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2009-10-21 07:00:59 CEST 2009-10-21 07:02:29 CEST REGULATED INFORMATION Tieto Oyj - Interim report (Q1 and Q3)TIETO's interim report 3/2009 (January-September) - Streamlining actions improve profitability from the first two quartersTieto Corporation Interim Report 21 October 2009, 8.00 am EET To download the PDF file, please use this link: http://hugin.info/3114/R/1348818/324781.pdf July-September highlights * Net sales totalled EUR 382.9 (425.3) million, down 10%. In local currencies, net sales declined by 6%. * Operating profit amounted to EUR 26.3 (33.8) million, representing an operating margin of 6.9% (8.0). * Operating profit excluding one-off items amounted to EUR 30.1 (36.7) million, 7.9% (8.6) of net sales. * Profit after taxes was EUR 18.4 (23.7) million. * Net cash flow from operations amounted to EUR 32.2 (-5.7) million. * Financial Services has started to recover, whereas Telecom continued to suffer from weak demand. * All country segments - Finland, Sweden and International - were profitable. * Tieto's net sales and profitability outlook for the full year remains unchanged. January-September highlights * Net sales totalled EUR 1 265.7 (1 373.7) million, down 8%. In local currencies, net sales declined by 4%. * Operating profit amounted to EUR 41.6 (88.0) million, representing an operating margin of 3.3% (6.4). * Operating profit, excluding one-off items, amounted to EUR 69.5 (107.5) million, 5.5% (7.8) of net sales. * Profit after taxes was EUR 29.4 (58.7) million. * Net cash flow from operations amounted to EUR 62.1 (112.8) million. Q3/2009 Q3/2008 Jan-Sep/ Jan-Sep/ 2009 2008 Net sales, EUR million 382.9 425.3 1 265.7 1 373.7 Change in net sales, % -10 5 -8 7 Operating profit, EUR million 26.3 33.8 41.6 88.0 Operating margin, % 6.9 8.0 3.3 6.4 Operating profit excl. one-off 30.1 36.7 69.5 107.5 items, EUR million Operating margin excl. one-off 7.9 8.6 5.5 7.8 items, % Profit after taxes, EUR million 18.4 23.7 29.4 58.7 Net cash flow from operations, EUR 32.2 -5.7 62.1 112.8 million EPS, EUR 0.25 0.33 0.40 0.81 Hannu Syrjälä, President and CEO:"General market conditions remained unchanged. Tieto's net sales were down by 10%, but even with lower sales we were able to deliver a margin of close to 7%. All country segments - Finland, Sweden and International - were profitable. The current year has been characterized by restructuring activities in Tieto. These actions were started last spring and are now paying off. During the past nine months, we have lowered our cost base in line with our plans. Most of the planned streamlining actions have been completed; work to increase the offshoring ratio continues. Our outsourcing pipeline is strong, but it will take some time before we can turn these prospects into signed deals. Customers continue to be very cautious with their IT investments and are focusing primarily on cost savings. Tieto is well positioned in its main markets, and with our new operating structure, innovative offerings and customer-centric services that aim to boost productivity and efficiency, we can support our clients through the downturn and into growth." MARKET DEVELOPMENT Polarization of the IT services market continued during the quarter. On the one hand, the market for new, large-scale IT projects has continued to decline and new investments are being postponed, unless they offer clear short-term productivity benefits. On the other, the outsourcing market is active and the size of new potential cases has grown. Companies' efforts to achieve cost savings and improve productivity by rationalizing their operations are opening up new business opportunities. In 2009, the IT services market relevant to Tieto is expected to decline, but less than what had been predicted earlier, due to the balancing effect of outsourcing business. 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. Asian competitors have been present in the Nordic countries for some time, especially in the telecom sector. This year they have entered other sectors as well, compelling European IT companies to accelerate offshore production. Adequate offshore capability has become an increasingly vital competitive factor. Price pressure remained hard during the quarter. Demand for IT services continued at a good level in the public, healthcare and welfare sectors. In the finance sector, the Finnish and Swedish markets are stable, but competition is fierce. In the UK, the finance sector is weak with no signs of increasing activity in IT investments. In the telecom sector, demand remained weak in the third quarter. 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. As early signs of stabilization are now visible, Tieto expects the telecom market to bottom out by the end of 2009. 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 remained weak. The telecom sector and the Finnish exports sector, especially the metal and forest industries, face the greatest challenges. IT budgets in the public sector have not been affected so far. In Sweden, demand has remained weak in the telecom sector, although there are early signs of a stabilizing market. 