V. Conclusiones
V.1. Trabajos Futuros
1. Accounting principles
the financial statements of Outotec Oyj have been prepared according to Finnish accounting standards (Fas). the accounting principles for the parent company’s financial statements are the same as those for the consolidated financial statements, with the exceptions presented below.
Appropriations
the difference between depreciation accord- ing to plan and depreciation for tax purposes is
2. Sales by market area
eUR million 2010 2009
europe 37.2 42.4
africa 15.5 10.7
asia 46.6 25.1
north and south america 14.6 21.2
australia 1.4 1.1
115.3 100.5
3. Construction contracts
eUR million 2010 2009 Revenue recognized from the construction contracts by percentage of completion 66.7 49.0 Other revenue 48.6 51.5
115.3 100.5
Revenue recognized to date from construction contracts in progress at December 31
14.2 9.5
net receivables/liabilities related to construction contracts
Receivables 22.0 16.4 advance payments received -14.6 -5.0
7.4 11.3
the value of contracts not yet recognized as revenue
contracts which will be booked to revenue by percentage of completion 109.7 34.6 contracts which will be booked to revenue at the delivery 30.3 20.0 Order backlog at December 31 140.0 54.6
NOTES TO THE PARENT COMPANY’S FINANCIAL STATEMENTS
presented under appropriations in the parent company’s income statement and the accumu- lated depreciation difference is presented as appropriations on the balance sheet.
Income taxes
income tax expenses in the income statement consist of accrued taxes for the financial year and tax adjustments to previous years. Deferred tax liabilities and assets have not been recog- nized but disclosed in the notes to the financial statements.
Non-current financial assets
non-current financial assets are measured at cost or if the estimated future income is expect- ed to be permanently lower than the book value, the difference is recognized as a write-down.
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Financial Statements 2010 Outotec Oyj4. Cost of sales
eUR million 2010 2009 merchandise and supplies -63.4 -40.3 logistics expenses -1.5 -1.8 employee benefit expenses -17.2 -17.2 Rents and leases -2.7 -0.5 Depreciation and amortization -0.1 -0.2 change in inventories 3.4 -2.9 services purchased -3.5 -6.9 Other expenses -0.8 -1.5
-85.7 -71.4
5. Other operating income
eUR million 2010 2009 Gains on the sale of intangible and tangible assets and financial assets 26.6 24.4 exchange gains of forward contracts 1.3 0.5
27.9 24.9
6. Personnel expenses
eUR million 2010 2009 Wages and salaries -27.1 -22.2 Pension contributions -4.1 -5.0 Other personnel expenses -1.4 -1.6
-32.7 -28.9
of which wages and salaries for key management
members of the Board of Directors -0.3 -0.3 ceO, Deputy ceO and ceO’s substitute -0.7 -2.4 Other members of executive committee -1.0 -1.6
-2.0 -4.3
as part of the share-based incentive plans, the executive Board did not receive Outotec shares from earnings period 2009 during 2010 (2009: 70,958 Outotec shares from earnings period 2008).
On may 21, 2010 Outotec’s board of directors determined a new share ownership plan directed to the members of Outotec executive board. Outotec’s board of directors granted to Outotec management Oy an interest-bearing loan at the maximum amount of eUR 5.0 million to finance the acquisition of the Outotec shares. the amount of the outstanding loan was eUR 4.1 million at December 31, 2010. there were no loans to key management at Decem- ber 31, 2009.
there are no special pension arrangements for key management, instead pension arrangements are according to normal legislation.
