Rautaruukki Corporation's interim report for January-September 2009:
Continued difficult market cond
(Thomson Reuters ONE) - Rautaruukki Corporation Interim report 22 October 2009 at 12 noonSummary results for the first nine months of 2009 (reference periodQ1-Q3/2008)- Consolidated net sales decreased to EUR 1,429 million (EUR 3,004million)- Consolidated reported negative operating profit was -EUR 284million and negative operating profit excluding non-recurring itemswas -EUR 279 million (505 reported and 511 comparable)- Result before taxes was -EUR 313 million (503)- Gearing ratio was 26.4 per cent (7.8)- Cash flow from operating activities was EUR 69 million (284)- Return on capital employed (rolling 12 months) was -10.0 per cent(29.6)- Earnings per share were -EUR 1.65 (2.65)- The company estimates there will be a marked improvement in theresult before taxes for the fourth quarter, compared to the thirdquarter, but that the result might remain slightly negative. Earlierthe company estimated that there will be a marked improvement in theresult before taxes for the second half of the year compared to thefirst half, but might remain slightly negative.KEY FIGURES Q1-Q3/09 Q1-Q3/08 Q3/09 Q3/08 2008Net sales, EUR m 1 429 3 004 485 996 3 851Operating profit, EUR m -284 505 -54 197 568Operating profit, excludingnon-recurring items, EUR m -279 584Operating profit as % of netsales -19.9 16.8 -11.2 19.7 14.7Operating profit as % of netsales, excluding non-recurringitems -19.5 15.3Result before taxes, EUR m -313 503 -64 195 548Earnings per share, EUR -1.65 2.65 -0.32 1.00 2.93Return on capital employed(rolling 12 mths), % -10.0 29.6 25.6Gearing ratio, % 26.4 7.8 7.9Personnel, average 12 914 15 086 12 413 15 285 14 953First nine months of 2009 in brief:- By the end of the report period, the three-year operationalexcellence programme Boost had delivered permanent cost savings ofaround EUR 46 million and savings for the whole year are estimated toexceed EUR 60 million. Actions already initiated equate to costsavings of around EUR 80 million at an annual level. In addition tothese actions, adjustment measures taken as a result of difficultmarket conditions are estimated to deliver of around EUR 30 millionin 2009.- Continued caution in construction investment decisions across themarket area. Positive signs were visible in the third quarter insales of roofing products, as well as in road and rail constructionprojects in the Nordic countries.- Market conditions in the engineering business were verychallenging, delivery volumes fell sharply and price development innew contracts was unfavourable. However, deliveries to equipmentmanufacturers in the energy industry continued at a good level.- Delivery volumes of steel products remained exceptionally low andno recovery was evident in end-customer demand. Lower customer stocksincreased orders somewhat and the fall in prices of steel productslevelled off during the third quarter.- Cash flow from operating activities was positive and a healthybalance sheet was maintained.President & CEO Sakari Tamminen:"The rate of decline in the global economy eased during the thirdquarter of the year. A reduction in stocks has resulted in a briefpick-up in demand in customer industries, but this has not yet formeda platform for any permanent improvement in end-customer demand. Itstill remains difficult to predict market development. It is clearthat the fallout from the global economic crisis will stretch farinto the future, industrial structures are changing and actors in theengineering industry among others are pursuing cost efficiency incountries with lower cost levels.Ruukki's poor earnings performance during the report period wasmainly attributable to lower sales volumes, unfavourable sales pricedevelopment and to the use of steel material produced using high-costraw materials. Also the low steel production capacity utilisationrate during the first half of the year significantly impacted on ourresult.Despite difficult market conditions, seasonal demand picked upsomewhat in Ruukki's construction businesses during the thirdquarter. Nevertheless, we remained well below the level witnessed inprevious years and commercial and industrial construction inparticular was quiet. Especially in Russia, publicly funded projectsaccounted for a notably increased share of our net sales inconstruction. In addition, activity in road and rail projects in theNordic countries and in residential construction was even briskerthan anticipated.Delivery volumes in the engineering industry were significantlysmaller than a year earlier. The profitability of our engineeringbusiness was particularly weakened by the poor performance of theNorwegian unit and we have accordingly started to reorganise theoperations of the unit, which earlier primarily served theshipbuilding industry.There was major fluctuation in demand for different products in oursteel business. Whilst sales volumes of plate products in particularwere low, sales of further processed colour-coated and galvanisedproducts and strip products were much better. There was even ashortage of some products at times and the stock cycle improvedtowards the end of the report period. However, de-stocking was slowerthan anticipated.We have built the company to be able to face challenging times from astrong platform. This year, we have lowered our cost structurethrough corporate-wide efficiency and saving measures, as well asprogressed with our three-year operational excellence programme. Wewill continue to improve efficiency to further strengthen our costcompetitiveness and market position. Our manufacturing network andlocal presence in Poland, Hungary and China, for example, provideRuukki with a competitive edge in the engineering business in thefuture. There is a strong need for new and renovation construction inour important market area in Eastern Europe. However, in theshort-term, we need to see a restoration of customer willingness toinvest before commercial and industrial construction picks up.Our three-year operational excellence programme has progressed fasterthan expected and by the end of September had delivered permanentcost savings of around EUR 46 million. Expected savings for the wholeyear have been revised upwards from EUR 50 million to over EUR 60million. Efficiency measures we have initiated equate to savings ofaround EUR 80 million at an annual level. Adjustment measures underway, lower costs of raw materials and a decrease in the cost per unitof steel produced will also improve our cost efficiency. We estimatethat there will be a marked improvement in the result before taxesfor the fourth quarter, compared to the third quarter, but that theresult might remain slightly negative".For further information, please contact:Sakari Tamminen, President & CEO, tel. +358 20 592 9075Mikko Hietanen, CFO, tel. +358 20 592 9030Press conferenceA press conference, in Finnish, for analysts and the media will beheld on Thursday 22 October at 2.30pm at Ruukki, Suolakivenkatu 1,00810 Helsinki.The English webcast and conference call for investors and analystswill begin at 4pm Finnish time and can be viewed live on thecompany's website at www.ruukki.com/investors. A replay of thewebcast can be viewed on the same site from about 8pm Finnish time.To attend the