SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
[April 29, 2003]
Metso Corporation
(Translation of registrants name into English)
Fabianinkatu 9 A,
PO Box 1220
FIN-00101
HELSINKI, FINLAND
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F
Form 20-F X | Form 40-F |
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes | No X |
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g-32(b):82-
SIGNATURES |
SIGNATURES
Date April 29, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf of the undersigned, thereunto duly authorized.
Name:
Olli Vaartimo Executive Vice President & CFO Metso Corporation |
Harri Luoto Senior Vice President, General Counsel Metso Corporation |
Metso Corp. Stock Exchange Release April 29, 2003 at 12.30 p.m.
Metsos Interim Review, January-March 2003: NEW ORDERS RECEIVED ON GOOD LEVEL DESPITE MARKET UNCERTAINTY
| Metso Corporations net sales in January-March totaled EUR 983 million (1-3/2002: EUR 1,111 million). | |
| New orders worth EUR 1,425 million (EUR 1,291 million) were received. The order backlog totaled EUR 1,974 million in the end of March (EUR 1,932 million). | |
| Operating profit before nonrecurring items and amortization of goodwill was EUR 11.7 million (EUR 46.7 million). The operating profit was EUR 5.3 million (EUR 30.9 million). | |
| Income before extraordinary items and income taxes for January-March was negative EUR 13 million (positive EUR 14 million). Earnings per share were negative EUR 0.09 (positive EUR 0.04). | |
| Gearing at the end of March was 79.5 percent (80.6 at end of 2002). |
Metsos market environment continued to be uncertain during the first quarter. In addition to a low level of volumes, the result was burdened by under-utilization of production capacity, a stronger euro and tough price competition in some product segments in the uncertain markets.
The Corporations net sales were EUR 983 million: 36 percent came from the deliveries of Metso Paper, 38 percent from Metso Minerals, 13 percent from Metso Automation, 8 percent from Metso Ventures and 5 percent from the Converting group. Aftermarket and maintenance services accounted for 37 percent of Metsos net sales.
Despite the market situation in the first quarter, the value of new orders received by Metso increased by over one third compared with the last quarter of 2002, and the Corporations order backlog strengthened from the year-end says Tor Bergman, President and CEO of Metso Corporation.
Metsos market environment is expected to continue uncertain. In the Chinese market, uncertainty has been increased due to the possible economic impacts of the spreading SARS epidemic. Demand for new paper production lines is expected to continue to recover slowly. Metso Minerals second quarter is expected to be clearly better than the first quarter.
Renewing Metso Papers operating model, moving Metso Minerals focus to utilize its strengthened position after the accomplishment of the integration and concentrating Metso Automation on its core competences are estimated to improve Metsos profitability.
The strengthened order backlog compared with the year-end and completed and ongoing actions to streamline the cost structure create a basis for profitability remaining on last years level.
For additional information, please contact:
Olli Vaartimo, Executive Vice
President & CFO, Metso Corporation,
tel. +358 204 843 010
Eeva Mäkelä, Manager, Investor Relations, Metso
Corporation,
tel. +358 204 843 253
ATTACHMENTS
Metso Corporations Interim Review for January-March
INTERIM REVIEW JANUARY 1 MARCH 31, 2003
Key figures
EUR million | 1-3/03 | 1-3/02 | Change % | 2002 | |||||||||||||
Net sales |
983 | 1,111 | (12 | ) | 4,691 | ||||||||||||
Operating profit
before nonrecurring
items and
amortization of
goodwill |
11.7 | 46.7 | (75 | ) | 251 | ||||||||||||
% of net sales |
1.2 | 4.2 | 5.3 | ||||||||||||||
Operating profit |
5.3 | 30.9 | (83 | ) | 167 | ||||||||||||
% of net sales |
0.5 | 2.8 | 3.6 | ||||||||||||||
Income before
extraordinary items
and income taxes |
(13 | ) | 14 | | 93 | ||||||||||||
Earnings/share
excluding
nonrecurring items
and amortization of
goodwill, EUR |
(0.05 | ) | 0.16 | | 0.99 | ||||||||||||
Earnings/share, EUR |
(0.09 | ) | 0.04 | | 0.48 | ||||||||||||
Orders received |
1,425 | 1,291 | 10 | 4,646 | |||||||||||||
31.3.03 | 31.3.02 | 31.12.02 | |||||||||||||||
Order backlog |
1,974 | 1,932 | 2 | 1,589 | |||||||||||||
Equity to assets
ratio, % |
34.5 | 30.5 | 33.3 | ||||||||||||||
Gearing, % |
79.5 | 87.1 | 80.6 |
Demand for Metsos products in January-March
Metsos market environment continued to be uncertain. In the pulp and paper market, pulp prices strengthened clearly during the first quarter. Prices for printing papers remained unchanged in the USA but decreased in Europe. In the rock and minerals processing markets, prices for the most common mining minerals continued their slight increase in the first quarter.
There was no improvement in the US and German markets, both important for Metso. However, the demand for Metsos products in the growing Chinese market continued to be good. In South America, the demand for chemical pulping lines and mining equipment developed positively. Demand for aftermarket and maintenance services continued to be good in the main markets.
In the first quarter of the year, the value of new orders received by Metso increased by over one third compared with the last quarter of 2002, and the Corporations order backlog strengthened from the year-end. The delivery volumes of January-March remained at a low level, partially also due to seasonal factors.
The market for Metso Paper continued to be satisfactory. The demand for new production lines was good, with new machine investments being concentrated in China. The demand for rebuilds was satisfactory overall.
There was slightly more uncertainty on the European markets for Metso Minerals construction and civil engineering industry products. The US market continued to be weak. The demand for mining industry products remained good in South America, South Africa and Australia.
The demand for Metso Automations products remained satisfactory and strengthened slightly in North America.
Orders received and order backlog
In the review period, the value of new orders received by Metso totaled EUR 1,425 million, an increase of 10 percent from January-March 2002. Excluding exchange rates changes, the value of orders received increased almost 20 percent. The value of new orders received by Metso Paper totaled EUR 738 million, strengthening the order backlog at the end of March by 50 percent compared with the end of 2002. Metso Minerals received new orders worth EUR 434 million,
increasing the order backlog by 8 percent. Metso Automation received new orders worth EUR 160 million, maintaining the order backlog at the same level as at the year-end. Metso Ventures received new orders worth EUR 92 million, increasing the order backlog by 4 percent compared with the end of last year.
The Corporations order backlog totaled EUR 1,974 million at the end of March, an increase of 24 percent compared with the end of 2002. 39 percent of the review periods orders originated from Europe, 20 percent from North America, 33 percent from Asia-Pacific, 4 percent from South America and 4 percent from the rest of the world.
