Tieto Corporation Interim Report 21 October 2009, 8.00 am EET
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July-September highlights
* Net sales totalled EUR 382.9 (425.3) million, down 10%. In local
currencies, net sales declined by 6%.
* Operating profit amounted to EUR 26.3 (33.8) million,
representing an operating margin of 6.9% (8.0).
* Operating profit excluding one-off items amounted to EUR 30.1
(36.7) million, 7.9% (8.6) of net sales.
* Profit after taxes was EUR 18.4 (23.7) million.
* Net cash flow from operations amounted to EUR 32.2 (-5.7)
million.
* Financial Services has started to recover, whereas Telecom
continued to suffer from weak demand.
* All country segments - Finland, Sweden and International - were
profitable.
* Tieto's net sales and profitability outlook for the full year
remains unchanged.
January-September highlights
* Net sales totalled EUR 1 265.7 (1 373.7) million, down 8%. In
local currencies, net sales declined by 4%.
* Operating profit amounted to EUR 41.6 (88.0) million,
representing an operating margin of 3.3% (6.4).
* Operating profit, excluding one-off items, amounted to EUR 69.5
(107.5) million, 5.5% (7.8) of net sales.
* Profit after taxes was EUR 29.4 (58.7) million.
* Net cash flow from operations amounted to EUR 62.1 (112.8)
million.
Q3/2009 Q3/2008 Jan-Sep/ Jan-Sep/
2009 2008
Net sales, EUR million 382.9 425.3 1 265.7 1 373.7
Change in net sales, % -10 5 -8 7
Operating profit, EUR million 26.3 33.8 41.6 88.0
Operating margin, % 6.9 8.0 3.3 6.4
Operating profit excl. one-off 30.1 36.7 69.5 107.5
items, EUR million
Operating margin excl. one-off 7.9 8.6 5.5 7.8
items, %
Profit after taxes, EUR million 18.4 23.7 29.4 58.7
Net cash flow from operations, EUR 32.2 -5.7 62.1 112.8
million
EPS, EUR 0.25 0.33 0.40 0.81
Hannu Syrjälä, President and CEO:
"General market conditions remained unchanged. Tieto's net sales were
down by 10%, but even with lower sales we were able to deliver a
margin of close to 7%. All country segments - Finland, Sweden and
International - were profitable.
The current year has been characterized by restructuring activities
in Tieto. These actions were started last spring and are now paying
off. During the past nine months, we have lowered our cost base in
line with our plans. Most of the planned streamlining actions have
been completed; work to increase the offshoring ratio continues.
Our outsourcing pipeline is strong, but it will take some time before
we can turn these prospects into signed deals. Customers continue to
be very cautious with their IT investments and are focusing primarily
on cost savings. Tieto is well positioned in its main markets, and
with our new operating structure, innovative offerings and
customer-centric services that aim to boost productivity and
efficiency, we can support our clients through the downturn and into
growth."
MARKET DEVELOPMENT
Polarization of the IT services market continued during the quarter.
On the one hand, the market for new, large-scale IT projects has
continued to decline and new investments are being postponed, unless
they offer clear short-term productivity benefits. On the other, the
outsourcing market is active and the size of new potential cases has
grown. Companies' efforts to achieve cost savings and improve
productivity by rationalizing their operations are opening up new
business opportunities.
In 2009, the IT services market relevant to Tieto is expected to
decline, but less than what had been predicted earlier, due to the
balancing effect of outsourcing business. Close to 60% of Tieto's
business is related to application and ICT infrastructure management
as well as maintenance, which are more resilient to the impacts of an
economic downturn.
Asian competitors have been present in the Nordic countries for some
time, especially in the telecom sector. This year they have entered
other sectors as well, compelling European IT companies to accelerate
offshore production. Adequate offshore capability has become an
increasingly vital competitive factor. Price pressure remained hard
during the quarter.
Demand for IT services continued at a good level in the public,
healthcare and welfare sectors. In the finance sector, the Finnish
and Swedish markets are stable, but competition is fierce. In the UK,
the finance sector is weak with no signs of increasing activity in IT
investments.
In the telecom sector, demand remained weak in the third quarter.
Customers have implemented aggressive cost savings and supplier
consolidation programmes. Demand for offshore production has
increased and customers are shifting their core operations and
decision-making to Asia, especially China and India. As early signs
of stabilization are now visible, Tieto expects the telecom market to
bottom out by the end of 2009.
Market development by country
In Finland, the outsourcing market continues to grow. Additionally,
customers are in the market to buy enhancements to existing
applications. However, demand for new IT projects and consultancy has
remained weak. The telecom sector and the Finnish exports sector,
especially the metal and forest industries, face the greatest
challenges. IT budgets in the public sector have not been affected so
far.
In Sweden, demand has remained weak in the telecom sector, although
there are early signs of a stabilizing market. Due to general
cautiousness, the trend is that only few new development projects are
started. On the other hand, new outsourcing-related opportunities
have opened up, especially in the finance and public sectors.
Outside Finland and Sweden, the recession has affected the IT markets
negatively, but impacts vary country by country. In general, telecom
is the most affected sector.
In Germany, the automotive sector has been hit the hardest and is now
going through a heavy transformation process. Additionally, the
market for local telecom R&D has deteriorated during the quarter.
Therefore, demand for IT services in these sectors has been weak.
Energy and healthcare markets are active.
In Norway, the local IT market has slackened despite the fact that
the economy has been hit less hard than other European markets. The
global oil & gas market is currently at a reasonable level, but is
slowing down. Regulatory changes in the finance sector create new
opportunities for capital market solutions.
BUSINESS TRANSACTIONS AND MAJOR AGREEMENTS IN JANUARY-SEPTEMBER
In June, the company divested its holding in TietoSaab Systems Oy,
previously owned by Tieto (60%) and Saab (40%). In 2008, net sales of
TietoSaab Systems amounted to EUR 9.3 million. Tieto booked EUR 4.9
million in capital gains from the divestment in the second quarter.
In June, Tieto agreed on the acquisition of 20% of the shares in TKP
Tieto Oy and as of 1 July owns the entire share capital of the
company. TKP Tieto was a joint venture, owned by Tieto (80%) and
Finnish pension insurance institutions (20%). In 2008, net sales of
TKP Tieto amounted to around EUR 32 million and the number of
personnel totalled 211.
Tieto also concluded several important agreements during the
nine-month period, such as for application management services with
Elisa and IT infrastructure services with Itella.
STREAMLINING ACTIONS
To adjust its operations to the current declining market, Tieto
started streamlining actions during the first quarter of 2009. The
company's target is to achieve annualized cost-savings amounting to
EUR 100 million, of which approximately EUR 70 million is expected to
materialize in 2009.
