2009-07-17 07:00:00 CEST
2009-07-17 07:02:41 CEST
REGULATED INFORMATION
Tieto Oyj - Interim report (Q1 and Q3)
TIETO's interim report 2/2009 (January-June) - IT market continues to be weak, Tieto's profitability improves slightly from the first quarter
Tieto Corporation Interim Report 17 July 2009, 8.00 am EET
To download the PDF file, please use this link:
http://hugin.info/3114/R/1329263/313806.pdf
April-June highlights
* Net sales totalled EUR 444.8 (480.1) million, down 7%. In local
currencies, net sales declined by 3%.
* Operating profit amounted to EUR 10.4 (29.6) million,
representing an operating margin of 2.3% (6.2).
* Operating profit excluding one-off items amounted to EUR 24.6
(33.2) million, 5.5% (6.9) of net sales.
* Profit after taxes was EUR 10.0 (18.7) million.
* Net cash flow from operations amounted to EUR -12.1 (53.9)
million.
* Tieto concluded several important agreements during the quarter,
such as for application management services with Elisa and IT
infrastructure services with Itella.
* The outlook for 2009 remains unchanged.
January-June highlights
* Net sales totalled EUR 882.8 (948.4) million, down 7%. In local
currencies, net sales declined by 2%.
* Operating profit amounted to EUR 15.3 (54.2) million,
representing an operating margin of 1.7% (5.7).
* Operating profit, excluding one-off items, amounted to EUR 39.4
(70.9) million, 4.5% (7.5) of net sales.
* Profit after taxes was EUR 11.0 (35.0) million.
* Net cash flow from operations amounted to EUR 29.9 (118.5)
million.
Q2/2009 Q2/2008 H1/2009 H1/2008
Net sales, EUR million 444.8 480.1 882.8 948.4
Change in net sales, % -7 11 -7 8
Operating profit, EUR million 10.4 29.6 15.3 54.2
Operating margin, % 2.3 6.2 1.7 5.7
Operating profit excl. one-off items, 24.6 33.2 39.4 70.9
EUR million
Operating margin excl. one-off items, 5.5 6.9 4.5 7.5
%
Profit after taxes, EUR million 10.0 18.7 11.0 35.0
Net cash flow from operations, EUR -12.1 53.9 29.9 118.5
million
EPS, EUR 0.14 0.26 0.15 0.48
Hannu Syrjälä, President and CEO:"The IT market continues to be weak, and the telecom sector has
remained the most challenging area for us. Although we signed several
large agreements in the second quarter, Tieto's net sales were down
7%. Due to the declining sales and one-off costs, our profitability
was clearly down from last year, but improved slightly from the first
quarter.
We have continued to streamline our operations in Tieto with a focus
on improving our utilization rate and accelerating the implementation
of the global delivery model. We are also putting a lot of emphasis
on driving new sales and creating market for our advanced offerings.
Many of Tieto's core services help our customers to meet their
productivity and efficiency requirements during these difficult
times.
Outsourcing continues to offer the strongest growth potential for
Tieto in all our main markets, and this is the area where we are
directing more and more of our sales efforts currently. In a recent
study by EquaTerra, Tieto was ranked as the best provider of
application management services in the Nordic countries. The positive
feedback we have received from our customers is a clear indication
that our efforts in quality and innovation are now starting to pay
off."
MARKET DEVELOPMENT
Polarization of the IT services market continued during the second
quarter of 2009. On the one hand, the market for new, large-scale IT
projects has declined in most sectors. On the other, the outsourcing
market is active and the size of new potential cases has grown.
Customers are seeking to cut costs and improve productivity. Price
pressure remained hard during the quarter, especially in the telecom
sector.
Demand for IT services continued at a good level in the government,
healthcare and welfare sectors as well as the utilities sector. In
the finance sector, demand has been weak. The Finnish finance market
is fairly stable, but competition is fierce in Sweden. There is
growing interest towards outsourcing in Tieto's main markets.
In the telecom sector, competition has remained tough and industry
transformation continues. Customers have implemented aggressive cost
savings and supplier consolidation programmes. Demand for offshore
production has increased and customers are shifting their core
operations and decision-making to Asia, especially China and India.
Overall IT demand has remained weak and investments by operators and
telecom equipment manufacturers are expected to be low for some time.
Uncertainty has continued in the IT market. New investments are being
postponed, unless they offer clear short-term productivity benefits.
However, companies' efforts to achieve cost savings by rationalizing
their operations are opening up new business opportunities and, as a
result, balance the changes in demand. Close to 60% of Tieto's
business is related to application and ICT infrastructure management
as well as maintenance, which are more resilient to the impacts of an
economic downturn.
Market development by country
In Finland, the outsourcing market continues to grow. Additionally,
customers are in the market to buy enhancements to existing
applications. However, demand for new IT projects and consultancy has
continued to slide. The decline in the telecom sector has been
followed by that of the Finnish exports sector, especially the metal
and forest industries. IT budgets in the public sector have not been
affected so far.
In Sweden, weak demand in the telecom sector has continued during the
second quarter. Due to general cautiousness, the trend is that only
few new development projects are started. On the other hand, new
outsourcing-related opportunities have opened up, especially in the
finance and public sectors.
Outside Finland and Sweden, the recession has also hit the IT markets
hard, but impacts vary country by country. In general, telecom and
finance are the most affected sectors. Companies are shifting their
core operations and decision-making to Asia, rapidly increasing
pressure to accelerate offshoring. This is experienced especially in
international sectors, such as telecom and forest.
In Germany, the automotive sector has been hit the hardest and is now
going through a heavy transformation process. Additionally, the
market for local telecom R&D has deteriorated during the quarter.
Energy and healthcare markets are active.
In Norway, the local market is slowing down despite the fact that the
economy has been hit less hard. However, the global oil & gas market
is at a reasonable level. Additionally, regulatory changes in the
finance sector create new opportunities for capital market solutions.
TIETO'S BUSINESS TRANSACTIONS AND MAJOR AGREEMENTS IN JANUARY-JUNE
In June, the company divested its holding in TietoSaab Systems Oy,
previously owned by Tieto Corporation (60%) and Saab Corporation
(40%). In 2008, net sales of TietoSaab Systems amounted to EUR 9.3
million. Tieto booked EUR 5.2 million in capital gain from the
divestment.
