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Annual Report 2020

Leader of the Regenerative Society

Lassila & Tikanoja’s annual report for 2020 consists of an Annual Review and a Financial Review. The Annual Review 2020 covers the key aspects of L&T’s business in 2020 along with a GRI sustainability report. The Financial Review 2020 consists of the Report by the Board of Directors, Corporate Governance Statement, Remuneration Report, financial statements for 2020 and auditor’s report.


For the first time, 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 past year has shown that we are
able to operate efficiently even
under difficult circumstances.”

Eero Hautaniemi
President and CEO

CEO’s Review

Extraordinary circumstances, such as the COVID-19 pandemic, are a real test for any company. The organisations that perform well in exceptional conditions are those that have the capacity to react quickly to changes. It is not only a matter of risk management and adaptation but also being able to build a competitive advantage in an entirely new and unpredictable situation.

We performed well in this respect. Teams at all levels of the L&T organisation were able to adapt their operations to the changed circumstances.

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Key Figures 2020

The COVID-19 pandemic had a negative impact on all of L&T’s businesses. Service demand was unpredictable and, in separately ordered services in particular, our volumes were substantially lower than in the comparison period throughout the year. However, there were substantial differences between divisions.

Lassila & Tikanoja’s net sales in 2020 amounted to EUR 751.9 million. The adjusted operating profit for 2020 came to EUR 39 million, which can be considered quite satisfactory considering the exceptional nature of the year.

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Net Sales by Divisions
Net Sales by Divisions
Operating Margin, %
Operating margin 3.8 %
Net Working Capital
Net Working Capital -33.9 MEUR
Dividend per Share
Dividend per share 0.40 EUR
Total Number of Employees
Total Number of Employees 8,139
Employee Recommendation Rate
Employee Recommendation Rate 82%
Carbon Handprint
Carbon handprint -1.2 MILLION tonnes CO2 (eq.)
Emissions generated from own operations
Emissions generated from own operations 36.7 thousand tonnes CO2 (eq.)
Net Sales by DivisionsOperating margin 3.8 %Net Working Capital -33.9 MEURDividend per share 0.40 EURTotal Number of Employees 8,139Employee Recommendation Rate 82%Carbon handprint -1.2 MILLION tonnes CO2 (eq.)Emissions generated from own operations 36.7 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.


A responsible partnership

Lassila & Tikanoja is one of Kesko’s strategic sustainability partners in areas such as waste management, circular economy and cleaning services. The wide-ranging partnership covers hundreds of K Group operating locations.


“This is a partnership between two leading companies in their respective industries. L&T has the necessary resources, expertise and know-how as well as the desire to continuously develop the partnership,” says Hanna Lehmuskoski, Environmental Manager for grocery retail operations at Kesko.

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In 2019, L&T updated its strategy for the period 2019–2024. The strategy coincides with a period of time in which we must find solutions to important questions related to mitigating climate change and sustainable economy.


Our mission is to make the circular economy a reality and to help our customers achieve their sustainability goals. All of our businesses build future sustainable growth based on the circular economy and the opportunities it brings.

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Lassila & Tikanoja Strategy - We make circular economy a reality

L&T’s divisions in brief

We had to adapt our service production to the constantly changing situation in 2020. Anticipating customer needs required us to be active in our approach, and we were successful in this respect considering the circumstances. We developed new service solutions to improve the hygiene and safety of our customers, which helped compensate for the decline in service volumes.

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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