INTERIM REPORT JANUARY-JUNE 2009
(Thomson Reuters ONE) - OOUTOTEC OYJ INTERIM REPORT JULY 24, 2009 AT9:00 AMINTERIM REPORT JANUARY-JUNE 2009Challenging market continued - profitability remained at a good levelReporting period Q1-Q2/2009 in brief (Q1-Q2/2008):* Sales: EUR 469.2 million (EUR 501.0 million)* Operating profit: EUR 30.2 million (EUR 43.8 million) * Profit before taxes: EUR 31.6 million (EUR 50.0 million)* Earnings per share: EUR 0.53 (EUR 0.83)* Order intake: EUR 245.1 million (EUR 774.2 million)* Order backlog: EUR 966.6 million (EUR 1,548.4 million)* Net cash flow from operating activities: EUR 12.6 million (EUR 124.2 million)Q2/2009 in brief (Q2/2008):* Sales: EUR 237.6 million (EUR 275.5 million)* Operating profit: EUR 13.9 million (EUR 22.9 million) * Profit before taxes: EUR 13.6 million (EUR 26.8 million)* Order intake: EUR 105.8 million (EUR 475.4 million)* Net cash flow from operating activities: EUR 23.4 million (EUR 83.6 million)Outotec reiterates its outlook for 2009.CEO Tapani Järvinen:"Difficult market conditions continued in our core market, the miningand metals industry. Our customers' decision-making has slowed downand companies are experiencing difficulties in obtaining funding withreasonable terms for their projects. Our order intake was low in thefirst half of the year. Sales have declined only slightly but arestill at a good level as we continue to execute our large orderbacklog. Profitability suffered from lower business volume and lackof major project completions. We have been adjusting our operationsto the changing market by reducing the number of temporary employeesand subcontractors in the first half of the year and we are preparedto increase our cost-saving measures.However, it is equally important for us to maintain our deliverycapabilities and technological competitive advantages as well as tobe prepared to capitalize on growth opportunities. We have beenstrengthening our presence in India, China and CIS, and we have alsodeveloped our offerings for the energy and industrial water treatmentsectors and our efforts have already reaped benefits. On July 10,Outotec and Eesti Energia signed a EUR 110 million contract for a newoil shale processing plant and agreed on a joint venture to sell thenew technology globally. I am also pleased that our services businesscontinues to grow. Our customers always have a need for variousservices, spare parts and equipment."Summary of key figures Q2 Q2 Q1-Q2 Q1-Q2 Last 12 Q1-Q4 2009 2008 2009 2008 months 2008Sales, EUR million 237.6 275.5 469.2 501.0 1,186.1 1,217.9Gross margin, % 18.3 20.3 19.3 20.3 21.1 21.5Operating profit, EUR 13.9 22.9 30.2 43.8 106.6 120.2millionOperating profit 5.9 8.3 6.4 8.7 9.0 9.9margin, %Profit before taxes, 13.6 26.8 31.6 50.0 117.9 136.3EUR millionNet cash from operating 23.4 83.6 12.6 124.2 -5.0 106.6activities, EUR millionNet interest-bearingdebt at the end of -278.3 -358.5 -278.3 -358.5 -278.3 -314.6period, EUR millionGearing at the end of -127.1 -180.4 -127.1 -180.4 -127.1 -139.0period, %Working capital at theend of period, EUR -150.7 -240.3 -150.7 -240.3 -150.7 -171.2millionReturn on investment, % 30.8 60.0 30.9 50.1 56.8 61.6Return on equity, % 17.9 39.6 19.6 33.8 38.7 42.6Order backlog at the 966.6 1,548.4 966.6 1,548.4 966.6 1,176.7end of period, EURmillionOrder intake, EUR 105.8 475.4 245.1 774.2 624.7 1,153.8millionPersonnel, average for 2,540 2,545 2,569 2,365 2,585 2,483the periodEarnings per share, EUR 0.22 0.44 0.53 0.83 1.94 2.25INTERIM REPORT JANUARY-JUNE 2009MARKETSThe investment activity within the mining and metals industrycontinues to be low. Customers are still experiencing difficulties inarranging funding for projects. Yet, prices for most metals havefurther climbed in the second quarter and are at a good level byhistorical standards, which has improved the financial position ofmany mining companies. In addition, some companies have been forcedto sell their assets in order to strengthen their balance sheets orto secure refinancing. Although metal prices are on a good level atthe moment, many production plants have idle capacity, which isslowing down new investments.The developing economies continue to have a high demand for metals.According to market research, China is consuming roughly 35-50% ofall metals produced globally. India continues to develop itsinfrastructure utilizing its large natural resource base for instancefor coal, steel raw materials, aluminum, copper and zinc production.Chile and Peru also continue to invest in their copper and goldprojects.Many of Outotec's customers are evaluating their project scopes andprices but the decision-making process is slow. Although many plannedgreenfield projects are on hold at the moment, there is a continuousdemand for modernization and debottlenecking at mine sites and metalsprocessing plants as well as a demand for energy-efficient andenvironmentally-friendly technologies, equipment and services. As oregrades decline, more processing capacity will be needed. Also,complex ore bodies require new or modernized solutions which enableeconomically viable production and better metals recovery.There are also new opportunities for Outotec in the development ofalternative energy resources and in the treatment of water at miningand metallurgical plants. The world's recoverable oil shale resourcesare many times greater than those of conventional oil reserves, withlarge oil shale deposits to be found in the US, Brazil, China,Jordan, Russia and Estonia. Outotec offers applications and servicesfor oil shale processing and bio-energy production through recentjoint ventures. The new and sustainable Enefit technology, developedjointly by Outotec and Eesti Energia, is expected to result in manybusiness opportunities within the energy sector. In Estonia alone,there is a potential to use the new technology to build severalplants. Furthermore, various industrial water treatment solutions canbe offered to existing and new customers. Outotec's technologies canalso be applied beyond the mining and metals industry to wasteburning plants, electronics manufacturers and other industries whichneed water treatment.ORDER INTAKEOrder intake in the reporting period amounted to EUR 245.1 million(Q1-Q2/2008: EUR 774.2 million) including plant deliveries, severalsmaller equipment deliveries and services to existing customers. Theorders received in the second quarter came to EUR 105.8 million(Q2/2008: EUR 475.4 million) and included smaller equipment, spareparts and services.There were no major orders in the second quarter.Major new orders in the first quarter included: * delivery of a sulfuric acid plant for Noracid S.A. in Mejillones, Chile (EUR 51 million); * several service contracts for industrial and maintenance services in Chile and Canada (EUR 15 