January-June 2011 Interim report
OUTOTEC OYJ INTERIM REPORT JULY 29, 2011 AT 12.00 PM INTERIM REPORT JANUARY-JUNE 2011 Record-high order intake and backlog, strong sales growth January-June 2011 in brief (2010): * Order intake: EUR 875.7 million (EUR 769.1 million), +14% * Order backlog: EUR 1,664.1 million (EUR 1,310.1 million), +27% * Sales: EUR 536.0 million (EUR 410.8 million), +30% * Operating profit from business operations (excluding one-time items and purchase price allocation (PPA) amortizations): EUR 32.3 million (EUR 14.9 million), +117% * Net cash flow from operating activities: EUR 105.7 million (EUR 42.0 million), +152% * Earnings per share: EUR 0.45 (EUR -0.07) April-June 2011 in brief (2010): * Order intake: EUR 532.1 million (EUR 349.7 million), +52% * Sales: EUR 288.4 million (EUR 223.8 million), +29% * Operating profit from business operations (excluding one-time items and purchase price allocation (PPA) amortizations): EUR 12.1 million (EUR 11.3 million), +7% * Net cash flow from operating activities: EUR 45.9 million (EUR 34.6 million), +33% Financial guidance for 2011 reiterated. President and CEO Pertti Korhonen: "The positive market sentiment continued throughout the first half of 2011 supported by the long-term metals demand projections and historically high metal prices. The activity was especially high in gold, base metals, aluminum and iron industries. I am very pleased with our record-high order intake in the second quarter, which has led to an all-time high order backlog at the end of the reporting period. New orders in the second quarter include the design and turnkey delivery of the world's largest iron ore pelletizing plant for Samarco Mineração in Brazil. Services sales continued to grow strongly and was 30% higher than in the comparison period. Our operating profit more than doubled from the first half of 2010. The quarterly fluctuation of the operating profit was due to normal revenue and profit recognition timing patterns inherent in the project deliveries, and unrealized and realized foreign exchange gains and losses. Our cash flow was good thanks to the advance payments and the company's financial position has remained solid, putting us in a good position to further expand our technology base and business through acquisitions.Clause 11.4 Funding Agreement - News
The Company also reduced its repurchase agreement funding by $10.0 million and its Federal Home Loan Bank borrowings $3.5 million since the beginning of the year. Capital decreased $1.0 million since year end, but with the decrease in assets,
The Argentina international and the Iranian football consultant have been close since Joorabchian was the Corinthians executive who paid $22m (then £11.4m) to take Tevez to São Paulo from Boca Juniors. Joorabchian had the job after $35m was promised to
Furthermore, financial institutions have been willing to provide funding in emerging and developing markets. In addition, high metals prices coupled with the ensuing strong cash flows, have been supporting Outotec's customers in financing of new
Management attributes these improvements to an increase in Bank Mutual's core deposit accounts, consisting of checking, savings, and money market accounts, which increased by $95.3 million or 11.4% during the twelve months ended June 30, 2011.
Consolidated sales in Emerging Markets increased by 11.4% to euro 188 million. Net sales of (R) reached euro 536 million, down 34.8% in the second quarter, reflecting additional loss of market share against generic competition versus the first quarter
Hungary: tenders for Budapesta-Esztergom renovation
Romania’s Prime Minister Emil Boc gave minister a deadline in two weeks for presenting programmes for decentralisation and attraction of European funds. “You have two weeks to present your solutions to transfer to local authorities, more precisely, local councils, municipalities, county councils, attributions and patrimony”, the Prime Minister warned. Emil Boc also commented on the [...]
Russian Railways will sell its 54.4% interest in TransCreditBank to VTB for about RUB 30bn (approx. USD 1.07bn), Russian Railways President Vladimir Yakunin said. Speaking after signing an agreement to sell a 29.4% stake in the bank, Yakunin said that Russian Railways will receive about RUB 16.5bn (approx. USD 588m) for this stake. After Russian [...]
EBRD and IFC are supporting Romania’s strategy to increase its renewable energy production by lending EUR 73.3 Million to co-finance the operation of projects. EBRD and IFC are lending EUR 36.7 Million each to Pestera Power SA, majority-owned by EDP Renováveis (EDPR).This is the second investment and project financing by EBRD and IFC in the [...]
Hungary’s National Development Agency (NDA) will initiate an expedited procedure to countersign the modified contract concluded on July 20 between the city of Budapest and France’s Alstom Group for the purchase of underground trains for two new lines of the Budapest Metro. Although the countersigning by the National Development Agency is not a condition for [...]
On July 27, the Romanian Ministry of Transport and Infrastructure launched for public debate the proposal of a Government Ordinance law on the set-up of the Bucharest Metropolitan Transport Authority. “Lacking a single coordination and a strategy for integrating public transport services in the entire area, each operator activates independently for establishing development programmes and [...]
The Delhi Metro Rail is planning to install a new signalling system in order to improve rail frequency. The new radio-based system will replace the current signalling system, which relies on track circuit boxes that determine the speed of the train and its frequency. The new communication-based train control system depends on radio communication, which [...]
The context of globalisation, the current political and economic framework, the fierce intermodal competition and the development of the railway business sector, this is the background hosting this year’s edition of the “Railway Days” WBSA Railway Summit organised in Bucharest by Club Feroviar and the Romanian Railway Industry Association (AIF). The 6th edition is focused [...
Clause 11.4 Funding Agreement - Bookshelf
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