Annual Report 2010 - Outokumpu

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114 Active dialogue with investors and analysts continues Regular contact with the Group's global investor and analyst networks was maintained in 2010. Outokumpu's annual Capital Markets Day for analysts, investors and bankers was held for the third time in London, with the main focus on the Group's revised strategy and latest investments. A presentation concerning ferrochrome markets was made by an outside expert. The Outokumpu Annual General Meeting was held in March in Helsinki, Finland. Other major events during the year included 17 roadshows in Canada, Europe and the US in connection with announcements of the Group's quarterly results. A live webcast was arranged at each announcement event. Cities visited by the roadshows were Amsterdam, Boston, Copenhagen, Edinburgh, Frankfurt, London, Madrid, Milan, New York, Oslo, Paris, Stockholm and Toronto. Fifteen breakfasts and luncheons for institutional investors were held in connection with the roadshows. Outokumpu also attended seven industry seminars during 2010. Two site visits for analysts and institutional investors to the Group's chromite mine in Kemi and stainless steel plant in Tornio (both in Finland) were arranged. Close to 300 one-on-one meetings, conference calls and video conferences with investors were held during the year. To improve the Group's investor relations performance, surveys of Outokumpu's IR work, executed by external research organisations, are monitored on a regular basis. A survey of investor relations carried out in 2010 by Regi Research & Strategi Ab which evaluated areas such as content, functionality, openness and trustworthiness ranked Outokumpu as number ten among Finnish listed companies. There was also increasing interest from the financial markets regarding sustainability issues. Reports and ratings by analysts provide valuable feedback to Outokumpu also in this regard. Our shareholders The two largest shareholders in Outokumpu are the Finnish state (30.8% through Solidium Oy) and the Finnish Social Insurance Institution (8.0%). During the financial year, Outokumpu's share price increased by a moderate 5% with the closing share price at the end of the year at EUR 13.88 and a market capitalisation at EUR 2 540 million. During 2010 the Nasdaq OMX Helsinki index increased by 16%. The still fairly weak market situation for stainless steel, especially in Outokumpu Annual Report 2010 – People & Society – Investors and analysts
115 our home market Europe, resulted in continuous weak financial performance having an impact on Outokumpu's share price development. The dividend of EUR 0.35 per share for 2009 resulted in a total dividend payment of EUR 64 million in 2010. The dividend proposal for 2010 is EUR 0.25 per share with an effective dividend yield of 1.8%. Over the last five years, the dividend payout ratio has been some 65%. More investor information can be found here. See a list of analysts covering Outokumpu here. Indices and initiatives Outokumpu is included in many indices and initiatives: Nasdaq OMX DJSI Europe and World Kempen SRI ASPI Eurozone index Carbon Disclosure Leadership Index (CDLI) Ethibel Excellence and Ethibel Pioneer Investment Registers SAM Sector Mover 2010 UN Global Compact Outokumpu Annual Report 2010 – People & Society – Investors and analysts
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Annual Report 2010
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Table of contents Outokumpu - an in
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Group Executive Committee .........