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 affected the IT markets negatively, but impacts vary country by country. In general, telecom is the most affected sector. 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. Therefore, demand for IT services in these sectors has been weak. Energy and healthcare markets are active. In Norway, the local IT market has slackened despite the fact that the economy has been hit less hard than other European markets. The global oil & gas market is currently at a reasonable level, but is slowing down. Regulatory changes in the finance sector create new opportunities for capital market solutions. BUSINESS TRANSACTIONS AND MAJOR AGREEMENTS IN JANUARY-SEPTEMBER In June, the company divested its holding in TietoSaab Systems Oy, previously owned by Tieto (60%) and Saab (40%). In 2008, net sales of TietoSaab Systems amounted to EUR 9.3 million. Tieto booked EUR 4.9 million in capital gains from the divestment in the second quarter. 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 was a joint venture, owned by Tieto (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 nine-month period, such as for application management services with Elisa and IT infrastructure services with Itella. STREAMLINING ACTIONS To adjust its operations to the current declining market, Tieto started streamlining actions during the first quarter of 2009. The company's target is to achieve annualized cost-savings amounting to EUR 100 million, of which approximately EUR 70 million is expected to materialize in 2009. Resulting from the cost savings programmes and currency effects, the cost base, exclusive of non-recurring items, was down by EUR 62 million in the nine-month period. Close to half of the decline was attributable to currency effects. Within the remaining half, decline in personnel costs accounts for around 60% of the savings. The streamlining measures also include accelerated growth in offshore resources, consolidation of offices and cutting business expenses throughout the Group. During the nine-month period, Tieto has booked a total of EUR 46.0 million in restructuring costs, of which close to EUR 4 million were booked in the third quarter. The nine-month figure includes EUR 16.4 million in costs related to the Performance Improvement Programme. In the fourth quarter, the company expects to book approximately EUR 5 million in one-off costs. All costs have a cash flow effect materializing mainly in the third and fourth quarter. FINANCIAL PERFORMANCE IN JULY-SEPTEMBER Third-quarter net sales declined by 10% and amounted to EUR 382.9 (425.3) million. The weakened currencies, especially the Swedish krona (SEK), had a negative impact on net sales in euros. In local currencies, net sales declined by 6%. Net sales dropped in all customer industries. Outsourcing activity remained at a high level, but the market for new projects has not picked up. The most challenging sectors were the telecom and manufacturing industries, while development was more stable in the service sectors, i.e. healthcare and welfare, public and retail sectors. The development in the finance sector is stabilizing and turning to a positive direction. Third-quarter operating profit amounted to EUR 26.3 (33.8) million, representing a margin of 6.9% (8.0). Operating profit included a net amount of EUR 3.8 million (negative) in one-off items mainly related to streamlining actions. The net amount comprises EUR 4.5 million in one-off costs in Sweden and EUR 0.7 million (positive) mainly related to reduction of provisions. Operating profit excluding one-off items amounted to EUR 30.1 (36.7) million, representing a margin of 7.9% (8.6). Financial Services started to recover, whereas Telecom continues to suffer from weak demand. All country segments delivered a positive operating margin. The number of employees was down during the quarter, resulting in a decrease in personnel costs and a higher utilization rate. After an unsatisfactory first half, profitability improved due to the decrease in personnel costs coupled with lower business expenses and subcontracting costs. Net financial expenses stood at EUR 0.9 (-3.5) million positive in the third quarter. Net interest expenses were EUR 1.9 (2.3) million and net gains from foreign exchange transactions EUR 2.8 (negative 2.2) million. Other financial income and expenses amounted to EUR 0.0 (positive 1.0) million. Third-quarter earnings per share (EPS) totalled EUR 0.25 (0.33). The 12-month rolling return on capital employed (ROCE) was 18.6% and the return on shareholders' equity (ROE) 6.3%. The order backlog, which only comprises services ordered with binding contracts, amounted to EUR 1 145 (1 141) million at the end of the period. In total, 29% (26) of the backlog is expected to be invoiced this year. Financial performance by country Net sales EBIT EBIT in Net sales margin margin Q3/2009, in in in EUR Q3/2008, Change, Q3/2009, Q3/2008, million EUR million % % % Finland 199 199 0 14.6 12.9 Sweden 103 123 -16 4.7 11.5 International 130 