conference call, please call the following number 5-10minutes before the conference begins: +44 (0)20 7162 0025, password:RautaruukkiA recording of the conference call can be heard until 27 October 2009at the following number:+44 (0)20 7031 4064, access code: 846983Rautaruukki CorporationAnne PiriläSVP, Corporate Communications and Investor RelationsRautaruukki supplies metal-based components, systems and integratedsystems to the construction and engineering industries. The companyhas a wide selection of metal products and services. Rautaruukki hasoperations in 26 countries and employs 12,200 people. Net sales in2008 totalled EUR 3.9 billion. The company's share is quoted onNASDAQ OMX Helsinki (Rautaruukki Oyj: RTRKS). The Corporation usesthe marketing name Ruukki.DISTRIBUTION:NASDAQ OMX HelsinkiMain mediawww.ruukki.comRautaruukki Corporation's interim report for January-September 2009Business environmentThe pace of decline in the global economy slowed during the course ofthe third quarter. However, there was continued caution in investmentdecisions despite the strengthening of a number of confidenceindicators and a noticeable decrease in stocks of finished products.Industrial orders remained well below the level a year earlier.Seasonal growth in demand within construction was below that ofprevious years. However, residential construction was brisker thanexpected and this led to better demand for roofing products thanpredicted. Customer caution in decision-making particularly impactedon the demand for solutions and products within commercial andindustrial construction. The availability of debt financing forconstruction projects was still difficult.High stock levels in the engineering industry weakened demand duringthe report period, especially in the lifting, handling andtransportation equipment industry. Even though customers' stocks havedecreased considerably, order intake volume showed hardly anyimprovement. Demand from equipment manufacturers in the energyindustry remained relatively good, but equipment manufacturers in thewind power industry have rescheduled or cancelled some projectsbecause of, among other things, the difficulty in securing funding.Market conditions remained weak in shipbuilding and there were fewnew orders. The trend within the engineering industry to pursuefurther operational efficiency by switching production to lower costcountries has gathered momentum during the year.De-stocking in the steel industry has taken longer than expected.Consequently, the delivery volumes of steel companies remained lowerthan end-customer demand also during the third quarter. Particularlyweak demand for plate products continued also towards the end of thereport period. With the exception of China and some other Asiancountries, the global capacity utilisation rate in the steel industryremained low throughout the report period.Net sales for January-SeptemberUnless otherwise stated, the comparable figures in brackets refer tothe same period a year earlier.Consolidated net sales for January-September 2009 were EUR 1,429million (EUR 3,004 million reported and EUR 2,981 millioncomparable).The solutions businesses - Ruukki Construction and Ruukki Engineering- accounted for 49 per cent (46) of consolidated net sales during thereport period. Finland accounted for 31 per cent (32) of consolidatednet sales, the other Nordic countries for 31 per cent (32) andCentral Eastern Europe, Russia and Ukraine for 19 per cent (19). Therest of Europe accounted for 13 per cent (13) of consolidated netsales and other countries for 5 per cent (3).Ruukki Construction's net sales for the first nine months of 2009were EUR 442 million (818) and Ruukki Engineering's net sales wereEUR 263 million (578). Ruukki Metals' net sales were EUR 724 million(EUR 1,608 million reported and EUR 1,585 million comparable).Ruukki Construction's net sales development was affected by weakdemand throughout the report period. Business activity wasparticularly low in commercial and industrial construction. There wascontinued caution in investment decisions and noticeably fewer newconstruction projects were started than in previous years. Net salesof infrastructure construction declined less than those of commercialand industrial construction because of the good level of activity inroad and rail construction projects in the Nordic countries. Seasonaldemand for residential roofing products was reasonably good, eventhough market conditions were noticeably weaker than in previousyears.Ruukki Engineering's delivery volumes fell sharply. Low end-customerdemand and de-stocking throughout the report period resulted indecreased order intake. Net sales during the report period contractedin all customer segments compared to a year earlier. The sharpestfall in net sales was in the lifting, handling and transportationequipment segment. Delivery volumes to shipbuilding and offshorecustomers were also low. On the contrary, deliveries to equipmentmanufacturers in the energy industry, both in wind and diesel powerplants, remained at a good level compared to other customer groups.Ruukki Metals' delivery volumes of steel products remainedexceptionally low throughout the report period. De-stocking continuedand end-customer demand was weak. Sales of special steel productsfell more than those of other product groups during the report periodbecause of continued low activity in the main industrial sectors,such as the heavy engineering industry, that use these products.Special steel products accounted for 19 per cent (28) of thedivision's net sales during the first nine months of the year. Pricesof steel products fell noticeably during the first half of the year.During the third quarter, the fall in prices bottomed out in a numberof product groups as uncertainty faded about the cost of rawmaterials used in steel production.Third quarter net salesConsolidated net sales for the third quarter were EUR 485 million(996).Ruukki Construction's third quarter net sales were EUR 164 million(309). Seasonal demand for residential roofing products wasreasonably good and third quarter sales were brisker than earlier inthe year. Deliveries for commercial and industrial constructionremained low. In Russia, deliveries for construction projects in theenergy industry continued to be brisker than for those in otherindustrial sectors.Ruukki Engineering's third quarter net sales were EUR 63 million(184). End-customer demand remained particularly low and, togetherwith de-stocking, decreased both order intake and the number ofdeliveries also during the third quarter. Selling prices were alsodown. A large proportion of the division's annual contracts expiredduring the summer and prices under the new contracts were lower thanfor the previous term of contract. This in turn weakened net salesduring the third quarter.Ruukki Metals' third quarter net sales were EUR 257 million (503).Lower customer stocks to some extent led to an increase in orderintake during the third quarter. Sales volume development incolour-coated and galvanised strip products was noticeably betterthan in plate products. Sales of trading products - stainless steeland aluminium - picked up slightly during the third quarter, but werestill down compared to a year earlier.Operating profit for January-SeptemberConsolidated reported