Outotec - interim report January-September 2008

10/23/2008, 8:06 AM (Source: GlobeNewswire)
OUTOTEC OYJ STOCK EXCHANGE RELEASE OCTOBER 23, 2008 AT 9:00 AM

INTERIM REPORT JANUARY-SEPTEMBER 2008

Stable performance from operations and strong net cash flow

Reporting period Q1-Q3/2008 in brief (2007 corresponding figures in
parentheses):
- Sales: EUR 819.2 million (EUR 684.6 million)
- Operating profit: EUR 72.7 million (EUR 63.1 million)
- Profit before taxes: EUR 83.9 million (EUR 68.7 million)
- Earnings per share: EUR 1.40 (EUR 1.20)
- Order intake: EUR 1,033.9 million (EUR 1,078.8 million)
- Order backlog: EUR 1,484.5 million (EUR 1,264.4 million)
- Net cash flow from operating activities: EUR 143.4 million (EUR
97.7 million)

Q3/2008 in brief (2007 corresponding figures in parentheses):
- Sales: EUR 318.1 million (EUR 245.9 million)
- Operating profit: EUR 28.9 million (EUR 26.0 million)
- Profit before taxes: EUR 34.0 million (EUR 28.8 million)
- Order intake: EUR 259.8 million (EUR 417.9 million)
- Net cash flow from operating activities: EUR 19.1 million (EUR 75.4
million)
- Mainly unrealized losses related to fair valuation of currency
forward contracts amounted to EUR 11.4 million (Q3/2007: gains of EUR
2.0 million)

Revised outlook for 2008 in brief:
- Sales will be approximately EUR 1,200 million
- Operating profit will be approximately EUR 120 million
- The closing order backlog for 2008 will exceed that of the previous
year-end

CEO Tapani Järvinen:

"We have continued being successful in executing our projects during
the reporting period. Our gross margin has continued to develop
nicely although the proportion of projects with larger scopes has
steadily increased. Increased project volumes associated with our
good project management skills have also helped us in delivering
solid results.
I am also pleased to see how our service and after sales business has
developed. We have been increasing our resources both organically and
through an acquisition. The Canadian service company Auburn Group,
which we acquired this fall, will increase our resource base and
service products. We are well on our way growing the service business
to an annual level of 250-300 million euros by the end of 2010."


Summary of key
figures
Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4
2008 2007 2008 2007 LTM *) 2007
Sales, EUR million 318.1 245.9 819.2 684.6 1,134.7 1,000.1
Gross margin, % 21.7 19.9 20.9 20.3 20.8 20.4
Operating profit, EUR
million 28.9 26.0 72.7 63.1 105.7 96.1
Operating profit in
relation to sales, % 9.1 10.6 8.9 9.2 9.3 9.6
Profit before taxes,
EUR million 34.0 28.8 83.9 68.7 120.1 104.8
Net cash from
operating activities,
EUR million 19.1 75.4 143.4 97.7 188.7 143.0
Net interest-bearing
debt at the end of
period, EUR million -370.5 -247.8 -370.5 -247.8 -370.5 -292.9
Gearing at the end of
period, % -175.4 -131.6 -175.4 -131.6 -175.4 -136.4
Working capital at
the end of period,
EUR million -239.3 -145.6 -239.3 -145.6 -239.3 -153.9
Return on investment,
% 65.8 66.3 53.5 56.9 60.8 59.8
Return on equity, % 46.6 53.7 36.8 40.5 43.1 43.3
Order backlog at the
end of period, EUR
million 1,484.5 1,264.4 1,484.5 1,264.4 1,484.5 1,317.2
Order intake, EUR
million 259.8 417.9 1,033.9 1,078.8 1,418.2 1,463.0
Personnel average for
the period 2,572 2,091 2,434 1,980 2,372 2,031
Earnings per share,
EUR 0.57 0.56 1.40 1.20 2.05 1.85

*)Last twelve months


INTERIM REPORT JANUARY-SEPTEMBER 2008

MARKETS

Because of the global financial crisis and general uncertain economic
conditions in many regions, it has become more difficult for
companies to arrange financing. As a result, mining and metals
companies' investment activities have started to slow down. The major
mining and metals companies continue to see a positive long term
outlook for demand for metals, but in the short term the economic
outlook has deteriorated and is putting pressure on metals
consumption and prices, as well as on current investment plans.

