TietoEnator Corporation Quarterly Report 18 July 2008, 8.00 am EET
To download the PDF file, please use this link:
http://hugin.info/3114/R/1236843/264075.pdf
Highlights - the second quarter
* The Performance Improvement Programme has progressed well. The
actions taken by the end of June amount to annualized savings of
EUR 71 million.
* Net sales grew by 11% to EUR 480.1 (434.2) million. Organic
growth totalled 11%.
* Operating profit, excluding one-off items mainly related to the
Performance Improvement Programme, amounted to EUR 33.2 (14.8)
million, representing an operating margin of 6.9% (3.4).
* Operating profit, including one-off items of EUR 3.7 million,
amounted to EUR 29.6 (9.9) million.
* Profit after taxes was EUR 18.7 (5.0) million.
* EPS amounted to EUR 0.26 (0.07).
* Net cash flow from operations amounted to EUR 53.9 (-4.0)
million.
* Cidron Services Oy's public tender offer lapsed in May. In June,
TietoEnator announced that discussions with potential offerors
have ended.
Highlights - January-June
* Net sales totalled EUR 948.4 (876.4) million, up 8%.
* Operating profit, excluding one-off items mainly related to the
Performance Improvement Programme, totalled EUR 70.9 (47.6)
million, representing an operating margin of 7.5% (5.4).
* Operating profit including one-off items amounted to EUR 54.2
(44.4) million.
* Profit after taxes was EUR 35.0 (29.1) million.
* EPS amounted to EUR 0.48 (0.39).
* Net cash flow from operations amounted to EUR 118.5 (34.8)
million.
Market development and TietoEnator's business transactions
The general market situation remained positive and in most sectors
growth prospects have remained unchanged. It is estimated that the
market relevant to TietoEnator will see growth of 5-7% this year. In
some areas, such as banking and telecom, there are signs of
cautiousness regarding the economic slowdown and its impact on IT
investments. Price levels were either stable or slightly higher than
in the previous year. The labour market remains challenging and the
attrition rate is on the rise, resulting in a higher salary level.
Growing personnel costs and increased use of subcontractors put
pressure on margins.
Banking and insurance
Overall demand in the financial services sector is healthy. Due to
the credit crisis, customers, especially in the UK, have adopted a
cautious attitude towards IT investments. The market is very
competitive in certain areas and price pressure persists, partly due
to offshore competition from territories such as India and Eastern
Europe. Regulatory changes in the European Union are creating new
demand in the payments and capital markets areas.
Following the consolidation of Sampo Bank and Danske Bank,
TietoEnator's business volumes to these customers have decreased and
therefore, Primasoft Oy's operations and ownership have been
reorganized. In April, TietoEnator acquired the entire share capital
of Primasoft Oy, a joint venture previously owned by TietoEnator
(60%), Sampo Plc (20%) and Sampo Bank/Danske Bank (20%). In
connection with the agreement, parts of Primasoft's application
management business were sold to If P&C Insurance Company and Sampo
Life.
These transactions will have a negative impact on the net sales of
both Banking & Insurance and Processing & Network in full year 2008.
In the second quarter, however, the impact on TietoEnator's net sales
was positive.
Telecom and media
The overall IT demand in the telecom and media sectors is fairly
good. The challenging market conditions in the telecom sector,
however, might lead to a slowdown in demand towards the year-end. Due
to customers' cost saving initiatives, demand for network R&D
services will level off in Europe. However, consolidating R&D service
purchases to few key contractors may favour TietoEnator. In the
operator market, the situation has eased and today, operators are
focusing on building new services and improving customer care.
In January, TietoEnator opened a new office in Chengdu to expand its
operations in China. The Chengdu centre serves TietoEnator's telecom
customers and offers services mainly for mobile devices, networks and
operators.
Government, manufacturing and retail
Overall demand is solid in all of these areas as customers are
seeking to improve performance and productivity. Government customers
plan to start several large development projects in the coming years.
However, the new framework arrangement for the sourcing of technical
IT consulting established by Hansel Ltd, the central procurement unit
of the State of Finland, has led to more demanding terms in
contracts. The positive trend in the manufacturing industry is
expected to continue. Although uncertainty in global markets has
increased, manufacturing companies continue to invest in IT. Retail
customers are in the market for IT systems to help them provide new
ways to manage customer demand more accurately.
Healthcare and welfare
Demand in the Finnish healthcare market has been steady as
self-services are gaining more momentum. The general trend in Sweden
and Norway is to consolidate regional systems, but market development
is slow. The Nordic welfare market, however, is active in all
countries.
In March, Sjukvårdsrådgivningen SVR AB (the Swedish Healthcare
Advisory Organization) chose TietoEnator as a supplier of a solution
for a national patient overview (NPO). The agreement will run for
five years with an option to extend for a further two years. The
total value of the agreement is at least EUR 12 million.
Forest and energy
In the forest sector, Nordic customers are restructuring their
operations and closing down excess capacity, but they are expanding
business in Russia and Asia, especially China. Customers are seeking
to keep costs in check and are suffering from high energy and raw
material prices.
In the energy sector, the market situation is very good for the oil
and gas segment as well as for the utility segment. Larger
investments in finding new oil reservoirs and utilizing old ones,
growing demand for energy and the good economic situation of energy
companies ensure IT investments in the coming years. However,
customers' price awareness is growing.
Infrastructure outsourcing
The market for infrastructure outsourcing in the Nordic countries is
active and growing steadily. Customers are looking for more flexible
solutions and request broader service agreements that
provide end-to-end business process coverage. Price pressure
persists, especially in new outsourcing contracts and contract
renewals.
In March, TietoEnator agreed a contract with the Swedish Tax Agency
to supply highly secure server centre services. Furthermore, the
contract includes options for other services. The contract will run
for five years with an option for two extension periods of two years
each. TietoEnator estimates the total value of the order to be around
EUR 7 million during the first five years.
In May, TietoEnator, OP-Pohjola Group Central Cooperative (OPK) and
Ilmarinen Mutual Pension Insurance Company concluded an agreement on
the delivery of ICT operations management services for the OP Pohjola
Group and Ilmarinen for the next seven years starting on 1 June 2008.
The services are produced by the joint venture FD Finanssidata, of
which TietoEnator owns 60%, OPK 36% and Ilmarinen 4%. This is one of
the largest agreements TietoEnator has made in recent years.
