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Annual Report 2021

Leader of the Regenerative Society

Lassila & Tikanoja’s annual report for 2021 consists of an Annual Review and a Financial Review. The Annual Review 2021 covers the key aspects of L&T’s business in 2021 along with a GRI sustainability report. The Financial Review 2021 consists of the Report by the Board of Directors, Corporate Governance Statement, Remuneration Report, financial statements for 2021 and auditor’s report.


Lassila & Tikanoja publishes the Financial Review in accordance with European Single Electronic Format (ESEF) reporting requirements with the format of the report being Extensible Hypertext Markup Language (XHTML). In line with the ESEF requirements, the primary statements have been labelled with XBRL tags. The XHTML file is available on the investor section of the L&T website.

The circular economy plays
an increasingly critical role
in combatting climate change
and biodiversity loss.

Eero Hautaniemi
President and CEO

CEO’s Review

The year 2021 was still heavily characterised by the COVID-19 pandemic, and there were many uncertainties in our business environment. In spite of the exceptional circumstances, we achieved most of our non-financial targets, and our net sales increased by 8 per cent, which we can be fairly satisfied with.  All divisions grew organically in 2021, and the growth was also accelerated by three acquisitions in accordance with our strategy. 

During 2021, we reviewed our strategy in relation to changes in the operating environment. The ongoing green transition strongly supports our business. The circular economy and sustainable business solutions that support it are at the heart of our strategy.

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Key Figures 2021

The year 2021 was characterised by the COVID-19 pandemic, and there were many uncertainties in the operating environment. The demand for Lassila & Tikanoja’s services began to recover during the second quarter, and strong development continued during the second half of the year. However, the costs of service production were increased by the substantial increase in diesel prices, as well as a worsening labour shortage.

Lassila & Tikanoja’s net sales in 2021 amounted to EUR 812.5 million. The adjusted operating profit for 2021 came to EUR 42.4 million.

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Net Sales by Divisions
Net Sales by Divisions
Operating Margin, %
Operating margin 5.2 %
Net Working Capital
Net Working Capital -46.4 MEUR
Dividend per Share
Dividend per share 0.46 EUR
Total Number of Employees
Total Number of Employees 8,171
Employee Recommendation Rate
Employee Recommendation Rate 82%
Carbon Handprint
Carbon handprint -1.1 MILLION tonnes CO2 (eq.)
Emissions generated from own operations
Emissions generated from own operations 37.8 thousand tonnes CO2 (eq.)
Net Sales by DivisionsOperating margin 5.2 %Net Working Capital -46.4 MEURDividend per share 0.46 EURTotal Number of Employees 8,171Employee Recommendation Rate 82%Carbon handprint -1.1 MILLION tonnes CO2 (eq.)Emissions generated from own operations 37.8 thousand tonnes CO2 (eq.)

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Leader of the Regenerative Society

The world has changed permanently. Now – if not sooner – is the time for all of us to start thinking and acting differently so that we ensure a sustainable tomorrow.

There are some who are thought leaders or experts in the circular economy. Others roll up their sleeves and put the circular economy into action. We are both. L&T is an action leader in the circular economy – an expert that takes big ideas and puts them into practice together with customers and partners.


Some 56 per cent of L&T’s services can be linked to the mitigation of climate change

L&T has carried out an analysis related to the EU Taxonomy. Based on the analysis, we estimate that a significant proportion of our business operations is related to the mitigation of, and adaptation to, climate change. We have identified industry-specific functions and services that are low-carbon in the EU Taxonomy classification, contribute to the transition to a carbon-neutral economy by 2050, or both.


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A responsible partnership

Sustainability in business increasingly requires working together. L&T and Neste have a long history of close co-operation that has developed into a strategic partnership over the years.


”We are looking for ways in which both parties can operate more responsibly and with a smaller carbon footprint,” says Katri Taskinen, Senior Vice President, Station Network, Neste Marketing & Services.


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Lassila & Tikanoja creates solutions for mitigating climate change and biodiversity loss, and promotes the transition to a sustainable economy. We make the circular economy a reality and help our customers achieve their sustainability goals. We reviewed and updated our strategy in autumn 2021. Our strategy, “Leader of the regenerative society”, will guide our operations during the 2022–2026 strategy period. 

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Lassila & Tikanoja Strategy - We make circular economy a reality

L&T’s divisions in brief

All divisions grew organically in 2021. The Environmental Services, Industrial Services and Facility Services Sweden divisions achieved a strong result. Facility Services Finland operating profit weakened from the comparison period.

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In Lassila & Tikanoja’s current strategy, sustainability is an increasingly integral aspect of our operations. Our long-term goals are a combination of sustainability targets and financial targets. Sustainability is an integral aspect of L&T’s strategy, business operations and day-to-day actions.

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Reviews and Statements