million); and * delivery of flotation cells and thickeners for Polymetal's Albazino gold mine project in Russia.ORDER BACKLOGThe order backlog at the end of the reporting period totaled EUR966.6 million (June 30, 2008: EUR 1,548.4 million), representing a38% decline from the comparison period.At the end of the reporting period, Outotec's order backlog included21 projects with an order backlog value in excess of EUR 10 million,accounting for 69% of the total backlog. According to a managementestimate, roughly 40% of the current backlog will be delivered in2009 and the rest in 2010 and beyond. At the end of the reportingperiod, Outotec's order backlog included roughly EUR 100 million insuspended projects, which have been taken into account in theprogress estimate. Roughly 3% of the projects in Outotec's currentbacklog are for mining companies that are developing their firstprocessing plants.SALES AND FINANCIAL RESULTOutotec's sales in the reporting period totaled EUR 469.2 million(Q1-Q2/2008: EUR 501.0 million), which was 6% lower than in thecomparison period. Sales for the second quarter were EUR 237.6million (Q2/2008: EUR 275.5 million). The decline in sales resultedfrom the smaller order backlog, especially in the Base Metalsdivision, and rescheduling of some major projects.The Services business, which is included in the divisions' and otherbusinesses' sales figures, totaled EUR 73.4 million in the reportingperiod (Q1-Q2/2008: EUR 51.6 million), up 42% from the comparisonperiod. The sales volume of the Services business in the secondquarter totaled EUR 42.5 million (Q2/2008: EUR 30.8 million). Part ofthe increase came from Outotec Auburn, which was acquired in October2008.The operating profit for the reporting period was EUR 30.2 million(Q1-Q2/2008: EUR 43.8 million), representing 6.4% of sales(Q1-Q2/2008: 8.7%). The operating profit includes EUR 2.5 millionone-time positive effect from the amicable settlement of all disputesrelated to the Pattison Sand project. The gains related to currencyforward contracts, which are not included in the hedge accounting,increased profitability by EUR 0.9 million (Q1-Q2/2008: gains of EUR2.3 million). The operating profit in the second quarter was EUR 13.9million (Q2/2008: EUR 22.9 million). The decrease resulted from thelower sales volume, decreased license fee income, fewer projectcompletions and higher fixed costs.In the reporting period, Outotec's fixed costs were EUR 4.5 millionhigher than in the comparison period. The increase was mainly causedby fixed costs of Outotec Auburn, increased sales work, developingbusiness operations in India, and development of the Servicesbusiness worldwide.Outotec's profit before taxes for the reporting period was EUR 31.6million (Q1-Q2/2008: EUR 50.0 million). Profit before taxes wasimpacted favorably by the net financial income of EUR 1.4 million(Q1-Q2/2008: EUR 6.1 million) from the high net cash position. Thedecline in net financial income is mainly caused by lower interestrates. Net profit for the period was EUR 21.8 million (Q1-Q2/2008:EUR 34.9 million). Taxes totaled EUR 9.8 million (Q1-Q2/2008: EUR15.0 million). This represents an effective tax rate of 30.9%.Earnings per share were EUR 0.53 (Q1-Q2/2008: EUR 0.83).Outotec's return on equity for the reporting period was 19.6%(Q1-Q2/2008: 33.8%), and return on investment was 30.9% (Q1-Q2/200850.1%).Sales and operating profit by segment Q2 Q2 Q1-Q2 Q1-Q2 Q1-Q4EUR million 2009 2008 2009 2008 2008SalesMinerals Processing 91.1 92.7 175.6 152.8 419.6Base Metals 29.6 72.0 74.4 132.0 295.3Metals Processing 103.4 109.2 200.6 213.9 494.7Other Businesses 20.0 16.7 38.3 25.8 56.0Unallocated items*) and intra-group -6.5 -15.0 -19.7 -23.4 -47.7salesTotal 237.6 275.5 469.2 501.0 1,217.9Operating profitMinerals Processing 7.9 3.2 14.0 7.3 22.5Base Metals -0.4 11.9 3.9 18.2 48.7Metals Processing 9.3 11.8 18.2 24.1 61.1Other Businesses -0.1 1.2 -0.5 1.6 3.9Unallocated**) and intra-group items -2.7 -5.1 -5.5 -7.3 -16.0Total 13.9 22.9 30.2 43.8 120.2*) Unallocated items primarily include invoicing of internalmanagement and administrative services.**) Unallocated items primarily include internal management andadministrative services and share of the result of associatedcompanies.Minerals ProcessingThe Minerals Processing division's sales in the reporting period grew15% from the comparison period and totaled EUR 175.6 million(Q1-Q2/2008: EUR 152.8 million). Operating profit was EUR 14.0million (Q1-Q2/2008: EUR 7.3 million). The growth in sales resultedfrom a high starting order backlog, good project execution andreduced bottlenecks in the delivery pipeline. Operating profit forthe reporting period includes EUR 2.5 million one-time positiveeffect from the amicable settlement of all disputes related to thePattison Sand project. Operating profit for the reporting period alsoincludes a realized and unrealized gain of EUR 0.1 million related tocurrency forward contracts (Q1-Q2/2008: realized and unrealized gainsof EUR 3.7 million).Base MetalsThe Base Metals division's sales in the reporting period decreased by44% from the comparison period and totaled EUR 74.4 million(Q1-Q2/2008: EUR 132.0 million). The decrease in sales was mainly dueto lower order intake since September 2008, lower order backlog, andrescheduling of some projects. The operating profit was EUR 3.9million (Q1-Q2/2008: EUR 18.2 million). The significantly lower salesfigure relative to the division's fixed costs and decreased licensefee income were the main reasons for the division's low operatingprofit. Operating profit for the reporting period also included arealized and unrealized loss of EUR 1.1 million related to currencyforward contracts (Q1-Q2/2008: realized and unrealized loss of EUR1.0 million).Metals ProcessingThe Metals Processing division's sales in the reporting perioddecreased 6% from the comparison period to EUR 200.6 million(Q1-Q2/2008: EUR 213.9 million). Operating profit came to EUR 18.2million (Q1-Q2/2008: EUR 24.1 million). Operating profit declinedbecause of lower sales volume and decreased license fee income.Operating profit for the reporting period also included realized andunrealized gains of EUR 2.0 million related to currency forwardcontracts. (Q1-Q2/2008: realized and unrealized loss of EUR 1.5million).BALANCE SHEET, FINANCING, AND CASH FLOWNet cash flow from operating activities in the reporting period waspositive at EUR 12.6 million (Q1-Q2/2008: EUR 124.2 million). Thechange was mainly caused by increase in working capital in 2009 ascompared to the significant decrease in working capital in 2008. Thenet change in cash and cash equivalents was also affected by thedividend payment of EUR 42.0 million in March 2009 (April 2008: EUR39.9 million).At the end of reporting period, Outotec's cash and cash