TIETO's interim report 3/2009 (January-September) - Streamlining
actions improve profitability from
(Thomson Reuters ONE) - Tieto Corporation Interim Report 21 October 2009, 8.00 am EETTo download the PDF file, please use this link:http://hugin.info/3114/R/1348818/324781.pdfJuly-September highlights * Net sales totalled EUR 382.9 (425.3) million, down 10%. In local currencies, net sales declined by 6%. * Operating profit amounted to EUR 26.3 (33.8) million, representing an operating margin of 6.9% (8.0). * Operating profit excluding one-off items amounted to EUR 30.1 (36.7) million, 7.9% (8.6) of net sales. * Profit after taxes was EUR 18.4 (23.7) million. * Net cash flow from operations amounted to EUR 32.2 (-5.7) million. * Financial Services has started to recover, whereas Telecom continued to suffer from weak demand. * All country segments - Finland, Sweden and International - were profitable. * Tieto's net sales and profitability outlook for the full year remains unchanged.January-September highlights * Net sales totalled EUR 1 265.7 (1 373.7) million, down 8%. In local currencies, net sales declined by 4%. * Operating profit amounted to EUR 41.6 (88.0) million, representing an operating margin of 3.3% (6.4). * Operating profit, excluding one-off items, amounted to EUR 69.5 (107.5) million, 5.5% (7.8) of net sales. * Profit after taxes was EUR 29.4 (58.7) million. * Net cash flow from operations amounted to EUR 62.1 (112.8) million. Q3/2009 Q3/2008 Jan-Sep/ Jan-Sep/ 2009 2008Net sales, EUR million 382.9 425.3 1 265.7 1 373.7Change in net sales, % -10 5 -8 7Operating profit, EUR million 26.3 33.8 41.6 88.0Operating margin, % 6.9 8.0 3.3 6.4Operating profit excl. one-off 30.1 36.7 69.5 107.5items, EUR millionOperating margin excl. one-off 7.9 8.6 5.5 7.8items, %Profit after taxes, EUR million 18.4 23.7 29.4 58.7Net cash flow from operations, EUR 32.2 -5.7 62.1 112.8millionEPS, EUR 0.25 0.33 0.40 0.81Hannu Syrjälä, President and CEO:"General market conditions remained unchanged. Tieto's net sales weredown by 10%, but even with lower sales we were able to deliver amargin of close to 7%. All country segments - Finland, Sweden andInternational - were profitable.The current year has been characterized by restructuring activitiesin Tieto. These actions were started last spring and are now payingoff. During the past nine months, we have lowered our cost base inline with our plans. Most of the planned streamlining actions havebeen completed; work to increase the offshoring ratio continues.Our outsourcing pipeline is strong, but it will take some time beforewe can turn these prospects into signed deals. Customers continue tobe very cautious with their IT investments and are focusing primarilyon cost savings. Tieto is well positioned in its main markets, andwith our new operating structure, innovative offerings andcustomer-centric services that aim to boost productivity andefficiency, we can support our clients through the downturn and intogrowth."MARKET DEVELOPMENTPolarization of the IT services market continued during the quarter.On the one hand, the market for new, large-scale IT projects hascontinued to decline and new investments are being postponed, unlessthey offer clear short-term productivity benefits. On the other, theoutsourcing market is active and the size of new potential cases hasgrown. Companies' efforts to achieve cost savings and improveproductivity by rationalizing their operations are opening up newbusiness opportunities.In 2009, the IT services market relevant to Tieto is expected todecline, but less than what had been predicted earlier, due to thebalancing effect of outsourcing business. Close to 60% of Tieto'sbusiness is related to application and ICT infrastructure managementas well as maintenance, which are more resilient to the impacts of aneconomic downturn.Asian competitors have been present in the Nordic countries for sometime, especially in the telecom sector. This year they have enteredother sectors as well, compelling European IT companies to accelerateoffshore production. Adequate offshore capability has become anincreasingly vital competitive factor. Price pressure remained hardduring the quarter.Demand for IT services continued at a good level in the public,healthcare and welfare sectors. In the finance sector, the Finnishand Swedish markets are stable, but competition is fierce. In the UK,the finance sector is weak with no signs of increasing activity in ITinvestments.In the telecom sector, demand remained weak in the third quarter.Customers have implemented aggressive cost savings and supplierconsolidation programmes. Demand for offshore production hasincreased and customers are shifting their core operations anddecision-making to Asia, especially China and India. As early signsof stabilization are now visible, Tieto expects the telecom market tobottom out by the end of 2009.Market development by countryIn Finland, the outsourcing market continues to grow. Additionally,customers are in the market to buy enhancements to existingapplications. However, demand for new IT projects and consultancy hasremained weak. The telecom sector and the Finnish exports sector,especially the metal and forest industries, face the greatestchallenges. IT budgets in the public sector have not been affected sofar.In Sweden, demand has remained weak in the telecom sector, althoughthere are early signs of a stabilizing market. Due to generalcautiousness, the trend is that only few new development projects arestarted. On the other hand, new outsourcing-related opportunitieshave opened up, especially in the finance and public sectors.Outside Finland and Sweden, the recession has affected the IT marketsnegatively, but impacts vary country by country. In general, telecomis the most affected sector.In Germany, the