2013-04-19 08:00:00 CEST
2013-04-19 08:00:07 CEST
REGULATED INFORMATION
Tieto Oyj - Company Announcement
Tieto's comparison figures for 2012 based on the new business structure
Tieto Corporation STOCK EXCHANGE RELEASE 19 April 2013, 9.00 am EET
Tieto's new business structure and operating model took effect at the beginning
of 2013. The new structure is based on service lines and industry groups. In
line with the new operating model, Tieto changed its financial reporting at the
beginning of 2013. The first interim report for 2013 to be published on 25
April will be prepared in accordance with the new reporting structure.
The service lines are:
-- Managed Services
-- Consulting and System Integration
-- Industry Products
-- Product Engineering Services.
They constitute the main operating segments. Tieto will disclose the customer
sales and operating profit among others of the service lines.
Additionally, Tieto will disclose customer sales by industry groups, which are:
-- Financial Services
-- Manufacturing, Retail and Logistics
-- Public, Healthcare and Welfare
-- Telecom, Media and Energy.
Due to an amendment of IAS 19 ‘Employee benefits', there will be a change in
the calculation of pension liability. The related finance costs are calculated
on a net funding basis and presented in financial items. This change has an
impact of EUR 1.7 million on the company's annual-level operating profit. On
the other hand, this amount will increase finance costs. Based on the change,
Tieto has restated its operating profit (EBIT) for 2012 as EUR 63.0 million
(previously EUR 61.3 million) and operating profit (EBIT) excl. one-off items
for 2012 as EUR 138.8 million (previously EUR 137.1 million). The net result
remains unchanged.
Tieto's financial reporting for 2012 has been adjusted to account for the
changes. The figures may still be subject to changes during the year. The
tables below are also available in Excel format at www.tieto.com/Investors.
Customer sales by service line, EUR million
2012 2012 2012 2012 2012
1-3 4-6 7-9 10-12 1-12
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Managed Services 124 121 112 127 484
Consulting and System Integration 127 125 116 131 500
Industry Products 130 127 118 134 510
Product Engineering Services 86 83 77 87 331
Group total 467 456 424 479 1 825
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Customer sales by industry group, EUR million
2012 2012 2012 2012 2012
1-3 4-6 7-9 10-12 1-12
-------------------------------------------------------------------
Financial Services 94 92 85 97 368
Manufacturing, Retail and Logistics 82 81 75 85 322
Public, Healthcare and Welfare 112 110 102 115 439
Telecom, Media and Energy 93 91 85 96 364
Product Engineering Services 86 83 77 87 331
Group total 467 456 424 479 1 825
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The new operating model taken into use in 2013 is steered based on project
performance and direct costs are linked to deliveries in the service lines. The
calculation of operating margin percentages is based on customer sales by
service lines as internal invoicing between legal entities based on transfer
pricing requirements is reported within Steering Functions and Global
Management.
Operating profit (EBIT) by service line, EUR million
2012 2012 2012 2012 2012
1-3 4-6 7-9 10-12 1-12
------------------------------------------------------------------------
Managed Services -2.5 -3.7 7.5 5.1 6.4
Consulting and System Integration 12.7 3.9 13.0 4.5 34.0
Industry Products 32.4 8.4 13.0 11.4 65.2
Product Engineering Services 2.5 -3.9 0.4 -23.9 -24.9
Steering Functions and Global Management -3.0 -8.0 -1.8 -5.0 -17.8
Operating profit (EBIT) 42.1 -3.3 32.0 -7.8 63.0
------------------------------------------------------------------------
Operating margin (EBIT) by service line, %
2012 2012 2012 2012 2012
1-3 4-6 7-9 10-12 1-12
------------------------------------------------------------------------
Managed Services -2.0 -3.1 6.6 4.1 1.3
Consulting and System Integration 9.9 3.1 11.2 3.4 6.8
Industry Products 24.9 6.6 11.0 8.5 12.8
Product Engineering Services 3.0 -4.7 0.5 -27.7 -7.5
Operating margin (EBIT) 9.0 -0.7 7.6 -1.7 3.4
