Metso's Interim Review, January 1 - September 30, 2009
(Thomson Reuters ONE) - Metso's Company Release on October 29, 2009 at 12.00 p.m. local timeGood profitability and strong cash flowHighlights of the third quarter of 2009* New orders worth EUR 1,031 million were received in July-September i.e. 54 percent less than in the previous year (EUR 2,246 million in Q3/08).* At the end of September, the order backlog was 18 percent lower than at the end of December 2008, amounting to EUR 3,340 million (EUR 4,088 million at December 31, 2008).* Net sales decreased by 22 percent, and were at EUR 1,196 million (EUR 1,528 million in Q3/08).* Earnings before interest, tax and amortization (EBITA) were EUR 124.6 million, i.e. 10.4 percent of net sales (EUR 180.7 million and 11.8% in Q3/2008).* Operating profit (EBIT) was EUR 114.1 million, i.e. 9.5 percent of net sales (EUR 172.3 million and 11.3% in Q3/08).* EBITA and EBIT includes EUR 17 million in non-recurring expenses relating to capacity adjustment measures. EBITA margin before them was 11.9 percent.* Earnings per share were EUR 0.44 (EUR 0.69 in Q3/08).* Free cash flow was EUR 249 million (EUR 91 million in Q3/08).* Return on capital employed (ROCE) before taxes was 11.1 percent (23.3% in Q3/08)."I am very pleased to report good profitability and strong free cashflow during the third quarter despite the demanding operatingenvironment. It confirms that Metso's cost structure and way ofoperating are a lot more flexible today than during the previous downturn. Our good performance was also supported by savings from thecapacity and cost base adjustment actions that we already started ayear ago," says Jorma Eloranta, President and CEO of MetsoCorporation."Our operating environment continues to be demanding. While we areseeing first signs of gradual recovery in the global economy, andbelieve that we have now reached the lowest point in market demand,the world economy is far from stable, and there remains uncertaintyabout the timing and strength of the recovery. Although we estimatethat our 2010 net sales will be lower than this year, we expect ourprofitability to be satisfactory. We have kept this year's guidanceintact," Eloranta notes."During the past year we have considerably strengthened our long-termcompetitiveness by introducing new ways to operate across Metso. Webelieve that we have now taken the majority of the actions requiredto adjust our cost base and capacity to the demand environment in thenear-term. We continue to be alert in case further actions arerequired. We are now shifting focus to sales efforts and tostrengthen our product and services offering. Through these actionswe ensure that Metso will emerge as a winner from this downturn,"concludes Eloranta.Metso's key figuresEUR million Q3/09 Q3/08 Change Q1-Q3/ Q1-Q3/ Change 2008 % 2009 2008 %Net sales 1,196 1,528 -22 3,663 4,561 -20 6,400Net sales of services 499 586 -15 1,527 1,693 -10 2,343business % of net sales 42 39 42 38 37EBITA beforenon-recurring capacity 141.9 180.7 -21 311.7 480.9 -35 680.9adjustment expenses % of net sales 11.9 11.8 8.5 10.5 10.6Earnings beforeinterest, tax and 124.6 180.7 -31 268.1 480.9 -44 680.9amortization (EBITA) % of net sales 10.4 11.8 7.3 10.5 10.6Operating profit 114.1 172.3 -34 238.6 447.1 -47 637.2 % of net sales 9.5 11.3 6.5 9.8 10.0Earnings per share, EUR 0.44 0.69 -36 0.88 1.96 -55 2.75Orders received 1,031 2,246 -54 2,993 5,495 -46 6,384Order backlog at end of 3,340 5,244 -36 4,088periodFree cash flow 249 91 174 449 51 780 29Return on capitalemployed (ROCE) 11.1 23.3 23.2before taxes,annualized, %Equity to assets ratioat end of 33.2 31.5 30.9period, %Gearing at end of 51.1 72.2 75.7period, %Metso's third quarter 2009 reviewOperating environment and demand for products in July-SeptemberOur operating environment continued to be demanding in the thirdquarter. Our customers were still cautious in their investmentdecisions, which affected our equipment sales and project businessesin particular.Most of the mining companies have continued to operate with clearlylower investment budgets than in the peak levels of the past fewyears. In the third quarter, some mining companies upgraded theircapital expenditure plans for 2010 because of the positive metalprice development combined with an expectation of a gradual recoveryin the global economy. However, these plans are yet to be shown inincreased market activity. Due to our strong product and servicesoffering and the significant increase in our installed equipment baseduring the past few years, demand for our replacement equipment andservices by our mining customers continued to be satisfactory. In theconstruction industry, demand for equipment used in aggregatesproduction was weak primarily because the capacity installed inrecent years remained underutilized. Demand for our constructionindustry services business was satisfactory. Many countries haveintroduced stimulus measures relating to infrastructure developmentwhich are expected to have a positive effect on the demand forconstruction industry products, but which, for the present, have hadlittle effect.Demand for power plants utilizing renewable energy sources wassatisfactory in Europe and North America. The demand for power plantsfuelled by biomass and waste has been boosted as several countrieshave announced plans to stimulate the use of renewable energysources. However, the limited availability of financing delayed thedecision-making in many of these projects. Demand for our automationand flow control solutions continued at a low level due to capitalexpenditure plan cuts both in the energy as well as in the paper andpulp customer industries. Demand for metals recycling equipmentcontinued to be weak, owing to reduction in steel production and lowprice of scrap metal. The demand for the services business in ourEnergy and Environmental Technology segment was satisfactory.Demand for fiber lines was weak in the third quarter. The demand fornew paper and board lines in China was supported partly by localeconomic stimulus measures and continued to be satisfactory. In therest of the world the demand continued to be very weak. Demand fortissue machines was satisfactory. Capacity utilization rates in thepulp and paper industry continued to be low in the third quarter, anddemand for the services business was weak especially in North Americaand Europe.Orders received in July-SeptemberWe received new orders worth EUR 1,031 million in July-September.Orders received were at the same level as during the past threequarters. The value of the orders declined by 54 percent from thecomparison period. Orders declined in all reporting segments.Previously received orders equaling some EUR 20 million were canceledfrom the order backlog during the third quarter, the majorityconsisting of construction equipment.Orders received by Mining and Construction Technology inJuly-September