Net sales
Metsos net sales for January-March totaled EUR 983 million, 12 percent lower than in the comparison period. The decrease in net sales was due mainly to changes in exchange rates, but also to the timing of deliveries. Aftermarket and maintenance services accounted for 37 percent of the Corporations net sales (excluding Metso Ventures). Of the net sales, 36 percent came from the deliveries of Metso Paper, 38 percent from Metso Minerals, 13 percent from Metso Automation and 8 percent from Metso Ventures. The Converting Equipment group accounted for 5 percent of the Corporations net sales.
Exports and operations outside Finland accounted for 86 percent of the Corporations net sales. 46 percent of net sales came from Europe, 27 percent from North America, 15 percent from Asia-Pacific, 7 percent from South America and 5 percent from the rest of the world.
Result
The Corporations operating profit was EUR 5.3 million, representing 0.5 percent of net sales. The operating profit included nonrecurring items of EUR 7 million, net of gains from the divestitures of Network Management Solutions, a part of Metso Automation, and Metso Hydraulics. Nonrecurring items also included restructuring costs in Metso Automations North American operations, where a reserve was taken for the closing of a production unit in Chihuahua, Mexico, and transfer of its operations to other units.
In the first quarter the Corporations result was burdened by low delivery volumes, under-utilization of production capacity, stronger euro and tough price competition in some product segments in the uncertain markets.
Metsos net financial expenses were EUR 18 million, including dividend income of EUR 1 million.
Metsos income before extraordinary items and income taxes for January-March was negative EUR 13 million. The net loss for the review period was EUR 13 million. Earnings per share were negative EUR 0.09. The return on capital employed (ROCE) was 1.1 percent and the return on equity (ROE) was negative 3.6 percent.
The taxes corresponding to the taxable income for the review period have been entered as income taxes.
Cash flow and balance sheet
Metsos net cash provided by operating activities was EUR 29 million. The Corporations net interest bearing liabilities totaled EUR 1,090 million. Gearing, i.e. the ratio of net interest bearing liabilities to shareholders equity, decreased slightly from the year-end and was 79.5 percent at the end of March. The reduction of gearing was delayed due to an increase in working capital which resulted from seasonal factors of business and the timing of deliveries. Metso continues actions to lower gearing. Metsos equity to assets ratio was 34.5 percent.
Capital expenditure
In the first quarter, Metsos gross capital expenditure was EUR 38 million (1-3/02: EUR 44 million).
Refocused strategy for Metso Paper
Metso Paper launched its renewed operating model during the review period. This was done to respond to changes in the business environment and to strengthen the role of rebuilds and aftermarket operations in accordance with the Metso Future Care business concept. The businesses were organized into business lines by customer segment. The goal is to further improve profitability and competitiveness.
Divestitures
Metso sold its hydraulic power transmission unit, Metso Hydraulics, to Sampo-Rosenlew in January. Metso Hydraulics was part of Metso Ventures and had net sales of EUR 18 million in 2002 and employed approximately 120 people.
In February, Metso sold its SCADA systems provider, Network Management Solutions, to Telvent from Spain. The transaction value was EUR 33 million.
The sale of the Converting Equipment group to Bobst Group SA from Switzerland is at the due diligence stage. A memorandum of understanding on the transaction was signed in November 2002.
Research and development
Metsos research and development expenditure totaled EUR 33 million (EUR 39 million in 1-3/02), representing 3.4 percent of the Corporations net sales.
Metso Paper inaugurated a new TMP/CTMP pulping line at the Mechanical Pulping Technology Center in Anjalankoski, Finland. The new pulping line augments the Technology Centers other mechanical pulping processes, and its aim is to develop TMP/CTMP pulping technology and know-how, particularly in applications for hardwood.
Concerning product innovations, the first OptiSpray on-line paper coating process was started up at the customers mill in Switzerland.
Personnel
At the end of March, Metso employed 27,777 people, 2 percent less than at the end of 2002. 35 percent were employed by Metso Paper, 39 percent by Metso Minerals, 13 percent by Metso Automation and 10 percent by Metso Ventures. The Converting Equipment group employed 3 percent of the Corporations personnel.
Metso employed 37 percent of its total personnel in Finland, 13 percent in other Nordic countries, 17 percent in other European countries, 16 percent in North America, 5 percent in Asia-Pacific, 7 percent in South America and 5 percent in the rest of the world.
Changes in the Executive Board
Olli Vaartimo started as Metso Corporations Executive Vice President and CFO, and Deputy to the CEO on April 22, 2003. Bertel Karlstedt started as President of Metso Paper on March 1, 2003 and Bertel Langenskiöld as President of Metso Minerals on April 28, 2003.
Vaartimo, Karlstedt and Langenskiöld are members of Metsos Executive Board.
Shares
At the end of March, the number of Metso Corporation shares was 136,250,545 and the shareholders equity was EUR 232 million.
The Helsinki Exchanges traded 15.6 million Metso Corporation shares in January-March, equivalent to a turnover of EUR 157.6 million. The share price on March 31, 2003 was EUR 9.35. The highest quotation for the review period was EUR 11.41 and the lowest EUR 8.70. The Corporations market capitalization in the Helsinki Exchanges on March 31, 2003 was EUR 1,274 million.
Metsos ADR turnover on the New York Stock Exchange amounted to USD 1.8 million. The price of an ADR receipt on March 31, 2003 was USD 10.50. The highest quotation was USD 12.02 and the lowest USD 9.75.
Harris Associates L.P. announced on March 25, 2003 that the holding of the funds managed by it was 5.07 percent of the paid up share capital and the total votes of Metso Corporation on March 18, 2003 (2.88% on September 2, 1999).
Stock options to main list
The Series B stock options that Metso Corporation issued in 2000 were made available for trading on the Main List of the Helsinki Exchanges combined with the Series 2000 A stock options from April 1, 2003. Furthermore, the Series A and B stock options issued by Metso Corporation in 2001 were combined and made available for trading as a separate security from April 1, 2003.
Events taking place after the review period
The Annual General Meeting of Metso Corporation, held on April 15, 2003, authorized the Board to resolve to repurchase and transfer the Corporations own shares, to increase the share capital by issuing new shares and stock options, within one year of the shareholders meeting. The Corporations own shares may be used as consideration in connection with acquisitions or in financing investments.