In the reporting period, Outotec's customers initiated various
projects related to technologies applicable for ferrous metals, base
metals, and sulfuric acid. Continuous good demand was seen also in
the areas of aluminum and ferroalloys technologies. Opportunities for
cross-selling of the existing technologies to other process
industries continued to emerge, particularly in the fertilizer
industry.

Environmental regulations and rising production costs require that
mining and metals companies keep their facilities up to date by
investing continuously in more energy-efficient and environmentally
sustainable processes. When commodity prices are low, customers need
to reduce their unit costs and improve competitiveness by investing
in plant modernizations, equipment and services projects. Because of
various operative issues causing production losses and declining ore
grades, there is a continuous need also for new capacity investments
in order to maintain production that corresponds to current demand.
The customers' decision-making process is lengthy especially in new
plant projects, but it is potentially prolonged further because of
the global financial situation.


ORDER INTAKE

Order intake in the reporting period amounted to EUR 1,033.9 million
(Q1-Q3/2007: EUR 1,078.8 million). The third-quarter order intake
totaled EUR 259.8 million (Q3/2007: EUR 417.9 million). Orders
received in the third quarter included plant deliveries to some new
customers and several smaller equipment deliveries and services to
existing customers.
Major new orders in the third quarter included:
- an iron ore pelletizing plant for Tata Steel in Jamshedpur, India
(EUR 70
million); and
- an iron ore sinter plant for SAIL's Rourkela Steel Plant in
Orissa,India (over EUR 25 million).

Major new orders in the second quarter included:
- grinding technology for a major international mining company (EUR
75 million);
- grinding technology, including spare parts and services for Nordic
Mines of Sweden for the Laiva gold project in Finland and for
Polymetal Trading of Russia for the Albazino and Dukat projects (EUR
25 million);
- new environmentally sound technology for Shougang Jingtang United
Iron & Steel for Shougang's iron ore pelletizing plant project in
Caofeidan, China (EUR 29 million);
- engineering and equipment delivery for a new sulfuric acid plant in
Moron, Venezuela for Petroquimica de Venezuela (EUR 90 million);
- flotation and thickening technology for Salobo Metais in Brazil
(EUR 9 million); and
- a copper solvent extraction and electrowinning plant for Southern
Peru Copper Corporation in Peru (USD 150 million, or over EUR 90
million, out of which USD 90 million was already included in the
second quarter order backlog).

Major new orders in the first quarter included:
- basic engineering and proprietary and special equipment for two
iron ore sinter plants for Bhushan Steel in Orissa State, India (EUR
18 million);
- several aluminum technology orders in China, among them a sow
casting system for Huomei Hongjun Aluminium-Power Company, a
vibrocompactor and rodshop process equipment for China Aluminium
International Trading, and a sow casting system and key rodshop
equipment for Yellow River Hydropower Development Company (EUR 17
million);
- minerals processing technology for Mirabela Mineração of Brazil for
a new nickel sulfide concentrator and a slag concentrator for Umicore
Med for the Pirdop copper smelter in Bulgaria (EUR 21 million);
- modernization of a copper flash smelting furnace for KGHM Polska
Miedz in Poland (over EUR 10 million);
- a chromite ore pelletizing plant and preheating kilns for ASA
Metals in South Africa (EUR 25 million); and
- three-year service agreements with Boliden's Harjavalta and Kokkola
plants and with Norilsk Nickel's Harjavalta plants in Finland.


ORDER BACKLOG

The order backlog at the end of the reporting period totaled EUR
1,484.5 million (September 30, 2007: EUR 1,264.4 million),
representing 17% growth from the 2007 corresponding figure.

At the end of the reporting period, Outotec's order backlog included
28 projects with a value in excess of EUR 10 million, accounting for
62% of the total backlog. Based on the management's estimate, some
25% of the current backlog will be delivered in 2008 and the rest in
2009 and beyond. Roughly 5% of the projects in Outotec's current
backlog belong to mining companies, which are developing their first
processing plants.

The drinking water treatment facility project for the eastern coastal
towns of Ampara District in Sri Lanka (USD 100 million) is pending
the customer's financing agreement. It is not included in the order
backlog on September 30, 2008.


SALES AND FINANCIAL RESULT

Outotec's sales in the reporting period totaled EUR 819.2 million
(Q1-Q3/2007: EUR 684.6 million), representing 20% growth from the
previous year's corresponding figure. Sales for the third quarter
were EUR 318.1 million (Q3/2007: EUR 245.9 million). The growth
resulted from higher delivery volumes and improved pricing.

