Outokumpu's third quarter 2009 interim report - Financial performance
on improving trend in weak mar
(Thomson Reuters ONE) - INTERIM REPORTOctober 22, 2009 at 9.00 am EETThird quarter 2009 highlights- Operating loss EUR 65 million (II/2009: EUR -94 million),underlying operational result EUR -82 million (II/2009: EUR -94million)- Stainless steel deliveries at 238 000 tons (II/2009: 268 000 tons)- Cash flow slightly negative, balance sheet continues to be strong(gearing 41%)- Uncertainty about short-term demand for stainless steel, no majorimprovement in underlying demand- Several investment projects completed, decision not to proceed withthe Avesta melt-shop expansion projectGroup key figures III/09 II/09 III/08 2008Sales EUR million 587 617 1 270 5 474Operating profit EUR million -65 -94 -66 -63Non-recurring itemsin operating profit EUR million -15 - -66 -83Profit before taxes EUR million -81 -105 -82 -134Non-recurring itemsin financial incomeand expenses EUR million - - - -21Net profit for the periodfrom continuingoperations EUR million -55 -85 -73 -110Net profit for the period EUR million -56 -87 -74 -189Earnings per sharefrom continuingoperations EUR -0.30 -0.47 -0.41 -0.61Earnings per share EUR -0.31 -0.48 -0.41 -1.05Return on capitalemployed % -7.6 -11.1 -6.3 -1.6Net cash generated fromoperating activities EUR million -12 23 242 656Capital expenditure,continuing operations EUR million 55 45 317 544Net interest-bearing debtat end of period EUR million 1 014 926 1 096 1 072Debt-to-equity ratio atend of period % 41.4 37.1 35.0 38.4Stainless steeldeliveries 1 000 tons 238 268 323 1 423Stainless steelbase price 1) EUR/ton 1 307 1 117 1 143 1 185Personnel at theend of period,continuing operations 7 699 7 985 8 711 8 4711) Stainless steel: CRU - German base price (2 mm cold rolled 304sheet).SHORT-TERM OUTLOOKUncertainty in stainless steel markets continues. In the thirdquarter there was minor restocking by distributors due to rising rawmaterial prices. There is however no major improvement in underlyingdemand for stainless. Inventory levels at distributors in Europe areestimated as still being below normal. Volatility in the nickel priceis having an impact on the purchasing behaviour of distributors inthe short-term, making them hesitant about building inventories.Delivery times are fairly normal and Outokumpu is currently sellingstandard grades for deliveries in December. Deliveries of stainlesssteel in the fourth quarter are expected to be at the same level asin the second quarter (268 000 tons). Compared to the average for thethird quarter, Outokumpu's average base prices for all flat productsin the fourth quarter are expected to increase by 50-100 EUR/t. Thereis currently temporary pressure on prices but Outokumpu expectsprices to remain rather stable during the remaining of the fourthquarter.Outokumpu's underlying operational result in the fourth quarter isexpected to improve from the third quarter as a result of increasedbase prices, improved delivery volumes and tight cost management.With current metal prices, raw-material related inventory gains areexpected to be at the same level as in the third quarter, which mighttake the operating profit close to break-even. The main risks offourth-quarter financial performance are connected with deliveryvolumes.CEO Juha Rantanen:"Stainless steel markets have not seen any major improvement.Underlying demand continues to be weak and the purchasing behavior ofsteel distributors is very much driven by short-term developments innickel price. Outokumpu's delivery volumes in the third quarter werelow. On a positive note, our financial performance is on an improvingtrend and both prices and volumes are expected to increase in thefourth quarter. Our priorities in the current market are to balanceshort-term cost and cash flow management with longer term strategyimplementation. We have not given up our ambition of reachingbreak-even operating profit towards the end of the year."The attachments present the Management analysis for the third quarter2009 operating result and the Interim review by the Board ofDirectors for January-September 2009, the accounts and notes to theinterim accounts. This report is unaudited.For further information, please contact:Päivi Lindqvist, SVP - Communications and IRtel. +358 9 421 2432, mobile +358 40 708 5351paivi.lindqvist(at)outokumpu.comIngela Ulfves, VP - Investor Relations and Financial Communicationstel. +358 9 421 2438, mobile +358 40 515 1531ingela.ulfves(at)outokumpu.comEsa Lager, CFOtel. + 358 9 421 2516esa.lager(at)outokumpu.comNews conference and live webcast today at 1.00 pm EETA combined news conference, conference call and live webcastconcerning the third-quarter 2009 results will be held on October 22,2009 at 1.00 pm EET (12.00 pm CET, 6.00 am US EST, 11.00 am UK time)at Hotel Kämp, conference room Akseli Gallen-Kallela, addressPohjoisesplanadi 29, 00100 Helsinki, Finland.To participate via a conference call, please dial in 5-10 minutesbefore the beginning of the event:UK +44 20 3043 2436US & Canada +1 866 458 4087Sweden +46 8 505 598 53Password OutokumpuThe news conference can be viewed live via Internet atwww.outokumpu.com.Stock exchange release and presentation material will be availablebefore the news conference at www.outokumpu.com/Investors.An on-demand webcast of the news conference will be available atwww.outokumpu.com as of October 22, 2009 at around 3.00 pm EET.OUTOKUMPU OYJOutokumpu is a global leader in stainless steel. Our vision is to bethe undisputed number one in stainless, with success based onoperational excellence. Customers in a wide range of industries useour 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 sustainablefuture. Outokumpu operates in some 30 countries and employs some 8000 people. The Group's head office is located in Espoo, Finland.Outokumpu has been listed on the NASDAQ OMX Helsinki since 1988.www.outokumpu.comMANAGEMENT ANALYSIS - THIRD QUARTER OPERATING RESULTGroup key figuresEUR million I/08 II/08 III/08 IV/08 2008SalesGeneral Stainless 1 304 1 222 933 687 4 147Specialty Stainless 786 778 630 512 2 705Other operations 64 63 69 62 258Intra-group sales -465 -514 -362 -295 -1 636The Group 1 689 1 549 1 270 966 5 474Operating profitGeneral Stainless 81 125 -35 -177 -6Specialty Stainless 42 44 -63 -123 -101Other operations -20 4 29 25 38Intra-group items -3 1 3 4 6The Group 100 174 -66 -271 -63EUR million I/09 II/09 III/09SalesGeneral Stainless 476 501 496Specialty Stainless 371 278 258Other operations 66 58 56Intra-group sales -233 -220 -224The Group 679 617 