The Annual General Meeting approved the Board of Directors proposals to issue stock options to key personnel of the Corporation and to a wholly owned subsidiary of Metso Corporation. The stock options are intended as part of the incentive and commitment program for key personnel. The number of stock options is 7,800,000, and these entitle the subscription of a maximum of 7,800,000 Metso Corporation shares. However, according to the decision of the Annual General Meeting, a maximum of 5,600,000 options can be issued to the key personnel.
The Annual General Meeting decided to pay a dividend of EUR 0.60 for the fiscal year that ended December 31, 2002.
The Annual General Meeting elected Matti Kavetvuo as the new Chairman of the Board of Metso Corporation and Maija-Liisa Friman as a member of the Board. Mikko Kivimäki was re-elected as Vice Chairman of the Board, and Heikki Hakala, Juhani Kuusi, Pentti Mäkinen and Jaakko Rauramo were re-elected as members of the Board. The firm of authorized public accountants, PricewaterhouseCoopers Oy, was re-elected as the Corporations auditor, with the principal auditors being Lars Blomquist, APA, and Heikki Lassila, APA.
Short-term outlook
Metsos market environment is expected to continue uncertain. In the Chinese market, uncertainty has increased due to the possible economic impacts of the spreading SARS epidemic.
Metso Paper expects no significant change in the market in the near future, although the demand for new production lines is expected to recover slowly. Metso Minerals second quarter is expected to be clearly better than the first quarter, due to seasonal factors. The demand for Metso Automations products is expected to remain satisfactory.
Renewing Metso Papers operating model, moving Metso Minerals focus to utilize its strengthened position after the accomplishment of the integration and concentrating Metso Automation on its core competences are estimated to improve Metsos profitability.
The strengthened order backlog compared with the year-end and completed and ongoing actions to streamline the cost structure create a basis for profitability remaining on last years level.
Helsinki, April 29, 2003
Board of Directors, Metso Corporation
BUSINESS AREAS
Metso Paper key figures
A memorandum of understanding was signed in November 2002 concerning the sale of Metso Papers Converting Equipment group. The group is regarded as a discontinued operation and has been transferred out of the Corporations continuing businesses. Metso Papers figures for the comparison period are also presented without the Converting Equipment group.
EUR million | 1-3/03 | 1-3/02 | Change % | 2002 | |||||||||||||
Net sales |
366 | 418 | (12 | ) | 1,812 | ||||||||||||
Operating profit
before nonrecurring
items and amortization
of goodwill |
6.8 | 32.5 | (79 | ) | 132.3 | ||||||||||||
% of net sales |
1.9 | 7.8 | 7.3 | ||||||||||||||
Operating profit |
4.9 | 30.3 | (84 | ) | 118.2 | ||||||||||||
% of net sales |
1.3 | 7.2 | 6.5 | ||||||||||||||
Orders received |
738 | 490 | 51 | 1,642 | |||||||||||||
Order backlog, March
31 and Dec 31 |
1,114 | 1,023 | 9 | 742 |
Metso Papers net sales decreased by 12 percent compared with January-March 2002 and totaled EUR 366 million. The decrease in net sales was due mainly to changes in exchange rates, but also to the timing of deliveries. Aftermarket and maintenance services accounted for 32 percent of net sales.
Metso Papers operating profit was EUR 4.9 million, representing 1.3 percent of the net sales. The result was burdened by low delivery volumes, under-utilization of production capacity, stronger euro and tough price competition in some product segments in the uncertain markets. During the review period, a program was commenced to renew the whole business areas operating model and to improve profitability. Metso Paper will transfer to its renewed operating model by the end of the second quarter.
The value of orders received was 51 percent higher than in the comparison period, totaling EUR 738 million. The orders consisted mainly of paper and board making lines, with most orders received from China. The number of orders for mechanical pulping lines was also higher than in the comparison period. The order backlog of Metso Paper at the end of March was 50 percent higher than at the end of 2002 and stood at EUR 1,114 million.
During the period under review, Metso Paper inaugurated a facility for the production and development of composite rolls in Oulu, Finland, a TMP/CTMP pulping line in Anjalankoski, Finland, a service logistics center in Jyväskylä, Finland, and a service technology center in Sorocaba, Sâo Paulo, Brazil.
Converting Equipment group
The net sales of the Converting Equipment group in JanuaryMarch 2003 were EUR 46 million (EUR 38 million in 1-3/02). The Converting Equipment groups operating loss was EUR 0.8 million (operating loss of EUR 1.1 million in 1-3/02).
Metso Minerals key figures
EUR million | 1-3/03 | 1-3/02 | Change % | 2002 | |||||||||||||
Net sales |
383 | 436 | (12 | ) | 1,819 | ||||||||||||
Operating profit before
nonrecurring items and
amortization of goodwill |
11.1 | 22.0 | (50 | ) | 107.9 | ||||||||||||
% of net sales |
2.9 | 5.0 | 5.9 | ||||||||||||||
Operating profit |
0.7 | 9.0 | (92 | ) | 51.4 | ||||||||||||
% of net sales |
0.2 | 2.1 | 2.8 | ||||||||||||||
Orders received |
434 | 545 | (20 | ) | 1,860 | ||||||||||||
Order backlog, March 31
and Dec 31 |
514 | 592 | (13 | ) | 474 |
Metso Minerals net sales decreased by 12 percent compared with January-March 2002 and totaled EUR 383 million. The net sales were lower than those of the comparison period, due mainly to changes in exchange rates, but also to the timing of deliveries. Aftermarket and maintenance services accounted for 46 percent of net sales.
Metso Minerals operating profit decreased to EUR 0.7 million, representing 0.2 percent of the net sales. The profitability was burdened by low delivery volumes, under-utilization of production capacity, stronger euro and tough price competition in some product segments in the uncertain markets. Measures were continued in Metso Minerals to release working capital and ensure the utilization of synergy benefits.
The value of new orders received was down 20 percent on the comparison period and totaled EUR 434 million. The order backlog of Metso Minerals at the end of March was 8 percent higher than at the end of 2002 and stood at EUR 514 million.
Metso Automation key figures
EUR million | 1-3/03 | 1-3/02 | Change % | 2002 | |||||||||||||
Net sales |
126 | 151 | (17 | ) | 622 | ||||||||||||
Operating profit before
nonrecurring items and
amortization of goodwill |
1.7 | 0.1 | | 21.9 | |||||||||||||
% of net sales |
1.3 | 0.1 | 3.5 | ||||||||||||||
Operating profit (loss) |
7.5 | (0.7 | ) | | 16.3 | ||||||||||||
% of net sales |
6.0 | (0.5 | ) | 2.6 | |||||||||||||
Orders received |
160 | 162 | (1 | ) | 643 | ||||||||||||
Order backlog, March 31
and Dec 31 |
184 | 193 | (5 | ) | 185 |
Metso Automations net sales decreased by 17 percent compared with JanuaryMarch 2002, due to changes in exchange rates and a divestiture. The net sales of Metso Automation for the first quarter of 2003 totaled EUR 126 million. Aftermarket and maintenance services accounted for 25 percent of net sales.
