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Highlights
* Revised strategy and change of President and CEO were announced
on 16 October. Hannu Syrjälä was appointed as the Group's new
President and CEO effective by 15 February.
* TietoEnator's Performance Improvement Programme is expected to
deliver over EUR 100 million of annual cost savings from the end
of 2009.
* Fourth-quarter net sales grew by 8% to EUR 491.3 (455.5) million.
Full-year net sales totalled EUR 1 772.4 (1 646.5) million, up
8%.
* Fourth-quarter operating profit amounted to EUR -63.8 (43.9)
million and operating margin was -13.0% (9.6). Operating profit
included one-off items of EUR 104.5 million related to the
Performance Improvement Programme announced in October 2007 and
net capital gains of EUR 1.5 (7.3) million.
* Full-year operating profit totalled EUR 1.3 (127.7) million and
included one-off items of EUR 104.7 million related to the
Performance Improvement Programme and net capital losses of EUR
1.6 (net gains 15.7) million.
* Profit after taxes was EUR -71.3 (29.0) million for the fourth
quarter, EUR -31.2 (87.3) million for the full year.
* Fourth-quarter EPS amounted to EUR -1.00 (0.39), full-year EPS to
EUR -0.44 (1.15).
* Dividend proposal EUR 0.50 (1.20) per share
Revised strategy
In October 2007, TietoEnator's Board of Directors approved the
company's revised strategy, which aims at restoring the company's
profitability and securing a sustainable basis for future growth. The
elements of the new strategy include separate regional and global
strategies, repositioning the repeatable solutions business and a
Performance Improvement Programme.
Performance Improvement Programme
In 2007, TietoEnator decided to expand its Profit 2007 programme,
turning it into an accelerated Performance Improvement Programme with
substantially higher savings targets. The actions are expected to
improve TietoEnator's profitability significantly. TietoEnator
estimates that the plan will generate annual cost savings of more
than EUR 100 million as from the end of 2009. 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.
Related to the programme, TietoEnator will book restructuring costs,
provisions and impairments totalling approximately EUR 160 million of
which about EUR 100 million has a cash flow effect. One-off costs of
EUR 104.7 million materialized in 2007. The rest will be booked
during 2008 and 2009.
Market development and TietoEnator's business transactions
The market situation remained positive in 2007. The Nordic IT
services market that is relevant to TietoEnator grew by 6-7%.
Customers are investing in IT solutions that help them to launch
innovative new services and boost profits. This was one of the main
growth drivers. In most areas prices were either stable or slightly
higher than the year before.
Price pressure persists in some segments, such as infrastructure
services. Coupled with increasing personnel costs, this has put
pressure on margins. Personnel costs were increased not only by
annual salary raises, but also by a high personnel turnover.
Banking and insurance
Overall demand in the financial services sector is at a healthy
level, but very competitive in certain areas. 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.
Customers in the banking sector are becoming somewhat cautious about
future economic development and its impact on IT expenditure. The
subprime crises has not had any material impact on the demand of
TietoEnator's services.
TietoEnator agreed to acquire the Swedish company Abaris AB, which
specializes in securities processing solutions. Abaris employs about
90 people in Sweden, Finland and Norway and its net sales in 2007
were around EUR 10 million. The acquisition took effect on 1 January
2007.
In the third quarter, three major Nordic banks selected TietoEnator's
SEPA Credit Transfers solution (Single Euro Payments Area) in order
to achieve full compliance with the requirements for SEPA Credit
Transfers and the European Bank Association's clearing service by
January 2008.
In October, TietoEnator entered into an agreement to sell its
reinsurance and leasing business in Germany in an MBO (management
buyout) arrangement to the current management of the businesses. The
net sales of the divested businesses were approximately EUR 3
million.
Telecom and media
The overall market situation in the telecom and media sectors is good
and TietoEnator's prospects for further growth are positive. The
accelerating convergence in telecom services is driving up demand for
IT services. Operators are also looking for new IT solutions to boost
their competitiveness. The R&D market is being restructured and
relocated as customers increase their presence in countries with
favourable cost-structures. R&D responsibilities are outsourced to
strong partners to secure continuity, and R&D spending in offshore
countries is on the rise due to cost-efficiency considerations and
the importance of new markets.
In January 2007, TietoEnator recruited 140 people who had formerly
worked for the Taiwan-based BenQ's R&D centre in Wroclaw, southern
Poland. At the beginning of February, TietoEnator assumed
responsibility for Ericsson's design centre in Aarhus, Denmark, with
86 employees. The design centre supplies IP software building blocks
for Ericsson products.
In April, TietoEnator signed an agreement with Siemens IT Solutions
and Services in Italy regarding the streamlining of business-critical
and customer-related processes and services for mobile telephony. The
value of the contract is expected to be around EUR 40 million and the
contract period is three years. In June, TietoEnator agreed on
further co-operation with Nokia Siemens Networks. TietoEnator
incorporated parts of Nokia Siemens Networks' Finnish R&D operations
for mobile networks and took on the R&D responsibilities for certain
parts of Nokia Siemens Networks' product portfolio. Approximately 230
employees joined TietoEnator Telecom & Media at the beginning of
July.
In the third quarter, TietoEnator agreed on an extension of a
partnership deal with Blyk that was announced in April. TietoEnator
is providing Blyk, the new ad-funded mobile network for young people,
with Mobile Virtual Network Operator (MVNO) services. In October,
TietoEnator acquired Fortuna Technologies Pvt. Ltd. in India. The
company has approximately 300 employees and provides R&D services and
develops turnkey software solutions for major European and Asian
mobile device manufacturers of 3G handsets. In the fourth quarter, a
decision was made to open a telecom R&D centre in Chengdu, China.
Government, manufacturing and retail
Overall demand is solid in all of these areas as customers are
seeking to improve performance and productivity. Demand in the
Finnish government sector is good. 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
has ushered in price pressures. The arrangement was established by
Hansel Ltd, the central procurement unit of the State of Finland. The
positive trend in the manufacturing industry is expected to continue.