587Operating profitGeneral Stainless -157 -52 -38Specialty Stainless -82 -37 -21Other operations -12 -5 -4Intra-group items 2 0 -3The Group -249 -94 -65Stainless steeldeliveries1 000 tons I/08 II/08 III/08 IV/08 2008Cold rolled 228 192 177 141 739White hot strip 120 94 64 51 330Quarto plate 33 35 27 25 120Tubular products 19 19 16 16 70Long products 15 15 15 11 55Semi-finishedproducts 34 35 25 16 109Total deliveries 449 391 323 261 1 4231 000 tons I/09 II/09 III/09Cold rolled 133 145 124White hot strip 59 69 66Quarto plate 19 18 14Tubular products 16 13 12Long products 10 9 11Semi-finishedproducts 10 14 12Total deliveries 247 268 238Market prices andexchange rates I/08 II/08 III/08 IV/08 2008Market prices 1)Stainless steel Base price EUR/t 1 243 1 307 1 143 1 045 1 185 Alloy surcharge EUR/t 1 702 1 888 1 582 1 293 1 616 Transaction price EUR/t 2 945 3 195 2 725 2 338 2 801Nickel USD/t 28 957 25 682 18 961 10 843 21 111 EUR/t 19 335 16 440 12 599 8 227 14 353Ferrochrome(Cr-content) USD/lb 1.21 1.92 2.05 1.85 1.76 EUR/kg 1.78 2.71 3.00 3.09 2.63Molybdenum USD/lb 33.81 33.40 33.75 17.29 29.56 EUR/kg 49.77 47.14 49.45 28.92 44.31Recycled steel USD/t 393 565 465 181 401 EUR/t 262 361 309 138 273Exchange ratesEUR/USD 1.498 1.562 1.505 1.318 1.471EUR/SEK 9.400 9.352 9.474 10.234 9.615EUR/GBP 0.757 0.793 0.795 0.839 0.796 I/09 II/09 III/09Market prices 1)Stainless steel Base price EUR/t 925 1 117 1 307 Alloy surcharge EUR/t 893 634 923 Transaction price EUR/t 1 818 1 751 2 229Nickel USD/t 10 471 12 920 17 700 EUR/t 8 036 9 478 12 375Ferrochrome(Cr-content) USD/lb 0.79 0.69 0.89 EUR/kg 1.34 1.12 1.37Molybdenum USD/lb 9.15 9.41 15.36 EUR/kg 15.49 15.22 23.67Recycled steel USD/t 207 199 236 EUR/t 159 146 165Exchange ratesEUR/USD 1.303 1.363 1.430EUR/SEK 10.941 10.781 10.424EUR/GBP 0.909 0.879 0.8721) Sources of market prices:Stainless steel: CRU - German base price, alloy surcharge andtransaction price (2 mm cold rolled 304 sheet), estimates fordeliveries during the period.Nickel: London Metal Exchange (LME) cash quotationFerrochrome: Metal Bulletin - Quarterly contract price,Ferrochrome lumpy chrome charge, basis 52% chromeMolybdenum: Metal Bulletin - Molybdenum oxide - EuropeRecycled steel: Metal Bulletin - Steel scrap HMS 1&2 fob RotterdamSlight recovery in demand and further increases in prices in thethird quarterIn the third quarter, global market conditions for stainless steelexperienced a moderate improvement. European and global apparentconsumption of flat products is estimated to have increased by 7%from the previous quarter. Compared to the third quarter of 2008,apparent consumption is estimated to have fallen by 22% in Europe andby 7% globally but was up by almost 35% in China. Third-quarterproduction of stainless steel is estimated to have risen by 18% inEurope and by 13% globally from the second quarter of 2009. Comparedto the third quarter of 2008, production of stainless is estimated tohave been down by 10% in Europe but to have grown by 6% globally,with the increase in China being 47%.According to CRU, the average base price for 2mm cold rolled 304stainless steel sheet in Germany increased to 1 307 EUR/ton in thethird quarter (II/2009: 1 117 EUR/ton). As a consequence of risingmetal prices, the alloy surcharge increased in the third quarter andwas on average 923 EUR/ton (II/2009: 634 EUR/ton). The averagetransaction price during the quarter was 2 229 EUR/ton (II/2009: 1751 EUR/ton). The price difference between Europe and Asia widenedduring the review period. (CRU)Among the alloying elements, markets for nickel continued to improvein the third quarter as a result of higher stainless steelproduction. Demand for nickel increased, mainly in China, and was upby 13% compared to the previous quarter. Supplies of nickel marketwere constrained as a result of production difficulties and strikes,and production in the third quarter was down by 12% compared to thesecond quarter. The nickel price rose from a level of 16 000 at thebeginning of July to 21 000 USD/ton in mid-August and then fell backto a level of 17 000 USD/ton by the end of the September. The averagenickel price in the quarter was 17 700 USD/ton (II/2009: 12 920USD/ton). In October 2009, the price of nickel has been in the range17 200 - 19 400 USD/ton. Demand for ferrochrome also continued toimprove, especially in China, and global production increased in thethird quarter. The quarterly contract price for ferrochrome in thethird quarter was 0.89 USD/lb (II/2009: 0.69 USD/lb) and haspreliminarily been settled at 1.03 USD/lb for the fourth quarter. Theprice of molybdenum rose markedly and averaged 15.36 USD/lb (II/2009:9.41 USD/lb) in the review period. The price of recycled steel was236 USD/ton in the third quarter (II/2009: 199 USD/ton).Smaller operating loss with lower delivery volumesGroup sales in the third quarter totalled EUR 587 million (II/2009:EUR 617 million). Deliveries of stainless steel were down by 11% andtotalled 238 000 tons (II/2009: 268 000 tons). Capacity utilizationin the third quarter was 50-55%. The main causes of the decline indelivery volumes were temporary production constraints, annualmaintenance breaks and seasonality of demand resulting from theEuropean holiday season.Operating loss in the third quarter totalled EUR 65 million (II/2009:EUR -94 million). This includes some EUR 32 million of rawmaterial-related inventory gains (II/2009: no major gains/ losses),mainly resulting from the increase in the nickel price. Operatingloss also includes EUR 15 million of non-recurring costs related towrite-downs resulting from the decision not to proceed with themelt-shop investment in Avesta, Sweden. Consequently, underlyingoperational loss improved to EUR 82 million (II/2009: EUR -94million). However, lower delivery volumes partly offset the impact ofhigher base prices. Outokumpu's realized average base prices for flatproducts in the third quarter increased by 130 EUR/ton but were lowerthan the base prices reported by CRU for German 304 sheet.The Outokumpu cost-saving programmes, initiated in December 2008, areproceeding according to plan. Outokumpu estimates that fixed-costsavings achieved in 2009 will total EUR 150 million.Return on capital employed in the third quarter was -7.6% (II/2009:-11.1%). Earnings per share totalled EUR -0.31 (II/2009: EUR -0.48).Outokumpu's gearing at the end of the third quarter was higher thanin the previous quarter but continued to be at the good level of41.4% (June 30, 2009: 37.1%), well below the target of below 75%. netinterest-bearing debt totalled EUR 1 014 million (June 30, 