Resulting from the cost savings programmes and currency effects, the
cost base, exclusive of non-recurring items, was down by EUR 62
million in the nine-month period. Close to half of the decline was
attributable to currency effects. Within the remaining half, decline
in personnel costs accounts for around 60% of the savings. The
streamlining measures also include accelerated growth in offshore
resources, consolidation of offices and cutting business expenses
throughout the Group.
During the nine-month period, Tieto has booked a total of EUR 46.0
million in restructuring costs, of which close to EUR 4 million were
booked in the third quarter. The nine-month figure includes EUR 16.4
million in costs related to the Performance Improvement Programme. In
the fourth quarter, the company expects to book approximately EUR 5
million in one-off costs. All costs have a cash flow effect
materializing mainly in the third and fourth quarter.
FINANCIAL PERFORMANCE IN JULY-SEPTEMBER
Third-quarter net sales declined by 10% and amounted to EUR 382.9
(425.3) million. The weakened currencies, especially the Swedish
krona (SEK), had a negative impact on net sales in euros. In local
currencies, net sales declined by 6%. Net sales dropped in all
customer industries. Outsourcing activity remained at a high level,
but the market for new projects has not picked up. The most
challenging sectors were the telecom and manufacturing industries,
while development was more stable in the service sectors, i.e.
healthcare and welfare, public and retail sectors. The development in
the finance sector is stabilizing and turning to a positive
direction.
Third-quarter operating profit amounted to EUR 26.3 (33.8) million,
representing a margin of 6.9% (8.0). Operating profit included a net
amount of EUR 3.8 million (negative) in one-off items mainly related
to streamlining actions. The net amount comprises EUR 4.5 million in
one-off costs in Sweden and EUR 0.7 million (positive) mainly related
to reduction of provisions. Operating profit excluding one-off items
amounted to EUR 30.1 (36.7) million, representing a margin of 7.9%
(8.6). Financial Services started to recover, whereas Telecom
continues to suffer from weak demand.
All country segments delivered a positive operating margin. The
number of employees was down during the quarter, resulting in a
decrease in personnel costs and a higher utilization rate. After an
unsatisfactory first half, profitability improved due to the decrease
in personnel costs coupled with lower business expenses and
subcontracting costs.
Net financial expenses stood at EUR 0.9 (-3.5) million positive in
the third quarter. Net interest expenses were EUR 1.9 (2.3) million
and net gains from foreign exchange transactions EUR 2.8 (negative
2.2) million. Other financial income and expenses amounted to EUR 0.0
(positive 1.0) million.
Third-quarter earnings per share (EPS) totalled EUR 0.25 (0.33).
The 12-month rolling return on capital employed (ROCE) was 18.6% and
the return on shareholders' equity (ROE) 6.3%.
The order backlog, which only comprises services ordered with binding
contracts, amounted to EUR 1 145 (1 141) million at the end of the
period. In total, 29% (26) of the backlog is expected to be invoiced
this year.
Financial performance by country
Net sales EBIT EBIT
in Net sales margin margin
Q3/2009, in in in
EUR Q3/2008, Change, Q3/2009, Q3/2008,
million EUR million % % %
Finland 199 199 0 14.6 12.9
Sweden 103 123 -16 4.7 11.5
International 130 140 -8 0.5 3.7
Group - 48 - 37
elimination
Total 383 425 -10 6.9 8.0
In Finland, net sales remained flat. The market for new outsourcing
cases was strong and Tieto concluded several new small and mid-sized
deals and agreement renewals, such as those with Kesko and the Local
Government Pensions Institution, closing the revenue gap caused by
ending contracts. Due to the savings programmes, personnel costs as
well as business expenses were down and profitability improved in the
third quarter. Operating profit amounted to EUR 29.0 (25.7) million.
In Sweden, net sales declined by 16%. In local currency, the decline
was 10%. Excluding the currency impact, the drop in sales was mainly
attributable to the weak development in the telecom sector. Telecom
accounts for close to 40% of Tieto's net sales in Sweden. Operating
profit declined to EUR 4.8 (14.1) million, due to lower net sales and
EUR 4.5 million in one-off cost related to actions to further improve
cost structure. Due to streamlining actions profitability improved
compared with the first two quarters of 2009. The operating profit,
however, includes a positive non-recurring internal adjustment of
approximately EUR 2 million.
In International, net sales declined by 8%, reflecting lower demand.
Two percentage points of the decline were attributable to changes in
exchange rates. The telecom sector in Denmark and the finance sector
in the UK were the most challenging areas. Third-quarter operating
profit declined to EUR 0.7 (5.2) million, mainly due to lower net
sales. Streamlining actions, especially those in the UK, have
balanced out the negative development and turned International back
into the black, but profitability still remained at a very low level.
Net sales by customer sector
Net sales in Net sales in
Q3/2009, Q3/2008,
EUR million EUR million Change, %
Telecom 132 147 -10
Finance 87 92 -6
Industry sectors 165 186 -12
Total 383 425 -10
In the telecom sector, Tieto's net sales fell by 10%. Majority of the
drop in net sales is attributable to lower order volumes.
Additionally, weaker currencies had a major impact on net sales.
Competition in the telecom market has become even more aggressive
emphasizing the importance of offshore capabilities. As Tieto has not
been able to adjust its Telecom operations fast enough to respond to
the market changes, profitability was at an unsatisfactory level in
the third quarter.
In the finance sector, net sales fell by 6%. Exchange rate changes
account for more than half of the drop. Business has been stable in
Finland but in Sweden, the market is more competitive. Net sales in
the UK have continued to decline. Products for Capital Markets
comprised the strongest area, partly due to regulatory changes. Due
to the good utilization rate and streamlining actions, operating
profit and margin improved significantly from both the corresponding
quarter in 2008 and the first half of 2009.
In the industry sectors, net sales declined by 12%, or by 6% in local
currencies. Manufacturing and forest were the weakest areas during
the quarter. Profitability in the industry sectors was at a healthy
level. In Tieto's reporting, the industry sectors cover customers in
healthcare and welfare, forest, energy, manufacturing, automotive,
public, retail and logistics.
FINANCIAL PERFORMANCE IN JANUARY-SEPTEMBER
Net sales declined by 8% and amounted to EUR 1 265.7 (1 373.7)
million. The weakened currencies had a negative impact on net sales
in euros. In local currencies, net sales declined by 4%. The telecom
sector in Denmark and the finance sector in the UK were the most
challenging areas.