In June, Tieto agreed on the acquisition of 20% of the shares in TKP
Tieto Oy and as of 1 July owns the entire share capital of the
company. TKP Tieto Oy was a joint venture, owned by Tieto Corporation
(80%) and Finnish pension insurance institutions (20%). In 2008, net
sales of TKP Tieto amounted to around EUR 32 million and the number
of personnel totalled 211.
Tieto also concluded several important agreements during the quarter,
such as for application management services with Elisa and IT
infrastructure services with Itella.
STREAMLINING ACTIONS
The targets set for Tieto's Performance Improvement Programme
launched in 2008 were reached and the programme was completed during
the first quarter of 2009. To further adjust its operations to the
current market situation and to address the declining trend in
demand, the company started new streamlining actions during the first
quarter of 2009.
The company's target is to achieve additional annualized cost-savings
amounting to EUR 100 million, of which approximately EUR 70 million
is expected to materialize in 2009, mainly in the third and fourth
quarters. The streamlining measures include personnel adjustments,
decreased use of subcontractors, accelerated utilization of offshore
resources, consolidation of offices and cutting business expenses
throughout the Group.
Costs of EUR 16.4 million related to the Performance Improvement
Programme materialized in the first quarter. In addition, Tieto
estimates that it will book approximately EUR 35 million in one-off
costs related to the new streamlining actions in 2009, of which EUR
24.9 million were booked in the second quarter. All costs have a cash
flow effect which will materialize mainly in the third and fourth
quarter.
FINANCIAL PERFORMANCE IN APRIL-JUNE
Second-quarter net sales declined by 7% and amounted to EUR 444.8
(480.1) million. As close to 40% of Tieto's net sales are generated
in non-euro countries, the weakened currencies, especially the
Swedish currency (SEK), had a negative impact on net sales in euros.
In local currencies, net sales declined by 3%. Net sales dropped in
most customer industries, reflecting cautiousness in starting new
projects. The telecom market continued to be challenging and Tieto's
net sales in the sector declined by 13%, having a substantial
negative impact on the Group's net sales.
Second-quarter operating profit amounted to EUR 10.4 (29.6) million,
representing a margin of 2.3% (6.2). Operating profit included
one-off costs of EUR 24.9 million related to streamlining actions and
one-off income totalling EUR 10.7 million. One-off income includes
EUR 5.2 million in capital gain from the TietoSaab divestment in
Finland and a positive revenue recognition estimate of EUR 5.5
million in Tieto International. Operating profit excluding one-off
items amounted to EUR 24.6 (33.2) million, representing a margin of
5.5% (6.9). The number of employees was somewhat down during the
quarter, resulting in a decrease in personnel costs and an
improvement in the utilization rate. However, net sales declined at a
faster rate than costs.
Net financial expenses stood at EUR 1.6 (5.8) million in the second
quarter. Net interest expenses were EUR 1.7 (2.2) million and net
gains from foreign exchange transactions EUR 0.8 (negative 0.9)
million, of which EUR 1.1 million were unrealized net gains. Other
financial income and expenses amounted to EUR 0.7 (2.7) million.
Second-quarter earnings per share (EPS) totalled EUR 0.14 (0.26).
Operating profit (EBIT) includes EUR 2.3 (2.4) million from
amortization on allocated intangible assets.
The 12-month rolling return on capital employed (ROCE) was 18.5% and
the return on shareholders' equity (ROE) 7.8%.
The order backlog, which only comprises services ordered with binding
contracts, amounted to EUR 1 122 (1 178) million at the end of the
period. In total, 49% (40) of the backlog is expected to be invoiced
this year.
Financial performance by country
Net sales
in EBIT
Net sales Q2/2008, EBIT margin in margin in
in Q2/2009, EUR Q2/2009, Q2/2008,
EUR million million Change,% % %
Finland 230 230 0 10.9 13.7
Sweden 116 144 -19 -5.8 5.2
International 143 144 0 -4.6 1.4
Group -45 -38
elimination
Total 445 480 -7 2.3 6.2
In Finland, net sales remained flat. The market for new outsourcing
cases was strong and Tieto concluded several new small and mid-sized
deals and agreement renewals, e.g. those with Elisa, Nordea,
TeliaSonera, Itella and Varma. However, the new agreements were not
sufficient to compensate for the expired contracts. Telecom was the
most challenging sector, whereas sales to the healthcare and welfare
and public sectors continued to grow. Flat revenue with cost
inflation led to lower profitability. Second-quarter operating profit
amounted to EUR 25.2 (31.6) million including EUR 7.3 million in
provisions related to personnel reductions and EUR 5.2 million in
capital gains. Operating margin excluding one-off items totalled
11.9%.
In Sweden, net sales declined by 19%. In local currency, the decline
was 7%. Excluding the currency impact, the drop in sales was mainly
attributable to the weak development in the telecom sector. Telecom
accounts for close to half of Tieto's net sales in Sweden. The
strongest developing sectors were healthcare and welfare, public,
retail and logistics. Operating profit totalled EUR -6.7 (7.4)
million and included EUR 7.4 million in restructuring costs.
Operating margin excluding one-off items totalled 0.6%. The decline
in net sales and exchange rates were the main reasons for the
weakened profitability. Costs declined, but not sufficiently to
offset the negative effect. Part of the costs are in currencies other
than the Swedish currency (SEK).
In International, demand in the healthcare and energy sectors was at
a reasonable level, whereas net sales in the finance and telecom
sectors were dropping off. Denmark and the UK were the most
challenging markets. In the second quarter, Tieto's net sales in its
international markets remained unchanged. Net sales include an
one-off income of EUR 5.5 million due to a change in the revenue
recognition estimate. Excluding this income and currency impacts, net
sales declined by 3%. Second-quarter operating profit amounted to EUR
-6.6 (2.1) million and included EUR 9.9 million in restructuring
costs and EUR 5.5 million in one-off income. Operating margin
excluding one-off items totalled -1.5%.
Net sales by customer sector
Net sales in
Net sales in Q2/2009, Q2/2008,
EUR million EUR million Change, %
Telecom 149 172 -13
Finance 94 102 -8
Industry sectors 201 206 -2
Total 445 480 -7
In the telecom sector, Tieto's net sales fell by 13%. Customers are
running aggressive cost savings programmes and cutting new
investments. About half of the drop in net sales is attributable to
lower volumes. Additionally, weaker currencies had a major impact on
net sales. Despite the shrinking market, Tieto has been able to hold
on to its strong market position. Operating profit declined during
the quarter due to the lower utilization rate and prices.
