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2016-10-28 12:00:31 CEST 2016-10-28 12:00:31 CEST REGULATED INFORMATION Outotec Oyj - Interim report (Q1 and Q3)Outotec's interim report January-September 2016OUTOTEC OYJ INTERIM REPORT OCTOBER 28, 2016 AT 1:00 PM INTERIM REPORT JANUARY-SEPTEMBER 2016 Minerals Processing recovering, continued challenges in Metals, Energy & Water Financial guidance narrowed January-September 2016 in brief (comparison period January-September 2015): * Order intake: EUR 725 (923) million, -21% (in comparable currencies -17%) * Service order intake: EUR 336 (387) million, -13% (in comparable currencies -7%) * Order backlog: EUR 1,030 (1,117) million, -8% * Sales: EUR 753 (895) million, -16% (in comparable currencies -12%) * Service sales: EUR 320 (373) million, -14% (in comparable currencies -8%) * EBIT: EUR -14 (18) million * Adjusted EBIT*: EUR 2 (38) million * Adjusted EBIT*: 0 (4)% * Net cash flow from operating activities: EUR -73 (22) million * Earnings per share: EUR -0.12 (0.03) July-September 2016 in brief (comparison period July-September 2015): * Order intake: EUR 274 (268) million, 2% (in comparable currencies 4%) * Service order intake: EUR 121 (138) million, -12% (in comparable currencies -10%) * Sales: EUR 245 (307) million, -20% (in comparable currencies -20%) * Service sales: EUR 105 (129) million, -18% (in comparable currencies -17%) * EBIT: EUR -1 (7) million * Adjusted EBIT*: EUR 2 (15) million * Adjusted EBIT*: 1 (5)% Financial guidance for 2016 narrowed Sales guidance is narrowed and due to the continued challenges in the Metals, Energy & Water segment adjusted EBIT is expected to be at the lower end of the guidance range: * Sales will be approximately EUR 1.0-1.1 billion (previously 1.0-1.2), and * Adjusted EBIT* will be approximately 2-3% (previously 2-4%) * Excluding restructuring and acquisition-related costs as well as purchase price allocation amortizations. Summary of the Group's key Q3 Q3 Q1-Q3 Q1-Q3 Last 12 Q1-Q4 figures 2016 2015 2016 2015 months 2015 -------------------------------------------------------------------------------- Order intake, EUR million 274.1 268.4 725.0 922.7 992.2 1,189.9 -------------------------------------------------------------------------------- Service order intake, EUR 496.6 million 121.4 138.3 335.5 387.4 444.8 -------------------------------------------------------------------------------- Share of services in order 41.7 intake, % 44.3 51.5 46.3 42.0 44.8 -------------------------------------------------------------------------------- Order backlog at the end of 1,102.8 the period, EUR million 1,029.7 1,116.7 1,029.7 1,116.7 1,029.7 -------------------------------------------------------------------------------- Sales, EUR million 245.2 307.2 752.5 895.5 1,058.3 1,201.2 -------------------------------------------------------------------------------- Service sales, EUR million 105.3 129.2 319.6 373.3 457.6 511.3 -------------------------------------------------------------------------------- Share of services in sales, % 43.0 42.1 42.5 41.7 43.2 42.6 -------------------------------------------------------------------------------- Gross margin, % 23.5 27.9 24.7 28.4 25.2 27.9 -------------------------------------------------------------------------------- Adjusted EBIT(1), EUR million 1.6 14.7 1.7 38.4 19.3 56.0 -------------------------------------------------------------------------------- Adjusted EBIT(1), % 0.7 4.8 0.2 4.3 1.8 4.7 -------------------------------------------------------------------------------- EBIT, EUR million -1.2 6.7 -14.3 18.3 -44.8 -12.3 -------------------------------------------------------------------------------- EBIT, % -0.5 2.2 -1.9 2.0 -4.2 -1.0 -------------------------------------------------------------------------------- Profit before taxes, EUR -22.9 million -3.9 2.5 -21.5 9.2 -53.6 -------------------------------------------------------------------------------- Net cash from operating 69.5 activities, EUR million -23.1 64.8 -72.7 21.9 -25.1 -------------------------------------------------------------------------------- Net interest-bearing debt at the end of the period, EUR -20.8(2) 74.3 -20.8(2) 74.3 -20.8 39.9 million -------------------------------------------------------------------------------- Equity at the end