automotive sector has been hit the hardest and is nowgoing through a heavy transformation process. Additionally, themarket for local telecom R&D has deteriorated during the quarter.Therefore, demand for IT services in these sectors has been weak.Energy and healthcare markets are active.In Norway, the local IT market has slackened despite the fact thatthe economy has been hit less hard than other European markets. Theglobal oil & gas market is currently at a reasonable level, but isslowing down. Regulatory changes in the finance sector create newopportunities for capital market solutions.BUSINESS TRANSACTIONS AND MAJOR AGREEMENTS IN JANUARY-SEPTEMBERIn June, the company divested its holding in TietoSaab Systems Oy,previously owned by Tieto (60%) and Saab (40%). In 2008, net sales ofTietoSaab Systems amounted to EUR 9.3 million. Tieto booked EUR 4.9million in capital gains from the divestment in the second quarter.In June, Tieto agreed on the acquisition of 20% of the shares in TKPTieto Oy and as of 1 July owns the entire share capital of thecompany. TKP Tieto was a joint venture, owned by Tieto (80%) andFinnish pension insurance institutions (20%). In 2008, net sales ofTKP Tieto amounted to around EUR 32 million and the number ofpersonnel totalled 211.Tieto also concluded several important agreements during thenine-month period, such as for application management services withElisa and IT infrastructure services with Itella.STREAMLINING ACTIONSTo adjust its operations to the current declining market, Tietostarted streamlining actions during the first quarter of 2009. Thecompany's target is to achieve annualized cost-savings amounting toEUR 100 million, of which approximately EUR 70 million is expected tomaterialize in 2009.Resulting from the cost savings programmes and currency effects, thecost base, exclusive of non-recurring items, was down by EUR 62million in the nine-month period. Close to half of the decline wasattributable to currency effects. Within the remaining half, declinein personnel costs accounts for around 60% of the savings. Thestreamlining measures also include accelerated growth in offshoreresources, consolidation of offices and cutting business expensesthroughout the Group.During the nine-month period, Tieto has booked a total of EUR 46.0million in restructuring costs, of which close to EUR 4 million werebooked in the third quarter. The nine-month figure includes EUR 16.4million in costs related to the Performance Improvement Programme. Inthe fourth quarter, the company expects to book approximately EUR 5million in one-off costs. All costs have a cash flow effectmaterializing mainly in the third and fourth quarter.FINANCIAL PERFORMANCE IN JULY-SEPTEMBERThird-quarter net sales declined by 10% and amounted to EUR 382.9(425.3) million. The weakened currencies, especially the Swedishkrona (SEK), had a negative impact on net sales in euros. In localcurrencies, net sales declined by 6%. Net sales dropped in allcustomer industries. Outsourcing activity remained at a high level,but the market for new projects has not picked up. The mostchallenging sectors were the telecom and manufacturing industries,while development was more stable in the service sectors, i.e.healthcare and welfare, public and retail sectors. The development inthe finance sector is stabilizing and turning to a positivedirection.Third-quarter operating profit amounted to EUR 26.3 (33.8) million,representing a margin of 6.9% (8.0). Operating profit included a netamount of EUR 3.8 million (negative) in one-off items mainly relatedto streamlining actions. The net amount comprises EUR 4.5 million inone-off costs in Sweden and EUR 0.7 million (positive) mainly relatedto reduction of provisions. Operating profit excluding one-off itemsamounted to EUR 30.1 (36.7) million, representing a margin of 7.9%(8.6). Financial Services started to recover, whereas Telecomcontinues to suffer from weak demand.All country segments delivered a positive operating margin. Thenumber of employees was down during the quarter, resulting in adecrease in personnel costs and a higher utilization rate. After anunsatisfactory first half, profitability improved due to the decreasein personnel costs coupled with lower business expenses andsubcontracting costs.Net financial expenses stood at EUR 0.9 (-3.5) million positive inthe third quarter. Net interest expenses were EUR 1.9 (2.3) millionand net gains from foreign exchange transactions EUR 2.8 (negative2.2) million. Other financial income and expenses amounted to EUR 0.0(positive 1.0) million.Third-quarter earnings per share (EPS) totalled EUR 0.25 (0.33).The 12-month rolling return on capital employed (ROCE) was 18.6% andthe return on shareholders' equity (ROE) 6.3%.The order backlog, which only comprises services ordered with bindingcontracts, amounted to EUR 1 145 (1 141) million at the end of theperiod. In total, 29% (26) of the backlog is expected to be invoicedthis year.Financial performance by country Net sales EBIT EBIT in Net sales margin margin Q3/2009, in in in EUR Q3/2008, Change, Q3/2009, Q3/2008, million EUR million % % %Finland 199 199 0 14.6 12.9Sweden 103 123 -16 4.7 11.5International 130 140 -8 0.5 3.7Group - 48 - 37eliminationTotal 383 425 -10 6.9 8.0In Finland, net sales remained flat. The market for new outsourcingcases was strong and Tieto concluded several new small and mid-sizeddeals and agreement renewals, such as those with Kesko and the LocalGovernment Pensions Institution, closing the revenue gap caused byending contracts. Due to the savings programmes, personnel costs aswell as business expenses were down and profitability improved in thethird quarter. Operating profit amounted to EUR 29.0 (25.7) million.In Sweden, net sales declined by 16%. In local currency, the declinewas 10%. Excluding