2010-12-16 13:00:00 CET
2010-12-16 13:01:36 CET
REGULATED INFORMATION
Outokumpu Oyj - Company Announcement
Outokumpu Oyj - restatement of financial information of the Group's discontinued operations
STOCK EXCHANGE RELEASE December 16, 2010 2.00 pm EET Outokumpu has transformed itself into a pure stainless steel producer over the years. Following the sale of the Group's copper tube assets in 2008, the brass rod operations have been Outokumpu's only remaining non-stainless business. The brass rod operations have been classified as discontinued operations (according to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations). It comprises two brass-producing units, one in Sweden and one in the Netherlands, and employs some 150 people. Outokumpu has an intention to exit the business. Due to its marginal size within the Group, the business has now been reclassified and consolidated into Other operations segment in Continuing Operations. The impact of the brass rod operations on the Group's EPS was EUR -0.02 in 2009. Following the reclassification, Outokumpu does not any more present continuing and discontinued operations separately in its financial information. The tables attached present restated comparable financial figures of Outokumpu Group for 2009 and 2010 following the reclassification. Key figures by quarter EUR million I/09 II/09 III/09 IV/09 --------------------------------------------------------------------- Sales 688 623 595 736 Operating profit -249 -96 -66 -31 Operating profit margin, % -36.2 -15.4 -11.0 -4.2 EBITDA -197 -43 2 26 Return on capital employed, % -27.4 -11.3 -7.6 -3.5 Return on equity, % -28.0 -13.8 -9.0 -1.0 Capital employed at end of period 3 382 3 426 3 464 3 642 Net interest-bearing debt at end of period 831 929 1 018 1 191 Equity-to-assets ratio at end of period, % 51.3 52.2 50.8 50.6 Debt-to-equity ratio at end of period, % 32.6 37.2 41.6 48.6 Earnings per share, EUR -1.04 -0.48 -0.31 -0.04 Average number of shares outstanding, in thousands 1) 180 413 180 955 180 963 180 963 Equity per share at end of period, EUR 14.09 13.79 13.51 13.54 Number of shares outstanding at end of period, in thousands 1) 180 953 180 963 180 963 180 970 Capital expenditure 63 46 56 83 Depreciation 52 53 53 56 Deliveries, 1 000 tonnes 247 268 238 277 Average personnel for the period 8 488 8 180 7 923 7 771 --------------------------------------------------------------------- EUR million I/10 II/10 III/10 -------------------------------------------------------------- Sales 929 1 125 1 014 Operating profit -21 72 -49 Operating profit margin, % -2.3 6.4 -4.8 EBITDA 35 129 12 Return on capital employed, % -2.3 7.3 -4.6 Return on equity, % -3.4 7.2 -9.1 Capital employed at end of period 3 719 4 187 4 275 Net interest-bearing debt at end of period 1 302 1 696 1 831 Equity-to-assets ratio at end of period, % 47.3 43.6 42.8 Debt-to-equity ratio at end of period, % 53.9 68.1 74.9 Earnings per share, EUR -0.11 0.24 -0.31 Average number of shares outstanding, in thousands 1) 181 245 181 907 181 917 Equity per share at end of period, EUR 13.28 13.68 13.43 Number of shares outstanding at end of period, in thousands 1) 181 897 181 915 181 917 Capital expenditure 28 45 40 Depreciation 56 57 61 Deliveries, 1 000 tonnes 333 339 307 Average personnel for the period 7 752 8 357 8 401 -------------------------------------------------------------- 1) The number of own shares repurchased is excluded. Income statement by quarter EUR million I/09 II/09 III/09 IV/09 2009 --------------------------------------------------------------- Sales General Stainless 476 501 496 592 2 065 of which intersegment sales 97 100 107 117 421 Specialty Stainless 371 278 258 332 1 239 of which intersegment sales 75 67 64 87 293 Other operations 75 64 64 70 273 of which intersegment sales 61 52 52 55 221 Intra-group sales -233 -220 -224 -259 -935 --------------------------------------------------------------- Total sales 688 623 595 736 2 641 Operating profit General Stainless -157 -52 -38 -12 -259 Specialty Stainless -82 -37 -21 -10 -149 Other operations -12 -6 -5 -11 -34 Intra-group items 2 -0 -3 2 1 --------------------------------------------------------------- Total operating profit -249 -96 -66 -31 -441 Share of results in associated companies -3 -0 -6 -3 -13 Financial income and expenses 0 -11 -11 -4 -25 --------------------------------------------------------------- Profit before taxes -251 -107 -82 -38 -479 Income taxes 64 20 26 32 143 --------------------------------------------------------------- --------------------------------------------------------------- Net profit for the period -187 -87 -56 -6 -336 --------------------------------------------------------------- Attributable to: The owners of the parent -187 -87 -55 -7 -336 Non-controlling interests -0 -0 -0 0 -0 EUR million I/10 II/10 III/10 --------------------------------------------------- Sales General Stainless 754 962 860 of which intersegment sales 138 214 189 Specialty Stainless 367 469 397 of which intersegment sales 91 122 86 Other operations 102 100 99 of which intersegment sales 65 70 67 Intra-group sales -295 -407 -342 --------------------------------------------------- Total sales 929 1 125 1 014 Operating profit General Stainless -2 75 -52 Specialty Stainless -21 22 -14 Other operations 2 -14 10 Intra-group items -1 -10 8 --------------------------------------------------- Total operating profit -21 72 -49 Share of results in associated companies -7 -2 -5 Financial income and expenses -4 -6 -34 --------------------------------------------------- Profit before taxes -32 64 -88 Income taxes 12 -20 32 --------------------------------------------------- --------------------------------------------------- Net profit for the period -21 44 -56 --------------------------------------------------- Attributable to: The owners of the parent -21 44 -56 Non-controlling interests -0 0 -0 Segment information Other operations EUR million I/09 II/09 III/09 IV/09 2009 Sales 75 64 64 70 273 Operating profit -12 -6 -5 -11 -34 Operating capital at the end of period 116 257 240 250 250 Average personnel for the period 679 675 671 647 668 EUR million I/10 II/10 III/10 Sales 102 100 99 Operating profit 2 -14 10 Operating capital at the end of period 184 299 249 Average personnel for the period 653 667 669 OUTOKUMPU OYJ Outokumpu is a global leader in stainless steel with the vision to be the undisputed number one. Customers in a wide range of industries use our stainless steel and services worldwide. Being fully recyclable, maintenance-free, as well as very strong and durable material, stainless steel is one of the key building blocks for sustainable future. Outokumpu employs some 7 500 people in more than 30 countries. The Group's head office is located in Espoo, Finland. Outokumpu is listed on the NASDAQ OMX Helsinki.www.outokumpu.com [HUG#1473215]
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