equaled EUR 420 million, which was 44 percent lessthan in the comparison period. The orders received from miningcustomers decreased by one-half on the very strong comparison period.Orders received consisted mainly of replacement equipment andservices orders. Orders received from construction customers declinedonly by 20 percent from the comparison period because theconstruction business was the first one to be hit by the globalmarket turmoil already during the third quarter of last year. Thelargest new order was a delivery of a fine crushing and screeningsystem for Norsk Stein in Norway.Orders received by the Energy and Environmental Technology segmentduring the third quarter totaled EUR 250 million, down 56 percent onthe comparison period. Orders received by the Power business linedeclined by 70 percent. The comparison period was exceptionallystrong due to two large recovery boiler orders. Orders receiveddecreased by one third in the Automation business line due to stronginvestment budget cuts in the paper and pulp and energy industries.Orders received by the Recycling business line decreased by close to60 percent due to customers' low capacity utilization rates. Ordersreceived during the third quarter included a power boiler project forIndustrias Celulosa Aragonesa's (SAICA) new waste-to-energy powerplant in Spain and an extensive automation package for ShandongHuatai Paper's new paper machine line in China.Orders received by our Paper and Fiber Technology segment inJuly-September fell by 61 percent from the comparison period andtotaled EUR 369 million. The orders received in the comparison periodincluded two large pulp mill projects. The Paper business line'sorders included the world's largest fine paper line order forZhanjiang Chenming Pulp & Paper's new pulp and paper mill, and aboard machine for Fujian Liansheng Paper, both in China. Similarly inChina, we concluded agreements with MCC Meili Paper Industry Co. Ltdfor a lightweight-coated papermaking line as well as with ShouguangMeiLun Paper Co. Ltd. for the delivery of a large coated fine paperproduction line. These two orders, together worth over EUR 200million, are awaiting final contracts before being included in theorder backlog. The Tissue business line's orders were at a high levelduring the third quarter but the Fiber business line received veryfew new orders and its market outlook continues to be demanding.Orders for the services business remained weak.Financial performance in July-SeptemberIn July-September, our net sales were EUR 1,196 million, which was 22percent less than a year earlier (EUR 1,528 million in Q3/08). Whilethe services business net sales decreased by 15 percent on thecomparison period, they accounted for 42 percent of net sales (39% inQ3/08).Earnings before interest, tax and amortization (EBITA) for the thirdquarter were EUR 124.6 million, i.e. 10.4 percent of net sales (EUR180.7 million and 11.8% in Q3/08). EBITA includes about EUR 17million in non-recurring expenses resulting from capacity adjustmentmeasures. The biggest part of these, about EUR 11 million, is relatedto closures of some smaller business units and personnel reductionsin Mining and Construction Technology. Personnel reductions in Paperand Fiber Technology account for about EUR 3 million and personnelreductions in Energy and Environmental Technology also for about EUR3 million. The EBITA margin before these non-recurring capacityadjustment expenses was 11.9 percent. The financial result alsoincludes close to EUR 8 million in capital gains from the sale ofshares in Talvivaara Mining Company Plc. Metso's operating profit wasEUR 114.1 million, i.e. 9.5 percent of net sales (EUR 172.3 millionand 11.3% in Q3/08). The weakening of the financial performance onthe comparison period resulted mainly from the 22 percent decrease innet sales and the low capacity utilization rates of severalproduction and engineering units.EBITA in the third quarter was strong compared to the year's firsttwo quarters. This was partly due to improved gross margin levels insome large projects in the Paper and Power business lines as a resultof lower procurement prices and overall successful implementation ofthe projects. Third-quarter financial performance was also supportedby almost EUR 30 million lower sales, general and administrationcosts than during the first two quarters of the year mainly as aresult of low labour costs related to holiday period and high levelof temporary lay-offs in Finland and savings resulting from capacityadjustment measures implemented during the first half of the year.The profit attributable to shareholders was EUR 62 million (EUR 97million in Q3/08) in the third quarter, corresponding to earnings pershare (EPS) of EUR 0.44 (EUR 0.69 per share in Q3/08).Free cash flow was strong during the third quarter, and was EUR 249million. The positive cash flow development was supported by acontinued strong EUR 159 million decrease of net working capital. Onekey element in net working capital release was EUR 97 milliondecrease of inventories in the Mining and Construction Technologysegment.Metso's January-September 2009 Interim ReviewOrders received and order backlogOrders received in January-September totaled EUR 2,993 million, down46 percent on the comparison period. Previously received orders worthEUR 278 million were canceled in January-September. These ordercancellations were booked off directly from our order backlog andtherefore had no impact on reported orders received neither on thereporting period nor on the comparison period. Almost EUR 200 millionof the cancellations related to the Zhanjiang Chenming pulp project,around EUR 51 million to our Construction business line and some EUR20 million to the Recycling business line.China, the United States and Finland generated the largest totalvalue of orders received. The share of emerging markets in ordersreceived was 49 percent (51% in Q1-Q3/08). All of our segmentsreported a decrease in orders received as our customers hesitated tomake new investment decisions.At the end of September, our order backlog was EUR 3,340 million,which is 18 percent less than at the end of 2008. Around EUR 1.2billion of the deliveries in our end-of-September order backlog areexpected to be completed in 2009, around EUR 1.6 billion in 2010 andthe remainder at a later time. The order backlog includes some EUR600 million in projects with somewhat uncertain delivery schedulesand which will, according to present estimates, be delivered after2010. These projects include, among others, the pulp mill project forFibria, a new company created by the merger of Votorantim and Aracruzin Brazil.Orders received by reporting segments Q1-Q3/2009 Q1-Q3/2008 EUR million % of orders EUR million % of orders received receivedMining andConstruction 1,203 40 2,370 43TechnologyEnergy andEnvironmental 793 26 1,317 24TechnologyPaper and Fiber 983 33 1,814 