the currency impact, the drop in sales was mainlyattributable to the weak development in the telecom sector. Telecomaccounts for close to 40% of Tieto's net sales in Sweden. Operatingprofit declined to EUR 4.8 (14.1) million, due to lower net sales andEUR 4.5 million in one-off cost related to actions to further improvecost structure. Due to streamlining actions profitability improvedcompared with the first two quarters of 2009. The operating profit,however, includes a positive non-recurring internal adjustment ofapproximately EUR 2 million.In International, net sales declined by 8%, reflecting lower demand.Two percentage points of the decline were attributable to changes inexchange rates. The telecom sector in Denmark and the finance sectorin the UK were the most challenging areas. Third-quarter operatingprofit declined to EUR 0.7 (5.2) million, mainly due to lower netsales. Streamlining actions, especially those in the UK, havebalanced out the negative development and turned International backinto the black, but profitability still remained at a very low level.Net sales by customer sector Net sales in Net sales in Q3/2009, Q3/2008, EUR million EUR million Change, %Telecom 132 147 -10Finance 87 92 -6Industry sectors 165 186 -12Total 383 425 -10In the telecom sector, Tieto's net sales fell by 10%. Majority of thedrop in net sales is attributable to lower order volumes.Additionally, weaker currencies had a major impact on net sales.Competition in the telecom market has become even more aggressiveemphasizing the importance of offshore capabilities. As Tieto has notbeen able to adjust its Telecom operations fast enough to respond tothe market changes, profitability was at an unsatisfactory level inthe third quarter.In the finance sector, net sales fell by 6%. Exchange rate changesaccount for more than half of the drop. Business has been stable inFinland but in Sweden, the market is more competitive. Net sales inthe UK have continued to decline. Products for Capital Marketscomprised the strongest area, partly due to regulatory changes. Dueto the good utilization rate and streamlining actions, operatingprofit and margin improved significantly from both the correspondingquarter in 2008 and the first half of 2009.In the industry sectors, net sales declined by 12%, or by 6% in localcurrencies. Manufacturing and forest were the weakest areas duringthe quarter. Profitability in the industry sectors was at a healthylevel. In Tieto's reporting, the industry sectors cover customers inhealthcare and welfare, forest, energy, manufacturing, automotive,public, retail and logistics.FINANCIAL PERFORMANCE IN JANUARY-SEPTEMBERNet sales declined by 8% and amounted to EUR 1 265.7 (1 373.7)million. The weakened currencies had a negative impact on net salesin euros. In local currencies, net sales declined by 4%. The telecomsector in Denmark and the finance sector in the UK were the mostchallenging areas.Operating profit amounted to EUR 41.6 (88.0) million including a netamount of EUR 46.0 million in one-off items that were related to therestructuring actions during 2009 and EUR 18.1 million in one-offincome. One-off income includes EUR 4.9 million in capital gain fromthe TietoSaab divestment in Finland and a positive change of EUR 13.2million in revenue recognition estimate in Tieto International.Operating profit excluding one-off items amounted to EUR 69.5 (107.5)million, representing a margin of 5.5% (7.8).Financial performance by country EBIT EBIT margin margin Net sales in Net sales in in in Jan-Sep/2009, Jan-Sep/2008, Change, Jan-Sep/ Jan-Sep/ EUR million EUR million % 2009, % 2008, %Finland 655 661 -1 11.6 13.0Sweden 337 407 -17 -3.1 7.7International 414 420 -1 -2.4 1.1Group - 141 - 115eliminationTotal 1 266 1 374 -8 3.3 6.4Net sales by customer sector Net sales in Net sales in Jan-Sep /2009, Jan-Sep/2008, EUR million EUR million Change, %Telecom 434 486 -11Finance 270 298 -10Industry sectors 563 590 -5Total 1 266 1 374 -8Net financial expenses stood at EUR 3.5 (12.2) million in thenine-month period. Net interest expenses were EUR 5.4 (6.8) millionand net gains from foreign exchange transactions EUR 2.3 (losses 4.5)million, of which EUR 3.5 million were unrealized net losses. Otherfinancial income and expenses amounted to EUR 0.4 (0.9) million.Nine-month earnings per share (EPS) totalled EUR 0.45 (0.81).Cash flow and financingThird-quarter net cash flow from operations, including the increaseof EUR 22.8 (increase 46.5) million in net working capital, amountedto EUR 32.2 (-5.7) million. The increase in net working capitalwas mainly caused by the decrease in accruals for restructuring costsand vacation pay.Nine-month net cash flow from operations declined to EUR 62.1 (112.8)million, reflecting negative cash flow in the second quarter. Netcash flow from operations includes the increase of EUR 20.5 (5.3)million in net working capital.Tax payments amounted to EUR 10.9 (16.3) million in the nine-monthperiod.Acquisitions totalled EUR 2.1 (6.6) million in the nine-month period.The equity ratio was 43.2% (42.0). Gearing was 24.2% (34.3).Interest-bearing net debt totalled EUR 118.9 (169.7) million,including EUR 224.0 million in interest-bearing debt, EUR 10.6million in finance lease liabilities, EUR 10.1 million in financelease receivables and EUR 105.6 million in cash and cash equivalents.The interest-bearing long-term debt consists of EUR 150 million inbonds, of which EUR 100 million will mature in December 2013 and EUR50 million (private placement) in July 2012. Short-terminterest-bearing loans of EUR 74.0 million include EUR 55.0 milliondrawn from the EUR 250 million syndicated revolving credit facilitymaturing in November 2011, EUR 18.7 million in commercial papersissued under the EUR 250 million Commercial Paper Programme and EUR0.3 