Retail customers are in the market for IT systems to help them
provide new ways to manage customer needs and changes in customer
behaviour towards multi-channel buying.
In September, TietoEnator divested its holding in the Swedish company
TietoEnator GM&R AB, which provides application management and
project services to customers within the retail and logistics
industries. The company had 23 employees. The divestment did not have
any material impact on the business area's net sales or operating
profit.
Healthcare and welfare
Thanks to IT standardization and national development efforts to
harmonize healthcare IT, demand in the Finnish healthcare market is
good. That said, the market is competitive. In Sweden and Norway, the
market is fragmented and develops slowly. Many projects have been
postponed and some projects have been scaled down to smaller
deliveries. The finances of healthcare service providers are in a
squeeze, which has made the market very challenging. The Central
European market is dominated by big companies. The Nordic welfare
market has shown a clear growth trend. Customers are waiting for the
next wave of digitalizing services.
Forest and energy
In the forest sector, there is steady demand for investments to
harmonize IT systems and infrastructure. In the Nordic countries,
customers are restructuring their operations and closing down excess
capacity, but they are interested in expanding business in Asia and
Russia. Demand is stable in North America, while it is very brisk in
South America and Asia.
In the energy sector, the market situation remains favourable 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. In some
competence areas there is a shortage of experienced resources.
Infrastructure outsourcing
The market for infrastructure outsourcing is good with a continuous
flow of mid-sized tender requests. Customers are looking for more
flexible solutions and request broader service agreements that
provide coverage for entire business processes. Prices
for traditional infrastructure services are under continuous
pressure.
In June, the Swedish state-owned pharmacy chain Apoteket AB chose
TietoEnator as its new supplier of ICT operations management,
applications integration, applications management and workstation
management and support. According to TietoEnator estimates, the total
value of the order will be around EUR 57 million.
In September, TietoEnator opened a service centre in St Petersburg
with a view to expanding operations in Russia and serving its current
customers that operate in the country.
Net sales
Fourth-quarter net sales grew by 8% to EUR 491.3 (455.5) million or
by 9% in local currencies. Organic growth remained at a healthy
level, 8%.
Full-year
Q4 net Q4 net Full-year
Sales Organic sales organic
growth, % growth, % growth, % growth, %
Banking & Insurance 5 4 3 2
Telecom & Media 24 22 23 22
Government, Manufacturing & -20 -11 -22 -1
Retail
Healthcare & Welfare -7 -6 -2 -2
Forest & Energy 2 2 11 8
Processing & Network 14 14 9 9
In the fourth quarter, Telecom & Media saw further strong development
thanks to the good market situation and several new, larger contracts
landed during 2007. The business area bolstered its position among
its key customers as well. Processing & Network's strong performance
was supported by the active Nordic ICT infrastructure market
especially in service based outsourcing. In Processing & Network,
one-off adjustments had a positive impact of approximately 4
percentage points in the fourth quarter.
Net sales of Government, Manufacturing & Retail decreased by 20%,
organically by 11%. The decline in organic growth was due to the
reversal of net sales related mainly to a single risk project, and
the decline in sales, especially in retail. Part of the reduction was
attributable to the divestment of government businesses in Denmark,
Norway and Sweden in October 2006. Manufacturing was the strongest
sector.
Forest & Energy's growth slowed down after several very strong
quarters, mainly due to the weak development in the utilities sector.
Net sales growth in the oil & gas sector remained at a high level.
Net sales were also impacted by a write-off related to a risk
project. This had an impact of approximately 5 percentage points.
In the Healthcare & Welfare business area net sales growth was
negatively impacted by challenges in the solution business in
Scandinavia and Germany.
TietoEnator's full-year net sales grew by 8% to EUR 1 772.4 (1 646.5)
million, or by 8% in local currencies. Organic growth totalled 9%.
TietoEnator's full-year growth was 9% in Sweden, 7% in Finland and 8%
in Norway. In Germany, net sales grew by 23%, thanks mainly to new
outsourcing contracts. Net sales in Denmark declined by 49% mainly
due to the divestment of government business in October 2006. In the
UK, growth was strong at 15%.
Telecom and media posted strong growth, increasing its share of
consolidated net sales to 37% (31). The banking and insurance sector
generated 22% (23) of net sales, whereas the public sector's
contribution declined to 15% (18). The forest sector's contribution
was 5% (5) and the energy sector's 6% (5).
The order backlog, which only comprises services ordered with binding
contracts, amounted to EUR 1 058.1 million (1 244.7) at the end of
the period. A few large contracts with current customers have ended
and some of them are to be renegotiated. Processing & Network's share
of the order backlog is 33%. In total 61% (51) of the backlog is
expected to be invoiced in 2008.
Profitability
In the fourth quarter, profitability was heavily burdened by one-off
items of EUR 104.5 million related to the Performance Improvement
Programme announced in October 2007. Fourth-quarter operating profit
declined to EUR -63.8 (43.9) million and operating margin was -13.0%
(9.6). Operating profit includes net capital gains of EUR 1.5 (7.3)
million.
The costs of the Performance Improvement Programme with no cash flow
effect amounted to EUR 51.8 million, of which EUR 40 million was due
to goodwill impairment in the UK banking business. Items with cash
flow effect amounted to EUR 52.7 million. However, most of these
items were booked as provisions in the fourth quarter and the cash
flow effect will materialize in 2008 and 2009.
The business areas that were impacted most heavily by the one-off
items were Banking & Insurance (EUR 49.6 million), Government,
Manufacturing & Retail (EUR 16.4 million) and Healthcare & Welfare
(EUR 9.8 million). In Banking & Insurance, on top of goodwill
impairment in the UK the one-off items include provisions for
restructuring. Government, Manufacturing & Retail suffered mainly
from one risk project. The Healthcare & Welfare business area's
provisions for clearing risk projects reflect the challenges the
business area has faced in the solution business, especially in
Norway, Sweden and Germany. Operating profit excluding one-off items
was positive in all business areas.