In the finance sector, net sales fell by 8%. Exchange rate changes
account for more than half of the drop.
Additionally, two major contracts that expired in 2008 had a negative
impact on net sales. Business has been stable in Finland but more
challenging in Sweden and the international market. Products suffer
the most from the current market situation. Operating profit declined
but remained at a fairly good level.
In the industry sectors, net sales declined by 2%. Net sales include
income of EUR 5.5 million due to a change in the revenue recognition
estimate. Excluding the one-off income and currency impacts, net
sales declined by 2%. In Tieto's reporting, the industry sectors
cover customers in healthcare and welfare, forest, energy,
manufacturing, automotive, public, retail and logistics.
Manufacturing, forest and automotive were the weakest areas during
the second quarter. The market for manufacturing has deteriorated,
especially in the metal industry, reducing investments in new IT
solutions. Net sales continued to grow in the healthcare and welfare
as well as public sectors. Profitability in most of the industry
sectors was at a healthy level.
FINANCIAL PERFORMANCE IN JANUARY-JUNE
Net sales declined by 7% and amounted to EUR 882.8 (948.4) million.
The weakened currencies had a negative impact on net sales in euros.
In local currencies, net sales declined by 2%. Sweden was the most
challenging market.
Operating profit amounted to EUR 15.3 (54.2) million including
one-off income totalling EUR 18.4 million and one-off costs of EUR
42.5 million mainly related to the Performance Improvement Programme
and new streamlining actions. Operating profit excluding one-off
items amounted to EUR 39.4 (70.9) million, representing a margin of
4.5% (7.5).
Financial performance by country
Net sales
in EBIT
Net sales H1/2008, EBIT margin in margin in
in H1/2009, EUR H1/2009, H1/2008,
EUR million million Change,% % %
Finland 457 462 -1 10.4 13.0
Sweden 235 285 -18 -6.5 6.0
International 284 279 2 -3.7 -0.2
Group -93 -78
elimination
Total 883 948 -7 1.7 8.1
Net sales by customer sector
Net sales in Net sales in
H1/2009, H1/2008,
EUR million EUR million Change, %
Telecom 302 339 -11
Finance 183 206 -11
Industry sectors 398 403 -1
Total 883 948 -7
Net financial expenses stood at EUR 4.4 (8.7) million in the first
half. Net interest expenses were EUR 3.5 (4.5) million and net losses
from foreign exchange transactions EUR 0.5 (2.3) million, of which
EUR 1.2 million were unrealized net gains. Other financial income and
expenses amounted to EUR 0.4 (1.9) million.
Six-month earnings per share (EPS) totalled EUR 0.15 (0.48).
Operating profit (EBIT) includes EUR 4.6 (4.9) million from
amortization on allocated intangible assets.
Cash flow and financing
Second-quarter net cash flow from operations, including the increase
of EUR 25.8 (decrease 19.5) million in net working capital, amounted
to EUR -12.1 million (53.9). The increase in net working capital
was mainly attributable to the decrease in accounts payable and
accruals.
Six-month net cash flow from operations declined to EUR 29.9 (118.5)
million, reflecting negative cash flow in the second quarter. Net
cash flow from operations includes the decrease of EUR 2.3 (41.2)
million in net working capital.
Tax payments amounted to EUR 16.6 (9.5) million in the six-month
period.
Acquisitions totalled EUR 3.3 (11.6) million in the six-month period.
The equity ratio was 40.7% (38.8). Gearing was 30.1% (29.3).
Interest-bearing net debt totalled EUR 139.2 (138.1) million,
including EUR 240.5 million in interest-bearing debt, EUR 11.9
million in finance lease liabilities, EUR 11.4 million in finance
lease receivables and EUR 101.7 million in cash and cash equivalents.
The interest-bearing long-term debt consists of EUR 150 million in
bonds, of which EUR 100 million will mature in December 2013 and EUR
50 million (private placement) in July 2012. Short-term
interest-bearing loans include EUR 55 million drawn from the EUR 250
million syndicated revolving credit facility maturing in December
2011, EUR 34.8 million in commercial papers issued under the EUR 250
million Commercial Paper Programme and EUR 0.6 million usage of other
short-term credit lines.
Investments
Accrual-based investments totalled EUR 30.5 (59.4) million for the
six-month period. Capital expenditure, including financial leasing,
accounted for EUR 29.3 (47.2) million and investments in subsidiary
and associated company shares for EUR 1.2 (12.2) million.
PERSONNEL
In February, Tieto started personnel negotiations to decrease the
number of employees by some 350 people, of which approximately 170
are in Sweden and 180 in Tieto International. The adjustments were
part of the Performance Improvement Programme.
On 7 April, Tieto started new Group-wide personnel adjustments in
selected operating countries, mainly in Europe. The adjustments are
part of new streamlining actions targeting at annualized cost-savings
of EUR 100 million. In Finland, the negotiations were concluded on 28
May, and as a result, Tieto will make a total of 220 persons
redundant and temporarily lay off no more than 1 500 employees during
2009 either for a fixed period or until further notice. In Sweden,
personnel negotiations are expected to lead to a reduction of 150
employees and in International, 170 employees.
As a result of the completed personnel negotiations, approximately
500 employees have been made redundant by the end of June.
The number of full-time employees totalled 16 195 (16 301) at the end
of June. From the beginning of 2009, the net number of employees
decreased by 447 in onshore countries, and increased by 192 in
offshore sites. Acquisitions, divestments and new outsourcing
contracts added the net number of employees by a total of 35. Year
on year, the number of employees in the global delivery centres had
increased by 21% and totalled about 4 480 (3 700), or 26% (21) of the
total headcount at the end of June. Global operations have grown
fast, especially in India and China.
The employee turnover for January-June stood at 6.2% and the 12-month
rolling turnover at 8.9% at the end of June. The average number of
full-time employees was 16 650 (16 361) in the six-month period.
MANAGEMENT
Per Johanson started in his new position as Executive Vice President,
Financial Services and as a member of the Leadership Team on 16 May.
SHARES AND SHARE-BASED INCENTIVES
On 26 March, the Board of Directors decided to convey a total of
74 260 existing shares held by the company, for free, to the key
personnel participating in Tieto's Share Ownership Plan 2006-2008, as
a proportion of the reward to be paid as shares on the basis of the
earning period 2008. The conveyance took place at the end of April.