negative operating profit for January-Septemberwas -EUR 284 and operating profit excluding non-recurring items was-EUR 279 million (EUR 505 million reported and EUR 511 millioncomparable). Both reported operating profit and operating profitexcluding non-recurring items equated to -20 per cent (17 per centreported and 17 per cent comparable) of net sales.Ruukki Construction posted a negative operating profit of -EUR 26million (115). Ruukki Engineering's reported negative operatingprofit was -EUR 9 million (101) and negative operating profitexcluding non-recurring items was -EUR 4 million. Ruukki Metals'negative operating profit was -EUR 238 million (EUR 309 millionreported and EUR 314 million comparable).Ruukki Construction's operating profit fell as a result of lowersales volumes coupled with lower selling prices. The use of own steelproduced at high raw material prices together with the use ofhigh-cost external material in stock weakened profitabilityparticularly during the first half of the year. Selling prices fellin all market areas during the report period. The fall in priceslevelled off during the course of the third quarter.Ruukki Engineering's operating profit in January-September wasweakened by lower delivery volumes, lower selling prices - especiallyfor plate products - as well as by the use, during the first half ofthe year, of steel material made at high raw material prices. Due toweak demand in the shipbuilding industry, profitability has beenparticularly poor in the company's unit in Mo i Rana, Norway, whichreported a negative operating profit of -EUR 13 million for the firstnine months of the year. A start was made in August on restructuringthe unit's operations.Ruukki Metals' negative operating profit was mainly due to thecontinued sluggish demand for steel products and poor pricedevelopment. The low steel production capacity utilisation rateduring the early part of the year increased the costs per unit ofsteel produced and had a negative impact of around EUR 190 million oncosts for January-September.The impact of efficiency and savings measures was evident in thecompany's cost structure, gaining strength towards the end of thereport period.Third quarter operating profitConsolidated negative operating profit for July-September was -EUR 54million (197). Operating profit equated to -11 per cent (20 per centreported and 20 per cent comparable) of net sales.Ruukki Construction's negative operating profit for July-Septemberwas -EUR 4 million (56) and Ruukki Engineering's negative operatingprofit was -EUR 7 million (34).Ruukki Metals' negative operating profit was -EUR 39 million (112),which was a notable improvement on the first and second quarters. Thecost impact of the low steel production capacity utilisation ratefell to around -EUR 30 million during the third quarter compared tothe first and second quarters (Q1/2009: -EUR 90 million and Q2/2009:-EUR 70 million). The fall in the price of coal and iron ore - themain raw materials used in steel production - also lowered costs perunit of steel produced. The full impact of this fall in prices beganto be reflected in the company's cost structure towards the end ofthe third quarter onwards.Financial items and earnings for January-SeptemberNet finance expense and exchange rate differences relating to financetotalled EUR 29 million (6), including an arrangement fee of aroundEUR 5 million, paid in June, for a new revolving credit facility. Netinterest costs totalled EUR 19 million (8).Group taxes were -EUR 84 million (134), which includes an increase ofEUR 80 million (7) in deferred tax assets.Earnings for the period were -EUR 229 million (368).Earnings per share were -EUR 1.65 (2.65).Balance sheet, cash flow and financingThe balance sheet total at 30 September 2009 was EUR 2,497 million(2,987). Equity was EUR 1,553 million (1 997) equating to EUR 11.18per share (14.39). The decrease in equity during the report periodwas mainly attributable to the consolidated loss and to dividendspaid. The equity ratio at the end of September was 62.7 per cent(68.0).Return on equity during the last 12 months was -10.8 per cent (23.0)and return on capital employed was -10.0 per cent (29.6).Acquisitions during January-September resulted in an increase of EUR9 million in property, plant and equipment and an increase of EUR 4million in goodwill to EUR 104 million.Cash flow from operating activities was EUR 69 million (284) and cashflow before financing activities was -EUR 48 million (142). EUR 222million was released from net working capital during the reportperiod.Net interest-bearing financial liabilities at 30 September 2009 wereEUR 410 million (155), up by EUR 256 million since the 31 December2008. This increase is mainly due to dividends paid during the reportperiod. The consolidated balance sheet was healthy and the gearingratio was 26.4 per cent (7.8).At the end of September 2009, the Group had liquid assets of EUR 88million and undrawn revolving credit facilities of EUR 350 million.Actions to improve operational efficiency and adjust operationsIn October 2008, Ruukki initiated its corporate-wide Boost programme,which aims at further operational efficiency and at permanentlyimproving the company's competitive edge and profitability. Boostaims at a EUR 150 million improvement in the company's operatingprofit at an annual level, compared to 2008, by the end of 2011.The company continued work on actions implemented under the Boostprogramme during the report period. Permanent cost savings achievedduring January-September amounted to around EUR 46 million and thecost savings delivered by the programme are estimated to exceed EUR60 million in 2009. Actions already initiated equate to cost savingsof around EUR 80 million at an annual level.In the context of the programme, Ruukki Construction has implementeda number of production arrangements between sites during the year.Efficiency has been improved by centralising production, which hasresulted in the closure of production sites in, for example, Latvia,Lithuania and the Czech Republic. An efficiency programme wascompleted at Oborniki, Poland during the third quarter and acorresponding programme is progressing to plan at Obninsk, Russia.Ruukki Engineering has improved operational efficiency bytransferring production lines and by adjusting production. In May,plans were announced to discontinue the manufacture of components atthe Hässleholm and Oskarström sites in Sweden. Through these actions,the company seeks to centralise operations and strengthen itsengineering competences in future growth areas, particularly inCentral Eastern Europe and China. The Swedish units above will beclosed by the end of the year.In July, it was announced that operations at the Mo i Rana plant inNorway were to be reorganised because of poor demand in theshipbuilding industry. In future, the Mo i Rana plant will focus onthe production of flange profiles for windmill towers.Ruukki Metals' efficiency measures include centralising partsprocessing on its service centres in Raahe and Seinäjoki, and in thiscontext closure of the steel service centre in Tampere in Finland.In addition to the Boost programme, adjustment measures are alsounder way across the company as a result of difficult marketconditions. By the end of September, employer-employee