2009: EUR926 million) at the end of the third quarter.Net cash from operating activities was slightly negative, at EUR -12million (II/2009: EUR 23 million positive). Even though raw materialprices were higher, EUR 55 million of cash was released from workingcapital.Capital expenditure in the third quarter totalled EUR 55 million(II/2009: EUR 45 million).Sales by General Stainless in the third quarter totalled EUR 496million (II/2009: EUR 501 million), and deliveries totalled 221 000tons (II/2009: 248 000 tons). Operating loss was EUR 38 million(II/2009: EUR -52 million) of which the Tornio Works posted a loss ofEUR 44 million (II/2009: EUR -33 million). The majority of the rawmaterial-related inventory gains of EUR 32 million were posted byGeneral Stainless.Sales by Specialty Stainless in the third quarter totalled EUR 258million (II/2009: EUR 278 million), and deliveries totalled 75 000tons (II/2009: 82 000 tons). Operating loss was EUR 21 million(II/2009: EUR -37 million).Other operations posted an operating loss of EUR 4 million (II/2009:EUR -5 million) in the third quarter.Personnel adjustmentsIn late June, Outokumpu announced that it would be increasing itsproduction capability as the order intake for deliveries after thesummer holiday season period was showing some degree of recovery. InTornio in Finland, production was started at the idled melt-shop andworking shifts on steel production lines were increased at thebeginning of September. Some 700 employees who had been laid off on atemporary basis were therefore called back one month earlier thanplanned. In August, Outokumpu announced that the remaining part-timetemporary layoffs at Tornio Works (about 900 employees in maintenanceand support functions) would end at the end of September. Currently,Outokumpu's production capability is 60-70% of total capacity and theGroup is adjusting its production according to demand.The fixed-period temporary layoffs for some 250 employees at the KemiMine and Ferrochrome Works have ended as planned and ferrochromeproduction began at the beginning of October.In Sweden, most of the temporary layoffs have been terminated by theend of September. Since the beginning of this year, some 430 jobs intotal have been permanently reduced in Sweden.Investment projectsOutokumpu has completed the expansion of its stock and processingcapacity at the Group's service center in Willich, Germany. Based onan investment decision in 2007, this project consisted of expandingthe site area, doubling the size of the service center building andinstalling new cut-to-length and slitting lines. The annual capacityof the service center has been increased from 60 000 tons to 125 000tons. The investment totalled EUR 27 million.In Degerfors in Sweden, the building of a new dispatch hall withfully-automated storage and integrated packaging and dispatchfacilities was completed at the end of September. In Nyby in Sweden,the investment to double annual production capacity in special gradesfrom 34 000 tons to more than 70 000 tons has been finalized. A newgrinding line with an automated intermediate storage and an entrysection to the annealing and pickling line was taken into operationat the beginning of October. These investments totalled some EUR 65million.In December 2008, Outokumpu decided to postpone almost its entireinvestment program for at least 12 months. Continuation of anyproject is subject to a separate decision based on an updatedfeasibility study. Announced in September 2007, the investment atAvesta in Sweden, to expand melt-shop capacity from 500 000 tons to750 000 tons, will not proceed in the foreseeable future as there isno need for additional melting capacity in the medium-term.Write-downs of EUR 15 million connected with this investment havebeen booked in the third quarter operating loss. As originallyplanned, this investment would have totalled to some EUR 200 million.Further decisions regarding other postponed investments will be madeby the end of 2010.INTERIM REVIEW BY THE BOARD OF DIRECTORS - JANUARY-SEPTEMBER 2009(Unaudited)Weak stainless steel markets with lower prices for stainless steelDuring the first nine months of 2009, demand for stainless steel wasweak and all producers restricted their production. During the firstsix months of 2009 demand was also reduced by distributors'destocking activity. As the destocking came to an end during thesummer, purchasing activity among distributors recovered somewhatbecause of increasing metal prices and restricted output. Apparentconsumption of stainless is estimated to have declined by 38% inEurope and by 22% globally compared to I-III/2008 but to haveincreased by 10% in China. Compared to the same period in 2008,production in I-III 2009 is estimated to have been down by 34% inEurope and by 17% globally, but to have increased by 17% in China.The average German base price for 2mm 304 cold rolled sheet was 1 116EUR/ton in I-III/2009, 9% lower than in I-III/2008. The transactionprice for stainless steel averaged 1 933 EUR/ton in I-III/2009, 35%lower than in I-III/2008. (CRU)During the review period, prices of most alloying materials wereclearly at lower levels than in the corresponding period in theprevious year. During the first nine months of 2009, the nickel priceaveraged 13 697 USD/ton (I-III/2008: 24 533 USD/ton) and fluctuatedin the range 9 400 - 21 000 USD/ton. The average quarterly contractprice for ferrochrome was 0.79 USD/lb (I-III/2008: 1.73 USD/lb)during the first nine months. The average price of molybdenum was11.31 USD/lb (I-III/2008: 33.66 USD/lb). The price of recycled steelaveraged 214 USD/ton in the first nine months of 2009 (I-III/2008:474 USD/ton).Significant operating loss and low delivery volumes due to very weakdemandGroup sales in the first nine months of 2009 were down by 58% to EUR1 883 million (I-III/2008: EUR 4 508 million) due to lowertransaction prices and reduced delivery volumes. Stainless steeldeliveries totalled 753 000 tons (I-III/2008: 1 163 000 tons), downby 35%. Outokumpu cut production heavily and operated at 55-60%capacity utilization in I-III/2009.Operating loss for the first nine months of 2009 totalled EUR 409million (I-III/2008: EUR 208 million profit). The primary causes werelow delivery volumes, low base prices and raw-material relatedinventory losses of some EUR 78 million (I-III/2008: losses of someEUR 140 million). Operating loss included non-recurring costs of EUR20 million related to provisions for permanent layoffs andwrite-downs in Sweden. Operating profit in I-III/2008 included EUR 66million of non-recurring provisions