140 -8 0.5 3.7 Group - 48 - 37 elimination Total 383 425 -10 6.9 8.0 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, such as those with Kesko and the Local Government Pensions Institution, closing the revenue gap caused by ending contracts. Due to the savings programmes, personnel costs as well as business expenses were down and profitability improved in the third quarter. Operating profit amounted to EUR 29.0 (25.7) million. In Sweden, net sales declined by 16%. In local currency, the decline was 10%. Excluding the currency impact, the drop in sales was mainly attributable to the weak development in the telecom sector. Telecom accounts for close to 40% of Tieto's net sales in Sweden. Operating profit declined to EUR 4.8 (14.1) million, due to lower net sales and EUR 4.5 million in one-off cost related to actions to further improve cost structure. Due to streamlining actions profitability improved compared with the first two quarters of 2009. The operating profit, however, includes a positive non-recurring internal adjustment of approximately EUR 2 million. In International, net sales declined by 8%, reflecting lower demand. Two percentage points of the decline were attributable to changes in exchange rates. The telecom sector in Denmark and the finance sector in the UK were the most challenging areas. Third-quarter operating profit declined to EUR 0.7 (5.2) million, mainly due to lower net sales. Streamlining actions, especially those in the UK, have balanced out the negative development and turned International back into the black, but profitability still remained at a very low level. Net sales by customer sector Net sales in Net sales in Q3/2009, Q3/2008, EUR million EUR million Change, % Telecom 132 147 -10 Finance 87 92 -6 Industry sectors 165 186 -12 Total 383 425 -10 In the telecom sector, Tieto's net sales fell by 10%. Majority of the drop in net sales is attributable to lower order volumes. Additionally, weaker currencies had a major impact on net sales. Competition in the telecom market has become even more aggressive emphasizing the importance of offshore capabilities. As Tieto has not been able to adjust its Telecom operations fast enough to respond to the market changes, profitability was at an unsatisfactory level in the third quarter. In the finance sector, net sales fell by 6%. Exchange rate changes account for more than half of the drop. Business has been stable in Finland but in Sweden, the market is more competitive. Net sales in the UK have continued to decline. Products for Capital Markets comprised the strongest area, partly due to regulatory changes. Due to the good utilization rate and streamlining actions, operating profit and margin improved significantly from both the corresponding quarter in 2008 and the first half of 2009. In the industry sectors, net sales declined by 12%, or by 6% in local currencies. Manufacturing and forest were the weakest areas during the quarter. Profitability in the industry sectors was at a healthy level. In Tieto's reporting, the industry sectors cover customers in healthcare and welfare, forest, energy, manufacturing, automotive, public, retail and logistics. FINANCIAL PERFORMANCE IN JANUARY-SEPTEMBER Net sales declined by 8% and amounted to EUR 1 265.7 (1 373.7) million. The weakened currencies had a negative impact on net sales in euros. In local currencies, net sales declined by 4%. The telecom sector in Denmark and the finance sector in the UK were the most challenging areas. Operating profit amounted to EUR 41.6 (88.0) million including a net amount of EUR 46.0 million in one-off items that were related to the restructuring actions during 2009 and EUR 18.1 million in one-off income. One-off income includes EUR 4.9 million in capital gain from the TietoSaab divestment in Finland and a positive change of EUR 13.2 million in revenue recognition estimate in Tieto International. Operating profit excluding one-off items amounted to EUR 69.5 (107.5) million, representing a margin of 5.5% (7.8). Financial performance by country EBIT EBIT margin margin Net sales in Net sales in in in Jan-Sep/2009, Jan-Sep/2008, Change, Jan-Sep/ Jan-Sep/ EUR million EUR million % 2009, % 2008, % Finland 655 661 -1 11.6 13.0 Sweden 337 407 -17 -3.1 7.7 International 414 420 -1 -2.4 1.1 Group - 141 - 115 elimination Total 1 266 1 374 -8 3.3 6.4 Net sales by customer sector Net sales in Net sales in Jan-Sep /2009, Jan-Sep/2008, EUR million EUR million Change, % Telecom 434 486 -11 Finance 270 298 -10 Industry sectors 563 590 -5 Total 1 266 1 374 -8 Net financial expenses stood at EUR 3.5 (12.2) million in the nine-month period. Net interest expenses were EUR 5.4 (6.8) million and net gains from foreign exchange transactions EUR 2.3 (losses 4.5) million, of which EUR 3.5 million were unrealized net losses. Other financial income and expenses amounted to EUR 0.4 (0.9) million. Nine-month earnings per share (EPS) totalled EUR 0.45 (0.81). Cash flow and financing Third-quarter net cash flow from operations, including the increase of EUR 22.8 (increase 46.5) million in net working capital, amounted