million usage of other short-term credit lines.InvestmentsInvestments totalled EUR 43.2 (85.1) million for the nine-monthperiod. Capital expenditure, including financial leasing, accountedfor EUR 41.7 (70.4) million and investments in subsidiary andassociated company shares for EUR 1.5 (14.5) million.PERSONNELDuring spring 2009, Tieto started personnel negotiations to decreasethe number of employees throughout the Group. As a result of thecompleted personnel negotiations, approximately 700 employees havebeen given notice by the end of September.The number of full-time employees amounted to 16 215 (16 392) at theend of September. From the beginning of 2009, the total headcountdecreased by 643 in onshore countries, and increased by 330 inoffshore sites. Out of the total net change, acquisitions,divestments and new outsourcing contracts added a total of 67employees to the headcount. Year on year, the number of employees inthe global delivery centres had increased by 17% and amounted toabout 4 620 (3 950), or 27% (23) of the total headcount at the end ofSeptember. Global operations have grown fast, especially in India andChina.The 12-month rolling employee turnover stood at 7.0% at the end ofSeptember. The average number of full-time employees was 16 577 (16355) in the nine-month period.SHARES AND SHARE-BASED INCENTIVESOn 26 March, the Board of Directors decided to convey a total of74 260 existing shares held by the company, for free, to the keypersonnel participating in Tieto's Share Ownership Plan 2006-2008, asa proportion of the reward to be paid as shares on the basis of theearning period 2008. The conveyance took place at the end of April.During the second quarter, Tieto completed the share repurchaseprogramme of 252 610 shares. The share repurchases relate to thecompany's incentive programme for key personnel announced in December2008 (Performance Share Plan 2009-2011). The plan includes onethree-year earning period, which will end on 31 December 2011. Ownshares were purchased with the company's distributable funds,reducing the company's distributable non-restricted equity.During the third quarter, a total of 48 900 stock options 2006 A werecancelled. After the cancellation, the remaining 410 350 stockoptions 2006 A entitle the holders to subscribe for 410 350 shares.At the end of September, the total number of shares amounted to72 023 173 and the share capital to EUR 75 841 523. On 17 July 2009,a total of 1 500 Tieto shares were returned free of consideration tothe company. The company's now holds a total of 541 500 own shares,representing 0.8% of the total number of shares and voting rights.The outstanding number of shares, excluding the shares in thecompany's possession, was 71 481 673.EVENTS AFTER THE PERIODThe Annual General Meeting decided on 26 March 2009 to offer free ofcharge a maximum of 1 800 000 stock options for subscription by thekey personnel of the Group as well as by a wholly-owned subsidiary ofTieto Corporation. Within this programme, the Board of Directors hasdecided to allocate a total of 520 000 stock options 2009 A to 247key employees of the Group based on performance.The Board of Directors has accepted a synthetic option programmeTieto Corporation Phantom Options 2009. The Board has decided toallocate 31 000 Phantom Options to 15 key employees of Tieto Groupbased on performance in those countries, where stock options are notpractical to be used. A maximum of 200 000 Phantom Options 2009 thatmay entitle their holders to a cash reward can be issued under thisplan.On 20 October, Tieto and Nokia Siemens Networks announced that theyhave signed a global IT service agreement concerning IT applicationmanagement services for Nokia Siemens Networks' research anddevelopment (R&D) and customer care related applications. Inaddition, approximately 75 employees from Nokia Siemens Networks areplanned to be transferred to Tieto by 1 February 2010. Out of thetransferring employees 40 are based in Finland, 25 in China and Indiaand about 10 in other European countries. The final implementation ofthe agreement is subject to works council consultations and otherstatutory legal processes.NEAR-TERM RISKS AND UNCERTAINTIESWeak demand for IT services might lead to lower utilization ofresources, hard price competition in new agreements and price erosionin general. If the company is not able to adjust its cost base fastenough to compensate for negative changes in the market situation,its profitability will decline.As close to 40% of Tieto's net sales are generated in non-eurocountries, further weakening of currencies, especially the Swedishkrona (SEK), would have a negative impact on net sales and operatingprofit translated into euro.However, the company foresees that the risks of further large-scaledeterioration of the IT market situation and strong further weakeningof currencies have declined from the second quarter.A comprehensive description of the major long-term risks is availableon the company's website.OUTLOOK FOR 2009There are signs of stabilization in the IT market and Tietoanticipates that the market will bottom out during 2009. However, thepotential pick-up in demand would have a delayed effect on thecompany's net sales. Therefore Tieto's net sales and profitabilityoutlook for the full year remains unchanged. The company expects itsfull-year net sales and operating profit to decline from last year.Financial calendar for 2009Capital Market Day on 26 NovemberFinancial calendar for 2010Fourth-quarter interim report and financial statements bulletin for2009 on 10 FebruaryAnnual Report 2009 on Tieto's website during week 8Annual General Meeting on 25 MarchFirst-quarter interim report on 27 AprilSecond-quarter interim report on 21 JulyThird-quarter interim report on 27 OctoberAccounting policies in 2009The interim