negotiationsrelating to actions to improve efficiency and to adjust operationshad resulted in a corporate-wide workforce reduction of around 1,900employees. Around 500 of the employees affected are in Finland. Atthe end of September, a total of some 1,450 employees (4,800 at theend of June) were subject to temporary lay-off measures. Around 1,150of these employees are in Finland. In addition, around 480 people inCentral Eastern Europe are working a four-day week until furthernotice. It is estimated that adjustment measures initiated willdeliver cost savings of around EUR 30 million in 2009.PersonnelThe Group employed an average of 12,914 (15,086) persons duringJanuary-September. At the end of September, the headcount was 12,204(14,956), which was spread as follows: 6,173 in Finland, 1,123 in theother Nordic countries, 2,283 in Central Eastern Europe, 2,274 inRussia and other CIS countries, 77 in Western Europe and 274 in othercountries.Positive progress has been made with lost-time accident frequency,which during the first nine months of the year was 8 (12) per millionhours worked.Capital expenditureNet cash flow from investing activities during January-September was-EUR 117 million (-142).Capital expenditure on tangible and intangible assets during thereport period totalled EUR 121 million (158), of which maintenanceinvestments accounted for EUR 52 million (45). A total of EUR 7million (6) was spent on acquisitions. Other shares increased by EUR2 million (1). Cash inflows of EUR 13 million (21) from investingactivities during the report period were mostly generated bydivestments of property, plant and equipment.Depreciation of fixed assets during the report period was EUR 108million (109).A decision was made in April to modernise the two blast furnaces atthe Raahe Works during 2010 and 2011. Modernisation of blast furnace1 is planned to begin in April 2010. The company plans to moderniseblast furnace 2 during 2011. Modernisation of the blast furnaces is anecessary maintenance investment. Both blast furnaces will be shutdown in turn for around two months during modernisation. It isexpected to take between four and six weeks after start-up for theblast furnaces to return to normal production levels.In connection with blast furnace modernisation, the company willswitch over to using only iron pellets instead of sinter as a rawmaterial in the iron-making process. The sinter plant currently inuse will be closed down by the end of 2011.The investments planned for 2009-2012 to modernise the blast furnacesand change the feedstock base total around EUR 220 million, inaddition to which environmental investments of some EUR 60 millionwill be made. Some EUR 55 million of the investments are expected tobe scheduled for 2009, EUR 107 million for 2010, EUR 109 million for2011 and the remaining EUR 10 million for 2012.Consolidated capital expenditure on tangible and intangible assetsduring 2009 is estimated to remain below EUR 170 million.Shares and share capitalDuring the first nine months of 2009, Rautaruukki Oyj shares (RTRKS)were traded for a total of EUR 2,203 million (4,639) on NASDAQ OMXHelsinki. The highest price quoted was EUR 18.14 in September and thelowest was EUR 11.06 in January. The volume weighted average pricewas EUR 14.47. At the end of the report period on 30 September 2009,the share closed at EUR 16.40 and the company had a marketcapitalisation of EUR 2,301 million (1,952).The company's registered share capital at 30 September 2009 was EUR238.5 million and there were 140,285,425 shares issued.The Board of Directors has the authority to acquire a maximum of12,000,000 of the company's own shares. The authority is valid for 18months from the date of the resolution of the Annual General Meetingheld on 24 March 2009. During the report period, The Board ofDirectors did not exercise its authority to acquire the company's ownshares.In addition, the Board of Directors has the authority to decide on ashare issue, which includes the right to issue new shares or totransfer treasury shares held by the company. The authority appliesto a maximum of 15,000,000 shares in total. The Board of Directorshas the right to disapply the pre-emption rights of existingshareholders in a private placement. The authority also includes theright to decide on a bonus issue. The authority is valid until theclose of the 2011 Annual General Meeting. During the report period,the Board of Directors did not exercise its authority to issueshares.At the end of the report period, the Board of Directors had no validauthority to issue options or other special rights providingentitlement to shares.At 30 September 2009, the company held 1,420,608 treasury shares,which had a market value of EUR 23.3 million and an accountable parvalue of EUR 2.4 million. Treasury shares account for 1.01 per centof the total number of shares and votes.Energy and the environmentIn July, the World Steel Association awarded Ruukki a Climate Actioncertificate for 2009-2010 for fulfilling its commitment to take partin the worldsteel Climate Action recognition programme againstclimate change.In September, Ruukki was chosen for inclusion in the Dow JonesSustainability World (DJSI World) -index for the second year runningand in the Dow Jones STOXX Sustainability (DJSI STOXX) index for thethird year running. These indexes include the top companies in theirfield that are committed to sustainable development. Ruukki ranksamong the world's seven best steel companies on the DJSI World list.Events taking place after 30 September 2009In October, an announcement was made of a contract for themanufacture and installation of steel structures and roofing elementsfor a new multi-purpose stadium to be built in Stockholm, Sweden. Theorder is worth a total of about EUR 20 million. Ruukki's deliverieswill begin in June 2010 and are estimated to continue until August2011.The new stadium is scheduled for completion in 2012.In October, it was announced that the operational efficiency ofRuukki Metals' steel service centres in Finland is to be improved. Itis estimated that the actions to improve efficiency will result in aneed to reduce the workforce by a total of around 175 persons. Inaddition, due to weak market conditions, employer-employeenegotiations are to be initiated regarding possible temporary layoffsin plate and prefabricated steel product operations in Raahe and atthree service centres. A total of around 670 people are affected bythe negotiations.Risks and risk managementRisk management at Rautaruukki is guided by the operating principlesand process of corporate risk management set out in the riskmanagement policy approved by the company's Board of Directors. Riskmanagement is an integrated part of the company's management system.The company has detailed the business risks and risk management inthe Annual Report 2008 and does not consider any material changes tohave taken place during the report period in the risks and factors ofuncertainty presented in the Annual Report 2008.Near-term outlookThere were no significant changes in the company's market outlookduring the third quarter. It still remains difficult to forecastdemand and business predictability is thus lower than usual.Residential construction in Finland and the other Nordic countries isestimated