to EUR 32.2 (-5.7) million. The increase in net working capital was mainly caused by the decrease in accruals for restructuring costs and vacation pay. Nine-month net cash flow from operations declined to EUR 62.1 (112.8) million, reflecting negative cash flow in the second quarter. Net cash flow from operations includes the increase of EUR 20.5 (5.3) million in net working capital. Tax payments amounted to EUR 10.9 (16.3) million in the nine-month period. Acquisitions totalled EUR 2.1 (6.6) million in the nine-month period. The equity ratio was 43.2% (42.0). Gearing was 24.2% (34.3). Interest-bearing net debt totalled EUR 118.9 (169.7) million, including EUR 224.0 million in interest-bearing debt, EUR 10.6 million in finance lease liabilities, EUR 10.1 million in finance lease receivables and EUR 105.6 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 of EUR 74.0 million include EUR 55.0 million drawn from the EUR 250 million syndicated revolving credit facility maturing in November 2011, EUR 18.7 million in commercial papers issued under the EUR 250 million Commercial Paper Programme and EUR 0.3 million usage of other short-term credit lines. Investments Investments totalled EUR 43.2 (85.1) million for the nine-month period. Capital expenditure, including financial leasing, accounted for EUR 41.7 (70.4) million and investments in subsidiary and associated company shares for EUR 1.5 (14.5) million. PERSONNEL During spring 2009, Tieto started personnel negotiations to decrease the number of employees throughout the Group. As a result of the completed personnel negotiations, approximately 700 employees have been given notice by the end of September. The number of full-time employees amounted to 16 215 (16 392) at the end of September. From the beginning of 2009, the total headcount decreased by 643 in onshore countries, and increased by 330 in offshore sites. Out of the total net change, acquisitions, divestments and new outsourcing contracts added a total of 67 employees to the headcount. Year on year, the number of employees in the global delivery centres had increased by 17% and amounted to about 4 620 (3 950), or 27% (23) of the total headcount at the end of September. Global operations have grown fast, especially in India and China. The 12-month rolling employee turnover stood at 7.0% at the end of September. The average number of full-time employees was 16 577 (16 355) in the nine-month period. 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. During the third quarter, a total of 48 900 stock options 2006 A were cancelled. After the cancellation, the remaining 410 350 stock options 2006 A entitle the holders to subscribe for 410 350 shares. At the end of September, the total number of shares amounted to 72 023 173 and the share capital to EUR 75 841 523. On 17 July 2009, a total of 1 500 Tieto shares were returned free of consideration to the company. The company's now holds a total of 541 500 own shares, representing 0.8% of the total number of shares and voting rights.The outstanding number of shares, excluding the shares in the company's possession, was 71 481 673. EVENTS AFTER THE PERIOD The Annual General Meeting decided on 26 March 2009 to offer free of charge a maximum of 1 800 000 stock options for subscription by the key personnel of the Group as well as by a wholly-owned subsidiary of Tieto Corporation. Within this programme, the Board of Directors has decided to allocate a total of 520 000 stock options 2009 A to 247 key employees of the Group based on performance. The Board of Directors has accepted a synthetic option programme Tieto Corporation Phantom Options 2009. The Board has decided to allocate 31 000 Phantom Options to 15 key employees of Tieto Group based on performance in those countries, where stock options are not practical to be used. A maximum of 200 000 Phantom Options 2009 that may entitle their holders to a cash reward can be issued under this plan. On 20 October, Tieto and Nokia Siemens Networks announced that they have signed a global IT service agreement concerning IT application management services for Nokia Siemens Networks' research and development (R&D) and customer care related applications. In addition, approximately 75 employees from Nokia Siemens Networks are planned to be transferred to Tieto by 1 February 2010. Out of the transferring employees 40 are based in Finland, 25 in China and India and about 10 in other European countries. The final implementation of the agreement is subject to works council consultations and other statutory legal processes. NEAR-TERM RISKS AND UNCERTAINTIES Weak demand for IT services might lead to lower utilization of resources, hard price competition in new agreements and price erosion in general. If the company is not able to adjust its cost base fast enough to compensate for negative changes in the market situation, its profitability will decline. As close to 40% of Tieto's net sales are generated in non-euro countries, further weakening of currencies, especially the Swedish krona (SEK), would have a negative impact on net sales and operating