Operating profit amounted to EUR 41.6 (88.0) million including a net
amount of EUR 46.0 million in one-off items that were related to the
restructuring actions during 2009 and EUR 18.1 million in one-off
income. One-off income includes EUR 4.9 million in capital gain from
the TietoSaab divestment in Finland and a positive change of EUR 13.2
million in revenue recognition estimate in Tieto International.
Operating profit excluding one-off items amounted to EUR 69.5 (107.5)
million, representing a margin of 5.5% (7.8).
Financial performance by country
EBIT EBIT
margin margin
Net sales in Net sales in in in
Jan-Sep/2009, Jan-Sep/2008, Change, Jan-Sep/ Jan-Sep/
EUR million EUR million % 2009, % 2008, %
Finland 655 661 -1 11.6 13.0
Sweden 337 407 -17 -3.1 7.7
International 414 420 -1 -2.4 1.1
Group - 141 - 115
elimination
Total 1 266 1 374 -8 3.3 6.4
Net sales by customer sector
Net sales in Net sales in
Jan-Sep /2009, Jan-Sep/2008,
EUR million EUR million Change, %
Telecom 434 486 -11
Finance 270 298 -10
Industry sectors 563 590 -5
Total 1 266 1 374 -8
Net financial expenses stood at EUR 3.5 (12.2) million in the
nine-month period. Net interest expenses were EUR 5.4 (6.8) million
and net gains from foreign exchange transactions EUR 2.3 (losses 4.5)
million, of which EUR 3.5 million were unrealized net losses. Other
financial income and expenses amounted to EUR 0.4 (0.9) million.
Nine-month earnings per share (EPS) totalled EUR 0.45 (0.81).
Cash flow and financing
Third-quarter net cash flow from operations, including the increase
of EUR 22.8 (increase 46.5) million in net working capital, amounted
to EUR 32.2 (-5.7) million. The increase in net working capital
was mainly caused by the decrease in accruals for restructuring costs
and vacation pay.
Nine-month net cash flow from operations declined to EUR 62.1 (112.8)
million, reflecting negative cash flow in the second quarter. Net
cash flow from operations includes the increase of EUR 20.5 (5.3)
million in net working capital.
Tax payments amounted to EUR 10.9 (16.3) million in the nine-month
period.
Acquisitions totalled EUR 2.1 (6.6) million in the nine-month period.
The equity ratio was 43.2% (42.0). Gearing was 24.2% (34.3).
Interest-bearing net debt totalled EUR 118.9 (169.7) million,
including EUR 224.0 million in interest-bearing debt, EUR 10.6
million in finance lease liabilities, EUR 10.1 million in finance
lease receivables and EUR 105.6 million in cash and cash equivalents.
The interest-bearing long-term debt consists of EUR 150 million in
bonds, of which EUR 100 million will mature in December 2013 and EUR
50 million (private placement) in July 2012. Short-term
interest-bearing loans of EUR 74.0 million include EUR 55.0 million
drawn from the EUR 250 million syndicated revolving credit facility
maturing in November 2011, EUR 18.7 million in commercial papers
issued under the EUR 250 million Commercial Paper Programme and EUR
0.3 million usage of other short-term credit lines.
Investments
Investments totalled EUR 43.2 (85.1) million for the nine-month
period. Capital expenditure, including financial leasing, accounted
for EUR 41.7 (70.4) million and investments in subsidiary and
associated company shares for EUR 1.5 (14.5) million.
PERSONNEL
During spring 2009, Tieto started personnel negotiations to decrease
the number of employees throughout the Group. As a result of the
completed personnel negotiations, approximately 700 employees have
been given notice by the end of September.
The number of full-time employees amounted to 16 215 (16 392) at the
end of September. From the beginning of 2009, the total headcount
decreased by 643 in onshore countries, and increased by 330 in
offshore sites. Out of the total net change, acquisitions,
divestments and new outsourcing contracts added a total of 67
employees to the headcount. Year on year, the number of employees in
the global delivery centres had increased by 17% and amounted to
about 4 620 (3 950), or 27% (23) of the total headcount at the end of
September. Global operations have grown fast, especially in India and
China.
The 12-month rolling employee turnover stood at 7.0% at the end of
September. The average number of full-time employees was 16 577 (16
355) in the nine-month period.
SHARES AND SHARE-BASED INCENTIVES
On 26 March, the Board of Directors decided to convey a total of
74 260 existing shares held by the company, for free, to the key
personnel participating in Tieto's Share Ownership Plan 2006-2008, as
a proportion of the reward to be paid as shares on the basis of the
earning period 2008. The conveyance took place at the end of April.
During the second quarter, Tieto completed the share repurchase
programme of 252 610 shares. The share repurchases relate to the
company's incentive programme for key personnel announced in December
2008 (Performance Share Plan 2009-2011). The plan includes one
three-year earning period, which will end on 31 December 2011. Own
shares were purchased with the company's distributable funds,
reducing the company's distributable non-restricted equity.
During the third quarter, a total of 48 900 stock options 2006 A were
cancelled. After the cancellation, the remaining 410 350 stock
options 2006 A entitle the holders to subscribe for 410 350 shares.
At the end of September, the total number of shares amounted to
72 023 173 and the share capital to EUR 75 841 523. On 17 July 2009,
a total of 1 500 Tieto shares were returned free of consideration to
the company. The company's now holds a total of 541 500 own shares,
representing 0.8% of the total number of shares and voting rights.
The outstanding number of shares, excluding the shares in the
company's possession, was 71 481 673.
EVENTS AFTER THE PERIOD
The Annual General Meeting decided on 26 March 2009 to offer free of
charge a maximum of 1 800 000 stock options for subscription by the
key personnel of the Group as well as by a wholly-owned subsidiary of
Tieto Corporation. Within this programme, the Board of Directors has
decided to allocate a total of 520 000 stock options 2009 A to 247
key employees of the Group based on performance.
The Board of Directors has accepted a synthetic option programme
Tieto Corporation Phantom Options 2009. The Board has decided to
allocate 31 000 Phantom Options to 15 key employees of Tieto Group
based on performance in those countries, where stock options are not
practical to be used. A maximum of 200 000 Phantom Options 2009 that
may entitle their holders to a cash reward can be issued under this
plan.
On 20 October, Tieto and Nokia Siemens Networks announced that they
have signed a global IT service agreement concerning IT application
management services for Nokia Siemens Networks' research and
development (R&D) and customer care related applications. In
addition, approximately 75 employees from Nokia Siemens Networks are
planned to be transferred to Tieto by 1 February 2010. Out of the
transferring employees 40 are based in Finland, 25 in China and India
and about 10 in other European countries. The final implementation of
the agreement is subject to works council consultations and other
statutory legal processes.