Net financial expenses stood at EUR 3.9 (1.7) million in the fourth
quarter. Net interest expenses were EUR 1.5 (1.6) million and
one-time net losses from foreign exchange transactions EUR 0.8 (0.1)
million.
Fourth-quarter earnings per share (EPS) totalled EUR -1.00 (0.39).
EPS was strained by net capital losses of EUR 0.01 (gains 0.03) per
share, impairment of EUR 0.56 (0.00) per share and amortization on
intangibles of EUR 0.03 (0.03) per share. Due to reversed stock
option expenses, EPS increased by EUR 0.01 (decreased 0.01) per
share.
Full-year operating profit amounted to EUR 1.3 (127.7) million. Net
capital losses were EUR 1.6 (net gains 15.7) million. Excluding
capital losses and gains operating profit totalled EUR 2.9 (112.0)
million, representing a margin of 0.2% (6.8). Operating profit
included one-off items of EUR 104.7 million related to the
Performance Improvement Programme.
Full-year restructuring expenses amounted to EUR 30.7 (12.4) million
of which EUR 22.1 million was booked in the fourth quarter and was
related to Performance Improvement Programme.
The full-year operating margin, excl. capital gains or losses, in
TietoEnator's main markets was 12% (15) in Finland and 1% (2) in
Sweden. Compared to 2006, profitability was weaker in all markets due
to loss-making projects, restructuring, impairment losses and
unfavourable development of pricing and costs. Operating margin
outside Finland and Sweden was negative in 2007.
Full-year net financial expenses stood at EUR 9.9 (3.2) million. Net
interest expenses were EUR 7.1 (2.1) million and net losses from
foreign exchange transactions EUR 0.7 (0.6) million.
Full-year earnings per share totalled EUR -0.44 (1.15). EPS was
strained by net capital losses of EUR 0.02 (gains 0.14) per share,
impairment of EUR 0.55 (0.00) per share, amortization on intangibles
of EUR 0.14 (0.12) per share and stock option expenses of EUR 0.03
(0.05) per share.
Operating profit (EBIT) included EUR 2.5 (2.4) million from
amortization on allocated intangible assets in the fourth quarter and
EUR 9.8 (8.8) million in the full year. Operating profit was impacted
by the costs arising from share-based payments. Due to reversed stock
option expenses, the share-based payments had a positive impact of
EUR 1.0 (negative 0.8) million on the fourth quarter profit and a
negative impact of EUR 2.3 (4.0) million on the full-year profit. The
costs are included in employee benefit expenses.
The 12-month rolling return on capital employed (ROCE) was 7.8% and
the return on shareholders' equity (ROE) -5.7%.
Financing and investments
Net cash flow from operations amounted to EUR 115.7 (113.0) million
in the full year. Operating profit contributed EUR 121.8 (174.7)
million and the decrease in working capital EUR 8.4 (-37.8) million.
Tax payments amounted to EUR 9.9 (24.8) million.
Dividends amounting to EUR 88.3 million were paid in April and
altogether EUR 32.1 million was used for the share repurchase
programme in August and September, of which EUR 2.1 million was paid
in October.
Payments for acquisitions totalled EUR 28.3 million in the full-year.
Divestments generated EUR 4.6 million.
The equity ratio was 40.2% (48.4). Gearing increased to 34.4% (14.9).
Net debt totalled EUR 164.5 (93.4) million, including EUR 247.3
million in interest-bearing debt, EUR 1.4 million in finance lease
liabilities, EUR 11.2 million in finance lease receivables and EUR
72.9 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 96 million from the short-term EUR 250 million
commercial paper programme. At the end of the quarter unused credit
facilities totalled about EUR 404 million.
Accrual-based investments totalled EUR 87.7 (77.9) million for the
period. Capital expenditure including financial leasing accounted for
EUR 52.9 (50.9) million, investments in business activities for EUR
0.0 (5.5) million, and investments in subsidiary and associated
company shares for EUR 34.8 (21.5) million.
Personnel
The number of full-time employees totalled 16 324 (14 597) at the end
of December. Acquisitions and new outsourcing contracts added 834
employees during the year.
In 2007, a total of 210 employees were made redundant, mostly in
Telecom & Media and Processing & Network.
Employee turnover has continued to increase due to the very brisk
labour market. The 12-month rolling figure stood at 11.2% (9.0) at
the end of December. The average number of full-time employees was 15
588 (14 414) in the full year.
As a result of the national salary raises agreed in the collective
labour agreements in Finland and Sweden, the fourth-quarter salary
level increased by 3-4% compared to the corresponding quarter of
2006. In 2008, the salaries in Finland and in Sweden are expected to
increase on average by 4-5% year on year.
At the end of December, the number of people in global centres of
excellence totalled about 3 270 (2 000), or 19% (13) of the total
headcount. The acquisition of the Indian company Fortuna Technologies
increased this number by approximately 300 people from October
onwards.
Management
On 16 October, the Board of Directors decided to discharge the
President and CEO Pentti Heikkinen.
On 17 December, TietoEnator's Board of Directors appointed Hannu
Syrjälä as the Group's new President and CEO. Mr Syrjälä will start
in his new position by 15 February 2008. Åke Plyhm, who has served as
interim CEO since 16 October, will resume his previous position as
the Deputy CEO.
Transactions with related parties
The related parties of TietoEnator are its Board of Directors,
President and CEO, the Corporate Management Team and the Group's
associated companies.
Chairman of the Board of Directors Matti Lehti's service contract
with TietoEnator ended on 30 June 2007 when he reached his retirement
age of 60 years. He is currently non-executive Chairman of the Board
of Directors.
Transactions with associated companies are not considered to be
material.
Shares and options
At the end of December, the share capital amounted to EUR 75 841 523
and the total number of shares to 73 958 173.
On 20 December, TietoEnator's Board of Directors decided to
cancel all of the 1 935 000 TietoEnator shares that were acquired by
the company during August and September 2007. The cancellation of
these shares was registered in the Trade Register on 9 January 2008.
Following registration, the number of shares in TietoEnator amounts
to 72 023 173. The cancellation has no effect on the share capital of
the company.
