Metso Outotec’s Financial Statements Review January 1 – December 31, 2021

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Metso Outotec Corporation’s stock exchange release on February 10, 2022, at 09:00 a.m. EET

The merger of Metso Minerals and Outotec was completed on June 30, 2020. The comparative financial information for January-June 2020, prior to the merger, is based on the illustrative combined historical Metso Minerals carve-out information and Outotec information.

Figures in brackets refer to the corresponding period in 2020, unless otherwise stated.

Fourth-quarter 2021 in brief, IFRS

  • Strong market activity continued
  • Orders received totaled EUR 1,310 million (EUR 1,304 million)
  • Sales grew by 31% to EUR 1,278 million (EUR 977 million)  
  • Adjusted EBITA increased to EUR 164 million, or 12.8% of sales (EUR 103 million, or 10.6%)
  • Operating profit improved to EUR 130 million, or 10.2% of sales (EUR 44 million, or 4.5%)
  • EUR 142 million annual run-rate of the Metso Outotec cost synergies achieved, well exceeding the target of EUR 120 million

January–December 2021 in brief, IFRS (1-6/2020 illustrative combined)

  • Orders received grew by 31% to EUR 5,421 million (EUR 4,150 million)
  • Sales grew 9% to EUR 4,236 million (EUR 3,897 million)  
  • Adjusted EBITA increased to EUR 547 million, or 12.9% of sales (EUR 448 million, or 11.5%)
  • Operating profit EUR improved to 425 million, or 10.0% of sales (EUR 253 million, or 6.5%)
  • Earnings per share for continuing operations EUR 0.35 (EUR 0.20)
  • Strong cash flow from operations of EUR 608 million (587 million)
  • The Board of Directors will propose a dividend of EUR 0.24 for 2021, to be paid in two installments

President and CEO Pekka Vauramo:

Last year was successful for Metso Outotec. Our sales and results improved significantly, the company's integration and synergy program was concluded ahead of the plan, and we also saw positive development in several other important areas, such as sustainability. I want to thank our entire personnel for their hard work in achieving all of this together.

The demand for our products and services was strong the whole year and resulted in an order growth of 31% for the Group, with all three segments reporting double-digit order growth. Customer activity was particularly strong in investments in new equipment, whereas the pandemic-related restrictions somewhat limited the demand for on-site services. In line with our expectations based on backlog timing, our sales growth in Minerals equipment and Metals accelerated during the last two quarters. Supply chain constraints have lengthened delivery times also for the services and Aggregates orders lately.

The annual sales growth of 9% as well as cost synergies and other improvement actions, had a positive impact on the Group's profitability. Our adjusted EBITA increased 22% to EUR 547 million and adjusted EBITA margin improved to 12.9%. In addition, we generated a strong cash flow from operations of EUR 608 million.

Looking at the fourth quarter specifically, the sales growth of 31% resulted in a strong adjusted EBITA of EUR 164 million and adjusted EBITA margin of 12.8%. In line with our expectations, challenges in the global supply chain and higher logistics and energy costs had some negative impact on our profitability during the quarter. The overall positive development and the healthy backlog at the year-end, however, provide us with a solid starting point to continue our journey towards our targets during 2022.   

We made strong progress in sustainability in 2021. We updated targets relating to emissions reductions in our own footprint and aim for a 50% reduction in own CO2 emissions by 2024 and achieving net-zero by 2030. During the year, we achieved a 58% reduction compared to the baseline of 2019. This equals around 70 kt less CO2 emissions. We achieved this reduction by, for example, shifting to the use of renewable energy at the majority of our biggest locations. We also continued our efforts to decarbonize our supply chain and engaged several energy-intensive suppliers to this undertaking.

In terms of our handprint, we launched the Planet Positive portfolio, which includes products that help customers improve their water and energy efficiency, reduce CO2 emissions, and improve safety. The scope for Planet Positive portfolio currently covers about 100 products and solutions, and we aim to include our services offering within the scope of the portfolio during 2022. The sales of Planet Positive products totaled EUR 592 million in 2021, and this is targeted to grow faster than our overall sales.