profit translated into euro. However, the company foresees that the risks of further large-scale deterioration of the IT market situation and strong further weakening of currencies have declined from the second quarter. A comprehensive description of the major long-term risks is available on the company's website. OUTLOOK FOR 2009 There are signs of stabilization in the IT market and Tieto anticipates that the market will bottom out during 2009. However, the potential pick-up in demand would have a delayed effect on the company's net sales. Therefore Tieto's net sales and profitability outlook for the full year remains unchanged. The company expects its full-year net sales and operating profit to decline from last year. Financial calendar for 2009 Capital Market Day on 26 November Financial calendar for 2010 Fourth-quarter interim report and financial statements bulletin for 2009 on 10 February Annual Report 2009 on Tieto's website during week 8 Annual General Meeting on 25 March First-quarter interim report on 27 April Second-quarter interim report on 21 July Third-quarter interim report on 27 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 2009 2008 2008 7-9 7-9 4-6 1-3 1-9 1-9 1-12 Earnings per share, EUR - basic 0.25 0.33 0.14 0.01 0.40 0.81 0.83 - diluted 0.25 0.33 0.14 0.01 0.40 0.81 0.83 Equity per share, EUR 6.82 6.90 6.46 6.31 6.82 6.90 6.75 Return on equity rolling 12 month, % 6.3 -2.4 7.8 10.2 6.3 -2.4 12.6 Return on capital employed rolling 12 month, % 18.6 8.9 18.5 25.3 18.6 8.9 25.2 Equity ratio % 43.2 42.0 40.7 40.0 43.2 42.0 41.1 Net interest-bearing liabilities, EUR million 118.9 169.7 139.2 79.2 118.9 169.7 101.4 Gearing, % 24.4 34.3 30.1 17.5 24.4 34.3 21.0 Investments, EUR million 12.7 25.7 14.4 16.1 43.2 85.1 97.9 Number of shares 2009 2009 2009 2009 2008 2008 7-9 4-6 1-3 1-9 7-9 1-12 Outstanding shares, end of period Basic 71 481 673 71 483 173 71 661 523 71 481 673 71 661 523 71 661 523 Diluted 71 555 933 71 557 433 71 739 083 71 555 933 71 661 523 71 739 083 Outstanding shares, average Basic 71 481 934 71 577 023 71 661 523 71 572 835 71 661 523 71 661 523 Diluted 71 556 194 71 652 226 71 739 083 71 648 497 71 661 523 71 739 083 Company's possession of its own shares End of period 541 500 540 000 361 650 541 500 361 650 361 650 Average 541 239 446 150 361 650 450 338 361 650 403 945 Income statement, EUR million 2009 2008 2009 2008 Change 2008 7-9 7-9 1-9 1-9 % 1-12 Net sales 382.9 425.3 1 265.7 1 373.7 -8 1 865.7 Other operating income 1.3 2.2 11.3 8.4 35 10.8 Employee benefit expenses 210.7 227.1 743.4 777.2 -4 1 056.0 Depreciation and amortization 16.9 16.7 53.2 49.3 8 66.1 Other operating expenses 130.3 149.9 438.8 467.6 -6 642.8 Operating profit (EBIT) 26.3 33.8 41.6 88.0 -53 111.6 Net interest expenses -1.9 -2.3 -5.4 -6.8 -21 -9.3 Net exchange losses/gains 2.8 -2.2 2.3 -4.5 -151 -21.2 Other financial income and expenses 0.0 1.0 -0.4 -0.9 -56 1.3 Profit before taxes 27.2 30.3 38.1 75.8 -50 82.4 Income taxes -8.8 -6.6 -8.7 -17.1 -49 -21.9 Net profit for the period 18.4 23.7 29.4 58.7 -50 60.5 Net profit for the period attributable to Shareholders of the Parent company 18.2 23.7 28.9 58.3 -50 59.9 Minority interest 0.2 0.0 0.5 0.4 25 0.6 18.4 23.7 29.4 58.7 -50 60.5 Earnings attributable to the shareholders of the Parent company per share, EUR Basic 0.25 0.33 0.40 0.81 -51 0.83 Diluted 0.25 0.33 0.40 0.81 -51 0.83 Statement of comprehensive income, EUR million Net profit for the period 18.4 23.7 29.4 58.7 -50 60.5 Tax impact on share-based payments 0.0 0.0 0.2 0.0 0.0 Translation difference (net of tax) 6.4 -0.4 10.3 -6.4 -261 -21.5 Total comprehensive income 24.8 23.3 39.9 52.3 -24 39.0 Total comprehensive income attributable to Shareholders of the parent company 24.6 23.3 39.4 51.9 -24 38.4 Minority interest 0.2 0.0 0.5 0.4 25 0.6 24.8 23.3 39.9 52.3 -24 39.0 Balance sheet, EUR million 2009 2008 Change 2008 30 Sep 30 Sep % 31 Dec Goodwill 398.2 412.9 -4 389.3 Other intangible assets 44.1 59.3 -26 53.1 Property, plant and equipment 99.0 102.2 -3 100.5 Deferred tax assets 67.8 66.3 2 67.8 Other non-current assets 0.9 1.6 -44 1.5 Total non-current assets 610.0 642.3 -5 612.2 Trade and other receivables 474.1 549.4 -14 498.5 Current income tax receivables 10.7 19.7 -46 13.9 Interest-bearing current assets 10.2 10.2 0 9.7 Cash and cash equivalents 105.6 58.2 81 120.2 Total current assets 600.6 637.5 -6 642.3 Total assets 1 210.6 1 279.8 -5 1 254.5 Share capital, share issue premiums and other reserves 110.7 111.9 -1 109.0 Retained earnings 375.4 381.2 -2 373.0 Parent shareholders' equity 486.1 493.1 -1 482.0 Minority interest 1.7 1.4 21 1.6 Total equity 487.8 494.5 -1 483.6 Finance lease liability 10.6 14.7 -28 14.5 Other interest-bearing loans 150.0 150.1 0 150.0 Deferred tax liabilities 28.9 29.6 -2 29.2 Pension obligations 18.5 22.4 -17 17.2 Provisions 49.3 27.5 79 28.6 Other non-current liabilities 1.5 1.7 -12 1.6 Total non-current liabilities 258.8 246.0 5 241.1 Trade and other payables 376.4 451.7 -17 447.5 Current income tax liabilities 13.6 14.2 -4 15.6 Interest-bearing loans 74.0 73.4 1 