In June, TietoEnator concluded another major agreement when
TeliaSonera renewed its IT and application operations agreement. The
new agreement includes the outsourcing of IT and application
operations for TeliaSonera's internal business-critical systems on
the IBM mainframe, Unisys and VMS platforms in the entire Nordic
region.
Net sales
Net sales in the second quarter
Second-quarter net sales grew by 11% to EUR 480.2 (434.2) million or
by 12% in local currencies. Organic growth totalled 11%. The timing
of Easter had a positive impact on growth, as it resulted in
approximately 6% more working days in the quarter than in the second
quarter of 2007. The number of working days affects the business
areas' performance differently. It has the greatest impact on Telecom& Media.
Growth was solid in all business areas, except in Forest & Energy
which was affected by weak performance in the utilities sector. In
certain areas, the higher attrition rate has limited growth.
H1 net
Q2 net sales Q2 organic sales H1 organic
growth, % growth, % growth, % growth, %
Banking & Insurance 9 10 2 4
Telecom & Media 10 10 9 8
Government, 7 8 4 5
Manufacturing & Retail
Healthcare & Welfare 25 25 15 15
Forest & Energy 3 3 1 1
Processing & Network 16 16 17 17
Total incl. Group 11 11 8 8
eliminations
In Banking & Insurance, net sales grew by 9% despite of the closure
of the German operations. TietoEnator increased its holding in
Primasoft in April. This transaction had a positive impact of around
2 %-points on the second-quarter net sales. The Services business
developed well in Finland and Sweden during the review quarter, as
did the Partnership business.
Telecom & Media has held on to its market position. Eliminating the
impact of more working days in the quarter, net sales grew in line
with the relevant market. Sales to current large customers have
continued to grow.
Processing & Network's net sales saw organic growth of 16%, clearly
outpacing the relevant market. The business area concluded several
major agreements in 2007 and the first half of 2008. The most
significant were the agreements made with Apoteket and TeliaSonera as
well as Op-Pohjola Group and Ilmarinen.
In Government, Manufacturing & Retail, TietoEnator has experienced
steady demand in all sectors. In Healthcare & Welfare, growth was
very strong in all market areas and units, except the healthcare
business in Finland, where the comparison figures are high due to
exceptionally high license revenue in 2007. The business area
concluded several mid-sized and large new agreements in 2007 and the
first half of 2008. Thanks to the deal with Apoteket in June 2007,
Sweden was the strongest growing market for Healthcare & Welfare.
Forest & Energy's sales growth remained weak partly due to lower
sales to one major customer in the utilities sector. The market
remained active, but a shortage of resources hampered growth in some
areas.
Net sales in January-June
TietoEnator's six-month net sales grew by 8% to EUR 948.4 (876.4)
million or 9% in local currencies. Organic growth totalled 8%.
The most solid performance has been seen in Processing & Network. In
Telecom & Media, net sales growth was not as high as in the previous
year, reflecting the cautious stance on investments in the telecom
sector. The net sales growth of Healthcare & Welfare was on an upward
trend due to several new deals.
Net sales grew by 10% in Finland and by 8% in Sweden. In Norway, net
sales grew by 20% thanks to Telecom & Media's and Banking &
Insurance's strong performance. In Germany, net sales declined by 5%,
mainly due to the closure of Banking & Insurance's operations in
2007.
Telecom and media increased its share of consolidated net sales to
36% (35). The banking and insurance sector generated 22% (22) of net
sales, whereas the public sector's contribution was 15% (15). The
forest sector's contribution was 5% (5) and the energy sector's 5%
(5).
The order backlog, which only comprises services ordered with binding
contracts, amounted to EUR 1 177.9 (1 314.3) million at the end of
the period. Processing & Network's share of the order backlog is 41%.
In total, 40% (39) of the backlog is expected to be invoiced in 2008.
Performance Improvement Programme
The Performance Improvement Programme is expected to generate annual
cost savings of EUR 130 million as from the end of 2009. A major part
of the actions related to this programme will be implemented in 2008.
The benefits are expected to materialize with an over 50% run-rate
effect from the end of 2008 and in full from the end of 2009.
The programme has progressed well. The actions taken by the end of
June amount to annualized savings of EUR 71 million, which will
gradually impact on the cost base starting from the latter part of
2008 and fully in 2009. Almost two thirds of this improvement is
employee related. The rest comes from transferring production to the
global centres of excellence as well as better purchasing conditions.
The costs related to these actions have impacted and will continue to
impact TietoEnator's profitability during 2008. The restructuring
costs, provisions and impairments related to the programme are
expected to amount to approximately EUR 160 million of which one-off
costs of EUR 104.7 million materialized in 2007. TietoEnator booked
EUR 18.0 million in one-off items related to the programme in the
first half of 2008, and the rest will be booked during 2008 and 2009.
Profitability
Profitability in the second quarter
Operating profit, excluding one-off items mainly related to the
Performance Improvement Programme, improved substantially in the
second quarter and amounted to EUR 33.2 (14.8) million, representing
a margin of 6.9% (3.4).
In the second quarter of 2008, TietoEnator booked EUR 5.0 million in
one-off costs related to the programme. Out of these items, costs
from personnel restructuring totalled close to EUR 3 million.
Additionally, the company booked an income of EUR 1.3 million from
badwill recognition. There were no capital gains (capital losses of
EUR 4.9 million in 2007) in the quarter. Second-quarter operating
profit, including one-off items, amounted to EUR 29.6 (9.9) million.
Due to the vacation period, the second and third quarters are usually
weaker than the other two quarters. Compared to the corresponding
quarter of 2007, the operating margin of the underlying business has
risen substantially. However, greater use of subcontractors and
disturbance from the tender offer process ongoing during the quarter
curbed improvement to some extent. Second-quarter profit is impacted
negatively by the costs of the public tender offer, approximately EUR
3 million. Part of this cost is related to a retention compensation
for a number of key managers and the President and CEO.
Operating Operating
profit Operating Operating margin of
of the margin of profit the
underlying the of the underlying
business (1) underlying underlying business (1)
in business (1) business (1) in H1/2008,
Q2/2008, in Q2/2008, in H1/2008, %
EUR million % EUR million
Banking & 7.6 10.0 14.6 9.6
Insurance
Telecom & Media 14.6 8.2 28.1 8.0
Government, 5.2 10.3 9.9 9.8
Manufacturing &
Retail
Healthcare & 1.4 3.3 2.3 2.9
Welfare
Forest & Energy 1.9 4.1 5.7 6.3
Processing & 11.9 10.6 25.7 11.3
Network
Business areas 42.6 8.9 86.3 9.1
1) Excl. one-off items related to the Performance Improvement
Programme, capital gains/losses, badwill and impairment losses
In Banking & Insurance, the operating margin of the underlying
business improved to 10.0% (-5.4). In the second quarter of 2007, the
business area suffered from a few loss-making projects. The margin
improvement is partly attributable to decreased use of subcontractors
in the second quarter of 2008. Additionally, the business area's
operating margin saw one-time effect of more than 4 %-points.