Services and after sales business, which is included in the
divisions' sales figures, contributed EUR 87.0 million to sales
during the reporting period (Q1-Q3/2007: EUR 51.8 million), up 68%
from the corresponding 2007 level. The sales volume of the services
and after sales business in the third quarter of 2008 totaled EUR
35.4 million (Q3/2007: EUR 18.8 million), up 88% from the
corresponding 2007 level.

The operating profit for the reporting period was EUR 72.7 million
(Q1-Q3/2007: EUR 63.1 million), representing 8.9% of sales
(Q1-Q3/2007: 9.2%). The mainly unrealized losses related to fair
valuation of currency forward contracts, mostly between the Chilean
peso and the U.S. dollar against the euro and between the Australian
and U.S. dollar, which are not included in the hedge accounting,
weakened profitability by EUR 9.1 million in the reporting period
(Q1-Q3/2007: gain of EUR 4.6 million). For the third quarter of 2008,
the operating profit was EUR 28.9 million (Q3/2007: EUR 26.0
million), and the corresponding profit margin was 9.1% (Q3/2007:
10.6%). There were no major final project completions in the third
quarter. The mainly unrealized losses from the fair valuation of
currency forward contracts in the third quarter amounted to EUR 11.4
million (Q3/2007: gains of EUR 2.0 million).

In the reporting period, Outotec's fixed costs were EUR 9.0 million
higher than in the corresponding period of 2007. The increase was
mainly caused by higher administration costs relating to business
development and growth, recruiting of new personnel worldwide,
management and employee bonuses, and information technology (IT)
costs. The increase in IT costs came from Outotec's independent
status, purchasing of IT licenses and tools necessitated by business
growth, and increased personnel numbers, as well as infrastructure
costs for the newly established companies in India and Kazakhstan.

During the reporting period, the shares of Intune Circuits Ltd were
sold and a loss of EUR 1.1 million was recognized from the
divestment.

Outotec's profit before taxes for the reporting period was EUR 83.9
million (Q1-Q3/2007: EUR 68.7 million). Profit before taxes was
impacted favorably by the net financial income of EUR 11.2 million
from the high net cash position. Net profit for the period was EUR
58.8 million (Q1-Q3/2007: EUR 50.4 million). Taxes totaled EUR 25.1
million (Q1-Q3/2007: EUR 18.2 million), taking into account taxes
proportionate to the amount estimated for the financial year. This
represents an effective tax rate of 29.9%. Earnings per share were
EUR 1.40 (Q1-Q3/2007: EUR 1.20).

Outotec's return on equity for the reporting period was 36.8%
(Q1-Q3/2007: 40.5%), and return on investment was 53.5% (Q1-Q3/2007:
56.9%).


Sales and operating profit by segment
Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4
EUR million 2008 2007 2008 2007 2007
Sales
Minerals Processing 122.0 72.7 274.8 192.4 302.9
Base Metals 76.9 64.1 208.9 188.6 274.2
Metals Processing 116.9 113.0 330.8 311.4 432.3
Other Businesses 11.4 11.1 37.2 26.7 37.8
Unallocated items*) and intra-group
sales -9.2 -15.0 -32.6 -34.5 -47.0
Total 318.1 245.9 819.2 684.6 1,000.1

Operating profit
Minerals Processing 3.1 3.6 10.4 8.9 25.2
Base Metals 13.3 12.1 31.5 34.7 43.9
Metals Processing 14.9 11.5 38.9 26.6 38.1
Other Businesses 1.7 1.3 3.3 1.9 2.2
Unallocated**) and intra-group items -4.1 -2.5 -11.4 -8.9 -13.3
Total 28.9 26.0 72.7 63.1 96.1

*) Unallocated items primarily include invoicing of internal
management and administrative services.
**) Unallocated items primarily include internal management and
administrative services and share of the result of associated
companies.

Minerals Processing

The Minerals Processing division's sales grew 43% in the reporting
period from the previous year's corresponding figure and totaled EUR
274.8 million (Q1-Q3/2007: EUR 192.4 million). Operating profit was
EUR 10.4 million (Q1-Q3/2007: EUR 8.9 million). The growth in sales
and the higher proportion of process solution projects under
execution improved the division's operating profit. The division's
operating profit suffered a EUR 6.8 million loss (Q1-Q3/2007: gain of
EUR 3.2 million) related to the fair valuation of the currency
forward contracts, mainly between the Australian dollar and the U.S.
dollar. With the seasonal nature of the fiscal year, profit
generation for the Minerals Processing division is typically weaker
in the first half of the year and stronger in the second half.