During the second quarter, Tieto completed the share repurchase
programme of 252 610 shares. The share repurchases relate to the
company's incentive programme for key personnel announced in December
2008 (Performance Share Plan 2009-2011). The plan includes one
three-year earning period, which will end on 31 December 2011. Own
shares were purchased with the company's distributable funds,
reducing the company's distributable non-restricted equity.
At the end of June, the total number of shares amounted to 72 023 173
and the share capital to EUR 75 841 523. The number of shares in the
company's possession totalled 540 000, representing 0.7% of the total
number of shares and voting rights. The outstanding number of shares,
excluding the shares in the company's possession, was 71 483 173.
CHANGE OF THE COMPANY NAME AND DOMICILE
TietoEnator Corporation's company name was changed to Tieto
Corporation (Tieto Oyj in Finnish and Tieto Abp in Swedish) on 30
April 2009, and the company's new domicile is Helsinki, Finland.
These changes were decided by the Annual General Meeting on 26 March
and they were entered in the Trade Register on 30 April.
NEAR-TERM RISKS AND UNCERTAINTIES
As close to 40% of Tieto's net sales are generated in non-euro
countries, further weakening of currencies, especially the Swedish
currency (SEK), would have a negative impact on net sales and
operating profit translated into euro.
Weak demand for IT services might lead to lower utilization of
resources and hence lower profitability if the company is not able to
adjust its cost base fast enough to compensate for negative changes
in the market situation.
Changes in the company structure and the ongoing streamlining actions
including personnel reductions may create uncertainty. Additionally,
credit risks related to receivables might pose a growing risk.
A comprehensive description of the major long-term risks is available
on the company's website.
OUTLOOK FOR 2009
Uncertainty continues in the IT market. In the full year, Tieto
expects the IT services market to decline and tough market conditions
to continue. Therefore Tieto expects its full-year net sales and
operating profit to decline from last year.
In the Nordic countries, the best prospects for growth in 2009 are
seen in the outsourcing of application and ICT infrastructure
management.
Financial calendar for 2009
Interim report for January-September 2009 on 21 October
Accounting policies in 2009
The interim report has been prepared in accordance with International
Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted
by the EU.
Tieto has reclassified all internal long-term loans to Swedish
subsidiaries as a net investment in a foreign operation according to
IAS 21. All related unrealized foreign exchange gains and losses from
the net investment are recognized directly in shareholders' equity.
Excluding this change the accounting policies adopted are consistent
with those used in the annual financial statements for the year ended
31 December 2008 and as described in the annual financial statements.
Of the new standards and interpretations Tieto adopted in 2009, IFRS
8 "Operating Segments" is the only one with a major impact on the
Group's financial statements.
Tieto adopted a new financial reporting structure at the beginning of
2009. The countries are the main operating segments and its reporting
covers Finland, Sweden and International. Reportable segments are
defined based on IFRS 8, "Operating Segments". Deviating from IFRS 8,
Tieto will start to report the Group's net sales by products and
services in 2010.
IAS 1 (Revised) "Presentation of Financial Statements" will have a
minor impact on required disclosures.
The figures in this report are unaudited.
Key figures 2009 2008 2009 2009 2008 2008
4-6 4-6 1-3 1-6 1-6 1-12
Earnings per share, EUR
- basic 0.14 0.26 0.01 0.15 0.48 0.83
- diluted 0.14 0.26 0.01 0.15 0.48 0.83
Equity per share, EUR 6.46 6.58 6.31 6.46 6.58 6.75
Return on equity rolling 12 month,
% 7.8 -4.9 10.2 7.8 -4.9 12.6
Return on capital employed rolling
12 month, % 18.5 8.8 25.3 18.5 8.8 25.2
Equity ratio % 40.7 38.8 40.0 40.7 38.8 41.1
Net interest-bearing liabilities,
EUR million 139.2 138.1 79.2 139.2 138.1 101.4
Gearing, % 30.1 29.3 17.5 30.1 29.3 21.0
Investments, EUR million 14.4 23.2 16.1 30.5 59.4 97.9
Number of
shares 2009 2009 2009 2008 2008
4-6 1-3 1-6 4-6 1-12
Outstanding
shares, end of
period
Basic 71 483 173 71 661 523 71 483 173 71 661 523 71 661 523
Diluted 71 557 433 71 739 083 71 557 433 71 661 523 71 739 083
Outstanding
shares,
average
Basic 71 577 023 71 661 523 71 619 040 71 661 523 71 661 523
Diluted 71 652 226 71 739 083 71 695 415 71 661 523 71 739 083
Company's possession of
its own shares,
End of
period 540 000 361 650 540 000 361 650 361 650
Average 446 150 361 650 404 133 361 650 403 945
Income statement, EUR million 2009 2008 2009 2008 Change 2008
4-6 4-6 1-6 1-6 % 1-12
Net sales 444.8 480.1 882.8 948.4 -7 1 865.7
Other operating income 7.1 1.7 10.0 6.2 61 10.8
Employee benefit expenses 265.8 273.1 532.7 550.1 -3 1 056.0
Depreciation and amortization 19.0 16.3 36.3 32.6 11 66.1
Other operating expenses 156.7 162.8 308.5 317.7 -3 642.8
Operating profit (EBIT) 10.4 29.6 15.3 54.2 -72 111.6
Net interest expenses -1.7 -2.2 -3.5 -4.5 -22 -9.3
Net exchange losses/gains 0.8 -0.9 -0.5 -2.3 -78 -21.2