Despite the reduction of net sales, Metso Automations operating profit grew to EUR 7.5 million, representing 6.0 percent of net sales, and included net nonrecurring income of EUR 6 million. Nonrecurring items arose from a gain from the divestiture of Network Management Solutions, which produces SCADA systems, and the costs of business restructuring in North America. The streamlining of the cost structure started last year improved the profitability of Metso Automation in the first quarter, and is expected to be fully realized in the second half of 2003.
The value of new orders received approximated that of the comparison period, totaling EUR 160 million. The orders received by Metso Automation were mainly focused on pulp and paper industry automation systems and field equipment for various industries. At the end of March, Metso Automations order backlog totaled EUR 184 million, approximately the same as at the year-end.
Metso Ventures key figures
EUR million | 1-3/03 | 1-3/02 | Change % | 2002 | |||||||||||||
Net sales |
81 | 95 | (15 | ) | 374 | ||||||||||||
Operating profit before
nonrecurring items and
amortization of goodwill |
1.0 | 0.2 | | 23.4 | |||||||||||||
% of net sales |
1.2 | 0.2 | 6.3 | ||||||||||||||
Operating profit (loss) |
1.5 | (0.1 | ) | | 14.9 | ||||||||||||
% of net sales |
1.9 | (0.1 | ) | 4.0 | |||||||||||||
Orders received |
92 | 83 | 11 | 411 | |||||||||||||
Order backlog, March 31
and Dec 31 |
145 | 101 | 44 | 139 |
Metso Ventures net sales totaled EUR 81 million, a decrease of 15 percent compared with January March 2002, mainly as a consequence of the divestitures of Metso Works and Metso Hydraulics. Metso Panelboards deliveries were clearly higher, but Metso Drives deliveries decreased due to seasonal variation in the demand for wind turbine gears and uncertainty in the market.
Metso Ventures operating profit increased to EUR 1.5 million, representing 1.9 percent of net sales. The operating profit included nonrecurring income of EUR 0.8 million, arising from a gain from the divestiture of Metso Hydraulics. Metso Panelboards profitability continued to improve.
The value of new orders received was EUR 92 million which exceeded the comparison period by 11 percent, mainly due to an increase in equipment orders in the panelboard industry. The order backlog of Metso Ventures at the end of March was 4 percent higher than at the end of 2002 and stood at EUR 145 million.
As the production of Saab cars will terminate at the end of April and the demand for Porsche cars is declining, Valmet Automotive will lay off approximately half of its personnel. The operating result of Valmet Automotive for the whole of 2003 is estimated to be slightly negative. In January-March, 9,968 cars were produced (10,411 cars in 1-3/02).
It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding expectations for general economic development and the market situation, expectations for customer industry profitability and investment willingness, expectations for company growth, development and profitability and the realization of synergy benefits and cost savings, and statements preceded by expects, estimates,
forecasts or similar expressions, are forward-looking statements. These statements are based on current decisions and plans and currently known factors. They involve risks and uncertainties which may cause the actual results to materially differ from the results currently expected by the company.
Such factors include, but are not limited to:
(1) general economic conditions, including fluctuations in exchange rates and interest levels which influence the operating environment and profitability of customers and thereby the orders received by the company and their margins
(2) the competitive situation, especially significant technological solutions developed by competitors
(3) the companys own operating conditions, such as the success of production, product development and project management and their continuous development and improvement
(4) the success of pending and future acquisitions and restructuring.
The Interim Review is unaudited.
CONSOLIDATED STATEMENTS OF INCOME
1-3/2003 | 1-3/2002 | 1-12/2002 | |||||||||||
(Millions) | EUR | EUR | EUR | ||||||||||
Net sales |
983 | 1,111 | 4,691 | ||||||||||
Cost of goods sold |
(736 | ) | (801 | ) | (3,425 | ) | |||||||
Gross profit |
247 | 310 | 1,266 | ||||||||||
Selling, general and administrative expenses |
(235 | ) | (263 | ) | (1,015 | ) | |||||||
Operating profit before nonrecurring operating items and amortization of goodwill |
12 | 47 | 251 | ||||||||||
% of net sales |
1.2 | % | 4.2 | % | 5.3 | % | |||||||
Nonrecurring operating income and expenses |
7 | (2 | ) | (27 | ) | ||||||||
Amortization of goodwill |
(14 | ) | (14 | ) | (57 | ) | |||||||
Operating profit |
5 | 31 | 167 | ||||||||||
% of net sales |
0.5 | % | 2.8 | % | 3.6 | % | |||||||
Financial income and expenses |
(18 | ) | (17 | ) | (74 | ) | |||||||
Income before extraordinary items and income taxes |
(13 | ) | 14 | 93 | |||||||||
Extraordinary income and expenses |
| | | ||||||||||
Income before taxes |
(13 | ) | 14 | 93 | |||||||||
Income taxes |
0 | (7 | ) | (26 | ) | ||||||||
Minority interests |
0 | (1 | ) | (2 | ) | ||||||||
Net income |
(13 | ) | 6 | 65 | |||||||||
CONSOLIDATED BALANCE SHEETS
Mar 31,2003 | Mar 31,2002 | Dec 31,2002 | ||||||||||
(Millions) | EUR | EUR | EUR | |||||||||
Fixed assets and financial assets |
||||||||||||
Intangible assets |
988 | 1,086 | 1,011 | |||||||||
Tangible assets |
876 | 892 | 891 | |||||||||
Financial assets |
107 | 197 | 103 | |||||||||
Current assets |
||||||||||||
Inventories |
885 | 999 | 819 | |||||||||
Receivables |
1,253 | 1,444 | 1,385 | |||||||||
Cash and cash equivalents |
127 | 227 | 190 | |||||||||
Total assets |
4,236 | 4,845 | 4,399 | |||||||||
Share capital |
232 | 232 | 232 | |||||||||
Other shareholders ´ equity |
1,132 | 1,148 | 1,147 | |||||||||
Minority interests |
8 | 8 | 10 | |||||||||
Long-term liabilities |
1,085 | 1,456 | 1,172 | |||||||||
Current liabilities |
1,779 | 2,001 | 1,838 | |||||||||
Total shareholders ´equity and liabilities |
4,236 | 4,845 | 4,399 | |||||||||
Net interest bearing liabilities |
