Metso’s Half-Year Review January 1 – June 30, 2019
Metso’s Half-Year Review January 1 – June 30, 2019
Metso Corporation, Stock Exchange Release, July 25, 2019 at 9:00 a.m. EEST
This is a summary of Metso’s January 1 – June 30, 2019 Half-Year Review. The complete report is attached to this release and is also available at www.metso.com/latestreports.
Figures in brackets refer to the corresponding period in 2018, unless otherwise stated.
April-June 2019 in brief
- Healthy market activity in both segments
- Orders received increased 2% to EUR 869 million (855 million)
- Sales grew 16%, totaling EUR 903 million (776 million)
- EBITA improved to EUR 119 million, or 13.1% of sales (91 million, or 11.7%)
- Operating profit improved to EUR 114 million, or 12.6% of sales (86 million, or 11.1%)
- Earnings per share were EUR 0.59 (0.38)
- Free cash flow was EUR 28 million negative (21 million positive)
- Agreement to acquire McCloskey International, a Canadian mobile crushing and screening equipment manufacturer, was signed. The acquisition of a Chilean mining services business was completed.
January-June 2019 in brief
- Orders received increased 10% to EUR 1,883 million (1,714 million)
- Sales grew 17%, totaling EUR 1,739 million (1,490 million)
- EBITA was EUR 222 million, or 12.8% of sales (176 million, or 11.8%)
- Operating profit was EUR 214 million, or 12.3% of sales (167 million, or 11.2%)
- Earnings per share were EUR 1.02 (0.71)
- Free cash flow was EUR 10 million (23 million)
|EUR million||Q2/2019||Q2/2018||Change %||H1/2019||H1/2018||Change %||2018|
|Orders received by services business||507||463||10||1,025||954||7||1,913|
|% of orders received||58||54||54||56||55|
|Order backlog at the end of period||1,850||1,601||16||1,686|
|Sales by services business||472||442||7||934||864||8||1,773|
|% of sales||52||57||54||58||56|
|% of sales||13.1||11.7||12.8||11.8||11.6|
|% of sales||12.6||11.1||12.3||11.2||11.1|
|Earnings per share, EUR||0.59||0.38||55||1.02||0.71||44||1.53|
|Free cash flow||-28||21||10||23||-57||146|
|Return on capital employed (ROCE) before taxes, %, annualized||20.9||16.8||16.9|
|Equity to assets ratio, %||43.4||47.0||47.7|
|Net gearing, %||28.7||13.7||11.7|
|Personnel at end of period||14,676||12,708||15||13,150|
Combination of Metso Minerals and Outotec – Flow Control to become an independent company
On July 4, Metso announced a combination agreement between Metso Minerals business and the Outotec Group. Flow Control will become an independent listed company to be renamed Neles. The transaction is expected to be completed in the second quarter of 2020.
- Market activity in both segments, Minerals and Flow Control, is expected to remain at the current high level in both the equipment and services business.
Metso’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.
President and CEO Pekka Vauramo:
We continued to perform well and made good progress during the second quarter. Activity in our end markets remained healthy and is shown in the good order intake for both Minerals and Flow Control. The pipeline for mining equipment orders continues to be good even though there were no large bookings during the quarter due to timing. Sales grew at a healthy double-digit rate in both segments. In addition to volume growth, we continue to show higher operational leverage with improving profitability in both segments. This proves that the internal work done across the businesses is generating the targeted results.
During the quarter we closed a mining services-related acquisition in Chile and signed an agreement to buy an aggregates equipment business in Canada. The acquired service business expands our services offering in the important mining markets in Chile and neighboring countries. It also strengthens our services capabilities to help customers to improve their productivity and performance. The McCloskey acquisition in Canada, which we expect to close in the fourth quarter, will expand our offering of mobile crushing and screening equipment and enable us to better meet the demands of a diverse customer base in the aggregates industry. Both acquisitions are logical steps in our profitable growth strategy.
In addition, on July 4, we announced an agreement to combine Metso Minerals with Outotec and to create an independent valve company, Neles. We are excited about the unique opportunities that this transaction will create. The Metso Outotec combination will enable us to drive sustainable growth together with our complementary offering of high-quality technology, in equipment and services, and leverage our extensive global presence, strong services network and large installed base. On the other hand, Neles will be able to capitalize on both organic and inorganic growth opportunities, thanks to its strong product portfolio and service offering as well as best-in-class profitability.
Audiocast and conference call details
Metso’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. EEST. The audiocast can be followed at www.metso.com/latestreports. 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 14 22
other countries: +44 333 300 08 04
The confirmation code for joining the conference call is 42030091#.
For further information:
Juha Rouhiainen, VP, Investor Relations, Metso Corporation, tel. +358 20 484 3253
VP, Investor Relations
Metso is a world-leading industrial company offering equipment and services for the sustainable processing and flow of natural resources in the mining, aggregates, recycling and process industries. With our unique knowledge and innovative solutions, we help our customers improve their operational efficiency, reduce risks and increase profitability. Metso is listed on the Nasdaq Helsinki in Finland and had sales of about EUR 3.2 billion in 2018. Metso employs over 14,000 people in more than 50 countries.
