Outokumpu Oyj - restatement of financial inform...

STOCK EXCHANGE RELEASE
December 16, 2010 2.00 pm EET


Outokumpu has transformed itself into a pure stainless steel producer over the
years. Following the sale of the Group's copper tube assets in 2008, the brass
rod operations have been Outokumpu's only remaining non-stainless business. The
brass rod operations have been classified as discontinued operations (according
to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations). It
comprises two brass-producing units, one in Sweden and one in the Netherlands,
and employs some 150 people. Outokumpu has an intention to exit the business.

Due to its marginal size within the Group, the business has now been
reclassified and consolidated into Other operations segment in Continuing
Operations. The impact of the brass rod operations on the Group's EPS was EUR
-0.02 in 2009. Following the reclassification, Outokumpu does not any more
present continuing and discontinued operations separately in its financial
information.

The tables attached present restated comparable financial figures of Outokumpu
Group for 2009 and 2010 following the reclassification.

Key figures by quarter



EUR million                           I/09      II/09  III/09   IV/09
---------------------------------------------------------------------
Sales                                  688        623     595     736

Operating profit                      -249        -96     -66     -31

Operating profit margin, %           -36.2      -15.4   -11.0    -4.2

EBITDA                                -197        -43       2      26

Return on capital employed, %        -27.4      -11.3    -7.6    -3.5

Return on equity, %                  -28.0      -13.8    -9.0    -1.0



Capital employed at end of period    3 382      3 426   3 464   3 642

Net interest-bearing

debt at end of period                  831        929   1 018   1 191

Equity-to-assets ratio

at end of period, %                   51.3       52.2    50.8    50.6

Debt-to-equity ratio

at end of period, %                   32.6       37.2    41.6    48.6



Earnings per share, EUR              -1.04      -0.48   -0.31   -0.04

Average number of shares

outstanding, in thousands 1)       180 413    180 955 180 963 180 963

Equity per share

at end of period, EUR                14.09      13.79   13.51   13.54

Number of shares outstanding

at end of period, in thousands 1)  180 953    180 963 180 963 180 970





Capital expenditure                     63         46      56      83

Depreciation                            52         53      53      56

Deliveries,

1 000 tonnes                           247        268     238     277



Average personnel for the period     8 488      8 180   7 923   7 771
---------------------------------------------------------------------


EUR million                           I/10      II/10  III/10
--------------------------------------------------------------
Sales                                  929      1 125   1 014

Operating profit                       -21         72     -49

Operating profit margin, %            -2.3        6.4    -4.8

EBITDA                                  35        129      12

Return on capital employed, %         -2.3        7.3    -4.6

Return on equity, %                   -3.4        7.2    -9.1



Capital employed at end of period    3 719      4 187   4 275

Net interest-bearing

debt at end of period                1 302      1 696   1 831

Equity-to-assets ratio

at end of period, %                   47.3       43.6    42.8

Debt-to-equity ratio

at end of period, %                   53.9       68.1    74.9



Earnings per share, EUR              -0.11       0.24   -0.31

Average number of shares

outstanding, in thousands 1)       181 245    181 907 181 917

Equity per share

at end of period, EUR                13.28      13.68   13.43

Number of shares outstanding

at end of period, in thousands 1)  181 897    181 915 181 917





Capital expenditure                     28         45      40

Depreciation                            56         57      61

Deliveries,

1 000 tonnes                           333        339     307



Average personnel for the period     7 752      8 357   8 401
--------------------------------------------------------------


1) The number of own shares repurchased is excluded.



Income statement by quarter



EUR million                    I/09   II/09 III/09 IV/09  2009
---------------------------------------------------------------
Sales

General Stainless               476     501    496   592 2 065

of which intersegment sales      97     100    107   117   421

Specialty Stainless             371     278    258   332 1 239

of which intersegment sales      75      67     64    87   293

Other operations                 75      64     64    70   273

of which intersegment sales      61      52     52    55   221

Intra-group sales              -233    -220   -224  -259  -935
---------------------------------------------------------------
Total sales                     688     623    595   736 2 641



Operating profit

General Stainless              -157     -52    -38   -12  -259

Specialty Stainless             -82     -37    -21   -10  -149

Other operations                -12      -6     -5   -11   -34

Intra-group items                 2      -0     -3     2     1
---------------------------------------------------------------
Total operating profit         -249     -96    -66   -31  -441



Share of results

in associated companies          -3      -0     -6    -3   -13

Financial income and expenses     0     -11    -11    -4   -25
---------------------------------------------------------------
Profit before taxes            -251    -107    -82   -38  -479

Income taxes                     64      20     26    32   143
---------------------------------------------------------------

---------------------------------------------------------------
Net profit for the period      -187     -87    -56    -6  -336
---------------------------------------------------------------


Attributable to:

The owners of the parent       -187     -87    -55    -7  -336

Non-controlling interests        -0      -0     -0     0    -0



EUR million                    I/10   II/10 III/10
---------------------------------------------------
Sales

General Stainless               754     962    860

of which intersegment sales     138     214    189

Specialty Stainless             367     469    397

of which intersegment sales      91     122     86

Other operations                102     100     99

of which intersegment sales      65      70     67

Intra-group sales              -295    -407   -342
---------------------------------------------------
Total sales                     929   1 125  1 014



Operating profit

General Stainless                -2      75    -52

Specialty Stainless             -21      22    -14

Other operations                  2     -14     10

Intra-group items                -1     -10      8
---------------------------------------------------
Total operating profit          -21      72    -49



Share of results

in associated companies          -7      -2     -5

Financial income and expenses    -4      -6    -34
---------------------------------------------------
Profit before taxes             -32      64    -88

Income taxes                     12     -20     32
---------------------------------------------------

---------------------------------------------------
Net profit for the period       -21      44    -56
---------------------------------------------------


Attributable to:

The owners of the parent        -21      44    -56

Non-controlling interests        -0       0     -0



Segment information



Other operations



EUR million                    I/09   II/09 III/09 IV/09  2009

Sales                            75      64     64    70   273



Operating profit                -12      -6     -5   -11   -34



Operating capital at

the end of period               116     257    240   250   250



Average personnel

for the period                  679     675    671   647   668



EUR million                    I/10   II/10 III/10

Sales                           102     100     99



Operating profit                  2     -14     10



Operating capital at

the end of period               184     299    249



Average personnel

for the period                  653     667    669





OUTOKUMPU OYJ

Outokumpu is a global leader in stainless steel with the vision to be the
undisputed number one. Customers in a wide range of industries use our stainless
steel and services worldwide. Being fully recyclable, maintenance-free, as well
as very strong and durable material, stainless steel is one of the key building
blocks for sustainable future. Outokumpu employs some 7 500 people in more than
30 countries. The Group's head office is located in Espoo, Finland. Outokumpu is
listed on the NASDAQ OMX Helsinki.www.outokumpu.com




ENG Discontinued operations 16122010: 


http://hugin.info/3010/R/1473215/409574.pdf

ENG Restatement tables: 


http://hugin.info/3010/R/1473215/409575.xlsx




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Source: Outokumpu Oyj via Thomson Reuters ONE

[HUG#1473215]