and underlying operational resultin I-III/2009 was at loss of EUR 311 million (I-III/2008: EUR 60million profit). Loss before taxes totalled EUR 438 million(I-III/2008: EUR 165 million profit).Net financial income and expenses in the first nine months of 2009totalled EUR -21 million (I-III/2008: EUR -42 million excludingnon-recurring items). In I-III/2008, an impairment loss of EUR 12million was booked in Other financial expenses due to the decline inthe share price of Belvedere Resources Ltd, classified asavailable-for-sale financial asset.Net loss for the review period from continuing operations totalledEUR 328 million (I-III/2008: EUR 118 million profit). Earnings pershare totalled EUR -1.82 (I-III/2008: EUR 0.25) and earnings pershare from continuing operations EUR -1.81 (I-III/2008: EUR 0.65).The return on capital employed for I-III/2009 was -14.9% (I-III/2008:6.6%).Net cash generated from operating activities totalled EUR 312 million(I-III/2008: EUR 451 million) as a result of the release of workingcapital due to declining metal prices and an effective reduction ininventory levels throughout the supply chain. Net interest-bearingdebt totalled EUR 1 014 million at the end of September (September30, 2008: EUR 1 096 million). Outokumpu's gearing at the end ofSeptember was 41.4% (September 30, 2008: 35.0%).Capital expenditureCapital expenditure including maintenance totalled EUR 163 million inI-III/2009. The largest investments were related to the replacementof the No. 2 annealing and pickling line in Tornio, expansion of theservice center in Willich, Germany, establishing of a service centerin China and the doubling of production capacity in special grades atNyby, Sweden. Total capital expenditure by the Group in 2009 isestimated to be below EUR 250 million.In December 2008, Outokumpu decided to postpone almost its entireinvestment program for at least 12 months. Continuation of anyproject is subject to a separate decision based on an updatedfeasibility study. Announced in September 2007, the investment toexpand melting capacity at Avesta in Sweden, will not be continued inthe foreseeable future as there is no need for additional meltingcapacity in the medium-term. Further decisions on other postponedinvestments will be made by the end of 2010.Risks and uncertaintiesOutokumpu operates in accordance with the risk management policyapproved by its Board of Directors. This policy defines theobjectives, approaches and areas of responsibility in riskmanagement. Risks and uncertainties may, if they materialize, have asubstantial impact on earnings and cash flows. Key risks are assessedand updated on a regular basis.Important strategic and business risks include structuralovercapacity in stainless steel production, competition in stainlesssteel markets and Euro-centricity. To mitigate risks related tostructural overcapacity and fierce competition in stainless steelmarkets, Outokumpu aims to maintain the cost efficiency of itsoperations, broaden the Group's product offering and increase salesto end-users by, for example, developing distribution channels. Thisstrategy is supported by the Group Sales and Marketing function,which ensures that customers are served in an optimal way. Tomitigate any possible impacts of Euro-centricity, Outokumpu is alsoaiming to grow outside Europe.Operational risks arise as a consequence of inadequate or failedinternal processes, employee actions, systematic or other events suchas natural catastrophes, misconduct or crime. Key operational risksinclude a major fire or accident, variations in productionperformance, failures in project implementation and the inability towork according to a one-company approach. These risks are mitigatedthrough insurances and a variety of preventive or corrective actionsand initiatives. To minimize damage to property and businessinterruptions that could be caused by fire at some of the Group'smajor production sites, Outokumpu has implemented systematic fire andsecurity audit programmes.Financial risks include market price, credit, liquidity andrefinancing risks. The Group's liquidity position has remained strongdespite recent increases in the prices of alloying metals. To securethe necessary liquidity, Outokumpu signed a three-year revolvingcredit facility of EUR 900 million in June 2009 to replace theprevious five-year facility of EUR 1 billion. As a consequence of theglobal economic crisis, credit losses related to sales have increasedsomewhat, but much of these losses are covered by credit insurance. Aweak Swedish krona has been beneficial for the Group because of thesignificant quantity of krona-denominated fixed and variable costs.Changes in the price of nickel and the value of the US dollar mayhave a significant impact on Group earnings, cash flows and thebalance sheet. Outokumpu is also exposed to changes in interestrates, credit risk related to a certain loan receivable and risksrelated to equity security prices. Liquidity and refinancing risksare taken into account in capital management decisions and, whennecessary, in making investment and other business decisions.Environment, health and safetyEmissions to air and discharges to water remained within permittedlimits and the breaches that occurred were temporary, were identifiedand caused only minimal environmental impact. Outokumpu is not aparty in any significant juridical or administrative proceedingconcerning environmental issues, nor is it aware of any realisedenvironmental risks that could have a material adverse effect on theGroup's financial position.Carbon dioxide emissions under EU Emission Trading Scheme were at avery low level during the first nine months of 2009 due to reducedlevels of production, approximately 367 000 tons (I-III/2008: 630 000tons). Outokumpu estimates that total emissions in 2009 will be below600 000 tons (2008: 871 000 tons). Outokumpu's carbon dioxideallowances in the UK, Sweden and Finland are expected to besufficient for the Group's planned production.Occupational safety continues to be a major focus area within theGroup and Outokumpu has a separate safety function responsible forsafety management and development. In I-III/2009, the lost-timeinjury rate (i.e. lost-time accidents per million working hours) wassix (I-III/2008: nine). In 2009, the target is less than five. Nosevere accidents have been reported in 2009.Corporate ResponsibilityIn March 2009, Outokumpu was selected as a member of the Kempen/SNSSmaller Europe SRI Universe, a concept launched by Kempen CapitalManagement. Membership is only offered to companies with the veryhighest