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Metso Financial Review 2019

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Metso Financial Review 2019 Enabling modern life FINANCIAL REVIEW 2019 Metso’s Annual Report 2019 Metso enables modern life. Business opportunities arise when we collaborate closely with our customers in developing sustainable solutions for their business challenges. By growing and improving profitability we create value for all our stakeholders. By demanding sustainability from ourselves and our partners alike, we build trust. Metso’s Annual Report 2019 consists of four sections: Business Overview, Financial Review, Corporate Governance and GRI Supplement. All Annual Report sections are available in English and in Finnish. They are downloadable on our Annual Report website at www.metso.com/2019. In this Annual Report we apply integrated reporting elements. More information Disclaimer The following symbol guides you to more A plan to combine Metso’s Minerals Business and Outotec present Metso’s operations before the partial demerger and information on our website or in this report: is currently expected to be registered on June 30, 2020. The planned combination with Outotec. In the Financial Statements, combined future Metso Outotec will be leading company figures for continuing operations are also presented. They Read more in process technology, equipment and services serving the have been calculated presenting the future Neles as a single minerals, metals and aggregates industries. economic entity, using the same accounting principles and As a result, Metso’s Flow Control business will become the carrying amounts as in the Metso Group in accordance with the Metso’s channels continuing business of the currently listed Metso, which will be International Financial Reporting Standards (“IFRS”) accounting › metso.com subsequently renamed Neles, an independent listed company and valuation principles as adopted by the EU. The future Neles › twitter.com/metsogroup supplying flow control products and services. figures presented here include some carve-out impacts that › facebook.com/metsoworld Figures in this Annual Report are calculated based on the are not included in the reported figures of Metso’s Flow Control › youtube.com/metsoworld 2019 Metso Group structure unless otherwise stated. They segment. › instagram.com/metsoworld Enabling Enabling Enabling Enabling modern life modern life modern life modern life BUSINESS OVERVIEW 2019 FINANCIAL REVIEW 2019 CORPORATE GOVERNANCE 2019 GRI SUPPLEMENT 2019 Business Overview Financial Review Corporate Governance GRI Supplement Strategy, value creation and Board of Directors’ Report, Corporate Governance Statement Externally assured sustainability sustainability Financial Statements and including remuneration information compliant with the investor information GRI Standards Financial review 2019 Table of contents Board of Directors’ Report . 2 Notes to the Consolidated Financial Statements . 31 4 Capital structure and financial instruments . 70 Financial year 2019 . 2 1 Group performance . 32 4 .1 Financial risk management . 71 Corporate Governance Statement . 12 1 .1 Reporting segments . 33 4 .2 Financial assets and liabilities by category . 75 4 .3 Liquid funds . 79 Non-financial information . 12 1 .2 Sales . 39 1 .3 Selling, general and administrative expenses . 42 4 .4 Equity . 79 Shares and shareholders . 17 1 .4 Other operating income and expenses . 43 4 .5 Borrowings and lease liabilities . 81 Key figures . 20 1 .5 Personnel expenses and the number of personnel . 43 4 .6 Interest bearing net debt reconciliation . 83 Board of Directors’ proposal on the use of profit . 22 1 .6 Share-based payments . 45 4 .7 Contingent liabilities and other commitments . 84 1 .7 Financial income and expenses . 47 4 .8 Derivative instruments . 84 . 23 Consolidated Financial Statements 1 .8 Income taxes . 47 5 Consolidation . 87 Consolidated Statement of Income . 23 1 .9 Earnings per share . 51 5 .1 Principles of consolidation . 88 Consolidated Statement of Comprehensive Income . 24 2 Operational assets and liabilities . 52 5 .2 Subsidiaries . 89 5 .3 Associated companies, joint ventures and Consolidated Balance Sheet . 25 2 .1 Net working capital and capital employed . 53 related party transactions . 90 2 .2 Trade receivables . 54 Consolidated Statement of 5 .4 Acquisitions and business disposals . 91 2 .3 Other receivables . 55 Changes in Shareholders’ Equity . 26 5 .5 New accounting standards . 93 2 .4 Inventory . 55 Consolidated Statement of Cash Flows . 27 5 .6 Exchange rates used . 94 2 .5 Trade and other payables . 56 6 Other notes . 95 Appendix: Analysis of discontinued operations . 28 2 .6 Provisions . 56 Notes to the Consolidated Financial Statements . 27 2 .7 Post-employment obligations . 58 6 .1 Audit fees . 95 6 .2 Lawsuits and claims . 