equivalentstotaled EUR 281.6 million (June 30, 2008: EUR 358.0 million). Thecompany invests its excess cash in short-term money marketinstruments such as bank deposits and corporate commercial papers.Investments are made within pre-approved counterparty-specific limitsand tenors, which Outotec reviews regularly. On June 30, 2009, nomoney market investment had remaining maturity exceeding threemonths.Outotec's working capital amounted to EUR -150.7 million on June 30,2009 (June 30, 2008: EUR -240.3 million). The change in workingcapital was caused by low order intake and subsequently lower advancepayments received in the reporting period.The balance sheet structure remained strong, and the financingstructure was healthy. Net interest-bearing debt on June 30, 2009came to EUR -278.3 million (June 30, 2008: EUR -358.5 million). Theadvances received at the end of the reporting period totaled EUR248.3 million (June 30, 2008: EUR 298.1 million), representing adecrease of 17% from the comparison period. Outotec's gearing at theend of the reporting period was -127.1% (June 30, 2008:-180.4%), and the equity-to-assets ratio was 40.2% (June 30, 2008:40.0%).The company's capital expenditure in the reporting period was EUR 9.2million (Q1-Q2/2008: EUR 6.3 million), which consisted mainly of theestablishment of a joint venture company for bio-energy technologybusiness, investments in information technology, intellectualproperty rights, and machinery for the Outotec Turula workshop.Guarantees for commercial commitments, including advance paymentguarantees issued by the parent and other Group companies decreasedfrom the comparison period because of lower order intake and were EUR328.2 million (June 30, 2008: EUR 415.6 million) at the end of thereporting period.Outotec has an agreement with a third-party service providerconcerning administration and hedging of the share-based incentiveprogram for key personnel. As part of this agreement, for hedging theunderlying cash flow risk, the service provider has purchased a totalof 550,000 Outotec shares (in 2008: 265,000) that have been funded byOutotec and accounted as treasury shares in Outotec's consolidatedbalance sheet. At the end of the reporting period, the amount ofthese treasury shares was 332,534.EXPANSION OF BUSINESS NETWORKIn May, Outotec announced the agreement with a Finnish company RealTime Systems Oy to cooperate in the development of a new-generationmeasuring and regulating system for electric arc furnaces. Outotec isfunding the development work and is a minor shareholder of Real TimeSystems Oy as well as having a call option on the company.In February, Outotec and a Swedish company Skellefteå Kraft AB agreedto establish a joint company GreenExergy AB. The company focuses onthe development, marketing and delivery of bio-energy technologies topower plants for the production of bio-energy from forestry andsawmill residues. Outotec's stake is 45%, Skellefteå Kraft's 33%, andthree Swedish companies each have a minor stake in the joint venture.RESEARCH AND TECHNOLOGY DEVELOPMENTOutotec's research and technology development expenses in thereporting period totaled EUR 10.9 million (Q1-Q2/2008: EUR 9.9million), representing 2.3% of sales (Q1-Q2/2008: 2.0%). Outotecfiled 31 new priority patent applications (Q1-Q2/2008: 20), and 95new national patents (Q1-Q2/2008: 119) were granted.In May, Outotec and Real Time Systems Oy agreed to cooperate in thedevelopment of a new-generation measuring and regulating system forelectric arc furnaces, which are used in steel mills in theproduction of steel from scarp. The overall savings gained with thenew product will be significant for the furnace operators.In May, Outotec committed to the Baltic Sea Action Summit project,which is supported by the Finnish government. As part of itscommitment to a healthier Baltic Sea, Outotec will focus onminimizing metal-containing dusts and sulfur dioxide emissions withinthe metals industry as well as on reducing metal-containingeffluents.In March, Outotec announced the expansion of its technology offeringsto two new sectors: energy and industrial water treatment. Outotec'scompetencies and offerings in the energy sector include coalcharring, gasification and combustion technologies for variousplants, also comprising oil shale pyrolysis. In the reporting period,oil shale combustion test work was conducted at Outotec's FrankfurtResearch Center. The test work relates to basic engineering for theoil-shale-based oil production plant to be built in Narva, Estonia.As part of the expansion, the Swedish joint venture GreenExergy ABoffers bio-energy technologies for power plants. Offerings for theindustrial water treatment sector include solutions forconcentrators, hydrometallurgical plants, non-ferrous and ferroussmelters and refineries, sulfuric acid plants, alumina plants, closedmines and old tailings ponds.Outotec and Codelco finished testing the TankCell® 300 flotationcells at Chuquicamata, Chile. The results showed a better recoveryand lower energy consumption than the previous solution. Outoteccommissioned a new automated Courier® 6i SL slurry analyzer andsampling system at Australia's largest underground mine. It is one ofthe world's most advanced systems in the field of mineralsprocessing. In January, Outotec launched a new OKTOP® reactor family.While all reactors were previously designed individually, the newOKTOP® reactors are built from modules which are tailored to giveoptimum results.PERSONNELAt the end of the reporting period, Outotec had a total of 2,549employees (June 30, 2008: 2,667). The greatest decline in personnelnumbers was in South America due to fewer temporary employees withthe greatest increase in personnel in North America stemming from theacquisition of Outotec Auburn. For the reporting period, Outotec hadon average 2,569 employees (Q1-Q2/2008: 2,365). The average number ofpersonnel increased by 204 individuals from the comparison periodthrough acquisition, business growth, and active recruitment in 2008.Temporary personnel accounted for about 8% of the total number ofemployees. June 30, June 30,Distribution of personnel by country 2009 2008 change %Finland 909 934 -2.7Germany 400 350 14.3Rest of Europe 240 241 -0.4Americas 643 809 -20.5Australia 199 205 -2.9Rest of the world 158 128 23.4Total 2,549 2,667 -4.4The number of employees has declined by 125, or 5%, since year-end2008. The reductions were mainly related to the temporary employeecontracts in the Americas, Australia, and some parts of Europe. Incontrast, Outotec has continued to increase its personnel in Asia. Atthe end of June 2009, the company had, in addition to the personnelon Outotec's payroll, approximately 350 (March 31, 2009: 520)full-time-equivalent, contracted people working in project execution.The