standards and codes of practice in three areas: businessethics, human resources and the environment.In September, the results of the annual review carried out for theDow Jones World and Dow Jones STOXX Sustainability indexes by theSustainable Asset Management Group (SAM) were published. Outokumpuretained its membership in both indices and received the highestpossible score in two sustainability criteria: environmentalreporting and occupational health and safety.PersonnelThe Group's continuing operations employed an average of 8 047 peopleduring January-September 2009 (I-III/2008: 8 529). At the end ofSeptember, Outokumpu had 7 699 employees (September 30, 2008: 8 711).Class actions regarding the sold fabricated copper products businessThe fabricated copper products business sold in 2005, comprised,among others, Outokumpu Copper (USA), Inc. This company has beenserved with one individual damage claim for ACR Tubes under USantitrust laws. Outokumpu believes that the allegations in this caseare groundless and will defend itself in any proceedings. Inconnection with the transaction to sell the fabricated copperproducts business to Nordic Capital, Outokumpu has agreed toindemnify and hold harmless Nordic Capital with respect to thisclaim.Copper tube cartel investigationIn 2003, the European Commission issued its judgment on Outokumpu'sparticipation in a European price-fixing and market-sharing cartelregarding copper air-conditioning tubes during 1988-2001. A fine ofEUR 18 million was imposed on the Group. In 2004, Outokumpu lodged anappeal with the Court of First Instance for Europe regarding thebasis for the calculation and the level of the fine. According todecision issued by this court in May 2009, the amount of the fineremains unchanged.In the cartel investigation concerning sanitary copper tubes, theEuropean Commission issued its judgement in September 2004 andimposed a fine of EUR 36 million to Outokumpu Group due toparticipation in cartel activities. Outokumpu lodged an appeal withthe Court of First Instance for Europe in 2004 regarding the level ofthe fine. In August 2009, Outokumpu paid the fine of EUR 36 millionin advance. The final decision from the Court of First Instanceconcerning the sanitary tubes is expected to be made during thefourth quarter of 2009.Interest totalling EUR 9 million has been paid for both of thesecases. In 2003, Outokumpu booked provisions for both of these fines.Outokumpu exited the copper fabrication business by divesting a majorpart of the business in 2005 and the remainder in April 2008.Customs investigation of exports to Russia by Outokumpu Tornio WorksIn March 2007, Finnish Customs authorities initiated a criminalinvestigation into the Group's Tornio Works' export practices toRussia. It was suspected that a forwarding agency based insouth-eastern Finland had prepared defective and/or forged invoicesregarding the export of stainless steel to Russia. The preliminaryinvestigation focused on possible complicity by Outokumpu TornioWorks in the preparation of defective and/or forged invoices by theforwarding agent.In June 2009, the Finnish Customs completed its preliminaryinvestigation and forwarded the matter for consideration of possiblecharges to the prosecuting authorities. According to initialestimates, the process of considering possible charges will becompleted by the end of 2009.Immediately after the Finnish Customs authorities began theirinvestigations in 2007, Outokumpu initiated its own investigationinto the trade practices connected with stainless steel exports fromTornio to Russia. In June 2007, after carrying out its owninvestigation, a leading Finnish law firm Roschier Attorneys Ltd.concluded that it had not found evidence that any employees of TornioWorks or the Group had committed any of the crimes alleged by theFinnish Customs.Roschier has subsequently, at Outokumpu's request, examined thepreliminary investigation material produced by the Finnish Customs'and concluded that it contains no evidence that any Outokumpuemployees committed forgery or the accounting offences alleged by theFinnish Customs. Outokumpu's Auditor, KPMG Oy Ab, has also statedthat suspicions related to the making of false financial statementsare groundless.Outokumpu has stated that neither the Group nor its personnel havecommitted any of the crimes alleged by the Finnish Customs.Organizational changes and appointmentsMr Pekka Erkkilä, EVP - General Stainless, took over management ofthe Tornio Works in addition to his current duties with effect fromSeptember 15, 2009.Mr Andrea Gatti, former EVP - Group Sales and Marketing at Outokumpu,assumed the role of Corporate Vice President outside the ExecutiveCommittee from February 24, 2009. He is working on strategiccorporate projects and reports to Karri Kaitue, Deputy CEO. MrGatti's duties have been assumed by Bo Annvik, EVP - SpecialtyStainless for an interim period.Shares and shareholdersAccording to the Nordic Central Securities Depository, Outokumpu'slargest shareholders by group at the end of the third quarter wereFinnish corporations (34.35%), foreign investors (30.10%), Finnishpublic sector institutions (16.02%), Finnish private households(12.05%), Finnish financial and insurance institutions (5.08%), andFinnish non-profit organizations (2.41%). The list of largestshareholders is updated regularly on Outokumpu's Internet pages:www.outokumpu.com/InvestorsShareholders that have more than 5% of the shares and votes inOutokumpu Oyj are Solidium Oy (owned by the State of Finland)(31.01%) and the Finnish Social Insurance Institution (8.05%).At the end of September 2009, Outokumpu's closing share price was EUR12.86 (III/2008: EUR 11.06). The average share price during the firstnine months of 2009 was EUR 11.26 (I-III/2008: EUR 22.65) with EUR15.67 (I-III/2008: EUR 33.99) as the highest traded price and EUR7.72 (I-III/2008: EUR 10.42) as the lowest. At the end of September2009, the market capitalization of Outokumpu Oyj shares was EUR 2 327million (September 30, 2008: EUR 1 993 million). Share turnover ofGroup shares on the Nasdaq OMX Helsinki exchange during the firstnine months of 2009 amounted to 279.6 million (I-III/2008: 382.8million). The total value of Group shares traded during the firstnine months of 2009 was EUR 3 149.4 million (I-III/2008: EUR 8 671.0million).Outokumpu's fully paid-up share capital at the end of September 2009totalled EUR 309.4 million and consisted of 182 004 266 shares.Excluding treasury shares, the number of shares outstanding at theend of the third quarter was 180 963 378.Annual General