The cancelled shares represented 2.6% of the total number of shares
and voting rights in the company. TietoEnator still has 361 650
shares in its possession. Shares held by the company represent 0.5%
of all the shares and voting rights.
The outstanding number of shares excluding the shares in the
company's possession was 71 661 523 at the end of December and 71 661
523 on 9 January 2008.
TietoEnator's Annual General Meeting 2007 approved authorizations to
issue share and option rights or raise convertible bond loans. The
Board has not exercised these authorizations.
Dividend proposal
The Board of Directors is proposing a dividend of EUR 0.50 (1.20) per
share for 2007.
Events after the reporting period
In January, TietoEnator initiated personnel negotiations to address
the need to reduce the number of personnel and overhead costs. The
estimated need for personnel adjustments, including personnel
reductions and internal transfers within the company, is
approximately 800 positions, mainly in Finland and Sweden. The
negotiations will cover adjustments during 2008 and concern all
employee categories within the business areas and group functions,
but the focus differs country by country. Approximately 400 of the
affected personnel are in Finland, 250 in Sweden, and around 150 in
other TietoEnator business countries.
Risks and uncertainties
A more commoditized market and new offshore competition are creating
price pressure. On top of that the availability and cost of
resources, customers' demands for tighter contract terms and the
ability to control challenging deliveries are TietoEnator's main
near-term risks. Additionally, potential slowdown of economic growth
is a risk for TietoEnator. A comprehensive description of risk
management will be available in the Annual Review 2007.
Prospects for 2008
TietoEnator expects the IT market to remain active. The turbulence in
the financial markets has created some uncertainty for the
development in 2008. Price pressures exist, but on average, prices
are expected to stay about on the same level or be higher than in
2007. TietoEnator expects the labour market to remain active also in
2008.
A major part of the actions related to TietoEnator's Performance
Improvement Programme will take place during 2008. The costs related
to these actions will impact TietoEnator's profitability during 2008.
The positive impacts of the Performance Improvement 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 divestments or closures of businesses.
Full-year operating profit (EBIT) is expected to improve from 2007.
Financial calendar in 2008
Financial Review and Annual Review 2007 on website in week beginning
11 February
Financial Review and Annual Review 2007 printed on 5 March
Record date for AGM on 17 March
Annual General Meeting on 27 March
Record date for dividend on 1 April
Dividend payment will begin on 15 April
Interim report for January-March 2008 on 24 April
Interim report for January-June 2008 on 18 July
Interim report for January-September 2008 on 28 October
The figures in this report are for continuing operations. The
Personec Group business divested in December 2006 is treated as a
discontinued operation for the whole of 2006.
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 2006 and as described in the annual financial statements. In
addition IFRS 7 "Financial Instruments: Disclosures" has been applied
as from the beginning of 2007, but will not have any major impact on
the Group. The required information will be disclosed in the annual
financial statements for the year ending 31 December 2007.
The full-year figures in this report are audited.
Key figures 2007 2006 2007 2007 2007 2007 2006
10-12 10-12 7-9 4-6 1-3 1-12 1-12
Earnings per share, EUR
- basic -1.00 2.52 0.15 0.07 0.33 -0.44 3.25
- diluted -1.00 2.52 0.15 0.07 0.33 -0.44 3.25
- basic from continuing
operations -1.00 0.39 0.15 0.07 0.33 -0.44 1.15
- basic from discontinued
operations - 2.13 - - - - 2.10
Earnings per share from
continuing operations, EUR
1) -0.44 0.40 0.20 0.18 0.34 0.29 1.18
Equity per share, EUR 6.67 8.51 7.66 7.75 7.70 6.67 8.51
Return on equity rolling 12
month, % -5.7 15.5 13.6 14.8 17.5 -5.7 15.5
Return on capital employed
rolling 12 month, % 7.8 18.7 18.9 18.7 21.8 7.8 18.7
Equity ratio % 40.2 48.4 43.0 44.4 44.5 40.2 48.4
Net interest-bearing
liabilities, EUR million 164.5 93.4 215.4 177.7 72.6 164.5 93.4
Gearing, % 34.4 14.9 39.2 31.2 12.9 34.4 14.9
Investments in continuing
operations, EUR million 22.3 27.3 25.2 12.9 27.3 87.7 77.9
1) Excluding goodwill impairments, amortization on allocated
intangible assets from acquisitions, stock option expenses and
one-time capital gains.
Income statement, EUR million 2007 2006 2007 2006 change
10-12 10-12 1-12 1-12 %
Continuing operations
Net sales 491.3 455.5 1 772.4 1 646.5 8
Other operating income 4.1 10.3 13.3 25.1 -47
Employee benefit expenses 287.0 248.7 1 021.3 938.5 9
Depreciation and amortization 27.7 15.8 77.0 59.4 30
Impairment of goodwill 40.0 - 40.0 - -
Other operating expenses 204.5 157.3 646.2 546.2 18
Share of associated companies'
result 0.0 -0.1 0.1 0.2 -50
Operating profit (EBIT) -63.8 43.9 1.3 127.7 -99
Net interest expenses -1.5 -1.6 -7.1 -2.1 238
Net exchange losses/gains -0.8 -0.1 -0.7 -0.6 17
Other financial income and
expenses -1.6 0.0 -2.1 -0.5 320
Profit before taxes -67.7 42.2 -8.6 124.5 -107
Income taxes -3.6 -13.2 -22.6 -37.2 -39
Net profit for the period from
continuing operations -71.3 29.0 -31.2 87.3 -136
Discontinued operations
Net profit for the period from
discontinued operations - 157.9 - 159.7
Net profit for the period -71.3 186.9 -31.2 247.0 -113
Net profit for the period
attributable to
Shareholders of the parent
company -71.9 185.5 -32.3 243.9 -113
Minority interest in continuing
operations 0.6 0.2 1.1 1.0 10
Minority interest in
discontinued operations - 1.2 - 2.1
-71.3 186.9 -31.2 247.0 -113
Earnings attributable to the
shareholders
of the parent company per share,
EUR
Basic -1.00 2.52 -0.44 3.25 -114
Diluted -1.00 2.52 -0.44 3.25 -114
Basic from continuing operations -1.00 0.39 -0.44 1.15 -138
Basic from discontinued operations - 2.13 - 2.10
Employee benefit expenses include rental payments on company cars and
non-statutory employee benefits, such as meals, healthcare and
leisure time activities. The figures for the fourth quarter include
restructuring costs EUR 18.0 million.
