2013-02-06 07:00:00 CET
2013-02-06 07:00:12 CET
REGULATED INFORMATION
Tieto Oyj - Financial Statement Release
TIETO’s interim report 4/2012 (January–December) – Strong improvement in underlying profitability, strategy execution on schedule
October-December highlights
-- Net sales totalled EUR 478.6 (489.7) million, down by 2%.
-- Book-to-bill at 1.1 (1.2). Order backlog amounted to EUR 1 703 (1 719)
million.
-- Operating profit (EBIT) amounted to EUR -8.3 (26.1) million including a net
amount of EUR 52.1 million (negative) in one-off items. One-off items
include impairments of EUR 33.6 million and restructuring costs of EUR 18.5
million. Operating margin stood at -1.7% (5.3).
-- Operating profit excluding one-off items stood at EUR 43.8 (34.2) million,
representing an operating margin of 9.2% (7.0).
-- Profit after taxes was
EUR -18.5 (12.5) million.
-- Net cash flow from operations amounted to EUR 60.6 (43.7) million.
-- Strategy implementation proceeded on schedule, cost reductions ahead of
plan.
January-December highlights
-- Net sales amounted to EUR 1 825.3 (1 828.1) million.
-- Book-to-bill at 1.0 (1.1).
-- Operating profit (EBIT) amounted to EUR 61.3 (98.1) million, including a
net amount of EUR 75.8 million (negative) in one-off items. Operating
margin stood at 3.4% (5.4).
-- Operating profit, excluding one-off items, amounted to EUR 137.1 (117.1)
million, up by 17%. Operating margin excluding one-off items stood at 7.5%
(6.4) of net sales.
-- Profit after taxes was EUR 29.4 (59.9) million.
-- Net cash flow from operations amounted to EUR 161.9 (123.2) million.
-- Dividend proposal: EUR 0.83 (0.75) per share.
Full-year outlook for 2013
Tieto expects its organic net sales development to be at the level of the IT
services market growth, with the exception of weaker outlook in the telecom
sector.
Tieto expects its profitability to continue to improve and full-year operating
profit (EBIT) excluding one-off items to increase from the previous year's
level (EUR 137.1 million in 2012).
10-12/ 10-12/ 1-12/ 1-12/
2012 2011 2012 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales, EUR million 478.6 489.7 1 825.3 1 828.1
Change in net sales, % -2 4 0 7
Operating profit (EBITA), EUR million -7.3 27.9 66.6 105.4
Operating margin (EBITA), % 1.5 5.7 3.7 5.8
Operating profit (EBIT), EUR million -8.3 26.1 61.3 98.1
Operating margin (EBIT), % -1.7 5.3 3.4 5.4
Operating profit (EBIT) excl. one-off items, 43.8 34.2 137.1 117.1
EUR million
Operating margin (EBIT) excl. one-off items, % 9.2 7.0 7.5 6.4
Profit after taxes, EUR million -18.5 12.5 29.4 59.9
Net cash flow from operations, EUR million 60.6 43.7 161.9 123.2
EPS, EUR -0.26 0.18 0.41 0.84
EPS excl. one-off items, EUR 0.41 0.28 1.30 1.07
Return on equity, 12-month rolling, % 5.3 10.7 5.3 10.7
Return on capital employed, 12-month rolling, 12.5 18.3 12.5 18.3
%
Investments, EUR million 19.3 13.8 62.9 103.6
Interest-bearing net debt, EUR million 23.9 82.7 23.9 82.7
Gearing, % 4.3 14.6 4.3 14.6
Net debt/EBITDA 0.2 0.4 0.2 0.4
Personnel on 31 Dec 16 537 18 123 16 537 18 123
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Comment regarding the interim report by Kimmo Alkio, President and CEO:
“I am pleased with our overall operational performance in the fourth quarter.
