Interim Report January-September 2009
(Thomson Reuters ONE) - OUTOTEC OYJ INTERIM REPORTOCTOBER 23, 2009 AT 9:00 AMINTERIM REPORT JANUARY-SEPTEMBER 2009Solid performance in challenging market conditionsReporting period Q1-Q3/2009 in brief (Q1-Q3/2008):* Sales: EUR 657.9 million (EUR 819.2 million)* Operating profit: EUR 45.3 million (EUR 72.7 million) * Profit before taxes: EUR 47.6 million (EUR 83.9 million)* Earnings per share: EUR 0.80 (EUR 1.40)* Order intake: EUR 446.6 million (EUR 1,033.9 million)* Order backlog: EUR 980.0 million (EUR 1,484.5 million)* Net cash flow from operating activities: EUR 15.2 million (EUR 143.4 million)Q3/2009 in brief (Q3/2008):* Sales: EUR 188.7 million (EUR 318.1 million)* Operating profit: EUR 15.1 million (EUR 28.9 million) * Profit before taxes: EUR 16.0 million (EUR 34.0 million)* Order intake: EUR 201.5 million (EUR 259.8 million)* Net cash flow from operating activities: EUR 2.5 million (EUR 19.1 million)Outotec reiterates its outlook for 2009.CEO Tapani Järvinen:"The market activity in the mining and metals industry picked upslightly towards the end of the reporting period, but the marketremains challenging. Some of the negotiations that were put on holdin the fall of 2008 have now been re-opened, but companies arecautious in making decisions regarding new investments because thereare still financing issues and production plants have unusedcapacity.Our gross profit margin was on a good level because of license feesand good project execution. However, due to the lower sales volume,we have been adjusting our operations by reducing the number oftemporary employees and subcontractors as well as by optimizing ourglobal office network. We are continuously following the workload ofour personnel and we are prepared to further increase our cost-savingmeasures. It is, however, equally important for us to maintain oursales, offering and delivery capabilities, technological competitiveadvantages and be prepared to capitalize on growth opportunities.We have been strengthening our presence in India, China and the CIScountries, and we have also developed our offerings for the energyand industrial water treatment sectors. The first successful resultin these new areas is the EUR 110 million contract for a new oilshale processing plant with Eesti Energia. In addition, the recentannouncement relating to the combination of Outotec and Laroxsupports our growth targets and Larox's products and services fitseamlessly into our technology portfolio. By combining our sales andservice networks and product portfolios, we can provide even morecomprehensive solutions and services to our customers".Summary of Key Figures Q3 Q3 Q1-Q3 Q1-Q3 Last 12 Q1-Q4 2009 2008 2009 2008 months 2008Sales, EUR million 188.7 318.1 657.9 819.2 1,056.7 1,217.9Gross margin, % 24.6 21.7 20.8 20.9 21.6 21.5Operating profit , EUR 15.1 28.9 45.3 72.7 92.8 120.2millionOperating profit 8.0 9.1 6.9 8.9 8.8 9.9margin, %Profit before taxes, 16.0 34.0 47.6 83.9 100.0 136.3EUR millionNet cash from operating 2.5 19.1 15.2 143.4 -21.6 106.6activities, EUR millionNet interest-bearingdebt at the end of -279.3 -370.5 -279.3 -370.5 -279.3 -314.6period,EUR millionGearing at the end of -119.1 -175.4 -119.1 -175.4 -119.1 -139.0period, %Working capital at the -147.3 -239.3 -147.3 -239.3 -147.3 -171.2end of period, EURmillionReturn on investment, % 31.0 65.8 30.2 53.5 46.3 61.6Return on equity, % 20.3 46.6 19.3 36.8 30.7 42.6Order backlog at the 980.0 1,484.5 980.0 1,484.5 980.0 1,176.7end of period, EURmillionOrder intake, EUR 201.5 259.8 446.6 1,033.9 566.5 1,153.8millionPersonnel, average for 2,566 2,572 2,568 2,434 2,583 2,483the periodEarnings per share, EUR 0.28 0.57 0.80 1.40 1.65 2.25INTERIM REPORT JANUARY-SEPTEMBER 2009MARKETSThe market conditions remain challenging in the mining and metalsindustry. Many mining and metals companies have been updating theirinvestment plans toward the end of the third quarter, butdecision-making is slow regarding new investments because there arestill financing issues and production plants have unused capacity.The market conditions vary by metal. On one hand, aluminium and steelproducers are facing depressed metals prices and high inventories,and on the other hand, copper and gold prices remain on a goodlevel.Most of the growth in metals consumption will come from developingeconomies and, according to market research; China represents nearly50% of the growth in 2009. Also India continues to develop itsinfrastructure utilizing its large natural resource base.There is continuous demand for modernization and debottlenecking atmine sites and metals processing plants as well as forenergy-efficient and environmentally friendly technologies, equipmentand services. As ore grades decline, more processing capacity will beneeded. Also, complex ore bodies require new or modernized solutions,which enable economically viable production and better metalsrecovery.There are also new opportunities for Outotec in the development ofalternative energy resources and in industrial water treatment.Outotec offers applications and services for oil shale processing andbio-energy production for power plants through recent joint ventures.The world's recoverable oil shale resources are many times greaterthan those of conventional oil reserves, with large oil shaledeposits to be found in the US, Brazil, China, Jordan, Russia andEstonia. Outotec's technologies can also be applied beyond the miningand metals industry to waste burning plants, electronicsmanufacturers and other industries which need water treatment.ORDER INTAKEOrder intake in the reporting period amounted to EUR 446.6 million(Q1-Q3/2008: EUR 1,033.9 million) including plant deliveries, severalsmaller equipment deliveries and services to existing customers. Theorders received in the third quarter came to EUR 201.5 million(Q3/2008: EUR 259.8 million) and included plant deliveries, smallerequipment, spare parts and services.Major new orders in the third quarter included:* oil shale technology to Eesti Energia, Estonia (EUR 110 million);* copper recovery plant to Pueblo Viejo's gold mine in the Dominican Republic (EUR 16 million);* engineering and smelter technology to Iran (EUR 10 million); and* flash smelting technology to Zijin Copper Co. Ltd. China (EUR 7 million).There were no major orders in the second quarter.Major new orders in the first quarter included: * sulfuric acid plant for Noracid S.A. in Mejillones, Chile (EUR 51 million); * several service contracts for industrial and maintenance services in Chile and Canada (EUR 15 million); and * flotation cells and thickeners for Polymetal's Albazino gold mine project in Russia.ORDER BACKLOGThe order backlog at the end of the reporting period