2014-01-23 12:00:00 CET
2014-01-23 12:00:04 CET
REGULATED INFORMATION
Outokumpu Oyj - Company Announcement
Outokumpu restates historical financial information
OUTOKUMPU OYJ
STOCK EXCHANGE RELEASE
January 23, 2014 at 1.00 pm EET
Following the announcement on November 30, 2013 regarding the sale of the Terni
remedy assets, the VDM business and certain service centers and the
finalization of the accounting for the Inoxum transaction in 2012, Outokumpu is
restating its historical financial information. The Terni remedy assets had
already since the closing of Inoxum transaction in December 2012 been presented
as discontinued operation, and now also the VDM business and the service
centers to be sold are reported as discontinued operations. In addition,
Outokumpu is adopting a new definition for net interest-bearing debt and
gearing. The information presented in this release includes the most important
restated figures for easy reference. The comprehensive restated historical
information will be presented in the annual financial statements 2013.
Outokumpu presents the following restated and comparable historical information
in the accompanied tables: Group key figures, business area key figures for
Stainless Coil EMEA and High Performance Stainless and Alloys, as well as
condensed income statement and statement of financial position. Restated
figures are presented for 2013 financial information, as well as for the 2012
year-end statement of financial position. In addition, the 2012 comparable
figures for the combined entity based on management estimates have been
adjusted accordingly. Restated statement of financial position for 2012,
quarterly information for 2013 and comparable data for 2012 are all unaudited.
Group key figures, restated
I/13 II/13 III/13 I-III/13
--------------------------------------------------------------------------------
Sales EUR 1 867 1 738 1 609 5 214
million
EBITDA EUR 0 -86 -50 -136
million
Adjustments to EBITDA 1) EUR 5 84 16 105
million
Underlying EBITDA EUR 5 -2 -34 -31
million
EBIT EUR -87 -171 -134 -392
million
Adjustments to EBIT 2) EUR 5 84 16 105
million
Underlying EBIT EUR -82 -87 -118 -287
million
Capital expenditure, EUR 68 30 40 138
continuing operations million
Stainless steel deliveries, 1 000 691 640 635 1 965
continuing operations 3) tonnes
Personnel at the end of 13 092 13 021 12 798 12 798
period, continuing
operations 4)
Depreciation and EUR -83 -84 -83 -250
amortization, continuing million
operations
EBIT margin % -4.6 -9.8 -8.3 -7.5
Result before taxes EUR -147 -236 -207 -589
million
Net result for the period EUR -145 -231 -197 -573
from continuing operations million
excluding non-recurring items EUR -143 -185 -196 -524
million
Net result for the period EUR -152 -250 -238 -640
million
Earnings per share EUR -0.07 -0.12 -0.11 -0.31
Earnings per share from EUR -0.07 -0.11 -0.09 -0.27
continuing operations
Earnings per share from EUR -0.00 -0.01 -0.02 -0.03
discontinued operations
Net cash generated from EUR -58 -175 43 -190
operating activities, million
continuing oper.
Change in working capital, EUR -19 -90 152 43
continuing operations million
Return on equity % -23.0 -37.6 -39.8 -36.1
Return on equity, continuing % -22.0 -34.7 -32.9 -32.3
operations
Equity per share at the end EUR 1.34 1.21 1.09 1.09
of period
--------------------------------------------------------------------------------
Group key figures,
comparable
I/12 II/12 III/12 IV/12 2012
--------------------------------------------------------------------------------
Sales EUR 2 259 2 159 1 801 1 742 7 961
million
EBITDA EUR 50 -116 -70 -131 -267
million
Adjustments to EBITDA 1) EUR -5 108 40 58 201
million
Underlying EBITDA EUR 45 -8 -30 -73 -66
million
EBIT EUR -75 -208 -158 -313 -754
million
Adjustments to EBIT 2) EUR 37 117 43 144 342
million
Underlying EBIT EUR -38 -91 -115 -169 -412
million
Capital expenditure, EUR 179 162 191 231 763
continuing operations 5) million
Stainless steel 1 000 742 703 647 631 2 723
deliveries, continuing tonnes
operations 3)
Personnel at the end of 14 781 14 505 14 233 14 073 14 073
period, continuing
operations 4)
--------------------------------------------------------------------------------
1) Non-recurring items, other than
impairments; and inventory
gains/losses
2) Non-recurring items
and inventory
gains/losses
3) Excluding ferrochrome
deliveries
4) June 30, 2012 and June
30, 2013 excluding
summer trainees
5) Excluding Inoxum
acquisition of EUR 2 720
million
Presentation of the VDM business and certain service centers as discontinued
operation
On November 30, 2013 Outokumpu announced comprehensive measures aimed at
strengthening the company's balance sheet and to divest the Terni remedy
assets, the VDM business and certain service centers to ThyssenKrupp.
Consequently, Outokumpu presents the VDM business and service centers in
Willich, Germany; Barcelona, Spain; Tours, France and Gebze, Turkey as
discontinued operations. These businesses will be reported in the 2013
financial statements separately from the continuing operations according to
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations standard,
which means that the income statement is restated as of January 1, 2013 and the
statement of financial position is reclassified as of November 30, 2013.
Finalization of accounting for Inoxum transaction
Outokumpu has finalized the accounting related to the Inoxum transaction in
2012 based on the final valuation of the identifiable asset and liabilities.
Outokumpu had 12 months from the closing of the transaction to retrospectively
adjust the provisional amounts that had been presented in detail in the note 4
of Outokumpu's financial statements 2012. The completion did not materially
change the provisional fair values of assets acquired and liabilities assumed
and did not have a material impact on the 2013 income statement.
Adoption of a new definition for net interest bearing debt and gearing
In addition, Outokumpu has decided to change its net interest-bearing debt and
gearing definitions to be more aligned with common market practice. The
calculation of gearing continues to be net interest-bearing debt divided by
equity. The change relates to the net interest-bearing debt definition which
now includes long-term and current debt, less cash and cash equivalents. In the
previous Outokumpu definition, certain investments and receivables, derivative
financial instruments, accrued interests, and assets and liabilities held for
sale were included in the net interest-bearing debt calculation.
For more information:
Investors: Johanna Henttonen, tel. +358 9 421 3804, mobile +358 40 530 0778
Media: Saara Tahvanainen, tel. +358 40 589 0223
Outokumpu Group
Outokumpu is the global leader in stainless steel and high performance alloys.
We create advanced materials that are efficient, long lasting and recyclable -
thus building a world that lasts forever. Stainless steel, invented a century
ago, is an ideal material to create lasting solutions in demanding applications
from cutlery to bridges, energy and medical equipment: it is 100% recyclable,
corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs
more than 15 000 professionals in more than 40 countries, with headquarters in
Espoo, Finland and shares listed in the NASDAQ OMX Helsinki. www.outokumpu.com
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