AvestaPolarit Annual Accounts 2001
AvestaPolarit Annual Accounts 2001 First financial year for the combined new Group · Stainless steel markets weakened considerably in 2001. The trading environment was extremely difficult and average stainless steel transaction prices and conversion margins were 20% below last year's levels. Against this background, the financial result for 2001 can be considered satisfactory. · Both net sales and operating profit for the financial year were significantly down compared to 2000, as a result of lower prices and reduced deliveries. Net sales for 2001 amounted to EUR 2 977 million (EUR 3 592 million), operating profit to EUR 141 million (EUR 479 million) and profit before extraordinary items to EUR 131 million (EUR 460 million). · The integration process following the combination of Avesta Sheffield and Outokumpu Steel has proceeded well. · The Board of Directors recommends to the Annual General meeting that a dividend of EUR 0.08 per share be paid out for 2001. Fourth quarter still difficult · Net sales for October to December increased by 8% from the third quarter and totalled EUR 679 million (EUR 875 million). Fourth quarter profitability improved from the third quarter, but was down compared to the corresponding period of the previous year as a result of lower prices and a decline in deliveries. The operating profit for October to December amounted to EUR 23 million (EUR 54 million). · AvestaPolarit expects to see an improvement in its profitability for the first quarter of 2002 compared to the last quarter of 2001. Key figures Pro forma Oct-Dec Oct-Dec Jan-Dec Jan-Dec EUR million 2001 2000 2001 2000 Net sales 679 875 2 977 3 592 Operating profit 23 54 141 479 Profit before extraordinary 21 52 131 460 items Profit for the financial 29 30 112 342 period Earnings per share, EUR 0.08 0.09 0.32 0.98 Return on capital employed, % 4.5 11.1 7.0 25.7 Net interest-bearing debt at 482 269 482 269 period end Debt-to-equity ratio 39.7 22.8 39.7 22.8 (gearing), % All text comments on 2000 figures and 2001 full year figures relate to pro forma figures. For further information, please contact: Ian Cooper, Executive VP & Chief Financial Officer, +46 8 613 3647 or +46 70 656 56 86 Jouni Grönroos, Deputy CFO & Corporate Controller, +358 9 5764 5510 or +358 40 504 5125 Hannele Öbrink, Manager - Investor Relations, + 46 8 613 4419 or +46 70 652 10 32 AvestaPolarit Oyj Abp Corporate Management Linnoitustie 4 A, PO Box 270, FIN-02601 Espoo, Finland. Tel: +358 9 5764 5511, fax: +358 9 5764 5555 Vasagatan 8-10, PO Box 16377, SE-103 27 Stockholm, Sweden. Tel: +46 8 613 3600, fax: +46 8 613 3669 Registered office: Espoo, Business ID: 0823312-4 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/02/13/20020213BIT01060/bit0001.doc Full Year-End Report http://www.waymaker.net/bitonline/2002/02/13/20020213BIT01060/bit0001.pdf Full Year-End Report