Operating profit for the quarter reflects high one-off items resulting from
restructuring activities and divestments, which were necessary steps in
creating a scalable and competitive company. The profitability of our
underlying business, excluding one-off items, has been improving consistently
throughout the year, with a further boost in the fourth quarter. This
development was also reflected in our strong cash flow. During the past year,
we have taken major steps forward in transforming Tieto into a more
customer-centric, agile and cost-efficient company.
During the past quarter, we launched highly attractive and competitive cloud
capacity services, which deliver rapid returns for our customers and support
our intent of adopting the best technologies for our customers' benefit. This
is a good step forward in becoming a proactive partner for our customers.
In the latter part of the year, we were able to complete two significant
divestments in Italy and Spain and prepared the divestment of our German and
Dutch operations, which will contribute to creating a more focused Tieto.
During 2013, we look forward to continued solid execution of our strategy and
strengthening our position as a highly trusted partner both in IT services and
product engineering.”
FINANCIAL PERFORMANCE IN OCTOBER-DECEMBER
Financial performance by market unit
Net Net sales Q4/2011, Change, Operating margin Operating margin
sales EUR million % Q4/2012, % Q4/2011,
Q4/201 %
2,
EUR
millio
n
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finla 205 202 2 10.3 11.9
nd
and
the
Balt
ic
coun
tries
Scand 143 147 -2 5.4 1.6
inavi
a
Centr 31 36 -13 -71.7 -18.9
al
Euro
pe &
Russ
ia
Globa 166 185 -10 -6.1 5.2
l
Acco
unts
Group -67 -80
elim
inati
on
Total 479 490 -2 -1.7 5.3
--------------------------------------------------------------------------------
Operating profit excluding one-off items by market unit
Operati Operating profit excl. Operating margin excl. Operating margin
ng one-off items Q4/2011, one-off items Q4/2012, excl. one-off
profit EUR million % items
excl. Q4/2011,
one-off %
items
Q4/2012
,
EUR
million
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finla 24.7 24.6 12.0 12.2
nd
and
the
Balt
ic
coun
tries
Scand 11.5 2.4 8.0 1.6
inavi
a
Centr -2.7 -5.3 -8.5 -14.7
al
Euro
pe &
Russ
ia
Globa 15.1 15.3 9.1 8.3
l
Acco
unts
Steer -4.8 -2.8
ing
Func
tions
and
Grou
p
Manag
ement
Total 43.8 34.2 9.2 7.0
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For further information, please contact:
Lasse Heinonen, CFO, tel. +358 2072 66329, +358 50 393 4950,
lasse.heinonen(at)tieto.com
Pellervo Hämäläinen, Vice President, Communications and IR, tel. +358 2072
52729, +358 4067 45257, pellervo.hamalainen(at)tieto.com
Tanja Lounevirta, Head of Financial Communications, tel +358 2072 71725, +358
50 321 7510, tanja.lounevirta(at)tieto.com
Press conference for analysts and media will be held at Tieto's premises in
Helsinki (address: Aku Korhosen tie 2‑6) at 2.30 pm EET (1.30 pm CET, 12.30 pm
UK time). The results will be presented in English by Kimmo Alkio, President
and CEO.
The conference will be webcasted and published live on Tieto's website
www.tieto.com and there will be a possibility to present questions online. An
on-demand video will be available after the conference.
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 the largest Nordic IT services company providing full life-cycle
services for both private and public sectors. The company has global presence
through its product engineering business and the global delivery centers. Tieto
is committed to develop enterprises and society through IT by realizing new
opportunities in customers' business transformation. At Tieto, we believe in
professional development and results.
Founded 1968, headquartered in Helsinki, Finland and with approximately 17 000
experts, the company operates in over 20 countries with net sales at
approximately EUR 1.8 billion. Tieto's shares are listed on NASDAQ OMX in
Helsinki and Stockholm. Please visit www.tieto.com for more information.
Tieto Corporation
Business ID: 0101138-5
Aku Korhosen tie 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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