The result-based bonuses were EUR 23.6 million (15.7 previous year)
of which around 65% is related to Telecom & Media. Stock option
expenses (share based payments) were EUR 2.3 million (4.0).
Other operating expenses include EUR 6.2 million of capital losses.
Number of
shares 2007 2007 2007 2007 2007 2006
10-12 7-9 4-6 1-3 1-12 10-12
Outstanding
shares, end
of period
Basic 71 661 523 71 661 523 73 596 462 73 596 462 71 661 523 73 596 462
Diluted 71 661 523 71 661 523 73 842 024 73 654 512 71 661 523 73 657 628
Outstanding
shares,
average
Basic 71 661 523 72 931 280 73 596 462 73 596 462 72 941 089 73 596 462
Diluted 71 661 523 72 931 280 73 787 320 73 654 512 72 941 089 73 596 462
Company's
possession
of its own
shares,
End of
period 2 296 650 2 296 650 500 000 500 000 2 296 650 2 245 000
Average 2 296 650 1 040 116 500 000 965 333 1 203 733 2 245 000
Balance Sheet, EUR million 2007 2006 change
31 Dec 31 Dec %
Goodwill 415.7 448.4 -7
Other intangible assets 66.4 82.6 -20
Property, plant and equipment 76.8 87.9 -13
Deferred tax assets 66.4 75.2 -12
Investments in associated
companies 1.6 2.3 -30
Other non-current assets 1.5 1.4 7
Total non-current assets 628.4 697.8 -10
Trade and other receivables 560.2 503.0 11
Current income tax receivables 9.9 22.3 -56
Interest-bearing current assets 11.3 12.7 -11
Cash and cash equivalents 72.9 138.9 -48
Total current assets 654.3 676.9 -3
Total assets 1 282.7 1 374.7 -7
Share capital, share issue
premiums and other reserves 115.4 144.6 -20
Retained earnings 358.2 477.8 -25
Parent shareholders' equity 473.6 622.4 -24
Minority interest 4.0 4.0 0
Total Equity 477.6 626.4 -24
Finance lease liability 1.4 13.5 -90
Shareholders' loan - 0.8
Other interest-bearing loans 150.5 153.6 -2
Deferred tax liabilities 23.4 20.0 17
Pension obligations 22.0 46.4 -53
Provisions 35.9 3.4 956
Other non-current liabilities 1.7 3.2 -47
Total non-current liabilities 234.9 240.9 -2
Trade and other payables 461.7 410.6 12
Current income tax liabilities 11.6 19.7 -41
Interest-bearing loans 96.9 77.1 26
Total current liabilities 570.2 507.4 12
Total equity and liabilities 1 282.7 1 374.7 -7
Net working capital in the balance sheet, EUR
million 2007 2006 change
31 Dec 31 Dec %
Accounts receivable 391.2 321.3 22
Other working capital receivables 168.4 181.7 -7
Working capital receivables included in assets 559.6 503.0 11
Operative accruals 225.4 215.6 5
Other working capital liabilities 228.6 192.2 19
Pension obligations and provisions 57.9 49.7 16
Working capital liabilities included in current
liabilities 511.9 457.5 12
Net working capital in the balance sheet 47.7 45.5 5
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 2007 2006 2007 2007 2007 2007 2006
10-12 10-12 7-9 4-6 1-3 1-12 1-12
Cash flow from operations
Operating profit -63.8 43.9 20.7 9.9 34.5 1.3 127.7
Adjustments to operating
profit
Depreciation and
amortization 67.7 15.9 17.1 16.2 16.0 117.0 59.4
Profit/loss on sale of
fixed assets and shares -2.9 -7.1 -0.2 4.8 -1.7 0.0 -15.7
Share of associated
companies' result 0.0 0.1 -0.1 0.0 0.0 -0.1 -0.2
Other adjustments 1.5 0.5 0.8 1.0 0.3 3.6 3.5
Change in net working
capital 56.3 17.9 -11.2 -29.9 -6.8 8.4 -37.8
Cash generated from
continuing operations 58.8 71.2 27.1 2.0 42.3 130.2 136.9
Net financial items -1.4 0.9 -2.5 1.0 -1.7 -4.6 -2.8
Income taxes paid 3.6 -3.8 -4.7 -7.0 -1.8 -9.9 -24.8
Net cash flow from
continuing operations 61.0 68.3 19.9 -4.0 38.8 115.7 109.3
Net cash flow from
discontinued operations - 2.0 - - - - 3.7
Total net cash flow from
operations 61.0 70.3 19.9 -4.0 38.8 115.7 113.0
Cash flow from investing
activities
Acquisition of Group
companies and business
operations, net of cash
acquired -0.8 -7.8 -15.0 -3.2 -9.3 -28.3 -24.6
Capital expenditure -11.1 -16.6 -12.8 -12.6 -12.1 -48.6 -50.6
Disposal of business