totaled EUR980.0 million (September 30, 2008: EUR 1,484.5 million), representinga 34% decline from the comparison period.At the end of the reporting period, Outotec's order backlog included21 projects with an order backlog value in excess of EUR 10 million,accounting for 71% of the total backlog. According to a managementestimate, roughly 23% of the current backlog will be delivered in2009 and the rest in 2010 and beyond. At the end of the reportingperiod, Outotec's order backlog included roughly EUR 100 million insuspended projects, which have been taken into account in theprogress estimate. Roughly 2% of the projects in Outotec's currentbacklog are for mining companies that are developing their firstprocessing plants.SALES AND FINANCIAL RESULTOutotec's sales in the reporting period totaled EUR 657.9 million(Q1-Q3/2008: EUR 819.2 million), which was 20% lower than in thecomparison period. Sales for the third quarter were EUR 188.7 million(Q3/2008: EUR 318.1 million). The decline in sales resulted from thesmaller order backlog, especially in the Base Metals division, andthe rescheduling of some major projects under execution.The Services business, which is included in the divisions' and otherbusinesses' sales figures, totaled EUR 103.3 million in the reportingperiod (Q1-Q3/2008: EUR 87.0 million), up 19% from the comparisonperiod. Majority of the increase came from Outotec Auburn, which wasacquired in October 2008. The sales volume of the Services businessin the third quarter totaled EUR 29.9 million (Q3/2008: EUR 35.4million). Service business sales in the third quarter were lower thanin 2008 because there were fewer revamp projects and spare partdeliveries related to new investment projects. In addition,customers' lower capacity utilization has affected the overallservice demand.The operating profit for the reporting period was EUR 45.3 million(Q1-Q3/2008: EUR 72.7 million), representing 6.9% of sales(Q1-Q3/2008: 8.9%). The decrease was the result of lower salesvolume, decreased license fee income, fewer project completions andhigher fixed costs. The operating profit includes EUR 2.4 millionone-time positive effect from the amicable settlement of all disputesrelated to the Pattison Sand project. The unrealized and realizedexchange gains related to currency forward contracts, which are notincluded in the hedge accounting, increased profitability by EUR 1.6million (Q1-Q3/2008: unrealized and realized loss of EUR 9.1million). The operating profit in the third quarter was EUR 15.1million (Q3/2008: EUR 28.9 million). The main reasons for loweroperating profit were the significantly lower sales volume, fewerproject completions and higher fixed costs.In the reporting period, Outotec's fixed costs were EUR 7.9 millionhigher than in the comparison period. The increase was mainly causedby fixed costs of Outotec Auburn, increased sales work, developingbusiness operations in India, one-time costs related to adjustmentsof office network and development of the services business worldwide.Outotec's profit before taxes for the reporting period was EUR 47.6million (Q1-Q3/2008: EUR 83.9 million). Profit before taxes wasfavorably impacted by the net financial income of EUR 2.3 million(Q1-Q3/2008: EUR 11.2 million) from the high net cash position. Thedecline in net financial income is primarily due to lower interestrates. Net profit for the period was EUR 33.3 million (Q1-Q3/2008:EUR 58.8 million). Taxes totaled EUR 14.3 million (Q1-Q3/2008: EUR25.1 million). This represents an effective tax rate of 30.0%.Earnings per share were EUR 0.80 (Q1-Q3/2008: EUR 1.40).Outotec's return on equity for the reporting period was 19.3%(Q1-Q3/2008: 36.8%), and return on investment was 30.2% (Q1-Q3/200853.5%).Sales and Operating Profit by Segment Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4EUR million 2009 2008 2009 2008 2008SalesMinerals Processing 79.4 122.0 255.0 274.8 419.6Base Metals 28.0 76.9 102.4 208.9 295.3Metals Processing 77.4 116.9 278.0 330.8 494.7Other Businesses 11.5 11.4 49.8 37.2 56.0Unallocated items*) and intra-group -7.6 -9.2 -27.3 -32.6 -47.7salesTotal 188.7 318.1 657.9 819.2 1,217.9Operating profitMinerals Processing 9.1 3.1 23.1 10.4 22.5Base Metals 1.6 13.3 5.6 31.5 48.7Metals Processing 6.3 14.9 24.6 38.9 61.1Other Businesses -0.5 1.7 -1.0 3.3 3.9Unallocated**) and intra-group items -1.5 -4.1 -7.0 -11.4 -16.0Total 15.1 28.9 45.3 72.7 120.2*) Unallocated items primarily include invoicing of internalmanagement and administrative services.**) Unallocated items primarily include internal management andadministrative services and share of the result of associatedcompanies.Minerals ProcessingThe Minerals Processing division's sales in the reporting perioddecreased by 7% from the comparison period and totaled EUR 255.0million (Q1-Q3/2008: EUR 274.8 million). Operating profit was EUR23.1 million (Q1-Q3/2008: EUR 10.4 million). High starting orderbacklog, good project execution and reduced bottlenecks in thedelivery pipeline positively affected the sales but due to lowerorder intake, sales in the reporting period were lower than in thecomparison period. Operating profit for the reporting period includesEUR 2.4 million one-time positive effect from the amicable settlementof all disputes related to the Pattison Sand project. Operatingprofit for the reporting period also includes unrealized and realizedexchange gains related to currency forward contracts of EUR 0.4million (Q1-Q3/2008: unrealized and realized loss of EUR 6.8million).Base MetalsThe Base Metals division's sales in the reporting period decreased by51% from the comparison period and totaled EUR 102.4 million(Q1-Q3/2008: EUR 208.9 million). The decrease in sales was primarilydue to low order intake in the first half of 2009, lower startingorder backlog, and rescheduling of some projects. The operatingprofit was EUR 5.6 million (Q1-Q3/2008: EUR 31.5 million). Thesignificantly lower sales figure relative to the division's fixedcosts and decreased license fee income were the main reasons for thedivision's low operating profit.Metals ProcessingThe Metals Processing division's sales in the reporting perioddecreased 16% from the comparison period to EUR 278.0 million(Q1-Q3/2008: EUR 330.8 million). The decrease in sales was mainly dueto the rescheduling of some projects. Operating profit came to EUR24.6 million (Q1-Q3/2008: EUR 38.9 million). Operating profitdeclined because of lower sales volume and decreased license feeincome. Operating profit for the reporting period also includesunrealized and realized exchange gains related to currency forwardcontracts of EUR 2.1 million (Q1-Q3/2008: unrealized and realizedloss of EUR 0.2 million).BALANCE SHEET, FINANCING, AND CASH FLOWNet cash flow