NEAR-TERM RISKS AND UNCERTAINTIES
Weak demand for IT services might lead to lower utilization of
resources, hard price competition in new agreements and price erosion
in general. If the company is not able to adjust its cost base fast
enough to compensate for negative changes in the market situation,
its profitability will decline.
As close to 40% of Tieto's net sales are generated in non-euro
countries, further weakening of currencies, especially the Swedish
krona (SEK), would have a negative impact on net sales and operating
profit translated into euro.
However, the company foresees that the risks of further large-scale
deterioration of the IT market situation and strong further weakening
of currencies have declined from the second quarter.
A comprehensive description of the major long-term risks is available
on the company's website.
OUTLOOK FOR 2009
There are signs of stabilization in the IT market and Tieto
anticipates that the market will bottom out during 2009. However, the
potential pick-up in demand would have a delayed effect on the
company's net sales. Therefore Tieto's net sales and profitability
outlook for the full year remains unchanged. The company expects its
full-year net sales and operating profit to decline from last year.
Financial calendar for 2009
Capital Market Day on 26 November
Financial calendar for 2010
Fourth-quarter interim report and financial statements bulletin for
2009 on 10 February
Annual Report 2009 on Tieto's website during week 8
Annual General Meeting on 25 March
First-quarter interim report on 27 April
Second-quarter interim report on 21 July
Third-quarter interim report on 27 October
Accounting policies in 2009
The interim report has been prepared in accordance with International
Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted
by the EU.
Tieto has reclassified all internal long-term loans to Swedish
subsidiaries as a net investment in a foreign operation according to
IAS 21. All related unrealized foreign exchange gains and losses from
the net investment are recognized directly in shareholders' equity.
Excluding this change the accounting policies adopted are consistent
with those used in the annual financial statements for the year ended
31 December 2008 and as described in the annual financial statements.
Of the new standards and interpretations Tieto adopted in 2009, IFRS
8 "Operating Segments" is the only one with a major impact on the
Group's financial statements.
Tieto adopted a new financial reporting structure at the beginning of
2009. The countries are the main operating segments and its reporting
covers Finland, Sweden and International. Reportable segments are
defined based on IFRS 8, "Operating Segments". Deviating from IFRS 8,
Tieto will start to report the Group's net sales by products and
services in 2010.
IAS 1 (Revised) "Presentation of Financial Statements" will have a
minor impact on required disclosures.
The figures in this report are unaudited.
Key figures 2009 2008 2009 2009 2009 2008 2008
7-9 7-9 4-6 1-3 1-9 1-9 1-12
Earnings per share, EUR
- basic 0.25 0.33 0.14 0.01 0.40 0.81 0.83
- diluted 0.25 0.33 0.14 0.01 0.40 0.81 0.83
Equity per share, EUR 6.82 6.90 6.46 6.31 6.82 6.90 6.75
Return on equity rolling 12
month, % 6.3 -2.4 7.8 10.2 6.3 -2.4 12.6
Return on capital employed
rolling 12 month, % 18.6 8.9 18.5 25.3 18.6 8.9 25.2
Equity ratio % 43.2 42.0 40.7 40.0 43.2 42.0 41.1
Net interest-bearing
liabilities, EUR million 118.9 169.7 139.2 79.2 118.9 169.7 101.4
Gearing, % 24.4 34.3 30.1 17.5 24.4 34.3 21.0
Investments, EUR million 12.7 25.7 14.4 16.1 43.2 85.1 97.9
Number of
shares 2009 2009 2009 2009 2008 2008
7-9 4-6 1-3 1-9 7-9 1-12
Outstanding shares,
end of period
Basic 71 481 673 71 483 173 71 661 523 71 481 673 71 661 523 71 661 523
Diluted 71 555 933 71 557 433 71 739 083 71 555 933 71 661 523 71 739 083
Outstanding
shares,
average
Basic 71 481 934 71 577 023 71 661 523 71 572 835 71 661 523 71 661 523
Diluted 71 556 194 71 652 226 71 739 083 71 648 497 71 661 523 71 739 083
Company's possession
of its own shares
End of
period 541 500 540 000 361 650 541 500 361 650 361 650
Average 541 239 446 150 361 650 450 338 361 650 403 945
Income statement, EUR
million 2009 2008 2009 2008 Change 2008
7-9 7-9 1-9 1-9 % 1-12
Net sales 382.9 425.3 1 265.7 1 373.7 -8 1 865.7
Other operating income 1.3 2.2 11.3 8.4 35 10.8
Employee benefit expenses 210.7 227.1 743.4 777.2 -4 1 056.0
Depreciation and
amortization 16.9 16.7 53.2 49.3 8 66.1
Other operating expenses 130.3 149.9 438.8 467.6 -6 642.8
Operating profit (EBIT) 26.3 33.8 41.6 88.0 -53 111.6
Net interest expenses -1.9 -2.3 -5.4 -6.8 -21 -9.3
Net exchange losses/gains 2.8 -2.2 2.3 -4.5 -151 -21.2
Other financial income and
expenses 0.0 1.0 -0.4 -0.9 -56 1.3
Profit before taxes 27.2 30.3 38.1 75.8 -50 82.4
Income taxes -8.8 -6.6 -8.7 -17.1 -49 -21.9
Net profit for the period 18.4 23.7 29.4 58.7 -50 60.5
Net profit for the period
attributable to
Shareholders of the
Parent company 18.2 23.7 28.9 58.3 -50 59.9
Minority interest 0.2 0.0 0.5 0.4 25 0.6
18.4 23.7 29.4 58.7 -50 60.5
Earnings attributable to the shareholders
of the Parent company per share, EUR
Basic 0.25 0.33 0.40 0.81 -51 0.83