32TechnologyValmet Automotive 42 1 52 1Intra-Metso orders -28 -58receivedTotal 2,993 100 5,495 100Orders received by market area+-------------------------------------------------------------------+| | Q1-Q3/2009 | Q1-Q3/2008 ||-------------------------+--------------------+--------------------|| | EUR | % of | EUR | % of || | million | orders | million | orders || | | received | | received ||-------------------------+---------+----------+---------+----------|| Europe | 1,081 | 36 | 1,908 | 35 ||-------------------------+---------+----------+---------+----------|| North America | 509 | 17 | 883 | 16 ||-------------------------+---------+----------+---------+----------|| South and Central | 345 | 12 | 1,028 | 19 || America | | | | ||-------------------------+---------+----------+---------+----------|| Asia-Pacific | 869 | 29 | 1,333 | 24 ||-------------------------+---------+----------+---------+----------|| Rest of the world | 189 | 6 | 343 | 6 ||-------------------------+---------+----------+---------+----------|| Total | 2,993 | 100 | 5,495 | 100 |+-------------------------------------------------------------------+Net salesOur net sales for January-September decreased by 20 percent on thecomparison period and were EUR 3,663 million (EUR 4,561 million inQ1-Q3/08). Net sales decreased in all reporting segments: in Miningand Construction Technology by 17 percent, in Energy andEnvironmental Technology by 13 percent and in Paper and FiberTechnology by 29 percent. The net sales of our services businessdeclined by 10 percent and its share of total net sales was 42percent (38% in Q1-Q3/08).Measured by net sales, the largest countries were the United States,China and Germany, which together accounted for about 29 percent ofour total net sales.Net sales by reporting segments Q1-Q3/2009 Q1-Q3/2008 EUR million % of net EUR million % of net sales salesMining andConstruction 1,551 42 1,869 40TechnologyEnergy andEnvironmental 1,104 30 1,272 28TechnologyPaper and Fiber 1,002 27 1,417 31TechnologyValmet Automotive 42 1 52 1Intra-Metso net sales -36 -49Total 3,663 100 4,561 100Net sales by market area Q1-Q3/2009 Q1-Q3/2008 EUR million % of net EUR million % of net sales salesEurope 1,589 43 1,913 42North America 574 16 722 16South and Central 458 12 557 12AmericaAsia-Pacific 755 21 1,082 24Rest of the world 287 8 287 6Total 3,663 100 4,561 100Financial resultOur earnings before interest, tax and amortization (EBITA) forJanuary-September weakened from the comparison period and were EUR268.1 million, or 7.3 percent of net sales (EUR 480.9 million and10.5% in Q1-Q3/08). Our financial result includes non-recurringexpenses of some EUR 44 million resulting from capacity adjustmentmeasures, of which around EUR 22 million are related to Paper andFiber Technology, some EUR 16 million to Mining and ConstructionTechnology and almost EUR 6 million to Energy and EnvironmentalTechnology. Our EBITA before non-recurring capacity adjustmentexpenses was EUR 311.7 million or 8.5 percent. Other significantnon-recurring items were some EUR 14 million capital gains from thesale of shares in Talvivaara Mining Company Plc, EUR 9 million innon-recurring expenses from dissolving hedging arrangements relatedto the cancellation of our Chinese customer Zhanjiang Chenming's pulpmill project and EUR 4 million credit loss reserve related to theinitiation of the bankruptcy proceedings of two of our paper industrycustomers.The EBITA for Mining and Construction Technology in January-Septemberwas EUR 157.2 million, declining from the previous year primarily dueto the Construction business line's low delivery volumes and capacityutilization rates in all its manufacturing units.The EBITA for Energy and Environmental Technology was EUR 103.5million, which was 25 percent weaker than the previous year mainlydue to lower net sales in all business lines.The EBITA for Paper and Fiber Technology was EUR 19.8 million, 79percent weaker than during the comparison period due to almost 30percent lower net sales, high non-recurring capacity adjustmentexpenses and the low utilization rates in many units.Our operating profit in January-September was EUR 238.6 million, or6.5 percent of net sales (EUR 447.1 million and 9.8% in Q1-Q3/08).Operating profit before non-recurring expenses related to capacityadjustment measures was EUR 282.2 million or 7.7 percent of netsales.Our net financing expenses in January-September were EUR 59 million(EUR 54 million in Q1-Q3/08). Due to the higher debt level comparedto last year, our interest expenses increased by EUR 5 million andwere EUR 56 million (EUR 51 million in Q1-Q3/08).Our profit before tax was EUR 180 million (EUR 393 million), and ourtax rate for 2009 is estimated to be about 30 percent (30% in 2008).The profit attributable to shareholders was EUR 125 million (EUR 277million) in January-September, corresponding to earnings per share(EPS) of EUR 0.88 (EUR 1.96 per share).The return on capital employed (ROCE) before taxes inJanuary-September was 11.1 percent (23.3%) and return on equity (ROE)was 11.4 percent (24.5%).Cash flow and financingNet cash provided by operating activities for January-September wasEUR 487 million (EUR 129 million in Q1-Q3/08).One of our key targets for this year has been to release cash fromnet working capital. Our target for 2009 was to release at least EUR200 million and for 2009-2010 in total about EUR 500 million. DuringJanuary-September, EUR 294 million of net working capital wasreleased, clearly ahead of our minimum target for 2009. Ourinventories have come down EUR 341 million and trade receivables EUR188 million. On the other hand, trade payables decreased by EUR 182million. Inventories in Mining and Construction Technology havedecreased by EUR 277 million from the beginning of the year as aresult of the ongoing inventory control initiative.Free cash flow for January-September was EUR 449 million (EUR 51million in Q1-Q3/08).Our net interest-bearing liabilities totaled EUR 797 million at theend of September (EUR 1,099 million at December 31, 2008).The total amount of short-term debt maturing over the next 12 monthswas EUR 257 million at the end of September. EUR 48 million of theshort-term debt consists of commercial papers issued in the Finnishmarkets, EUR 155 million are current portions of long-term debt andthe remainder is local working capital financing of subsidiaries,mainly in Brazil.The amount of commercial paper financing in use duringJanuary-September fluctuated between EUR 48-160 million. DuringJanuary-September, we obtained EUR 365 million in new long-term debtwith maturity of 4-5 years. The largest single transaction was a EUR200 million five-year funding arrangement under the Euro Medium TermNote (EMTN) program. New loans are primarily meant for therefinancing of our existing debt and for the extension of the debtmaturity structure. The amount of this new long term debt exceeds