to be comparatively brisk compared to other constructionsectors, even though seasonal demand slows towards the year-end. Nogrowth in activity in commercial and industrial construction isanticipated during the current year. Demand in this sector is notpredicted to recover until customer confidence and a willingness andability to invest are restored. If the price of oil remains at itspresent level or even rises, this might to some extent boostcommercial and industrial construction in Russia during the fourthquarter. Thanks to public sector stimulus packages, infrastructureconstruction in the Nordic countries is expected to pick up somewhatfrom late 2009 onwards.Customers' order intake in the engineering industry has been modest.Consequently, no noticeable improvement in deliveries, from the poorlevel experienced so far this year, is predicted for the rest of 2009to equipment manufacturers in the lifting, handling andtransportation sector. Demand from equipment manufacturers in theenergy industry is expected to continue good compared to othercustomer groups, even though difficulties in securing funding mightdelay decisions relating to new wind farm projects. There have beenvery few new orders in the shipbuilding industry throughout the year.The World Steel Association forecasts a contraction worldwide ofaround 9 per cent in apparent steel use in 2009 compared to 2008 anda decline of around 33 per cent in apparent steel use in the EU-27region. Because stock levels in relation to sales are now almostnormal, deliveries from steelmakers are expected to gradually pick upto correspond to steel use. Sales volume development for plateproducts is expected to remain much weaker than that for stripproducts. Sales price development has levelled off and prices in someproduct groups are showing a slight rise during the fourth quarter.The fall in prices of the raw materials used in steel production willbe reflected in full in the company's cost structure during thefourth quarter. The steel production capacity utilisation rate willremain unchanged on that for the third quarter. This will increaseoperational efficiency and, compared to the first half of the year,considerably reduce the costs per unit of steel produced.The company estimates its operational excellence programme Boost andadjustment measures already initiated to deliver cost savings of morethan EUR 90 million for the year as a whole. Efficiency actions andadjustment measures will continue corporate-wide. The company'sfinancial position is expected to remain strong.The company estimates there will be a marked improvement in theresult before taxes for the fourth quarter, compared to the thirdquarter, but that the result might remain slightly negative.This report is unaudited.Helsinki, 22 October 2009Rautaruukki CorporationBoard of DirectorsDIVISIONSRuukki ConstructionEUR million Q1/08 Q2/08 Q3/08 Q4/08 2008 Q1/09 Q2/09 Q3/09Net sales 225 285 309 248 1 067 132 145 164Operating profit * 21 38 56 17 132 -13 -9 -4as % of net sales * 9 13 18 7 12 -10 -6 -3* Excluding non-recurring items.Net salesRuukki Construction's net sales for the first nine months of the yearwere EUR 442 million (818), down by 46 per cent year on year. Thedivision accounted for 31 per cent (27) of consolidated net sales.Third quarter net sales were down year on year at EUR 164 million(309).Net sales development was affected by continued weak demandthroughout the report period, with particularly low business activityin commercial and industrial construction. There was continuedcaution in investment decisions and noticeably fewer constructionprojects were started than in previous years. The start of manyprojects has been delayed in a number of market areas and, in somecountries in Central Eastern Europe, Russia and Ukraine, projectswere even discontinued. In Russia, and partly also in other marketareas, publicly funded projects, such as the construction of sportsfacilities and agricultural buildings, accounted for a considerablyincreased share of the division's net sales. In Russia, deliveriesfor construction projects in the energy industry continued to bebrisker than for those in other industrial sectors and, towards theend of the third quarter, demand within private self-financedprojects picked up slightly.Infrastructure construction net sales were down for the first ninemonths of 2009, but the decline was less than for net sales ofcommercial and industrial construction. There was a good level ofactivity in road and rail projects in the Nordic countries, althoughcontinued low demand for piles used in building foundationconstruction reduced net sales. Infrastructure construction accountedfor 14 per cent (11) of the division's net sales during the reportperiod.Seasonal demand for residential roofing products was reasonably goodand third quarter sales were brisker than during the first part ofthe year, even though market conditions were noticeably weaker thanin earlier years. Residential roofing products accounted for 19 percent (15) of the division's net sales during the first nine months ofthe year.Operating profitRuukki Construction's negative operating profit was -EUR 26 million(115) for the first nine months of the year and -EUR 4 million (56)for the third quarter. Operating profit fell as a result of lowersales volumes coupled with lower selling prices. Selling prices fellin all market areas as a result of lower steel material prices andtougher competition. However, the fall in prices levelled off duringthe course of the third quarter.The use of own steel material produced at high raw material prices,together with the use of high-cost external material in stock,weakened profitability, particularly during the first half of theyear. Lower raw material costs impacted on operating profit partlyduring the third quarter and the impact will be reflected in fullduring the fourth quarter.Major ordersA number of major orders were announced during the third quarter. InJuly, Ruukki signed a partnership agreement for the delivery ofstructures for a new theatre and concert hall being built inKristiansand, Norway. Ruukki is responsible for the workshop designand delivery, including installation, of the frame structures. Thecontract is worth around EUR 2.5 million.August saw the announcement of a sandwich panel delivery for a newconfectionery factory being built in southern Poland. Deliveryincludes panel manufacture and installation, as well as projectmanagement. Also in August, a delivery of structures for a customer'snew production facilities in Poland was announced. Delivery includesthe production and installation of steel structures for threeseparate buildings.September saw the announcement of a delivery for a home furnishingstore being built in Tampere, Finland. Ruukki's delivery includesframe design, manufacture and installation, as well as paneldeliveries and design of the cladding elements. The order is wortharound EUR 2 million. In addition, the company announced that it hadbeen chosen to be the steel structure contractor for productionpremises to be built near Bergen, Norway. Ruukki's delivery includesframe structure design, manufacture and installation. The order isworth almost EUR 4 million.Also in September, the company agreed an extensive delivery entityfor a transport infrastructure