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1 Outokumpu - an international stai
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3 CEO's review 2010 was characteris
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5 Next steps The managerial agenda
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7 Group key figures 2010 2009 2008
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9 Strategic themes Outokumpu's stra
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11 Excel in operations Safe working
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13 Management discussion of financi
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15 € million Operating profit Gen
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17 When the additional ferrochrome
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19 also resulted in a substantial i
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21 Group earnings per share totalle
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23 € million Stainless steel base
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25 Developing Outokumpu's corporate
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27 A significant proportion of Outo
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29 Market position In recent decade
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31 amount of stainless steel consum
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33 General Stainless - high-quality
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35 An efficient, integrated single-
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37 chromium ore was found to extend
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39 Long Products Sheffield The Shef
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41 Specialty Stainless key figures
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43 Special Coil and Plate Special C
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45 Outokumpu Stainless Tubular Prod
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47 Group level functions Outokumpu'
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49 Headquarters in Belgium Outokump
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51 Expansion of our service centre
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53 Supply Chain Management Procurem
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55 50% compared to 2009. The ferroc
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57 Research and development Product
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59 perfectly safe for use in equipm
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61 Stainless is optimal for sustain
Page 69 and 70: 63 Environmental goals and results
Page 71 and 72: 65 Results 2010 Sheffield melt shop
Page 73 and 74: 67 Until the beginning of 2009, sla
Page 75 and 76: 69 Material balance Materials used,
Page 77 and 78: 71 Improving waste handling and pre
Page 79 and 80: 73 Primary actions included in the
Page 81 and 82: 75 Despite of protective actions ag
Page 83 and 84: 77 Stainless steel in innovations a
Page 85 and 86: 79 Emissions and effluents One of O
Page 87 and 88: 81 ficiation and clarification basi
Page 89 and 90: 83 Water - a natural resource for c
Page 91 and 92: 85 Water withdrawal and discharges
Page 93 and 94: 87 studies monitoring the prevailin
Page 95 and 96: 89 Environmental investments furthe
Page 97 and 98: 91 Outokumpu and stakeholders The s
Page 99 and 100: 93 Goals for 2011 Improve HR report
Page 101 and 102: 95 Personnel facts and figures Outo
Page 103 and 104: 97 The US 330 321 403 Others 33 33
Page 105 and 106: 99 Open communication Employee moti
Page 107 and 108: 101 Compensation and benefits Outok
Page 109 and 110: 103 Developing our people through c
Page 111 and 112: 105 Health and safety Health and sa
Page 113 and 114: 107 Everyone deserves a safe workin
Page 115 and 116: 109 We value our stakeholders' opin
Page 117 and 118: 111 Outokumpu and our customers - a
Page 119: 113 Current and future employees Bo
Page 123 and 124: 117 Production employees are repres
Page 125 and 126: 119 Public sector support, sponsori
Page 127 and 128: 121 Regulatory framework Outokumpu
Page 129 and 130: 123 General Meeting of Shareholders
Page 131 and 132: 125 To make other proposals to Gene
Page 133 and 134: 127 Board committees The Board of D
Page 135 and 136: 129 The CEO and Deputy CEO The Chie
Page 137 and 138: 131 Group Corporate Management Outo
Page 139 and 140: 133 Vice Chairman of the Board, Soi
Page 141 and 142: 135 Key aspects of internal control
Page 143 and 144: 137 Controller meetings were organi
Page 145 and 146: 139 Risk management Outokumpu opera
Page 147 and 148: 141 Strategic and business risks St
Page 149 and 150: 143 Operational risks Operational r
Page 151 and 152: 145 Both these financial risks and
Page 153 and 154: 147 Good level of environmental man
Page 155 and 156: 149 Climate change is taken serious
Page 157 and 158: 151 Ethics, corporate responsibilit
Page 159 and 160: 153 Internal audit monitors complia
Page 161 and 162: 155 Outokumpu Annual Report 2010 -
Page 163 and 164: 157 Solidium Oy 56 440 597 30.8 The
Page 165 and 166: 159 Board authorisations Board Auth
Page 167 and 168: 161 Shares subscribed with 2003B op
Page 169 and 170: 163 programme for the earnings peri
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165 Information for shareholders An
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167 Stock exchange releases 2010 2
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169 Members of the Executive Commit
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171 Responsibility: HR strategy and
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173 Board member: Marzac Investment
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175 Based on its own assessment, Ou
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177 Risk management 4.10 Processes
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179 8 EN15 Species with extinction
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181 Human Rights Investment agreeme
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183 Fines for non-compliance PR9* c
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185 Measurement techniques Economic
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187 Days lost due to strikes is cal
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189 • Tested the completeness, ac
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191 8% from 2009. The clearly highe
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193 Profitability Earnings per shar
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195 During 2010, Outokumpu's net in
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197 Outokumpu's strategic prioritie
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199 Outokumpu is participating in t
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201 Outokumpu has been systematical
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203 completed in November 2010 and
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205 Short-term outlook Following th
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207 Opinion on the company's financ
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209 Diluted earnings per share, €
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211 Retained earnings 1 365 1 735 N
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213 Proceeds from sale of property,
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215 Key financial figures of the Gr
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217 Quarterly information Income st
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219 Share-related key figures 2010
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221 Definitions of key financial fi
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223 Income statement of the parent
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225 Share capital 311 309 Premium f
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227 Disposals of intangible assets
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Outokumpu is a global leader in sta
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