Other financial income and
expenses -0.7 -2.7 -0.4 -1.9 -79 1.3
Profit before taxes 8.8 23.8 10.9 45.5 -76 82.4
Income taxes 1.2 -5.1 0.1 -10.5 -101 -21.9
Net profit for the period 10.0 18.7 11.0 35.0 -69 60.5
Net profit for the period
attributable to
Shareholders of the parent
company 9.9 18.4 10.7 34.6 -69 59.9
Minority interest 0.1 0.3 0.3 0.4 -25 0.6
10.0 18.7 11.0 35.0 -69 60.5
Earnings attributable to the shareholders
of the parent company per share, EUR
Basic 0.14 0.26 0.15 0.48 -69 0.83
Diluted 0.14 0.26 0.15 0.48 -69 0.83
Statement of comprehensive income, EUR million
Net profit for the period 10.0 18.7 11.0 35.0 -69 60.5
Tax impact on share-based payments 0.2 0.0 0.2 0.0 0.0
Translation difference (net of tax) 1.5 0.9 3.9 -6.0 -165 -21.5
Total comprehensive income 11.7 19.6 15.1 29.0 -48 39.0
Total comprehensive income attributable to
Shareholders of the parent company 11.6 19.3 14.8 28.6 -48 38.4
Minority interest 0.1 0.3 0.3 0.4 -25 0.6
11.7 19.6 15.1 29.0 -48 39.0
Balance sheet, EUR million 2009 2008 Change 2008
30 June 30 June % 31 Dec
Goodwill 392.7 414.7 -5 389.3
Other intangible assets 46.1 62.3 -26 53.1
Property, plant and equipment 100.8 94.4 7 100.5
Deferred tax assets 74.5 67.4 11 67.8
Other non-current assets 0.8 1.6 -50 1.5
Total non-current assets 614.9 640.4 -4 612.2
Trade and other receivables 469.5 558.0 -16 498.5
Current income tax receivables 14.4 15.1 -5 13.9
Interest-bearing current assets 11.6 10.4 12 9.7
Cash and cash equivalents 101.7 93.4 9 120.2
Total current assets 597.2 676.9 -12 642.3
Total assets 1 212.1 1 317.3 -8 1 254.5
Share capital, share issue
premiums and other reserves 109.6 113.2 -3 109.0
Retained earnings 350.9 355.0 -1 373.0
Parent shareholders' equity 460.5 468.2 -2 482.0
Minority interest 1.5 3.1 -52 1.6
Total equity 462.0 471.3 -2 483.6
Finance lease liability 11.9 15.3 -22 14.5
Other interest-bearing loans 150.0 150.1 0 150.0
Deferred tax liabilities 27.6 29.6 -7 29.2
Pension obligations 17.8 21.8 -18 17.2
Provisions 54.5 35.9 52 28.6
Other non-current liabilities 1.5 1.7 -12 1.6
Total non-current liabilities 263.3 254.4 3 241.1
Trade and other payables 388.0 502.6 -23 447.5
Current income tax liabilities 8.3 12.5 -34 15.6
Interest-bearing loans 90.5 76.5 18 66.7
Total current liabilities 486.8 591.6 -18 529.8
Total equity and liabilities 1 212.1 1 317.3 -8 1 254.5
Net working capital in the balance sheet, EUR million
2009 2008 Change 2009 2008
30 June 30 June % 31 Mar 31 Dec
Accounts receivable 312.1 339.6 -8 336.4 357.7
Other working capital
receivables 156.5 217.8 -28 151.3 140.3
Working capital receivables
included in assets 468.6 557.4 -16 487.7 498.0
Operative accruals 160.0 258.4 -38 197.1 191.1
Other working capital
liabilities 222.8 234.7 -5 250.5 250.6
Pension obligations and
provisions 72.2 57.7 25 55.5 45.7
Working capital liabilities
included in current liabilities 455.0 550.8 -17 503.1 487.4
Net working capital in the
balance sheet 13.6 6.6 106 -15.4 10.6
Cash flow, EUR million 2009 2008 2009 2009 2008 2008
4-6 4-6 1-3 1-6 1-6 1-12
Cash flow from operations
Net profit 10.0 18.7 1.0 11.0 35.0 60.5
Adjustments
Depreciation, amortization
and impairment 19.0 16.3 17.3 36.3 32.6 66.1
Share-based payments 1.1 1.1 1.0 2.1 1.9 4.1
Profit/loss on sale of fixed
assets and shares -6.1 0.2 0.0 -6.1 0.2 0.2
Other adjustments 0.8 -1.3 0.1 0.9 -1.3 -1.3
Net financial expenses 1.6 5.8 2.8 4.4 8.7 29.2
Income taxes -1.2 5.1 1.1 -0.1 10.5 21.9
Change in net working capital -25.8 19.5 28.1 2.3 41.2 30.3
Cash generated from
operations -0.6 65.4 51.4 50.8 128.8 211.0
Net financial expenses paid -1.3 -0.6 -3.0 -4.3 -0.8 -6.0
Income taxes paid -10.2 -10.9 -6.4 -16.6 -9.5 -14.0
Net cash flow from operations -12.1 53.9 42.0 29.9 118.5 191.0
Cash flow from investing
activities
Acquisition of Group companies
and business
operations, net of cash
acquired 0.1 5.2 -2.4 -2.3 -2.8 -8.0
Capital expenditure -13.4 -17.0 -15.9 -29.3 -31.5 -68.5
Advance payment for acquisition
of shares -1.0 - - -1.0 - -
Disposal of business operations 5.7 - - 5.7 - -
Sales of fixed assets 1.7 1.2 - 1.7 1.3 3.0
Change in loan receivables -1.9 -2.2 0.1 -1.8 -2.2 -1.4
Net cash used in investing
activities from operations -8.8 -12.8 -18.2 -27.0 -35.2 -74.9
Cash flow from financing
activities
Dividends paid -36.3 -36.0 - -36.3 -36.0 -36.0
Repurchase of own shares -2.6 - - -2.6 - -
Payment of finance lease
liabilities -3.9 -0.8 1.3 -2.6 -1.7 -2.6
Change in interest-bearing
liabilities 70.4 2.5 -46.6 23.8 -25.0 -27.5
Net cash used in other
financing activities 0.0 1.4 - 0.0 - -
Net cash used in financing
activities from operations 27.6 -32.9 -45.3 -17.7 -62.7 -66.1
Change in cash and cash
equivalents 6.7 8.2 -21.5 -14.8 20.6 50.0
Cash and cash equivalents at
beginning of period -94.6 -85.0 -120.2 -120.2 -72.9 -72.9
Foreign exchange
differences -0.4 -0.2 4.1 3.7 0.1 2.7
Cash and cash equivalents at
end of period 101.7 93.4 94.6 101.7 93.4 120.2
6.7 8.2 -21.5 -14.8 20.6 50.0
Statement of changes in shareholders' equity, EUR million
Minority Total
Parent shareholders' equity interest equity
Share Share Own Retained Total
capital issue shares earnings
premiums
and
other
reserves
Balance at 31
Dec 2007 75.8 39.6 -41.1 399.3 473.6 4.0 477.6
Minority
interest 0.2 0.2 -1.3 -1.1
Cancellation
of own shares 32.1 -32.1 0.0 0.0
Transfer