project in Fredrikstad, Norway.Ruukki's delivery includes steel structures, including installation,for Krakeroy bascule bridge and steel piles for the bridgefoundations. The order is worth a total of almost EUR 5 million.In October, after the report period, an announcement was made of acontract for the manufacture and installation of steel structures androofing elements for a new multi-purpose stadium to be built inStockholm, Sweden. The order is worth a total of about EUR 20million. Ruukki's deliveries will begin in June 2010 and areestimated to continue until August 2011. The new stadium is scheduledfor completion in 2012.Capital expenditureConstruction of the sandwich panel line being built in Ukraine underan investment programme to increase production capacity in Russia andEastern Europe is still incomplete. In the light of marketconditions, the installation and start-up of the line have beenpushed back and it is planned to complete the investment duringspring 2010. The new panel plant investment under construction inObninsk, Russia has been discontinued until further notice.Construction of the new sandwich panel plant at Alajärvi, Finland hadprogressed to pilot use during the third quarter. The plant will becompleted during the fourth quarter and thanks to its high degree ofautomation will improve the division's cost competitiveness. Thelines at the new plant will also improve Ruukki's ability tomanufacture panels that comply with tougher energy regulationsentering into force at the start of 2010.Improved operational efficiencyUnder the corporate-wide operational excellence programme, Boost, thedivision actioned a number of production arrangements between sitesduring the first part of the year. Efficiency has been improved bycentralising production, which has resulted in the closure ofproduction sites in Latvia, Lithuania and the Czech Republic. Anefficiency programme was completed at Oborniki, Poland during thethird quarter and a corresponding programme is progressing to plan atObninsk, Russia.Ruukki EngineeringEUR million Q1/08 Q2/08 Q3/08 Q4/08 2008 Q1/09 Q2/09 Q3/09Net sales 188 205 184 187 765 125 75 63Operating profit * 32 35 34 27 128 5 -2 -7as % of net sales * 17 17 19 14 17 4 -3 -12* Excluding non-recurring items.Net salesRuukki Engineering's net sales for the first nine months of the yearwere EUR 263 million (578), down by 55 per cent year on year. Thedivision accounted for 18 per cent (19) of consolidated net sales.Third quarter net sales were down considerably year on year at EUR 63million (184).Ruukki Engineering's delivery volumes fell sharply. End-customerdemand remained particularly low and, together with de-stocking,decreased order intake. Net sales during the report period contractedin all customer segments compared to a year earlier. The sharpestfall in net sales was in the lifting, handling and transportationequipment segment. Delivery volumes to shipbuilding and offshorecustomers were also low. On the contrary, deliveries to equipmentmanufacturers in the energy industry, both in wind and diesel powerplants, continued at a good level compared to other customer groups.Selling prices were also down. A large proportion of the division'sannual contracts expired during the summer and prices under the newcontracts were lower than for the previous term of contract. This inturn weakened net sales during the third quarter.Manufacturers of lifting, handling and transportation equipmentaccounted for 36 per cent (43) of the division's net sales for thefirst nine months of the year and equipment manufacturers in theenergy industry for 36 per cent (19).Operating profitRuukki Engineering's reported operating profit contracted to -EUR 9million (101) for the first nine months of the year and negativeoperating profit excluding non-recurring items was -EUR 4 million.The division posted a third quarter negative operating profit of -EUR7 million (34).Operating profit during the report period was weakened by lowerdelivery volumes, lower selling prices - especially for plateproducts - as well as by the use, during the first half of the year,of steel material made at high raw material prices. Due to weakdemand in the shipbuilding industry, profitability has beenparticularly poor in the company's unit in Mo i Rana, Norway, whichreported a negative operating profit of -EUR 13 million for the firstnine months of the year. In July, the company decided to reorganiseoperations at Mo i Rana and in future, the plant will focus on theproduction of flange profiles for windmill towers.Capital expenditure and business developmentRuukki Engineering has systematically invested in new technology toimprove production efficiency, quality and delivery accuracy. Thethird quarter saw the completion of installation of two robot cellsat the cabin assembly unit in Kurikka, Finland and of the project toautomate welding operations at the Peräseinäjoki site in Finland. Amachining investment at Jaszbereny in Hungary is progressing to plan.Ruukki Engineering has received multi-site certification, whichencompasses ISO 9001:2000 quality management certification, ISO14001:2004 environmental management certification and ISO 3834-2quality requirements for fusion welding of metallic materials.Multi-site certification covers all Ruukki Engineering's managementsystems and processes at both unit and divisional level.Improved operational efficiencyIn May, the company announced it was to discontinue the manufacturingof components at the Hässleholm and Oskarstöm units in Sweden. Theseactions are intended to centralise the company's operations and tostrengthen its engineering competences in future growth areas,particularly in Central Eastern Europe and China. The plan is toclose the above Swedish units by the end of the year.In July, the company decided to reorganise operations at its plant inMo i Rana, Norway due to weak demand in the shipbuilding industry.Adjustment to production will result in the reduction of an estimated137 jobs, which will take place later this year.In September, employer-employee negotiations were initiated totemporarily lay off employees at the Kalajoki plant in Finland, whichmanufactures components for the engineering industry. Thenegotiations affect a total of 108 employees at Kalajoki and amaximum of 40 workers and 5 salaried employees are expected to belaid off at any one time. It is planned to begin the layoffs laterthis year. The extent and duration of the layoffs will become clearas the negotiations progress.Ruukki MetalsEUR million Q1/08 Q2/08 Q3/08 Q4/08 2008 Q1/09 Q2/09 Q3/09Net sales 511 571 503 412 1 997 249 218 257Operating profit* 96 106 112 36 350 -102 -97 -39as % of net sales* 19 19 22 9 18 -41 -44 -15All figures are comparable and exclude Carl Froh GmbH, which wasdivested.