number of contracted workers at any given time changes with theactive project mix and project commissioning, local legislation andregulations, and seasonal fluctuations.In the reporting period, salaries and other employee benefits totaledEUR 80.4 million (Q1-Q2/2008: EUR 76.7 million).APPOINTMENT OF NEW CEOOn June 4, 2009, Outotec's Board of Directors appointed Mr. PerttiKorhonen, 47, M. Sc. (Electronics Eng.), as the new president andChief Executive Officer of Outotec Oyj. Mr. Korhonen will joinOutotec on September 1, 2009, and will begin serving as ChiefOperating Officer on October 1, 2009 and then finally assume the CEOduties on January 1, 2010. Current CEO Tapani Järvinen will retire atthe end of 2009.SHARE-BASED INCENTIVE PROGRAMSOutotec has two share-based incentive programs for the company's keypersonnel: the first, Incentive Program 2007-2008, was announced onMarch 23, 2007, and the second, Incentive Program 2008-2010, wasannounced on March 3, 2008.Share-based incentive program 2007-2008The program began on January 1, 2007, and ended December 31, 2008.The reward compensated to the key personnel was determined by basedon whether the targets set for the development of the company's netprofit and order backlog had been reached. The total reward for thetwo earning periods was EUR 6.5 million, which was paid to 22individuals in the second quarter, with 202,779 shares allocated andEUR 3.4 million paid in cash to cover taxes.Share-based incentive program 2008-2010The incentive program for 2008-2010 comprises three earning periods:calendar years 2008, 2009, and 2010. The Board of Directors determinethe amount of the maximum reward for each individual, the earningcriteria and the targets established for them separately on an annualbasis. The reaching of the targets established for the earningcriteria will determine how great a portion of the maximum rewardwill be paid. For the 2009 and 2010 earning periods, the incentiveprogram involves approximately 60 individuals. The reward is paid inshares and as a cash payment. The reward will not be paid if theindividual's employment ends before the close of the earning period.The individual must also hold the earned shares and remain employedwith the company for at least two years after the close of theearning period.For the earning period 2008, 14,687 shares were allocated to 33individuals and EUR 0.2 million paid in cash to cover taxes. Thoseindividuals, who were included in the initial share-based incentiveprogram 2007-2008, were not included in the 2008 earning period.RESOLUTIONS OF THE 2009 ANNUAL GENERAL MEETINGOutotec Oyj's Annual General Meeting (AGM) was held on March 18,2009, in Helsinki, Finland. The Annual General Meeting approved theparent company and the consolidated financial statements, anddischarged the members of the Board of Directors and the CEO fromliability for the 2008 financial year.DividendThe Annual General Meeting decided that a dividend of EUR 1.00 pershare be paid for the financial that year ended on December 31, 2008.The dividends, totaling EUR 42.0 million, were paid on March 30,2009.The Board of DirectorsThe Annual General Meeting decided on the number of the Boardmembers, including chairman and vice chairman, to be five (5). Mr.Carl-Gustaf Bergström, Mr. Karri Kaitue, Mr. Hannu Linnoinen, Mr.Anssi Soila and Mr. Risto Virrankoski were re-elected as members ofthe Board of Directors for the term expiring at the end of the nextAnnual General Meeting.The Annual General Meeting re-elected Mr. Risto Virrankoski as thechairman of the Board of Directors. In its assembly meeting, theBoard re-elected Mr. Karri Kaitue as the vice chairman of the Boardof Directors. In addition, the Board re-elected Mr. Carl-GustafBergström and Mr. Hannu Linnoinen as members of the Audit Committee,Mr. Linnoinen acting as the chairman of the Audit Committee.The Annual General Meeting also confirmed the remunerations to theBoard members as follows: chairman EUR 5,000 per month and otherBoard members EUR 3,000 per month each, vice chairman and chairman ofthe Audit Committee an additional EUR 1,000 per month each. EachBoard member also EUR 500 for attendance at each Board and Committeemeeting as well as reimbursement for direct costs related to Boardwork.Board's authorizationsThe Annual General Meeting authorized the Board of Directors toresolve the repurchasing of the company's own shares as follows: * The company may repurchase a maximum number of 4,200,000 shares using free equity and deviating from the shareholders' pre-emptive rights to the shares, provided that the number of own shares held by the company will not exceed ten (10) percent of all shares in the company. * The shares are to be repurchased in public trading on the NASDAQ OMX Helsinki at the price established in the trading at the time of acquisition.The authorization shall be valid until the next Annual GeneralMeeting.The Annual General Meeting authorized the Board of Directors toresolve the issuance of shares as follows: * The authorization includes the right to issue new shares, distribute own shares held by the company, and the right to issue special rights referred to in Chapter 10, Section 1 of the Companies Act. This authorization to the Board of Directors does not, however, entitle the Board of Directors to issue share option rights as an incentive to personnel. * The total number of new shares to be issued and own shares held by the company to be distributed under the authorization may not exceed 4,200,000 shares. * The Board of Directors is entitled to decide on the terms of the share issue, such as the grounds for determining the subscription price of the shares and the final subscription price as well as the approval of the subscriptions, the allocation of the issued new shares and the final amount of issued shares.The authorization shall be valid until the next Annual GeneralMeeting. These authorizations have not been exercised as of July 24,2009.AuditorsKPMG Oy Ab, authorized public accountants, has been re-elected as thecompany's auditor, with Mauri Palvi as auditor in charge. The feesfor the auditor are paid according to invoice.The Annual General Meeting decided to amend Section 9 of the Articlesof Association so that notice to convene the General Meeting shall beissued no later than 21 days prior to the General Meeting.SHARES AND SHARE CAPITALOutotec's shares are listed on the NASDAQ OMX Helsinki (OTE1V).Outotec's share capital is EUR 16.8 million, consisting of 42.0million shares. Each share entitles its holder to one vote at thecompany's general shareholder meetings.TRADING, MARKET CAPITALIZATION AND SHAREHOLDERSIn the reporting period, the volume-weighted average price for ashare in the company was EUR 14.16, the highest quotation for a sharewas EUR 19.48 and the