from operating activities in the reporting period waspositive at EUR 15.2 million (Q1-Q3/2008: EUR 143.4 million). Thechange was mainly caused by an increase in working capital in 2009 ascompared to the significant decrease in working capital in 2008.At the end of the reporting period, Outotec's cash and cashequivalents totaled EUR 279.9 million (September 30, 2008: EUR 371.4million). The net change in cash and cash equivalents was alsoaffected by the dividend payment of EUR 42.0 million in March 2009(April 2008: EUR 39.9 million). The company invests its excess cashin short-term money market instruments such as bank deposits andcorporate commercial papers. Investments are made within pre-approvedcounterparty-specific limits and tenors, which Outotec reviewsregularly. On September 30, 2009, no money market investment hadremaining maturity exceeding three months.Outotec's working capital amounted to EUR -147.3 million on September30, 2009 (September 30, 2008: EUR -239.3 million). The change inworking capital was the result of low order intake and subsequentlylower advance payments received in the reporting period.The balance sheet structure remained strong, and the financingstructure was healthy. Net interest-bearing debt on September 30,2009 came to EUR -279.3 million (September 30, 2008: EUR -370.5million). The advances received at the end of the reporting periodtotaled EUR 203.0 million (September 30, 2008: EUR 264.7 million),representing a decrease of 23% from the comparison period. Outotec'sgearing at the end of the reporting period was -119.1% (September 30,2008: -175.4%), and the equity-to-assets ratio was 44.5% (September30, 2008: 38.9%).The company's capital expenditure in the reporting period was EUR13.3 million (Q1-Q3/2008: EUR 10.0 million), which consisted mainlyof the establishment of a joint venture company for bio-energytechnology business, investments in information technology,intellectual property rights, and machinery for the Outotec Turulaworkshop.Guarantees for commercial commitments, including advance paymentguarantees issued by the parent and other Group companies decreasedfrom the comparison period because of lower order intake and were EUR352.7 million (September 30, 2008: EUR 435.0 million) at the end ofthe reporting period.Outotec has an agreement with a third-party service providerconcerning administration and hedging of the share-based incentiveprogram for key personnel. As part of this agreement, for hedging theunderlying cash flow risk, the service provider has purchased a totalof 550,000 Outotec shares (in 2008: 265,000), which have been fundedby Outotec and accounted as treasury shares in Outotec's consolidatedbalance sheet. At the end of the reporting period, the amount ofthese treasury shares was 332,534.EXPANSION OF BUSINESS NETWORKIn July, Outotec and Eesti Energia entered into a joint venture forthe commercialization of sustainable oil shale processing technologyand for holding of the intellectual property rights related to newEnefit technology. Eesti Energia has a 60% stake in the company withOutotec owning 40%.In May, Outotec announced an agreement with a Finnish company RealTime Systems Oy to cooperate in the development of a new-generationmeasuring and regulating system for electric arc furnaces. Outotec isfunding the development work and is a minor shareholder of Real TimeSystems Oy and has a call option on the company.In February, Outotec and a Swedish company Skellefteå Kraft AB agreedto establish a joint company, GreenExergy AB. The company focuses onthe development, marketing and delivery of bio-energy technologies topower plants for the production of bio-energy from forestry andsawmill residues. Outotec's stake is 45%, Skellefteå Kraft's 33%, andthree additional Swedish companies each have a minor stake in thejoint venture.RESEARCH AND TECHNOLOGY DEVELOPMENTOutotec's research and technology development expenses in thereporting period totaled EUR 15.9 million (Q1-Q3/2008: EUR 14.7million), representing 2.4% of sales (Q1-Q3/2008: 1.8%). Outotecfiled 38 new priority patent applications (Q1-Q3/2008: 29), and 168new national patents (Q1-Q3/2008:182) were granted.The contract signed with Pueblo Viejo for a copper recovery plant isa breakthrough in combining Outotec's hydrometallurgical expertise,including new OKTOP® reactors, and Paques THIOTEQ® biotechnology incopper production.In August, Outotec launched new proprietary cooling towers enablinglower emissions and larger cooling capacity than conventional coolingtowers.The cooperation with Real Time Systems Oy in the development of anew-generation measuring and regulating system will bring significantsavings for the furnace operators, who use electric arc furnaces inthe production of steel from scarp.In May, Outotec committed to the Baltic Sea Action Summit project,which is supported by the Finnish government. As part of itscommitment to a healthier Baltic Sea, Outotec will focus onminimizing metal-containing dusts and sulfur dioxide emissions withinthe metals industry as well as on reducing metal-containingeffluents.In March, Outotec announced the expansion of its technology offeringsto two new sectors: energy and industrial water treatment. Outotec'scompetencies and offerings in the energy sector include coalcharring, gasification and combustion technologies for variousplants, also comprising oil shale pyrolysis. In the reporting period,oil shale combustion test work was conducted at Outotec's FrankfurtResearch Center. The test work relates to basic engineering for theoil-shale-based oil production plant to be built in Narva, Estonia.In July, Outotec announced EUR 110 million project to build theoil-shale-based oil production plant. As part of the technologyexpansion, the Swedish joint venture GreenExergy AB will offerbio-energy technologies for power plants. Offerings for theindustrial water treatment sector include solutions forconcentrators, hydrometallurgical plants, non-ferrous and ferroussmelters and refineries, sulfuric acid plants, alumina plants, closedmines and old tailings ponds.Outotec and Codelco finished testing the TankCell® 300 flotationcells at Chuquicamata, Chile. The results showed a better recoveryand lower energy consumption than the previous solution. Outoteccommissioned a new automated Courier® 6i SL slurry analyzer andsampling system at Australia's largest underground mine. It is one ofthe world's most advanced systems in the field of mineralsprocessing. In January, Outotec launched a new OKTOP® reactor family.While all reactors were previously individually designed, the newOKTOP® reactors are built from modules which are tailored to giveoptimum results.PERSONNELAt the end of the reporting period, Outotec had a total