In Telecom & Media, the operating margin improved somewhat to 8.2%
(7.7). However, greater use of subcontractors in the second quarter
curbed improvement.
Processing & Network's operating profit, excluding one-off items
related to the programme, rose to EUR 11.9 million (6.0). Thanks to a
higher utilization rate, the operating margin of the underlying
business rose to 10.6% (6.2).
A higher utilization rate was positively reflected in Government,
Manufacturing & Retail's profitability. In the business area
Healthcare & Welfare, the positive trend continued, driven primarily
by a higher utilization rate and better management of deliveries in
the solution-based business. However, the healthcare business in
Scandinavia and especially in Central Europe continues to struggle
with unsatisfactory profitability.
Profitability declined in the business area Forest & Energy due to
weakness in the utilities sector, where a decline in sales to a major
customer strained the margin.
Net financial expenses stood at EUR 5.8 (1.0) million in the second
quarter. Net interest expenses were EUR 2.2 (1.9) million and
one-time net losses from foreign exchange transactions EUR 0.9
(positive 1.0) million. Other financial income and expenses amounted
to EUR -2.7 (-0.1) million.
Second-quarter earnings per share (EPS) totalled EUR 0.26 (0.07).
Operating profit (EBIT) includes EUR 2.4 (2.4) million from
amortization on allocated intangible assets. The costs arising from
share-based payments of EUR 1.4 (1.5) million are included in
employee benefit expenses.
Profitability in January-June
First-half operating profit, excluding one-off items mainly related
to the Performance Improvement Programme, amounted to EUR 70.9 (47.6)
million, representing a margin of 7.5% (5.4). Greater use of
subcontractors curbed improvement to some extent. Banking &
Insurance's and Processing & Network's strong performance was the
main contributor to the better profitability of the underlying
business.
In the six-month period, TietoEnator booked EUR 18.0 million in
one-off items related to the Performance Improvement Programme. Out
of these items, costs from personnel restructuring totalled around
EUR 13 million. Additionally, the company booked an income of EUR 1.3
million from badwill recognition. Six-month operating profit,
including one-off items, amounted to EUR 54.2 (44.4) million. The
costs of the public tender offer, approximately EUR 7 million, had a
negative impact on profit. Part of this cost is related to a
retention compensation for a number of key managers and the President
and CEO.
Six-month net financial expenses stood at EUR 8.7 (3.1) million. Net
interest expenses were EUR 4.5 (3.4) million and one-time net losses
from foreign exchange transactions EUR 2.3 (positive 0.5) million.
Other financial income and expenses amounted to EUR -1.9 (-0.2)
million.
Six-month earnings per share totalled EUR 0.48 (0.39).
Operating profit (EBIT) for the six-month period includes EUR 4.9
(4.9) million from amortization on allocated intangible assets. The
costs arising from share-based payments of EUR 2.7 (2.0) million are
included in employee benefit expenses.
The 12-month rolling return on capital employed (ROCE) was 8.8% and
the return on shareholders' equity (ROE) -4.9%.
Financing and investments
Net cash flow from operations amounted to EUR 118.5 (34.8) million in
the six-month period. Operating profit contributed EUR 87.6 (81.1)
million and the decrease in working capital EUR 41.2 (increase 36.7)
million. Tax payments amounted to EUR 9.5 (8.8) million.
Dividends of EUR 35.8 were paid in April.
Payments for acquisitions totalled EUR 11.6 million in the six-month
period.
The equity ratio was 38.8% (44.4). Gearing decreased to 29.3% (31.2).
Net debt totalled EUR 138.1 (177.7) million, including EUR 226.6
million in interest-bearing debt, EUR 15.3 million in finance lease
liabilities, EUR 10.3 million in finance lease receivables and EUR
93.4 million in cash and cash equivalents.
The interest-bearing debt consists of one seven-year bond at EUR 100
million and one seven-year private placement at EUR 50 million and
usage of EUR 75 million from the short-term EUR 250 million
commercial paper programme. At the end of the quarter, unused credit
facilities totalled about EUR 425 million.
Accrual-based investments totalled EUR 59.4 (40.2) million for the
period. Capital expenditure, including financial leasing, accounted
for EUR 47.2 (24.7) million and investments in subsidiary and
associated company shares for EUR 12.2 (15.5) million.
Personnel
The number of full-time employees totalled 16 301 (15 408) at the end
of June. Acquisitions and new outsourcing contracts added 55
employees in the six months.
Employee turnover has increased. The 12-month rolling figure stood at
12.8% (9.8) at the end of June. The average number of full-time
employees was 16 361 (15 178) in the first half.
As a result of the national salary raises agreed in the collective
labour agreements in Finland and Sweden, wage inflation in Finland
and Sweden is expected to be about 4-5% in 2008.
At the end of June, the number of people in global centres of
excellence totalled about 3 700 (2 500), or 21% (15) of the total
headcount.
Board of Directors and management
On 8 May, Matti Lehti, the Chairman of TietoEnator's Board of
Directors, resigned from the Board due to health reasons. Anders
Ullberg, previously the Board's Deputy Chairman was appointed as the
new Chairman and Board member Olli Riikkala as Deputy Chairman as of
8 May.
In May, Arto Ryymin was appointed as Executive Vice President of
TietoEnator's Healthcare & Welfare business area and as a member of
the company's Corporate Management Team (CMT) as of 1 June.
In June, Johanna Pyykönen-Walker was appointed as Executive Vice
President, Human Resources and as a member of TietoEnator's Corporate
Management Team as of 1 August.
In July, Eva Gidlöf was appointed as Executive Vice President of
TietoEnator's Banking & Insurance business area and as a member of
the company's Corporate Management Team. Gidlöf will start in her new
position during September.
Transactions with related parties
The related parties of TietoEnator are its Board of Directors,
President and CEO, the Corporate Management Team (CMT) and the
Group's associated companies.