Base Metals

The Base Metals division's sales grew 11% in the reporting period
from the previous year's corresponding figure, totaling EUR 208.9
million (Q1-Q3/2007: EUR 188.6 million). The operating profit was EUR
31.5 million (Q1-Q3/2007: EUR 34.7 million). Lengthening lead times
in the construction phases of some projects, mainly caused by reasons
outside Outotec's project scope, affected the operating profit during
the reporting period. Operating profit for the reporting period
included also loss of EUR 1.7 million related to fair valuation of
currency forward contracts between the Chilean peso, euro, and the
U.S. dollar (Q1-Q3/2007: loss of EUR 0.1 million).

Metals Processing

The Metals Processing division's sales in the reporting period grew
6% from the previous year's figure, to EUR 330.8 million (Q1-Q3/2007:
EUR 311.4 million). The growth came from the sulfuric acid plant and
roasting plant projects. Operating profit improved significantly and
was EUR 38.9 million (Q1-Q3/2007: EUR 26.6 million). The positive
effects came from the volume growth, license fee income, project
margin improvements, change orders, and successful project
completions.


BALANCE SHEET, FINANCING, AND CASH FLOW

Net cash flow from operating activities in the reporting period
continued strong at EUR 143.4 million (Q1-Q3/2007: EUR 97.7 million).
In comparison to the corresponding period in 2007, significant
improvement in net cash flow from operating activities was achieved.
The main reasons for this were the good result, a significant
decrease in working capital, and interest income created by the
strong cash position. The parent company paid out EUR 39.9 million
(Q2/2007: EUR 14.7 million) in dividends in April 2008.
In the third quarter, Outotec's cash and cash equivalents totaled EUR
371.4 million (Q3/2007: EUR 248.9 million). The company invests its
excess cash to short-term money market instruments like bank deposits
and corporate commercial papers. Investments are made within
pre-approved counterparty-specific limits and tenors, which Outotec
is reviewing regularly. On September 30, 2008, no money market
investment had remaining maturity exceeding three months.

Outotec's working capital amounted to EUR -239.3 million on September
30, 2008 (September 30, 2007: EUR -145.6 million). The working
capital improved mostly because of advances received from customers
and low inventory levels.

The balance sheet structure remained strong, and the financing
structure was healthy. Net interest-bearing debt on September 30,
2008, came to EUR -370.5 million (September 30, 2007: EUR -247.8
million). The advances received at the end of the reporting period
totaled EUR 264.7 million (September 30, 2007: EUR 167.6 million),
representing an increase of 58% from the corresponding period. Net
advances at the end of the period amounted to EUR 252.0 million
taking into account the advances paid to subcontractors, EUR 12.7
million. Outotec's gearing at the end of the reporting period was
-175.4% (September 30, 2007: -131.6%), and the equity-to-assets ratio
was 38.9% (September 30, 2007: 40.1%).

The company's capital expenditure in the reporting period was EUR
10.0 million (Q1-Q3/2007: EUR 9.9 million), which consisted mainly of
investments in information technology, intellectual property rights,
and machinery in the Outotec Turula workshop. In 2007, capital
expenditure included one-time costs related to the separation from
the ex-parent company. Outotec's acquisition of Auburn Group, a
Canadian service provider for the mining and metallurgical
industries, was signed on September 5, 2008, and valued at
approximately EUR 10 million (CAD 15 million), which will be paid in
the fourth quarter.

The committed multi-currency guarantee facility, with a nominal value
of EUR 480 million, is Outotec's main credit agreement. In the third
quarter, the final maturity date of this agreement was successfully
extended by one year to 2011. In addition to this facility, the
company has other bilateral facility agreements. These facilities
enable business volume growth for the company.

Guarantees for commercial commitments, including advance payment
guarantees issued by the parent and other Group companies, came to
EUR 435.0 million at the end of the reporting period, showing an
increase from the previous year's corresponding level relative to
business growth (September 30, 2007: EUR 347.1 million).

Outotec has entered into an agreement with a third-party service
provider concerning administration and hedging of the share-based
incentive program for key personnel. As part of this agreement, for
hedging of the underlying cash flow risk, the service provider has
purchased 250,000 Outotec shares that have been funded by Outotec and
accounted as treasury shares in Outotec's consolidated balance sheet.