operations
and associated companies 3.7 21.0 0.7 -1.7 1.9 4.6 30.4
Other investing
activities 3.8 1.7 -0.2 4.0 0.4 8.0 1.6
Net cash used in
investing activities from
- continuing operations -4.4 -1.7 -27.3 -13.5 -19.1 -64.3 -43.2
- discontinued operations - 21.0 - - - - -4.2
Total net cash used in
investing activities -4.4 19.3 -27.3 -13.5 -19.1 -64.3 -47.4
Cash flow from financing
activites
Dividends 0.0 0.1 0.0 -88.3 -0.2 -88.5 -65.8
Repurchase of own
shares -2.1 0.0 -30.0 0.0 0.0 -32.1 -52.3
Proceeds from finance
lease liabilities 0.3 0.5 0.1 0.2 0.0 0.6 0.6
Payment of finance
lease liabilities -4.1 -2.0 -2.9 -3.5 -2.2 -12.7 -9.3
Change in
interest-bearing
liabilities -29.2 -74.2 26.9 88.6 -69.2 17.1 41.6
Net cash used in other
financing activities -5.6 2.1 0.4 1.6 2.9 -0.7 -4.3
Net cash used in
financing activities from
- continuing operations -40.7 -73.5 -5.5 -1.4 -68.7 -116.3 -89.5
- discontinued operations - 38.1 - - - - 63.0
Total net cash used in
financing activities -40.7 -35.4 -5.5 -1.4 -68.7 -116.3 -26.5
Change in cash and cash
equivalents 15.9 54.2 -12.9 -18.9 -49.0 -64.9 39.1
Cash and cash equivalents
at beginning of period -57.7 -84.6 -70.9 -89.6 -138.9 -138.9 -99.8
Foreign exchange
differences 0.7 -0.1 0.3 -0.2 0.3 1.1 0.0
Cash and cash equivalents
at end of period 72.9 138.9 57.7 70.9 89.6 72.9 138.9
15.9 54.2 -12.9 -18.9 -49.0 -64.9 39.1
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 2005 78.7 62.7 -80.0 -8.2 435.5 12.2 500.9
Translation
difference 2.3 1.6 3.9
Minority
interest -11.3 -11.3
Cancellation
of own shares -2.9 2.9 80.0 -80.0 0.0
Transfer
between
restricted
and
non-restricted
equity 0.9 -0.9 0.0
Share based
payments
recognized
against equity 4.0 4.0
Dividend -64.5 -64.5
Own shares
purchased -52.3 -52.3
Exercise of
share options 0.0 0.0 0.0
Other changes -1.3 -1.3
Net profit for
the period 243.9 3.1 247.0
At 31 December
2006 75.8 68.8 -52.3 -6.6 536.7 4.0 626.4
Balance at 31
Dec 2006 75.8 68.8 -52.3 -6.6 536.7 4.0 626.4
Translation
difference -2.7 -5.9 10.2 1.6
Minority
interest 0.0
Cancellation
of own shares 43.3 -43.3 0.0
Transfer
between
restricted
and
non-restricted
equity -26.5 26.5 0.0
Share based
payments
recognized
against equity 2.3 2.3
Dividend -88.3 -88.3
Own shares
purchased -32.1 -32.1
Exercise of
share options 0.0 0.0 0.0
Net profit for
the period -32.3 -32.3
At 31 December
2007 75.8 39.6 -41.1 -12.5 411.8 4.0 477.6
Net sales by business area, EUR
million (primary segment)
2007 2006 Change 2007 2006 Change
Continuing operations 10-12 10-12 % 1-12 1-12 %
Banking & Insurance 82 78 5 293 284 3
Telecom & Media 188 152 24 664 542 23
Government, Manufacturing &
Retail 46 58 -20 183 236 -22
Healthcare & Welfare 41 44 -7 141 144 -2
Forest & Energy 46 45 2 178 161 11
Processing & Network 115 101 14 409 374 9
Group elimination incl other -27 -24 19 -96 -95 1
Group total 491 455 8 1 772 1 646 8
Country Sales, EUR million
(secondary segment)
2007 Share Change 2006 Share Change
Continuing operations 1-12 % % 1-12 % %
Finland 802 45 7 751 46 3
Sweden 495 28 9 454 28 -3
Germany 152 9 23 124 8 21
Norway 88 5 8 81 5 4
Great Britain 55 3 15 48 3 48
Italy 31 2 84 17 1 -
Denmark 26 1 -49 51 3 -1
France 24 1 32 18 1 -14
Netherlands 23 1 -7 25 2 61
Other 78 4 1 77 5 11
Group total 1 772 100 8 1 646 100 5
Net sales by industry segment,
EUR million
2007 Share Change 2006 Share Change
Continuing operations 1-12 % % 1-12 % %
Banking and insurance 390 22 4 374 23 23
Public 273 15 -7 292 18 4
Telecom and media 650 37 26 515 31 -6
Forest 84 5 -4 88 5 -1
Energy 100 6 27 79 5 6
Manufacturing 99 6 11 89 5 11
Retail & Logistics 89 5 1 88 5 -9
Other 87 5 -29 122 7 21
Group total 1 772 100 8 1 646 100 5
Operating profit (EBIT), EUR
million
2007 2006 Change 2007 2006 Change
Continuing operations 10-12 10-12 % 1-12 1-12 %
