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    OUT1V   FI0009002422

OUTOKUMPU OYJ

(OUT1V)
  Report
Delayed Nasdaq Helsinki  -  11:29 2022-11-25 am EST
4.683 EUR   +0.36%
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Outokumpu restates consolidated statement of income and relevant Group and segment key figures for 2021 and first half of 2022 to reflect the divestment of majority of its Long Products business

09/26/2022 | 09:01am EST

Outokumpu Oyj
Stock exchange release
September 26, 2022 at 4.00 pm EEST

Outokumpu restates consolidated statement of income and relevant Group and segment key figures for 2021 and first half of 2022 to reflect the divestment of majority of its Long Products business

On July 12, Outokumpu announced that it has signed an agreement to divest the majority of the Long Products business operations to Marcegaglia Steel Group, a leading industrial group worldwide in the steel processing sector. Outokumpu will focus on its core business of flat stainless steel products.

 

The total consideration on a debt and cash free basis amounts to EUR 228 million, implying an EV / Adjusted 2021 EBITDA multiple of 4.9x. Outokumpu expects the transaction to strengthen its financial position.

 

The divestment is expected to be completed by the end of this year. The completion of the transaction is subject to customary closing conditions and regulatory approvals by the competition authorities and requires for instance internal structuring before completion. The transaction will be carried out as a share sale.

 

Adjusted EBITDA of business area Long Products accounted for approximately 5% of the Group's adjusted EBITDA in 2021. The transaction includes Long Products' melting, rod and bar operations in Sheffield, UK; bar operations in Richburg, the US; and wire rod mill in Fagersta, Sweden. The transaction does not include Outokumpu Long Products operations in Degerfors and Storfors in Sweden, whose adjusted EBITDA amounted to EUR 8 million in 2021. The above mentioned units continue their operations for now as part of the Outokumpu Group, and different options are to be evaluated for the future of the units.

 

For more information about business area Long Products' financials, please see Outokumpu's interim reports and Financial Statements.

 

Comparative financial information

 

In the January-September 2022 interim report, Outokumpu will classify its Long Products businesses to be divested as assets held for sale and report the businesses as discontinued operations. In January-September interim report, result from the discontinued operations will be reported separately from income and expenses from continuing operations in the consolidated income statement and prior periods are restated accordingly. The balance sheet will not be restated for prior periods. Assets and liabilities related to the discontinued operations will be presented as separate line items in the balance sheet starting from January-September 2022 reporting period. The statement of cash flow will consist of total Group figures, including also the discontinued operations.

 

The 2021 and first half of 2022 comparable historical financial information for the Group's condensed income statement, as well as Group and segment key figures are presented later in this release. Income statement and three main categories of cash flow for the discontinued operations are presented for both half-year and full-year financials as those reports are drawn up in accordance with IAS 34 Interim Financial reporting. Unless stated otherwise, all figures refer to Outokumpu's continuing operations.

 

Intra-group revenues and expenses between continuing and discontinued operations are eliminated in continuing operations only when the revenues and expenses are not considered to continue after the disposal of the discontinued operations. 

 

 

Group key figures (quarterly)

 

Q2
2022

Q1
2022

Q4
2021

Q3
2021

Q2
2021

Q1
2021

Continuing operations

 

 

 

 

 

 

 

Sales

EUR million

2,686

2,573

2,083

1,845

1,744

1,572

EBITDA

EUR million

491

350

300

288

211

169

Adjusted EBITDA 1)

EUR million

491

350

312

288

211

169

EBIT

EUR million

431

289

180

229

154

110

Adjusted EBIT 1)

EUR million

431

289

234

229

154

110

Result before taxes

EUR million

413

281

168

212

135

95

Net result for the period

EUR million

338

230

150

178

121

77

Earnings per share

EUR

0.75

0.53

0.34

0.40

0.28

0.19

Diluted earnings per share

EUR

0.69

0.49

0.31

0.37

0.26

0.18

Capital expenditure

EUR million

30

30

58

30

36

46

Stainless steel deliveries

1,000 tonnes

560

605

550

546

586

571

Personnel at the end of period,
full-time equivalent

 

