2013-04-26 08:00:00 CEST
2013-04-26 08:03:38 CEST
REGULATED INFORMATION
Outotec Oyj - Company Announcement
Outotec's January-March 2013 Interim Report
OUTOTEC OYJ INTERIM REPORT APRIL 26, 2013 AT 9.00 AM
INTERIM REPORT JANUARY-MARCH 2013
Continued growth in order intake and sales
January-March 2013 in brief (2012 corresponding period):
* Order intake: EUR 491.1 (425.4) million, +15%
* Order backlog: EUR 1,938.9 (1,991.8) million, -3%
* Sales: EUR 502.9 (410.4) million, +23%
* Services sales: EUR 103.8 (89.5) million, +16%
* Operating profit from business operations(1)): EUR 35.0 (30.6) million,
+14%
Financial guidance for 2013 reiterated
Based on the strong order backlog, current market outlook and customer tendering
activity, the management expects that in 2013:
* Sales will be approximately EUR 2.1-2.3 billion, and
* Operating profit margin from business operations(1)) will be approximately
9.5-10.5%
(1)) Excluding one-time items and purchase price allocations (PPA) amortizations
Summary of key figures Q1 Q1
2013 2012 Last 12 months Q1-Q4 2012
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Sales, EUR million 502.9 410.4 2,179.9 2,087.4
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Gross margin, % 19.1 21.4 20.3 20.8
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Operating profit from business
operations, EUR million 35.0 30.6 198.1 193.8
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Operating profit from business
operations, % 7.0 7.5 9.1 9.3
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Operating profit, EUR million 31.7 27.6 188.4 184.3
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Operating profit, % 6.3 6.7 8.6 8.8
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Profit before taxes, EUR million 29.9 27.7 181.9 179.7
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Net cash from operating activities,
EUR million -33.6 9.9 33.6 77.1
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Net interest-bearing debt at the end
of the period, EUR million -218.4 -334.2 -218.4 -264.7
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Gearing at the end of period, % -49.4 -89.1 -49.4 -56.0
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Working capital at the end of the
period, EUR million -148.7 -257.0 -148.7 -191.3
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Return on investment, % 19.9 25.3 35.0 37.0
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Return on equity, % 18.6 20.1 31.7 29.4
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Order backlog at the end of the
period, EUR million 1,938.9 1,991.8 1,938.9 1,947.1
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Order intake, EUR million 491.1 425.4 2,150.2 2,084.4
--------------------------------------------------------------------------------
Personnel, average for the period 4,825 4,020 4,657 4,456
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Earnings per share, EUR 0.12 0.11 0.72 0.70
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President and CEO Pertti Korhonen:"The overall market activity and the demand for Outotec's technologies and
services continued solid during the first quarter. Thanks to our competitive
offering, global market reach and solid project execution, we succeeded in
growing both our order intake and sales from the comparison period. The total
value of unannounced orders, which generally are less than EUR 10 million, was
at all time high and services sales grew in line with our strategy. Operating
profit increased from the comparison period, the slightly lower operating profit
percentage is mainly attributable to normal quarterly profit recognition
fluctuations of project business. Our strong order backlog gave us a good start
to the year.
Highlights in the first quarter included the long term operation and maintenance
contract with Russian Copper Company's Mikheevsky concentrator, the order for a
renewable energy solution for a bio-ethanol facility in the USA, the contract
for the delivery of iron ore pelletizing technology in China and the acquisition
of Scanalyse, a software technology company providing process equipment
condition and performance monitoring services.
After the recovery since mid 2012, uncertainties regarding global macro economy
have increased again during recent weeks. This with the recent years' cost
overruns in large greenfield mining projects is driving the mining and metal
companies to reduce their investment risks and to focus on increasing capacity
and efficiency of their existing operations. As a result, investments are
currently shifting from large greenfield projects to brownfield modernization
and capacity enhancements. These trends are likely to slow down the CAPEX market
and large greenfield projects in short term - but at the same time - customers'
changed purchasing criteria create new opportunities for Outotec.