Banking & Insurance -48.0 6.1 -891.4 -53.3 20.1 -365.1
Telecom & Media 13.3 12.2 8.7 53.2 37.5 41.7
Government, Manufacturing &
Retail -13.7 14.3 -195.8 -6.3 31.2 -120.2
Healthcare & Welfare -5.3 7.9 -167.1 -5.2 12.5 -141.5
Forest & Energy -1.6 2.2 -174.6 8.7 7.8 11.3
Processing & Network 5.9 9.3 -36.2 32.8 39.7 -17.5
Business areas -49.4 52.0 -195.2 29.9 148.9 -80.0
Group Operations incl other -17.2 -8.1 -112.8 -31.5 -24.7 27.2
Associated companies outside
BA 0.0 0.0 - 0.0 0.0 -
Group capital gain 2.9 0.0 - 2.9 3.5 -17.7
Operating profit (EBIT) -63.8 43.9 -245.3 1.3 127.7 -99.0
Operating profit (EBIT), EUR
million
excl capital gains/losses
and impairment losses 2007 2006 Change 2007 2006 Change
Continuing operations 10-12 10-12 % 1-12 1-12 %
Banking & Insurance - 6.6 6.1 -208.1 -8.1 20.1 -140.2
Telecom & Media 13.3 13.4 -1.0 53.2 38.7 37.4
Government, Manufacturing &
Retail -13.7 5.8 -338.1 -5.5 18.0 -130.6
Healthcare & Welfare -5.4 7.9 -168.0 -6.8 12.5 -154.2
Forest & Energy -1.6 2.2 -174.7 8.7 7.8 11.3
Processing & Network 5.9 9.3 -36.2 32.8 39.5 -17.1
Business areas -8.1 44.7 -118.2 74.4 136.7 -45.6
Group Operations incl other -17.2 -8.1 -112.8 - 31.5 -24.7 27.2
Associated companies outside
BA 0.0 0.0 - 0.0 0.0 -
Operating profit (EBIT) excl
cap gains/losses and
impairment losses -25.3 36.6 -169.2 42.9 112.0 -61.7
Operating margin (EBIT), %
2007 2006 Change 2007 2006 Change
Continuing operations 10-12 10-12 % 1-12 1-12 %
Banking & Insurance -58.5 7.7 -66.2 -18.2 7.1 -25.3
Telecom & Media 7.1 8.0 -1.0 8.0 6.9 1.1
Government, Manufacturing &
Retail -29.6 24.5 -54.2 -3.4 13.2 -16.7
Healthcare & Welfare -12.8 17.8 -30.6 -3.7 8.7 -12.3
Forest & Energy -3.6 4.9 -8.5 4.9 4.9 0.0
Processing & Network 5.2 9.2 -4.1 8.0 10.6 -2.6
Business areas -10.1 11.4 -21.5 1.7 9.0 -7.4
Operating margin (EBIT) -13.0 9.6 -22.6 0.1 7.8 -7.7
Operating margin (EBIT) %
excl capital gains/losses and
impairment losses
2007 2006 Change 2007 2006 Change
Continuing operations 10-12 10-12 % 1-12 1-12 %
Banking & Insurance -8.0 7.7 -15.8 -2.8 7.1 -9.9
Telecom & Media 7.1 8.8 -1.8 8.0 7.2 0.9
Government, Manufacturing &
Retail -29.7 9.9 -39.6 -3.0 7.6 -10.7
Healthcare & Welfare -13.0 17.8 -30.8 -4.8 8.7 -13.5
Forest & Energy -3.6 4.9 -8.5 4.9 4.9 0.0
Processing & Network 5.2 9.2 -4.1 8.0 10.5 -2.5
Business areas -1.6 9.8 -11.5 4.2 8.3 -4.1
Operating margin (EBIT), excl
capital gains/losses and
impairment losses -5.1 8.0 -13.2 2.4 6.8 -4.4
Personnel by business area
(primary segment) End of period Average
2007 Change Share 2006 2007 2006
Continuing operations 1-12 % % 1-12 1-12 1-12
Banking & Insurance 2 180 - 1 13 2 193 2 229 2 189
Telecom & Media 5 990 17 37 5 107 5 563 4 869
Government, Manufacturing &
Retail 1 530 0 9 1 532 1 565 1 904
Healthcare & Welfare 1 114 3 7 1 079 1 095 1 020
Forest & Energy 1 286 0 8 1 286 1 285 1 251
Processing & Network 2 124 8 13 1 966 2 086 1 979
Software Centres 1 548 68 9 925 1 211 702
Other Group Operations 553 8 3 507 555 496
Group total 16 324 12 100 14 597 15 588 14 414
Personnel by country
(secondary segment) End of period Average
2007 Change Share 2006 2007 2006
Continuing operations 1-12 % % 1-12 1-12 1-12
Finland 6 357 3 39 6 163 6 292 6 277
Sweden 3 381 4 21 3 239 3 351 3 380
Germany 1 325 - 1 8 1 342 1 346 1 062
Czech 1 186 54 7 769 968 597
Norway 720 - 3 4 742 744 851
India 594 158 4 231 348 191
Latvia 551 6 3 521 551 469
Poland 393 157 2 153 326 73
Denmark 344 55 2 221 318 343
Great Britain 327 4 2 314 321 320
Italy 233 33 1 176 226 187
Netherlands 137 61 1 85 109 76
France 129 13 1 114 123 107
Lithuania 125 22 1 102 108 94
China 124 97 1 63 93 48
Estonia 119 2 1 116 113 95
Other 280 13 2 247 253 244
Group total 16 324 12 100 14 597 15 588 14 414
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 16 701 (14 998) at the end of the period.
