STOCKHOLM, Sweden, Oct. 25, 2002 (PRIMEZONE) -- AvestaPolarit:
- The operating profit for the third quarter improved significantly compared to the corresponding period last year and amounted to EUR 26 million (EUR 4 million). The operating profit for the nine months totaled EUR 204 million (EUR 118 million), representing an increase of 73% compared to last year.
- Net sales for the third quarter rose by 6% compared to last year's figures and totaled EUR 671 million (EUR 631 million). Net sales for the nine-month period amounted to EUR 2 263 million (EUR 2 298 million).
- The market conditions for stainless steel remained stable during the third quarter, even if markets were seasonally slow due to the summer break and scheduled maintenance stoppages. Stainless steel transaction prices and conversion margins increased.
- Major investment projects are proceeding on time.
- Outokumpu Oyj's ownership in AvestaPolarit reached 99.8% on 11 October. Integration of key corporate staff functions is progressing to plan.
- The short-term outlook for stainless steel markets remains uncertain.
Key figures Pro Actual forma
July- July- Jan- Jan-Sep Jan-
EUR million Sep Sep Sep 2001 Sep
2002 2001 2002 2001
Net sales 671 631 2 263 2 298 2 172
Operating profit 26 4 204 118 116
Profit before 21 2 197 110 108
extraordinary items
Profit for the financial 18 6 151 83 83
period
Earnings per share, EUR 0.05 0.02 0.43 0.24 0.25
Return on capital 4.3 0.8 11.9 8.1 11.5
employed, %
Net interest-bearing debt 765 349 765 349 349
Debt-to-equity ratio 57.3 30.2 57.3 30.2 30.2
(gearing), %
All comparables for January-September 2001 in this text are pro forma figures including Avesta Sheffield for the full periods stated. In corresponding actual figures, Avesta Sheffield has been consolidated into AvestaPolarit as from 23 January 2001.
For further information, please contact: Ian Cooper, Executive VP & Chief Financial Officer +46 (0)8 613 3647 or +46 (0)70 656 56 86 Jouni Gronroos, Deputy CFO & Corporate Controller +358 (0)9 5764 5510 or +358 (0)40 504 5125 Hannele Obrink, Manager, Investor Relations +46 (0)8 613 44 19 or +46 (0)70 652 10 32 AvestaPolarit Corporate Management, Finland. Tel: +358 (0)9 5764 5511, Fax: +358 (0)9 5764 5555
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