RESEARCH AND TECHNOLOGY DEVELOPMENT

Outotec's research and technology development expenses for the
reporting period totaled EUR 14.7 million (Q1-Q3/2007: EUR 14.3
million), representing 1.8% of sales (Q1-Q3/2007: 2.1%). Outotec
filed 29 new priority patent applications (Q1-Q3/2007: 28), and 182
new national patents (Q1-Q3/2007: 211) were granted during the
reporting period.

In September, preparation of the HydroCopperâ demonstration plant in
Pori was completed for a continuous pilot-scale test run with
Zangezur's copper concentrate. The test run with 280 tons of
concentrate will be carried out in the fourth quarter. In April, the
companies signed Heads of Agreement for the basic engineering and
implementation of a HydroCopper® plant in Armenia.

In August, an internal assessment of Outotec's technologies and their
environmental impact or energy-efficiency was completed. According to
OECD definitions, some 80% of the 2007 order intake can be classified
as Environmental Goods and Services (EGS). The study also showed that
63% of Outotec's technologies are clearly EGS technologies and 33%
may be, depending on the application.

In June 2008, Outotec granted 22 employees a technology award for
their innovative work in developing new and existing technologies.
The awards totaled EUR 96,000.

In April 2008, Outotec joined the energy research program of Helsinki
University of Technology. One of the research topics is minimization
of energy losses in combustion processes.

In the first quarter of 2008, Outotec and the Geological Survey of
Finland reached a partnership agreement for enhancing collaboration
in research and development of mineral technology.


PERSONNEL

At the end of the reporting period, Outotec had a total of 2,498
employees (September 30, 2007: 2,121). For the reporting period,
Outotec had on average 2,434 employees (Q1-Q3/2007: 1,980). The
average number of personnel increased by 454 persons from that for
the corresponding period in 2007, through business growth and active
recruitment. Temporary employees accounted for close to 17% of the
total number of employees.

Distribution of personnel by country


September 30, 2008 September 30, 2007 Change, %

Finland 913 831 9.9
Germany 366 309 18.4
Rest of Europe 240 222 8.1
Americas 627 446 40.6
Australia 217 204 6.4
Rest of the world 135 109 23.9
Total 2,498 2,121 17.8


The most notable increase in personnel was seen in South America,
where large projects are in the commissioning phase. At the end of
September 2008, the company had, in addition to the personnel on
Outotec's payroll, close to 600 full-time-equivalent contracted
people working in project execution. The number of contracted workers
at any given time changes in response to the active project mix and
project commissioning, local legislation and regulations, and
seasonal fluctuations.

In the reporting period, salaries and other employee benefits totaled
EUR 114.5 million (Q1-Q3/2007: EUR 94.0 million).


SHARE-BASED INCENTIVE PROGRAMS

Outotec has two share-based incentive programs for the company's key
personnel: Incentive Program 2007-2008 and Incentive Program
2008-2010.

Some 20 key employees participate in the Share-based Incentive
Program 2007-2008, which started on January 1, 2007, and ends on
December 31, 2008. The reward payable is determined by the
achievement of the targets set by the Board of Directors for the
development of the company's net profit and order backlog. The reward
is paid in shares and as a cash payment. The shares will be allocated
to the key personnel in the spring of 2009. The maximum reward of the
incentive program is EUR 6.7 million. For more information, please
see Outotec's stock exchange release on March 23, 2007.

Share-based Incentive Program 2008-2010 comprises three calendar year
periods. For the 2009 and 2010 earning periods, the incentive program
covers approximately 60 key employees. The reward payable is
determined by the achievement of the annual corporate growth targets
set by the Board of Directors for earnings per share, order backlog,
and the company's services and after sales business. The potential
incentives for the 2008 earning period will be paid in 2009.
Approximately half of the incentives will be paid as Outotec shares
and half in cash. In the 2008 earning period, the incentive program
covers approximately 30 key employees. Those some 20 key employees
who belong to Share-based Incentive Program 2007-2008 are not
included in the 2008 earning period of the 2008-2010 program. For
more information, please see Outotec's stock exchange release on
March 3, 2008.


RESOLUTIONS OF THE 2008 ANNUAL GENERAL MEETING

The Outotec Annual General Meeting was held on March 18, 2008, in
Espoo, Finland. The Annual General Meeting decided that a dividend of
EUR 0.95 per share be paid for the financial year that ended on
December 31, 2007. The dividends, totaling EUR 39.9 million, were
paid on April 1, 2008.