Outotec's business outlook for 2013 is solid, despite the macroeconomic
uncertainties and the changes in the market dynamics. We have a large and active
sales funnel, including also a healthy number of large prospects. Our research
centers continue to operate at full capacity making tests, feasibility studies
and process development for our customers' new investments. Predictability of
investment costs and time schedules together with performance guarantees are
becoming increasingly important for our customers - resonating well with
Outotec's value proposition. In addition, we believe that environmental
investments will further increase as governments are paying more and more
attention to the necessity of sustainable development, also in developing
markets.
AMENDMENT IN REPORTING STANDARD AND FREE SHARE ISSUE (SPLIT)
From January 1, 2013, Outotec adopted the amendments to IAS 19 (revised)
Employee benefits. The most significant changes relate to the accounting for
defined benefit obligations and plan assets. The amendments require the
recognition of changes in benefit obligations and in fair value of plan assets
when they occur. The restated comparison period's figures are presented in this
Interim Report's notes section.
The shares issued in the free share issue (split) approved by Outotec's AGM on
March 26, 2013, were entered in the share register on April 2, 2013. The total
amount of Outotec's shares increased to 183,121,492 as shareholders were issued
with three new shares for each old share. The new shares became subject to
public trading as of April 3, 2013. Share based key figures have been restated
to reflect the increased number of shares.
CHANGES IN DISCLOSURE PROCEDURE
Outotec Oyj is adopting a new disclosure procedure in accordance with the
Standard 5.2b of the Finnish Financial Supervision Authority (valid from January
1, 2011). This is a summary of Outotec's January-March 2013 Interim Report and
the complete report with tables is available as a pdf file attachment to this
stock exchange release. > The complete report as pdf
FURTHER INFORMATION
Outotec Oyj
Pertti Korhonen, President and CEO
tel. +358 20 529 211
Mikko Puolakka, CFO
tel. +358 20 529 2002
Rita Uotila, Vice President - Investor Relations
tel. +358 20 529 2003, mobile +358 400 954 141
Format for e-mail addresses: firstname.lastname@outotec.com
BRIEFING
Date: Friday, April 26, 2013
Time: 2.00 pm (Finnish time)
Venue: Hotel Scandic Simonkenttä, Simonkatu 9, Helsinki
Joining via webcast
You may follow the briefing via a live webcast at www.outotec.com. The webcast
will be recorded and published on Outotec's website for on-demand viewing.
Joining via teleconference
You may also join the briefing by telephone. To register as a participant in the
teleconference and Q&A session, please dial 5 to 10 minutes before the start of
the event:
FI/UK: +44 20 7162 0025
US/CANADA: +1 334 323 6201
Password: 931254
In addition, an instant replay service of the conference call will be available
until midnight on April 29, 2013, using the following numbers:
FI/UK: +44 20 7031 4064
US: +1 954 334 0342
Access code: 931254
Contact information is gathered for registration purposes only and is not used
for commercial purposes.
FINANCIAL REPORTING SCHEDULE IN 2013
* Interim Report for January-June 2013: July 31
* Interim Report for January-September 2013: October 30 (according to the new
segment reporting structure published on April 9, 2013)
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Main media
www.outotec.com
Outotec in brief
Outotec provides leading technologies and services for the sustainable use of
Earth's natural resources. As the global leader in minerals and metals
processing technology, Outotec has developed over decades many breakthrough
technologies. The company also provides innovative solutions for industrial
water treatment, the utilization of alternative energy sources and the chemical
industry. With a global network of sales and service centers, research
facilities and approximately 5,000 experts, Outotec generated annual sales of
approximately EUR 2 billion in 2012. Outotec shares are listed on NASDAQ OMX
Helsinki. www.outotec.com
[HUG#1696699]
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