||||||||||||
Long-term interest bearing liabilities |
926 | 1,291 | 1,020 | |||||||||
Short-term interest bearing liabilities |
319 | 228 | 333 | |||||||||
Cash and cash equivalents |
(127 | ) | (227 | ) | (190 | ) | ||||||
Other interest bearing assets |
(28 | ) | (84 | ) | (45 | ) | ||||||
Total |
1,090 | 1,208 | 1,118 | |||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
1-3/2003 | 1-3/2002 | 1-12/2002 | |||||||||||
(Millions) | EUR | EUR | EUR | ||||||||||
Cash flows from operating activities: |
|||||||||||||
Net income |
(13 | ) | 6 | 65 | |||||||||
Adjustments to reconcile net income
to net cash provided by operating activities |
|||||||||||||
Depreciation and amortization |
47 | 49 | 197 | ||||||||||
Other |
(5 | ) | (2 | ) | 12 | ||||||||
Change in net working capital |
0 | 23 | (22 | ) | |||||||||
Net cash provided by (used in) operating activities |
29 | 76 | 252 | ||||||||||
Cash flows from investing activities: |
|||||||||||||
Capital expenditures on fixed assets |
(36 | ) | (44 | ) | (191 | ) | |||||||
Proceeds from sale of fixed assets |
2 | 11 | 33 | ||||||||||
Business acquisitions, net of cash acquired |
(2 | ) | | (1 | ) | ||||||||
Proceeds from sale of businesses |
30 | | 38 | ||||||||||
(Investments in) proceeds from sale of shares and marketable securities |
3 | 17 | 107 | ||||||||||
Net cash provided by (used in) investing activities |
(3 | ) | (16 | ) | (14 | ) | |||||||
Cash flows from financing activities: |
|||||||||||||
Dividends paid |
| | (82 | ) | |||||||||
Net funding |
(96 | ) | (56 | ) | (161 | ) | |||||||
Other |
9 | 8 | 10 | ||||||||||
Net cash provided by (used in) financing activities |
(87 | ) | (48 | ) | (233 | ) | |||||||
Effect of changes in exchange rates on cash and cash equivalents |
(2 | ) | 3 | (27 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents |
(63 | ) | 15 | (22 | ) | ||||||||
Cash and cash equivalents at beginning of period |
190 | 212 | 212 | ||||||||||
Cash and cash equivalents at end of period |
127 | 227 | 190 | ||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS´ EQUITY
Number | Share | Share | Cumulative | Reserve | |||||||||||||||||||||||||||||||||
of | capital | premium | Legal | translation | for own | Other | Retained | Total | |||||||||||||||||||||||||||||
shares | (par value | reserve | reserve | adjustments | shares | reserves | earnings | ||||||||||||||||||||||||||||||
(thousands) | EUR 1.70 | ||||||||||||||||||||||||||||||||||||
(Millions) | per share) | EUR | EUR | EUR | EUR | EUR | EUR | EUR | |||||||||||||||||||||||||||||
Balance at Dec 31, 2002 |
136,251 | 232 | 14 | 227 | (60 | ) | 1 | 202 | 763 | 1,379 | |||||||||||||||||||||||||||
Dividends |
| | | | | | | | 0 | ||||||||||||||||||||||||||||
Translation differences |
| | | | (1 | ) | | | | (1 | ) | ||||||||||||||||||||||||||
Changes in corporate structure |
| | | | 46 | | | (46 | ) | 0 | |||||||||||||||||||||||||||
Other |
| | | (8 | ) | | | | 7 | (1 | ) | ||||||||||||||||||||||||||
Net income |
| | | | | | | (13 | ) | (13 | ) | ||||||||||||||||||||||||||
Balance at Mar 31, 2003 |
136,251 | 232 | 14 | 219 | (15 | ) | 1 | 202 | 711 | 1,364 | |||||||||||||||||||||||||||
The distributable funds of Metso Corporation at March 31, 2003 consist of retained earnings (EUR 711 million) excluding accelerated depreciation and untaxed reserves (EUR 44 million) and negative translation differences (EUR 15 million), and other reserves (EUR 202 million), totaling EUR 854 million.
At the end of the period Metso Corporation possessed 60,841 of its own shares.
THE IMPACT ON NET INCOME BY NONRECURRING ITEMS AND AMORTIZATION OF GOODWILL
1-3/2003 | 1-3/2002 | 1-12/2002 | ||||||||||
(Millions) | EUR | EUR | EUR | |||||||||
Nonrecurring operating income and expenses, net |
7.3 | (2.0 | ) | (26.5 | ) | |||||||
Amortization of goodwill |
(13.7 | ) | (13.8 | ) | (57.1 | ) | ||||||
Nonrecurring items and amortization of goodwill, total |
(6.4 | ) | (15.8 | ) | (83.6 | ) | ||||||
Tax effect |
1.0 | (1.2 | ) | 13.2 | ||||||||
The impact of nonrecurring items and amortization of goodwill on net income |
(5.4 | ) | (17.0 | ) | (70.4 | ) | ||||||
Earnings/share excl. nonrecurring items and amortization of goodwill, EUR |
(0.05 | ) | 0.16 | 0.99 | ||||||||
The impact of nonrecurring items and amortization of goodwill on earnings / share |
(0.04 | ) | (0.12 | ) | (0.51 | ) | ||||||
Earnings/share, EUR |
(0.09 | ) | 0.04 | 0.48 |
ASSETS PLEDGED AND CONTINGENT LIABILITIES
Mar 31, 2003 | Dec 31, 2002 | ||||||||
(Millions) | EUR | EUR | |||||||
Mortgages on corporate debt |
1 | 1 | |||||||
Other pledges and contingencies |
|||||||||
Mortgages |
2 | 2 | |||||||
Pledged assets |
0 | 0 | |||||||
Guarantees on behalf of associated company obligations |
0 | 0 | |||||||
Other guarantees |
4 | 4 | |||||||
Repurchase and other commitments |
22 | 25 | |||||||
Lease commitments |
168 | 181 |
NOTIONAL AMOUNTS, CARRYING AMOUNTS AND FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS
Notional amount | Carrying amount | Fair value | |||||||||||||||||||||||
Mar 31, 2003 | Dec 31, 2002 | Mar 31, 2003 | Dec 31, 2002 | Mar 31, 2003 | Dec 31, 2002 | ||||||||||||||||||||
(Millions) | EUR | EUR | EUR | EUR | EUR | EUR | |||||||||||||||||||
Forward exchange rate contracts |
960 | 1,617 | 17 | 38 | 35 | 65 | |||||||||||||||||||
Interest rate and currency swaps |
4 | 4 | 0 | 0 | (1 | ) | (1 | ) | |||||||||||||||||
Currency swaps |
90 | 100 | 4 | 2 | 3 | 1 | |||||||||||||||||||
Interest rate swaps |
60 | 60 | 0 | 0 | 2 | 2 | |||||||||||||||||||
Interest rate futures contracts |
10 | 15 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Option agreements |
|||||||||||||||||||||||||
Bought |
29 | 9 | 0 | 1 | 0 | 1 | |||||||||||||||||||
Sold |
44 | 14 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Carrying amounts noted in the table above are included in the balance sheet. The notional amounts indicate the volumes in the use of derivatives, but do not indicate the exposure to risk. The fair value reflects the estimated amounts that Metso would receive or pay to terminate the contracts at the reporting date, thereby taking into account the current unrealized gains or losses of open contracts.
