This disclosure policy defines the principles and operating procedures in Lassila & Tikanoja plc’s (L&T) communication with the capital market. The policy is approved by the Board of Directors.
Principles and goals of investor communications
L&T complies with the requirements of the Finnish legislation and with the regulations and guidelines issued by The Finnish Financial Supervision Authority and NASDAQ OMX Helsinki.
The purpose of L&T’s investor communications is to provide correct and relevant information for the capital market, in order to support the correct valuation of L&T’s share. All material information on L&T’s activities, operating environment, strategy, goals and financial standing is disclosed timely, clearly and sufficiently comprehensively. All market participants are provided with the same information simultaneously, and both positive and negative events are reported. Periodical reports are produced in a continuous, consistent format in terms both of figures and written assessments.
Regular disclosure requirements
L&T issues a financial statement release, interim reports, financial statements, report of the Board of Directors and an annual summary according to a previously disclosed calendar. The calendar is disclosed prior to the start of each financial year.
Other disclosure requirements
L&T discloses without undue delay information on decisions and circumstances concerning the company and its activities, which is expected to materially affect the price of its listed securities. In evaluating whether information is immaterial, the expected extent or importance of the matter compared to the company’s activities as a whole is considered. Material information is always disclosed by a stock exchange release.
Examples of information that could be material: changes in the management, profit warnings, major capital expenditure, major business acquisitions, major reorientation of business, major new partnership arrangements, major litigation pending or decisions rendered in legal disputes, major decision made by authorities, significant information regarding a subsidiary or a joint venture.
Information leaks
In the event that confidential material information leaks out, the company will make immediate disclosure of that information without undue delay.
Forward looking information and guidance
Forecasts and forward-looking statements are disclosed in the financial statement release and interim reports. L&T discloses forecasts for the current financial year as a whole only. L&T does not comment on analyst estimates nor market rumours.
Communication practices
L&T discloses without undue delay a profit warning, if either a forecast or prospects deviate significantly from a previous forecast. In deciding whether a deviation is significant enough, the deviation is compared to the latest disclosed financial report. Primarily the decision on the disclosure of a profit warning is made by the Board. If a sufficient number of directors to constitute a quorum cannot be reached quickly enough, the decision is made by the Chairman of the Board or the President and CEO, who endeavour to discuss with as many members of the Board as possible prior to the disclosure.
In crisis situations, the company’s crisis communication guidelines are followed.
Stock exchange releases are available on the company website www.lassila-tikanoja.com immediately after the disclosure.
Responsibilities and designated spokespersons
The President and CEO is in charge of investor relations. Investor communications are the responsibility of CFO. Announcements are published by IR personnel supervised by the CFO. Individual investor relations and meetings are the responsibility of the President and CEO together with the CFO and Investor Relations Manager.
Within the operative management public statements on the company’s finances are issued only by the President and CEO, CFO and Investor Relations Manager. Others must not respond to any inquiries concerning the company as a whole or its finances. Such inquiries are directed to the Investor Relations Manager.
Procedures in investor and analyst meetings
In conjunction with the publication of its annual and interim results L&T holds conferences for analysts and investors. Investors are met at the analyst and investor meetings and in the road shows organised by banking companies. Analysts and investors are also invited to visit the company.
Silent period
No appointments will be arranged with L&T's representatives, nor will they comment on the financial result during the period between the end of the financial period and the disclosure of the result.
The Board of Directors of Lassila & Tikanoja plc approved the updated policy on 29 April 2010.