Number of personnel 2010 2009
average number of personnel for the period 410 429 Personnel at December 31 401 427
7. Auditor fees
eUR million 2010 2009 KPmG
auditing fees 0.1 0.1 tax advising fees 0.1 0.1 Other services 0.4 0.5
0.6 0.6
8. Depreciation, amortization and impairment
eUR million 2010 2009 Depreciation and amortization according to plan -3.3 -3.2 impairment of non-current assets -3.0 -0.2
-6.2 -3.4
Depreciation, amortization and impairment by group of assets
intangible assets -3.3 -1.7 Other long-term expenses -2.5 -1.2 machinery and equipment -0.4 -0.4
-6.2 -3.4
Depreciation, amortization and impairment by function
cost of sales -0.1 -0.2 selling and marketing expenses -0.0 -0.0 administrative expenses -3.1 -1.6 Research and development expenses -3.0 -1.5
-6.2 -3.4
9. Other operating expenses
eUR million 2010 2009 losses on disposals of intangible and tangible assets and non-current financial assets -2.4 -4.0 exchange losses of forward contracts - -0.3 Other expenses 0.0 -
-2.4 -4.4
10. Finance income
eUR million 2010 2009 Dividend income 13.4 30.6 interest income and other finance income 8.0 5.6 exchange gains 7.9 4.9
29.2 41.2
Finance income from subsidiaries
Dividend income 13.4 30.6 interest income and other finance income 6.5 2.9
19.9 33.5
the treasury operations of Outotec are centralized in Outotec Oyj.
11. Financial expenses
eUR million 2010 2009 interest expenses and other finance expenses -7.1 -6.4 exchange losses -10.5 -5.0
-17.6 -11.5
Finance expenses for subsidiaries
interest expenses -2.0 -4.6
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Financial Statements 2010 Outotec Oyj15. Non-current assets
eUR million intangibleassets and equipmentProperty, plant Historical cost at January 1, 2010 30.6 2.9
additions 3.5 0.2
Disposals -5.7 -0.2
Historical cost at December 31, 2010 28.4 3.0
accumulated depreciation, amortization and impairment at January 1, 2010 -12.4 -1.2 accumulated depreciation and amortization on disposals 2.6 0.2 Depreciation, amortization and impairment during the period -2.8 -0.4
Accumulated depreciation, amortization and
impairment at December 31, 2010 -12.6 -1.5
Carrying value at December 31,2010 15.9 1.5
Historical cost at January 1, 2009 26.7 2.2
additions 4.2 0.8
Disposals -0.3 0.0
Historical cost at December 31, 2009 30.6 2.9 accumulated depreciation, amortization and
impairment at January 1, 2009 -9.6 -0.8 accumulated depreciation and amortization on disposals 0.1 0.0 Depreciation, amortization and impairment during the period -2.8 -0.4 accumulated depreciation, amortization and impairment at December 31, 2009 -12.4 -1.2 carrying value at December 31, 2009 18.3 1.8
12. Extraordinary items
eUR million 2010 2009 Group contributions received 3.6 11.7
13. Appropriations
eUR million 2010 2009 Decrease in depreciation difference 0.0 - Depreciation difference in the balance sheet 0.3 0.4 all appropriations relate to machinery and equipment.
14. Income tax expenses
eUR million 2010 2009 income tax expenses from extraordinary items -0.9 -3.1 income tax expenses from operations 0.2 4.2
-0.8 1.2
Deferred tax assets
temporary differences 8.5 0.9 Deferred tax liabilities
temporary differences 0.1 0.1
16. Inventories
eUR million 2010 2009 materials and supplies 1.0 1.0 Work in progress 4.5 2.5 advance payments 1.7 0.2 7.1 3.7
17. Receivables
eUR million 2010 2009 Non-current receivables interest-bearing loan receivables 16.3 1.7 subordinated loans 9.0 - non interest-bearing subordinated loans 1.1 1.1 Unrealized exchange gains of forward contracts 1.1 0.027.5 2.8
Current receivables
interest-bearing
loan receivables 49.5 41.4 Other receivables from group companies 2.6 - non interest-bearing
trade receivables 11.4 12.9 Prepaid expenses and accrued income 22.3 17.1 Other receivables 18.7 18.8
104.5 90.2
Prepaid expenses and accrued income
Receivables from long-term construction contracts 22.0 16.4 Other receivables 0.4 0.7
22.3 17.1