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Outokumpu Annual Report 2001

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Outokumpu Annual Report 2001 Annual Report 2001 2001 OUTOKUMPU OYJ Corporate Management Riihitontuntie 7 B, P.O. Box 140 FIN-02201 ESPOO, Finland Tel. +358 9 4211, Fax +358 9 421 3888 E-mail: [email protected] www.outokumpu.com today today 1 Contents 2 Vision, strategy and values outokumpu 2001 4 Business operations 6 Chief Executive’s statement 8 Management analysis on the fi nancial results 16 Outokumpu market position 18 Market review 24 Copper Products business operations 28 Metallurgy 32 Stainless Steel 34 Other operations 36 Human resources 39 Environment, health and safety 42 Corporate review of the year fi nancial statements 51 Auditor’s report 52 Consolidated income statement 53 Consolidated statement of cash fl ows 54 Consolidated balance sheet 56 Key fi nancial fi gures 60 Notes to the consolidated fi nancial statements 81 Parent Company fi nancial statements 85 Outokumpu Oyj’s shares and shareholders 91 Outokumpu Oyj’s corporate governance 94 Board of Directors 96 Group Executive Committee 97 Business unit management 98 Analysts covering Outokumpu investor information 99 Annual General Meeting and dividend 99 Annual report and interim reports 100 Contact information www.outokumpu.com OUTOKUMPU 2001 1 2 Vision, strategy and values Strategy Our core competence is in metals, ers that increase the value of our The basic elements of Outokumpu’s metals production and fabrication, company and fi t our strategy. strategy are growth and transforma- and related customer applications. – We will continue our efforts to tion. Our key customers operate in the increase the profi tability of Copper Formed in January 2001, Avesta- fi elds of heat transfer, communication Products. Increased operational Polarit ensures faster growth in stain- and telecommunication technology, efficiency, recent development less steel at lower risk. Stainless steel electrical power, surface treatment, investments, and company acquisi- is an integral part of Outokumpu’s metal alloys, and mining and metals tions will raise operating profi t tar- value creation, even after the struc- industry. It is our aim that our cus- get for the coming years to the lev- tural change. tomers in both new and established el of EUR 130–150 million. Outokumpu has shifted its strate- growth areas will make Outokumpu – We will further develop and expand gic focus to the development and ex- their principal supplier and obtain re- our metallurgical plants. We will pansion of its non-ferrous metals busi- al value added by working with us. also introduce new business con- nesses. Our aim is to double the vol- Our growth target and goal of be- cepts that combine Outokumpu’s umes and profi ts of these operations coming the leading metals and tech- brand technologies and services by 2004–2005 and to transform from nology Group set a clear course for us: related to project implementation a capital-intensive into a knowledge- – We will continue to shift to higher and commercialization. driven company – to become the lead- value added products. – We will exit base metals mining. ing metals and technology Group. – We will renew and improve our As principal owner, we will also We have now successfully imple- customer interface. take part in the work of the Board of mented this strategy for one year and – We will increase our efforts in Directors of AvestaPolarit to ensure the growth targets in many business product and service development that the synergies from the merger operations have almost been reached. and application engineering. are realized and that the extensive in- The greatest challenges in the near fu- – We will acquire companies, under- vestment program is carried out as ture will be related to transformation. take joint ventures and effect merg- planned. 2 OUTOKUMPU 2001 3 Our vision Outokumpu is a leading metals and technology Group that creates real value added both to its customers and shareholders. Values business risks and cyclical market vol- – A minimum equity-to-assets ratio Our strategy is based on customer ori- atility. Based on the growth and of 40% and gearing below 75%. entation, a high level of technological transformation strategy, the Group expertise, effi cient business processes level objectives set for the business Dividend policy and responsibility for our operating operations, have been defined in The dividend policy of Outokumpu environment based on sustainable terms of the following fi nancial indi- has temporarily been changed until development. To ensure our continu- cators: Outokumpu’s shareholding in Avesta- ing operational effectiveness, competi- Polarit has decreased to 40%. Some tiveness and growth, we will pay spe- Growth half and at the maximum all of the cial attention to the long-term con- – Net income trend growth at least period’s profi t can be distributed as tinuous development of our personnel. 