of the 534.5 534.5 period, EUR million 425.8 425.8 534.5 404.7 -------------------------------------------------------------------------------- Equity-to-assets ratio at the 41.9(2) 41.9(2) end of the period, % 32.2 32.2 41.9 31.1 -------------------------------------------------------------------------------- Gearing at the end of the -3.9(2) -3.9(2) period, % 17.4 17.4 -3.9 9.9 -------------------------------------------------------------------------------- Working capital at the end of -10.0 -12.0 -10.0 -12.0 -10.0 -89.4 the period, EUR million -------------------------------------------------------------------------------- Return on investment, %, LTM -6.0 3.7 -6.0 3.7 -6.0 -1.5 -------------------------------------------------------------------------------- Return on equity, %, LTM -8.4 1.5 -8.4 1.5 -8.4 -4.0 -------------------------------------------------------------------------------- Personnel at the end of the 4,167 period 4,167 4,913 4,913 4,167 4,859 -------------------------------------------------------------------------------- Earnings per share, EUR -0.03 0.01 -0.12 0.03 -0.25 -0.10 -------------------------------------------------------------------------------- (1 )Excluding restructuring and acquisition-related costs and PPA amortizations. (2) If the hybrid bond were treated as a liability the equity-to-assets ratio would be 30.2%, gearing 33.6%, and net interest-bearing debt EUR 129.2 million. President & CEO Markku Teräsvasara: "The minerals processing market showed signs of recovery and our third quarter total order intake grew compared to last year. The market environment continued to be challenging for the metals refining segment. The service business suffered from weaker demand due to postponements in maintenance and modernization projects. Our profitability and cashflow were impacted by weak performance in certain large Metals, Energy & Water projects. We are actively working on improving our performance in this segment. We have been able to reduce fixed costs by EUR 56 million from a year ago, and the targeted EUR 70 million savings are on track. We continue cost saving actions, especially in the Metals, Energy & Water segment. We have significant opportunities in our installed base, and we will now strongly focus on improving our service capabilities. Outotec has developed and commercialized modular plant concepts. In the third quarter, we received three orders for modular plants with customer benefits, such as fast-track delivery and easy maintainability. We will continue to productize our solutions and services. We expect the minerals processing market to continue gradual improvement, while metals refining is expected to remain weak. Customers are focusing on reducing their production costs and we do not expect major changes in the service market soon." This text is a summary of Outotec's January-September 2016 Interim Report. The full report is available as an attachment to this report. FURTHER INFORMATION Outotec Oyj Markku Teräsvasara, CEO Tel. +358 20 529 211 Jari Ålgars, CFO Tel. +358 20 529 2007 Rita Uotila, Vice President - Investor Relations Tel. +358 20 529 2003, mobile +358 400 954 141 Format for e-mail addresses: firstname.lastname@outotec.com BRIEFING/TELECONFERENCE Date: Friday, October 28, 2016 Time: 3:00 PM Venue: Outotec House, Rauhalanpuisto 9, Espoo, Finland Joining the teleconference To register as a participant for the teleconference and Q&A session, please dial in 5 to 10 minutes before the beginning of the event using the confirmation code and numbers below. Conference ID: 1852268 United Kingdom: +44 (0)203 043 2002 Finland: +358 (0)9 7479 0361 Sweden: +46 (0)8 5033 6574 United States of America: +1 719 457 1036 The contact information is gathered for registration purposes only and it is not used for commercial purposes. FINANCIAL REPORTING SCHEDULE IN 2017 * Financial Statements Review 2016: February 13 * Interim Report for January-March 2017: May 4 * Interim Report for January-June 2017: July 27 * Interim Report for January-September 2017: November 2 The Financial Statements for 2016 will be published in week 9 of 2017. The 2017 Annual General Meeting is planned for March 30, 2017. DISTRIBUTION Nasdaq Helsinki Main media www.outotec.com [] |
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