The bonus levels of the President and CEO and CMT members were
reviewed with effect from the beginning of 2008. The President and
CEO's bonus is a maximum of 100% of his annual base salary and is
based on the Group's net sales and operating profit. The reward
factors for the CMT members are based on the financial performance of
the Group and their own units. In addition, a number of key managers
of the company and the president and CEO have a retention
compensation connected to the public tender offer that was on-going
during the quarter.
In February, TietoEnator's Board of Directors decided on an
allocation of 35 000 stock options 2006 B and approximately 390 000
stock options 2006 C to key employees of TietoEnator based on
performance. In March, the Board decided on an allocation of 363 450
stock options 2006C. The President and CEO was allocated a total of
115 000 options and the Corporate Management Team members a total of
135 000 options.
In February, the Board approved the performance criteria and
allocation principles of the share-based incentive plan for 2008. The
President and CEO is entitled to a maximum of 6 000 shares and other
Corporate Management Team members to a total of 20 900 shares if the
set performance criteria are met.
Transactions with associated companies are not considered to be
material.
Shares and options
At the end of June, the total number of shares amounted to 72 023 173
and the share capital to EUR 75 841 523. The number of shares in
TietoEnator's possession totalled 361 650, representing 0.5% of the
total number of shares and voting rights. The accounting countervalue
of the shares in the company's possession amounts to EUR 361 650. The
outstanding number of shares, excluding the shares in the company's
possession, was 71 661 523 at the end of June.
In the second quarter, Goldman Sachs Group, Inc announced that its
holding in TietoEnator had decreased below the 10% threshold to
8.98%. UBS AG flagged its ownership twice. According to the latest
information, it held 3.11% of the company shares in April.
On 11 July, OP-Pohjola Group Central Cooperative (OPK) announced that
its group holding in TietoEnator Corporation increased to 5.05%.
Public tender offer and discussions with potential offerors ended
Cidron Services Oy (Nordic Capital) made an offer for all the
outstanding shares and stock options in TietoEnator on 20 March. On
26 May, Cidron Services announced that its public tender offer lapses
as the conditions to the completion of the offer were not fulfilled
during the offer period.
During and after the offer period, TietoEnator's Board of Directors
has had discussions with a number of strategic and financial parties
that have indicated their potential interest in making an offer for
the company. As none of these discussions resulted in any firm and
actionable offers for the shares, TietoEnator announced on 19 June
that discussions with potential offerors have ended.
Events after the reporting period
TietoEnator's Board of Directors has approved the new company
strategy for 2009-2011. The strategy is announced in a separate
release published on 18 July 2008.
Some items affecting 2008
The total costs related to the public tender offer are estimated to
amount to EUR 12 million in 2008. This estimate includes the
retention compensation for a number of key managers and the President
and CEO.
TietoEnator receives a discount for occupational pension premiums in
Sweden in 2008. The total impact of the discount on TietoEnator's
operating profit in 2008 is around EUR 6 million. The effect is
evenly spread over the year.
Risks and uncertainties
High personnel turnover, the availability of competent employees and
the cost of resources remain among the main risks in 2008.
Implementing the new strategy and company structure may create
uncertainty within the company.
The ability to control ever more complex multinational deliveries
also poses a continuous risk. Due to a more commoditized market and
offshore competition, price pressures continue.
A comprehensive description of the long-term risks is available in
the Report by the Board of Directors 2007.
Prospects for 2008
TietoEnator expects the demand in the IT market to remain at a good
level. Turbulence in the financial markets has led to some
uncertainty concerning development in 2008. Price pressures exist,
but on average, prices are expected to either stay approximately at
the same level or be higher than in 2007. TietoEnator expects the
labour market to remain challenging in 2008.
A major part of the actions related to TietoEnator's Performance
Improvement Programme will be implemented in 2008. The costs related
to these actions have impacted and will continue to impact
TietoEnator's profitability during 2008. The positive impacts of the
programme will start to materialize during the second half of 2008.
TietoEnator expects its full-year revenue growth in 2008 to follow
the overall development in the relevant market. The estimate does not
include business divestments or closures.
TietoEnator is pursuing the full turnaround of the company by the end
of 2009. The revised strategy, the Performance Improvement Programme
and the actions taken so far will have a positive impact on the
company's profitability in the future.
Accounting policies
The interim report has been prepared in accordance with International
Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted
by the EU. The accounting policies adopted are consistent with those
used in the annual financial statements for the year ended 31
December 2007 and as described in the annual financial statements.
The figures in this report are unaudited.
Financial calendar in 2008
Interim report for January-September 2008 on 28 October
Key figures 2008 2007 2008 2008 2007 2007
4-6 4-6 1-3 1-6 1-6 1-12
Earnings per share, EUR
- basic 0.26 0.07 0.23 0.48 0.39 -0.44
- diluted 0.26 0.07 0.23 0.48 0.39 -0.44
Earnings per share, EUR *) 0.29 0.18 0.36 0.64 0.52 0.77
Equity per share, EUR 6.58 7.75 6.29 6.58 7.75 6.67
Return on equity rolling 12
month, % -4.9 14.8 -7.7 -4.9 14.8 -5.7
Return on capital employed
rolling 12 month, % 8.8 18.7 7.2 8.8 18.7 7.8
Equity ratio % 38.8 44.4 38.0 38.8 44.4 40.2
Net interest-bearing liabilities,
EUR million 138.1 177.7 139.7 138.1 177.7 164.5
Gearing, % 29.3 31.2 31.0 29.3 31.2 34.4
Investments, EUR million 23.2 12.9 36.2 59.4 40.2 87.7
*) Excluding one-off items related to the Performance Improvement
Programme, goodwill impairments, badwill and capital gains and
losses.
Income statement, EUR million 2008 2007 2008 2007 change 2007
4-6 4-6 1-6 1-6 % 1-12
Net sales 480.1 434.2 948.4 876.4 8 1 772.4
Other operating income 1.7 2.8 6.2 7.4 -16 13.3
Employee benefit expenses 273.1 257.9 550.1 511.2 8 1 021.3
Depreciation and amortization 16.3 16.2 32.6 32.2 1 77.0
Impairment of goodwill - - - - 40.0
Other operating expenses 162.8 153.0 317.7 296.0 7 646.2
Share of associated companies'
result 0.0 0.0 0.0 0.0 0.1
Operating profit (EBIT) *) 29.6 9.9 54.2 44.4 22 1.3
Net interest expenses -2.2 -1.9 -4.5 -3.4 32 -7.1
Net exchange losses/gains -0.9 1.0 -2.3 0.5 -560 -0.7
Other financial income and
expenses -2.7 -0.1 -1.9 -0.2 850 -2.1
Profit before taxes 23.8 8.9 45.5 41.3 10 -8.6
Income taxes -5.1 -3.9 -10.5 -12.2 -14 -22.6
Net profit for the period 18.7 5.0 35.0 29.1 20 -31.2
Net profit for the period
attributable to
Shareholders of the parent
company 18.9 4.8 34.6 28.8 20 -32.3
Minority interest 0.3 0.2 0.4 0.3 33 1.1
19.2 5.0 35.0 29.1 20 -31.2
*) Operating profit 2008 includes one-off items of EUR 18 million
related to the Performance Improvement Programme in the first half
and EUR 5 million in the second-quarter. In addition the first half
profit is impacted negatively by the cost of EUR 7 million related to
the occurred public tender offer and EUR 3 million in the
second-quarter.