report has been prepared in accordance with InternationalAccounting Standard (IAS) 34, Interim Financial Reporting, as adoptedby the EU.Tieto has reclassified all internal long-term loans to Swedishsubsidiaries as a net investment in a foreign operation according toIAS 21. All related unrealized foreign exchange gains and losses fromthe net investment are recognized directly in shareholders' equity.Excluding this change the accounting policies adopted are consistentwith those used in the annual financial statements for the year ended31 December 2008 and as described in the annual financial statements.Of the new standards and interpretations Tieto adopted in 2009, IFRS8 "Operating Segments" is the only one with a major impact on theGroup's financial statements.Tieto adopted a new financial reporting structure at the beginning of2009. The countries are the main operating segments and its reportingcovers Finland, Sweden and International. Reportable segments aredefined based on IFRS 8, "Operating Segments". Deviating from IFRS 8,Tieto will start to report the Group's net sales by products andservices in 2010.IAS 1 (Revised) "Presentation of Financial Statements" will have aminor impact on required disclosures.The figures in this report are unaudited.Key figures 2009 2008 2009 2009 2009 2008 2008 7-9 7-9 4-6 1-3 1-9 1-9 1-12Earnings per share, EUR- basic 0.25 0.33 0.14 0.01 0.40 0.81 0.83- diluted 0.25 0.33 0.14 0.01 0.40 0.81 0.83Equity per share, EUR 6.82 6.90 6.46 6.31 6.82 6.90 6.75Return on equity rolling 12month, % 6.3 -2.4 7.8 10.2 6.3 -2.4 12.6Return on capital employedrolling 12 month, % 18.6 8.9 18.5 25.3 18.6 8.9 25.2Equity ratio % 43.2 42.0 40.7 40.0 43.2 42.0 41.1Net interest-bearingliabilities, EUR million 118.9 169.7 139.2 79.2 118.9 169.7 101.4Gearing, % 24.4 34.3 30.1 17.5 24.4 34.3 21.0Investments, EUR million 12.7 25.7 14.4 16.1 43.2 85.1 97.9Number ofshares 2009 2009 2009 2009 2008 2008 7-9 4-6 1-3 1-9 7-9 1-12Outstanding shares,end of period Basic 71 481 673 71 483 173 71 661 523 71 481 673 71 661 523 71 661 523 Diluted 71 555 933 71 557 433 71 739 083 71 555 933 71 661 523 71 739 083Outstandingshares,average Basic 71 481 934 71 577 023 71 661 523 71 572 835 71 661 523 71 661 523 Diluted 71 556 194 71 652 226 71 739 083 71 648 497 71 661 523 71 739 083Company's possessionof its own shares End ofperiod 541 500 540 000 361 650 541 500 361 650 361 650 Average 541 239 446 150 361 650 450 338 361 650 403 945Income statement, EURmillion 2009 2008 2009 2008 Change 2008 7-9 7-9 1-9 1-9 % 1-12Net sales 382.9 425.3 1 265.7 1 373.7 -8 1 865.7Other operating income 1.3 2.2 11.3 8.4 35 10.8Employee benefit expenses 210.7 227.1 743.4 777.2 -4 1 056.0Depreciation andamortization 16.9 16.7 53.2 49.3 8 66.1Other operating expenses 130.3 149.9 438.8 467.6 -6 642.8Operating profit (EBIT) 26.3 33.8 41.6 88.0 -53 111.6Net interest expenses -1.9 -2.3 -5.4 -6.8 -21 -9.3Net exchange losses/gains 2.8 -2.2 2.3 -4.5 -151 -21.2Other financial income andexpenses 0.0 1.0 -0.4 -0.9 -56 1.3Profit before taxes 27.2 30.3 38.1 75.8 -50 82.4Income taxes -8.8 -6.6 -8.7 -17.1 -49 -21.9Net profit for the period 18.4 23.7 29.4 58.7 -50 60.5Net profit for the periodattributable to Shareholders of theParent company 18.2 23.7 28.9 58.3 -50 59.9 Minority interest 0.2 0.0 0.5 0.4 25 0.6 18.4 23.7 29.4 58.7 -50 60.5Earnings attributable to the shareholdersof the Parent company per share, EURBasic 0.25 0.33 0.40 0.81 -51 0.83Diluted 0.25 0.33 0.40 0.81 -51 0.83Statement of comprehensive income, EUR millionNet profit for the period 18.4 23.7 29.4 58.7 -50 60.5Tax impact on share-based payments 0.0 0.0 0.2 0.0 0.0Translation difference (net of tax) 6.4 -0.4 10.3 -6.4 -261 -21.5Total comprehensive income 24.8 23.3 39.9 52.3 -24 39.0Total comprehensive incomeattributable to Shareholders of the parent company 24.6 23.3 39.4 51.9 -24 38.4 Minority interest 0.2 0.0 0.5 0.4 25 0.6 24.8 23.3 39.9 52.3 -24 39.0Balance sheet, EUR million 2009 2008 Change 2008 30 Sep 30 Sep % 31 DecGoodwill 398.2 412.9 -4 389.3Other intangible assets 44.1 59.3 -26 53.1Property, plant and equipment 99.0 102.2 -3 100.5Deferred tax assets 67.8 66.3 2 67.8Other non-current assets 0.9 1.6 -44 1.5Total non-current assets 610.0 642.3 -5 612.2Trade and other receivables 474.1 549.4 -14 498.5Current income tax receivables 10.7 19.7 -46 13.9Interest-bearing current assets 10.2 10.2 0 9.7Cash and cash equivalents 105.6 58.2 81 120.2Total current assets 600.6 637.5 -6 642.3Total assets 1 210.6 1 279.8 -5 1 254.5Share capital, share issuepremiums and other reserves 110.7 111.9 -1 109.0Retained earnings 375.4 381.2 -2 373.0Parent shareholders' equity 486.1 493.1 -1 482.0Minority interest 1.7 1.4 21 1.6Total equity 487.8 494.5 -1 483.6Finance lease liability 10.6 14.7 -28 14.5Other interest-bearing loans 150.0 150.1 0 150.0Deferred tax liabilities 28.9 29.6 -2 29.2Pension obligations 18.5 22.4 -17 17.2Provisions 49.3 27.5 79 28.6Other non-current liabilities 1.5 1.7 -12 1.6Total non-current liabilities 258.8 246.0 5 241.1Trade and other payables 376.4 451.7 -17 447.5Current income tax liabilities 13.6 14.2 -4 15.6Interest-bearing loans 74.0 73.4 1 66.7Total current liabilities 464.0 539.3 -14 529.8Total equity and liabilities 1 210.6 1 279.8 -5 1 254.5Net working capital in the balance sheet, EUR million 2009 2008 Change 2009 2009 2008 30 Sep 30 Sep % 31 Mar 30 Jun 31 DecAccounts receivable 301.4 317.2 -5 336.4 312.1 357.7Other working capitalreceivables 171.8 231.5 -26 151.3 156.5 140.3Working capital receivablesincluded in assets 473.2 548.7 -14 487.7 468.6 498.0Operative accruals 136.3 217.5 -37 197.1 160.0 191.1Other working capitalliabilities 232.8 225.1 3 250.5 222.8 250.6Pension obligations andprovisions 67.8 50.0 36 55.5 72.2 45.7Working capital liabilitiesincluded in