Diluted 0.25 0.33 0.40 0.81 -51 0.83
Statement of comprehensive income, EUR million
Net profit for the period 18.4 23.7 29.4 58.7 -50 60.5
Tax impact on share-based payments 0.0 0.0 0.2 0.0 0.0
Translation difference (net of tax) 6.4 -0.4 10.3 -6.4 -261 -21.5
Total comprehensive income 24.8 23.3 39.9 52.3 -24 39.0
Total comprehensive income
attributable to
Shareholders of the parent company 24.6 23.3 39.4 51.9 -24 38.4
Minority interest 0.2 0.0 0.5 0.4 25 0.6
24.8 23.3 39.9 52.3 -24 39.0
Balance sheet, EUR million 2009 2008 Change 2008
30 Sep 30 Sep % 31 Dec
Goodwill 398.2 412.9 -4 389.3
Other intangible assets 44.1 59.3 -26 53.1
Property, plant and equipment 99.0 102.2 -3 100.5
Deferred tax assets 67.8 66.3 2 67.8
Other non-current assets 0.9 1.6 -44 1.5
Total non-current assets 610.0 642.3 -5 612.2
Trade and other receivables 474.1 549.4 -14 498.5
Current income tax receivables 10.7 19.7 -46 13.9
Interest-bearing current assets 10.2 10.2 0 9.7
Cash and cash equivalents 105.6 58.2 81 120.2
Total current assets 600.6 637.5 -6 642.3
Total assets 1 210.6 1 279.8 -5 1 254.5
Share capital, share issue
premiums and other reserves 110.7 111.9 -1 109.0
Retained earnings 375.4 381.2 -2 373.0
Parent shareholders' equity 486.1 493.1 -1 482.0
Minority interest 1.7 1.4 21 1.6
Total equity 487.8 494.5 -1 483.6
Finance lease liability 10.6 14.7 -28 14.5
Other interest-bearing loans 150.0 150.1 0 150.0
Deferred tax liabilities 28.9 29.6 -2 29.2
Pension obligations 18.5 22.4 -17 17.2
Provisions 49.3 27.5 79 28.6
Other non-current liabilities 1.5 1.7 -12 1.6
Total non-current liabilities 258.8 246.0 5 241.1
Trade and other payables 376.4 451.7 -17 447.5
Current income tax liabilities 13.6 14.2 -4 15.6
Interest-bearing loans 74.0 73.4 1 66.7
Total current liabilities 464.0 539.3 -14 529.8
Total equity and liabilities 1 210.6 1 279.8 -5 1 254.5
Net working capital in the balance sheet, EUR million
2009 2008 Change 2009 2009 2008
30 Sep 30 Sep % 31 Mar 30 Jun 31 Dec
Accounts receivable 301.4 317.2 -5 336.4 312.1 357.7
Other working capital
receivables 171.8 231.5 -26 151.3 156.5 140.3
Working capital receivables
included in assets 473.2 548.7 -14 487.7 468.6 498.0
Operative accruals 136.3 217.5 -37 197.1 160.0 191.1
Other working capital
liabilities 232.8 225.1 3 250.5 222.8 250.6
Pension obligations and
provisions 67.8 50.0 36 55.5 72.2 45.7
Working capital liabilities
included in current
liabilities 436.9 492.6 -11 503.1 455.0 487.4
Net working capital in the
balance sheet 36.3 56.1 -35 -15.4 13.6 10.6
Cash flow, EUR million 2009 2008 2009 2009 2009 2008 2008
7-9 7-9 4-6 1-3 1-9 1-9 1-12
Cash flow from
operations
Net profit 18.4 23.7 10.0 1.0 29.4 58.7 60.5
Adjustments
Depreciation,
amortization and
impairment 16.9 16.7 19.0 17.3 53.2 49.3 66.1
Share-based payments 1.0 1.3 1.1 1.0 3.1 3.2 4.1
Profit/loss on sale
of fixed assets and
shares 0.3 0.0 -6.1 0.0 -5.8 0.2 0.2
Other adjustments -0.2 0.0 0.8 0.1 0.7 -1.3 -1.3
Net financial
expenses -0.9 3.5 1.6 2.8 3.5 12.2 29.2
Income taxes 8.8 6.6 -1.2 1.1 8.7 17.1 21.9
Change in net working
capital -22.8 -46.5 -25.8 28.1 -20.5 -5.3 30.3
Cash generated from
operations 21.5 5.3 -0.6 51.4 72.3 134.1 211.0
Net financial expenses
paid 5.0 -4.2 -1.3 -3.0 0.7 -5.0 -6.0
Income taxes paid 5.7 -6.8 -10.2 -6.4 -10.9 -16.3 -14.0
Net cash flow from
operations 32.2 -5.7 -12.1 42.0 62.1 112.8 191.0
Cash flow from investing
activities
Acquisition of Group
companies and business
operations, net of cash
acquired 0.2 -3.8 0.1 -2.4 -2.1 -6.6 -8.0
Capital expenditure -12.0 -21.7 -13.4 -15.9 -41.3 -53.2 -68.5
Advance payment for
acquisition of shares 1.0 - -1.0 - 0.0 - -
Disposal of business
operations 0.0 - 5.7 0.0 5.7 - -
Sales of fixed assets 1.2 0.2 1.7 0.0 2.9 1.5 3.0
Change in loan
receivables 1.3 -0.1 -1.9 0.1 -0.5 -2.3 -1.4
Net cash used in
investing activities
from operations -8.3 -25.4 -8.8 -18.2 -35.3 -60.6 -74.9
Cash flow from financing
activities
Dividends paid 0.0 0.0 -36.3 0.0 -36.3 -36.0 -36.0
Repurchase of own
shares 0.0 0.0 -2.6 0.0 -2.6 - -
Payment of finance
lease liabilities -1.3 -0.9 -3.9 1.3 -3.9 -2.6 -2.6
Change in
interest-bearing
liabilities -16.5 -3.1 70.4 -46.6 7.3 -28.1 -27.5
Net cash used in other
financing activities 0.0 -0.1 0.0 0.0 0.0 -0.1 -
Net cash used in
financing activities
from operations -17.8 -4.1 27.6 -45.3 -35.5 -66.8 -66.1
Change in cash and cash
equivalents 6.1 -35.2 6.7 -21.5 -8.7 -14.6 50.0
Cash and cash
equivalents at beginning
of period -101.7 -93.4 -94.6 -120.2 -120.2 -72.9 -72.9
Foreign exchange
differences 2.2 0.0 -0.4 4.1 5.9 0.1 2.7
Cash and cash
equivalents at end of
period 105.6 58.2 101.7 94.6 105.6 58.2 120.2
6.1 -35.2 6.7 -21.5 -8.7 -14.6 50.0
Statement of changes in shareholders'
equity, EUR million
Parent shareholders' equity Minority Total
interest equity
Share
Share issue Own Retained Total
capital premiums shares earnings
and
other
reserves
Balance at 31
Dec 2007 75.8 39.6 -41.1 399.3 473.6 4.0 477.6
Minority
interest 0.3 0.3 -3.0 -2.7
Cancellation
of own shares 32.1 -32.1 0.0 0.0
Transfer
between
restricted
and
non-restricted
reserves -2.2 2.2 0.0 0.0
Share-based
payments
recognized
against equity 3.1 3.1 3.1
Dividend -35.8 -35.8 -35.8
