). Net cash flow from operating activities for the comparison period was positively impacted by significant tax refunds.
At the end of the review period, interest-bearing liabilities amounted to EUR 209.1 million (200.6). Net interest-bearing liabilities totalled EUR 178.8 million (174.9). The average interest rate on long-term loans, excluding lease liabilities, with interest rate hedging, was 3.8% (4.0%). The company had no interest rate swaps at the end of the review period.
Of the EUR 100.0 million commercial paper programme, EUR 20.0 million was in use at the end of the review period (10.0). The account limit totalling EUR 10.0 million and the committed credit limit totalling EUR 40.0 million were not in use, as was the case in the comparison period.
Net financial expenses amounted to EUR -6.2 million (-4.2). The effect of the discounting of environmental provisions decreased net financial expenses by EUR 0.3 million (-0.1). Net financial expenses for the comparison period were affected positively by the fair value of EUR 1.3 million of an interest rate swap being recognised in financial items due to the termination of the interest rate swap. The effect of exchange rate changes on net financial expenses was EUR -0.0 million (-0.1). Net financial expenses were 1.1% (0.7%) of net sales.
The equity ratio was 36.8% (35.8%) and the gearing ratio was 77.0% (77.9%). The Group's total equity was EUR 232.0 million (224.5). Equity was reduced by dividends of EUR 18.7 million distributed for the financial year 2023. In accordance with the resolution of the Annual General Meeting held on 21 March 2024, the dividends were paid to shareholders on 3 April 2024. Translation differences caused by changes in the exchange rate of the Swedish krona affected equity by EUR -1.2 million. Cash and cash equivalents at the end of the period amounted to EUR 30.4 million (25.6).
DIVIDEND DISTRIBUTION
The Annual General Meeting held on 21 March 2024 resolved that a dividend of EUR 0.49 per share, totalling EUR 18.7 million, be paid on the basis of the balance sheet that was adopted for the financial year 2023. The dividend was paid to shareholders on 3 April 2024.
CAPITAL EXPENDITURE
Gross capital expenditure for the period under review totalled EUR 29.7 million (46.0). The capital expenditure consisted primarily of machine and equipment purchases, as well as investments in information systems. Acquisitions accounted for approximately EUR 2 million (0) of the gross capital expenditure.
SUSTAINABILITY
L&T's key sustainability indicators, carbon footprint and Total Recordable Incident Frequency developed favourably. The reduction in carbon footprint can be attributed to efforts in driver training and the increased use of renewable fuels. In terms of occupational safety, the company has extensively trained personnel on proactive safety measures and everyday safety thinking.
Progress towards sustainability targets
| Indicator | 1-9/2024 | 1-9/2023 | 2023 | Target | Target to be achieved by | |
| ENVIRONMENTAL RESPONSIBILITY | ||||||
| Carbon handprint (tCO2e) i.e. emissions prevented | -322,000 | -339,000 | -453,000 | growth faster than net sales | ||
| Carbon footprint (tCO2e) Scope 1&2 | 20,900 | 23,400 | 31,200 | 24,400 | 2030 | |
| SOCIAL RESPONSIBILITY | ||||||
| Total recordable incident frequency | 19 | 23 | 23 | 15 | 2030 | |
Sickness-related absences (%) | 4.7 | 4.9 | 5.1 | 4 | 2030 |
PERSONNEL
In January-September, the average number of employees converted into full-time equivalents was 6,180 (6,707). At the end of the review period, L&T had 7,726 (8,540) full-time and part-time employees.
| Number of employees at the end of the review period | 1-9/2024 | 1-9/2023 | 2023 |
| Group | 7,726 | 8,540 | 8,159 |
| Finland | 6,475 | 7,197 | 6,891 |
| Sweden | 1,251 | 1,343 | 1,268 |
| Environmental Services | 1,544 | 1,624 | 1,576 |
| Industrial Services | 732 | 713 | 679 |
| Facility Services Finland | 4,196 | 4,816 | 4,603 |
| Facility Services Sweden | 1,149 | 1,267 | 1,187 |
| Group administration and other | 105 | 120 | 114 |
SHARES AND SHARE CAPITAL
Traded volume and price
The volume of trading in L&T's shares in January-September was 6.3 million shares, which is 16.5% (10.1%) of the average number of outstanding shares. The value of trading was EUR 56.8 million (40.0). The highest share price was EUR 10.36 and the lowest EUR 8.44. The closing price was EUR 8.89. At the end of the review period, the market capitalisation excluding the shares held by the company was EUR 339.5 million (371.6).
Own shares
At the end of the period, the company held 609,941 of its own shares, representing 1.6% of all shares and votes.
Share capital and number of shares
The company's registered share capital amounts to EUR 19,399,437 and the number of outstanding shares was 38,188,933 at the end of the period. The average number of shares excluding the shares held by the company was 38,161,282.
Shareholders
At the end of the review period, the company had 24,932 (25,218) shareholders. Nominee-registered holdings accounted for 14.0% (9.5%) of the total number of shares.