currentliabilities 436.9 492.6 -11 503.1 455.0 487.4Net working capital in thebalance sheet 36.3 56.1 -35 -15.4 13.6 10.6Cash flow, EUR million 2009 2008 2009 2009 2009 2008 2008 7-9 7-9 4-6 1-3 1-9 1-9 1-12Cash flow fromoperationsNet profit 18.4 23.7 10.0 1.0 29.4 58.7 60.5Adjustments Depreciation,amortization andimpairment 16.9 16.7 19.0 17.3 53.2 49.3 66.1 Share-based payments 1.0 1.3 1.1 1.0 3.1 3.2 4.1 Profit/loss on saleof fixed assets andshares 0.3 0.0 -6.1 0.0 -5.8 0.2 0.2 Other adjustments -0.2 0.0 0.8 0.1 0.7 -1.3 -1.3 Net financialexpenses -0.9 3.5 1.6 2.8 3.5 12.2 29.2 Income taxes 8.8 6.6 -1.2 1.1 8.7 17.1 21.9Change in net workingcapital -22.8 -46.5 -25.8 28.1 -20.5 -5.3 30.3 Cash generated fromoperations 21.5 5.3 -0.6 51.4 72.3 134.1 211.0Net financial expensespaid 5.0 -4.2 -1.3 -3.0 0.7 -5.0 -6.0Income taxes paid 5.7 -6.8 -10.2 -6.4 -10.9 -16.3 -14.0Net cash flow fromoperations 32.2 -5.7 -12.1 42.0 62.1 112.8 191.0Cash flow from investingactivitiesAcquisition of Groupcompanies and businessoperations, net of cashacquired 0.2 -3.8 0.1 -2.4 -2.1 -6.6 -8.0Capital expenditure -12.0 -21.7 -13.4 -15.9 -41.3 -53.2 -68.5Advance payment foracquisition of shares 1.0 - -1.0 - 0.0 - -Disposal of businessoperations 0.0 - 5.7 0.0 5.7 - -Sales of fixed assets 1.2 0.2 1.7 0.0 2.9 1.5 3.0Change in loanreceivables 1.3 -0.1 -1.9 0.1 -0.5 -2.3 -1.4Net cash used ininvesting activitiesfrom operations -8.3 -25.4 -8.8 -18.2 -35.3 -60.6 -74.9Cash flow from financingactivities Dividends paid 0.0 0.0 -36.3 0.0 -36.3 -36.0 -36.0 Repurchase of ownshares 0.0 0.0 -2.6 0.0 -2.6 - - Payment of financelease liabilities -1.3 -0.9 -3.9 1.3 -3.9 -2.6 -2.6 Change ininterest-bearingliabilities -16.5 -3.1 70.4 -46.6 7.3 -28.1 -27.5 Net cash used in otherfinancing activities 0.0 -0.1 0.0 0.0 0.0 -0.1 -Net cash used infinancing activitiesfrom operations -17.8 -4.1 27.6 -45.3 -35.5 -66.8 -66.1Change in cash and cashequivalents 6.1 -35.2 6.7 -21.5 -8.7 -14.6 50.0Cash and cashequivalents at beginningof period -101.7 -93.4 -94.6 -120.2 -120.2 -72.9 -72.9Foreign exchangedifferences 2.2 0.0 -0.4 4.1 5.9 0.1 2.7Cash and cashequivalents at end ofperiod 105.6 58.2 101.7 94.6 105.6 58.2 120.2 6.1 -35.2 6.7 -21.5 -8.7 -14.6 50.0Statement of changes in shareholders'equity, EUR million Parent shareholders' equity Minority Total interest equity Share Share issue Own Retained Total capital premiums shares earnings and other reservesBalance at 31Dec 2007 75.8 39.6 -41.1 399.3 473.6 4.0 477.6Minorityinterest 0.3 0.3 -3.0 -2.7Cancellationof own shares 32.1 -32.1 0.0 0.0Transferbetweenrestrictedandnon-restrictedreserves -2.2 2.2 0.0 0.0Share-basedpaymentsrecognizedagainst equity 3.1 3.1 3.1Dividend -35.8 -35.8 -35.8Totalcomprehensiveincome -1.3 53.2 51.9 0.4 52.3At 30September 2008 75.8 36.1 -9.0 390.2 493.1 1.4 494.5Balance at 31Dec 2008 75.8 33.2 -9.0 382.0 482.0 1.6 483.6Minorityinterest -0.4 -0.4Transferbetweenrestrictedandnon-restrictedreserves 0.1 -0.1 0.0 0.0Share-basedpaymentsrecognizedagainst equity 3.1 3.1 3.1Dividend -35.8 -35.8 -35.8Own sharespurchased -2.6 -2.6 -2.6Totalcomprehensiveincome 1.6 37.8 39.4 0.5 39.9At 30September 2009 75.8 34.9 -11.6 387.0 486.1 1.7 487.8Net sales by country, EURmillion 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 % 1-9 1-9 % 1-12Finland 199 199 0 655 661 -1 900Sweden 103 123 -16 337 407 -17 548International 130 140 -8 414 420 -1 572Group elimination -48 -37 30 -141 -115 23 -155Group total 383 425 -10 1 266 1 374 -8 1 866Internal sales by country, EUR million 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 % 1-9 1-9 % 1-12Finland 20 14 47 55 43 28 53Sweden 5 5 -12 19 17 14 26International 24 18 31 67 55 21 77Group total 48 37 30 141 115 23 155Net sales according to customer location, EUR million 2009 Change Share 2008 Share 2008 Change 1-9 % % 1-9 % 1-12 %Finland 596 -5 47 624 45 853 6Sweden 313 -17 25 375 27 506 2Other 357 -5 28 374 27 506 6Group total 1 266 -8 100 1 374 100 1 866 5Net sales by customer sector, EUR million 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 % 1-9 1-9 % 1-12Telecom 132 147 -10 434 486 -11 648Finance 87 92 -6 270 298 -10 402Industry sectors 165 186 -12 563 590 -5 816Group total 383 425 -10 1 266 1 374 -8 1 866Operating profit (EBIT) by country, EUR million 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 % 1-9 1-9 % 1-12Finland 29.0 25.7 12.9 76.3 85.8 -11.1 114.2Sweden 4.8 14.1 -65.7 -10.5 31.2 -133.8 48.7International 0.7 5.2 -87.3 -9.9 4.6 -313.4 3.8Countries total 34.5 45.0 -23.3 55.9 121.6 -54.0 166.7Group operations -8.2 -11.1 26.2 -14.3 -33.6 57.3 -55.1Operating profit (EBIT) 26.3 33.9 -22.4 41.6 88.0 -52.8 111.6Operating margin (EBIT) by country, % 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 1-9 1-9 1-12Finland 14.6 12.9 1.7 11.6 13.0 -1.3 12.7Sweden 4.7 11.5 -6.8 -3.1 7.7 -10.8 8.9International 0.5 3.7 -3.2 -2.4 1.1 -3.5 0.7Countries total 9.0 10.6 -1.6 4.4 8.9 -4.4 8.9Operating margin (EBIT) 6.9 8.0 -1.1 3.3 6.4 -3.1 6.0Personnel by country End of period Average 2009 Change Share 2008 2008 2009 2008 1-9 % % 1-9 1-12 1-9 1-9Finland 5 772 -5 36 6 048 6 021 5 976 6 175Sweden 3 086 -6 19 3 298 3 291 3 230 3 330Czech 1 544 9 9 1 417 1 501 1 521 1 318Germany 1 062 -10 7 1 178 1 143 1 086 1 252India 837 28 5 656 784 797 622Latvia 608 -2 4 621 628 625 584Poland 629 22 4 517 558 592 475Norway 581 -11 4 655 655 614 674China 457 91 3 239 290 389 184Great Britain 275 -21 2 350 347 298 343Italy 262 3 2 255 251 261 246Denmark 214 -27 1 293 289 274 314Lithuania 179 4 1 173 186 184 148Netherlands 133 -1 1 135 138 142 134France 139 5 1 133 143 139 130Estonia 118 -5 1 125 119 121 121Other 319 6 2 301 274 327 304Group total 16 215 -1 100 16 392 16 618 16 577 16 355Total assets by country, EUR million 2009 2008 Change 2008 30 Sep 30 Sep % 31 DecFinland 465.8 506.4 -8 