Earnings attributable to the shareholders of the parent
company per share, EUR
Basic 0.26 0.07 0.48 0.39 23 -0.44
Diluted 0.26 0.07 0.48 0.39 23 -0.44
Employee benefit expenses include rental payments on company cars and
non-statutory employee benefits, such as meals, healthcare and
leisure time activities.
The result-based bonuses were EUR 16.2 million (10.6 previous year)
and stock option expenses (share based payments) were EUR 2.7 million
(2.0).
Number of shares 2008 2008 2008 2007
4-6 1-3 1-6 4-6
Outstanding shares, end
of period
Basic 71 661 523 71 661 523 71 661 523 73 596 462
Diluted 71 661 523 71 661 523 71 661 523 73 842 024
Outstanding shares,
average
Basic 71 661 523 71 661 523 71 661 523 73 596 462
Diluted 71 661 523 71 661 523 71 661 523 73 787 320
Company's possession of
its own shares,
End of period 361 650 361 650 361 650 500 000
Average 361 650 531 760 446 705 500 000
Balance Sheet, EUR million 2008 2007 change 2007
30 June 30 June % 31 Dec
Goodwill 414.7 451.4 -8 415.7
Other intangible assets 62.3 79.4 -22 66.4
Property, plant and equipment 94.4 83.6 13 76.8
Deferred tax assets 67.4 69.5 -3 66.4
Investments in associated
companies 0.0 1.5 -100 1.6
Other non-current assets 1.6 1.4 14 1.5
Total non-current assets 640.4 686.8 -7 628.4
Trade and other receivables 558.0 577.7 -3 560.2
Current income tax receivables 15.1 28.0 -46 9.9
Interest-bearing current assets 10.4 8.5 22 11.3
Cash and cash equivalents 93.4 70.9 32 72.9
Total current assets 676.9 685.1 -1 654.3
Total assets 1 317.3 1 371.9 -4 1 282.7
Share capital, share issue
premiums and other reserves 113.2 143.2 -21 115.4
Retained earnings 355.0 423.8 -16 358.2
Parent shareholders' equity 468.2 567.0 -17 473.6
Minority interest 3.1 3.1 0 4.0
Total Equity 471.3 570.1 -17 477.6
Finance lease liability 15.3 7.9 94 1.4
Other interest-bearing loans 150.1 150.6 0 150.5
Deferred tax liabilities 29.6 23.9 24 23.4
Pension obligations 21.8 41.8 -48 22.0
Provisions 35.9 1.5 2 293 35.9
Other non-current liabilities 1.7 3.2 -47 1.7
Total non-current liabilities 254.4 228.9 11 234.9
Trade and other payables 502.6 455.4 10 461.7
Current income tax liabilities 12.5 18.8 -34 11.6
Interest-bearing loans 76.5 98.7 -22 96.9
Total current liabilities 591.6 572.9 3 570.2
Total equity and liabilities 1 317.3 1 371.9 -4 1 282.7
Net working capital in the balance
sheet, EUR million 2008 2007 change 2007
30 June 30 June % 31 Dec
Accounts receivable 339.6 339.8 0 391.2
Other working capital receivables 217.8 237.2 -8 168.4
Working capital receivables included in
assets 557.4 577.0 -3 559.6
Operative accruals 258.4 225.9 14 225.4
Other working capital liabilities 234.7 223.4 5 228.6
Pension obligations and provisions 57.7 43.3 33 57.9
Working capital liabilities included in
current liabilities 550.8 492.6 12 511.9
Net working capital in the balance
sheet 6.6 84.4 -92 47.7
The change in net working capital in the balance sheet does not equal
to that in the cash flow due to acquisitions and disposals.
Cash flow, EUR million 2008 2007 2008 2008 2007 2007
4-6 4-6 1-3 1-6 1-6 1-12
Cash flow from operations
Net profit 18.7 5.0 16.3 35.0 29.1 -31.2
Adjustments
Depreciation, amortization
and impairment 16.3 16.2 16.3 32.6 32.2 117.0
Share of associated
companies' result 0.0 0.0 0.0 0.0 0.0 -0.1
Share-based payments 1.1 0.9 0.8 1.9 1.4 2.3
Profit/loss on sale of fixed
assets and shares 0.2 4.8 0.0 0.2 3.1 0.0
Other adjustments -1.3 0.1 0.0 -1.3 - 1.3
Net financial expenses 5.8 1.0 2.9 8.7 3.2 9.9
Income taxes 5.1 3.9 5.4 10.5 12.2 22.6
Change in net working capital 19.5 -29.9 21.7 41.2 -36.7 8.4
Cash generated from
operations 65.4 2.0 63.4 128.8 44.4 130.2
Net financial expenses paid -0.6 1.0 -0.2 -0.8 -0.7 -4.6
Income taxes paid -10.9 -7.0 1.4 -9.5 -8.8 -9.9
Net cash flow from operations 53.9 -4.0 64.6 118.5 34.8 115.7
Cash flow from investing
activities
Acquisition of Group companies
and business 5.2 -3.2 -8.0 -2.8 -12.5 -28.3
operations, net of cash
acquired
Capital expenditures -17.0 -12.6 -14.5 -31.5 -24.7 -48.6
Disposal of business operations
and associated company 0.0 -1.7 0.0 0.0 0.2 4.6
Other investing activities 1.2 4.0 0.1 1.3 4.4 8.0
Net cash used in investing
activities from operations -10.6 -13.5 -22.4 -33.0 -32.6 -64.3
Cash flow from financing
activites
Dividends -36.0 -88.3 0.0 -36.0 -88.5 -88.5
Repurchase of own shares - - - - - -32.1
Payment of finance lease
liabilities -0.8 -3.3 -0.9 -1.7 -5.5 -12.1
Change in interest-bearing
liabilities 2.5 88.6 -27.5 -25.0 19.4 17.1
Change in loan receivables -2.2 4.3 0.0 -2.2 4.1 -1.2
Net cash used in other
financing activities 1.4 -2.7 -1.4 0.0 0.5 0.5
Net cash used in financing
activities from operations -35.1 -1.4 -29.8 -64.9 -70.1 -116.3
Change in cash and cash