Total
comprehensive
income -1.3 53.2 51.9 0.4 52.3
At 30
September 2008 75.8 36.1 -9.0 390.2 493.1 1.4 494.5
Balance at 31
Dec 2008 75.8 33.2 -9.0 382.0 482.0 1.6 483.6
Minority
interest -0.4 -0.4
Transfer
between
restricted
and
non-restricted
reserves 0.1 -0.1 0.0 0.0
Share-based
payments
recognized
against equity 3.1 3.1 3.1
Dividend -35.8 -35.8 -35.8
Own shares
purchased -2.6 -2.6 -2.6
Total
comprehensive
income 1.6 37.8 39.4 0.5 39.9
At 30
September 2009 75.8 34.9 -11.6 387.0 486.1 1.7 487.8
Net sales by country, EUR
million
2009 2008 Change 2009 2008 Change 2008
7-9 7-9 % 1-9 1-9 % 1-12
Finland 199 199 0 655 661 -1 900
Sweden 103 123 -16 337 407 -17 548
International 130 140 -8 414 420 -1 572
Group elimination -48 -37 30 -141 -115 23 -155
Group total 383 425 -10 1 266 1 374 -8 1 866
Internal sales by country, EUR million
2009 2008 Change 2009 2008 Change 2008
7-9 7-9 % 1-9 1-9 % 1-12
Finland 20 14 47 55 43 28 53
Sweden 5 5 -12 19 17 14 26
International 24 18 31 67 55 21 77
Group total 48 37 30 141 115 23 155
Net sales according to customer location, EUR million
2009 Change Share 2008 Share 2008 Change
1-9 % % 1-9 % 1-12 %
Finland 596 -5 47 624 45 853 6
Sweden 313 -17 25 375 27 506 2
Other 357 -5 28 374 27 506 6
Group total 1 266 -8 100 1 374 100 1 866 5
Net sales by customer sector, EUR million
2009 2008 Change 2009 2008 Change 2008
7-9 7-9 % 1-9 1-9 % 1-12
Telecom 132 147 -10 434 486 -11 648
Finance 87 92 -6 270 298 -10 402
Industry sectors 165 186 -12 563 590 -5 816
Group total 383 425 -10 1 266 1 374 -8 1 866
Operating profit (EBIT) by country, EUR million
2009 2008 Change 2009 2008 Change 2008
7-9 7-9 % 1-9 1-9 % 1-12
Finland 29.0 25.7 12.9 76.3 85.8 -11.1 114.2
Sweden 4.8 14.1 -65.7 -10.5 31.2 -133.8 48.7
International 0.7 5.2 -87.3 -9.9 4.6 -313.4 3.8
Countries total 34.5 45.0 -23.3 55.9 121.6 -54.0 166.7
Group operations -8.2 -11.1 26.2 -14.3 -33.6 57.3 -55.1
Operating profit (EBIT) 26.3 33.9 -22.4 41.6 88.0 -52.8 111.6
Operating margin (EBIT) by country, %
2009 2008 Change 2009 2008 Change 2008
7-9 7-9 1-9 1-9 1-12
Finland 14.6 12.9 1.7 11.6 13.0 -1.3 12.7
Sweden 4.7 11.5 -6.8 -3.1 7.7 -10.8 8.9
International 0.5 3.7 -3.2 -2.4 1.1 -3.5 0.7
Countries total 9.0 10.6 -1.6 4.4 8.9 -4.4 8.9
Operating margin (EBIT) 6.9 8.0 -1.1 3.3 6.4 -3.1 6.0
Personnel by country End of period Average
2009 Change Share 2008 2008 2009 2008
1-9 % % 1-9 1-12 1-9 1-9
Finland 5 772 -5 36 6 048 6 021 5 976 6 175
Sweden 3 086 -6 19 3 298 3 291 3 230 3 330
Czech 1 544 9 9 1 417 1 501 1 521 1 318
Germany 1 062 -10 7 1 178 1 143 1 086 1 252
India 837 28 5 656 784 797 622
Latvia 608 -2 4 621 628 625 584
Poland 629 22 4 517 558 592 475
Norway 581 -11 4 655 655 614 674
China 457 91 3 239 290 389 184
Great Britain 275 -21 2 350 347 298 343
Italy 262 3 2 255 251 261 246
Denmark 214 -27 1 293 289 274 314
Lithuania 179 4 1 173 186 184 148
Netherlands 133 -1 1 135 138 142 134
France 139 5 1 133 143 139 130
Estonia 118 -5 1 125 119 121 121
Other 319 6 2 301 274 327 304
Group total 16 215 -1 100 16 392 16 618 16 577 16 355
Total assets by country, EUR million
2009 2008 Change 2008
30 Sep 30 Sep % 31 Dec
Finland 465.8 506.4 -8 460.4
Sweden 255.8 289.8 -12 291.3
International 320.5 356.2 -10 335.7
Group elimination -18.5 -16.6 11 -26.7
Countries total 1 023.6 1 135.8 -10 1 060.8
Group Operations 187.0 144.0 30 193.7
Total assets 1 210.6 1 279.8 -5 1 254.5
Non-current assets according to asset location, EUR
million
2009 2008 Change 2008
30 Sep 30 Sep % 31 Dec
Finland 251.1 259.3 -3 254.3
Sweden 139.6 148.7 -6 132.7
Other 150.6 166.4 -9 155.9
Total non-current assets 541.2 574.4 -6 542.9
Capital expenditure by country, EUR million
2009 2008 Change 2009 2008 Change 2008
7-9 7-9 % 1-9 1-9 % 1-12
Finland 6.9 18.4 -62 25.9 49.5 -48 58.0
Sweden 2.8 1.6 75 7.5 8.9 -16 9.5
International 2.1 2.6 -18 2.8 9.5 -71 10.7
Group Operations 0.6 0.7 -14 5.5 2.6 116 5.0
Group total 12.4 23.2 -47 41.7 70.4 -41 83.2
Depreciation by country, EUR million
2009 2008 Change 2009 2008 Change 2008
7-9 7-9 % 1-9 1-9 % 1-12
Finland 10.9 9.4 16 32.3 27.5 18 36.9
Sweden 2.0 2.0 -1 6.1 6.4 -6 8.5
International 1.5 1.6 -9 7.2 4.7 54 6.4
Group Operations 0.2 1.0 -79 0.7 3.1 -78 4.1
Group total 14.6 14.0 4 46.3 41.7 11 56.0
Amortization on allocated intangible assets from acquisitions, EUR
million
2009 2008 Change 2009 2008 Change 2008
7-9 7-9 % 1-9 1-9 % 1-12
Finland 0.1 0.1 -4 0.4 0.4 -2 0.5
Sweden 0.7 1.1 -34 2.2 2.7 -19 3.5
International 1.5 1.5 -1 4.4 4.5 -4 6.0
Group Operations 0.0 0.0 0 0.0 0.0 0 0.0
Group total 2.3 2.7 -14 6.9 7.6 -9 10.0
2009 2008 Change
Commitments and contingencies, EUR million 30 Sep 31 Dec %
For Tieto obligations
Pledges - -
On behalf of joint ventures
Guarantees 2.2 0.0 pos
Other Tieto obligations
Rent commitments due in one year 52.8 54.4 -3
Rent commitments due in 1-5 years 99.4 102.2 -3
Rent commitments due after 5 years 23.0 19.5 18
Operating lease commitments due in one year 11.5 14.4 -20
Operating lease commitments due in 1-5 years 9.6 13.5 -29
Operating lease commitments due after 5 years 0.0 0.0
Other commitments 14.8 13.9 7
Operating lease commitments are principally three-year lease
agreements that do not include buyout clauses.