460.4Sweden 255.8 289.8 -12 291.3International 320.5 356.2 -10 335.7Group elimination -18.5 -16.6 11 -26.7Countries total 1 023.6 1 135.8 -10 1 060.8Group Operations 187.0 144.0 30 193.7Total assets 1 210.6 1 279.8 -5 1 254.5Non-current assets according to asset location, EURmillion 2009 2008 Change 2008 30 Sep 30 Sep % 31 DecFinland 251.1 259.3 -3 254.3Sweden 139.6 148.7 -6 132.7Other 150.6 166.4 -9 155.9Total non-current assets 541.2 574.4 -6 542.9Capital expenditure by country, EUR million 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 % 1-9 1-9 % 1-12Finland 6.9 18.4 -62 25.9 49.5 -48 58.0Sweden 2.8 1.6 75 7.5 8.9 -16 9.5International 2.1 2.6 -18 2.8 9.5 -71 10.7Group Operations 0.6 0.7 -14 5.5 2.6 116 5.0Group total 12.4 23.2 -47 41.7 70.4 -41 83.2Depreciation by country, EUR million 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 % 1-9 1-9 % 1-12Finland 10.9 9.4 16 32.3 27.5 18 36.9Sweden 2.0 2.0 -1 6.1 6.4 -6 8.5International 1.5 1.6 -9 7.2 4.7 54 6.4Group Operations 0.2 1.0 -79 0.7 3.1 -78 4.1Group total 14.6 14.0 4 46.3 41.7 11 56.0Amortization on allocated intangible assets from acquisitions, EURmillion 2009 2008 Change 2009 2008 Change 2008 7-9 7-9 % 1-9 1-9 % 1-12Finland 0.1 0.1 -4 0.4 0.4 -2 0.5Sweden 0.7 1.1 -34 2.2 2.7 -19 3.5International 1.5 1.5 -1 4.4 4.5 -4 6.0Group Operations 0.0 0.0 0 0.0 0.0 0 0.0Group total 2.3 2.7 -14 6.9 7.6 -9 10.0 2009 2008 ChangeCommitments and contingencies, EUR million 30 Sep 31 Dec %For Tieto obligations Pledges - -On behalf of joint ventures Guarantees 2.2 0.0 posOther Tieto obligations Rent commitments due in one year 52.8 54.4 -3 Rent commitments due in 1-5 years 99.4 102.2 -3 Rent commitments due after 5 years 23.0 19.5 18 Operating lease commitments due in one year 11.5 14.4 -20 Operating lease commitments due in 1-5 years 9.6 13.5 -29 Operating lease commitments due after 5 years 0.0 0.0 Other commitments 14.8 13.9 7Operating lease commitments are principally three-year leaseagreements that do not include buyout clauses.Notional amounts of derivative financial 2009 2008instruments, EUR million 30 Sep 31 DecForeign exchange contracts 110.5 252.0Interest rate swaps 250.0 100.0Includes the gross amount of all notional values for contracts thathave not yet been settled or closed. The amount of notional valueoutstanding is not necessarily a measure or indication of marketrisk, as the exposure of certain contracts may be offset by that ofother contracts.Fair values of derivatives, EUR millionThe net fair values of derivative financial instrumentsat the 2009 2008balance sheet date were: 30 Sep 31 DecForeign exchange contracts 0.7 -6.1Interest rate swaps 0.9 0.6Derivatives are used for hedging purposes only.Contingent assetsThe Finnish tax authorities have confirmed an additonal loss EUR 41.0million (of which adeferred tax asset EUR 10.7 million could be recognized) on the lossincurred by the Parent company in connection with the intra-grouptransaction carried out in April 2004, but the decision has beencontested.QUARTERLY FIGURESKey figures 2009 2009 2009 2008 2008 2008 2008 7-9 4-6 1-3 10-12 7-9 4-6 1-3Earnings per share, EUR- basic 0.25 0.14 0.01 0.02 0.33 0.26 0.23- diluted 0.25 0.14 0.01 0.02 0.33 0.26 0.23Equity per share, EUR 6.82 6.46 6.31 6.75 6.90 6.58 6.29Return on equity rolling 12month, % 6.3 7.8 10.2 12.6 -2.4 -4.9 -7.7Return on capital employedrolling 12 month, % 18.6 18.5 25.3 25.2 8.9 8.8 7.2Equity ratio % 43.2 40.7 40.0 41.1 42.0 38.8 38.0Net interest-bearingliabilities, EUR million 118.9 139.2 79.2 101.4 169.7 138.1 139.7Gearing, % 24.4 30.1 17.5 21.0 34.3 29.3 31.0Investments, EUR million 12.7 14.4 16.1 12.8 25.7 23.2 36.2Income statement, EURmillion 2009 2009 2009 2008 2008 2008 2008 7-9 4-6 1-3 10-12 7-9 4-6 1-3Net sales 382.9 444.8 438.0 492.0 425.3 480.1 468.3Other operating income 1.3 7.1 2.9 2.4 2.2 1.7 4.5Employee benefit expenses 210.7 265.8 266.9 278.8 227.1 273.1 277.0Depreciation andamortization 16.9 19.0 17.3 16.8 16.7 16.3 16.3Other operating expenses 130.3 156.7 151.8 175.2 149.9 162.8 154.9Operating profit (EBIT) 26.3 10.4 4.9 23.6 33.8 29.6 24.6Financial income andexpenses 0.9 -1.6 -2.8 -17.0 -3.5 -5.8 -2.9Profit before taxes 27.2 8.8 2.1 6.6 30.3 23.8 21.7Income taxes -8.8 1.2 -1.1 -4.8 -6.6 -5.1 -5.4Net profit for the period 18.4 10.0 1.0 1.8 23.7 18.7 16.3Balance sheet, EUR million 2009 2009 2009 30 Sep 30 Jun 31 MarGoodwill 398.2 392.7 391.4Other intangible assets 44.1 46.1 49.2Property, plant and equipment 99.0 100.8 103.2Other non-current assets 68.7 75.3 68.7Total non-current assets 610.0 614.9 612.5Trade receivables and other current assets 495.0 495.5 514.1Cash and cash equivalents 105.6 101.7 94.6Total current assets 600.6 597.2 608.7Total assets 1 210.6 1 212.1 1 221.2Total equity 487.8 462.0 452.1Non-current interest-bearing loans 160.6 161.9 163.2Provisions 49.3 54.5 37.2Other non-current liabilities 48.9 46.9 42.5Total non-current liabilities 258.8 263.3 242.9Trade payables and other current liabilities 390.0 396.3 506.1Current interest-bearing loans 74.0 90.5 20.1Total current liabilities 464.0 486.8 526.2Total equity and liabilities 1 210.6 1 212.1 1 221.2 2008 2008 2008 2008 31 Dec 30 Sep 30 Jun 31 MarGoodwill 389.3 412.9 414.7 415.9Other intangible assets 53.1 59.3 62.3 62.5Property, plant and equipment 100.5 102.2 94.4 92.2Other non-current assets 69.3 67.9 69.0 67.4Total non-current assets 612.2 642.3 640.4 638.0Trade receivables and other currentassets 522.1 579.3 583.5 579.7Cash and cash equivalents 120.2 58.2 93.4 85.0Total current assets 642.3 637.5 676.9 664.7Total assets 1 254.5 1 279.8 1 317.3 1 302.7Total equity 483.6 494.5 471.3 451.1Non-current interest-bearing loans 164.5 164.8 165.4 166.2Provisions 28.6 27.5 35.9 38.7Other non-current liabilities 48.0 53.7 53.1 45.9Total non-current