66.7 Total current liabilities 464.0 539.3 -14 529.8 Total equity and liabilities 1 210.6 1 279.8 -5 1 254.5 Net working capital in the balance sheet, EUR million 2009 2008 Change 2009 2009 2008 30 Sep 30 Sep % 31 Mar 30 Jun 31 Dec Accounts receivable 301.4 317.2 -5 336.4 312.1 357.7 Other working capital receivables 171.8 231.5 -26 151.3 156.5 140.3 Working capital receivables included in assets 473.2 548.7 -14 487.7 468.6 498.0 Operative accruals 136.3 217.5 -37 197.1 160.0 191.1 Other working capital liabilities 232.8 225.1 3 250.5 222.8 250.6 Pension obligations and provisions 67.8 50.0 36 55.5 72.2 45.7 Working capital liabilities included in current liabilities 436.9 492.6 -11 503.1 455.0 487.4 Net working capital in the balance sheet 36.3 56.1 -35 -15.4 13.6 10.6 Cash flow, EUR million 2009 2008 2009 2009 2009 2008 2008 7-9 7-9 4-6 1-3 1-9 1-9 1-12 Cash flow from operations Net profit 18.4 23.7 10.0 1.0 29.4 58.7 60.5 Adjustments Depreciation, amortization and impairment 16.9 16.7 19.0 17.3 53.2 49.3 66.1 Share-based payments 1.0 1.3 1.1 1.0 3.1 3.2 4.1 Profit/loss on sale of fixed assets and shares 0.3 0.0 -6.1 0.0 -5.8 0.2 0.2 Other adjustments -0.2 0.0 0.8 0.1 0.7 -1.3 -1.3 Net financial expenses -0.9 3.5 1.6 2.8 3.5 12.2 29.2 Income taxes 8.8 6.6 -1.2 1.1 8.7 17.1 21.9 Change in net working capital -22.8 -46.5 -25.8 28.1 -20.5 -5.3 30.3 Cash generated from operations 21.5 5.3 -0.6 51.4 72.3 134.1 211.0 Net financial expenses paid 5.0 -4.2 -1.3 -3.0 0.7 -5.0 -6.0 Income taxes paid 5.7 -6.8 -10.2 -6.4 -10.9 -16.3 -14.0 Net cash flow from operations 32.2 -5.7 -12.1 42.0 62.1 112.8 191.0 Cash flow from investing activities Acquisition of Group companies and business operations, net of cash acquired 0.2 -3.8 0.1 -2.4 -2.1 -6.6 -8.0 Capital expenditure -12.0 -21.7 -13.4 -15.9 -41.3 -53.2 -68.5 Advance payment for acquisition of shares 1.0 - -1.0 - 0.0 - - Disposal of business operations 0.0 - 5.7 0.0 5.7 - - Sales of fixed assets 1.2 0.2 1.7 0.0 2.9 1.5 3.0 Change in loan receivables 1.3 -0.1 -1.9 0.1 -0.5 -2.3 -1.4 Net cash used in investing activities from operations -8.3 -25.4 -8.8 -18.2 -35.3 -60.6 -74.9 Cash flow from financing activities Dividends paid 0.0 0.0 -36.3 0.0 -36.3 -36.0 -36.0 Repurchase of own shares 0.0 0.0 -2.6 0.0 -2.6 - - Payment of finance lease liabilities -1.3 -0.9 -3.9 1.3 -3.9 -2.6 -2.6 Change in interest-bearing liabilities -16.5 -3.1 70.4 -46.6 7.3 -28.1 -27.5 Net cash used in other financing activities 0.0 -0.1 0.0 0.0 0.0 -0.1 - Net cash used in financing activities from operations -17.8 -4.1 27.6 -45.3 -35.5 -66.8 -66.1 Change in cash and cash equivalents 6.1 -35.2 6.7 -21.5 -8.7 -14.6 50.0 Cash and cash equivalents at beginning of period -101.7 -93.4 -94.6 -120.2 -120.2 -72.9 -72.9 Foreign exchange differences 2.2 0.0 -0.4 4.1 5.9 0.1 2.7 Cash and cash equivalents at end of period 105.6 58.2 101.7 94.6 105.6 58.2 120.2 6.1 -35.2 6.7 -21.5 -8.7 -14.6 50.0 Statement of changes in shareholders' equity, EUR million Parent shareholders' equity Minority Total interest equity Share Share issue Own Retained Total capital premiums shares earnings and other reserves Balance at 31 Dec 2007 75.8 39.6 -41.1 399.3 473.6 4.0 477.6 Minority interest 0.3 0.3 -3.0 -2.7 Cancellation of own shares 32.1 -32.1 0.0 0.0 Transfer between restricted and non-restricted reserves -2.2 2.2 0.0 0.0 Share-based payments recognized against equity 3.1 3.1 3.1 Dividend -35.8 -35.8 -35.8 Total comprehensive income -1.3 53.2 51.9 0.4 52.3 At 30 September 2008 75.8 36.1 -9.0 390.2 493.1 1.4 494.5 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 0.1 -0.1 0.0 0.0 Share-based payments recognized against equity 3.1 3.1 3.1 Dividend -35.8 -35.8 -35.8 Own shares purchased -2.6 -2.6 -2.6 Total comprehensive income 1.6 37.8 39.4 0.5 39.9 At 30 September 2009 75.8 34.9 -11.6 387.0 486.1 1.7 487.8 Net sales by country, EUR million 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 % 1-9 1-9 % 1-12 Finland 199 199 0 655 661 -1 900 Sweden 103 123 -16 337 407 -17 548 International 130 140 -8 414 420 -1 572 Group elimination -48 -37 30 -141 -115 23 -155 Group total 383 425 -10 1 266 1 374 -8 1 866 Internal sales by country, EUR million 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 % 1-9 1-9 % 1-12 Finland 20 14 47 55 43 28 53 Sweden 5 5 -12 19 17 14 26 International 24 18 31 67 55 21 77 Group total 48 37 30 141 115 23 155 Net sales according to customer location, EUR million 2009 Change Share 2008 Share 2008 Change 1-9 % % 1-9 % 1-12 % Finland 596 -5 47 624 45 853 6 Sweden 313 -17 25 375 27 506 2 Other 357 -5 28 374 27 506 6 Group total 1 266 -8 100 1 374 100 1 866 5 Net sales by customer sector, EUR million 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 % 1-9 1-9 % 1-12 Telecom 132 147 -10 434 486 -11 648 Finance 87 92 -6 270 298 -10 402 Industry sectors 165 186 -12 563 590 -5 816 Group total 383 425 -10 1 266 1 374 -8 1 866 Operating profit (EBIT) by country, EUR million 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 % 1-9 1-9 % 1-12 Finland 29.0 25.7 12.9 76.3 85.8 -11.1 114.2 Sweden 4.8 14.1 -65.7 -10.5 31.2 -133.8 48.7 International 0.7 5.2 -87.3 -9.9 4.6 -313.4 3.8 Countries total 34.5 45.0 -23.3 55.9 121.6 -54.0 166.7 Group operations -8.2 -11.1 26.2 -14.3 -33.6 57.3 -55.1 Operating profit (EBIT) 26.3 33.9 -22.4 41.6 88.0 -52.8 111.6 Operating margin (EBIT) by country, % 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 1-9 1-9 1-12 Finland 14.6 12.9 1.7 11.6 13.0 -1.3 12.7 Sweden 4.7 11.5 -6.8 -3.1 7.7 -10.8 8.9 International 0.5 3.7 -3.2 -2.4 1.1 -3.5 0.7 Countries total 9.0 10.6 -1.6 4.4 8.9 -4.4 8.9 Operating margin (EBIT) 6.9 8.0 -1.1 3.3 6.4 -3.1 6.0 Personnel by country End of period Average 2009 Change Share 2008 2008 2009 2008 1-9 % % 1-9 1-12 1-9 1-9 Finland 5 772 -5 36 6 048 6 021 5 976 6 175 Sweden 3 086 -6 19 3 298 3 291 3 230 3 330 Czech 1 544 9 9 1 417 1 501 1 521 1 318 Germany 1 062 -10 7 1 178 1 143 1 086 1 252 India 837 28 5 656 784 797 622 Latvia 608 -2 4 621 628 625 584 Poland 629 22 4 517 558 592 475 Norway 581 -11 4 655 655 614 674 China 457 91 3 239 290 389 184 Great Britain 275 -21 2 350 347 298 343 Italy 262 3 2 255 251 261 246 Denmark 214 -27 1 293 289 274 314 Lithuania 179 4 1 173 186 184 148 Netherlands 133 -1 1 135 138 142 134 France 139 5 1 133 143 139 130 Estonia 118 -5 1 125 119 121 121 Other 319 6 2 301 274 327 304 Group total 16 215 -1 100 16 392 16 618 16 577 16 355 Total assets by country, EUR million 2009 2008 Change 2008 30 Sep 30 Sep % 31 Dec Finland 465.8 506.4 -8 460.4 Sweden 255.8 289.8 -12 291.3 International 320.5 356.2 -10 335.7 Group elimination -18.5 -16.6 11 -26.7 Countries total 1 023.6 1 135.8 -10 1 060.8 Group Operations 187.0 144.0 30 193.7 Total assets 1 210.6 1 279.8 -5 1 254.5 Non-current assets according to asset location, EUR million 2009 2008 Change 2008 30 Sep 30 Sep % 31 Dec Finland 251.1 259.3 -3 254.3 Sweden 139.6 148.7 -6 132.7 Other 150.6 166.4 -9 155.9 Total non-current assets 541.2 574.4 -6 542.9 Capital expenditure by country, EUR million 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 % 1-9 1-9 % 1-12 Finland 6.9 18.4 -62 25.9 49.5 -48 58.0 Sweden 2.8 1.6 75 7.5 8.9 -16 9.5 International 2.1 2.6 -18 2.8 9.5 -71 10.7 Group Operations 0.6 0.7 -14 5.5 2.6 116 5.0 Group total 12.4 23.2 -47 41.7 70.4 -41 83.2 Depreciation by country, EUR million 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 % 1-9 1-9 % 1-12 Finland 10.9 9.4 16 32.3 27.5 18 36.9 Sweden 2.0 2.0 -1 6.1 6.4 -6 8.5 International 1.5 1.6 -9 7.2 4.7 54 6.4 Group Operations 0.2 1.0 -79 0.7 3.1 -78 4.1 Group total 14.6 14.0 4 46.3 41.7 11 56.0 Amortization on allocated intangible assets from acquisitions, EUR million 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 % 1-9 1-9 % 1-12 Finland 0.1 0.1 -4 0.4 0.4 -2 0.5 Sweden 0.7 1.1 -34 2.2 2.7 -19 3.5 International 1.5 1.5 -1 4.4 4.5 -4 6.0 Group Operations 0.0 0.0 0 0.0 0.0 0 0.0 Group total 2.3 2.7 -14 6.9 7.6 -9 10.0 2009 2008 Change Commitments and contingencies, EUR million 30 Sep 31 Dec % For Tieto obligations Pledges - - On behalf of joint ventures Guarantees 2.2 0.0 pos Other Tieto obligations Rent commitments due in one year 52.8 54.4 -3 Rent commitments due in 1-5 years 99.4 102.2 -3 Rent commitments due after 5 years 23.0 19.5 18 Operating lease commitments due in one year 11.5 14.4 -20 Operating lease commitments due in 1-5 years 9.6 13.5 -29 Operating lease commitments due after 5 years 0.0 0.0 Other commitments 14.8 13.9 7 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 Sep 31 Dec Foreign exchange contracts 110.5 252.0 Interest rate swaps 250.0 100.0 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 instruments at the 2009 2008 balance sheet date were: 30 Sep 31 Dec Foreign exchange contracts 0.7 -6.1 Interest rate swaps 0.9 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 2009 2008 2008 2008 2008 7-9 4-6 1-3 10-12 7-9 4-6 1-3 Earnings per share, EUR - basic 0.25 0.14 0.01 0.02 0.33 0.26 0.23 - diluted 0.25 0.14 0.01 0.02 0.33 0.26 0.23 Equity per share, EUR 6.82 6.46 6.31 6.75 6.90 6.58 6.29 Return on equity rolling 12 month, % 6.3 7.8 10.2 12.6 -2.4 -4.9 -7.7 Return on capital employed rolling 12 month, % 18.6 18.5 25.3 25.2 8.9 8.8 7.2 Equity ratio % 43.2 40.7 40.0 41.1 42.0 38.8 38.0 Net interest-bearing liabilities, EUR million 118.9 139.2 79.2 101.4 169.7 138.1 139.7 Gearing, % 24.4 30.1 17.5 21.0 34.3 29.3 31.0 Investments, EUR million 12.7 14.4 16.1 12.8 25.7 23.2 36.2 Income statement, EUR million 2009 2009 2009 2008 2008 2008 2008 7-9 4-6 1-3 10-12 7-9 4-6 1-3 Net sales 382.9 444.8 438.0 492.0 425.3 480.1 468.3 Other operating income 1.3 7.1 2.9 2.4 2.2 1.7 4.5 Employee benefit expenses 210.7 265.8 266.9 278.8 227.1 273.1 277.0 Depreciation and amortization 16.9 19.0 17.3 16.8 16.7 16.3 16.3 Other operating expenses 130.3 156.7 151.8 175.2 149.9 162.8 154.9 Operating profit (EBIT) 26.3 10.4 4.9 23.6 33.8 29.6 24.6 Financial income and expenses 0.9 -1.6 -2.8 -17.0 -3.5 -5.8 -2.9 Profit before taxes 27.2 8.8 2.1 6.6 30.3 23.8 21.7 Income taxes -8.8 1.2 -1.1 -4.8 -6.6 -5.1 -5.4 Net profit for the period 18.4 10.0 1.0 1.8 23.7 18.7 16.3 Balance sheet, EUR million 2009 2009 2009 30 Sep 30 Jun 31 Mar Goodwill 