Group performance

Net sales

Net sales by segment Jan–Dec 2015 Jan–Dec 2014 Change
Paving, EUR million 874.5 907.5 -33.0
Infra projects, EUR million 263.1 286.0 -22.9
Building construction, Finland, EUR million 537.8 539.0 -1.2
Russian operations, EUR million 136.7 196.1 -59.4
Other operations and Group eliminations, EUR million 66.8 115.9 -49.1
Group, total, EUR million 1,879.0 2,044.5 -165.5

The Group’s net sales in 2015 declined year-on-year and were EUR 1,879.0 million (2,044.5). Net sales decreased in all business segments. The most significant decline took place in Russian operations where in 2015 one residential development project was completed compared to two projects in 2014. In addition, building construction contracting was reduced in Russia from the previous year. The decrease in the net sales of other operations is due to the divestment of the building construction business in Sweden in the third quarter. Changes in currency exchange rates had a negative impact of EUR -67.2 million compared to the corresponding period in 2014. Net sales by country were 60% (52) from Finland, 27% (32) from Scandinavia, 7% (10) from Russia and 6% (6) from other countries.

Operating profit

Operating profit by segment Jan–Dec 2015 Jan–Dec 2014 Change
Paving, EUR million 16.9 32.2 -15.3
Infra projects, EUR million 11.8 7.2 4.6
Building construction, Finland, EUR million 12.9 9.3 3.6
Russian operations, EUR million 2.9 19.7 -16.8
Business segments, total, EUR million 44.5 68.5 -24.0
Other operations, EUR million -7.2 -32.2 25.0
Group, total, EUR million 37.3 36.3 1.0


Operating margin (%) by segment Jan–Dec 2015 Jan–Dec 2014
Paving, % 1.9 3.5
Infra projects, %
4.5 2.5
Building construction, Finland, %
2.4 1.7
Russian operations, %
2.1 10.1
Group, total, %
2.0 1.8

The Group’s operating profit in 2015 was EUR 37.3 million (36.3). The operating margin was 2.0% (1.8). Changes in currency exchange rates had a negative impact of EUR -0.5 million compared to the corresponding period in 2014.

The operating profit improved in Infra projects and Building construction, Finland, but declined in Paving and Russian operations. In Infra projects, profitability developed favourably in all operating countries, except in Sweden, where lower year-on-year volumes weakened the result. The Infra projects segment’s comparison period included a write-down of EUR 3 million related to a customer’s bankruptcy. In Building construction, Finland, the result was boosted by the good performance in the Helsinki metropolitan area and the profitability improvement in other regions. In Paving, the decline of the operating profit was mainly due to a weaker year-on-year result in Norway, the divestment of the road maintenance business in Norway as well as declining margins in individual earthworks projects in Finland. The operating profit for Russian operations declined year-on-year. In 2015, one residential development project was completed compared to two projects in 2014. The full-year operating profit was also decreased by a write-down related to the company’s decision to withdraw from the planned Ilmatar project. At the end of the review period, the impact of the write-down in euros was EUR 12.9 million. The result for other operations was mostly improved by lowered fixed costs.

Order book

Order book and order inflow Order book
31 Dec 2015
Order book
31 Dec 2014
Change Order inflow
1-12/2015
Order inflow
1-12/2014
Change
Paving, EUR million 225.0 334.3 -109.3 558.3 685.2 -126.9
Infra projects, EUR million 187.8 214.5 -26.7 173.8 99.2 74.6
Building construction, Finland, EUR million 760.6 687.1 73.5 569.2 599.0 -29.8
Russian operations, EUR million 7.0 86.4 -79.4 22.8 54.9 -32.1
Other operations, EUR million
133.8 -133.8 93.3 89.0 4.3
Group, total, EUR million 1,180.3 1,456.1 -275.8 1,417.4 1,527.4 -110.0
- of which unsold, EUR million 156.1 188.7 -32.6


At the end of the period, the Group’s order book stood at EUR 1,180.3 million (1,456.1). The order inflow amounted to EUR 1,417.4 million (1,527.4) in January–December.

Paving segment’s order book for the comparison period includes the divested road maintenance business in Norway, which explains the change. In Infra projects, the order book decreased year-on-year. In Building construction, Finland, the order book grew. In line with the company’s strategy, no new development projects were started in building construction in Russia in 2015. The change of the order book in other operations is due to the divestment of the building construction business in Sweden.