Flagging notifications
On 26 August 2024, Lassila & Tikanoja plc received a notification pursuant to chapter 9, section 5 of the Securities Markets Act, according to which Protector Forsikring ASA's shareholding in Lassila & Tikanoja increased above the 5% limit on 23 August 2024.
Authorisations for the Board of Directors
The Annual General Meeting held on 21 March 2024 authorised Lassila & Tikanoja plc's Board of Directors to decide on the repurchase of the company's own shares using the company's unrestricted equity. In addition, the Annual General Meeting authorised the Board of Directors to decide on a share issue and the issuance of special rights entitling their holders to shares.
The Board of Directors is authorised to purchase a maximum of 2,000,000 company shares (5.2% of the total number of shares). The repurchase authorisation is effective for 18 months.
The Board of Directors is authorised to decide on the issuance of new shares or shares which may be held by the company through a share issue and/or issuance of option rights or other special rights conferring entitlement to shares, referred to in Chapter 10, Section 1 of the Finnish Companies Act, so that under the authorisation, a maximum of 2,000,000 shares (5.2% of the total number of shares) may be issued and/or conveyed. The authorisation is effective for 18 months.
RESOLUTIONS BY THE ANNUAL GENERAL MEETING
The Annual General Meeting of Lassila & Tikanoja plc, which was held on 21 March 2024, adopted the financial statements and consolidated financial statements for the financial year 2023, discharged the members of the Board of Directors and the President and CEO from liability, and adopted the remuneration report and remuneration policy for the company's governing bodies. The Annual General Meeting resolved on the use of the profit shown on the balance sheet and the payment of dividend, the composition and remuneration of the Board of Directors, the election and remuneration of the auditor, the adoption and remuneration of the sustainability auditor, and authorising the Board of Directors to decide on the repurchase of the company's own shares and on a share issue and the issuance of special rights entitling to shares.
The Annual General Meeting resolved that a dividend of EUR 0.49 per share be paid on the basis of the balance sheet adopted for the financial year 2023. It was decided that the dividend be paid on 3 April 2024.
The Annual General Meeting confirmed the number of members of the Board of Directors as seven (7) in accordance with the proposal of the Shareholders' Nomination Board. Teemu Kangas-Kärki, Laura Lares, Sakari Lassila, Jukka Leinonen, Anni Ronkainen and Pasi Tolppanen were re-elected, and Juuso Maijala was elected as a new member to the Board until the end of the following Annual General Meeting. Jukka Leinonen was elected as the Chairman of the Board and Sakari Lassila was elected as the Vice Chairman.
The Annual General Meeting elected PricewaterhouseCoopers Oy, Authorised Public Accountants, as the company's auditor. PricewaterhouseCoopers Oy has announced that it will name Samuli Perälä, Authorised Public Accountant, as the principal auditor. In addition, the company's auditor was adopted also as the company's sustainability auditor to audit the sustainability report for the financial year 2024.
The resolutions of the Annual General Meeting were announced in more detail in a stock exchange release on 21 March 2024.
BOARD OF DIRECTORS
The members of Lassila & Tikanoja plc's Board of Directors are Teemu Kangas-Kärki, Laura Lares, Sakari Lassila, Jukka Leinonen, Juuso Maijala, Anni Ronkainen and Pasi Tolppanen. Lassila & Tikanoja plc's Annual General Meeting held on 21 March 2024 elected Jukka Leinonen as the Chairman of the Board and Sakari Lassila as the Vice Chairman.
In its constitutive meeting held after the Annual General Meeting, the Board of Directors elected the members of the Audit Committee and the Personnel and Sustainability Committee from amongst its members. Sakari Lassila (Chairman), Teemu Kangas-Kärki, Juuso Maijala and Anni Ronkainen were elected to the Audit Committee. Jukka Leinonen (Chairman), Laura Lares and Pasi Tolppanen were elected to the Personnel and Sustainability Committee.
The company announced the composition of Lassila & Tikanoja plc's Nomination Board on 27 September 2024. Lassila & Tikanoja plc's three largest shareholders, who are entitled to appoint a representative to Lassila & Tikanoja plc's Shareholders' Nomination Board are the Evald and Hilda Nissin Säätiö foundation, a group of shareholders (Chemec Oy, CH-Polymers Oy, Maijala Eeva, Maijala Eeva, Maijala Investment Oy, Maijala Juhani, Maijala Juuso, Maijala Miikka, Maijala Mikko, Maijala Roope and Maijala Tuula), and Nordea Nordic Small cap Fund. These shareholders have appointed Juhani Lassila, Miikka Maijala and Tanja Eronen as their representatives in Lassila & Tikanoja's Nomination Board. The Chairman of Lassila & Tikanoja plc's Board of Directors, Jukka Leinonen, acts as the fourth member of the Nomination Board. The Chairman of the Nomination Board is Juhani Lassila.