398.2 392.7 391.4 Other intangible assets 44.1 46.1 49.2 Property, plant and equipment 99.0 100.8 103.2 Other non-current assets 68.7 75.3 68.7 Total non-current assets 610.0 614.9 612.5 Trade receivables and other current assets 495.0 495.5 514.1 Cash and cash equivalents 105.6 101.7 94.6 Total current assets 600.6 597.2 608.7 Total assets 1 210.6 1 212.1 1 221.2 Total equity 487.8 462.0 452.1 Non-current interest-bearing loans 160.6 161.9 163.2 Provisions 49.3 54.5 37.2 Other non-current liabilities 48.9 46.9 42.5 Total non-current liabilities 258.8 263.3 242.9 Trade payables and other current liabilities 390.0 396.3 506.1 Current interest-bearing loans 74.0 90.5 20.1 Total current liabilities 464.0 486.8 526.2 Total equity and liabilities 1 210.6 1 212.1 1 221.2 2008 2008 2008 2008 31 Dec 30 Sep 30 Jun 31 Mar Goodwill 389.3 412.9 414.7 415.9 Other intangible assets 53.1 59.3 62.3 62.5 Property, plant and equipment 100.5 102.2 94.4 92.2 Other non-current assets 69.3 67.9 69.0 67.4 Total non-current assets 612.2 642.3 640.4 638.0 Trade receivables and other current assets 522.1 579.3 583.5 579.7 Cash and cash equivalents 120.2 58.2 93.4 85.0 Total current assets 642.3 637.5 676.9 664.7 Total assets 1 254.5 1 279.8 1 317.3 1 302.7 Total equity 483.6 494.5 471.3 451.1 Non-current interest-bearing loans 164.5 164.8 165.4 166.2 Provisions 28.6 27.5 35.9 38.7 Other non-current liabilities 48.0 53.7 53.1 45.9 Total non-current liabilities 241.1 246.0 254.4 250.8 Trade payables and other current liabilities 463.1 465.9 515.1 531.1 Current interest-bearing loans 66.7 73.4 76.5 69.7 Total current liabilities 529.8 539.3 591.6 600.8 Total equity and liabilities 1 254.5 1 279.8 1 317.3 1 302.7 Cash flow, EUR million 2009 2009 2009 2008 2008 2008 2008 7-9 4-6 1-3 10-12 7-9 4-6 1-3 Cash flow from operations Net profit 18.4 10.0 1.0 1.8 23.7 18.7 16.3 Adjustments 25.9 15.2 22.3 39.5 28.1 27.2 25.4 Change in net working capital -22.8 -25.8 28.1 35.6 -46.5 19.5 21.7 Cash generated from operations 21.5 -0.6 51.4 76.9 5.3 65.4 63.4 Net financial expenses paid 5.0 -1.3 -3.0 -1.0 -4.2 -0.6 -0.2 Income taxes paid 5.7 -10.2 -6.4 2.3 -6.8 -10.9 1.4 Net cash flow from operations 32.2 -12.1 42.0 78.2 -5.7 53.9 64.6 Net cash used in investing activities from operations -8.3 -8.8 -18.2 -14.3 -25.4 -12.8 -22.4 Net cash used in financing activities from operations -17.8 27.6 -45.3 0.7 -4.1 -32.9 -29.8 Change in cash and cash equivalents 6.1 6.7 -21.5 64.6 -35.2 8.2 12.4 Cash and cash equivalents at beginning of period -101.7 -94.6 -120.2 -58.2 -93.4 -85.0 -72.9 Foreign exchange differences 2.2 -0.4 4.1 2.6 0.0 -0.2 0.3 Cash and cash equivalents at end of period 105.6 101.7 94.6 120.2 58.2 93.4 85.0 6.1 6.7 -21.5 64.6 -35.2 8.2 12.4 Net sales by country, EUR million 2009 2009 2009 2008 2008 2008 2008 7-9 4-6 1-3 10-12 7-9 4-6 1-3 Finland 199 230 227 239 199 230 232 Sweden 103 116 119 141 123 144 141 International 130 143 141 152 140 144 135 Group elimination -48 -45 -48 -40 -37 -38 -40 Group total 383 445 438 492 425 480 468 Net sales by customer sector, EUR million 2009 2009 2009 2008 2008 2008 2008 7-9 4-6 1-3 10-12 7-9 4-6 1-3 Telecom 132 149 153 162 147 172 167 Finance 87 94 89 104 92 102 104 Industry sectors 165 201 197 226 186 206 198 Group total 383 445 438 492 425 480 468 Operating profit (EBIT) by country, EUR million 2009 2009 2009 2008 2008 2008 2008 7-9 4-6 1-3 10-12 7-9 4-6 1-3 Finland 29.0 25.2 22.1 28.3 25.7 31.6 30.0 Sweden 4.8 - 6.7 - 8.7 17.6 14.1 7.4 9.7 International 0.7 - 6.6 - 4.0 - 0.9 5.2 2.1 - 2.7 Countries total 34.5 11.9 9.4 45.1 45.0 41.1 37.0 Group operations - 8.2 - 1.5 - 4.5 - 21.5 - 11.1 - 11.5 - 12.4 Operating profit (EBIT) 26.3 10.4 4.9 23.6 33.9 29.6 24.6 Operating margin (EBIT) by country, % 2009 2009 2009 2008 2008 2008 2008 7-9 4-6 1-3 10-12 7-9 4-6 1-3 Finland 14.6 10.9 9.7 11.9 12.9 13.7 12.9 Sweden 4.7 -5.8 -7.3 12.5 11.5 5.2 6.9 International 0.5 -4.6 -2.8 -0.6 3.7 1.4 -2.0 Countries total 9.0 2.7 2.1 9.2 10.6 8.6 7.9 Operating margin (EBIT) 6.9 2.3 1.1 4.8 8.0 6.2 5.3 Major shareholders 30 September 2009 Shares % OP Pohjola Group 4 079 370 5.7% Swedbank Robur fonder 3 629 256 5.0% Didner & Gerge Aktiefond 2 566 900 3.6% Ilmarinen Mutual Pension Insurance Co. 1 720 975 2.4% The State Pension Fund 1 610 000 2.2% Svenska Litteratursällskapet i Finland 1 561 000 2.2% Tapiola Pension 1 530 000 2.1% Länsförsäkringar Fondförvaltning AB 1 403 908 1.9% Varma Mutual Pension Insurance Co. 1 249 749 1.7% SEB Investment Management 938 990 1.3% 20 290 148 28.1% Nominee registered 44 047 548 61.2% Others 7 685 477 10.7% 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 on Tieto's premises, Aku Korhosen tie 2, 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. Questions can be presented online. 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). The conference call will also be available as a 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 the 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 28 October 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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