of 2,555employees (September 30, 2008: 2,498). The greatest decline inpersonnel numbers was in South America due to fewer temporaryemployees with the greatest increase in personnel in North Americastemming from the acquisition of Outotec Auburn. For the reportingperiod, Outotec had on average 2,568 employees (Q1-Q3/2008: 2,434).The average number of personnel increased by 134 individuals from thecomparison period through acquisition, business growth, and activerecruitment in 2008. Temporary personnel accounted for about 8% ofthe total number of employees.Distribution of Personnel by Country Sep 30, Sep 30, 2009 2008 change %Finland 880 913 -3.6Germany 407 366 11.2Rest of Europe 238 240 -0.8Americas 667 627 6.4Australia 204 217 -6.0Rest of the world 159 135 17.8Total 2,555 2,498 2.3The number of employees has declined by 119, or 4%, since year-end2008. The reductions were mainly related to the temporary employeecontracts in the Americas, Australia, and some parts of Europe. Incontrast, Outotec has continued to increase its personnel in Asia. Atthe end of September 2009, the company had, in addition to thepersonnel on Outotec's payroll, approximately 240 (June 30, 2009:350) full-time equivalent, contracted people working in projectexecution. The number of contracted workers at any given time changeswith the active project mix and project commissioning, locallegislation and regulations, and seasonal fluctuations.In the reporting period, salaries and other employee benefits totaledEUR 117.4 million (Q1-Q3/2008: EUR 114.5 million).APPOINTMENT OF NEW CEOOn June 4, 2009, Outotec's Board of Directors appointed Mr. PerttiKorhonen, 48, M. Sc. (Electronics Eng.), as the new president andChief Executive Officer of Outotec Oyj. Mr. Korhonen joined Outotecon September 1, 2009, and began serving as Chief Operating Officer onOctober 1, 2009. He will assume the CEO duties on January 1, 2010.Current CEO Tapani Järvinen will retire at the end of 2009.SHARE-BASED INCENTIVE PROGRAMSOutotec has two share-based incentive programs for the company's keypersonnel: the first, Incentive Program 2007-2008, was announced onMarch 23, 2007, and the second, Incentive Program 2008-2010, wasannounced on March 3, 2008.Share-based incentive program 2007-2008The program began on January 1, 2007, and ended December 31, 2008.The reward compensated to the key personnel was determined by basedon whether the targets set for the development of the company's netprofit and order backlog had been reached. The total reward for thetwo earning periods was EUR 6.5 million, which was paid to 22individuals in the second quarter, with 202,779 shares allocated andEUR 3.4 million paid in cash to cover taxes.Share-based incentive program 2008-2010The incentive program for 2008-2010 comprises three earning periods:calendar years 2008, 2009, and 2010. The Board of Directorsdetermines the amount of the maximum reward for each individual, theearning criteria and the targets established for them separately onan annual basis. The reaching of the targets established for theearning criteria will determine how great a portion of the maximumreward will be paid. For the 2009 and 2010 earning periods, theincentive program involves approximately 60 individuals. The rewardis paid in shares and as a cash payment. The reward will not be paidif the individual's employment ends before the close of the earningperiod. The individual must also hold the earned shares and remainemployed with the company for at least two years after the close ofthe earning period.For the earning period 2008, 14,687 shares were allocated to 33individuals and EUR 0.2 million paid in cash to cover taxes. Thoseindividuals, who were included in the initial share-based incentiveprogram 2007-2008, were not included in the 2008 earning period.RESOLUTIONS OF THE 2009 ANNUAL GENERAL MEETINGOutotec Oyj's Annual General Meeting (AGM) was held on March 18,2009, in Helsinki, Finland. The Annual General Meeting approved theparent company and the consolidated financial statements, anddischarged the members of the Board of Directors and the CEO fromliability for the 2008 financial year.DividendThe Annual General Meeting decided that a dividend of EUR 1.00 pershare be paid for the financial that year ended on December 31, 2008.The dividends, totaling EUR 42.0 million, were paid on March 30,2009.The Board of DirectorsThe Annual General Meeting decided on the number of the Boardmembers, including chairman and vice chairman, to be five (5). Mr.Carl-Gustaf Bergström, Mr. Karri Kaitue, Mr. Hannu Linnoinen, Mr.Anssi Soila and Mr. Risto Virrankoski were re-elected as members ofthe Board of Directors for the term expiring at the end of the nextAnnual General Meeting.The Annual General Meeting re-elected Mr. Risto Virrankoski as thechairman of the Board of Directors. In its assembly meeting, theBoard re-elected Mr. Karri Kaitue as the vice chairman of the Boardof Directors. In addition, the Board re-elected Mr. Carl-GustafBergström and Mr. Hannu Linnoinen as members of the Audit Committee,Mr. Linnoinen acting as the chairman of the Audit Committee.The Annual General Meeting also confirmed the remunerations to theBoard members as follows: chairman EUR 5,000 per month and otherBoard members EUR 3,000 per month each, vice chairman and chairman ofthe Audit Committee an additional EUR 1,000 per month each. EachBoard member also EUR 500 for attendance at each Board and Committeemeeting as well as reimbursement for direct costs related to Boardwork.Board's authorizationsThe Annual General Meeting authorized the Board of Directors toresolve the repurchasing of the company's own shares as follows: * The company may repurchase a maximum number of 4,200,000 shares using free equity and deviating from the shareholders' pre-emptive rights to the shares, provided that the number of own shares held by the company will not exceed ten (10) percent of all shares in the company. * The shares are to be repurchased in public trading on the NASDAQ OMX Helsinki at the price established in the trading at the time of acquisition.The authorization has not been exercised as of October 23, 2009. Theauthorization shall be valid until the next Annual General Meeting.The Annual General Meeting authorized the Board of Directors toresolve the issuance of shares as follows: * The authorization includes the right to issue new shares, distribute own shares held by the company, and the right to issue special rights referred to in Chapter 10, Section 1 of the Companies Act. This authorization to the Board of Directors does not, however, entitle the Board of Directors to issue share option rights as an incentive to personnel. * The total number of new shares to be issued and own shares held by