KEY RATIOS
Mar 31, 2003 | Mar 31, 2002 | Dec 31, 2002 | ||||||||||
Earnings/share, EUR |
(0.09 | ) | 0.04 | 0.48 | ||||||||
Earnings/share excl. nonrecurring items and amortization of goodwill, EUR |
(0.05 | ) | 0.16 | 0.99 | ||||||||
Equity/share, EUR |
10.01 | 10.13 | 10.12 | |||||||||
Return on equity (ROE), % |
(3.6 | ) | 1.9 | 4.8 | ||||||||
Return on capital employed (ROCE), % |
1.1 | 5.2 | 6.4 | |||||||||
Equity to assets ratio, % |
34.5 | 30.5 | 33.3 | |||||||||
Gearing, % |
79.5 | 87.1 | 80.6 | |||||||||
Average number of shares (thousands) |
136,190 | 136,190 | 136,190 |
EXCHANGE RATES USED
1-3/2003 | 1-3/2002 | 1-12/2002 | Mar 31, 2003 | Mar 31, 2002 | Dec 31, 2002 | |||||||||||||||||||||||
USD |
(US dollar) | 1.0734 | 0.8764 | 0.9449 | 1.0895 | 0.8724 | 1.0487 | |||||||||||||||||||||
SEK |
(Swedish krona) | 9.1818 | 9.1566 | 9.1591 | 9.2608 | 9.0304 | 9.1528 | |||||||||||||||||||||
GBP |
(Pound sterling) | 0.6698 | 0.6146 | 0.6288 | 0.6896 | 0.6130 | 0.6505 | |||||||||||||||||||||
CAD |
(Canadian dollar) | 1.6202 | 1.3973 | 1.4828 | 1.6037 | 1.3923 | 1.6550 | |||||||||||||||||||||
BY BUSINESS AREA INFORMATION
NET SALES BY BUSINESS AREA
1-3/2003 | 1-3/2002 | 4/2002-3/2003 | 1-12/2002 | |||||||||||||
(Millions) | EUR | EUR | EUR | EUR | ||||||||||||
Metso Paper |
366 | 418 | 1,760 | 1,812 | ||||||||||||
Metso Minerals |
383 | 436 | 1,766 | 1,819 | ||||||||||||
Metso Automation |
126 | 151 | 597 | 622 | ||||||||||||
Metso Ventures |
81 | 95 | 360 | 374 | ||||||||||||
Intra Metso net sales |
(19 | ) | (27 | ) | (88 | ) | (96 | ) | ||||||||
Continuing operations |
937 | 1,073 | 4,395 | 4,531 | ||||||||||||
Converting Equipment |
46 | 38 | 168 | 160 | ||||||||||||
Metso total |
983 | 1,111 | 4,563 | 4,691 | ||||||||||||
OPERATING PROFIT (LOSS) BEFORE
NONRECURRING ITEMS
AND AMORTIZATION OF GOODWILL BY BUSINESS AREA
1-3/2003 | 1-3/2002 | 4/2002-3/2003 | 1-12/2002 | |||||||||||||
(Millions) | EUR | EUR | EUR | EUR | ||||||||||||
Metso Paper |
6.8 | 32.5 | 106.6 | 132.3 | ||||||||||||
Metso Minerals |
11.1 | 22.0 | 97.0 | 107.9 | ||||||||||||
Metso Automation |
1.7 | 0.1 | 23.5 | 21.9 | ||||||||||||
Metso Ventures |
1.0 | 0.2 | 24.2 | 23.4 | ||||||||||||
Corporate Headquarters and other |
(8.5 | ) | (7.3 | ) | (33.0 | ) | (31.8 | ) | ||||||||
Continuing operations |
12.1 | 47.5 | 218.3 | 253.7 | ||||||||||||
Converting Equipment |
(0.4 | ) | (0.8 | ) | (2.7 | ) | (3.1 | ) | ||||||||
Metso total |
11.7 | 46.7 | 215.6 | 250.6 | ||||||||||||
NONRECURRING OPERATING ITEMS
BY BUSINESS AREA
1-3/2003 | 1-3/2002 | 4/2002-3/2003 | 1-12/2002 | |||||||||||||
(Millions) | EUR | EUR | EUR | EUR | ||||||||||||
Metso Paper |
| | (5.9 | ) | (5.9 | ) | ||||||||||
Metso Minerals |
| (2.8 | ) | (10.5 | ) | (13.3 | ) | |||||||||
Metso Automation |
6.5 | | 3.9 | (2.6 | ) | |||||||||||
Metso Ventures |
0.8 | | (6.3 | ) | (7.1 | ) | ||||||||||
Corporate Headquarters and other |
| 0.8 | 6.1 | 6.9 | ||||||||||||
Continuing operations |
7.3 | (2.0 | ) | (12.7 | ) | (22.0 | ) | |||||||||
Converting Equipment |
| | (4.5 | ) | (4.5 | ) | ||||||||||
Metso total |
7.3 | (2.0 | ) | (17.2 | ) | (26.5 | ) | |||||||||
AMORTIZATION OF GOODWILL
BY BUSINESS AREA
1-3/2003 | 1-3/2002 | 4/2002-3/2003 | 1-12/2002 | |||||||||||||
(Millions) | EUR | EUR | EUR | EUR | ||||||||||||
Metso Paper |
(1.9 | ) | (2.2 | ) | (7.9 | ) | (8.2 | ) | ||||||||
Metso Minerals |
(10.4 | ) | (10.2 | ) | (43.4 | ) | (43.2 | ) | ||||||||
Metso Automation |
(0.7 | ) | (0.8 | ) | (2.9 | ) | (3.0 | ) | ||||||||
Metso Ventures |
(0.3 | ) | (0.3 | ) | (1.4 | ) | (1.4 | ) | ||||||||
Continuing operations |
(13.3 | ) | (13.5 | ) | (55.6 | ) | (55.8 | ) | ||||||||
Converting Equipment |
(0.4 | ) | (0.3 | ) | (1.4 | ) | (1.3 | ) | ||||||||
Metso total |
(13.7 | ) | (13.8 | ) | (57.0 | ) | (57.1 | ) | ||||||||
OPERATING PROFIT (LOSS) BY BUSINESS AREA
1-3/2003 | 1-3/2002 | 4/2002-3/2003 | 1-12/2002 | |||||||||||||
(Millions) | EUR | EUR | EUR | EUR | ||||||||||||