The Annual General Meeting decided that the number of Board members,
including the Chairman and Vice Chairman, should be five. Mr.
Carl-Gustaf Bergström, Mr. Karri Kaitue, Mr. Hannu Linnoinen, Mr.
Anssi Soila, and Mr. Risto Virrankoski were re-elected as members of
the Board of Directors for the term expiring at the end of the next
Annual General Meeting. The Annual General Meeting re-elected Mr.
Risto Virrankoski as the Chairman of the Board of Directors, and in
its assembly meeting the Board of Directors elected Mr. Karri Kaitue
as its Vice Chairman.

The Annual General Meeting confirmed the remuneration of Board
members as follows: Chairman EUR 5,000 per month, and other Board
members EUR 3,000 per month each, Vice Chairman and Chairman of the
Audit Committee in addition EUR 1,000 per month each. In addition,
each Board member will be paid EUR 500 for attendance of each Board
and Committee meeting, as well as reimbursement for direct costs
arising from Board work.

KPMG Oy Ab, Authorized Public Accountants, was re-elected as the
company's auditor, with Mr. Mauri Palvi as Auditor in charge.

The Annual General Meeting authorized the Board of Directors to
resolve upon issues of shares as follows:

- The authorization includes the right to issue new shares,
distribute own shares held by the company, and the right to issue
special rights referred to in Chapter 10, Section 1 of the Companies
Act. However, this authorization to the Board of Directors does not
entitle the Board of Directors to issue share option rights as an
incentive to the personnel.
- The total number of new shares to be issued and own shares held by
the company to be distributed under the authorization may not exceed
4,200,000 shares.
- The Board of Directors is entitled to decide on the terms of the
share issue, such as the grounds for determining the subscription
price of the shares and the final subscription price as well as the
approval of the subscriptions, the allocation of the issued new
shares and the final amount of issued shares.

The Annual General Meeting authorized the Board of Directors to
resolve upon the repurchase of the company's own shares as follows:

- The company may repurchase the maximum number of 4,200,000 shares
using free equity and deviating from the shareholders' pre-emptive
rights to the shares, provided that the number of own shares held by
the company will not exceed ten (10) percent of all shares of the
company.
- The shares are to be repurchased in public trading at the NASDAQ
OMX Helsinki Ltd at the price established in the trading at the time
of acquisition.

The above-mentioned authorizations shall be in force until the next
Annual General Meeting. The authorizations had not been exercised as
of October 23, 2008.


SHARES AND SHARE CAPITAL

Outotec's shares are listed on the NASDAQ OMX Helsinki Ltd (OTE1V).
Outotec's share capital is EUR 16.8 million, consisting of 42.0
million shares. Each share entitles its holder to one vote at general
meetings of shareholders of the company.


TRADING AND MARKET CAPITALIZATION

In the reporting period, the volume-weighted average price for a
share in the company was EUR 33.64, the highest quotation for a share
being EUR 45.76 and the lowest EUR 18.00. The trading of Outotec
shares in the reporting period exceeded 104 million shares, with a
total value of over EUR 3,494 million. On September 30, 2008,
Outotec's market capitalization was EUR 789 million and the last
quotation for the share was EUR 18.78.

On September 30, 2008, the company did not hold any treasury shares
for trading purposes. In the first quarter, Outotec entered into an
agreement with a third-party service provider concerning the
administration and hedging of the share-based incentive program for
key personnel. As part of this agreement, in order to hedge the
underlying cash flow risk, the service provider has purchased 250,000
Outotec shares that have been funded by Outotec and accounted (IFRS)
as treasury shares in Outotec's consolidated balance sheet.

On January 7, 2008, UBS AG's group holding in shares of Outotec Oyj
fell under 5% and amounted to 2,040,807 shares, which represented
4.86% of the share capital and votes in the company. On January 4,
2008, UBS AG's group holding in shares of Outotec Oyj exceeded 5% and
amounted to 2,331,573 shares, which represented 5.55% of the share
capital and votes in the company. On April 25, 2008, Morgan Stanley's
group holding in shares of Outotec Oyj fell under 5% and amounted to
2,062,917 shares, which represented 4.91% of the share capital and
votes in the company. On March 25, 2008, Morgan Stanley's group
holding in shares of Outotec Oyj exceeded 5% and amounted to
3,517,978 shares, which represented 8.37% of the share capital and
votes in the company. On September 30, 2008, shares held in 11
nominee registers accounted for some 79% of all Outotec shares.