the company to be distributed under the authorization may not exceed 4,200,000 shares. * The Board of Directors is entitled to decide on the terms of the share issue, such as the grounds for determining the subscription price of the shares and the final subscription price as well as the approval of the subscriptions, the allocation of the issued new shares and the final amount of issued shares.This authorization is intended to be executed in conjunction with theLarox acquisition. For additional information, please see thecompany's Stock Exchange Release from October 15, 2009.This authorization shall be valid until the next Annual GeneralMeeting.AuditorsKPMG Oy Ab, authorized public accountants, has been re-elected as thecompany's auditor, with Mauri Palvi as auditor in charge. The feesfor the auditor are paid according to invoice.The Annual General Meeting decided to amend Section 9 of the Articlesof Association so that notice to convene the General Meeting shall beissued no later than 21 days prior to the General Meeting.SHARES AND SHARE CAPITALOutotec's shares are listed on the NASDAQ OMX Helsinki (OTE1V).Outotec's share capital is EUR 16.8 million, consisting of 42.0million shares. Each share entitles its holder to one vote at thecompany's general shareholder meetings.TRADING, MARKET CAPITALIZATION AND SHAREHOLDERSIn the reporting period, the volume-weighted average price for ashare in the company was EUR 15.80, the highest quotation for a sharewas EUR 23.24 and the lowest EUR 9.30. The trading of Outotec sharesin the reporting period exceeded 81 million shares, with a totalvalue of over EUR 1,280 million. On September 30, 2009, Outotec'smarket capitalization was EUR 913.1 million and the last quotationfor the share was EUR 21.74. On September 30, 2009, the company didnot hold any treasury shares for trading purposes.Outotec has an agreement with a third-party service providerconcerning administration and hedging of share-based incentiveprogram for key personnel. As part of this agreement, for hedging theunderlying cash flow risk, the service provider has purchased a totalof 550,000 Outotec shares (in 2008: 265,000) that have been funded byOutotec and accounted as treasury shares in Outotec's consolidatedbalance sheet. At the end of the reporting period, the amount ofthese treasury shares was 332,534.On September 30, 2009, Outotec had 15,401 shareholders and sharesheld in 13 nominee registers accounted for 61.45% of all Outotecshares. On May 6, 2009, Barclays Global Investors UK Holdings Ltd'sholding in shares of Outotec Oyj fell below 5%. Its holding in sharesof Outotec was 2,068,377 shares, which represents 4.92% of the sharecapital and votes in the company. On April 7, 2009, Barclays GlobalInvestors UK Holdings Ltd's holding in shares of Outotec Oyj exceeded5%. Barclays Global Investors UK Holdings Ltd's holding in shares ofOutotec was 2,111,054 shares, which represented 5.02% of the sharecapital and votes in the company.EVENTS AFTER THE REPORTING PERIODOn October 15, 2009, Outotec agreed with certain main shareholders ofLarox Corporation on share transactions, in which they sell all theirLarox series A and B shares to Outotec. The shares to be purchasedcorrespond altogether to 94.40% of all the votes in Larox, to 99.99%of all Larox series A shares and to 61.89% of all Larox series Bshares. The purchase price for the shares shall be paid in the formof new Outotec shares (see Board's authorizations under Resolutionsof the 2009 Annual General Meeting). Upon completion of the sharetransactions, Outotec will make a mandatory public tender offer forall the remaining Larox series A and B shares.Combining the businesses of Outotec and Larox will further strengthenOutotec's position as a leading global provider of technologysolutions and services to the mining and metals industry and willallow Larox to develop its business in an international, financiallysolid technology group operating in the same industry. Thetransaction values Larox as a whole at approximately EUR 93 million.The completion of the Share Transactions is conditional on thereceipt of necessary approvals from the competition authorities.SHORT-TERM RISKS AND UNCERTAINTIESOutotec's customers operate primarily in the mining and metalsindustry and in geographical areas which are at different stages ofthe economic cycle. The current economic downturn may further reducethe demand for Outotec's products and services impacting order intakein 2009. Outotec's gross margin is impacted by product mix andlicense fee income related to certain technologies. A lack of thesetypes of orders reduces the amount of license fee and subsequentlygross margin.The demand for export credits has remained high. Possible limitationson the availability of export credits and financing as well aschanges to project scopes and prices in the offer stages may furtherlengthen sales negotiations and postpone order effectiveness.Outotec has systematic risk management procedures - Project RiskIdentification and Management (PRIMA) - in place to monitor projects.In conjunction with Outotec's risk assessment for the third quarterin 2009, all unfinished work and projects, which use the percentageof completion and completed contract method, were monitored andevaluated and contingencies were updated. Projects whose stage ofcompletion was close to 100% were evaluated and provisions forperformance guarantees and warranty period guarantees, along withpossible provisions for project losses, were updated. There were nomaterial increases in the total project risk provisions. At the endof the reporting period, Outotec's order backlog included roughly EUR100 million in suspended projects. Some of the suspended projects maybe cancelled or renegotiated. In any market situation, there is arisk of postponement in project business.In the third quarter of 2009, there were no material credit lossesrelated to the payments by Outotec's counter-parties. If the economicdownturn continues, these counterparties may be faced with having torenegotiate some payment terms. In addition, there is a risk thatcustomers and suppliers will experience financial difficulties andthat a lack of financing will result in bankruptcies, which can alsoresult in some losses for Outotec.More than half of Outotec's total cash flow is denominated in euros.The rest is divided among various currencies, including the USdollar, Australian dollar, Brazilian real, Canadian dollar, and SouthAfrican rand. The weight of any given currency in new projects canfluctuate substantially, but most cash-flow-related risks are hedgedin the short and long term. In the short-term, currency fluctuationsmay create volatility in the operating profit. The forecasted andprobable cash