* Excluding non-recurring items.Net salesRuukki Metals' net sales for the first nine months of the year wereEUR 724 million (EUR 1,608 million reported and EUR 1,585 millioncomparable). The division accounted for 51 per cent (54) ofconsolidated net sales. Third quarter net sales were EUR 257 million(503).Delivery volumes of steel products remained exceptionally lowthroughout the report period. De-stocking continued and end-customerdemand was weak. Lower customer stocks to some extent led to anincrease in order intake during the third quarter. Sales volumedevelopment in colour-coated and galvanised strip products wasclearly better than in plate products.Prices of steel products fell noticeably during the first half of theyear. During the third quarter, the fall in prices in a number ofproduct groups bottomed out as uncertainty faded about the cost ofraw materials used in steel production and in some market areasselling prices were showing a slight rise towards the end of thequarter.Sales of special steel products fell more than those of other productgroups during the report period because of the continued low activityin the main industrial sectors, such as the heavy engineeringindustry, that use these products. Also sales of trading products -stainless steel and aluminium - were down compared to a year earlier,but picked up slightly during the third quarter. Special steelproducts accounted for 19 per cent (28) of the division's net salesduring the first nine months of the year. Net sales of stainlesssteel and aluminium totalled EUR 78 million (184) during the reportperiod.Operating profitRuukki Metals' negative operating profit for the first nine months ofthe year was -EUR 238 million (EUR 309 million reported and EUR 314million comparable). Third quarter negative operating profit was -EUR39 million (112). The division's negative operating profit was mainlydue to the continued sluggish demand for steel products and poorprice development.The low steel production capacity utilisation rate during the earlypart of the year increased the costs per unit of steel produced.There was a notable increase in the capacity utilisation rate duringthe third quarter since both blast furnaces were in operation and thecost impact of the low utilisation rate decreased compared toprevious quarters. The cost impact was around -EUR 30 million duringQ3 (Q1/2009: -EUR 90 million and Q2/2009: -EUR 70 million). The fallin the price of coal and iron ore - the main raw materials used insteel production - also lowered costs per unit of steel produced. Thefull impact of this fall in prices began to be reflected in thecompany's cost structure towards the end of the third quarteronwards.Operating profit on stainless steel and aluminium was slightlynegative during the first nine months of the year.Steel production1000 tonnes Q1/08 Q2/08 Q3/08 Q4/08 2008 Q1/09 Q2/09 Q3/09Steel production 672 680 703 531 2 585 269 392 604The company's steel production during the first nine months of theyear was 1,265 thousand tonnes (2,054).The steel production capacity utilisation rate during the thirdquarter was noticeably higher than during the first half of the year.The blast furnace which had been idle since December 2008 at theRaahe Works was restarted in early May and reached its targetcapacity utilisation rate in mid-June, since when it has operated ata rate of around 80-85 per cent. The idle blast furnace was restartedespecially to build up reserve stocks to safeguard uninterruptedcustomer deliveries during disruption to production for the period ofdowntime in 2010 whilst maintenance work is being carried out. Bothblast furnaces will be shut down in turn for around two months and itis expected to take between four and six weeks from start-up beforethey return to normal production levels.In August, the Labour Court ruled that the June strike at the stripmill at the Raahe Works was unlawful and ordered the local tradeunion branch at the works to pay a compensatory fine for neglectingits supervisory duty and to pay legal costs.Capital expenditureIn April, Ruukki made a decision to modernise its two blast furnacesat the Raahe Works during 2010 and 2011. In the same context, thecompany will also make environmental investments. It is planned tostart modernisation of blast furnace 1 in April 2010. The companyplans to modernise blast furnace 2 during 2011. Blast furnacemodernisation is a necessary maintenance investment. In connectionwith blast furnace modernisation, the company will switch over tousing only iron pellets instead of sinter as a raw material in theiron-making process. The sinter plant currently in use will be closeddown by the end of 2011.The investments planned for 2009-2012 to modernise the blast furnacesand change the feedstock base total around EUR 220 million, inaddition to which environmental investments of some EUR 60 millionwill be made.Improved operational efficiencyRuukki Metals' efficiency measures in Finland include centralisingparts processing on its steel service centres in Raahe and Seinäjoki,and in this context closure of the steel service centre in Tampere,Finland. These actions were completed during the second quarter.During the first nine months of the year, the division has heldemployer-employee negotiations to reduce the workforce andtemporarily lay off workers. By the end of September, negotiationshad resulted in a workforce reduction of around 520 persons. At theend of the report period around 250 persons were subject to lay-offs.In October, after the report period, it was announced that theoperational efficiency of Ruukki Metals' steel service centres inFinland is to be improved. It is estimated that the actions toimprove efficiency will result in a need to reduce the workforce by atotal of around 175 persons. In addition, due to weak marketconditions, employer-employee negotiations are to be initiatedregarding possible temporary layoffs in plate and prefabricated steelproduct operations in Raahe and at three service centres. A total ofaround 670 people are affected by the negotiations.Other eventsIn August, the Ministry for Economic Development and Trade of theRussian Federation issued its draft resolution concerning theanti-dumping of colour-coated products. According to the Ministry'sdraft resolution, no legal requirements exist to impose importduties. The final resolution will be made by the Government of theRussian Federation, who will possibly consider the matter towards theend of the year. If introduced, import duties would apply to exportsof colour-coated products to Russia. The company exports around EUR30 million of these products to Russia each year.TABLESThis interim report has been prepared in accordance with IAS 34 and,with the exception of the following new and amended standardseffective from 1 January 2009, is in conformity with the accountingpolicies published in the 2008 financial statements.IAS 1 Presentation of Financial Statements. The revised standard aimsto improve users' ability to analyse and compare the informationpresented in the financial statements by separating changes in equityof an entity arising from transactions with owners from other changesin equity.IFRS 8 Operating Segments. This new standard requires the company toapply the "management approach" to reporting the financialperformance of its operating segments. This means that theinformation disclosed must be based on the information managementuses internally to evaluate segment performance. IFRS-standards areapplied in the Group's management reporting and assessment ofperformance and decisions about resource allocation to segments isbased on their respective operating profits. Adoption of the standardhas not impacted on the Group's segment structure.IAS 23 Borrowing Costs. The amended standard requires an entity tocapitalise borrowing costs