95 Financial Statements of the Parent Company, FAS . 96 3 Intangible and tangible assets . 62 Auditor’s Report . 106 3 .1 Goodwill and other intangible assets . 63 3 .2 Tangible assets . 66 Investor information . 110 3 .3 Depreciation and amortization . 68 3 .4 Right-of-use assets . 68 About this section Financial review 2019 comprises the Board of Directors’ Report and Financial Statements for 2019 as well as Investor information. Corporate Governance statement has been published separately and is available on our website www.metso.com. Metso Financial review 2019 | Table of contents 1 Board of Directors’ Report Financial year 2019 Operating environment Key figures, IFRS The activity in the valves market remained healthy, reflected in good demand related to customers’ Based on the decision taken by Metso’s Extraordinary General Meeting on October 29, 2019, to oil & gas and pulp and paper investment projects. There was also good demand in the distribution approve the partial demerger of the company, Metso has applied IFRS 5 and classified and network that serves several process industries. disclosed its businesses of Minerals segment as discontinued operations from the beginning of The strong demand for mining services throughout 2019 was supported by high utilization rates November 2019. Thus, depreciations and amortizations of discontinued operations have been at the customers’ mines and their focus on productivity improvements. The demand for mining calculated only for the period January-October 2019. Accordingly, Flow Control businesses form the equipment was healthy, although customers’ decision-making related to new capital investments continuing operations of Metso Group. turned cautious mid-year and remained so until the end of the year. Healthy demand for aggre- gates equipment and services in North America and Europe saw typically lower seasonal activity EUR million 2019 2018 Change % in the fourth quarter. In China, the demand for aggregates equipment was good throughout the Continuing operations year, while the Indian market remained softer than in 2018. Demand in waste recycling was healthy Orders received 681 628 8 whereas demand in metal recycling continued to be affected by low scrap prices. Orders received by services business 154 136 13 % of orders received 23 22 Sales and result, IFRS Order backlog at the end of period 280 276 1 Sales of the continuing operations increased to EUR 660 million in 2019 (593 million), which Sales 660 593 11 resulted from growth of both equipment and services sales. Operating profit for the continuing Sales by services business 152 128 19 operations improved 12% and totaled EUR 93 million, or 14.0% of sales. (EUR 83 million or 14.1%). The % of sales 23 22 improvement was thanks to both sales growth and good operational performance. Profit for the Adjusted EBITA 1) 96 86 13 period for the continuing operations was EUR 69 million (EUR 65 million) and earnings per share % of sales 14.6 14.5 Operating profit 93 83 12 EUR 0.46 (0.43). % of sales 14.0 14.1 Profit for the period for the discontinued operations improved significantly and totaled EUR 230 Earnings per share, EUR 0.46 0.43 7 million (EUR 164 million). The stronger profit resulted from higher sales and improved operational Discontinued operations efficiency. Earnings per share for the discontinued operations improved to EUR 1.54 (EUR 1.10). Orders received 3,009 2,872 5 Metso Group’s profit for the period was EUR 299 million (EUR 229 million) and earnings per Orders received by services business 1,907 1,777 7 share was EUR 2.00 (EUR 1.53). % of orders received 63 62 Order backlog at the end of period 1,408 1,411 0 Profit for the year, discontinued operations 230 164 40 Earnings per share, EUR 1.54 1.10 40 Metso total Profit for the year 299 229 31 Earnings per share, EUR 2.00 1.53 31 1) Continuing operations do not include any adjustment items in years 2019 and 2018. Reconciliation of EBITA and operating profit is presented in Note 1.1 Segment information. IFRS 16 is adopted in the 2019 figures. Comparison figures for 2018 are not restated. Metso Financial review 2019 | Board of Directors’ Report 2 Key figures, comparable In order to improve comparability, Metso has prepared, in addition to IFRS, financial information equipment and services business. Minerals’ sales increased 15% and both equipment and services for the Group so that the amortization of the Minerals business has been recorded for the full business orders grew at a double-digit rate. year 2019. This is consistent with segment reporting and is comparable with the 2018 Metso Group figures. Impacts from currency and structural changes on orders received The following information in this Board of Director’s report relate to Metso’s comparable EUR million, % Flow Control Minerals Metso total financial information for
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