Financial Statement Release
Tikkurila Financial Statement Release for January−December 2020
This is a summary of
Full year 2020 highlights
- Revenue increased by 3.2 percent to
EUR 582.0 million (563.8). Comparable revenue increased by 7.3 percent, excluding currency effects, divestments and closures. -
Adjusted operating result increased significantly by a total of 37.5 percent to
EUR 63.8 (46.4) million and was 11.0 (8.2) percent of revenue. -
Operating result (EBIT) increased by 39.1 percent to
EUR 61.1 (43.9) million and was 10.5 (7.8) percent of revenue. -
EPS increased by 29.6 percent to
EUR 0.98 (0.75).
-
On
December 18, 2020 PPG Industries Inc. andTikkurila entered into a combination agreement, according to whichPPG Industries Inc. commenced a voluntary recommended public cash tender offer for all issued and outstanding shares inTikkurila onJanuary 15, 2021 . PPG increased their tender offer price onFebruary 4, 2021 toEUR 34.00 per share (initiallyEUR 25.00 , onJan. 5, 2021 increased toEUR 27.75 per share).
October−
- Revenue increased by 4.5 percent to
EUR 112.8 (107.9) million. Comparable revenue increased by 12.7 percent, excluding currency effects, divestments and closures. -
Adjusted operating result improved by 12.0 percent to
EUR -6.7 (-7.6) million and was -5.9 (-7.1) percent of revenue. The fourth quarter is typically seasonally low in the paint industry. -
Operating result (EBIT) was
EUR -7.8 (-7.7) million, and -6.9 (-7.1) percent of revenue. -
EPS was
EUR -0.15 (-0.17).
Dividend proposal
- Due to the ongoing tender offer process, the Board proposes that
Tikkurila's Annual General Meeting decides that no dividend be paid based on the decision of the Annual General Meeting from the financial year 2020. The Board would like to remind the shareholders that according to the terms of the tender offer, any eventual dividend paid would be reduced from the Offer price.
Guidance for 2021
- Revenue is expected to remain at previous level excluding currency effect and adjusted operating result to remain on, or slightly below previous year's level when excluding costs in connection with implementing the public tender offer. (2020:
EUR 582 million andEUR 63.8 million ).
"During the full year 2020, our revenue grew by 3.2 percent and adjusted operating result increased by 37.5 percent to
During the Covid-19 pandemic, we firstly faced a notable drop in sales in March-April due to the restrictions, and after that, a rapid consumer-led recovery from May onwards. As more than 80 percent of our revenues is coming from decorative paints,
This exceptional year also ended exceptionally. In December,
I am very pleased with and proud of our committed personnel on how we have succeeded during these exceptional times. I want to thank all our employees for the hard work they have done for our customers. Likewise, I want to thank our partners, customers, and shareholders for their continued support."
Key figures
EUR million | 1-12/2020 | 1-12/2019 | Change % | 10-12/2020 | 10-12/2019 | Change % |
Revenue | 582.0 | 563.8 | +3.2% | 112.8 | 107.9 | +4.5% |
Excl. FX, divestments, and closures | +41.4 | +7.3% | +13.7 | +12.7% | ||
Operating result (EBIT) | 61.1 | 43.9 | +39.1% | -7.8 | -7.7 | -2.2% |
Operating result (EBIT) margin, % | 10.5% | 7.8% | +2.7%-p | -6.9% | -7.1% | +0.2%-p |
Adjusted operating result | 63.8 | 46.4 | +37.5% | -6.7 | -7.6 | +12.0% |
Adjusted operating result margin, % | 11.0% | 8.2% | +2.7%-p | -5.9% | -7.1% | +1.1%-p |
Profit before taxes | 54.9 | 44.2 | +24.2% | -8.1 | -8.1 | +0.1% |
Net result for the period | 43.1 | 33.2 | +29.6% | -6.8 | -7.4 | +7.6% |
Earnings per share (EPS), EUR | 0.98 | 0.75 | +29.6% | -0.15 | -0.17 | +7.6% |
Net interest-bearing liabilities (at period-end) | 12.1 | 78.4 | -84.5% | |||
Total equity (at period-end) | 181.4 | 171.9 | +5.5% | |||
Total assets (at period-end) | 441.6 | 437.1 | +1.0% | |||
Equity ratio, % | 41.1% | 39.3% | ||||
Gearing | 6.7% | 45.6% | ||||
ROCE, %, rolling | 24.0% | 15.4% | ||||
Cash flow after capital expenditure | 92.0 | 52.7 | +74.4% |
Conference call for analysts and media
CEO
Join the audioconference via the following link:
https://tikkurila.videosync.fi/2020-q4-results
Dial-in details (PIN: 92295182#)
FI: +358 9 8171 0310
- SE: +46 8 5664 2651
UK : +44 33 3300 0804- US: +1 631 9131 422
The presentation material will be available prior to the beginning of the conference at http://www.tikkurilagroup.com/investors.
For further information, please contact:
+358 50 596 0978
elisa.markula@tikkurila.com
Markus Melkko, CFO
+358 40 531 1135
markus.melkko@tikkurila.com
Attachment: Tikkurila Financial Statement Release
Sustainable Nordicness
www.tikkurilagroup.com
https://news.cision.com/tikkurila/r/tikkurila-financial-statement-release-for-january-december-2020-tikkurila-s-revenue-increased-by-3-2,c3285550
https://mb.cision.com/Main/16979/3285550/1372168.pdf
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