equivalents 8.2 -18.9 12.4 20.6 -67.9 -64.9
Cash and cash equivalents at
beginning of period -85.0 -89.6 -72.9 -72.9 -138.9 -138.9
Foreign exchange
differences -0.2 -0.2 0.3 0.1 0.1 1.1
Cash and cash equivalents at
end of period 93.4 70.9 85.0 93.4 70.9 72.9
8.2 -18.9 12.4 20.6 -67.9 -64.9
Statement of changes in
Shareholders' equity
Parent shareholders' equity Minority Total
interest equity
Share
issue Trans-
premiums lation
and
Share other Own diffe- Retained
EUR million capital reserves shares rences earnings
Balance at 31
Dec 2006 75.8 68.8 -52.3 -6.6 536.7 4.0 626.4
Translation
difference -1.4 -1.4 5.5 2.7
Minority
interest -1.2 -1.2
Cancellation
of own shares 39.9 -39.9 0.0
Share based
payments
recognized
against equity 1.4 1.4
Dividend -88.3 -88.3
Net profit for
the period 28.8 0.3 29.1
At 30 June
2007 75.8 67.4 -12.4 -8.0 444.2 3.1 570.1
Balance at 31
Dec 2007 75.8 39.6 -41.1 -12.5 411.8 4.0 477.6
Translation
difference -0.2 -8.8 3.0 -6.0
Minority
interest -0.9 -0.9
Cancellation
of own shares 32.1 -32.1 0.0
Transfer
between
restricted
and
non-restricted
equity -2.0 2.0 0.0
Share based
payments
recognized
against equity 1.9 1.9
Dividend -35.8 -35.8
Net profit for
the period 34.5 34.5
At 30 June
2008 75.8 37.4 -9.0 -21.3 385.3 3.1 471.3
Net sales by business area, EUR
million (primary segment)
2008 2007 Change 2008 2007 Change 2007
4-6 4-6 % 1-6 1-6 % 1-12
Banking & Insurance 77 70 9 152 149 2 293
Telecom & Media 178 162 10 351 323 9 664
Government, Manufacturing& Retail 51 47 7 101 97 4 184
Healthcare & Welfare 42 34 25 79 69 15 141
Forest & Energy 46 45 3 91 90 1 177
Processing & Network 113 97 16 227 195 17 409
Group elimination incl
other -27 -22 25 -53 -45 16 -96
Group total 480 434 11 948 876 8 1 772
Country sales, EUR million
(secondary segment)
2008 Change Share 2007 Share 2007 Change
1-6 % % 1-6 % 1-12 %
Finland 437 10 46 396 45 802 7
Sweden 266 8 28 246 28 495 9
Germany 71 -5 8 75 9 152 23
Norway 45 20 5 38 4 88 8
Great Britain 27 -4 3 28 3 55 15
Denmark 22 -1 2 22 3 26 -49
Italy 17 31 2 13 1 31 84
France 13 16 1 12 1 24 32
Netherlands 11 9 1 10 1 23 -7
Other 39 8 4 36 4 78 1
Group total 948 8 100 876 100 1 772 8
Net sales by industry
segment, EUR million
2008 Change Share 2007 Share 2007 Change
1-6 % % 1-6 % 1-12 %
Banking and insurance 206 6 22 195 22 390 4
Public 146 11 15 131 15 273 -7
Telecom and media 339 10 36 309 35 650 26
Forest 45 4 5 43 5 84 -4
Energy 51 6 5 48 5 100 27
Manufacturing 52 5 5 49 6 99 11
Retail & Logistics 60 46 6 41 5 89 1
Other 51 -16 5 60 7 87 -29
Group total 948 8 100 876 100 1 772 8
Operating profit (EBIT),
EUR million
2008 2007 Change 2008 2007 Change 2007
4-6 4-6 % 1-6 1-6 % 1-12
Banking & Insurance 8.4 -7.6 Pos. 14.3 -2.0 Pos. -53.3
Telecom & Media 14.3 12.5 14.3 21.0 27.3 -23.2 53.2
Government,
Manufacturing & Retail 4.4 1.7 154.8 7.2 6.7 7.4 -6.1
Healthcare & Welfare 1.4 -0.5 Pos. 1.9 0.7 178.3 -5.2
Forest & Energy 1.8 3.3 -45.7 6.0 6.9 -12.4 8.5
Processing & Network 11.0 6.0 82.9 22.8 14.4 58.1 32.8
Business areas 41.3 15.5 166.2 73.2 54.0 35.5 29.9
Group operations incl
other -11.8 -5.7 -107.1 -19.0 -9.6 -97.9 - 31.5
Group capital gain 0.0 0.1 -100.0 0.0 0.1 -93.2 2.9
Operating profit (EBIT) 29.6 9.9 198.7 54.1 44.4 21.9 1.3
Operating profit, EUR
million excl
capital gains/losses,
impairment losses,
badwill and Performance
Improvement
Programme related costs 2008 2007 Change 2008 2007 Change 2007
4-6 4-6 % 1-6 1-6 % 1-12
Banking & Insurance 7.6 -3.8 Pos. 14.6 1.8 733.1 1.7
Telecom & Media 14.6 12.5 16.0 28.1 27.4 2.8 58.9
Government,
Manufacturing & Retail 5.2 2.7 96.1 9.9 7.7 29.1 11.2
Healthcare & Welfare 1.4 -0.3 Pos. 2.3 -0.8 Pos. 3.2
Forest & Energy 1.9 3.3 -42.8 5.7 6.9 -17.1 13.2
Processing & Network 11.9 6.0 98.2 25.7 14.4 78.1 38.8
Business areas 42.6 20.5 108.5 86.3 57.2 50.8 126.9
Group operations incl
other -9.5 -5.7 -66.5 -15.5 -9.6 -60.7 - 19.3
Operating profit (EBIT),
excl capital
gains/losses, impairment
losses,
badwill and Performance
Improvement
Programme related costs 33.2 14.8 124.5 70.9 47.6 48.8 107.6
Operating margin (EBIT), %
2008 2007 Change 2008 2007 Change 2007
4-6 4-6 1-6 1-6 1-12
Banking & Insurance 11.0 -10.8 21.7 9.4 -1.4 10.7 -18.2
Telecom & Media 8.0 7.7 0.3 6.0 8.5 -2.5 8.0
Government, Manufacturing &
Retail 8.7 3.6 5.0 7.2 6.9 0.3 -3.3
Healthcare & Welfare 3.2 -1.4 4.7 2.4 1.0 1.4 -3.7
Forest & Energy 3.9 7.3 -3.5 6.6 7.7 -1.0 4.8
Processing & Network 9.7 6.2 3.5 10.0 7.4 2.6 8.0
Business areas 8.6 3.6 5.0 7.7 6.2 1.6 1.7
Operating margin (EBIT) 6.2 2.3 3.9 5.7 5.1 0.6 0.1
Operating margin (EBIT), %
excl capital
gains/losses, impairment
losses,
badwill and Performance
Improvement
Programme related costs 2008 2007 Change 2008 2007 Change 2007
4-6 4-6 1-6 1-6 1-12
Banking & Insurance 10.0 -5.4 15.4 9.6 1.2 8.4 0.6