directly attributable to the acquisition,construction or production of a qualifying asset as part of the costof that asset. The option of immediately recognising such borrowingcosts as an expense has been removed. The Group appliescapitalisation rate to calculate the interest to be capitalised. Theamended standard has had no material impact on the Group.IFRS 2 Share-based payments amendments to the standard - VestingConditions and Cancellations. The amendments clarify the accountingtreatment of vesting conditions and provide that cancellations by thecompany or other parties receive similar accounting treatment.Additionally, the Group has changed the presentation of the incomestatement from the "nature of expense" method to the "function ofexpense" method. The comparable figures have been restatedaccordingly.Individual figures and totals appearing in the tables have beenrounded to the nearest full million of euros.SUMMARY CONSOLIDATED INCOME STATEMENTEUR million Q1-Q3/09 Q1-Q3/08 Q3/09 Q3/08 2008Net sales 1 429 3 004 485 996 3 851Cost of sales 1 531 2 265 485 732 2 980Gross profit -102 740 -1 264 872Sales and marketing costs 82 108 24 32 148Administrative expenses 113 135 34 41 177Other operating income 14 18 4 5 31Other operating expenses 1 10 0 0 10Operating profit -284 505 -54 197 568Finance income and expense -29 -6 -10 -2 -23Share of results of associates 0 3 0 1 3Result before taxes -313 503 -64 195 548Taxes 84 -134 19 -56 -142Result for the period -229 368 -45 139 406Attributable to:Equity shareholders of the parent -229 368 -45 139 406Minority interest 0 0 0 0 -1Diluted earnings per share, EUR -1.65 2.65 -0.32 1.00 2.93Basic earnings per share, EUR -1.65 2.65 -0.32 1.00 2.93Operating profit as % of netsales -19.9 16.8 -11.2 19.7 14.7STATEMENT OF COMPREHENSIVE INCOMEEUR million Q1-Q3/09 Q1-Q3/08 Q3/09 Q3/08 2008Result for the period -229 368 -45 139 406Other comprehensive income:Cash flow hedges 29 -22 8 -18 -62Translation differences 1 -2 5 -3 -54Actuarial gains and losses 0 -47 0 0 -62Taxes on other comprehensiveincome -8 18 -2 5 32Other comprehensive income aftertaxes 22 -53 11 -16 -145Total comprehensive income -208 315 -34 123 261Attributable to:Equity shareholders of the parent -208 315 -34 123 261Minority interest 0 0 0 0 -1SUMMARY CONSOLIDATED BALANCESHEET 30 Sep 30 Sep 31 DecEUR million 2009 2008 2008ASSETSNon-current assets 1 479 1 444 1 442Current assets Inventories 544 747 750 Trade and other receivables 385 745 536 Cash and cash equivalents 88 50 254Total assets 2 497 2 987 2 983EQUITY AND LIABILITIESEquity Attributable to shareholders of theparent 1 553 1 997 1 948 Minority interest 2 2 2Non-current liabilities Interest-bearing liabilities 312 132 276 Non-interest-bearing liabilities 88 177 158Current liabilities Interest-bearing liabilities 187 74 133 Trade payables and otherliabilities 355 605 466Total equity and liabilities 2 497 2 987 2 983SUMMARY CASH FLOW STATEMENTEUR million Q1-Q3/09 Q1-Q3/08 2008Result for the period -229 368 406Adjustments 106 214 250Cash flow before change in working capital -123 583 656Change in working capital 222 -179 -110Financing items and taxes -30 -120 -164Cash flow from operating activities 69 284 382Cash inflow from investing activities 13 21 25Cash outflow from investing activities -131 -164 -238Total cash flow from investing activities -117 -142 -213Cash flow before financing activities -48 142 169Dividends paid -188 -277 -277Change in interest-bearing liabilities 89 -13 193Other net cash flow from financing activities -21 4 -4Translation differences 1 0 -11Change in cash and cash equivalents -166 145 70KEY FIGURES Q1-Q3/09 Q1-Q3/08 2008Net sales, EUR m 1 429 3 004 3 851Operating profit, EUR m -284 505 568as % of net sales -19.9 16.8 14.7Result before taxes, EUR m -313 503 548as % on net sales -21.9 16.7 14.2Result for the period, EUR m -229 368 406as % of net sales -16.0 12.3 10.5Return on capital employed (rolling12 mths), % -10.0 29.6 25.6Return on equity, % -10.8 23.0 20.7Equity ratio, % 62.7 68.0 65.9Gearing ratio, % 26.4 7.8 7.9Net interest-bearing liabilities, EURm 410 155 155Equity per share, EUR 11.18 14.39 14.04Personnel, average 12 914 15 086 14 953 140 255Number of shares 140 285 425 140 215 328 479 138 788 - excluding treasury shares 138 864 817 138 748 391 542 138 773 - diluted, average 138 839 756 138 788 490 118STATEMENT OF CHANGES IN EQUITY Equity attributable to shareholders of parent Fair value and Trans- Re- Min- other lation Trea- tained ority Share Share re- diff- sury earn- inter- TotalEUR million capital premium serves erences shares ings ests equityEQUITY 1 Jan2008 238 220 0 -6 -6 1 513 3 1 963Share issue 0 0Dividenddistribution -277 -277Share-basedpayments 0 0 0 0Totalcomprehensiveincome 0 -2 0 317 0 315EQUITY 30 Sep2008 238 220 0 -8 -6 1 553 2 1 999EQUITY 1 Jan2009 238 220 0 -36 -6 1 532 2 1 950Share issue 0 0Dividenddistribution -188 -188Share-basedpayments 0 0 0 0Totalcomprehensiveincome 1 -208 0 -208EQUITY 30 Sep2009 238 220 1 -36 -6 1 136 2 1 554NET SALES BY REGIONAs % of net sales Q1-Q3/09 Q1-Q3/08 2008Finland 31 32 31Other Nordic countries 31 32 31Central Eastern Europe, Russia and Ukraine 19 19 20Rest of Europe 13 13 15Other countries 5 3 3CONTINGENT LIABILITIESEUR million Q1-Q3/09 Q1-Q3/08 2008Mortgaged real estate 73 24 24Pledged assets 0 6 5Other guarantees given 40 38 45Collateral given on behalf of others 2 6 2Rental liabilities 110 142 132VALUES OF DERIVATIVECONTRACTSCASH FLOW HEDGES QUALIFYING FOR HEDGE ACCOUNTING 30 Sep 30 Sep 2009 30 Sep 30 Sep 2008 2008 Nominal 2009 Nominal FairEUR million amount Fair value amount valueZinc derivatives Forward contracts, tonnes 29 500 -2 40 500 -23Electricity derivatives Forward contracts, GWh 1 909 -20 1 348 12The unrealised movements in the fair value of cash flow hedges arerecognised in equity to the extent the hedge is effective. Othermovements in fair value are recorded through profit and loss.DERIVATIVES NOT QUALIFYING FOR HEDGE ACCOUNTING 30 Sep 30 Sep 2009 30 Sep 30 Sep 2008 2008 Nominal 2009 Nominal FairEUR million amount Fair value amount valueZinc derivativesForward contracts, tonnes 500 0Foreign currencyderivatives Forward contracts 368 -13 757 13 Options Bought 100 -2 230 8 Sold 100 -1 230 3CHANGES IN PROPERTY, PLANT AND EQUIPMENTEUR million Q1-Q3/09 Q1-Q3/08 2008Carrying value at start of period 1 124 1 076 1 076Additions 120 151 215Additions through acquisitions 5 4 8Disposals -10 -3 -8Disposals through divestments 0 -23 -22Depreciation and impairment -92 -90 -119Translation differences -3 1 -26Carrying value at the end of period 1 144 1 116 1 124TRANSACTIONS WITH RELATED PARTIESEUR million Q1-Q3/09 Q1-Q3/08 2008Sales to associates 17 16 30Purchases from associates 5 6 6Transactions with Pension Foundation 4 4 6 31 Dec 30 Sep 2009 30 Sep 2008 2008Trade and other receivables fromassociates 3 7 5Trade and other payables to associates 0 1 0INVESTMENTCOMMITMENTS * After 30 After 30 After 31EUR million Sep 2009 Sep 2008 Dec 2008Maintenance investments 224 133 102Development investments andinvestments in special products 108 165 113Total 332 297 215* Investment commitments include the estimated costs of projects thathave been given the go ahead.INFORMATION ON BUSINE
Datum: 22.10.2009 - 11:00 Uhr
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