lowest EUR 9.30. The trading of Outotec sharesin the reporting period exceeded 57.1 million shares, with a totalvalue of over EUR 810.5 million. On June 30, 2009, Outotec's marketcapitalization was EUR 709.8 million and the last quotation for theshare was EUR 16.90. On June 30, 2009, the company did not hold anytreasury shares for trading purposes. Outotec has an agreement with athird-party service provider concerning administration and hedging ofshare-based incentive program for key personnel. As part of thisagreement, for hedging the underlying cash flow risk, the serviceprovider has purchased a total of 550,000 Outotec shares (in 2008:265,000) that have been funded by Outotec and accounted as treasuryshares in Outotec's consolidated balance sheet. At the end of thereporting period, the amount of these treasury shares was 332,534.On May 6, 2009, Barclays Global Investors UK Holdings Ltd's holdingin shares of Outotec Oyj fell below 5%. Its holding in shares ofOutotec was 2,068,377 shares, which represents 4.92% of the sharecapital and votes in the company. On April 7, 2009, Barclays GlobalInvestors UK Holdings Ltd's holding in shares of Outotec Oyj exceeded5%. Barclays Global Investors UK Holdings Ltd's holding in shares ofOutotec was 2,111,054 shares, which represented 5.02% of the sharecapital and votes in the company. On June 30, 2009, Outotec had15,027 shareholders and shares held in 14 nominee registers accountedfor some 60% of all Outotec shares.EVENTS AFTER THE REPORTING PERIODIn July, Outotec reached an agreement with Eesti Energia for thedesign, delivery and construction of a new oil shale processing plantto be built in Narva, Estonia. The contract is valued atapproximately EUR 110 million. Outotec has already done basicengineering for the same plant, which is scheduled for commissioningin early 2012.Outotec and Eesti Energia entered into a joint venture for thecommercialization of new sustainable oil shale processing technology.Eesti Energia has a 60% stake in the new company with Outotec owningthe remaining 40%. Under the new partnership, the goal is to become asignificant supplier of oil shale technology solutions, benefitingfrom Eesti Energia's experience in oil shale mining and processingand Outotec's expertise in fluidized bed technologies, engineeringand project implementation.SHORT-TERM RISKS AND UNCERTAINTIESOutotec's customers operate primarily in the mining and metalsindustry and in geographical areas which are at different stages ofthe economic cycle. The current economic down-turn may further reducethe demand for Outotec's products and services impacting order intakein 2009. The demand for export credits has increased in the reportingperiod. Possible limitations on the availability of export creditsand financing as well as changes to project scopes and prices in theoffer stages may further lengthen sales negotiations and postpone theeffectiveness of orders. Outotec's gross margin is impacted byproduct mix and license fee income related to certain technologies.Lack of these type of orders reduce the amount of license fee andsubsequently gross margin.Outotec has systematic risk management procedures - Project RiskIdentification and Management (PRIMA) - in place to monitor projects.In conjunction with Outotec's risk assessment for the second quarterin 2009, all unfinished work and projects which use the percentage ofcompletion and completed contract method were monitored and evaluatedand contingencies were updated. Projects whose stage of completionwas close to 100% were evaluated and provisions for performanceguarantees and warranty period guarantees, along with possibleprovisions for project losses, were updated. There were no materialincreases in the total project risk provisions. At the end of thereporting period, Outotec's order backlog included roughly EUR 100million in suspended projects. Based on the latest assessment,further postponements, suspensions and cancellations may still occur.In the second quarter of 2009, there were no material credit lossesrelated to the payments by Outotec's counter-parties. If the economicdownturn continues, these counterparties may be faced with having torenegotiate some payment terms. In addition, there is a risk thatcustomers and suppliers will experience financial difficulties andthat the lack of financing will result in bankruptcies, which canalso result in some losses for Outotec.More than half of Outotec's total cash flow is denominated in euros.The rest is divided among various currencies, including the USdollar, Australian dollar, Brazilian real, Canadian dollar, and SouthAfrican rand. The weight of any given currency in new projects canfluctuate substantially, but most cash-flow-related risks are hedgedin the short and long term. In the short-term, currency fluctuationsmay create volatility in the operating profit. The forecasted andprobable cash flows are hedged selectively and always on the basis ofseparate decisions and risk analysis. The cost of hedging is takeninto account in project pricing.Outotec's business model is based primarily on customer advancepayments and on-demand guarantees issued by Outotec's relationshipbanks. Changes in advance payments received have an impact on theliquidity of Outotec. High exposure to on-demand guarantees may alsoincrease the risk of claims. Cash held by Outotec is invested mainlyin short-term bank deposits and, to a lesser extent, in Finnishcorporate short-term commercial papers. The lower interest ratelevels reduce the interest income generated from these investments.Outotec is involved in a few legal and arbitration proceedings.During the second quarter,Turkey's the Appellate Court of Istanbulhas ruled in the favor of Bagfas in the pending dispute betweenNordea and Bagfas. Nordea was obliged to pay Bagfas the value of thebank guarantee and legal fees up to EUR 4.8 million. According to theprovisions of the facility arrangement between Nordea and Outotec,the latter has paid all costs and expenses incurred by Nordea. Thesettlement between Nordea and Outotec had no significant impact onthe second-quarter results because of provisions previously accrued.The arbitration proceedings between Outotec and Bagfas continue andOutotec has lodged an additional claim to cover the losses incurredin Turkey. Management believes that the outcome of the other pendingproceedings will not have a material effect on Outotec's financialresult.OUTLOOK FOR 2009 REITERATEDThe investments in the mining and metals industry will fall from theprevious year because of the uncertainty in the worldwide economicconditions. There are feasibility studies in progress, which may turninto new orders, but the decision-making process takes time. Manycustomers are evaluating project scopes and prices, but they stillface