flows are selectively hedged and are always on thebasis of separate decisions and risk analysis. The cost of hedging istaken into account in project pricing.Outotec's business model is based primarily on customer advancepayments and on-demand guarantees issued by Outotec's relationshipbanks. Changes in advance payments received have an impact on theliquidity of Outotec. Exposure to on-demand guarantees has remainedhigh. Cash held by Outotec is invested mainly in short-term bankdeposits and, to a lesser extent, in Finnish corporate short-termcommercial papers. The lower interest rate levels reduce the interestincome generated from these investments.Outotec is involved in a few legal and arbitration proceedings.During the second quarter, the 5th Enforcement Office of Istanbulenforced the Supreme Court's judgement according to which Nordea wasobliged to pay Bagfas the value of the bank guarantee and legal feesup to EUR 4.8 million. According to the provisions of the facilityarrangement between Nordea and Outotec, the latter has paid all costsand expenses incurred by Nordea. In the third quarter 2009, thearbitration proceedings between Outotec and Bagfas continued andOutotec has lodged before the arbitral tribunal an additional claimto cover the losses incurred in Turkey. Subsequently, the SupremeCourt of Istanbul referred the case back to the court of firstinstance stating that the previously overruled claims of Bagfas haveto be re-examined. Outotec made an additional provision of EUR 0.8million due to the unexpected revival of the Turkish proceedings.Management expects that the outcome of the other pending proceedingswill not have a material effect on Outotec's financial result.OUTLOOK FOR 2009 REITERATEDThe investments in the mining and metals industry will fall from theprevious year because of the uncertainty in the worldwide economicconditions. There are feasibility studies in progress, which may turninto new orders, but the decision-making process takes time. Manycustomers are evaluating project scopes and prices, but they stillface difficulties in arranging financing packages.The prevailing uncertainty continues to obscure the outlook for themining and metals industry. On the basis of the January-Septemberresult, existing order backlog, and new order prospects, themanagement expects that in 2009:* Sales will contract by approximately one quarter from 2008 figure,* Gross margin will continue on a healthy level, and* Operating profit margin will be lower than in 2008 because of lower sales volume.Operating profit is dependent on exchange rates, product mix, timingof new orders, and project completions. Operating profit tends toaccrue more toward the year-end.Espoo, on October 23, 2009Outotec OyjBoard of DirectorsFor further information, please contact:Outotec OyjTapani Järvinen, President and CEOtel. +358 20 529211Vesa-Pekka Takala, CFOtel. +358 20 529211, mobile +358 40 5700074Eila Paatela, Vice President - Corporate Communicationstel. +358 20 5292004, mobile +358 400 817198Rita Uotila, Vice President - Investor Relationstel. +358 20 5292003, mobile +358 400 954141Format for e-mail addresses: firstname.lastname(at)outotec.comINTERIM FINANCIAL STATEMENTS (unaudited)Statement of Comprehensive Income Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4EUR million 2009 2008 2009 2008 2008Sales 188.7 318.1 657.9 819.2 1,217.9Cost of sales -142.3 -249.1 -520.8 -648.2 -956.2Gross profit 46.4 69.0 137.1 170.9 261.7Other income 0.9 0.2 5.1 0.3 0.9Selling and marketing expenses -13.8 -12.0 -40.1 -33.8 -48.0Administrative expenses -13.2 -11.8 -39.9 -39.4 -55.1Research and development expenses -5.0 -4.8 -15.9 -14.7 -20.2Other expenses -0.1 -11.7 -0.9 -10.6 -19.1Share of results of associated -0.0 - -0.0 - -companiesOperating profit 15.1 28.9 45.3 72.7 120.2Finance income and expenses Interest income and expenses 0.9 4.9 4.1 12.5 16.4 Market price gains and losses 0.6 1.1 0.9 1.5 3.2 Other finance income and -0.6 -1.0 -2.8 -2.9 -3.4expensesNet finance income 0.9 5.0 2.3 11.2 16.1Profit before income taxes 16.0 34.0 47.6 83.9 136.3Income tax expenses -4.5 -10.1 -14.3 -25.1 -42.4Profit for the period 11.5 23.9 33.3 58.8 93.9Other comprehensive income Exchange differences on 4.0 -3.9 15.1 -5.7 -21.7translating foreign operations Cash flow hedges -0.2 -9.9 1.2 -7.7 -12.6 Income tax relating to cash 0.0 2.5 -0.1 1.9 3.1flow hedges Available for sale financial 0.0 -0.1 -0.2 -2.0 -2.1assetsOther comprehensive income for 3.8 -11.4 16.1 -13.6 -33.3the periodTotal comprehensive income for 15.3 12.5 49.4 45.2 60.6the periodProfit for the periodattributable to:Equity holders of the parent 11.5 23.9 33.3 58.9 94.0companyMinority interest - - - -0.0 -0.0Total comprehensive income forthe periodattributable to:Equity holders of the parent 15.3 12.5 49.4 45.3 60.6companyMinority interest - - - -0.0 -0.0Earnings per share for profitattributable to the equityholders of the parent company:Basic earnings per share, EUR 0.28 0.57 0.80 1.40 2.25Diluted earnings per share, EUR 0.28 0.57 0.80 1.40 2.25All figures in the tables have been rounded and consequently the sumof individual figures may deviate from the sum presented. Key figureshave been calculated using exact figures.Condensed Statement of September 30, September 30, December 31,Financial PositionEUR million 2009 2008 2008ASSETSNon-current assetsIntangible assets 84.2 73.8 81.4Property, plant and 32.8 26.5 29.5equipmentNon-current financial assetsInterest-bearing 1.2 0.5 0.5Non interest-bearing 26.1 13.0 21.3Total non-current assets 144.4 113.8 132.7Current assetsInventories *) 60.2 95.5 87.7Current financial assets Interest-bearing 0.6 0.5 0.4 Non interest-bearing 245.2 226.1 323.2Cash and cash equivalents 279.9 371.4 317.8Total current assets 586.0 693.5 729.1TOTAL ASSETS 730.3 807.3 861.8EQUITY AND LIABILITIESEquityEquity attributable to the 234.5 211.2 226.4equity holders of the parentcompanyTotal equity 234.5 211.2 226.4Non-current liabilitiesInterest-bearing 2.2 1.2 2.6Non interest-bearing 76.0 74.8 74.3Total non-current 78.2 76.0 76.9liabilitiesCurrent liabilitiesInterest-bearing 0.2 0.7 1.5Non interest-bearing Advances received **) 203.0 264.7 214.0 Other non interest-bearing 214.4 254.6 343.0liabilitesTotal current liabilities 417.7 520.0 558.4Total liabilities 495.9 596.0 635.4TOTAL EQUITY AND LIABILITIES 730.3 807.3 861.8*) Of which advances paid for inventories amounted to EUR 8.6 millionat September 30, 2009 (September 30, 2008: EUR 12.7 million and atDecember 31, 2008: EUR 16.4 million).