8,480

8,514

8,439

8,492

8,435

8,592

Return on capital employed 2)

%

28.3

22.3

18.0

12.3

5.2

0.8

Continuing and discontinued operations

 

 

 

 

 

 

 

Net result for the period

EUR million

385

251

159

182

129

82

Earnings per share

EUR

0.85

0.55

0.35

0.40

0.30

0.20

Diluted earnings per share

EUR

0.78

0.51

0.33

0.37

0.28

0.19

Return on capital employed

%

29.9

23.0

18.4

12.5

5.2

0.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1) Adjusted EBITDA or EBIT = EBITDA or EBIT - Items classified as adjustments.

2) According to definitions of key figures balance sheet component includes discontinued operations' assets and liabilities.

 

 

Group key figures (half year and full year)

 

Jan-Jun
2022

Jan-Jun
2021

Jan-Dec
2021

Continuing operations

 

 

 

 

Sales

EUR million

5,259

3,315

7,243

EBITDA

EUR million

842

380

968

Adjusted EBITDA 1)

EUR million

842

380

980

EBIT

EUR million

720

265

674

Adjusted EBIT 1)

EUR million

720

265

728

Result before taxes

EUR million

695

230

610

Net result for the period

EUR million

567

198

526

Earnings per share

EUR

1.28

0.47

1.21

Diluted earnings per share

EUR

1.18

0.43

1.13

Capital expenditure

EUR million

61

82

171

Stainless steel deliveries

1,000 tonnes

1,165

1,157

2,254

Personnel at the end of period,
full-time equivalent

 

8,480

8,435

8,439

Return on capital employed 2)

%

28.3

5.2

18.0

Continuing and discontinued operations

 

 

 

 

Net result for the period

EUR million

636

212

553

Earnings per share

EUR

1.40

0.50

1.26

Diluted earnings per share

EUR

1.29

0.46

1.17

Return on capital employed

%

29.9

5.2

18.4

 

 

 

 

 

1) Adjusted EBITDA or EBIT = EBITDA or EBIT - Items classified as adjustments.

2) According to definitions of key figures balance sheet component includes discontinued operations' assets and liabilities.

 

 

Condensed statement of
income (EUR million)

Q2
2022

Q1
2022

Q4
2021

Q3
2021

Q2
2021

Q1
2021

Jan-Jun 2022

Jan-Jun 2021

 Jan-Dec 2021

Sales

2,686

2,573

2,083

1,845

1,744

1,572

5,259

3,315

7,243

Cost of sales

-2,219

-2,162

-1,811

-1,561

-1,520

-1,418

-4,381

-2,938

-6,310

Gross margin

468

411

272

284

224

154

878

377

933

Other operating income

43

4

25

10

5

18

8

17

49

Sales, general and
administrative costs

-79

-76

-68

-64

-66

-56

-155

-122

-254

Other operating expenses

-1

-50

-48

-1

-9

-5

-12

-7

-54

EBIT

431

289

180

229

154

110

720

265

674

 

 

 

 

 

 

 

 

 

 

Share of results in associated
companies

6

5

4

2

3

6

10

9

15

 

 

 

 

 

 

 

 

 

 

Interest expenses

-11

-10

-15

-15

-17

-18

-21

-35

-64

Net other financial income
and expenses

-12

-2

-1

-5

-6

-3

-15

-9

-15

Total financial income
and expenses

-23

-13

-16

-19

-23

-21

-36

-44

-79

 

 

 

 

 

 

 

 

 

 

Result before taxes

413

281

168

212

135

95

695

230

610

 

 

 

 

 

 

 

 

 

 

Income taxes

-76

-52

-18

-34

-13

-19

-127

-32

-84

 

 

 

 

 

 

 

 

 

 

Net result for the period
from continuing operations

338

230

150

178

121

77

567

198

526

 