difficulties in arranging financing packages.The prevailing uncertainty continues to obscure the outlook for themining and metals industry. On the basis of the first half yearresult, existing order backlog, and new order prospects, themanagement expects that in 2009:* Sales will contract by approximately one quarter from 2008 figure,* Gross margin will continue on a healthy level, and* Operating profit margin will be lower than in 2008 because of lower sales volume.Operating profit is dependent on exchange rates, product mix, timingof new orders, and project completions. Operating profit tends toaccrue more toward the year-end.Espoo, on July 24, 2009Outotec OyjBoard of DirectorsFor further information, please contact:Outotec OyjTapani Järvinen, President and CEOtel. +358 20 529211Vesa-Pekka Takala, CFOtel. +358 20 529211, mobile +358 40 5700074Eila Paatela, Vice President - Corporate Communicationstel. +358 20 5292004, mobile +358 400 817198Rita Uotila, Vice President - Investor Relationstel. +358 20 5292003, mobile +358 400 954141Format for e-mail addresses: firstname.lastname(at)outotec.comINTERIM FINANCIAL STATEMENTS (unaudited)Statement of Comprehensive Income Q2 Q2 Q1-Q2 Q1-Q2 Q1-Q4EUR million 2009 2008 2009 2008 2008Sales 237.6 275.5 469.2 501.0 1,217.9Cost of sales -194.1 -219.6 -378.5 -399.1 -956.2Gross profit 43.5 55.9 90.7 101.9 261.7Other income 3.6 0.0 4.2 3.4 0.9Selling and marketing expenses -13.1 -11.0 -26.3 -21.9 -48.0Administrative expenses -13.5 -14.7 -26.7 -27.6 -55.1Research and development expenses -5.8 -5.3 -10.9 -9.9 -20.2Other expenses -0.8 -2.0 -0.8 -2.1 -19.1Operating profit 13.9 22.9 30.2 43.8 120.2Finance income and expenses Interest income and expenses 1.4 3.9 3.2 7.6 16.4 Market price gains and losses -0.7 0.9 0.3 0.4 3.2 Other finance income and -1.1 -0.8 -2.2 -1.9 -3.4expensesNet finance income -0.3 4.0 1.4 6.1 16.1Profit before income taxes 13.6 26.8 31.6 50.0 136.3Income tax expenses -4.3 -8.2 -9.8 -15.0 -42.4Profit for the period 9.3 18.7 21.8 34.9 93.9Other comprehensive income Exchange differences ontranslating foreign 7.5 3.9 11.1 -1.8 -21.7 operations Cash flow hedges 2.5 -1.4 1.4 2.2 -12.6 Income tax relating to cash -0.6 0.4 -0.1 -0.6 3.1flow hedges Available for sale financial -0.0 -0.7 -0.2 -1.9 -2.1assetsOther comprehensive income for 9.4 2.1 12.3 -2.2 -33.3the periodTotal comprehensive income for 18.7 20.8 34.1 32.8 60.6the periodProfit for the periodattributable to:Equity holders of the parent 9.3 18.7 21.8 35.0 94.0companyMinority interest - - - -0.0 -0.0Total comprehensive income forthe period attributable to:Equity holders of the parent 18.7 20.8 34.1 32.8 60.6companyMinority interest - - - -0.0 -0.0Earnings per share for profit attributable to the equityholders of the parent company:Basic earnings per share, EUR 0.22 0.44 0.53 0.83 2.25Diluted earnings per share, EUR 0.22 0.44 0.53 0.83 2.25All figures in the tables have been rounded and consequently the sumof individual figures may deviate from the sum presented. Key figureshave been calculated using exact figures.Condensed Statement of Financial June 30, June 30, December 31,PositionEUR million 2009 2008 2008ASSETSNon-current assetsIntangible assets 82.9 74.3 81.4Property, plant and equipment 32.1 25.1 29.5Non-current financial assetsInterest-bearing 0.4 1.7 0.5Non interest-bearing 23.3 15.2 21.3Total non-current assets 138.7 116.3 132.7Current assetsInventories *) 102.2 93.9 87.7Current financial assets Interest-bearing 0.5 0.7 0.4 Non interest-bearing 269.8 225.9 323.2Cash and cash equivalents 281.6 358.0 317.8Total current assets 654.2 678.4 729.1TOTAL ASSETS 792.9 794.7 861.8EQUITY AND LIABILITIESEquityEquity attributable to the equity 219.0 198.7 226.4holders of the parent companyTotal equity 219.0 198.7 226.4Non-current liabilitiesInterest-bearing 2.3 1.2 2.6Non interest-bearing 72.3 67.6 74.3Total non-current liabilities 74.6 68.7 76.9Current liabilitiesInterest-bearing 1.9 0.7 1.5Non interest-bearing Advances received **) 248.3 298.1 214.0 Other non interest-bearing 248.9 228.5 343.0liabilitesTotal current liabilities 499.2 527.3 558.4Total liabilities 573.8 596.0 635.4TOTAL EQUITY AND LIABILITIES 792.9 794.7 861.8*) Of which advances paid for inventories amounted to EUR 25.3million at June 30, 2009 (June 30, 2008: EUR 16.7 million and atDecember 31, 2008: EUR 16.4 million).**) Gross advances received before percentage of completion revenuerecognition amounted to EUR 1,070.0 million at June 30, 2009 (June30, 2008: EUR 907.8 million and at December 31, 2008: EUR 909.3million).Condensed Statement of cash flows Q1-Q2 Q1-Q2 Q1-Q4EUR million 2009 2008 2008Cash flows from operating activitiesProfit for the period 21.8 34.9 93.9Adjustments for Depreciation and amortization 5.8 5.9 11.0 Other adjustments 10.9 9.6 13.5Increase (-) / decrease (+) in working capital -16.3 86.7 7.9Interest received 3.7 7.7 17.2Interest paid -0.4 -0.1 -0.4Income tax paid -13.0 -20.4 -36.6Net cash from operating activities 12.6 124.2 106.6Purchases of assets -9.0 -6.4 -15.2Acquisition of subsidiaries, net of cash -2.8 - -7.6Proceeds from sale of assets 0.4 0.1 0.7Change in other investing activities -0.0 - -Net cash used in investing activities -11.5 -6.4 -22.1Cash flow before financing activities 1.1 117.9 84.5Borrowings (+) / repayments (-) of non-current debt -0.1 -0.2 0.2Increase in current debt 0.7 - 1.1Purchase of treasury shares -3.3 -9.3 -9.4Dividends paid -42.0 -39.9 -39.9Change in other financing activities 0.1 0.1 0.8Net cash used in financing activities -44.6 -49.3 -47.3Net change in cash and cash equivalents -43.5 68.6 37.3Cash and cash equivalents at the beginning of the 317.8 291.0 291.0periodForeign exchange rate effect on cash and cash 7.4 -1.6 -10.5equivalentsNet change in cash and cash equivalents -43.5 68.6 37.3Cash and cash equivalents at the end of the period 281.6 358.0 317.8+--------------------------------+| Statement of changes in equity |+--------------------------------+A = Share capitalB = Share premium fundC = Other reservesD = Fair value reservesE = Treasury sharesF = Cumulative translation differencesG = Retained earningsH = Minority interestI = Total equity Attributable to the equity holders of the parent companyEUR million A B C D E F G H IEquity at January 16.8 20.2 0.2 7.9 - 5.7 164.0 0.1 214.81, 2008Dividends paid - - - - - - -39.9 - -39.9Purchase of - - - - -9.3 - - - -9.3treasury shares *)Share-basedpayments: value of - - - - - - 0.1 - 0.1received servicesAcquisition of - - - - - - - -0.0 -0.0minority interestTotal comprehensiveincome for the - - - -0.4 - -1.8 35,0 -0.0 32.8periodOther changes - - - - - - 0.2 - 0.2Equity at June 30, 16.8 20.2 0.2 7.5 -9.3 3.9 159.4 - 198.72008Equity at January 16.8 20.2 0.1 -3.7 -9.4 -16.0 218.5 - 226.41, 2009Dividends paid - - - - - - -42.0 - -42.0Purchase of - - - - -3.3 - - - -3.3treasury shares *)Treasury sharesissued to key - - - - 8.1 - -4.8 - 3.3employeesShare-basedpayments: value of - - - - - - -0.1 - -0.1received servicesTotal comprehensiveincome for the - - - 1.1 - 11.1 21.8 - 34.1periodOther changes - - - - - - 0.6 - 0.6Equity at June 30, 16.8 20.2 0.1 -2.6 -4.6 -4.9 193.9 - 219.02009*) Outotec has an agreement with a third-party service providerconcerning administration and hedging of share-based incentiveprogram for key personnel. As part of this agreement, for hedging theunderlying cash flow risk, the service provider has purchased 285,000Outotec shares during year 2009 (2008: 265,000) that have been fundedby Outotec and accounted as treasury shares in Outotec's consolidatedbalance sheet.Key figures Q2 Q2 Q1-Q2 Q1-Q2 Last 12 Q1-Q4 2009 2008 2009 2008 months 2008Sales, EUR million 237.6 275.5 469.2 501.0 1 186.1 1 217.9Gross margin, % 18.3 20.3 19.3 20.3 21.1 21.5Operating profit, EUR 13.9 22.9 30.2 43.8 106.6 120.2millionOperating profit 5.9 8.3 6.4 8.7 9.0 9.9margin, %Profit before taxes, 13.6 26.8 31.6 50.0 117.9 136.3EUR millionProfit before taxes in 5.7 9.7 6.7 10.0 9.9 11.2relation to sales, %Net cash from operating 23.4 83.6 12.6 124.2 -5.0 106.6activities, EUR millionNet interest-bearingdebt at the end of -278.3 -358.5 -278.3 -358.5 -278.3 -314.6period, EUR millionGearing at the end of -127.1 -180.4 -127.1 -180.4 -127.1 -139.0period, %Equity-to-assets ratio 40.2 40.0 40.2 40.0 40.2 35.0at the end of period, %Working capital at the -150.7 -240.3 -150.7 -240.3 -150.7 -171.2end of period, EURmillionCapital expenditure, 4.5 3.0 9.2 6.3 26.8 23.9EUR millionCapital expenditure in 1.9 1.1 2.0 1.3 2.3 2.0relation to sales, %Return on investment, % 30.8 60.0 30.9 50.1 56.8 61.6Return on equity, % 17.9 39.6 19.6 33.8 38.7 42.6Order backlog at the 966.6 1 548.4 966.6 1,548.4 966.6 1,176.7end of period, EURmillionOrder intake, EUR 105.8 475.4 245.1 774.2 624.7 1,153.8millionPersonnel, average for 2,540 2,545 2,569 2,365 2,585 2,483the periodProfit for the period 3.9 6.8 4.7 7.0 6.8 7.7in relation to sales, %Research and 5.8 5.3 10.9 9.9 21.2 20.2development expenses,EUR millionResearch anddevelopment expenses in 2.4 1.9 2.3 2.0 1.8 1.7relation to sales, %Earnings per share, EUR 0.22 0.44 0.53 0.83 1.94 2.25Equity per share, EUR 5.26 4.73 5.26 4.73 5.26 5.43Dividend per share, EUR - - - - 1.00 1.00NOTES TO THE INCOME STATEMENT AND BALANCE SHEETThese interim financial statements are prepared in accordance withIAS 34 Interim Financial Reporting. The same accounting policies andmethods have been applied to these interim financial statements as inthe recent annual financial statements. These interim financialstatements are unaudited.Adoption of new interpretationsOutotec has applied the following revised standards from beginning of2009:* IAS 1 Presentation of financial statements. The revised standard aims to separate the transactions in equity to transactions with owners and other changes in equity. The changes have impact on presentation of interim and financial statements.* IFRS 8 Operating segments. The aim of the new standard is for the entity to adopt a management approach in reporting the financial performance of each segment. The application of the new standard has not changed Outotec's operating segments since the company had been reporting the same segments as in management reporting. The new standard's main impact will be on the disclosure information.Outotec has also applied the following revised standards andinterpretation from beginning 2009, which do not impact on theGroup's interim financial statements or financial statements.* IFRS 2 Share-based Payment - Vesting Conditions and Cancellations (effective date January 1, 2009).* IAS 23 Borrowing costs (effective date January 1, 2009).* IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements - Puttable Financial Instruments and Obligations Arising on Liquidation (effective date January 1, 2009).* IFRIC 16 Hedges of a Net Investment in a Foreign Operation (effective date October 1, 2008).Outotec will estimate the impact of the following standards and willapply the new standards from the financial period beginning January1, 2010 onwards:* IFRS 3 Business combinations (effective date for annual periods beginning on or after July 1, 2009).* IAS 27 Consolidated and separate financial statements (effective date for annual periods beginning on or after July, 1 2009).* IAS 39 Financial instruments: Recognition and Measurement (effective date for annual periods beginning on or after July, 1 2009). The amended standard has not yet been approved to be applied in the EU.Use of estimatesIFRS requires management to make estimates and assumptions thataffect the reported amounts of assets and liabilities as well as thedisclosure of contingent assets and liabilities at the date of thefinancial statements, and the reported amounts of income and expensesduring the reporting period. Accounting estimates are employed in thefinancial statements to determine reported amounts, including therealizability of certain assets, the useful lives of tangible andintangible assets, income taxes, provisions, pension obligations,impairment of goodwill. These estimates are based on management'sbest knowledge of current events and actions; however, it is possiblethat the actual results may differ from the estimates used in theinterim financial statements.Major non-recurring items in operating Q1-Q2 Q1-Q2 Q1-Q4profitEUR million 2009 2008 2008Loss on sale of Intune Circuits Ltd. - -1.0 -1.1Arbitration settlement 2.5 - -8.5Income tax expenses Q1-Q2 Q1-Q2 Q1-Q4EUR million 2009 2008 2008Current taxes -9.0 -8.5 -37.4Deferred taxes -0.8 -6.6 -5.0Total income tax expenses -9.8 -15.0 -42.4Property, plant and equipment June 30, June 30, December 31,EUR million 2009 2008 2008Historical cost at the beginning of 87.6 81.3 81.3the periodTranslation differences 1.9 -1.0 -3.3Additions 5.3 4.7 10.7Disposals -0.6 -0.8 -3.3Acquired subsidiaries - - 2.1Reclassifications 0.0 -0.1 0.0Historical cost at the end of the 94.3 84.1 87.6periodAccumulated depreciation andimpairment at the beginning of the -58.1 -56.7 -56.7periodTranslation differences -1.0 0.6 2.0Disposals 0.2 0.7 3.1Reclassifications 0.0 -0.0 0.0Depreciation during the period -3.3 -3.6 -6.4Accumulated depreciation andimpairment at the end of the period -62.2 -59.0 -58.1Carrying value at the end of the 32.1 25.1 29.5periodCommitments and contingent liabilities June 30, June 30, December 31,EUR million 2009 2008 2008Pledges 1.8 1.6 3.0Guarantees for commercial commitments 192.7 178.1 166.5Minimum future lease payments on 66.1 43.2 68.7operating leasesThe pledges are used to secure local credit facilities of the Group'sCanadian subsidiaries.The above value of commercial guarantees does not include advancepayment guarantees issued by the parent or other group companies. Thetotal amount of guarantees for financing issued by group companiesamounted to EUR 4.9 million at June 30, 2009 (June 30, 2008: EUR 4.3million and at December 31, 2008: EUR 8.5 million) and for commercialguarantees including advance payment quarantees EUR 328.2 million atJune 30, 2009 (June 30, 2008: EUR 415.6 million and at December 31,2008: EUR 353.8 million).Derivative instrumentsCurrency forwards June 30, June 30, December 31,EUR million 2009 2008 2008Fair values, net -6.0*) 17.5**) -12.7***)Nominal values 345.5 382.1 378.3*) of which EUR -2.8 million designated as cash flow hedges.