Meeting 2009The Annual General Meeting (AGM) approved a dividend of EUR 0.50 pershare for 2008. Dividends totalling EUR 90 million were paid on April3, 2009.The AGM authorized the Board of Directors to decide to repurchase theGroup's own shares and to issue shares and grant special rightsentitling to shares. These authorizations are valid 12 months oruntil the next AGM, but no longer than May 31, 2010. To date, theauthorizations have not been used.The AGM decided on the number of the Board members, including theChairman and Vice Chairman, to be eight. Members of the OutokumpuBoard of Directors are: Evert Henkes, Ole Johansson (Chairman), JarmoKilpelä, Victoire de Margerie, Anna Nilsson-Ehle, Jussi Pesonen,Leena Saarinen and Anssi Soila (Vice Chairman).SHORT-TERM OUTLOOKUncertainty in stainless steel markets continues. In the thirdquarter there was minor restocking by distributors due to rising rawmaterial prices. There is however no major improvement in underlyingdemand for stainless. Inventory levels at distributors in Europe areestimated as still being below normal. Volatility in the nickel priceis having an impact on the purchasing behaviour of distributors inthe short-term, making them hesitant about building inventories.Delivery times are fairly normal and Outokumpu is currently sellingstandard grades for deliveries in December. Deliveries of stainlesssteel in the fourth quarter are expected to be at the same level asin the second quarter (268 000 tons). Compared to the average for thethird quarter, Outokumpu's average base prices for all flat productsin the fourth quarter are expected to increase by 50-100 EUR/t. Thereis currently temporary pressure on prices but Outokumpu expectsprices to remain rather stable during the remaining of the fourthquarter.Outokumpu's underlying operational result in the fourth quarter isexpected to improve from the third quarter as a result of increasedbase prices, improved delivery volumes and tight cost management.With current metal prices, raw-material related inventory gains areexpected to be at the same level as in the third quarter, which mighttake the operating profit close to break-even. The main risks offourth-quarter financial performance are connected with deliveryvolumes.In Espoo, October 22, 2009Board of DirectorsCONSOLIDATED FINANCIALSTATEMENTS (unaudited)Income statement Jan- Jan- July- July- Jan- Sept Sept Sept Sept DecEUR million 2009 2008 2009 2008 2008Continuing operations:Sales 1 883 4 508 587 1 270 5 474Other operating income 17 20 16 25 57Costs and expenses -2 284 -4 285 -652 -1 329 -5 552Other operating expenses -25 -35 -16 -31 -42Operating profit -409 208 -65 -66 -63Share of results inassociated companies -8 -1 -6 -2 -2Financial income and expenses Interest income 13 15 4 5 20 Interest expenses -29 -53 -6 -20 -74 Market price gains and losses -4 -1 -3 1 -2 Other financial income 4 11 0 0 11 Other financial expenses -5 -14 -5 0 -24Profit before taxes -438 165 -81 -82 -134Income taxes 110 -47 26 9 24Net profit for the periodfrom continuing operations -328 118 -55 -73 -110Discontinued operations:Net profit for the periodfrom discontinued operations -3 -73 -1 -1 -79Net profit for the period -330 45 -56 -74 -189Attributable to:Owners of the parent -329 45 -55 -74 -189Non-controlling interests -1 - -0 - -0Earnings per share for profitattributable to the owners ofthe parent:Earnings per share, EUR -1.82 0.25 -0.31 -0.41 -1.05Diluted earnings per share, EUR -1.82 0.25 -0.31 -0.41 -1.04Earnings per share from continuingoperations attributable tothe owners of the parent:Earnings per share, EUR -1.81 0.65 -0.30 -0.41 -0.61Earnings per share fromdiscontinuedoperations attributable tothe owners of the parent:Earnings per share, EUR -0.01 -0.41 -0,00 -0.01 -0.44Statement of other comprehensiveincome Jan- Jan- July- July- Jan- Sept Sept Sept Sept DecEUR million 2009 2008 2009 2008 2008Net profit for the period -330 45 -56 -74 -189Other comprehensive income:Exchange differences ontranslating foreign operations 26 -26 -6 3 -75Available-for-sale financial assets Fair value changes during Fair value changes during theperiod 25 -8 8 -18 -37 Reclassification adjustments from equity to profit - 5 - 0 5 Income tax relating to available-for-sale financialassets -9 3 -1 5 8Cash flow hedges Fair value changes during theperiod 20 -16 18 -17 -65 Reclassification adjustments from equity to profit - -5 - -3 -5 Income tax relating to cash flowhedges -5 5 -5 5 18Net investment hedges Fair value changes during theperiod 1 4 -0 3 13 Income tax relating to net investment hedges -0 -1 0 -1 -3Share of other comprehensive incomeof associated companies 9 - -9 - -Other comprehensive income for theperiod,net of tax 66 -38 5 -22 -140Total comprehensive income for theperiod -264 7 -51 -96 -329Attributable to:Owners of the parent -263 7 -51 -96 -329Non-controlling interests -1 - -0 - -0Statement of financial position Sept 30 Sept 30 Dec 31EUR million 2009 2008 2008ASSETSNon-current assetsIntangible assets 572 567 584Property, plant and equipment 2 066 2 023 2 027Investments in associated companies 1) 160 160 156Available-for-sale financial assets 1) 98 112 67Derivative financial instruments 1) 5 22 9Deferred tax assets 20 29 37Trade and other receivables Interest-bearing 1) 126 133 132 Non interest-bearing 60 60 55Total non-current assets 3 108 3 106 3 067Current assetsInventories 937 1 602 1 204Available-for-sale financial assets 1) 9 9 8Derivative financial instruments 1) 27 82 92Trade and other receivables Interest-bearing 1) 36 18 25 Non interest-bearing 472 1 037 701Cash and cash equivalents 1) 210 107 224Total current assets 1 691 2 855 2 252Receivables related to assets held for sale1) 16 27 22TOTAL ASSETS 4 815 5 988 5 341EQUITY AND LIABILITIESEquity attributable to theequity holders of the CompanyShare capital 309 308 308Premium fund 705 702 702Other reserves 36 55 -13Retained earnings 1 723 2 021 1 984Net profit for the financial year -329 45 -189 2 445 3 132 2 794Non-controlling interests 0 - 1Total equity 2 446 3 132 2 795Non-current liabilitiesLong-term debt 1) 959 1 117 1 170Derivative financial instruments 1) 44 20 48Deferred tax liabilities 110 250 216Pension obligations 65 61 64Provisions 29 34 28Trade and other payables 1 2 2Total non-current liabilities 1 208 1 484 1 529Current liabilitiesCurrent debt 1) 638 562 501Derivative financial instruments 1) 46 33 54Income tax liabilities 4 52 5Provisions 25 60 48Trade and other payables Interest-bearing 1) 6 26 26 Non interest-bearing 434 630 378Total current liabilities 1 154 1 364 1 012Liabilities related