Telecom & Media 8.2 7.7 0.4 8.0 8.5 -0.5 8.9
Government, Manufacturing &
Retail 10.3 5.6 4.7 9.8 7.9 1.9 6.1
Healthcare & Welfare 3.3 -0.8 4.1 2.9 -1.2 4.2 2.3
Forest & Energy 4.1 7.3 -3.2 6.3 7.7 -1.4 7.4
Processing & Network 10.6 6.2 4.4 11.3 7.4 3.9 9.5
Business areas 8.9 4.7 4.2 9.1 6.5 2.6 7.2
Operating margin (EBIT),
excl capital
gains/losses, impairment
losses,
badwill and Performance
Improvement
Programme related costs 6.9 3.4 3.5 7.5 5.4 2.0 6.1
Personnel by business area
(primary segment)
End of period Average
2008 Change Share 2007 2007 2008 2007
1-6 % % 1-6 1-12 1-6 1-6
Banking & Insurance 2 083 - 6 13 2 224 2 180 2 147 2 243
Telecom & Media 5 890 9 36 5 420 5 990 5 941 5 325
Government,
Manufacturing &
Retail 1 459 - 9 9 1 600 1 542 1 507 1 585
Healthcare & Welfare 1 122 2 7 1 103 1 114 1 109 1 081
Forest & Energy 1 251 - 1 8 1 267 1 274 1 263 1 273
Processing & Network 2 159 3 13 2 102 2 124 2 133 2 060
Software Centres 1 756 55 11 1 130 1 548 1 688 1 054
Other Group
Operations 581 3 4 562 553 573 558
Group total 16 301 6 100 15 408 16 324 16 361 15 178
From Jan 2008, 12 persons were moved from Government, Manufacturing &
Retail to Forest & Energy. Figures for 2007 have been restated. The
change had minor effect on Net sales and EBIT 2007 in the business
areas.
Personnel by country
(secondary segment)
End of period Average
2008 Change Share 2007 2007 2008 2007
1-6 % % 1-6 1-12 1-6 1-6
Finland 6 111 - 2 37 6 228 6 357 6 233 6 193
Sweden 3 331 0 20 3 337 3 381 3 345 3 338
Germany 1 252 - 6 8 1 330 1 325 1 284 1 357
Czech 1 322 44 8 919 1 186 1 279 857
Norway 664 - 11 4 747 720 683 752
India 620 134 4 266 594 618 265
Latvia 582 6 4 550 551 571 545
Poland 492 41 3 348 393 457 286
Great Britain 347 6 2 329 327 338 317
Denmark 306 - 8 2 331 344 323 301
Italy 241 3 1 234 233 242 218
China 187 117 1 86 124 161 76
Lithuania 147 34 1 110 125 139 97
Netherlands 131 24 1 106 137 134 99
France 131 6 1 124 129 130 120
Estonia 125 9 1 115 119 120 110
Other 311 25 2 248 280 303 248
Group total 16 301 6 100 15 408 16 324 16 361 15 178
The personnel figures for the associated companies under
TietoEnator's management responsiblity are reported according to our
holding. Personnel figures including these associated companies to
100% give a total of 16 571 (15 806) at the end of the period.
Total assets by business area, EUR million (primary
segment)
2008 2007 Change 2007
30 Jun 30 Jun % 31 Dec
Banking & Insurance 223.0 263.4 -15 215.8
Telecom & Media 453.7 452.0 0 474.9
Government, Manufacturing &
Retail 55.9 63.3 -12 51.2
Healthcare & Welfare 85.5 88.2 -3 96.0
Forest & Energy 108.7 120.0 -9 116.8
Processing & Network 197.6 176.9 12 178.1
Group elimination -19.3 -25.2 -24 -21.9
Business areas 1 105.2 1 138.5 -3 1 110.9
Group Operations 212.1 233.4 -9 171.8
Total assets 1 317.3 1 371.9 -4 1 282.7
Total liabilities by business area, EUR million (primary
segment)
2008 2007 Change 2007
30 Jun 30 Jun % 31 Dec
Banking & Insurance 151.6 115.3 31 127.6
Telecom & Media 183.5 191.9 -4 187.5
Government, Manufacturing &
Retail 42.7 40.8 5 49.4
Healthcare & Welfare 41.0 34.4 19 44.3
Forest & Energy 77.1 70.6 9 72.1
Processing & Network 88.9 69.3 28 64.4
Group elimination - 22.8 -22.9 0 -17.3
Business areas 562.1 499.4 13 528.1
Group Operations 283.9 302.3 -6 277.0
Total liabilities 846.0 801.8 6 805.1
Segment assets by country, EUR million (secondary
segment)
2008 2007 Change 2007
30 Jun 30 Jun % 31 Dec
Finland 374.1 326.6 15 348.4
Sweden 316.6 344.7 -8 333.8
Norway 83.0 98.9 -16 94.7
Germany 156.1 174.3 -10 160.9
Great Britain 42.8 89.3 -52 45.7
Other 132.6 104.7 27 127.5
Business areas 1 105.2 1 138.5 -3 1 110.9
Depreciation, EUR
million
2008 2007 Changes 2008 2007 Changes 2007
4-6 4-6 % 1-6 1-6 % 1-12
Processing & Network 10.4 9.1 14 20.3 18.0 13 40.0
whereof Finland 8.5 7.6 12 16.7 15.1 11 34,1
Sweden 1.7 1.3 30 3.2 2.5 29 4,9
Other
countries 0.2 0.2 4 0.4 0.4 -1 0,9
Other 3.4 4.5 -25 7.3 9.3 -21 27,2
Group total 13.8 13.7 1 27.7 27.3 1 67.2
Amortization on allocated
intangible
assets from acquisitions, EUR
million
2008 2007 Changes 2008 2007 Changes 2007
4-6 4-6 % 1-6 1-6 % 1-12
Telecom & Media 1.5 1.3 15 3.0 2.5 17 5.3
Other 1.0 1.1 -16 2.0 2.4 -18 4,5
Group total 2.4 2.4 0 4.9 4.9 0 9.8
Impairment losses, EUR
million
2008 2007 Change 2008 2007 Change 2007
4-6 4-6 % 1-6 1-6 % 1-12
Banking & Insurance 0.0 0.0 - 0.0 0.0 - 40.0
Group total 0.0 0.0 - 0.0 0.0 - 40.0
Capital expenditure by
business
area, EUR million
2008 2007 Change 2008 2007 Change 2007
4-6 4-6 % 1-6 1-6 % 1-12
Processing & Network 12.2 9.3 31 37.1 16.7 122 36.1
whereof Finland 8.0 8.5 -6 30.4 14.2 114 29,7
Sweden 4.2 0.8 425 6.7 2.6 158 6,4
Other
countries 0.0 0.0 - 0.0 0.0 - 0,0
Other 4.9 3.2 51 10.1 7.9 27 16,8