Metso Paper |
4.9 | 30.3 | 92.8 | 118.2 | ||||||||||||
Metso Minerals |
0.7 | 9.0 | 43.1 | 51.4 | ||||||||||||
Metso Automation |
7.5 | (0.7 | ) | 24.5 | 16.3 | |||||||||||
Metso Ventures |
1.5 | (0.1 | ) | 16.5 | 14.9 | |||||||||||
Corporate Headquarters and other |
(8.5 | ) | (6.5 | ) | (26.9 | ) | (24.9 | ) | ||||||||
Continuing operations |
6.1 | 32.0 | 150.0 | 175.9 | ||||||||||||
Converting Equipment |
(0.8 | ) | (1.1 | ) | (8.6 | ) | (8.9 | ) | ||||||||
Metso total |
5.3 | 30.9 | 141.4 | 167.0 | ||||||||||||
ORDERS RECEIVED BY BUSINESS AREA
1-3/2003 | 1-3/2002 | 4/2002-3/2003 | 1-12/2002 | |||||||||||||
(Millions) | EUR | EUR | EUR | EUR | ||||||||||||
Metso Paper |
738 | 490 | 1,890 | 1,642 | ||||||||||||
Metso Minerals |
434 | 545 | 1,749 | 1,860 | ||||||||||||
Metso Automation |
160 | 162 | 641 | 643 | ||||||||||||
Metso Ventures |
92 | 83 | 420 | 411 | ||||||||||||
Intra Metso orders received |
(32 | ) | (27 | ) | (111 | ) | (106 | ) | ||||||||
Continuing operations |
1,392 | 1,253 | 4,589 | 4,450 | ||||||||||||
Converting Equipment |
33 | 38 | 191 | 196 | ||||||||||||
Metso total |
1,425 | 1,291 | 4,780 | 4,646 | ||||||||||||
PERSONNEL BY BUSINESS AREA
Mar 31, 2003 | Mar 31, 2002 | Dec 31, 2002 | ||||||||||
Metso Paper |
9,755 | 9,427 | 9,719 | |||||||||
Metso Minerals |
10,732 | 11,184 | 10,784 | |||||||||
Metso Automation |
3,648 | 4,387 | 4,150 | |||||||||
Metso Ventures |
2,676 | 3,571 | 2,873 | |||||||||
Corporate Headquarters and other |
135 | 118 | 134 | |||||||||
Continuing operations |
26,946 | 28,687 | 27,660 | |||||||||
Converting Equipment |
831 | 840 | 829 | |||||||||
Metso total |
27,777 | 29,527 | 28,489 | |||||||||
QUARTERLY INFORMATION
NET SALES BY BUSINESS AREA
1-3/2002 | 4-6/2002 | 7-9/2002 | 10-12/2002 | 1-3/2003 | ||||||||||||||||
(Millions) | EUR | EUR | EUR | EUR | EUR | |||||||||||||||
Metso Paper |
418 | 412 | 411 | 571 | 366 | |||||||||||||||
Metso Minerals |
436 | 518 | 427 | 438 | 383 | |||||||||||||||
Metso Automation |
151 | 155 | 149 | 167 | 126 | |||||||||||||||
Metso Ventures |
95 | 85 | 86 | 108 | 81 | |||||||||||||||
Intra Metso net sales |
(27 | ) | (27 | ) | (9 | ) | (33 | ) | (19 | ) | ||||||||||
Continuing operations |
1,073 | 1,143 | 1,064 | 1,251 | 937 | |||||||||||||||
Converting Equipment |
38 | 35 | 41 | 46 | 46 | |||||||||||||||
Metso total |
1,111 | 1,178 | 1,105 | 1,297 | 983 | |||||||||||||||
OPERATING PROFIT (LOSS) BEFORE NONRECURRING
ITEMS AND AMORTIZATION OF GOODWILL BY BUSINESS AREA
1-3/2002 | 4-6/2002 | 7-9/2002 | 10-12/2002 | 1-3/2003 | ||||||||||||||||
(Millions) | EUR | EUR | EUR | EUR | EUR | |||||||||||||||
Metso Paper |
32.5 | 30.5 | 14.5 | 54.8 | 6.8 | |||||||||||||||
Metso Minerals |
22.0 | 36.9 | 21.9 | 27.1 | 11.1 | |||||||||||||||
Metso Automation |
0.1 | 8.5 | 6.1 | 7.2 | 1.7 | |||||||||||||||
Metso Ventures |
0.2 | 7.1 | 4.0 | 12.1 | 1.0 | |||||||||||||||
Corporate Headquarters and other |
(7.3 | ) | (9.4 | ) | (8.2 | ) | (6.9 | ) | (8.5 | ) | ||||||||||
Continuing operations |
47.5 | 73.6 | 38.3 | 94.3 | 12.1 | |||||||||||||||
Converting Equipment |
(0.8 | ) | (2.1 | ) | (0.5 | ) | 0.3 | (0.4 | ) | |||||||||||
Metso total |
46.7 | 71.5 | 37.8 | 94.6 | 11.7 | |||||||||||||||
NONRECURRING OPERATING ITEMS
BY BUSINESS AREA
1-3/2002 | 4-6/2002 | 7-9/2002 | 10-12/2002 | 1-3/2003 | ||||||||||||||||
(Millions) | EUR | EUR | EUR | EUR | EUR | |||||||||||||||
Metso Paper |
| (7.1 | ) | (0.2 | ) | 1.4 | | |||||||||||||
Metso Minerals |
(2.8 | ) | (5.5 | ) | (3.9 | ) | (1.1 | ) | | |||||||||||
Metso Automation |
| (0.9 | ) | 0.2 | (1.9 | ) | 6.5 | |||||||||||||
Metso Ventures |
| 0.6 | (5.4 | ) | (2.3 | ) | 0.8 | |||||||||||||
Corporate Headquarters and other |
0.8 | | 7.0 | (0.9 | ) | | ||||||||||||||
Continuing operations |
(2.0 | ) | (12.9 | ) | (2.3 | ) | (4.8 | ) | 7.3 | |||||||||||
Converting Equipment |
| (0.6 | ) | (0.8 | ) | (3.1 | ) | | ||||||||||||
Metso total |
(2.0 | ) | (13.5 | ) | (3.1 | ) | (7.9 | ) | 7.3 | |||||||||||
