OUTOKUMPU?S NON-RECURRING ITEMS ON THE FOURTH-QUARTER 2004 FINANCIAL RESULTS
OUTOKUMPU OYJ STOCK EXCHANGE RELEASE JANUARY 20, 2005 AT 3.00 PM
OUTOKUMPUS NON-RECURRING ITEMS ON THE FOURTH-QUARTER 2004 FINANCIAL RESULTS In December 2004, the Finnish Ministry of Social Affairs and Health approved certain changes, effective from January 1, 2006 onwards, to the principles for calculating disability pension liabilities under the Finnish statutory employment pension scheme (TEL). According to the new practice, TEL's disability pension component is accounted as a defined contribution plan in the IFRS accounts instead of a defined benefit plan. Due to this change and following the year-end actuarial calculations, Outokumpu will release 90% of the TELs disability pension liability in the balance sheet and enter a non- recurring positive item of EUR 36 million in the fourth-quarter 2004 operating profit. This change will have positive impact of EUR 26 million after tax on the periods net profit. On the other hand, the sale of the Boliden shares completed in December 2004 will have a slight non-recurring negative impact on Outokumpus operating profit in the fourth quarter. The final amount of the capital loss related to the sale of the shares cannot be defined until Bolidens financial statements are finalized. As previously announced, Outokumpus full-year 2004 financial results will be published on Thursday, February 10, 2005. OUTOKUMPU OYJ Corporate Management Johanna Sintonen Vice President - Investor Relations Tel. + 358 9 421 2438, mobile +358 40 530 0778 Fax + 358 9 421 2125 E-mail: johanna.sintonen@outokumpu.com www.outokumpu.com