between
restricted and
non-restricted
reserves -2.0 2.0 0.0 0.0
Share-based
payments
recognized
against equity 1.9 1.9 1.9
Dividend -35.8 -35.8 -35.8
Total
comprehensive
income -0.2 28.5 28.3 0.4 28.7
At 30 June
2008 75.8 37.4 -9.0 364.0 468.2 3.1 471.3
Balance at 31
Dec 2008 75.8 33.2 -9.0 382.0 482.0 1.6 483.6
Minority
interest -0.4 -0.4
Transfer
between
restricted and
non-restricted
reserves 0.4 -0.4 0.0 0.0
Share-based
payments
recognized
against equity 2.1 2.1 2.1
Dividend -35.8 -35.8 -35.8
Own shares
purchased -2.6 -2.6 -2.6
Total
comprehensive
income 0.1 14.7 14.8 0.3 15.1
At 30 June
2009 75.8 33.7 -11.6 362.6 460.5 1.5 462.0
Net sales by country, EUR million
2009 2008 Change 2009 2008 Change 2008
4-6 4-6 % 1-6 1-6 % 1-12
Finland 230 230 0 457 462 -1 900
Sweden 116 144 -19 235 285 -18 548
International 143 144 0 284 279 2 572
Group elimination -45 -38 19 -93 -78 20 -155
Group total 445 480 -7 883 948 -7 1 866
Internal sales by country, EUR million
2009 2008 Change 2009 2008 Change 2008
4-6 4-6 % 1-6 1-6 % 1-12
Finland 17 14 25 35 29 21 53
Sweden 4 6 -28 14 11 26 26
International 24 19 28 44 38 17 77
Group total 45 38 19 93 78 20 155
Net sales according to customer location, EUR million
2009 Change Share 2008 Share 2008 Change
1-6 % % 1-6 % 1-12 %
Finland 417 -4 47 437 46 853 6
Sweden 217 -18 25 266 28 506 2
Other 248 1 28 246 26 506 6
Group total 883 -7 100 948 100 1 866 5
Net sales by customer sector, EUR million
2009 2008 Change 2009 2008 Change 2008
4-6 4-6 % 1-6 1-6 % 1-12
Telecom 149 172 -13 302 339 -11 648
Finance 94 102 -8 183 206 -11 402
Industry sectors 201 206 -2 398 403 -1 816
Group total 445 480 -7 883 948 -7 1 866
Operating profit (EBIT) by country, EUR million
2009 2008 Change 2009 2008 Change 2008
4-6 4-6 % 1-6 1-6 % 1-12
Finland 25.2 31.6 -20.3 47.4 60.2 -21.3 114.2
Sweden -6.7 7.4 -190.3 -15.4 17.1 -189.8 48.7
International -6.6 2.1 -418.9 -10.5 -0.6 -1 630.8 3.8
Countries total 11.9 41.1 -71.1 21.5 76.7 -72.0 166.7
Group operations -1.5 -11.5 87.2 -6.2 -22.5 72.6 -55.1
Operating profit (EBIT) 10.4 29.6 -64.9 15.3 54.1 -71.8 111.6
Operating margin (EBIT) by country, %
2009 2008 Change 2009 2008 Change 2008
4-6 4-6 1-6 1-6 1-12
Finland 10.9 13.7 -2.8 10.4 13.0 -2.6 12.7
Sweden -5.8 5.2 -11.0 -6.5 6.0 -12.6 8.9
International -4.6 1.4 -6.0 -3.7 -0.2 -3.5 0.7
Countries total 2.7 8.6 -5.9 2.4 8.1 -5.7 8.9
Operating margin (EBIT) 2.3 6.2 -3.8 1.7 5.7 -4.0 6.0
Personnel by country End of period Average
2009 Change Share 2008 2008 2009 2008
1-6 % % 1-6 1-12 1-6 1-6
Finland 5 863 -4 36 6 111 6 021 6 016 6 233
Sweden 3 122 -6 19 3 331 3 291 3 265 3 345
Czech 1 500 13 9 1 322 1 501 1 519 1 279
Germany 1 049 -16 6 1 252 1 143 1 097 1 284
India 802 29 5 620 784 784 618
Latvia 618 6 4 582 628 625 571
Poland 596 21 4 492 558 576 457
Norway 556 -16 3 664 655 628 683
China 399 113 2 187 290 367 161
Great Britain 285 -18 2 347 347 307 338
Italy 260 8 2 241 251 261 242
Denmark 241 -21 1 306 289 287 323
Lithuania 180 22 1 147 186 187 139
Netherlands 136 4 1 131 138 145 134
France 131 0 1 131 143 140 130
Estonia 122 -2 1 125 119 122 120
Other 335 8 2 311 274 324 303
Group total 16 195 -1 100 16 301 16 618 16 650 16 361
Total assets by country, EUR million
2009 2008 Change 2008
30 June 30 June % 31 Dec
Finland 475.3 495.7 -4 460.4
Sweden 245.3 315.5 -22 291.3
International 346.2 353.7 -2 335.7
Group elimination -20.9 -17.3 21 -26.7
Countries total 1 045.9 1 147.7 -9 1 060.8
Group Operations 166.1 169.6 -2 193.7
Total assets 1 212.1 1 317.3 -8 1 254.5
Non-current assets according to asset location, EUR million
2009 2008 Change 2008
30 June 30 June % 31 Dec
Finland 254.7 253.3 1 254.3
Sweden 132.6 154.2 -14 132.7
Other 152.3 163.9 -7 155.9
Total non-current assets 539.6 571.4 -6 542.9
Capital expenditure by country, EUR million
2009 2008 Change 2009 2008 Change 2008
4-6 4-6 % 1-6 1-6 % 1-12
Finland 6.2 8.2 -24 19.0 31.1 -39 58,0
Sweden 2.3 4.1 -45 4.6 7.3 -36 9,5
International 0.7 3.5 -79 0.7 6.9 -89 10.7
Group Operations 4.2 1.3 224 4.9 1.9 159 5.0
Group total 13.4 17.1 -22 29.3 47.2 -38 83.2
Depreciation by country, EUR million
2009 2008 Change 2009 2008 Change 2008
4-6 4-6 % 1-6 1-6 % 1-12
Finland 10.5 9.2 15 21.4 18.1 18 36,9
Sweden 2.0 2.1 -2 4.1 4.4 -8 8.5
International 4.1 1.5 168 5.8 3.1 88 6.4
Group Operations 0.2 1.1 -79 0.4 2.1 -78 4.1
Group total 16.8 13.8 22 31.7 27.7 15 56.0
Amortization on allocated intangible assets from acquisitions, EUR
million
2009 2008 Change 2009 2008 Change 2008
4-6 4-6 % 1-6 1-6 % 1-12
Finland 0.1 - 0.4 -130 0.3 0.3 -1 0.5
Sweden 0.7 0.9 -20 1.5 1.6 -9 3.5
International 1.5 2.2 -33 2.9 3.0 -5 6,0
Group Operations 0.0 - 0.2 -100 0.0 0.0 0 0.0
Group total 2.3 2.4 -7 4.6 4.9 -6 10.0
Commitments and contingencies, EUR 2009 2008
million 30 June 31 Dec Change %
For Tieto obligations
Pledges - -
On behalf of joint ventures
Guarantees 2.2 0.0 pos
Other Tieto obligations
Rent commitments due in one year 50.3 54.4 -8
Rent commitments due in 1-5 years 106.4 102.2 4
Rent commitments due after 5 years 19.7 19.5 1
Operating lease commitments due in one
year 14.4 14.4 0
Operating lease commitments due in 1-5
years 9.2 13.5 -32
Operating lease commitments due after
5 years 0.0 0.0
Other commitments 13.8 13.9 -1
Operating lease commitments are principally three-year lease
agreements that do not include buyout clauses.