liabilities 241.1 246.0 254.4 250.8Trade payables and other currentliabilities 463.1 465.9 515.1 531.1Current interest-bearing loans 66.7 73.4 76.5 69.7Total current liabilities 529.8 539.3 591.6 600.8Total equity and liabilities 1 254.5 1 279.8 1 317.3 1 302.7Cash flow, EUR million 2009 2009 2009 2008 2008 2008 2008 7-9 4-6 1-3 10-12 7-9 4-6 1-3Cash flow from operationsNet profit 18.4 10.0 1.0 1.8 23.7 18.7 16.3Adjustments 25.9 15.2 22.3 39.5 28.1 27.2 25.4Change in net workingcapital -22.8 -25.8 28.1 35.6 -46.5 19.5 21.7 Cash generated fromoperations 21.5 -0.6 51.4 76.9 5.3 65.4 63.4Net financial expensespaid 5.0 -1.3 -3.0 -1.0 -4.2 -0.6 -0.2Income taxes paid 5.7 -10.2 -6.4 2.3 -6.8 -10.9 1.4Net cash flow fromoperations 32.2 -12.1 42.0 78.2 -5.7 53.9 64.6Net cash used ininvesting activitiesfrom operations -8.3 -8.8 -18.2 -14.3 -25.4 -12.8 -22.4Net cash used infinancing activitiesfrom operations -17.8 27.6 -45.3 0.7 -4.1 -32.9 -29.8Change in cash and cashequivalents 6.1 6.7 -21.5 64.6 -35.2 8.2 12.4Cash and cash equivalentsat beginning of period -101.7 -94.6 -120.2 -58.2 -93.4 -85.0 -72.9Foreign exchangedifferences 2.2 -0.4 4.1 2.6 0.0 -0.2 0.3Cash and cash equivalentsat end of period 105.6 101.7 94.6 120.2 58.2 93.4 85.0 6.1 6.7 -21.5 64.6 -35.2 8.2 12.4Net sales by country, EUR million 2009 2009 2009 2008 2008 2008 2008 7-9 4-6 1-3 10-12 7-9 4-6 1-3Finland 199 230 227 239 199 230 232Sweden 103 116 119 141 123 144 141International 130 143 141 152 140 144 135Group elimination -48 -45 -48 -40 -37 -38 -40Group total 383 445 438 492 425 480 468Net sales by customer sector, EUR million 2009 2009 2009 2008 2008 2008 2008 7-9 4-6 1-3 10-12 7-9 4-6 1-3Telecom 132 149 153 162 147 172 167Finance 87 94 89 104 92 102 104Industry sectors 165 201 197 226 186 206 198Group total 383 445 438 492 425 480 468Operating profit (EBIT) by country, EUR million 2009 2009 2009 2008 2008 2008 2008 7-9 4-6 1-3 10-12 7-9 4-6 1-3Finland 29.0 25.2 22.1 28.3 25.7 31.6 30.0Sweden 4.8 - 6.7 - 8.7 17.6 14.1 7.4 9.7International 0.7 - 6.6 - 4.0 - 0.9 5.2 2.1 - 2.7Countries total 34.5 11.9 9.4 45.1 45.0 41.1 37.0Group operations - 8.2 - 1.5 - 4.5 - 21.5 - 11.1 - 11.5 - 12.4Operating profit (EBIT) 26.3 10.4 4.9 23.6 33.9 29.6 24.6Operating margin (EBIT) bycountry, % 2009 2009 2009 2008 2008 2008 2008 7-9 4-6 1-3 10-12 7-9 4-6 1-3Finland 14.6 10.9 9.7 11.9 12.9 13.7 12.9Sweden 4.7 -5.8 -7.3 12.5 11.5 5.2 6.9International 0.5 -4.6 -2.8 -0.6 3.7 1.4 -2.0Countries total 9.0 2.7 2.1 9.2 10.6 8.6 7.9Operating margin (EBIT) 6.9 2.3 1.1 4.8 8.0 6.2 5.3Major shareholders 30 September 2009 Shares %OP Pohjola Group 4 079 370 5.7%Swedbank Robur fonder 3 629 256 5.0%Didner & Gerge Aktiefond 2 566 900 3.6%Ilmarinen Mutual Pension Insurance Co. 1 720 975 2.4%The State Pension Fund 1 610 000 2.2%Svenska Litteratursällskapet i Finland 1 561 000 2.2%Tapiola Pension 1 530 000 2.1%Länsförsäkringar Fondförvaltning AB 1 403 908 1.9%Varma Mutual Pension Insurance Co. 1 249 749 1.7%SEB Investment Management 938 990 1.3% 20 290 148 28.1%Nominee registered 44 047 548 61.2%Others 7 685 477 10.7%Total 72 023 173 100.0Based on the ownership records of Euroclear Finland Oy and EuroclearSweden AB.For further information, please contact:Hannu Syrjälä, President and CEO, tel. +358 2072 68729,hannu.syrjala(at)tieto.comSeppo Haapalainen, CFO, tel. +358 2072 63500, +358 400 455587,seppo.haapalainen(at)tieto.comReeta Kaukiainen, EVP, Communications and Investor Relations, tel.+358 2072 68711,+358 50 522 0924, reeta.kaukiainen(at)tieto.comPasi Hiedanpää, Manager, Investor Relations, tel. +358 2072 68088,+358 50 378 2228, pasi.hiedanpaa(at)tieto.comPress conference for analysts and media will be held on Tieto'spremises, Aku Korhosen tie 2, Helsinki at 10.00 am EET (9.00 am CET,8.00 am UK time). The results will be presented in English by HannuSyrjälä, President and CEO. Notification of attendance tosirpa.salo(at)tieto.com, tel. +358 2072 68714.The conference will be webcasted and published live on Tieto'swebsite www.tieto.com. Questions can be presented online. Anon-demand video will be available after the conference.Conference call hosted by the management starting at 2.00 pm EET(1.00 pm CET, 12.00 am UK time). The conference call will also beavailable as a live audio webcast at www.tieto.com. Callers mayaccess the conference directly at the following telephone numbers: UScallers: +1 866 966 5335, non-US callers: +44 20 3023 4402, no code.Lines are to be reserved ten minutes before the start of theconference call.An on-demand audiocast of the conference will also be published onTieto's website later during the day. A replay will be availableuntil 28 October 2009 at the following numbers: US callers:+1 866 583 1035, non-US callers: +44 20 8196 1998, access code:141833#.Tieto publishes financial information in English, Finnish andSwedish. All releases are posted in full on Tieto's website as soonas they are published.TIETO CORPORATIONDISTRIBUTIONNASDAQ OMX HelsinkiNASDAQ OMX StockholmPrincipal MediaTieto is an IT service company providing IT, R&D and consultingservices. With approximately 16 000 experts, we are among the leadingIT service companies in Northern Europe and the global leader inselected segments. We specialize in areas where we have the deepestunderstanding of our customers' businesses and needs. Our superiorcustomer centricity and Nordic expertise set us apart from ourcompetitors.www.tieto.comTieto CorporationBusiness ID: 0101138-5Aku Korhosentie 2-6PO Box 38FI-00441 HELSINKI, FINLANDTel +358 207 2010Fax +358 2072 68898Registered office: HelsinkiE-mail: info(at)tieto.comwww.tieto.comhttp://hugin.info/3114/R/1348818/324781.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 21.10.2009 - 07:01 Uhr
Sprache: Deutsch
News-ID 7169
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