to assets held for sale 1) 8 8 6TOTAL EQUITY AND LIABILITIES 4 815 5 988 5 3411) Included in net interest-bearing debt.Consolidated statementof changes inequity Attributable to the owners of the parent Fair Share Unregister- Share Other value capital ed share premium reserves reservesEUR million capital fundEquity onDecember 31, 2007 308 - 701 16 57Totalcomprehensiveincome for theperiod - - - - -17Dividends - - - - -Share-basedpayments - - - - -Share optionsexercised 0 - 1 - -Equity onSeptember 30, 2008 308 - 702 16 40Equity onDecember 31, 2008 308 - 702 15 -28Totalcomprehensiveincome for theperiod - - - - 47Transfers withinequity - - - 2 -Dividends - - - - -Share-basedpayments - - - - -Share optionsexercised 1 - 3 - -Equity onSeptember 30, 2009 309 - 705 17 19 Attributable to the owners of the parent Treasury Cumulative Retained Non- Total shares translation earnings controlling equityEUR million differences interestsEquity onDecember 31, 2007 -27 -82 2 364 - 3 337Totalcomprehensiveincome for theperiod - -21 45 - 7Dividends - - -216 - -216Share-basedpayments - - 3 - 3Share optionsexercised - - - - 1Equity onSeptember 30, 2008 -27 -103 2 196 - 3 132Equity onDecember 31, 2008 -27 -138 1 961 1 2 795Totalcomprehensiveincome for theperiod - 19 -329 -1 -264Transfers withinequity - - -2 - -Dividends - - -90 - -90Share-basedpayments 2 - -1 - 1Share optionsexercised - - - - 4Equity onSeptember 30, 2009 -25 -119 1 539 0 2 446Condensed statement of cash flows Jan- Jan- July- July- Jan- Sept Sept Sept Sept DecEUR million 2009 2008 2009 2008 2008Net profit for the period -330 45 -56 -74 -189Adjustments Depreciation and amortization 156 152 52 52 206 Impairments 17 24 15 7 36 Other adjustments -216 220 -64 74 321Change in working capital 702 97 55 192 370Dividends received 3 12 0 2 12Interests received 4 5 0 1 5Interests paid -49 -53 -15 -15 -76Income taxes paid 26 -50 1 3 -30Net cash fromoperating activities 312 451 -12 242 656Purchases of assets -175 -200 -56 -95 -325Purchase of subsidiaries - -197 - -197 -204Proceeds from the sale of subsidiaries - 49 - - 49Proceeds from the saleof other assets 12 9 5 6 31Net cash from otherinvesting activities 0 0 0 0 0Net cash frominvesting activities -163 -340 -51 -286 -449Cash flow beforefinancing activities 149 112 -62 -44 207Share options exercised 4 1 - 0 1Borrowings of long-term debt 59 164 - 164 341Repayment of long-term debt -308 -198 -25 -53 -236Change in current debt 170 162 79 -37 47Dividends paid -90 -216 - - -216Proceeds from the saleof other financial assets 0 0 0 0 0Other financing cash flow 1 -2 -0 0 -1Net cash fromfinancing activities -165 -89 54 73 -64Net change in cashand cash equivalents -16 22 -8 30 143Cash and cash equivalents atthe beginning of the period 224 86 218 77 86Foreign exchange rate effect 2 -1 1 -0 -5Net change in cashand cash equivalents -16 22 -8 30 143Cash and cash equivalentsat the end of the period 210 107 210 107 224Key figures Jan-Sept Jan-Sept Jan-DecEUR million 2009 2008 2008Sales 1 883 4 508 5 474Operating profit -409 208 -63Operating profit margin, % -21.7 4.6 -1.2Return on capital employed, % -14.9 6.6 -1.6Return on equity, % -16.8 1.8 -6.2Return on equity, continuing operations, % -16.7 4.9 -3.6Capital employed at end of period 3 459 4 228 3 867Net interest-bearingdebt at end of period 1 014 1 096 1 072Equity-to-assets ratioat end of period, % 50.8 52.3 52.4Debt-to-equity ratio at end of period, % 41.4 35.0 38.4Earnings per share, EUR -1.82 0.25 -1.05Earnings per share fromcontinuing operations, EUR -1.81 0.65 -0.61Earnings per share fromdiscontinued operations, EUR -0.01 -0.41 -0.44Average number of sharesoutstanding, in thousands 1) 180 779 180 169 180 185Fully diluted earnings per share, EUR -1.82 0.25 -1.04Fully diluted average numberof shares, in thousands 1) 180 907 181 109 180 995Equity per share at endof period, EUR 13.51 17.38 15.50Number of shares outstandingat end of period,in thousands 1) 180 963 180 228 180 233Capital expenditure,continuing operations 163 415 544Depreciation,continuing operations 156 152 206Average personnel for theperiod, continuing operations 8 047 8 529 8 5511) The number of own shares repurchased is excluded.NOTES TO THE INCOME STATEMENT AND BALANCE SHEETThis interim financial report is prepared in accordance with IAS 34(Interim Financial Reporting). Mainly the same accounting policiesand methods of computation have been followed in the interimfinancial statements as in the annual financial statements for 2008.Outokumpu has applied the IFRS 8 - Operating segments as of January1, 2009. According to IFRS 8, segment information should be based onmanagement's internal reporting structure and accounting principles.As disclosed in the financial statement for 2008, Outokumpu's segmentinformation has already been based on management reporting structureand therefore the operating segments are the same as they werepreviously, General Stainless and Specialty Stainless. Outokumpu hasalso applied amended standard IAS 1 - Presentation of financialstatements as of January 1, 2009, which has changed the presentationof income statement and statement of changes in equity. These changeshave impacted the presentation of financial statements.Use of estimatesThe preparation of the financial statements in accordance with IFRSrequires management to make estimates and assumptions that affect thereported amounts of assets and liabilities, as well as the disclosureof contingent assets and liabilities at the date of the financialstatements, and the reported amounts of income and expenses duringthe 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 and other items. Although these estimates arebased on management's best knowledge of current events and actions,actual results may differ from the estimates.Shares and share capitalThe total number of Outokumpu Oyj shares was 182 004 266 and theshare capital amounted to EUR 309.4 million on September 30, 2009.Outokumpu Oyj held 1 040 888 treasury shares on September 30, 2009.This corresponded to 0.6% of the share capital and the total votingrights of the Company on September 30, 2009.Outokumpu has a stock option program for management (2003 optionprogram). The stock options have been allocated as part of theGroup's incentive programs to key personnel of Outokumpu. The optionprogram has three parts 2003A, 2003B and 2003C. On September 30, 2009a total of 650 881 Outokumpu Oyj shares had been subscribed for onthe basis of 2003A stock option program, a total of 82 830 OutokumpuOyj shares on the basis of 2003B stock option program and a total of20 000 Outokumpu