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2016-04-15 15:00:01 CEST 2016-04-15 15:00:01 CEST REGULATED INFORMATION Outokumpu Oyj - Company AnnouncementOutokumpu publishes historical financial information for new business areas and updates definitions of certain financial key figuresOUTOKUMPU OYJ STOCK EXCHANGE RELEASE April 15, 2016 at 4.00 pm EET Outokumpu has today published restated historical financial information for the new streamlined business area structure which was announced in connection with the launch of Outokumpu’s new vision and measures to improve competitiveness and financial performance of the company. Outokumpu’s first-quarter 2016 financial results will follow the new structure having three business areas: Europe, Americas and Long Products. Europe and Americas will cover Outokumpu’s entire flat products offering in these two markets, including all coil and plate business. The current European Quarto Plate operations and sales network in APAC will be reported as part of Europe, and the US Quarto Plate business under Americas. The Long Products operations and financial information remain unchanged. Outokumpu continues to follow underlying EBIT as its main profitability measure because it best shows the underlying profit drivers and operational performance of the business. However, following the changes in the European Securities and Markets Authority’s (ESMA) Guidelines on Alternative Performance Measures related to the definition of non-recurring items, Outokumpu has updated its definitions of underlying EBITDA and underlying EBIT: material income and expense items earlier labelled as non-recurring items, such as restructuring costs, impairments, and gains or losses on sale of assets or businesses, as well as raw material related inventory gains/losses and metal derivative gains/losses, are now reported as adjustments. These items affecting comparability between periods are excluded from underlying EBITDA/EBIT. As the content of the underlying profitability measures remains unchanged, this has no effect on the historical group-level figures. Outokumpu has also updated definitions for the following financial key figures: capital employed, operating capital, return on capital employed (ROCE) and return on equity (ROE). New definitions of capital employed and operating capital exclude defined benefit and other long-term employee benefit obligations but include net derivative liabilities (other than interest rate derivative). Returns will be calculated for four previous quarters on a rolling basis. Furthermore, Outokumpu will replace net debt to EBITDA with net debt to underlying EBITDA metric. The updated definitions are aligned with Outokumpu’s long-term financial targets. The following tables include restated historical financial information for the new business areas for 2014 and 2015 and updated Group financial key figures and definitions for 2015. Figures are unaudited. For more information: Investors: Johanna Henttonen, tel. +358 9 421 3804, mobile +358 40 530 0778 Outokumpu Group Outokumpuis a global leader in stainless steel. 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 11,000 professionals in more than 30 countries, with headquarters in Espoo, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.comoutokumpu.com/stainless-newschoosestainless.outokumpu.com Business Area key figures by quarter s Stainles s steel deliver ies 1,000 I/14 II/14 III/14 IV/14 2014 I/15 II/15 III/15 IV/15 2015 tonnes -------------------------------------------------------------------------------- Europe 456 437 402 367 1,661 410 413 375 381 1,578 total of which 6 5 1 13 26 5 7 4 6 23 intra-g roup Americas 143 151 144 133 572 133 117 139 144 533 total of which 3 3 1 1 9 0 0 12 1 14 intra-g roup Long 65 80 60 43 248 52 62 58 42 213 Product s total of which 20 34 22 8 84 16 22 30 12 80 intra-g roup Other 40 50 53 48 192 48 56 45 27 176 operati ons total of which - - - - - - 2 1 1 3 intra-g roup -------------------------------------------------------------------------------- Group 676 675 634 568 2,554 620 616 570 574 2,381 total deliver ies Sales EUR I/14 II/14 III/14 IV/14 2014 I/15 II/15 III/15 IV/15 2015 million -------------------------------------------------------------------------------- Europe 1,198 1,203 1,190 1,095 4,685 1,163 1,140 1,019 995 4,316 total of which 96 77 80 61 314 36 40 49 40 165 intra-g roup Americas 284 323 347 337 1,290 337 284 301 292 1,214 total of which 4 13 1 6 25 7 5 21 4 37 intra-g roup Long 149 203 171 129 651 149 159 142 100 551 Product s total of which 41 77 51 19 188 36 46 56 23 162 intra-g roup Other 201 269 294 273 1,037 274 273 231 201 979 operati ons total of which 73 77 69 72 292 75 71 79 86 311 intra-g roup -------------------------------------------------------------------------------- Group 1,617 1,753 1,799 1,674 6,844 1,768 1,694 1,487 1,435 6,384 total sales EBIT EUR I/14 II/14 III/14 IV/14 2014 I/15 II/15 III/15 IV/15 2015 million -------------------------------------------------------------------------------- Europe -138 -2 22 4 -114 46 57 -19 0 84 Americas -36 -16 -28 -19 -99 -48 -65 -49 -54 -216 Long 0 14 8 11 33 4 5 1 -8 2 Product s Other -14 -6 -11 -32 -63 -12 -23 -9 403 359 operati ons and intra-g roup items -------------------------------------------------------------------------------- Group -188 -10 -9 -36 -243 -10 -26 -77 341 228 total EBIT Underlyi ng EBIT EUR I/14 II/14 III/14 IV/14 2014 I/15 II/15 III/15 IV/15 2015 million -------------------------------------------------------------------------------- Europe 3 8 7 15 33 27 41 -15 33 85 Americas -40 -24 -35 8 -91 -28 -50 -44 -41 -163 Long 2 11 6 12 32 3 4 3 -3 7 Product s Other -11 1 -6 -45 -61 0 -20 -11 1 -30 operati ons and intra-g roup items -------------------------------------------------------------------------------- Group -45 -6 -28 -9 -88 2 -25 -67 -11 -101 total underly ing EBIT Adjustme nts to EBIT EUR I/14 II/14 III/14 IV/14 2014 I/15 II/15 III/15 IV/15 2015 million -------------------------------------------------------------------------------- Europe -142 -10 15 -11 -147 20 16 -4 -33 -1 Americas 3 9 7 -27 -8 -21 -15 -5 -12 -54 Long -1 3 2 -2 2 1 1 -3 -4 -5 Product s Other -3 -7 -5 13 -2 -12 -3 2 402 389 operati ons and intra-g roup items --------- Group -143 -5 19 -27 -155 -12 -1 -10 352 330 total adjustm ents to EBIT ----------------------------------------------------------------------- EBITDA EUR I/14 II/14 III/14 IV/14 2014 I/15 II/15 III/15 IV/15 2015 million -------------------------------------------------------------------------------- Europe -54 53 74 58 131 98 108 32 47 286 Americas -18 2 -11 1 -25 -26 -43 -27 -40 -136 Long 2 16 10 12 40 5 8 3 -6 10 Product s Other -8 -1 -6 -26 -41 -12 -18 -5 407 372 operati ons and intra-g roup items -------------------------------------------------------------------------------- Group -78 70 67 45 104 65 55 3 408 531 total EBITDA Underlyi ng EBITDA EUR I/14 II/14 III/14 IV/14 2014 I/15 II/15 III/15 IV/15 2015 million -------------------------------------------------------------------------------- Europe 60 63 59 69 251 78 92 36 74 280 Americas -21 -6 -17 28 -17 -5 -27 -22 -28 -83 Long 4 13 8 14 38 5 7 5 -1 15 Product s Other -5 6 -1 -39 -40 -1 -15 -6 5 -17 operati ons and intra-g roup items -------------------------------------------------------------------------------- Group 37 75 48 72 232 77 57 13 50 196 total underly ing EBITDA Deprecia tion and amortiz ation EUR I/14 II/14 III/14 IV/14 2014 I/15 II/15 III/15 IV/15 2015 million -------------------------------------------------------------------------------- Europe -57 -55 -51 -54 -218 -51 -51 -51 -41 -196 Americas -18 -18 -18 -20 -74 -22 -22 -22 -14 -80 Long -2 -2 -1 -2 -6 -2 -2 -2 -2 -8 Product s Other -5 -5 -5 -6 -22 -5 -5 -4 -4 -18 operati ons -------------------------------------------------------------------------------- Group -82 -80 -76 -81 -320 -80 -81 -80 -61 -302 total depreci ation and amortiz ation Capital expendi ture EUR I/14 II/14 III/14 IV/14 2014 I/15 II/15 III/15 IV/15 2015 million -------------------------------------------------------------------------------- Europe 11 23 20 29 83 20 16 19 41 96 Americas 2 2 3 8 15 1 4 2 12 19 Long 1 2 2 2 6 1 0 1 5 7 Product s Other 1 6 0 16 22 4 14 6 7 32 operati ons -------------------------------------------------------------------------------- Group 15 33 25 54 127 26 35 29 65 154 total capital expendi ture Operatin g capital EUR I/14 II/14 III/14 IV/14 2014 I/15 II/15 III/15 IV/15 2015 million -------------------------------------------------------------------------------- Europe 3,003 3,107 3,065 2,945 2,945 2,894 2,894 2,800 2,680 2,680 Americas 1,040 1,157 1,229 1,262 1,262 1,405 1,346 1,249 1,279 1,279 Long 155 185 185 162 162 176 167 166 151 151 Product s Other 48 66 -9 -46 -46 12 48 34 22 22 operati ons and intra-g roup items -------------------------------------------------------------------------------- Group 4,246 4,515 4,471 4,324 4,324 4,486 4,455 4,248 4,133 4,133 total operati ng capital Other operations include divested SKS operations. Group financial key figures by quarters EUR million I/15 II/15 III/15 IV/15 2015 --------------------------------------------------------------------------- Capital employed at the end of period 4,503 4,479 4,271 4,133 4,133 Return on capital employed, % -1.5 -1.8 -3.4 5.3 5.3 Return on equity, % -10.7 -11.0 -12.9 3.9 3.9 Net debt to underlying EBITDA 7.5 8.3 9.2 8.2 8.2 --------------------------------------------------------------------------- Definitions of financial key figures Underlying EBIT = EBIT excluding items classified adjustments Capital employed = Total equity + net debt + net defined benefit and other long-term employee benefit obligations + net interest rate derivative liabilities + net accrued interest expenses – net assets held for sale – loans receivable – available-for-sale financial assets – investments at fair value through profit or loss – investments in associated companies and joint ventures Operating capital = Capital employed + net deferred tax liability Return on capital = EBIT (4-quarter rolling) × 100 employed (ROCE) ---------------------------------------------- Capital employed (4-quarter rolling average) Return on equity (ROE) = Net result for the financial period × 100 (4-quarter rolling) ---------------------------------------------- Total equity (4-quarter rolling average) Net debt to underlying = Net debt EBITDA ---------------------------------------------- Underlying EBITDA (4-quarter rolling) |
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