The Metso Outotec integration and synergy project was completed by year end and was a success, with the total cost synergies achieved higher than the target and the targeted revenue synergies achieved almost a year earlier than expected. As of the beginning of 2022, our focus is on growth; our customer industries offer a lot of opportunities for both organic growth and selected bolt-on acquisitions. At the same time, in line with our announcement of carrying out a strategic review of the Metals business portfolio, we will advance with the next steps in the development of our Metals businesses. I am confident that our actions to grow and strengthen our performance will continue to generate value for our stakeholders.

Covid-19 market update

Local and regional restrictions and lockdowns continued to limit access to customer sites and in certain countries, also to our own premises. Despite gradual easing of restrictions, challenges related mainly to international travel remained. These are apt to slow down decision-making and overall cooperation with customers. While the Omicron variant has appeared less serious, its rapid spread has been a challenge especially to the manufacturing and warehousing operations, where a higher number of sick leaves has resulted in temporary shortages of employees. Metso Outotec’s own operations, however, have run without any significant disruptions, thanks to various measures such as replanned work and increased utilization of temporary workforce.

Market outlook

According to its disclosure policy, Metso Outotec’s market outlook describes the expected sequential development of market activity during the following six-month period using three categories: improve, remain at the current level, or decline.

Metso Outotec expects the market activity to remain at the current strong level, subject to the development of the Covid-19 pandemic.

Key figures (IFRS, except for 1-6/2020 illustrative combined)

EUR million Q4/2021 Q4/2020 Change % 2021 2020 Change %
Orders received 1,310 1,304 0 5,421 4,150 31
Orders received by services business 621 519 20 2,330 2,071 13
% of orders received 47 40 43 50
Order backlog 3,536           2,366 49
Sales 1,278 977 31 4,236 3,897 9
Sales by services business 570 483 18 2,067 2,017 3
% of sales 45 50 49 52
Adjusted EBITA 164 103 58 547 448 22
% of sales 12.8 10.6 12.9 11.5
Operating profit 130 44 195 425 253 68
% of sales 10.2 4.5 10.0 6.5
Earnings per share, continuing operations, EUR (IFRS)             0.11             0.03              267             0.35             0.20                75
Cash flow from operations (IFRS) 164 177 -7 608 587 3
Gearing, % (IFRS) 20.9 39.2
Personnel at end of period 15,630 15,466 1

Audiocast and conference call details

Metso Outotec’s President and CEO Pekka Vauramo and CFO Eeva Sipilä will present the results in an audiocast and a conference call for analysts and investors today at 1:00 p.m. EET. 

The audiocast can be followed at Financial Statements Review 2021 - Metso Outotec ( A recording and a transcript will be available at the same webpage after the event has finished. 
Conference call participants are requested to dial in five minutes before the event on: 
United States:   +1 631 913 1422 
other countries: +44 333 300 0804 

The confirmation code for joining the conference call is 30650936#

The complete Financial Statements Review is available as attachment to this release.

Further information, please contact:  

Juha Rouhiainen, VP, Investor Relations, Metso Outotec Corporation, tel. +358 20 4843253, email: 

Metso Outotec Corporation 

Eeva Sipilä 


Juha Rouhiainen 

VP, Investor Relations


Nasdaq Helsinki Ltd

Main media

Metso Outotec is a frontrunner in sustainable technologies, end-to-end solutions and services for the aggregates, minerals processing and metals refining industries globally. By improving our customers’ energy and water efficiency, increasing their productivity, and reducing environmental risks with our product and process expertise, we are the partner for positive change. Metso Outotec is committed to limiting global warming to 1.5°C with Science Based Targets.

Headquartered in Helsinki, Finland, Metso Outotec employs over 15,000 people in more than 50 countries and its sales for 2020 were about EUR 3.9 billion. The company is listed on the Nasdaq Helsinki.,