Notional amounts of derivative financial 2009 2008
instruments, EUR million 30 June 31 Dec
Foreign exchange contracts 102.8 252.0
Interest rate swaps 150.0 100.0
Includes the gross amount of all notional values for contracts that
have not yet been settled or closed. The amount of notional value
outstanding is not necessarily a measure or indication of market
risk, as the exposure of certain contracts may be offset by that of
other contracts.
Fair values of derivatives, EUR million
The net fair values of derivative financial 2009 2008
instruments at the balance sheet date were: 30 June 31 Dec
Foreign exchange contracts -2.2 -6.1
Interest rate swaps 0.0 0.6
Derivatives are used for hedging purposes only.
Contingent assets
The Finnish tax authorities have confirmed an additonal loss EUR 41.0
million (of which a deferred tax asset EUR 10.7 million could be
recognized) on the loss incurred by the parent company in connection
with the intra-group transaction carried out in April 2004, but the
decision has been contested.
QUARTERLY FIGURES
Key figures 2009 2009 2008 2008 2008 2008
4-6 1-3 10-12 7-9 4-6 1-3
Earnings per share, EUR
- basic 0.14 0.01 0.02 0.33 0.26 0.23
- diluted 0.14 0.01 0.02 0.33 0.26 0.23
Equity per share, EUR 6.46 6.31 6.75 6.90 6.58 6.29
Return on equity rolling 12 month,
% 7.8 10.2 12.6 -2.4 -4.9 -7.7
Return on capital employed rolling
12 month, % 18.5 25.3 25.2 8.9 8.8 7.2
Equity ratio % 40.7 40.0 41.1 42.0 38.8 38.0
Net interest-bearing liabilities,
EUR million 139.2 79.2 101.4 169.7 138.1 139.7
Gearing, % 30.1 17.5 21.0 34.3 29.3 31.0
Investments, EUR million 14.4 16.1 12.8 25.7 23.2 36.2
Income statement, EUR million 2009 2009 2008 2008 2008 2008
4-6 1-3 10-12 7-9 4-6 1-3
Net sales 444.8 438.0 492.0 425.3 480.1 468.3
Other operating income 7.1 2.9 2.4 2.2 1.7 4.5
Employee benefit expenses 265.8 266.9 278.8 227.1 273.1 277.0
Depreciation and amortization 19.0 17.3 16.8 16.7 16.3 16.3
Other operating expenses 156.7 151.8 175.2 149.9 162.8 154.9
Operating profit (EBIT) 10.4 4.9 23.6 33.8 29.6 24.6
Financial income and expenses -1.6 -2.8 -17.0 -3.5 -5.8 -2.9
Profit before taxes 8.8 2.1 6.6 30.3 23.8 21.7
Income taxes 1.2 -1.1 -4.8 -6.6 -5.1 -5.4
Net profit for the period 10.0 1.0 1.8 23.7 18.7 16.3
Balance sheet, EUR
million 2009 2009 2008 2008 2008 2008
31 31
30 June March 31 Dec 30 Sep 30 June March
Goodwill 392.7 391.4 389.3 412.9 414.7 415.9
Other intangible
assets 46.1 49.2 53.1 59.3 62.3 62.5
Property, plant and
equipment 100.8 103.2 100.5 102.2 94.4 92.2
Other non-current
assets 75.3 68.7 69.3 67.9 69.0 67.4
Total non-current
assets 614.9 612.5 612.2 642.3 640.4 638.0
Trade receivables and
other current assets 495.5 514.1 522.1 579.3 583.5 579.7
Cash and cash
equivalents 101.7 94.6 120.2 58.2 93.4 85.0
Total current assets 597.2 608.7 642.3 637.5 676.9 664.7
Total assets 1 212.1 1 221.2 1 254.5 1 279.8 1 317.3 1 302.7
Total equity 462 452.1 483.6 494.5 471.3 451.1
Non-current
interest-bearing
loans 161.9 163.2 164.5 164.8 165.4 166.2
Provisions 54.5 37.2 28.6 27.5 35.9 38.7
Other non-current
liabilities 46.9 42.5 48.0 53.7 53.1 45.9
Total non-current
liabilities 263.3 242.9 241.1 246.0 254.4 250.8
Trade payables and
other current
liabilities 396.3 506.1 463.1 465.9 515.1 531.1
Current
interest-bearing
loans 90.5 20.1 66.7 73.4 76.5 69.7
Total current
liabilities 486.8 526.2 529.8 539.3 591.6 600.8
Total equity and
liabilities 1 212.1 1 221.2 1 254.5 1 279.8 1 317.3 1 302.7
Cash flow, EUR million 2009 2009 2008 2008 2008 2008
4-6 1-3 10-12 7-9 4-6 1-3
Cash flow from operations
Net profit 10.0 1.0 1.8 23.7 18.7 16.3
Adjustments 15.2 22.3 39.5 28.1 27.2 25.4
Change in net working capital -25.8 28.1 35.6 -46.5 19.5 21.7
Cash generated from
operations -0.6 51.4 76.9 5.3 65.4 63.4
Net financial expenses paid -1.3 -3.0 -1.0 -4.2 -0.6 -0.2
Income taxes paid -10.2 -6.4 2.3 -6.8 -10.9 1.4
Net cash flow from operations -12.1 42.0 78.2 -5.7 53.9 64.6
Net cash used in investing
activities
from operations -8.8 -18.2 -14.3 -25.4 -12.8 -22.4
Net cash used in financing
activities
from operations 27.6 -45.3 0.7 -4.1 -32.9 -29.8
Change in cash and cash
equivalents 6.7 -21.5 64.6 -35.2 8.2 12.4
Cash and cash equivalents
at beginning of period -94.6 -120.2 -58.2 -93.4 -85.0 -72.9
Foreign exchange differences -0.4 4.1 2.6 0.0 -0.2 0.3
Cash and cash equivalents at end
of period 101.7 94.6 120.2 58.2 93.4 85.0
6.7 -21.5 64.6 -35.2 8.2 12.4
Tieto has made minor adjustments in the quarterly segment figures for
2008 in the tables below. For comparison with the figures announced
earlier, visit Tieto's website www.tieto.com/Investors/Financials.
