Outokumpu Oyj - restatement of financial information of the Group's discontinued operations
(Thomson Reuters ONE) -
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
ENG Discontinued operations 16122010:
http://hugin.info/3010/R/1473215/409574.pdf
ENG Restatement tables:
http://hugin.info/3010/R/1473215/409575.xlsx
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Outokumpu Oyj via Thomson Reuters ONE
[HUG#1473215]
Unternehmensinformation / Kurzprofil:
Datum: 16.12.2010 - 13:02 Uhr
Sprache: Deutsch
News-ID 49782
Anzahl Zeichen: 11858
contact information:
Town:
Espoo
Kategorie:
Business News
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