**) Gross advances received before percentage of completion revenuerecognition amounted to EUR 1,128.9 million at September 30, 2009(September 30, 2008: EUR 953.5 million and at December 31, 2008: EUR909.3 million).Condensed Statement of Cash Flows Q1-Q3 Q1-Q3 Q1-Q4EUR million 2009 2008 2008Cash flows from operating activitiesProfit for the period 33.3 58.8 93.9Adjustments for Depreciation and amortization 8.7 8.6 11.0 Other adjustments 14.7 5.8 13.5Increase (-) / decrease (+) in working capital -22.3 85.0 7.9Interest received 4.8 12.2 17.2Interest paid -0.5 -0.3 -0.4Income tax paid -23.5 -26.8 -36.6Net cash from operating activities 15.2 143.4 106.6Purchases of assets -13.3 -10.1 -15.2Acquisition of subsidiaries, net of cash -2.9 - -7.6Proceeds from sale of assets 0.3 0.4 0.7Change in other investing activities -0.0 - -Net cash used in investing activities -15.9 -9.7 -22.1Cash flow before financing activities -0.7 133.6 84.5Repayments (-) / borrowings (+) of non-current debt -0.1 -0.3 0.2Decrease (-) / increase (+) in current debt -1.0 - 1.1Purchase of treasury shares -3.3 -9.3 -9.4Dividends paid -42.0 -39.9 -39.9Change in other financing activities -0.1 0.1 0.8Net cash used in financing activities -46.5 -49.3 -47.3Net change in cash and cash equivalents -47.3 84.3 37.3Cash and cash equivalents at the beginning of the 317.8 291.0 291.0periodForeign exchange rate effect on cash and cash 9.4 -3.9 -10.5equivalentsNet change in cash and cash equivalents -47.3 84.3 37.3Cash and cash equivalents at the end of the period 279.9 371.4 317.8Statement of Changes in EquityA = Share capitalB = Share premium fundC = Other reservesD = Fair value reservesE = Treasury sharesF = Cumulative translation differencesG = Retained earningsH = Minority interestI = Total equity Attributable to the equity holders of the parent companyEUR million A B C D E F G H IEquity at January 16.8 20.2 0.2 7.9 - 5.7 164.0 0.1 214.81, 2008Dividends paid - - - - - - -39.9 - -39.9Purchase of - - - - -9.3 - - - -9.3treasury shares *)Share-basedpayments: value of - - - - - - 0.1 - 0.1received servicesAcquisition of - - - - - - - -0.0 -0.0minority interestTotal comprehensiveincome for the - - - -7.9 - -5.7 58.9 -0.0 45.3periodOther changes - - -0.0 - - - 0.2 - 0.2Equity at September 16.8 20.2 0.1 0.0 -9.3 0.0 183.4 0.0 211.230, 2008Equity at January 16.8 20.2 0.1 -3.7 -9.4 -16.0 218.5 - 226.41, 2009Dividends paid - - - - - - -42.0 - -42.0Purchase of - - - - -3.3 - - - -3.3treasury shares *)Treasury sharesissued to key - - - - 8.1 - -4.8 - 3.3employeesShare-basedpayments: value of - - - - - - 0.0 - 0.0received servicesTotal comprehensiveincome for the - - - 1.0 - 15.1 33.3 - 49.4periodOther changes - - 0.2 - - - 0.4 - 0.6Equity at September 16.8 20.2 0.3 -2.8 -4.6 -0.9 205.3 - 234.430, 2009*) Outotec has an agreement with a third-party service providerconcerning administration and hedging of share-based incentiveprogram for key personnel. As part of this agreement, for hedging theunderlying cash flow risk, the service provider has purchased 285,000Outotec shares during year 2009 (2008: 265,000) that have been fundedby Outotec and accounted as treasury shares in Outotec's consolidatedbalance sheet.Key Figures Q3 Q3 Q1-Q3 Q1-Q3 Last 12 Q1-Q4 2009 2008 2009 2008 months 2008Sales, EUR million 188.7 318.1 657.9 819.2 1,056.7 1,217.9Gross margin, % 24.6 21.7 20.8 20.9 21.6 21.5Operating profit, EUR 15.1 28.9 45.3 72.7 92.8 120.2millionOperating profit 8.0 9.1 6.9 8.9 8.8 9.9margin, %Profit before taxes, 16.0 34.0 47.6 83.9 100.0 136.3EUR millionProfit before taxes in 8.5 10.7 7.2 10.2 9.5 11.2relation to sales, %Net cash from operating 2.5 19.1 15.2 143.4 -21.6 106.6activities, EUR millionNet interest-bearingdebt at the end of -279.3 -370.5 -279.3 -370.5 -279.3 -314.6period,EUR millionGearing at the end of -119.1 -175.4 -119.1 -175.4 -119.1 -139.0period, %Equity-to-assets ratio 44.5 38.9 44.5 38.9 44.5 35.0at the end of period, %Working capital at the -147.3 -239.3 -147.3 -239.3 -147.3 -171.2end of period, EURmillionCapital expenditure, 4.1 3.6 13.3 10.0 27.3 23.9EUR millionCapital expenditure in 2.2 1.1 2.0 1.2 2.6 2.0relation to sales, %Return on investment, % 31.0 65.8 30.2 53.5 46.3 61.6Return on equity, % 20.3 46.6 19.3 36.8 30.7 42.6Order backlog at the 980.0 1,484.5 980.0 1,484.5 980.0 1,176.7end of period, EURmillionOrder intake, EUR 201.5 259.8 446.6 1,033.9 566.5 1,153.8millionPersonnel, average for 2,566 2,572 2,568 2,434 2,583 2,483the periodProfit for the period 6.1 7.5 5.1 7.2 6.5 7.7in relation to sales, %Research and 5.0 4.8 15.9 14.7 21.4 20.2development expenses,EUR millionResearch anddevelopment expenses in 2.7 1.5 2.4 1.8 2.0 1.7relation to sales, %Earnings per share, EUR 0.28 0.57 0.80 1.40 1.65 2.25Equity per share, EUR 5.63 5.03 5.63 5.03 5.63 5.43Dividend per share, EUR - - - - 1.00 1.00NOTES TO THE INCOME STATEMENT AND BALANCE SHEETThese interim financial statements are prepared in accordance withIAS 34 Interim Financial Reporting. The same accounting policies andmethods have been applied to these interim financial statements as inthe recent annual financial statements. These interim financialstatements are unaudited.Adoption of new interpretationsOutotec has applied the following revised standards from beginning of2009:* IAS 1 Presentation of financial statements. The revised standard aims to separate the transactions in equity to transactions with owners and other changes in equity. The changes have impact on presentation of interim and financial statements.* IFRS 8 Operating segments. The aim of the new standard is for the entity to adopt a management approach in reporting the financial performance of each segment. The application of the new standard has not changed Outotec's operating segments since the company had been reporting the same segments as in management reporting. The new standard's main impact will be on the disclosure information.Outotec has also applied the following revised standards andinterpretation from beginning 2009, which do not impact on theGroup's interim financial statements or financial statements.* IFRS 2 Share-based Payment - Vesting Conditions and Cancellations (effective date January 1, 2009).* IAS 23 Borrowing costs (effective date January 1, 2009).* IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements - Puttable Financial Instruments and Obligations Arising on Liquidation (effective date January 1, 2009).* IFRIC 16 Hedges of a Net Investment in a Foreign Operation (effective date October 1, 2008).Outotec will estimate the impact of the following standards and willapply the new standards from the financial period beginning January1, 2010 onwards:* IFRS 3 Business combinations (effective date for annual periods beginning on or after July 1, 2009).* IAS 27 Consolidated and separate financial statements (effective date for annual periods beginning on or after July, 1 2009).