therepayments of our earlier loans until halfway through 2011. At theend of September, our total cash assets amounted to EUR 774 million.Out of this EUR 162 million has been invested in instruments withinitial maturity exceeding three months and the remaining EUR 612million is being accounted for as cash and cash equivalents. Thesyndicated EUR 500 million revolving loan facility is available untillate 2011, and it is currently undrawn. Metso's liquidity position isgood.At the end of September, our gearing was 51.1 percent (72.2%) and theequity-to-assets ratio was 33.2 percent (31.5%). Due to strongoperating cash flow and lower capital expenditure, our net gearinghas improved during this year. In April, following the Annual GeneralMeeting, we paid EUR 99 million in dividends for 2008.Capital expenditureOur gross capital expenditure for January-September decreased by 61percent on the comparison period to EUR 79 million (EUR 201 millionin Q1-Q3/08). The proportion of maintenance investments was 52percent, i.e. EUR 41 million.We expect our capital expenditure excluding business acquisitions toremain below EUR 130 million this year. We are significantlyrestricting the amount of new investments and, when feasible, alsoextending the implementation schedules of ongoing investmentprojects.We are constructing new plant and office premises for the Automationbusiness line in Shanghai, China. The Metso Park industrial facility,designed especially to serve the mining and construction industry, isunder construction in Rajasthan, India. In Finland, we are upgradinga pilot machine at the Paper Technology Center in Jyväskylä. In Zibowe are establishing our third service center in China for the pulpand paper industry. We have extended the implementation schedules forthe Metso Park and Zibo Service Center investments. Investmentprojects in enterprise resource planning systems are underway inMining and Construction Technology and in the Automation businessline.Metso's research and development expenses in January-Septembertotaled EUR 84 million, representing 2.3 percent of Metso's net sales(EUR 96 million and 2.1% in Q1-Q3/08).Acquisitions, divestments and joint venturesIn August, we concluded an agreement to purchase the Pacific/HoeSaw&Knife Company's coater and doctor blade business in the UnitedStates for Paper and Fiber Technology. The annual net sales of thepurchased business are below USD 10 million. The transaction has notyet been finalized.In May, we sold the entire stock of Metso Paper Turku Works Oy inFinland to Stairon Oy. Metso Paper Turku Works Oy manufactured airsystems for the pulp and paper industry. The sale had no significantimpact on our financial performance. The air system technology andthe related business remained in Metso's ownership. Metso Paper TurkuWorks Oy employed 91 people. In conjunction with the sale, Metso andStairon agreed on a long-term supply contract for the manufacture ofcertain key products.In January, we sold our composites manufacturing business and relatedassets in Oulu, Finland, to xperion Oy. Annual net sales of thedivested business have been less than EUR 5 million. The entirepersonnel, 21 people, were transferred to xperion Oy. The divestedbusiness was part of our Paper business line.MW Power Oy, a joint venture of Metso's heat and power business andWärtsilä's biopower business, started its operations on January 1,2009. We own 60 percent and Wärtsilä owns 40 percent of the jointventure. An order backlog of about EUR 116 million was transferredwith Wärtsilä Biopower Oy to the joint venture. In 2008, the totalnet sales of the company were approximately EUR 130 million and thenumber of employees about 200.Adjusting capacity to demandWe began adjusting our capacity and cost structure to the lowerdemand already in early 2008 and intensified our efforts when themarket situation started to weaken in September 2008. We havecontinued these measures throughout this year. The aim is to ensurethe competitiveness of our operations.Our first steps were to reduce the number of temporary personnel andthe use of subcontractors. In addition, we have initiated temporarylay-offs and permanent reductions at several of our units. In mostcases, the temporary lay-offs concern all employee groups, and theirduration varies, depending on the work load, from a few weeks tolonger periods. The temporary lay-offs are mainly in use in Finlandwhere local agreements allow for this type of flexibility. In othercountries we have applied alternative options made possible by locallabor legislation and union contracts, such as a shortened work week.Through the implementation of temporary lay-offs, we estimate that wewill achieve some EUR 25-30 million in savings in personnel costsduring this year.In addition to the above-mentioned temporary measures, we have alsotaken actions to adjust our capacity on a permanent basis to a lowerdemand environment. Furthermore, we have introduced new moreefficient ways to operate which have enabled us to close down smallerunits and consolidate our operations to larger entities. As a result,we have cut the number of personnel since the end of June last yearto the end of September this year by 2,902 employees. We have alsotaken decisions or we have discussions underway to further reduce ourpersonnel by another 1,750 employees by early next year. Togetherthese are about 4,650, out of which some 3,000 will be in Finland andSweden.When fully implemented these permanent personnel reductions areestimated to decrease our annual wage, salary and related socialcosts by over EUR 200 million. Out of these we estimate that EUR 100million will materialize already this year. In January-September werecorded about EUR 44 million in non-recurring capacity adjustmentexpenses resulting from personnel reductions and the closures ofunits, and we estimate that during the last quarter we will furtherrecord some EUR 30-35 million in non-recurring expenses of thisnature. About half of this is related to personnel negotiationsinitiated in our Fiber business line in October.The table below details the personnel reductions related to thecapacity adjustment measures Mining and Energy and Paper and Metso Construction Environmental Fiber Technology Technology TechnologyPersonnel as of June 30, 10,503 6,311 10,089 28,0692008Acquisitions, July 2008 590 127 1,068 1,785- September 2009Divestitures, July - - -289 -2892008--September 2009Comparable personnel 11,093 6,438 10,868 29,565amountPersonnel as of 10,014 6,119 9,475 26,663September 30, 2009Actual reduction July2008 -September 2009 1,079 319 1,393 2,902Estimated additionalreductions decided 600 350 800 1,750 and underwayTotal personnel 1,679 669 2,193 4,652reductions decidedTemporary lay-offs in 600man yearsPersonnelAt the end of September, we had 26,663 employees, which was 2,659less than at the end of 2008 (29,322 people at December 31, 2008).The number