 

 

 

 

 

 

 

 

 

Net result for the period from discontinued operations

47

21

9

4

8

6

68

14

27

 

 

 

 

 

 

 

 

 

 

Net result for the period

385

251

159

182

129

82

636

212

553

 

 

 

 

 

 

 

 

 

 

Earnings per share for result from continuing operations attributable to the equity holders of the Company

 

 

Earnings per share, EUR

0.75

0.53

0.34

0.40

0.28

0.19

1.28

0.47

1.21

Diluted earnings per share, EUR

0.69

0.49

0.31

0.37

0.26

0.18

1.18

0.43

1.13

Earnings per share for result attributable to the equity holders of the Company

Earnings per share, EUR

0.85

0.55

0.35

0.40

0.30

0.20

1.40

0.50

1.26

Diluted earnings per share, EUR

0.78

0.51

0.33

0.37

0.28

0.19

1.29

0.46

1.17

 

Earnings per share figures are calculated based on the share-issue-adjusted weighted average number of shares. Comparative information is presented accordingly.

 

Segment key figures for continuing operations
(EUR million)

Long products activities that remain in Outokumpu are included in Other operations.

Sales by segment Q2 Q1 Q4 Q3 Q2 Q1 Jan-Jun Jan-Jun Jan-Dec
(EUR million) 2022 2022 2021 2021 2021 2021 2022 2021 2021
Europe total 1,768 1,693 1,320 1,131 1,124 1,025 3,461 2,149 4,600
of which intra-group 9 7 18 10 25 16 16 41 69
Americas total 775 662 556 530 476 384 1,437 861 1,947
of which intra-group 0 8 3 15 25 9 8 34 51
Ferrochrome total 212 175 179 149 155 121 388 276 604
of which intra-group 133 124 126 102 105 85 258 190 418
Other operations total 150 247 260 234 212 208 396 420 914
of which intra-group 102 101 114 93 86 81 203 166 373
Group total sales 2,686 2,573 2,083 1,845 1,744 1,572 5,259 3,315 7,243

Adjusted EBITDA  by segment

Q2

Q1

Q4

Q3

Q2

Q1

Jan-Jun

Jan-Jun

Jan-Dec

(EUR million)

2022

2022

2021

2021

2021

2021

2022

2021

2021

Europe

289

193

161

149

98

78

483

176

485

Americas

136

90

95

84

65

54

226

119

297

Ferrochrome

93

79

73

64

67

42

172

109

246

Other operations

-26

-13

-16

-8

-18

-6

-39

-24

-48

Group total adjusted EBITDA

491

350

312

288

211

169

842

380

980

 

Adjustments to EBITDA and

Q2

Q1

Q4

Q3

Q2

Q1

Jan-Jun

Jan-Jun

Jan-Dec

EBIT by segment (EUR million)

2022

2022

2021

2021

2021

2021

2022

2021

2021

Europe

-

-

2

-

-

-

-

-

2

Americas

-

-

-15

-

-

-

-

-

-15

Ferrochrome

-

-

-13

-

-

-

-

-

-13

Other operations

-

-

-28

-

-

-

-

-

-28

Group total adjustments

-

-

-54

-

-

-

-

-

-54

 

EBITDA by segment

Q2

Q1

Q4

Q3

Q2

Q1

Jan-Jun

Jan-Jun

Jan-Dec

(EUR million)

2022

2022

2021

2021

2021

2021

2022

2021

2021

Europe

289

193

173

149

98

78

483

176

498

Americas

136

90

80

84

65

54

226

119

283

Ferrochrome

93

79

73

64

67

42

172

109

246

Other operations

-26

-13

-26

-8

-18

-6

-39

-24

-58

Group total EBITDA

491

350

300

288

211

169

842

380

968

 

Adjusted EBIT by segment

Q2

Q1

Q4

Q3

Q2

Q1

Jan-Jun

Jan-Jun

Jan-Dec

(EUR million)