15% per annum. dividends to shareholders. Cash divi- In 2001, we launched an identity dend will be at least 20% of profi t for project in which every Outokumpu Transformation the fi nancial year. The balance will, employee can take part in defi ning – Conversion margins/sales to grow after a separate consideration, be paid the joint values that support our strat- signifi cantly. out as AvestaPolarit shares. In its egy of growth and transformation. – Capital turnover ratio to grow sig- annual dividend proposal, the Board nifi cantly. will, in addition to fi nancial results, Financial objectives – Operating profi t margin to be at take into consideration the Group’s Outokumpu’s main fi nancial objec- least 10%. investment and development needs. tives are to generate maximum eco- nomic value added on the capital Minimum requirements for invested by its shareholders and to profi tability and balance maintain a sound capital structure. sheet structure A suffi ciently strong balance sheet – At least 15% return on capital will help Outokumpu withstand employed as a three-year average. OUTOKUMPU 2001 3 4 Business operations xpertise in metals and technology, Copper Products Metallurgy Ethe strength common to the Outokumpu is fi rmly positioned as Metallurgy engages in zinc and cop- Outokumpu Group’s business opera- one of the world’s leading manufac- per metals production and technol- tions, provides synergies in the coor- turers of fabricated copper products ogy sales and also operates Outo- dinated development of the busi- due to its technological expertise and kumpu Research, a research center nesses and the creation of economic worldwide customer-focused produc- located in Pori, Finland. value added. tion and service network. Copper The zinc business comprises the Outokumpu’s operations are or- Products is the only supplier in its zinc plants in Kokkola, Finland and ganized into three strategic entities – fi eld that can serve globally operating Odda, Norway. Outokumpu Zinc Copper Products, Metallurgy and customers with locally fabricated Commercial in the Netherlands han- Stainless Steel. The Group’s Stainless products in all three main regions: dles raw material procurement and Steel operations are the responsibility the US, Europe and Asia. The Group product marketing. Outokumpu is of the independent Outokumpu accounts for some 10% of the world’s the third largest producer of zinc in subsidiary AvestaPolarit Oyj Abp. fabricated copper products in its Europe with an approximately 15% Other operations include non-core served market. share. It accounts for around 5% of business units and industrial hold- Copper Products is organized into the world’s zinc production. ings. The Outokumpu management four units, each with their own busi- The copper business comprises the model emphasizes operative business ness lines and manufacturing units. Outokumpu Harjavalta Metals cop- units that report directly to Corpo- Its plants are located in the United per production plants at Harjavalta rate Management. States, Finland, Sweden, Spain, the and Pori, Finland. The Group’s share Netherlands, China, Malaysia, Thai- of world copper production is some land, Austria and Britain. 1%. 4 OUTOKUMPU 2001 5 Research Technology Europe Metallurgy Americas Zinc Copper Products Copper Group management & Automotive Mining new business heat development exchangers Other operations Appliance heat Industrial exchangers holdings & Asia Stainless Steel AvestaPolarit The product range of Technology Stainless Steel 30 countries. It accounts for 28% of mainly comprises plants, processes, Outokumpu Steel Oy and Avesta the market for cold-rolled stainless machinery and equipment, as well as Sheffi eld AB combined in January steel in Europe and for 8% world- planning and project services for the 2001 to form AvestaPolarit Oyj Abp, wide. mining and metallurgical industries. which is one of the world’s largest Following the acquisitions of 2001, producers of stainless steel. Avesta- Other operations the Group is the world’s largest sup- Polarit is listed on Stockholm and Units and industrial holdings not plier of copper and zinc plants, a sig- Helsinki stock exchanges and at end belonging to core operations are nifi cant supplier of aluminum tech- of 2001 Outokumpu had a 55.3% organized under Other operations. It nology and a key supplier of innova- holding of the company. To in crease also includes business operations, tive technologies to the ferrous and the liquidity of AvestaPolarit share, such as Mining, that are to be divest- ferroalloys industry. Customers are of- Outokumpu has committed itself to ed to release capital. Other opera- fered comprehensive processes, in- reduce its ownership to 40% or less tions also include Corporate Manage- cluding production plants on a turn- by 2004. ment and Services, which support the key basis. Technology operates in 16 AvestaPolarit is one of the world’s Group’s core businesses. countries and its market shares are most effi cient producers of stainless high in a number of products. steel and it operates in more than OUTOKUMPU 2001 5 6 Chief Executive’s statement he year 2001 was a time for stra- ments in additional effi cient capacity facturer IGC-AS is a clear move to- Ttegic change at Outokumpu.
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