of employees fell especially in Finland and Sweden, as aresult of capacity adjustment measures in our Paper and FiberTechnology segment. During January-September, we had an average of27,976 employees.Personnel by area September % of September % of total Change December 30, 2009 total 30, 2008 personnel % 31, 2008 personnelFinland 8,321 31 9,118 32 -9 9,252Other Nordic 2,985 11 3,364 12 -11 3,332countriesOther Europe 3,516 13 3,463 12 2 3,842North 3,502 13 4,041 14 -13 3,964AmericaSouth and 2,720 10 2,917 10 -7 2,991CentralAmericaAsia-Pacific 4,218 16 4,386 15 -4 4,469Rest of the 1,401 6 1,473 5 -5 1,472worldTotal 26,663 100 28,762 100 -7 29,322REPORTING SEGMENTSMining and Construction TechnologyEUR million Q3/09 Q3/08 Change Q1-Q3/ Q1-Q3/ Change 2008 % 09 08 %Net sales 492 670 -27 1,551 1,869 -17 2,586Net sales of services 247 274 -10 739 782 -5 1,078business % of net sales 50 41 48 42 42Earnings beforeinterest, tax and 54.7 98.6 -45 157.2 269.3 -42 361.2amortization (EBITA) % of net sales 11.1 14.7 10.1 14.4 14.0Operating profit 53.7 97.9 -45 154.6 267.1 -42 358.4 % of net sales 10.9 14.6 10.0 14.3 13.9Orders received 420 747 -44 1,203 2,370 -49 2,709Order backlog at end 1,103 1,964 -44 1,492of periodPersonnel at end of 10,014 10,829 -8 11,259periodNet sales of Mining and Construction Technology decreased by 17percent on the comparison period, and were EUR 1,551 million. TheMining business line's net sales declined by about 9 percent, whilethe net sales of the Construction business line were down by about 29percent. Net sales of the services business declined by 5 percent onthe comparison period and accounted for 48 percent of the segment'snet sales (42% in Q1-Q3/08).Mining and Construction Technology's operating profit forJanuary-September was EUR 154.6 million, which was 10.0 percent ofnet sales (EUR 267.1 million and 14.3%). Operating profit wasdepressed by about EUR 16 million of non-recurring expenses relatingto capacity adjustment measures in several units. The operatingprofit includes about EUR 14 million capital gains relating to thesale of shares in Talvivaara Mining Company Plc. The profitability ofthe Mining business line weakened, but remained good. Theprofitability of the Construction business line, on the other hand,weakened clearly from the comparison period due to the low deliveryvolumes and capacity utilization rates in manufacturing units andnon-recurring expenses resulting from capacity adjustment measures.The main reason for the third-quarter profitability to exceed theprofitability of the second quarter of the year were the low level ofsales, general and administration costs during the vacation periodand savings from the restructuring measures initiated during thefirst half of the year.The value of orders received in January-September decreased by 49percent on the comparison period and equaled EUR 1,203 million (EUR2,370 million in Q1-Q3/08). The value of new orders received declinedin both the Mining business line and Construction business line, aswell as in all geographical areas. The relative share of ordersreceived from the emerging markets remained on par with the previousyear, amounting to more than 50 percent (52%). DuringJanuary-September, about EUR 66 million of previously received orderswere canceled. In September, we won an order for a fine crushing andscreening system for Norsk Stein in Norway.The order backlog declined by 26 percent from the end of 2008 andtotaled EUR 1,103 million at the end of September (EUR 1,492 millionat December 31, 2008). Around EUR 160 million of the mining equipmentorders in the order backlog have somewhat uncertain deliveryschedules.Energy and Environmental TechnologyEUR million Q3/09 Q3/08 Change Q1-Q3/ Q1-Q3/ Change 2008 % 09 08 %Net sales 350 423 -17 1,104 1,272 -13 1,775Net sales of services 117 143 -18 379 397 -5 549business % of net sales 34 35 35 32 32Earnings beforeinterest, tax and 37.1 55.7 -33 103.5 137.8 -25 198.3amortization (EBITA) % of net sales 10.6 13.2 9.4 10.8 11.2Operating profit 32.9 51.2 -36 90.3 120.0 -25 176.0 % of net sales 9.4 12.1 8.2 9.4 9.9Orders received 250 568 -56 793 1,317 -40 1,658Order backlog at end of 939 1,402 -33 1,204periodPersonnel at end of 6,119 6,317 -3 6,357periodThe net sales of Energy and Environmental Technology declined by 13percent on the comparison period and were EUR 1,104 million. The netsales decreased most strongly in the Recycling business line, byalmost 30 percent. The net sales of the Power business line declinedby 14 percent and Automation business line by 7 percent. The servicesbusiness declined by 5 percent from the comparison period andaccounted for 35 percent of the segment's net sales (32% inQ1-Q3/08).The Energy and Environmental Technology's EBITA weakened from theprevious year and were EUR 103.5 million, or 9.4 percent of net sales(EUR 137.8 million and 10.8% in Q1-Q3/08). The EBITA margin improvedslightly from the previous year's level in the Power business line,weakened but remained on a good level in the Automation business lineand declined to a weak level in the Recycling business line due tolow delivery volumes. The operating profit includes almost EUR 6million non-recurring expenses relating to the capacity adjustmentmeasures.The value of orders received fell by 40 percent from the comparisonperiod and totaled EUR 793 million. Orders received declined acrossall of the business lines, most significantly in Recycling.Approximately EUR 84 million of orders previously received by thesegment were canceled. The biggest single cancelled order wasZhanjiang Chenming recovery boiler, worth about EUR 60 million.Largest orders came particularly from the energy customer industry,for example a power boiler for Industrias Celulosa Aragonesa's(SAICA) new waste-to-energy power plant in Spain, a power boiler andautomation system for PGE Zespól Elektrowni Dolna Odra S.A.'scombined heat and power plant in Poland and automation systems fortwo energy-from-waste plants in the United Kingdom. In addition, wegot an extensive automation package order for Shandong Huatai Paper'snew paper machine line in China.The order backlog at the end of September, EUR 939 million, was 22percent lower than at the end of 2008. Slightly below EUR 90 millionof the order backlog's total value is subject to uncertainties aboutdelivery schedules. These orders include, among others, thedeliveries of power boiler and automation technology for the pulpmill project of Fibria (the new company resulting from the merger ofVotorantim and Aracruz) in Brazil.Paper and Fiber TechnologyEUR million Q3/09 Q3/08 Change Q1-Q3/ Q1-Q3/ Change 2008 % 09 08 %Net sales 356 441 -19 1,002 1,417 -29 2,044Net sales of services 135 169 -20 410 514 -20 716business % of net sales 38 38 41 36 35Earnings beforeinterest, tax and 32.4 36.9 -12 19.8 94.9 -79 146.1amortization (EBITA) % of net sales 9.1 8.4 2.0 6.7 7.1Operating profit 27.6 34.5 -20 7.8 83.2 -91 130.1 % of net sales 7.8 7.8 0.8 5.9 6.4Orders received 369 940 -61 983 1,814 -46 2,021Order backlog at end 1,330 1,931 -31 1,434of periodPersonnel at end of 9,475 10,661 -11 10,544periodNet sales of Paper and Fiber Technology decreased by 29 percent inJanuary-September, and were EUR 1,002 million. Net sales of theservices business declined by 20 percent due to the overall slowdownof the markets and low capacity utilization rates among customermills. Services share of total net sales rose to 41 percent due tolow new equipment sales (36% in Q1-Q3/08).Paper and Fiber Technology's EBITA was EUR 19.8 million inJanuary-September i.e. 2.0 percent of net sales (EUR 94.9 million and6.7% in Q1-Q3/08). The financial result includes about EUR 22 millionnon-recurring expenses resulting from capacity adjustment measures.The cancellation of the Zhanjiang Chenming pulp mill order resultedin EUR 9 million non-recurring expenses mainly deriving from thedissolving of the hedging arrangements we had entered into. EBITAbefore the above-mentioned non-recurring expenses resulting fromcapacity adjustment measures was EUR 41.3 million. In addition, thefinancial result is burdened by about EUR 4 million credit lossreserve related to the initiated bankruptcy proceedings of two of ourNorth American customers. The profitability for January-September wasalso weakened by the low utilization rate of our manufacturing andengineering units, high level of capacity adjustment expenses and lownet sales. The reason why the third-quarter financial performanceclearly exceeded the performance of the two first quarters of theyear were the low level of sales, general and administration costs ofthe vacation period, savings from the restructuring measuresinitiated during the first half of the year and improvedprofitability of some large delivery projects in Paper business line.Demand for pulp industry machinery and equipment continued to beweak. The value of orders received decreased by 46 percent on thecomparison period, and was EUR 983 million. The comparison periodincluded two large pulp mill orders. Among the largest ordersreceived during the year were a coated fine paper line order forShandong Huatai Paper, a fine paper line order for Zhanjiang Chenmingand an uncoated fine paper machine order for Sun Paper Group, all toChina. The order backlog at the end of September was EUR 1,330million and about EUR 350 million of the projects in the orderbacklog are subject to uncertainties relating to delivery schedules.These projects include, for example, the pulp mill project for Fibria(the new company resulting from the merger of Votorantim and Aracruz)in Brazil.Valmet AutomotiveValmet Automotive's net sales in January-September totaled EUR 42million (EUR 52 million in Q1-Q3/08). Operating loss was EUR 8.4million (EUR 1.0 million in Q1-Q3/08). In January-September, ValmetAutomotive produced an average of 66 vehicles (95 vehicles inQ1-Q3/08) per day. At the end of September, Valmet Automotiveemployed 636 people (783 people at December 31, 2008).In August, Valmet Automotive signed a Letter of Intent with theNorwegian company Think Global AS for manufacturing and engineeringthe Think City electric car. Planned production volumes amount tothousands of cars annually. The series production will start at theend of 2009.In January, Valmet Automotive signed an agreement with the Danishcompany Garia AS for the engineering and manufacturing of an electricgolf car. The agreement spans several years and involves theproduction of a few thousand Garia golf cars annually. The seriesproduction will start in the end of 2009.At the end of 2008, Valmet Automotive and the U.S. company FiskerAutomotive Inc. signed a long-term cooperation agreement on theengineering and manufacturing of Fisker Karma plug-in hybrid cars inFinland. The first cars will be delivered to Fisker Automotivetowards the end of this year. The series production will start in2010. The annual production is projected to be 15,000 cars.Valmet Automotive's current assembly contract with Porsche willcontinue until 2012.Events after the review periodMetso to enter solid waste recycling equipment businessIn October, Metso completed the acquisition of Danish M&J IndustriesA/S, a manufacturing company of mobile and stationary products forsolid-waste crushing. The acquired company was integrated intoMetso's Recycling business line. The net debt free value of thetransaction is about EUR 16 million. M&J Industries has about 100employees, and its forecasted net sales in 2009 are about EUR 26million.Short-term risks of business operationsWe estimate that our business environment for the rest of 2009 andfirst half of 2010 will continue to be demanding.The global economic recession may have adverse effects on projects inour order backlog. Some projects may be postponed or they may besuspended or canceled. We estimate that slightly over 15 percent oforders in the order backlog at the moment are subject touncertainties relating to delivery schedules. We apply the percentageof completion method to long-term delivery agreements, meaning thatwe recognize income on long-term delivery agreements according to theprogress of the delivery. The customer advance payment is typically10-30 percent of the project value, in addition to which the customermakes progress payments based on the milestones during the projectexecution, which significantly decreases risk and our financingrequirements related to projects. We continually assess ourcustomers' creditworthiness and ability to fulfill their obligations.If a customer faces liquidity problems, we will discuss thepossibility of changing project delivery schedules and terms ofpayment and any other measures needed. As a rule, we do not financecustomer projects.We have launched many measures to adjust to the rapidly changedoperating environment. We are adjusting our capacity and coststructure to correspond with the lower demand, in order to maintainour competitiveness. As a result of the global economic recession,the markets for our products are contracting, which may lead totightening cost competition.Securing the continuity of our operations requires that sufficientfunding is available under all circumstances. The financial crisismay have adverse effects on the availability of debt financing andincrease the costs relating to it. We estimate that our financialassets totaling EUR 774 million and available credit facilities aresufficient to secure short-term liquidity. Committed creditfacilities available for withdrawal amounted to EUR 500 million. Theaverage repayment period for our long-term loan capital is 3.9 years.More than half of our long-term debt will mature after 2011. Thereare no prepayment covenants in our debt facilities that would betriggered by changes in credit ratings. Some of our debt facilitiesinclude financial covenants related to capital