EVENTS AFTER THE REPORTING PERIOD

Outotec signed a major contract with ZAO Miheevsky GOK, a subsidiary
of Russian Copper Company, for the design and delivery of a new
copper concentrator plant for the Miheevsky porphyry-copper project
located in Chelyabinsk, Russia. The contract value exceeds EUR 175
million. Russian Copper Company will implement the construction of
the Miheevsky mine pending of the successful completion of project
financing.

Outotec's acquisition of Auburn Group, a Canadian service provider
for the mining and metallurgical industries, was successfully closed
on October 10, 2008. This acquisition, initially announced on
September 5, 2008, and valued at approximately EUR 10 million (CAD 15
million), supports Outotec's strategy to grow the service business to
the annual level of EUR 250-300 million by the end of 2010.

On October 15, 2008, Ilmarinen Mutual Pension Insurance Company's
holding in shares of Outotec Oyj on October 15, 2008 exceeded 5%.
Ilmarinen's holding in shares of Outotec is 2,138,448 shares, which
represented 5.09% of the share capital and votes in the company.


SHORT-TERM RISKS AND UNCERTAINTIES

Outotec's customers operate mainly in the mining and metals industry
and in geographical areas that are at different stages of the
economic cycle. A general global economic downturn could reduce the
demand for Outotec's products and services as need for metals
decreases. At the same time, the financial crisis and the tightening
situation in the financial market have started to influence some of
Outotec customers' investment activities and decision-making in the
negotiation phases for new projects. Some further projects may be put
on hold, postponed or cancelled because companies experience
difficulties in arranging reasonable financing packages. Also the
demand for export credits has been on the rise. This is evidenced by
the increase in total value of export guarantee applications linked
to Outotec's sales projects.

Some Outotec's projects in the implementation phase have proceeded
slower than planned, and the lengthening delivery times, caused
mainly by reasons outside Outotec's project scope, could generate
more costs, quality issues, and functionality problems, which could
have an impact on Outotec's financial performance. Outotec has
established and developed systematic procedures to monitor these
exposures and projects and has added steering resources for these
projects.

In connection with Outotec's risk assessment for the third quarter,
all unfinished projects using percentage of completion and completed
contract method were monitored and evaluated, and contingencies were
updated. Projects whose stage of completion was close to 100% were
evaluated, and provisions for performance guarantees and warranty
period guarantees, along with possible provisions for project losses,
were updated. There were no material increases in the total project
risk provisions.

At the end of the reporting period, the financial crisis had not
resulted in payment- or performance-related problems for Outotec's
counterparties. More than half of Outotec's total cash flow is
denominated in euros, and the rest is divided among various
currencies, which include the U.S. dollar, Australian dollar,
Brazilian real, Canadian dollar, and South African rand. The relative
proportion of the U.S. dollar has been rising. In new projects the
weight of any given currency can fluctuate substantially, but the
majority of cash-flow-related risks are hedged in the short and long
term. These currency fluctuations may in the short-term create
volatility in the operating profit. The forecast and probable cash
flows are hedged selectively and always on the basis of separate
decisions and risk analysis. The cost of hedging is taken into
account in project pricing.

Because of the shortage of skilled personnel in certain regions, the
company may face wage inflation and limited growth potential.
Therefore, the company continuously develops its global subcontractor
network. Rising costs, issues of quality, and shortage of certain
components and equipment, as well as global challenges in recruiting
skilled personnel and finding suitable subcontractors, may affect
sales growth, delivery times, and timing of project completions and
subsequent profit recognition.

Outotec is involved in a few legal and arbitration proceedings. The
management believes that the outcome of the pending proceedings will
not have a material effect on Outotec's financial result.


OUTLOOK FOR 2008

Because of the global financial crisis and the general uncertain
economic conditions in many regions, it has become more difficult for
companies to arrange financing. As a result, some mining and metals
companies' investment activities have started to slow down.

Based on the current market view, existing order backlog and the
number of sales enquiries, the management expects that:

- Sales for 2008 will be approximately EUR 1,200 million. The sales
growth will be slower than what was estimated earlier in the year.
This is caused by timing of new orders received and lengthening of
delivery times in certain projects, the reasons of which are mainly
outside Outotec's project scope.
- Operating profit will be approximately EUR 120 million, depending
on the timing of project completions and impacts of currency hedging.
- The closing order backlog for 2008 will exceed that of the previous
year-end unless the uncertainty in the financial markets further
delays customers' decision making.