Oyj shares on the basis of 2003C stock optionprogram. Share subscription period with the Outokumpu stock options2003A ended on March 1, 2009. An aggregate maximum of 945 990 sharescan be subscribed with the remaining 2003B stock options and 80 500shares with the remaining 2003C stock options. In accordance with theterms and conditions of the option program, the dividend adjustedshare price for a stock option 2003B was EUR 9.81 and for stockoption 2003C EUR 10.44 on September 30, 2009. As a result of theshare subscriptions with the 2003 stock options, Outokumpu Oyj'sshare capital may be increased by a maximum of EUR 1 745 033 and thenumber of shares by a maximum of 1 026 490 shares. This correspondsto 0.6% of the Company's shares and voting rights.Outokumpu has also two share-based incentive programs for years2006-2010 and 2009-2013 as part of the key employee incentive andcommitment system of the Company.The first earning period for 2006-2010 incentive program was ended onDecember 31, 2008. Based on the achievement of the targets, the Boardconfirmed that the participants would receive 50% of the maximumnumber of shares. Altogether 177 715 shares were distributed to 125persons in March 2009. Outokumpu used its treasury shares for thereward payment, which means that the total number of shares of thecompany did not change.On February 3, 2009, the Board of Directors of Outokumpu approved thesecond share-based incentive plan to be offered to the key managementof Outokumpu for years 2009-2013. The Program will last five years,comprising three earning periods of three calendar years each. Theearning periods commence on January 1, 2009, January 1, 2010 andJanuary 1, 2011. The Board approves the number of participants, finalallocations and performance criteria separately for each earningperiod. For earning period 2009-2011, the Board approved 139employees to be in the scope of the Program. The amount of rewardwill be determined and paid to the participants on the basis of theachievement of performance targets after the financial statements ofthe last year of earning period have been prepared. The rewards to bepaid on the basis of the program will correspond to a maximum of 1500 000 Outokumpu shares. No new shares will be issued in connectionwith the program and therefore the incentive plan will have nodiluting effect.If persons covered by both share-based incentive programs were toreceive the number of shares in accordance with the maximum reward,currently a total of 911 430 shares, their shareholding obtained viathe program would amount to 0.5% of the Company's shares and votingrights.The detailed information of the 2003 option program and of theshare-based incentive programs can be found in the annual report ofOutokumpu and from Outokumpu's Internet site www.outokumpu.com.Non-current assets held for sale and discontinued operationsOutokumpu Brass produces brass rods for applications in theconstruction, electrical and automotive industries. The brass rodplant is located in Drünen in the Netherlands and the unit also has a50% stake in a brass rod company in Gusum, Sweden. Outokumpu Brassemploys some 150 employees. The assets and liabilities of brass rodbusiness are presented as held for sale. Outokumpu intends to divestthe brass rod business.Specification of non-currentassets held for saleand discontinued operationsIncome statement Jan-Sept Jan-Sept Jan-DecEUR million 2009 2008 2008Sales 23 254 267Expenses -22 -252 -269Operating profit 0 1 -2Net financial items -1 -3 -4Profit before taxes -1 -1 -6Taxes 0 -1 -0Profit after taxes -1 -2 -6Impairment loss recognizedon the fair valuation of theOutokumpu Copper Tube and Brassdivision's assets and liabilities -2 -6 -6Loss on the sale of copper tubebusiness - -66 -66Taxes - - -After-tax result from thedisposal and impairment loss -2 -72 -73Non-controlling interests - - -Net profit for the periodfrom discontinued operations -3 -73 -79Statement of financial position Sept 30 Sept 30 Dec 31EUR million 2009 2008 2008AssetsIntangible and tangible assets 2 2 2Other non-current assets 2 3 3Inventories 7 13 9Other current noninterest-bearing assets 5 9 8 16 27 22LiabilitiesProvisions 2 1 2Other non-current noninterest-bearing liabilities 1 1 1Trade payables 4 5 2Other current noninterest-bearing liabilities 1 0 1 8 8 6Cash flows Jan-Sept Jan-Sept Jan-DecEUR million 2009 2008 2008Operating cash flows 7 -8 -8Investing cash flows -2 -14 -16Financing cash flows -4 17 19Total cash flows 0 -5 -5Major non-recurring itemsin operating profit Jan-Sept Jan-Sept Jan-DecEUR million 2009 2008 2008Write-down of Avestamelt-shop investment -15 - -Redundancy provisions -5 - -17Thin Strip restructuring in Britain - -66 -66 -20 -66 -83Major non-recurring items infinancial income and expenses Jan-Sept Jan-Sept Jan-DecEUR million 2009 2008 2008Impairment of Belvedere shares - -12 -21 - -12 -21Income taxes Jan-Sept Jan-Sept Jan-DecEUR million 2009 2008 2008Current taxes -4 -42 -6Deferred taxes 114 -4 30 110 -47 24Property, plant and equipment Jan 1 - Jan 1 - Jan 1 - Sept 30 Sept 30 Dec 31EUR million 2009 2008 2008Historical cost at thebeginning of the period 4 021 3 984 3 984Translation differences 66 -53 -190Additions 165 189 301Acquisition of subsidiaries - 44 36Disposals -14 -92 -108Reclassifications -2 -2 -2Historical cost atthe end of the period 4 235 4 070 4 021Accumulated depreciation atthe beginning of the period -1 994 -2 004 -2 004Translation differences -35 32 115Disposals 11 65 83Reclassifications 0 0 -0Depreciation -137 -141 -188Accumulated depreciation atthe end of the period -2 169 -2 047 -1 994Carrying value atthe end of the period 2 066 2 023 2 027Carrying value at thebeginning of the period 2 027 1 980 1 980Commitments Sept 30 Sept 30 Dec 31EUR million 2009 2008 2008Mortgages and pledgesMortgages on land 186 121 189Other pledges 1 0 5GuaranteesOn behalf of subsidiariesfor commercial commitments 22 52 55On behalf of associated companiesfor financing 5 5 5Other commitments 54 59 59Minimum future lease paymentson operating leases 61 50 59Group's off-balance sheet investment commitments totaled EUR 81millionon September 30, 2009 (September 30, 2008: EUR 231 million,Dec 31, 2008: EUR 93 million).Related party transactionsTransactions and balanceswith associated companies Sept 30 Sept 30 Dec 31EUR million 2009 2008 2008Sales 0 0 0Purchases -5 -8 -13Financial income and expenses 0 2 2Loans and other receivables 7 9 7Trade and other receivables 1 0 0Fair values and nominalamounts ofderiva
Datum: 22.10.2009 - 08:07 Uhr
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