2022

2022

2021

2021

2021

2021

2022

2021

2021

Europe

257

160

120

115

64

44

417

108

344

Americas

120

75

75

70

51

40

194

91

235

Ferrochrome

82

68

56

55

58

34

151

92

202

Other operations

-28

-14

-17

-10

-19

-7

-42

-26

-53

Group total adjusted EBIT

431

289

234

229

154

110

720

265

728

 

EBIT by segment

Q2

Q1

Q4

Q3

Q2

Q1

Jan-Jun

Jan-Jun

Jan-Dec

(EUR million)

2022

2022

2021

2021

2021

2021

2022

2021

2021

Europe

257

160

122

115

64

44

417

108

346

Americas

120

75

60

70

51

40

194

91

220

Ferrochrome

82

68

43

55

58

34

151

92

189

Other operations

-28

-14

-45

-10

-19

-7

-42

-26

-81

Group total EBIT

431

289

180

229

154

110

720

265

674

 

Depreciation and amortization

 

Q2

 

Q1

 

Q4

 

Q3

 

Q2

 

Q1

 

Jan-Jun

 

Jan-Jun

 

Jan-Dec

by segment (EUR million)

2022

2022

2021

2021

2021

2021

2022

2021

2021

Europe

-33

-33

-40

-33

-33

-34

-66

-68

-141

Americas

-16

-16

-19

-13

-13

-13

-32

-26

-59

Ferrochrome

-11

-11

-17

-10

-9

-9

-21

-18

-44

Other operations

-2

-1

-1

-1

-1

-1

-2

-2

-4

Group total depreciation and amortization

-61

-61

-78

-57

-57

-57

-122

-113

-249

 

Capital expenditure

Q2

Q1

Q4

Q3

Q2

Q1

Jan-Jun

Jan-Jun

Jan-Dec

by segment (EUR million)

2022

2022

2021

2021

2021

2021

2022

2021

2021

Europe

6

4

14

4

3

8

10

11

29

Americas

2

1

12

2

1

1

3

2

16

Ferrochrome

21

24

19

19

27

28

45

55

93

Other operations

1

2

12

6

5

9

3

14

32

Group total capital expenditure

30

30

58

30

36

46

61

82

171

 

Personnel at the end of period by segment,
full-time equivalent

Q2
2022

Q1
2022

Q4
2021

Q3
2021

Q2
2021

Q1
2021

Jan-Jun
2022

Jan-Jun
2021

Jan-Dec
2021

Europe

5,668

5,745

5,706

5,758

5,710

5,886

5,668

5,710

5,706

Americas

1,911

1,871

1,831

1,840

1,851

1,805

1,911

1,851

1,831

Ferrochrome

483

490

481

482

470

479

483

470

481

Other operations

418

408

422

412

405

423

418

405

422

Group total personnel
at the end of period

8,480

8,514

8,439

8,492

8,435

8,592

8,480

8,435

8,439

 

 

Discontinued operations

Condensed statement of income (EUR million)

Jan-Jun
2022

Jan-Jun
2021

Jan-Dec
2021

Sales and operating income

454

231

466

Expenses

-377

-216

-436

Net financial expenses

1

0

-1

Result before tax

77

14

29

Income tax

-9

-1

-2

Net result from discontinued operations

68

14

27

Condensed statement of cash flows (EUR million)

Jan-Jun
2022

Jan-Jun
2021

Jan-Dec
2021

Operating cash flow

47

11

28

Investing cash flow

-2

-2

-4

Financing cash flow

-35

5

-6

Cash flow from discontinued operations

10

14

18

 


For more information:

Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 40 071 9669

Media: Päivi Allenius, VP, Communications, tel. +358 40 753 7374, or media desk, tel. +358 40 351 9840


 

 

Outokumpu is the global leader in stainless steel. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization's basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs some 9,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com

https://news.cision.com/outokumpu-oyj/r/outokumpu-restates-consolidated-statement-of-income-and-relevant-group-and-segment-key-figures-for-2,c3636635

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