Notional amounts of derivative financial 2009 2008
instruments, EUR million 30 Sep 31 Dec
Foreign exchange contracts 110.5 252.0
Interest rate swaps 250.0 100.0
Includes the gross amount of all notional values for contracts that
have not yet been settled or closed. The amount of notional value
outstanding is not necessarily a measure or indication of market
risk, as the exposure of certain contracts may be offset by that of
other contracts.
Fair values of derivatives, EUR million
The net fair values of derivative financial instruments
at the 2009 2008
balance sheet date were: 30 Sep 31 Dec
Foreign exchange contracts 0.7 -6.1
Interest rate swaps 0.9 0.6
Derivatives are used for hedging purposes only.
Contingent assets
The Finnish tax authorities have confirmed an additonal loss EUR 41.0
million (of which a
deferred tax asset EUR 10.7 million could be recognized) on the loss
incurred by the Parent company in connection with the intra-group
transaction carried out in April 2004, but the decision has been
contested.
QUARTERLY FIGURES
Key figures 2009 2009 2009 2008 2008 2008 2008
7-9 4-6 1-3 10-12 7-9 4-6 1-3
Earnings per share, EUR
- basic 0.25 0.14 0.01 0.02 0.33 0.26 0.23
- diluted 0.25 0.14 0.01 0.02 0.33 0.26 0.23
Equity per share, EUR 6.82 6.46 6.31 6.75 6.90 6.58 6.29
Return on equity rolling 12
month, % 6.3 7.8 10.2 12.6 -2.4 -4.9 -7.7
Return on capital employed
rolling 12 month, % 18.6 18.5 25.3 25.2 8.9 8.8 7.2
Equity ratio % 43.2 40.7 40.0 41.1 42.0 38.8 38.0
Net interest-bearing
liabilities, EUR million 118.9 139.2 79.2 101.4 169.7 138.1 139.7
Gearing, % 24.4 30.1 17.5 21.0 34.3 29.3 31.0
Investments, EUR million 12.7 14.4 16.1 12.8 25.7 23.2 36.2
Income statement, EUR
million 2009 2009 2009 2008 2008 2008 2008
7-9 4-6 1-3 10-12 7-9 4-6 1-3
Net sales 382.9 444.8 438.0 492.0 425.3 480.1 468.3
Other operating income 1.3 7.1 2.9 2.4 2.2 1.7 4.5
Employee benefit expenses 210.7 265.8 266.9 278.8 227.1 273.1 277.0
Depreciation and
amortization 16.9 19.0 17.3 16.8 16.7 16.3 16.3
Other operating expenses 130.3 156.7 151.8 175.2 149.9 162.8 154.9
Operating profit (EBIT) 26.3 10.4 4.9 23.6 33.8 29.6 24.6
Financial income and
expenses 0.9 -1.6 -2.8 -17.0 -3.5 -5.8 -2.9
Profit before taxes 27.2 8.8 2.1 6.6 30.3 23.8 21.7
Income taxes -8.8 1.2 -1.1 -4.8 -6.6 -5.1 -5.4
Net profit for the period 18.4 10.0 1.0 1.8 23.7 18.7 16.3
Balance sheet, EUR million 2009 2009 2009
30 Sep 30 Jun 31 Mar
Goodwill 398.2 392.7 391.4
Other intangible assets 44.1 46.1 49.2
Property, plant and equipment 99.0 100.8 103.2
Other non-current assets 68.7 75.3 68.7
Total non-current assets 610.0 614.9 612.5
Trade receivables and other current assets 495.0 495.5 514.1
Cash and cash equivalents 105.6 101.7 94.6
Total current assets 600.6 597.2 608.7
Total assets 1 210.6 1 212.1 1 221.2
Total equity 487.8 462.0 452.1
Non-current interest-bearing loans 160.6 161.9 163.2
Provisions 49.3 54.5 37.2
Other non-current liabilities 48.9 46.9 42.5
Total non-current liabilities 258.8 263.3 242.9
Trade payables and other current liabilities 390.0 396.3 506.1
Current interest-bearing loans 74.0 90.5 20.1
Total current liabilities 464.0 486.8 526.2
Total equity and liabilities 1 210.6 1 212.1 1 221.2
2008 2008 2008 2008
31 Dec 30 Sep 30 Jun 31 Mar
Goodwill 389.3 412.9 414.7 415.9
Other intangible assets 53.1 59.3 62.3 62.5
Property, plant and equipment 100.5 102.2 94.4 92.2
Other non-current assets 69.3 67.9 69.0 67.4
Total non-current assets 612.2 642.3 640.4 638.0
Trade receivables and other current
assets 522.1 579.3 583.5 579.7
Cash and cash equivalents 120.2 58.2 93.4 85.0
Total current assets 642.3 637.5 676.9 664.7
Total assets 1 254.5 1 279.8 1 317.3 1 302.7
Total equity 483.6 494.5 471.3 451.1
Non-current interest-bearing loans 164.5 164.8 165.4 166.2
Provisions 28.6 27.5 35.9 38.7
Other non-current liabilities 48.0 53.7 53.1 45.9
Total non-current liabilities 241.1 246.0 254.4 250.8
Trade payables and other current
liabilities 463.1 465.9 515.1 531.1
Current interest-bearing loans 66.7 73.4 76.5 69.7
Total current liabilities 529.8 539.3 591.6 600.8
Total equity and liabilities 1 254.5 1 279.8 1 317.3 1 302.7
Cash flow, EUR million 2009 2009 2009 2008 2008 2008 2008
7-9 4-6 1-3 10-12 7-9 4-6 1-3
Cash flow from operations
Net profit 18.4 10.0 1.0 1.8 23.7 18.7 16.3
Adjustments 25.9 15.2 22.3 39.5 28.1 27.2 25.4
Change in net working
capital -22.8 -25.8 28.1 35.6 -46.5 19.5 21.7
Cash generated from
operations 21.5 -0.6 51.4 76.9 5.3 65.4 63.4
Net financial expenses
paid 5.0 -1.3 -3.0 -1.0 -4.2 -0.6 -0.2
Income taxes paid 5.7 -10.2 -6.4 2.3 -6.8 -10.9 1.4
Net cash flow from
operations 32.2 -12.1 42.0 78.2 -5.7 53.9 64.6
Net cash used in
investing activities
from operations -8.3 -8.8 -18.2 -14.3 -25.4 -12.8 -22.4
Net cash used in
financing activities
from operations -17.8 27.6 -45.3 0.7 -4.1 -32.9 -29.8
Change in cash and cash
equivalents 6.1 6.7 -21.5 64.6 -35.2 8.2 12.4