CHANGES IN THE GROUP EXECUTIVE BOARD
On 8 April 2024, Lassila & Tikanoja announced that Juha Saarinen, M.Sc.(Tech.) has been appointed as Chief Purchasing Officer and a member of the Group Executive Board effective from 1 August 2024. Saarinen joined L&T from Kamux plc, where he served as Chief Purchasing Officer.
On 3 May 2024, the company announced that CFO Valtteri Palin had decided to pursue career opportunities outside L&T. On 6 May 2024, the company announced that Joni Sorsanen, M.Sc.(Econ.) had been appointed as Chief Financial Officer (CFO) and a member of the Group Executive Board of Lassila & Tikanoja. He took up his post on 10 July 2024. Sorsanen joined L&T from Consti plc, where he served as CFO.
On 16 May 2024, the company announced that Petri Salermo, Senior Vice President, Environmental Services, and Sirpa Huopalainen, General Counsel, had decided to pursue career opportunities outside L&T. In addition, Mikko Taipale, Senior Vice President, Facility Services Sweden, would no longer be a member of the Group Executive Board after 16 May, but he would continue to be employed by the company. From 16 May 2024 onwards, Antti Tervo, Senior Vice President, Industrial Services, has also been responsible for the Environmental Services division, and Antti Niitynpää, Senior Vice President, Facility Services Finland, has also been responsible for Facility Services Sweden. Hilppa Rautpalo, Senior Vice President, Human Resources, has also been responsible for legal affairs from 16 May 2024 onwards.
EVENTS AFTER THE REVIEW PERIOD
On 16 October 2024, the company announced that it had signed an agreement to acquire Stena Recycling Oy's pallet business. The net sales of Stena Recycling Oy's pallet business amounted to approximately EUR 10.5 million in 2023. The business includes the plant areas in Klaukkala and Lieto, and it employs approximately 13 people. The transaction is subject to the approval of the competition and consumer authority.
NEAR-TERM RISKS AND UNCERTAINTIES
General economic uncertainty may affect the level of economic activity among customers, which may reduce the demand for L&T's services.
Changes in costs, such as the price of fuel and energy and interest rates, may have an impact on the company's financial performance.
The Finnish Waste Act was amended in July 2021. Under the reforms to the Waste Act, municipalities take on a larger role in organising the collection of packaging materials and biowaste from housing properties. As a consequence of the reform, L&T's direct customer agreements with housing properties on the separate collection of packaging waste and biowaste will be transferred to municipalities for competitive bidding gradually between 1 July 2022 and 1 July 2025. L&T estimates that, as a result of municipalisation, approximately EUR 30 million of the Finnish waste management market will be moved out of the scope of free competition between 2024 and 2026. L&T participates in the competitive tendering of municipal contracts and is a significant operator in municipal contracts. Nevertheless, L&T estimates that the overall impact of the change will be negative for the company.
The company has several ERP system renewal projects under way. Temporary additional costs arising from system deployments and establishing the operating model may weigh down the company's result.
Production costs may be increased by regional challenges related to employee turnover and labour availability.
The geopolitical situation involves continued uncertainty due to Russia's war of aggression. The indirect impacts on overall economic activity in Finland and Sweden may have a negative impact on net sales and profit.
The Group company Lassila & Tikanoja FM AB is a claimant and a defendant in legal proceedings in Sweden concerning unpaid receivables invoiced from a former customer of L&T. In June 2022, Lassila & Tikanoja FM AB took legal action in the District Court of Solna against the former customer company of L&T, demanding payment for unpaid receivables. At the end of the review period, the amount of receivables on the company's balance sheet was approximately EUR 1.5 million. The former L&T customer company in question has rejected Lassila & Tikanoja FM AB's claims and the payment obligation, and brought a counterclaim demanding compensation totalling approximately SEK 144 million from Lassila & Tikanoja FM AB. The dispute is still pending. Lassila & Tikanoja considers the counterclaim to be without merit and has not recognised any provisions in relation to it.
More detailed information on Lassila & Tikanoja's risks and risk management will be provided in the 2023 Annual Review and in the Report by the Board of Directors and the consolidated financial statements.
Helsinki, 24 October 2024
LASSILA & TIKANOJA PLC
Board of Directors
Eero Hautaniemi
President and CEO
For additional information, please contact:
Eero Hautaniemi, President and CEO, tel. +358 10 636 2810
Joni Sorsanen, CFO, tel. +358 50 443 3045
Lassila & Tikanoja is a service company that is putting the circular economy into practice. Together with our customers, we keep materials, manufacturing sites and properties in productive use for as long as possible and we enhance the use of raw materials and energy. This is to create more value with the circular economy for our customers, personnel and society in a broader sense. Achieving this also means growth in value for our shareholders. Our objective is to continuously grow our actions' carbon handprint, our positive effect on the climate. We assume our social responsibility by looking after the work ability of our personnel as well as offering jobs to those who are struggling to find employment, for example. With operations in Finland and Sweden, L&T employs approximately 8,160 people. Net sales in 2023 amounted to EUR 802.1 million. L&T is listed on Nasdaq Helsinki.
Distribution:
Nasdaq Helsinki
Major media
www.lt.fi/en/