Total assets by business area, EUR million (primary segment)
2007 2006 Change
Continuing operations 31 Dec 31 Dec %
Banking & Insurance 215.8 256.0 -16
Telecom & Media 474.9 414.7 15
Government, Manufacturing & Retail 51.2 64.1 -20
Healthcare & Welfare 96.0 93.5 3
Forest & Energy 116.8 112.1 4
Processing & Network 178.1 187.3 -5
Group elimination - 21.9 -34.0 -36
Business areas 1 110.9 1 093.9 2
Group Operations 171.8 280.9 -39
Group total 1 282.7 1 374.7 -7
Discontinued operations, net impact - - -
Total assets 1 282.7 1 374.7 -7
Total liabilities by business area, EUR million (primary segment)
2007 2006 Change
Continuing operations 31 Dec 31 Dec %
Banking & Insurance 127.6 93.2 37
Telecom & Media 187.5 166.6 13
Government, Manufacturing & Retail 49.4 39.2 26
Healthcare & Welfare 44.3 32.0 39
Forest & Energy 72.2 52.3 38
Processing & Network 64.4 76.3 -16
Group elimination - 17.3 -31.0 -44
Business areas 528.1 428.6 23
Group Operations 277.0 319.7 -13
Group total 805.1 748.3 8
Discontinued operations, net impact - - -
Total liabilities 805.1 748.3 8
Segment assets by country, EUR million (secondary segment)
2007 2006 Change
Continuing operations 31 Dec 31 Dec %
Finland 348.4 329.0 6
Sweden 333.8 317.4 5
Norway 94.7 97.5 -3
Germany 160.9 174.6 -8
Great Britain 45.7 99.1 -54
Other 127.5 76.2 67
Business areas 1 110.9 1 093.9 2
Depreciation, EUR million
2007 2006 Change 2007 2006 Change
Continuing operations 10-12 10-12 % 1-12 1-12 %
Processing & Network 12.5 8.6 45 40.0 31.5 27
whereof Finland 11.0 6.9 59 34.1 27.0 27
Sweden 1.1 1.2 -6 4.9 3.8 29
Other countries 0.4 0.5 -29 0.9 0.7 29
Other 12.7 4.8 164 27.2 19.2 42
Group total 25.2 13.4 88 67.2 50.7 33
Amortization on allocated
intangible assets
from acquisitions, EUR million
2007 2006 Change 2007 2006 Change
Continuing operations 10-12 10-12 % 1-12 1-12 %
Telecom & Media 1.5 1.3 17 5.3 4.9 8
Other 1.0 1.1 -10 4.5 3.8 16
Group total 2.5 2.4 4 9.8 8.7 12
Impairment losses, EUR million
2007 2006 Changes 2007 2006 Changes
Continuing operations 10-12 10-12 % 1-12 1-12 %
Banking & Insurance 40.0 0.0 - 40.0 0.0 -
Group total 40.0 0.0 - 40.0 0.0 -
Capital expenditure by business
area
EUR million
2007 2006 Change 2007 2006 Change
Continuing operations 10-12 10-12 % 1-12 1-12 %
Processing & Network 10.1 10.1 0 36.1 35.3 2
whereof Finland 8.1 8.3 - 2 29.7 22.1 34
Sweden 1.9 1.8 6 6.4 13.2 - 52
Other countries 0.0 0.0 - 0.0 0.0 -
Other 5.3 6.8 -21 16.8 15.6 8
Group total 15.4 16.9 - 9 52.9 50.9 4
2007 2006
Commitments and contingencies, EUR million 31 Dec 31 Dec change %
For TietoEnator obligations
Pledges - -
On behalf of joint ventures
Guarantees 1.8 1.4 29
Other TietoEnator obligations
Rent commitments due in one year 56.0 62.4 -10
Rent commitments due in 1-5 years 129.4 139.3 -7
Rent commitments due after 5 years 25.6 40.7 -37
Operating lease commitments due in one year 9.3 7.2 29
Operating lease commitments due in 1-5 years 15.0 7.0 114
Operating lease commitments due after 5
years 0.0 0.0
Other commitments 1) 53.7 25.8 108
Operating lease commitments are principally three-year lease
agreements that do not include buyout clauses.
1) Including commitment for purchase of hardware and software EUR
34.0 million (19.3).
Notional amounts of derivatives,
EUR million 2007 2006
31 Dec 31 Dec
Foreign exchange forward
contracts 249.1 423.2
Interest rate swaps 100.0 2.0
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 2007 2006
balance sheet date were: 31 Dec 31 Dec
Foreign exchange forward
contracts 2.8 -0.9
Interest rate swaps -2.0 -0.2
Derivatives are used for hedging
purposes only.
Gross positive fair values of
derivatives: Positive Positive
31 Dec 2007 31 Dec 2006
Foreign exchange forward
contracts 3.2 0.3
Interest rate swaps 0.0 0.0
Gross negative fair values of
derivatives: Negative Negative
31 Dec 2007 31 Dec 2006
Foreign exchange contracts -0.4 -1.2
Interest rate swaps -2.0 -0.2
On-going legal disputes
TietoEnator has an ongoing VAT dispute with the Finnish tax
authorities concerning a sum of EUR 3.2 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 31 December 2007
Shares %
1 Didner & Gerge Aktiefond 2 335 000 3.2%
2 TietoEnator 2 296 650 3.1%
3 Swedbank Roburs funds 1 723 282 2.3%
4 Mutual Pension Insurance Company Ilmarinen 1 576 450 2.1%
5 Svenska Litteratursällskapet I Finland 1 298 000 1.8%
6 OP funds 1 272 754 1.7%
7 ABN Amro funds 1 083 804 1.5%
8 Danske funds 1 044 800 1.4%
9 The State Pension Fund 800 000 1.1%
10 Nordea funds 680 396 0.9%
Remaining Nominee registered 44 295 193 59.9%
Others 15 551 844 21.0%
Total 73 958 173 100.0%
Based on ownership records of the Finnish and Swedish central
security depositories.
The number of shares in TietoEnator's possession includes 361 650
shares repurchased in May 2006 for the three-year share-based
incentive plan and 1 935 000 shares repurchased during the third
quarter of 2007.
In October Goldman Sachs Group, Inc. announced that its holding in
TietoEnator Corporation had increased to 7 739 534 shares, which
represents 10.46% of the share capital and voting rights.
TIETOENATOR CORPORATION
For further information:
Åke Plyhm, Interim CEO, TietoEnator, tel. +46 10 481 3321, +46 705 65
86 31, ake.plyhm@tietoenator.com,
Timo Salmela, CFO, TietoEnator, tel. +358 400 434 974,
timo.salmela@tietoenator.com,
Reeta Kaukiainen, EVP, Communications and Investor Relations,
TietoEnator, tel. +358 50 5220924, reeta.kaukiainen@tietoenator.com
or
Paula Liimatta, IR Manager, TietoEnator, tel. +358 40 580 3521,
paula.liimatta@tietoenator.com
Press conference for analysts and media will be held in Helsinki,
Restaurant Bank, Unioninkatu 20, cabinet 12, at 10.00 am EET (9:00 am
CET, 8:00 am UK time). The conference will be hosted in English by
Åke Plyhm, Interim CEO, Timo Salmela, CFO, Reeta Kaukiainen, EVP
Communications and Investor Relations and Paula Liimatta, Investor
Relations Manager
The conference will be webcast and published live on TietoEnator's
website www.tietoenator.com/conferences and materials 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 pm UK time) will also be available as live audio
webcast on www.tietoenator.com/conferences and materials. 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 13 February 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
Kutojantie 10 PO Box 33
FI-02631 ESPOO, FINLAND
Tel +358 9 862 6000
Fax +358 9 862 63091
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