structure. Currentlywe fully meet the covenants and other terms related to our financingagreements. We consider our flexibility in relation to the covenantsto be adequate.The levels of net working capital and capital expenditure have afundamental effect on the adequacy of financing. Our aim is todecrease the level of our net working capital, and this could bedifficult to achieve if the economic situation remains demanding. Wedo not have any large-scale investment projects underway, and weestimate that we are well positioned to keep our capital expenditureat a moderate level in the coming years.We have EUR 787 million of goodwill on our balance sheet related tocorporate acquisitions made over the last 10 years. We monitor ourgoodwill quarterly and carry out comprehensive impairment testingannually in September. Following the significant changes in ourbusiness environment, we have conducted additional impairment testingreviews at the end of every quarter since September 2008, and havenot found any impairment necessary. The quarterly testing reviewshave been conducted with the same principles as the annual tests andthe discount rates have been adjusted when appropriate. Theprinciples of the impairment testing are represented in the AnnualReport.Changes in the prices of raw materials and components could affectour profitability. On one hand, the risk of increases in procurementcosts typically diminishes during economic downturn. On the otherhand, some of our customers are raw material producers, whose abilityto operate and invest may be hampered by declining raw materialprices. Changes in raw material and component prices also affect thevalue of our inventories. This year, we have sold constructionequipment from the inventory with a lower contribution margin thanduring the past few years.Of the financial risks that affect our financial results, currencyexchange rate risks are among the most substantial. Exchange ratechanges can affect our business, although the geo-graphical scope ofour operations decreases the significance of any individual currency.The uncertainty in the financial markets is likely to increaseexchange rate fluctuations. Our policy is to hedge currency exposuresfrom firm commitments.Short-term outlookAlthough there are signs of gradual economic recovery, we estimatethat our business environment will continue to be demanding duringthe rest of the year and first half of 2010.Our customers are still being cautious in their investment decisions,which particularly affects our equipment sales and project business.We estimate that our customers' capacity utilization rates are slowlyimproving assuming that the overall positive momentum in the globaleconomy will continue. We estimate that this will have positive,gradual impact first in our services business.Mining companies have made substantial cuts in their investment plansover the year compared with recent years and are still ready tocurtail their production if needed. However, some mining companieshave upgraded their investment plans for 2010, but it remains to beseen when this will start to have an impact on new equipment market.Due to our strong product and services offering, as well as our largeinstalled equipment base, which has grown significantly over the lastfew years, the demand for our mining replacement and servicesbusiness is expected to continue satisfactory. In the constructionindustry, we estimate that the demand for equipment relating toaggregates production will be weak. Many countries have introducedstimulus measures relating to infrastructure development which weexpect to have a positive effect on the demand for our constructionindustry products in the long term, but which, for the present, havehad little effect. We estimate that the demand for our servicesoffering in the construction industry will be satisfactory.We estimate that the demand for power plants utilizing renewableenergy sources will be satisfactory in Europe and North America. Manycountries have initiated plans to increase the use of renewableenergy sources. This is expected to support the demand for powerplants utilizing biomass and waste. However, limited availability offinancing may delay decision-making in projects. We estimate that thedemand for our automation and flow control products will besatisfactory. The demand for metals recycling equipment is expectedto be weak, owing to the low price of scrap metal and reduction insteel production. Demand for the services business in Energy andEnvironmental Technology is expected to be satisfactory.We estimate that the demand for fiber lines will remain weak and thatfor paper and board lines will be satisfactory. Several paper andboard machine projects have materialized in China during the pastmonths, partly thanks to local stimulus measures. The deliveryschedules of some of the major paper and board machine and fiber lineprojects in our order backlog have been prolonged. We estimate thatthe low capacity utilization rates in the pulp and paper industrywill continue to have a negative impact on the demand for ourservices business, particularly in North America and Europe.We estimate that our net sales will exceed EUR 5 billion in 2009.During the first nine months we have generated net sales of EUR 3.7billion and our order backlog stands at EUR 3.3 billion, of whichabout EUR 1.2 billion consists of deliveries for 2009. We expect ourprofitability level to be satisfactory in 2009. We also expect ourfree cash flow to improve considerably on 2008.Although we estimate that our 2010 net sales will be lower than thisyear, we expect our profitability to be satisfactory.The net sales and profitability estimates are based on our currentmarket outlook and business scope.Helsinki, October 29, 2009Metso Corporation's Board of DirectorsIt should be noted that certain statements herein which are nothistorical facts, including, without limitation, those regardingexpectations for general economic development and the marketsituation, expectations for customer industry profitability andinvestment willingness, expectations for company growth, developmentand profitability and the realization of synergy benefits and costsavings, and statements preceded by "expects", "estimates","forecasts" or similar expressions, are forward-looking statements.These statements are based on current decisions and plans andcurrently known factors. They involve risks and uncertainties whichmay cause the actual results to materially differ from the resultscurrently expected by the company.Such factors include, but are not limited to:1. general economic conditions, including fluctuations inexchange rates and interest levels which influence the operatingenvironment and profitability of customers and thereby the ordersreceived by the company and their margins2. the competitive situation, especially significanttechnological solutions developed by competitors3. the