Cash and cash equivalents
at beginning of period -101.7 -94.6 -120.2 -58.2 -93.4 -85.0 -72.9
Foreign exchange
differences 2.2 -0.4 4.1 2.6 0.0 -0.2 0.3
Cash and cash equivalents
at end of period 105.6 101.7 94.6 120.2 58.2 93.4 85.0
6.1 6.7 -21.5 64.6 -35.2 8.2 12.4
Net sales by country, EUR million 2009 2009 2009 2008 2008 2008 2008
7-9 4-6 1-3 10-12 7-9 4-6 1-3
Finland 199 230 227 239 199 230 232
Sweden 103 116 119 141 123 144 141
International 130 143 141 152 140 144 135
Group elimination -48 -45 -48 -40 -37 -38 -40
Group total 383 445 438 492 425 480 468
Net sales by customer sector, EUR million
2009 2009 2009 2008 2008 2008 2008
7-9 4-6 1-3 10-12 7-9 4-6 1-3
Telecom 132 149 153 162 147 172 167
Finance 87 94 89 104 92 102 104
Industry sectors 165 201 197 226 186 206 198
Group total 383 445 438 492 425 480 468
Operating profit (EBIT) by country, EUR million
2009 2009 2009 2008 2008 2008 2008
7-9 4-6 1-3 10-12 7-9 4-6 1-3
Finland 29.0 25.2 22.1 28.3 25.7 31.6 30.0
Sweden 4.8 - 6.7 - 8.7 17.6 14.1 7.4 9.7
International 0.7 - 6.6 - 4.0 - 0.9 5.2 2.1 - 2.7
Countries total 34.5 11.9 9.4 45.1 45.0 41.1 37.0
Group operations - 8.2 - 1.5 - 4.5 - 21.5 - 11.1 - 11.5 - 12.4
Operating profit (EBIT) 26.3 10.4 4.9 23.6 33.9 29.6 24.6
Operating margin (EBIT) by
country, % 2009 2009 2009 2008 2008 2008 2008
7-9 4-6 1-3 10-12 7-9 4-6 1-3
Finland 14.6 10.9 9.7 11.9 12.9 13.7 12.9
Sweden 4.7 -5.8 -7.3 12.5 11.5 5.2 6.9
International 0.5 -4.6 -2.8 -0.6 3.7 1.4 -2.0
Countries total 9.0 2.7 2.1 9.2 10.6 8.6 7.9
Operating margin (EBIT) 6.9 2.3 1.1 4.8 8.0 6.2 5.3
Major shareholders 30 September 2009
Shares %
OP Pohjola Group 4 079 370 5.7%
Swedbank Robur fonder 3 629 256 5.0%
Didner & Gerge Aktiefond 2 566 900 3.6%
Ilmarinen Mutual Pension Insurance Co. 1 720 975 2.4%
The State Pension Fund 1 610 000 2.2%
Svenska Litteratursällskapet i Finland 1 561 000 2.2%
Tapiola Pension 1 530 000 2.1%
Länsförsäkringar Fondförvaltning AB 1 403 908 1.9%
Varma Mutual Pension Insurance Co. 1 249 749 1.7%
SEB Investment Management 938 990 1.3%
20 290 148 28.1%
Nominee registered 44 047 548 61.2%
Others 7 685 477 10.7%
Total 72 023 173 100.0
Based on the ownership records of Euroclear Finland Oy and Euroclear
Sweden AB.
For further information, please contact:
Hannu Syrjälä, President and CEO, tel. +358 2072 68729,
hannu.syrjala@tieto.com
Seppo Haapalainen, CFO, tel. +358 2072 63500, +358 400 455587,
seppo.haapalainen@tieto.com
Reeta Kaukiainen, EVP, Communications and Investor Relations, tel.
+358 2072 68711,
+358 50 522 0924, reeta.kaukiainen@tieto.com
Pasi Hiedanpää, Manager, Investor Relations, tel. +358 2072 68088,
+358 50 378 2228, pasi.hiedanpaa@tieto.com
Press conference for analysts and media will be held on Tieto's
premises, Aku Korhosen tie 2, Helsinki at 10.00 am EET (9.00 am CET,
8.00 am UK time). The results will be presented in English by Hannu
Syrjälä, President and CEO. Notification of attendance to
sirpa.salo@tieto.com, tel. +358 2072 68714.
The conference will be webcasted and published live on Tieto's
website www.tieto.com. Questions can be presented online. An
on-demand video will be available after the conference.
Conference call hosted by the management starting at 2.00 pm EET
(1.00 pm CET, 12.00 am UK time). The conference call will also be
available as a live audio webcast at www.tieto.com. Callers may
access the conference directly at the following telephone numbers: US
callers: +1 866 966 5335, non-US callers: +44 20 3023 4402, no code.
Lines are to be reserved ten minutes before the start of the
conference call.
An on-demand audiocast of the conference will also be published on
Tieto's website later during the day. A replay will be available
until 28 October 2009 at the following numbers: US callers:
+1 866 583 1035, non-US callers: +44 20 8196 1998, access code:
141833#.
Tieto publishes financial information in English, Finnish and
Swedish. All releases are posted in full on Tieto's website as soon
as they are published.
TIETO CORPORATION
DISTRIBUTION
NASDAQ OMX Helsinki
NASDAQ OMX Stockholm
Principal Media
Tieto is an IT service company providing IT, R&D and consulting
services. With approximately 16 000 experts, we are among the leading
IT service companies in Northern Europe and the global leader in
selected segments. We specialize in areas where we have the deepest
understanding of our customers' businesses and needs. Our superior
customer centricity and Nordic expertise set us apart from our
competitors.
www.tieto.com
Tieto Corporation
Business ID: 0101138-5
Aku Korhosentie 2-6
PO Box 38
FI-00441 HELSINKI, FINLAND
Tel +358 207 2010
Fax +358 2072 68898
Registered office: Helsinki
E-mail: info@tieto.com
www.tieto.com
TIETO's interim report 3/2009 (January-September) - Streamlining actions improve profitability from the first two quarters
| Quelle: Tieto
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