Net sales by country, EUR
million 2009 2009 2008 2008 2008 2008
4-6 1-3 10-12 7-9 4-6 1-3
Finland 230 227 239 199 230 232
Sweden 116 119 141 123 144 141
International 143 141 152 140 144 135
Group elimination -45 -48 -40 -37 -38 -40
Group total 445 438 492 425 480 468
Net sales by customer sector,
EUR million 2009 2009 2008 2008 2008 2008
4-6 1-3 10-12 7-9 4-6 1-3
Telecom 149 153 162 147 172 167
Finance 94 89 104 92 102 104
Industry sectors 201 197 226 186 206 198
Group total 445 438 492 425 480 468
Operating profit (EBIT) by
country, EUR million 2009 2009 2008 2008 2008 2008
4-6 1-3 10-12 7-9 4-6 1-3
Finland 25.2 22.1 28.3 25.7 31.6 30.0
Sweden - 6.7 - 8.7 17.6 14.1 7.4 9.7
International - 6.6 - 4.0 - 0.9 5.2 2.1 - 2.7
Countries total 11.9 9.4 45.1 45.0 41.1 37.0
Group operations - 1.5 - 4.5 - 21.5 - 11.1 - 11.5 - 12.4
Operating profit (EBIT) 10.4 4.9 23.6 33.9 29.6 24.6
Operating margin (EBIT) by
country, % 2009 2009 2008 2008 2008 2008
4-6 1-3 10-12 7-9 4-6 1-3
Finland 10.9 9.7 11.9 12.9 13.7 12.9
Sweden -5.8 -7.3 12.5 11.5 5.2 6.9
International -4.6 -2.8 -0.6 3.7 1.4 -2.0
Countries total 2.7 2.1 9.2 10.6 8.6 7.9
Operating margin (EBIT) 2.3 1.1 4.8 8.0 6.2 5.3
Major shareholders 30 June 2009
Shares %
1 OP Pohjola Group 4 144 500 5.8
2 Swedbank Robur fonder 3 629 256 5.0
3 Didner & Gerge Aktiefond 2 580 000 3.6
4 Länsförsäkringar Fondförvaltning AB 2 570 841 3.6
5 Ilmarinen Mutual Pension Insurance Co. 2 010 975 2.8
6 The State Pension Fund 1 610 000 2.2
7 Svenska Litteratursällskapet i Finland 1 531 000 2.1
8 Tapiola Pension 1 530 000 2.1
9 Varma Mutual Pension Insurance Co. 1 349 749 1.9
10 SEB Investment Management 757 690 1.1
21 714 011 30.2
Nominee registered 42 523 957 59.0
Others 7 785 205 10.8
Total 72 023 173 100.0
Based on the ownership records of Euroclear Finland Oy and Euroclear
Sweden AB.
For further information, please contact:
Hannu Syrjälä, President and CEO, tel. +358 2072 68729,
hannu.syrjala@tieto.com
Seppo Haapalainen, CFO, tel. +358 2072 63500, +358 400 455587,
seppo.haapalainen@tieto.com
Reeta Kaukiainen, EVP, Communications and Investor Relations, tel.
+358 2072 68711,
+358 50 522 0924, reeta.kaukiainen@tieto.com
Pasi Hiedanpää, Manager, Investor Relations, tel. +358 2072 68088,
+358 50 378 2228, pasi.hiedanpaa@tieto.com
Press conference for analysts and media will be held in Tieto's
premises, Aku Korhosen tie 2-6, Helsinki at 10.00 am EET (9.00 am
CET, 8.00 am UK time). The results will be presented in English by
Hannu Syrjälä, President and CEO. Notification of attendance to
sirpa.salo@tieto.com, tel. +358 2072 68714.
The conference will be webcasted and published live on Tieto's
website www.tieto.com and there will be a possibility to present
questions on-line. An on-demand video will be available after the
conference.
Conference call hosted by the management starting at 2.00 pm EET
(1.00 pm CET, 12.00 am UK time), will also be available as live audio
webcast at www.tieto.com. Callers may access the conference directly
at the following telephone numbers: US callers: +1 866 966 5335,
non-US callers: +44 20 3023 4402, no code. Lines are to be reserved
ten minutes before the start of conference call.
An on-demand audiocast of the conference will also be published on
Tieto's website later during the day. A replay will be available
until 24 July 2009 at the following numbers: US callers:
+1 866 583 1035, non-US callers: +44 20 8196 1998, access code:
141833#.
Tieto publishes financial information in English, Finnish and
Swedish. All releases are posted in full on Tieto's website as soon
as they are published.
TIETO CORPORATION
DISTRIBUTION
NASDAQ OMX Helsinki
NASDAQ OMX Stockholm
Principal Media
Tieto is an IT service company providing IT, R&D and consulting
services. With approximately 16 000 experts, we are among the leading
IT service companies in Northern Europe and the global leader in
selected segments. We specialize in areas where we have the deepest
understanding of our customers' businesses and needs. Our superior
customer centricity and Nordic expertise set us apart from our
competitors.
www.tieto.com
Tieto Corporation
Business ID: 0101138-5
Aku Korhosentie 2-6
PO Box 38
FI-00441 HELSINKI, FINLAND
Tel +358 207 2010
Fax +358 2072 68898
Registered office: Helsinki
E-mail: info@tieto.com
www.tieto.com
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