company's own operating conditions, such as the success ofproduction, product development and project management and theircontinuous development and improvement4. the success of pending and future acquisitions andrestructuring. The Interim Review is unauditedCONSOLIDATED STATEMENT OF INCOMEEUR million 7-9/2009 7-9/2008 1-9/2009 1-9/2008 1-12/2008Net sales 1,196 1,528 3,663 4,561 6,400Cost of goods sold -885 -1,114 -2,752 -3,362 -4,733Gross profit 311 414 911 1,199 1,667Selling, general andadministrative expenses -210 -246 -688 -761 -1,043Other operating incomeand expenses, net 13 4 15 8 11Share in profits ofassociated companies 0 0 1 1 2Operating profit 114 172 239 447 637% of net sales 9.5% 11.3% 6.5% 9.8% 10.0%Financial income andexpenses, net -23 -35 -59 -54 -89Profit before taxes 91 137 180 393 548Income taxes -28 -39 -54 -115 -158Profit 63 98 126 278 390Attributable to:Shareholders of thecompany 62 97 125 277 389Minority interests 1 1 1 1 1Profit 63 98 126 278 390Earnings per share, EUR 0.44 0.69 0.88 1.96 2.75CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOMEEUR million 7-9/2009 7-9/2008 1-9/2009 1-9/2008 1-12/2008Profit 63 98 126 278 390Cash flow hedges, netof tax 7 -18 17 -9 -33Available-for-saleequity investments, netof tax -5 -10 5 -10 -19Currency translation onsubsidiary netinvestments 13 38 61 -12 -49Net investment hedgegains (losses), net oftax -2 -11 0 -3 -11Defined benefit planactuarial gains(losses), net of tax - - - - -22Other comprehensiveincome (expense) 13 -1 83 -34 -134Total comprehensiveincome (expense) 76 97 209 244 256Attributable to:Shareholders of thecompany 75 96 208 243 255Minority interests 1 1 1 1 1Total comprehensiveincome (expense) 76 97 209 244 256CONSOLIDATED BALANCE SHEETASSETS Sep 30, Dec 31,EUR million Sep 30, 2009 2008 2008Non-current assetsIntangible assetsGoodwill 787 780 778Other intangible assets 249 262 254 1,036 1,042 1,032Property, plant and equipmentLand and water areas 58 56 58Buildings and structures 233 232 239Machinery and equipment 371 357 366Assets under construction 53 79 63 715 724 726Financial and other assetsInvestments in associated companies 15 13 14Available-for-sale equity investments 25 32 18Loan and other interest bearingreceivables 9 16 8Available-for-sale financial investments 44 5 5Financial instruments held for trading 39 - -Derivative financial instruments 0 3 0Deferred tax asset 181 121 174Other non-current assets 34 15 26 347 205 245Total non-current assets 2,098 1,971 2,003Current assetsInventories 1,316 1,745 1,606ReceivablesTrade and other receivables 976 1,177 1,146Cost and earnings of projects underconstruction in excess of advancebillings 296 365 362Loan and other interest bearingreceivables 8 2 9Available-for-sale financial assets 79 - -Derivative financial instruments 34 24 48Income tax receivables 40 21 23 1,433 1,589 1,588Cash and cash equivalents 612 256 314Total current assets 3,361 3,590 3,508TOTAL ASSETS 5,459 5,561 5,511SHAREHOLDERS' EQUITY AND LIABILITIESEUR million Sep 30, 2009 Sep 30, 2008 Dec 31, 2008EquityShare capital 241 241 241Share premium reserve - - -Cumulative translationadjustments -75 -91 -136Fair value and other reserves 511 520 490Retained earnings 872 761 849Equity attributable toshareholders 1,549 1,431 1,444Minority interests 10 9 9Total equity 1,559 1,440 1,453LiabilitiesNon-current liabilitiesLong-term debt 1,331 894 1,089Post employment benefitobligations 192 172 191Provisions 46 35 36Derivative financialinstruments 8 0 8Deferred tax liability 47 33 45Other long-term liabilities 2 4 4Total non-current liabilities 1,626 1,138 1,373Current liabilitiesCurrent portion of long-termdebt 155 89 101Short-term debt 102 336 245Trade and other payables 958 1,247 1,189Provisions 237 217 218Advances received 412 631 479Billings in excess of cost andearnings of projectsunder construction 355 366 323Derivative financialinstruments 27 50 82Income tax liabilities 28 47 48Total current liabilities 2,274 2,983 2,685Total liabilities 3,900 4,121 4,058TOTAL SHAREHOLDERS' EQUITY ANDLIABILITIES 5,459 5,561 5,511NET INTEREST BEARINGLIABILITIES EUR million Sep 30, 2009 Sep 30, 2008 Dec 31, 2008Long-term interest bearingdebt 1,331 894 1,089Short-term interest bearingdebt 257 425 346Cash and cash equivalents -612 -256 -314Other interest bearing assets -179 -23 -22Total 797 1,040 1,099CONDENSED CONSOLIDATED CASH FLOW STATEMENTEUR million 7-9/2009 7-9/2008 1-9/2009 1-9/2008 1-12/2008Cash flows fromoperating activities:Profit 63 98 126 278 390Adjustments to reconcile profitto net cash provided byoperating activitiesDepreciation andamortization 35 31 105 102 138Interests and dividendincome 16 18 46 42 57Income taxes 28 39 54 115 158Other -6 14 4 18 34Change in net workingcapital 159 -43 294 -297 -437Cash flows fromoperations 295 157 629 258 340Interest paid anddividends received -10 -14 -35 -24 -49Income taxes paid -26 -31 -107 -105 -154Net cash provided by(used in) operatingactivities 259 112 487 129 137Cash flows frominvesting activities:Capital expenditureson fixed assets -23 -88 -78 -200 -255Proceeds from sale offixed assets 0 5 3 8 10Business acquisitions,net of cash acquired - 8 -3 -31 -44Proceeds from sale ofbusinesses, net ofcash sold 0 9 2 12 12(Investments in)proceeds from sale offinancial assets -140 -1 -143 6 7Other - - 1 -7 -7Net cash provided by(used in) investingactivities -163 -67 -218 -212 -277Cash flows fromfinancing activities:Redemption of ownshares - - -2 - -Dividends paid - - -99 -425 -425Net funding -94 -148 120 489 621Other 2 - -4 15 15Net cash provided by(used in) financingactivities -92 -148 15 79 211Net increase(decrease) in cash andcash equivalents 4 -103 284 -4 71Effect from changes inexchange rates 3 -2 14 -7 -24Cash and cashequivalents atbeginning of period 605 361 314 267 267Cash and cashequivalents at end ofperiod 612 256 612 256 314Free cash flowEUR million 7-9/2009 7-9/2008 1-9/2009 1-9/2008 1-12/2008Net cash provided byoperating activities 259 112 487 129 137Capital expenditureson maintenanceinvestments -10 -26 -41 -86 -118Proceeds from sale offixed assets - 5 3 8 10Free cash flow 249 91 449 51 29CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY Cu- Eq- mu- uity la- at- tive tri- Share trans- Fair but- Mi- pre- la- value Re- able nor- mi- tion and tain- to ity To- Share um ad- other ed share in- tal capi- re- just- re- earn- hold- ter- eq-EUR million tal serve ments serves ings ers ests uityBalance at Jan 1,2008 241 77 -76 456 910 1,608 7 1,615Other comprehensiveincome (expense) - - -15 -19 - -34 - -34Profit - - - - 277 277 1 278Total comprehensiveincome (expense) - - -15 -19 277 243 1 244Dividends - - - - -425 -425 - -425Redemption of ownshares - - - - - - - -Share-basedpayments, net of tax - - - 4 - 4 - 4Decrease andtransfer ofshare premium andlegalreserve - -77
Datum: 29.10.2009 - 11:01 Uhr
Sprache: Deutsch
News-ID 7610
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