Group total 17.1 12.6 36 47.2 24.7 91 52.9
2008 2007
Commitments and contingencies, EUR million 30 June 31 Dec change %
For TietoEnator obligations
Pledges -
On behalf of joint ventures
Guarantees 1.8 1.8 0
Other TietoEnator obligations
Rent commitments due in one year 55.5 56.0 -1
Rent commitments due in 1-5 years 113.0 129.4 -13
Rent commitments due after 5 years 22.2 25.6 -13
Operating lease commitments due in one year 16.1 9.3 73
Operating lease commitments due in 1-5
years 14.1 15.0 -6
Operating lease commitments due after 5
years 0.0 0.0
Other commitments *) 15.9 53.7 -70
Operating lease commitments are principally three-year lease
agreements that do not include buyout clauses.
*) Including in 2007 commitment mainly for purchase of hardware and
software. In 2008, the commitment is presented in finance lease
liabilities and operating lease commitments.
Notional amounts of derivative financial 2008 2007
instruments, EUR million 30 June 31 Dec
Foreign exchange contracts 181.5 249.1
Interest rate swaps 100.0 100.0
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 2008 2007
balance sheet date were: 30 June 31 Dec
Foreign exchange contracts 1.3 2.8
Interest rate swaps -4.0 -2.0
Derivatives are used for hedging purposes only.
On-going legal disputes
TietoEnator has an ongoing VAT disupute with the Finnish tax
authorities concerning a sum of EUR 5.3 million. Certain other old
legal disputes are also ongoing; as these are minor and
insubstantial, no provisions have been made for them.
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.
Major shareholders 30 June 2008
Shares %
1 Pohjola Asset Management Ltd. 2 990 315 4.2%
2 Didner & Gerge Aktiefond 2 195 200 3.0%
3 OP-Keskus Osk 2 160 000 3.0%
4 Swedbank Robur fonder 1 902 996 2.6%
5 Svenska Litteratursällskapet i Finland 1 404 000 1.9%
6 Varma Mutual Pension Insurance Co. 1 349 749 1.9%
7 The State Pension fund 1 300 000 1.8%
8 OP funds 1 174 318 1.6%
9 Ilmarinen Mutual Pension Insurance Co. 905 751 1.3%
10 Credit Agricole Cheuvreux International 704 504 1.0%
Nominee registered 50 093 883 69.6%
Others 5 842 457 8.1%
Total 72 023 173 100.0%
Based on ownership records of the Finnish and Swedish central
security depositories.
In April, Goldman Sachs Group, Inc. announced that its holding in
TietoEnator Corporation was 6 465 590 shares, which represents 8.98%
of the shares and voting rights.
TIETOENATOR CORPORATION
For further information:
Hannu Syrjälä, President and CEO, tel. +358 2072 68729,
hannu.syrjala@tietoenator.com
Åke Plyhm, Deputy CEO, tel. +46 10 481 3321, +46 705 65 86 31,
ake.plyhm@tietoenator.com
Reeta Kaukiainen, EVP, Communications and Investor Relations, tel.
+358 2072 68711,
+358 50 522 0924, reeta.kaukiainen@tietoenator.com
Press conference for analysts and media will be held in Helsinki,
Radisson SAS Royal Hotel, Runeberginkatu 2, cabinet Finland, 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@tietoenator.com, tel. +358 2072 68714.
The conference will be webcast and published live on TietoEnator's
website www.tietoenator.com and there will be a possibility to
present questions on-line. 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) will also be available as live audio
webcast on www.tietoenator.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 start of conference call.
An on-demand audiocast of the conference will also be published on
TietoEnator's website later during the day. A replay will be
available until 25 July 2008 in the following numbers: US callers: +1
866 583 1035, non-US callers: +44 20 8196 1998, access code: 141833#.
TietoEnator publishes financial information in English, Finnish and
Swedish. All releases are posted in full on TietoEnator's website
www.tietoenator.com as soon as they are published.
TietoEnator is among the leading architects in building a more
efficient information society and one of the largest IT services
providers in Europe. TietoEnator specializes in consulting,
developing and hosting its customers' business operations in the
digital economy. The Group's services are based on a combination of
deep industry-specific expertise and the latest information
technology. TietoEnator has about 16 000 experts in close to 30
countries.
www.tietoenator.com
DISTRIBUTION
Helsinki Stock Exchange
Stockholmsbörsen
Principal Media
TietoEnator Corporation
Business ID: 0101138-5
Aku Korhosentie 2-6
PO Box 38
FI-00441 HELSINKI, FINLAND
Tel +358 2072010
Fax +358 207268898
Registered office: Espoo
Kronborgsgränd 1
SE-164 87 KISTA, SWEDEN
Tel +46 8 632 1400
Fax +46 8 632 1420
mail: info@tietoenator.com
www.tietoenator.com
TietoEnator's interim report 2/2008 (January - June 2008) - Strong growth and profitability improvement continued
| Source: Tieto
Attachments
