Board of Directors’ report

Group key figures

Key figures, IFRS Jan–Dec 2015 Jan–Dec 2014 Change
Net sales, EUR million 1,879.0 2,044.5 -165.5

Paving 874.5 907.5 -33.0

Infra projects 263.1 286.0 -22.9

Building construction, Finland 537.8 539.0 -1.2

Russian operations 136.7 196.1 -59.4

Other operations and Group eliminations 66.8 115.9 -49.1
Operating profit, EUR million 37.3 36.3 1.0

Paving 16.9 32.2 -15.3

Infra projects 11.8 7.2 4.6

Building construction, Finland 12.9 9.3 3.6

Russian operations 2.9 19.7 -16.8

Other operations -7.2 -32.2 25.0
Operating margin, % 2.0 1.8

Paving 1.9 3.5

Infra projects 4.5 2.5

Building construction, Finland 2.4 1.7

Russian operations 2.1 10.1
Pre-tax profit, EUR million 16.7 -1.7 18.4
Profit from continuing operations, EUR million 7.2 -5.0 12.2
Profit for the period, EUR million 7.2 18.1 -10.9
Earnings per share, continuing operations, EUR -0.15 -0.68 0.53
Earnings per share for the period, EUR -0.15 0.40 -0.55
Cash flow from operating activities, EUR million 106.6 -48,4* 155.0

* Cash flow from operating activities includes EUR 59.7 million of damages paid in Q1/2014 related to asphalt cartel.


Key figures, IFRS 31 Dec 2015 31 Dec 2014 Change
Order book, EUR million 1,180.3 1,456.1 -275.8
Operating capital, EUR million 474.8 590.4 -115.6
Balance sheet total, EUR million 1,035.5 1,257.8 -222.3
Interest-bearing net debt, EUR million 126.8 213.6 -86.8
Equity ratio, % * 40.6 37.1
Gearing, % ** 33.6 51.8
Return on investment, rolling 12 months, % *** 10.2 13.5
Return on capital employed, rolling 12 months, % **** 5.3 4.5

* Equity ratio, if hybrid bonds were treated as debt: 12/2015: 28.6% and 12/2014: 24.6%.

** Gearing, if hybrid bonds were treated as debt: 12/2015: 89.6% and 12/2014: 128.4%.

*** Includes the effect of discontinued operations

**** Calculation: Operating profit, rolling 12 months / (Total equity (quarterly average) + interest-bearing liabilities (quarterly average)) x 100