AMORTIZATION OF GOODWILL BY BUSINESS AREA
1-3/2002 | 4-6/2002 | 7-9/2002 | 10-12/2002 | 1-3/2003 | ||||||||||||||||
(Millions) | EUR | EUR | EUR | EUR | EUR | |||||||||||||||
Metso Paper |
(2.2 | ) | (2.0 | ) | (2.0 | ) | (2.0 | ) | (1.9 | ) | ||||||||||
Metso Minerals |
(10.2 | ) | (11.8 | ) | (10.9 | ) | (10.3 | ) | (10.4 | ) | ||||||||||
Metso Automation |
(0.8 | ) | (0.8 | ) | (0.7 | ) | (0.7 | ) | (0.7 | ) | ||||||||||
Metso Ventures |
(0.3 | ) | (0.4 | ) | (0.3 | ) | (0.4 | ) | (0.3 | ) | ||||||||||
Continuing operations |
(13.5 | ) | (15.0 | ) | (13.9 | ) | (13.4 | ) | (13.3 | ) | ||||||||||
Converting Equipment |
(0.3 | ) | (0.4 | ) | (0.3 | ) | (0.3 | ) | (0.4 | ) | ||||||||||
Metso total |
(13.8 | ) | (15.4 | ) | (14.2 | ) | (13.7 | ) | (13.7 | ) | ||||||||||
OPERATING PROFIT (LOSS) BY BUSINESS AREA
1-3/2002 | 4-6/2002 | 7-9/2002 | 10-12/2002 | 1-3/2003 | ||||||||||||||||
(Millions) | EUR | EUR | EUR | EUR | EUR | |||||||||||||||
Metso Paper |
30.3 | 21.4 | 12.3 | 54.2 | 4.9 | |||||||||||||||
Metso Minerals |
9.0 | 19.6 | 7.1 | 15.7 | 0.7 | |||||||||||||||
Metso Automation |
(0.7 | ) | 6.8 | 5.6 | 4.6 | 7.5 | ||||||||||||||
Metso Ventures |
(0.1 | ) | 7.3 | (1.7 | ) | 9.4 | 1.5 | |||||||||||||
Corporate Headquarters and other |
(6.5 | ) | (9.4 | ) | (1.2 | ) | (7.8 | ) | (8.5 | ) | ||||||||||
Continuing operations |
32.0 | 45.7 | 22.1 | 76.1 | 6.1 | |||||||||||||||
Converting Equipment |
(1.1 | ) | (3.1 | ) | (1.6 | ) | (3.1 | ) | (0.8 | ) | ||||||||||
Metso total |
30.9 | 42.6 | 20.5 | 73.0 | 5.3 | |||||||||||||||
CAPITAL EMPLOYED BY BUSINESS AREA
Mar 31, 2002 | Jun 30, 2002 | Sep 30, 2002 | Dec 31, 2002 | Mar 31, 2003 | ||||||||||||||||
(Millions) | EUR | EUR | EUR | EUR | EUR | |||||||||||||||
Metso Paper |
464 | 547 | 532 | 517 | 543 | |||||||||||||||
Metso Minerals |
1,576 | 1,523 | 1,429 | 1,401 | 1,378 | |||||||||||||||
Metso Automation |
261 | 244 | 228 | 207 | 183 | |||||||||||||||
Metso Ventures |
128 | 129 | 137 | 145 | 141 | |||||||||||||||
Corporate Headquarters and other |
414 | 372 | 353 | 417 | 315 | |||||||||||||||
Continuing operations |
2,843 | 2,815 | 2,679 | 2,687 | 2,560 | |||||||||||||||
Converting Equipment |
64 | 64 | 72 | 55 | 56 | |||||||||||||||
Metso total |
2,907 | 2,879 | 2,751 | 2,742 | 2,616 | |||||||||||||||
ORDERS RECEIVED BY BUSINESS AREA
1-3/2002 | 4-6/2002 | 7-9/2002 | 10-12/2002 | 1-3/2003 | ||||||||||||||||
(Millions) | EUR | EUR | EUR | EUR | EUR | |||||||||||||||
Metso Paper |
490 | 473 | 398 | 281 | 738 | |||||||||||||||
Metso Minerals |
545 | 469 | 415 | 431 | 434 | |||||||||||||||
Metso Automation |
162 | 184 | 139 | 158 | 160 | |||||||||||||||
Metso Ventures |
83 | 112 | 91 | 125 | 92 | |||||||||||||||
Intra Metso orders received |
(27 | ) | (28 | ) | (23 | ) | (28 | ) | (32 | ) | ||||||||||
Continuing operations |
1,253 | 1,210 | 1,020 | 967 | 1,392 | |||||||||||||||
Converting Equipment |
38 | 46 | 37 | 75 | 33 | |||||||||||||||
Metso total |
1,291 | 1,256 | 1,057 | 1,042 | 1,425 | |||||||||||||||
ORDER BACKLOG BY BUSINESS AREA
Mar 31, 2002 | Jun 30, 2002 | Sep 30, 2002 | Dec 31, 2002 | Mar 31, 2003 | ||||||||||||||||
(Millions) | EUR | EUR | EUR | EUR | EUR | |||||||||||||||
Metso Paper |
1,023 | 1,063 | 1,035 | 742 | 1,114 | |||||||||||||||
Metso Minerals |
592 | 504 | 461 | 474 | 514 | |||||||||||||||
Metso Automation |
193 | 209 | 199 | 185 | 184 | |||||||||||||||
Metso Ventures |
101 | 116 | 122 | 139 | 145 | |||||||||||||||
Intra Metso order backlog |
(48 | ) | (46 | ) | (56 | ) | (53 | ) | (67 | ) | ||||||||||
Continuing operations |
1,861 | 1,846 | 1,761 | 1,487 | 1,890 | |||||||||||||||
Converting Equipment |
71 | 79 | 77 | 102 | 84 | |||||||||||||||
Metso total |
1,932 | 1,925 | 1,838 | 1,589 | 1,974 | |||||||||||||||
Metso Corporation
Olli Vaartimo Executive Vice President and CFO |
Helena Aatinen Senior Vice President Corporate Communications |
distribution:
Helsinki Exchanges
New York Stock Exchange
Media
www.metso.com