------------------------------------------------------------------------
Adjusted operating profit (EBIT) by service line, EUR
million
2012 2012 2012 2012 2012
1-3 4-6 7-9 10-12 1-12
--------------------------------------------------------------------------------
Managed Services -2.1 7.2 9.3 9.9 24.3
Consulting and System Integration 12.7 11.3 13.6 18.5 56.1
Industry Products 17.1 12.6 14.2 18.6 62.5
Product Engineering Services 3.5 2.2 1.6 2.3 9.7
Steering Functions and Global Management -2.9 -4.7 -1.2 -5.1 -13.8
Operating profit (EBIT) 28.4 28.6 37.5 44.2 138.8
--------------------------------------------------------------------------------
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Excl. capital gains, impairments and restructuring costs
Adjusted operating margin (EBIT) by service line, %
2012 2012 2012 2012 2012
1-3 4-6 7-9 10-12 1-12
--------------------------------------------------------------------------------
Managed Services -1.7 5.9 8.3 7.8 5.0
Consulting and System Integration 10.0 9.0 11.6 14.0 11.2
Industry Products 13.1 9.9 12.0 13.9 12.3
Product Engineering Services 4.1 2.6 2.1 2.7 2.9
Operating margin (EBIT) 6.1 6.3 8.9 9.2 7.6
--------------------------------------------------------------------------------
----------------------------------------------------------
Excl. capital gains, impairments and restructuring costs
Personnel by service line, end of period
2012 2012 2012 2012
1-3 4-6 7-9 10-12
------------------------------------------------------------------------
Managed Services 3 448 3 369 3 340 3 228
Consulting and System Integration 4 800 4 675 4 596 4 104
Industry Products 3 621 3 572 3 579 3 550
Product Engineering Services 4 694 4 615 4 481 4 310
Service Lines total 16 564 16 232 15 996 15 192
------------------------------------------------------------------------
Industry Groups 722 697 640 607
Steering Functions and Global Management 835 794 768 738
Group total 18 121 17 723 17 404 16 537
------------------------------------------------------------------------
Depreciation by service line, EUR
million
2012 2012 2012 2012 2012
1-3 4-6 7-9 10-12 1-12
--------------------------------------------------------------------------------
Managed Services 16.2 16.3 17.2 17.4 67.0
Consulting and System Integration 0.2 0.2 0.3 0.2 1.0
Industry Products 0.2 0.3 0.3 0.3 1.1
Product Engineering Services 0.2 0.2 0.2 0.2 0.9
Steering Functions and Global 2.4 2.5 2.4 2.4 9.6
Management
Group total 19.2 19.5 20.4 20.5 79.7
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Amortization on allocated intangible assets from acquisitions by
service line, EUR million
2012 2012 2012 2012 2012
1-3 4-6 7-9 10-12 1-12
--------------------------------------------------------------------------------
Managed Services 0.7 0.7 0.7 0.6 2.6
Consulting and System 0.2 0.2 0.2 0.2 0.6
Integration
Industry Products 0.5 0.4 0.3 0.3 1.5
Product Engineering Services 0.2 0.2 0.2 0.0 0.6
Steering Functions and Global 0.0 0.0 0.0 0.0 0.0
Management
Group total 1.5 1.4 1.4 1.0 5.3
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Impairment losses by service line, EUR million 2012 2012 2012 2012 2012
1-3 4-6 7-9 10-12 1-12
--------------------------------------------------------------------------------
Managed Services 0.5 0.0 0.0 0.5 1.0
Consulting and System Integration 0.0 0.0 0.0 11.5 11.5
Industry Products 0.0 0.0 0.0 6.5 6.5
Product Engineering Services 0.0 0.0 0.0 15.1 15.1
Steering Functions and Global 0.0 0.0 0.0 0.0 0.0
Management
Group total 0.5 0.0 0.0 33.6 34.1
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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
Tanja Lounevirta, Head of Investor Relations, tel. +358 2072 71725, +358 50 321
7510, tanja.lounevirta(at)tieto.com
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 the private and public sectors. The company has global
presence through its product engineering business and global delivery centres.
Tieto is committed to developing 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 of
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.
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