* IAS 39 Financial instruments: Recognition and Measurement (effective date for annual periods beginning on or after July, 1 2009). The amended standard has not yet been approved to be applied in the EU.Use of estimatesIFRS requires management to make estimates and assumptions thataffect the reported amounts of assets and liabilities as well as thedisclosure of contingent assets and liabilities at the date of thefinancial statements, and the reported amounts of income and expensesduring the reporting period. Accounting estimates are employed in thefinancial statements to determine reported amounts, including therealizability of certain assets, the useful lives of tangible andintangible assets, income taxes, provisions, pension obligations,impairment of goodwill. These estimates are based on management'sbest knowledge of current events and actions; however, it is possiblethat the actual results may differ from the estimates used in theinterim financial statements.Major Non-Recurring Items in Operating Profit Q1-Q3 Q1-Q3 Q1-Q4EUR million 2009 2008 2008Loss on sale of Intune Circuits Ltd. - -1.1 -1.1Arbitration settlement 2.4 - -8.5Income Tax Expenses Q1-Q3 Q1-Q3 Q1-Q4EUR million 2009 2008 2008Current taxes -13.1 -16.0 -37.4Deferred taxes -1.2 -9.1 -5.0Total income tax expenses -14.3 -25.1 -42.4Property, Plant and Equipment Sep 30, Sep 30, Dec 31,EUR million 2009 2008 2008Historical cost at the beginning of the 87.6 81.3 81.3periodTranslation differences 2.3 -1.1 -3.3Additions 7.4 7.5 10.7Disposals -0.6 -2.9 -3.3Acquired subsidiaries - - 2.1Reclassifications -0.1 -0.1 0.0Historical cost at the end of the period 96.5 84.7 87.6Accumulated depreciation and impairment atthe beginning of the period -58.1 -56.7 -56.7Translation differences -1.3 0.7 2.0Disposals 0.4 2.9 3.1Reclassifications 0.1 0.0 0.0Depreciation during the period -4.9 -5.1 -6.4Accumulated depreciation and impairment at -63.8 -58.3 -58.1the end of the periodCarrying value at the end of the period 32.8 26.5 29.5Commitments and Contingent Liabilities Sep 30, Sep 30, Dec 31,EUR million 2009 2008 2008Pledges 1.9 1.1 3.0Guarantees for commercial commitments 211.1 180.3 166.5Minimum future lease payments on operating 63.8 56.6 68.7leasesThe pledges are used to secure local credit facilities of the Group'sCanadian subsidiaries.The above value of commercial guarantees does not include advancepayment guarantees issued by the parent or other group companies. Thetotal amount of guarantees for financing issued by group companiesamounted to EUR 8.2 million at September 30, 2009 (September 30,2008: EUR 5.7 million and at December 31, 2008: EUR 8.5 million) andfor commercial guarantees including advance payment quarantees EUR352.7 million at September 30, 2009 (September 30, 2008: EUR 435.0million and at December 31, 2008: EUR 353.8 million).Derivative InstrumentsCurrency Forwards Sep 30, Sep 30, Dec 31,EUR million 2009 2008 2008Fair values, net -2.0*) -6.5**) -12.7***)Nominal values 310.1 469.8 378.3*) of which EUR -0.7 million designated as cash flow hedges.**) of which EUR 0.2 million designated as cash flow hedges.***) of which EUR -5.1 million designated as cash flow hedges.Related Party TransactionsTransactions and Balances with Associated Companies Q1-Q3 Q1-Q3 Q1-Q4EUR million 2009 2008 2008Sales 0.1 - -Trade and other receivables 0.0 0.1 -Segments' Sales and Operating Profit by QuartersEUR million Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09SalesMinerals 72.7 110.5 60.1 92.7 122.0 144.8 84.5 91.1 79.4ProcessingBase Metals 64.1 85.6 60.1 72.0 76.9 86.4 44.8 29.6 28.0Metals 113.0 120.8 104.6 109.2 116.9 163.9 97.2 103.4 77.4ProcessingOther 11.1 11.1 9.1 16.7 11.4 18.8 18.3 20.0 11.5BusinessesUnallocateditems *) and -15.0 -12.5 -8.3 -15.0 -9.2 -15.1 -13.2 -6.5 -7.6intra-groupsalesTotal 245.9 315.5 225.6 275.5 318.1 398.8 231.6 237.6 188.7OperatingprofitMinerals 3.6 16.3 4.1 3.2 3.1 12.1 6.1 7.9 9.1ProcessingBase Metals 12.1 9.3 6.3 11.9 13.3 17.2 4.3 -0.4 1.6Metals 11.5 11.5 12.3 11.8 14.9 22.1 8.9 9.3 6.3ProcessingOther 1.3 0.3 0.4 1.2 1.7 0.7 -0.4 -0.1 -0.5BusinessesUnallocated**)and intra-group -2.5 -4.4 -2.2 -5.1 -4.1 -4.6 -2.7 -2.7 -1.5itemsTotal 26.0 33.0 21.0 22.9 28.9 47.5 16.3 13.9 15.1*) Unallocated items primarily include invoicing of internalmanagement and administrative services.**) Unallocated items primarily include internal management andadministrative services and share of the result of associatedcompanies.Definitions for Key Financial FiguresNet interest-bearing debt = Interest-bearing debt - interest-bearing assetsGearing = Net interest-bearing debt ÿ 100 Total equityEquity-to-assets ratio = Total equity ÿ 100 Total assets - advances receivedReturn on investment = Operating profit + finance ÿ 100 income Total assets - non interest-bearing debt (average for the period)Return on equity = Profit for the period ÿ 100 Total equity (average for the period)Research and development = Research and development expensesexpenses in the income statement (including expenses covered by grants received)Earnings per share = Profit for the period attributable to the equity holders of the parent company Average number of shares during the period, as adjusted for stock splitDividend per share = Dividend for the financial year Number of shares at the end of the period, as adjusted for stock splitINTERIM REPORT JANUARY-SEPTEMBER 2009 BRIEFINGA briefing will be held in Helsinki, Finland, in which CEO TapaniJärvinen and CFO Vesa-Pekka Takala will present Outotec's interimreport, and Outotec's new CEO as of January 1, 2010, Pertti Korhonenwill introduce himself.BRIEFINGDate: Friday, October 23Time: 2.00-3.30 pm (EEST)Venue: Hotel Kämp, Meeting room Akseli Gallen-Kallela,Pohjoisesplanadi 29, HelsinkiJOINING VIA WEBCASTYou may follow the briefing via a live webcast at www.outotec.com.Please, click in and register approximately 5 to 10 minutes beforethe briefing. The webcast will also be recorded and published onOutotec's website for on demand viewing.JOINING VIA TELECONFERENCEYou may also join the briefing by telephone. To register as aparticipant for the teleconference and Q&A session, please dial in 5to 10 minutes before the beginning of the event:FI/UK: +44 20 7162 0025US/CANADA: +1 334 323 6201Password: OutotecIn addition, an instant replay service of the conference call will beavailable until October 27, 2009 midnight on the following numbers:UK: +44 20 7031 4064US: 1 954 334 0342Access code: 848264The contact information is gathered for registration purposes onlyand it is not used for commercial purposes.DISTRIBUTION:NASDAQ OMX Helsinki LtdMain mediawww.outotec.comhttp://hugin.info/137025/R/1349674/325343.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 23.10.2009 - 08:02 Uhr
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