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
Bayport Management Limited Quarterly report March 202029.5.2020 22:00:00 CEST | Press release
Please find Bayport Management Limited Quarterly report March 2020 attached. Attachments BML Quarterly Report March 2020BML Quarterly Report March 2020
Ress Life Investments A/S: Ress Life Investments A/S publishes Net Asset Value (NAV)29.5.2020 20:50:00 CEST | Press release
Ress Life Investments Holbergsgade 14, 2 tv DK-1057 Copenhagen K Denmark CVR nr. 33593163 www.resslifeinvestments.com To: Nasdaq Copenhagen Date: 29 May 2020 Corporate Announcement 22/2020 Ress Life Investments A/S publishes Net Asset Value (NAV). Ress Life Investments A/S publishes the Net Asset Value (NAV) per share and performance data as of 15 May 2020. NAV per share in USD: 1955.92 NAV per share in EUR: 1811.38 The performance during the first half of May was 0.01% in USD. The year-to-date net performance is -0.15% in USD. Assets under management (AUM) was 184.6 million US dollars. Questions related to this announcement can be made to the company's AIF-manager, Resscapital AB. Contact person: Gustaf Hagerud email@example.com Tel + 46 8 545 282 27 Note: The terms for subscription of shares, minimum subscription amount and redemption of shares are provided in the Articles of Association, Information Brochure and in the Key Investment Information Document (KIID) availabl
Eastern Property Holdings Limited (EPH):First quarter 2020 Financial Update29.5.2020 19:45:23 CEST | Press release
29 May 2020, Road Town, Tortola, BVI KEY EVENTS In March 2020, the Company received EUR 204.7 million by issuance of subordinated notes to its two largest shareholders at an interest rate of 3.5% p.a. The management intends to use the funds for the acquisition of properties in Western Europe in order to further strengthen the Group’s business and follow its strategy to invest in premium quality income producing commercial property assets in Europe.Arbat sales have been continued: a few more apartments and parking lots were sold in Q1 2020.Leases with the Company’s top tenants (Chanel and Richemont Group) have been extended.As a subsequent event, in April 2020 the Company acquired 89.9% of interest in the Nhow Hotel in Berlin, Germany. The property had been completed in 2010 and comprises approximately 20,160 sqm, including 304 rooms, 86 underground & 39 surface parking spaces, a spa, restaurant and two music studios. FINANCIAL HIGHLIGHTS The Company’s rental properties demonstrate stab
Arion Bank: Transactions of primary insiders / financially connected parties29.5.2020 16:58:35 CEST | Press release
Please see announcements attached. Attachments BBL VII ehfBrekkuás ehf
AB Linas Agro Group performance and financial results for 9-month period of FY 2019/2029.5.2020 16:30:07 CEST | Press release
Consolidated revenue was 9.6 % less and totaled EUR 476 million. Sales volume reached 1.67 million tons of various products and was 3.2% less as compared to previous year. The gross profit reached EUR 27.1 million and was 11,8 % higher than a year before. Consolidated EBITDA was 74 % higher and amounted to EUR 11.8 million. The operating profit was EUR 2.9 million (last year there was an operating loss of EUR 1.2 million). Profit before taxes amounted to EUR 0.67 million (compared to a loss of EUR 3.6 million in the previous year). Net profit attributable to the Group amounted to EUR 0.64 million (previous year there was a loss of EUR 3.5 million). A brief comment by Finance Director Mažvydas Šileika: Trade in grains, oilseeds and feedstuffs has been affected by the pandemic as the borders of the countries were closed, and the value of some stocks that haven’t been sold before quarantine has declined during the quarantine. Sales fell 16% to EUR 305 million. However, the operating profi
Conditions for Riksbank Bid Procedures SEK Municipal Bonds29.5.2020 16:20:00 CEST | Press release
Bid procedure on 2 June 2020, Municipalities and Regions Bonds:Fixed-rate Bonds issued in SEK by Municipalities or Regions with maturity in 2023. The following issuers are accepted for delivery: Borås Kommun Göteborgs Kommun Jönköpings Kommun Nacka Kommun Norrköpings Kommun Skåne Läns Landsting Stockholms Kommun Stockholms Läns Landsting Sundsvalls Kommun Vellinge Kommun Delivery may not be made in Bonds purchased by the Counterparty from the issuer less than one week prior to the date for announcing the Specific terms, i.e. the purchase may not have been made after 22 May 2020.Bids:Bids are made to tel 08-696 69 70 and confirmed in writing by a filled-in Bid form by e-mail to EOL@riksbank.se.Bid date:Tuesday 2 June 2020Bid time:1000-1100 hours (CEST) on the Bid dateRequested volume: (corresponding nominal amount)SEK 750 +/- 750 millionHighest permitted bid volume: (corresponding nominal amount)The total bid volume from one Counterparty for the two Credit rating classes may not exceed