**) of which EUR 13.6 million designated as cash flow hedges.***) of which EUR -5.1 million designated as cash flow hedges.+------------------------------+| Related party transactions ||------------------------------|| ||------------------------------|| Balances with key management |+------------------------------+At June 30, 2009, there was no outstanding loan payble to thePresident of Auburn Group (December 31, 2008: EUR 2.2 million). Thepayable was related to payment terms of Auburn Group acquisition. Thefinal loan payable was paid to the President of Auburn Groupaccording to acquisition contract during the second quarter of2009.Transactions and balances with associated companies Q1-Q2 Q1-Q2 Q1-Q4EUR million 2009 2008 2008Trade and other receivables - 0.1 -+-----------------------------+| Business Combinations ||-----------------------------|| Acquisition of Auburn Group |+-----------------------------+Outotec acquired Auburn Group, on October 10, 2008. The companyprovides maintenance and technical services for the mining and metalsindustries mainly in Canada and Chile.In 2008, the sales of Auburn Group was approximately EUR 20.0 million(CAD 31.2 million) and the operating profit approximately EUR 0.1million. The sales of the acquired Auburn Group for October 10, 2008- December 31, 2008 totaled EUR 3.0 million and the operating profitEUR -0.2 million. Outotec Auburn is reported in Other Businessessegment.The acquisition price was EUR 10.3 million (CAD 15.8 million). Thetotal acquision cost EUR 10.8 million includes also acquisitionrelated costs of EUR 0.5 million. Fair values Carrying amountsEUR million recorded on prior to acquisition acquisitionTrademarks and patents (included in 0.7 -intangible assets)Customer contract and customer 0.6 -relationships (included in intangibleassets)Property, plant and equipment 2.3 2.3Inventories 0.6 0.6Trade and other receivables 3.9 3.9Cash and cash equivalents 0.4 0.4Total assets 8.5 7.2Interest-bearing liabilities 0.9 0.9Deferred tax liabilities 0.4 -Trade and other payables 3.4 3.4Total liabilities 4.7 4.2Net assets 3.8 3.0Acquisition cost 10.8Goodwill 7.0Acquisition cost, paid 10.8Cash and cash equivalents in 0.4subsidiaries acquiredCash outflow on acquisition 10.4Effect of Auburn Group acquisition on Outotec Group's sales andoperating profit in 2008Outotec's sales for January 1, 2008 - December 31, 2008 would havebeen EUR 1,234.9 million and operating profit EUR 120.5 million ifthe acquisition carried out during the period had been completed onJanuary 1, 2008.Segments' sales and operating profit by quartersEUR million Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09SalesMinerals 64.6 72.7 110.5 60.1 92.7 122.0 144.8 84.5 91.1ProcessingBase Metals 64.5 64.1 85.6 60.1 72.0 76.9 86.4 44.8 29.6Metals 100.9 113.0 120.8 104.6 109.2 116.9 163.9 97.2 103.4ProcessingOther 8.9 11.1 11.1 9.1 16.7 11.4 18.8 18.3 20.0BusinessesUnallocateditems *) and -11.7 -15.0 -12.5 -8.3 -15.0 -9.2 -15.1 -13.2 -6.5intra-groupsalesTotal 227.1 245.9 315.5 225.6 275.5 318.1 398.8 231.6 237.6OperatingprofitMinerals 3.3 3.6 16.3 4.1 3.2 3.1 12.1 6.1 7.9ProcessingBase Metals 13.2 12.1 9.3 6.3 11.9 13.3 17.2 4.3 -0.4Metals 10.5 11.5 11.5 12.3 11.8 14.9 22.1 8.9 9.3ProcessingOther 0.6 1.3 0.3 0.4 1.2 1.7 0.7 -0.4 -0.1BusinessesUnallocated andintra-group -4.1 -2.5 -4.4 -2.2 -5.1 -4.1 -4.6 -2.7 -2.7items **)Total 23.4 26.0 33.0 21.0 22.9 28.9 47.5 16.3 13.9*) Unallocated items primarily include invoicing of internalmanagement and administrative services.**) Unallocated items primarily include internal management andadministrative services and share of the result of associatedcompanies.Definitions for key financial figuresNet interest-bearing debt = Interest-bearing debt - interest-bearing assetsGearing = Net interest-bearing debt ÿ 100 Total equityEquity-to-assets ratio = Total equity ÿ 100 Total assets - advances receivedReturn on investment = Operating profit + finance ÿ 100 income Total assets - non interest-bearing debt (average for the period)Return on equity = Profit for the period ÿ 100 Total equity (average for the period)Research and development = Research and development expensesexpenses in the income statement (including expenses covered by grants received)Earnings per share = Profit for the period attributable to the equity holders of the parent company Average number of shares during the period, as adjusted for stock splitDividend per share = Dividend for the financial year Number of shares at the end of the period, as adjusted for stock splitINTERIM REPORT JANUARY-JUNE 2009 BRIEFINGA briefing, at which CEO Tapani Järvinen and CFO Vesa-Pekka Takalawill present the interim report January-June 2009, will be held inHelsinki, Finland.BRIEFINGDate: Friday, July 24, 2009Time: 2:00-3:00pm (EEST)Venue: Hotel Kämp, Akseli Gallen-Kallela meeting room,Pohjoisesplanadi 29, HelsinkiJOINING VIA WEBCASTYou may follow the briefing via a live webcast at www.outotec.com.Please, click in and register approximately 5 to 10 minutes beforethe briefing. The webcast will also be recorded and published onOutotec's website for on demand viewing.JOINING VIA TELECONFERENCEYou may also join the briefing by telephone. To register as aparticipant for the teleconference and Q&A session, please dial in 5to 10 minutes before the beginning of the event:FI/UK: +44 20 7162 0025US/CANADA: +1 877 491 0064Password: OutotecIn addition, an instant replay service of the conference call will beavailable until July 29, 2009 midnight on the following numbers:UK: +44 20 7031 4064US: 1 954 334 0342Access code: 840286The contact information is gathered for registration purposes onlyand it is not used for commercial purposes.FINANCIAL REPORTING SCHEDULE FOR 2009Outotec will publish the following financial reports in 2009:Interim Report for January-September 2009 on October 23DISTRIBUTIONNASDAQ OMX Helsinki LtdMain mediawww.outotec.comhttp://hugin.info/137025/R/1330730/314659.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 24.07.2009 - 08:01 Uhr
Sprache: Deutsch
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