PREVIOUS OUTLOOK FOR 2008

Outotec's market outlook is expected to remain good in 2008. The
mining and metals industry's outlook continues robust, and the
tightness in the supply of metals encourages Outotec's customer
industry to invest extensively in new plants, modernization projects,
and expansions. Driven by the favorable market situation, the demand
for Outotec's process technologies and services is expected to
continue on a strong level in 2008.

Outotec reiterates its full-year outlook in terms of sales, operating
profit and closing order backlog. Based on the strong existing order
backlog, new order prospects, and second-half-year-loaded sales and
operating profit generation the management expects that in 2008:
- sales will grow over 25% compared to 2007,
- operating profit will improve from 2007 and the operating profit
margin will be moderately above the 2007 level, depending on the mix
of new orders received and the timing of project completions, and
that
- the closing order backlog for 2008 will exceed that of the previous
year-end.


Espoo, on October 23, 2008


Outotec Oyj
Board of Directors


For further information, please contact:

Outotec Oyj

Tapani Järvinen, President and CEO
tel. +358 20 529211

Vesa-Pekka Takala, CFO
tel. +358 20 529211, mobile +358 40 5700074

Eila Paatela, Vice President - Corporate Communications
tel. +358 20 5292004, mobile +358 400 817198

Rita Uotila, Vice President - Investor Relations
tel. +358 20 5292003, mobile +358 400 954141

Format for e-mail addresses: firstname.lastname@outotec.com




INTERIM FINANCIAL STATEMENTS (unaudited)

Income statement
Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4
EUR million 2008 2007 2008 2007 2007

Sales 318.1 245.9 819.2 684.6 1,000.1

Cost of sales -249.1 -196.9 -648.2 -545.8 -796.4

Gross profit 69.0 48.9 170.9 138.9 203.8

Other operating income 0.2 1.8 0.3 4.7 5.9
Selling and marketing expenses -12.0 -10.2 -33.8 -32.8 -44.6
Administrative expenses -11.8 -10.2 -39.4 -31.8 -47.0
Research and development expenses -4.8 -4.0 -14.7 -14.3 -19.9
Other operating expenses -11.7 0.0 -10.6 -0.5 -0.7
Share of results of associated
companies - -0.3 - -1.0 -1.4

Operating profit 28.9 26.0 72.7 63.1 96.1

Financial income and expenses
Interest income and expenses 4.9 3.3 12.5 8.7 12.4
Market price gains and losses 1.1 0.3 1.5 -0.1 0.2
Other financial income and
expenses -1.0 -0.8 -2.9 -3.0 -3.9
Total financial income and
expenses 5.0 2.8 11.2 5.6 8.7

Profit before taxes 34.0 28.8 83.9 68.7 104.8

Income taxes -10.1 -5.4 -25.1 -18.2 -27.2

Net profit for the period 23.9 23.4 58.8 50.4 77.6


Attributable to:
Equity holders of the parent
company 23.9 23.4 58.9 50.5 77.6
Minority interest - -0.0 -0.0 -0.0 0.0



Earnings per share for profit attributable to the equity
holders of the parent company:
Earnings per share, EUR 0.57 0.56 1.40 1.20 1.85
Diluted earnings per share, EUR 0.57 0.56 1.40 1.20 1.85

All figures in the tables have been rounded and consequently the sum
of individual figures may deviate from the sum presented. Key figures
have been calculated using exact figures.


Condensed balance sheet

Sep 30 Sep 30 Dec 31
EUR million 2008 2007 2007
ASSETS

Non-current assets
Intangible assets 73.8 75.3 74.8
Property, plant and equipment 26.5 25.1 24.6
Non-current financial assets
Interest-bearing 0.5 1.7 3.4
Non interest-bearing 13.0 19.9 17.3
Total non-current assets 113.8 122.0 120.0

Current assets
Inventories *) 95.5 96.4 117.0
Current financial assets
Interest-bearing 0.5 0.3 0.8
Non interest-bearing 226.1 169.9 224.0
Cash and cash equivalents 371.4 248.9 291.0
Total current assets 693.5 515.4 632.8

TOTAL ASSETS 807.3 637.3 752.8

EQUITY AND LIABILITIES

Equity
Equity attributable to the equity holders of the
parent company 211.2 188.3 214.7
Minority interest - 0.0 0.1
Total equity 211.2 188.4 214.8

Non-current liabilities
Interest-bearing 1.2 2.0 1.2
Non interest-bearing 62.5 42.7 47.4
Total non-current liabilities 63.6 44.7 48.6

Current liabilities
Interest-bearing 0.7 1.1 1.0
Non interest-bearing **) 531.7 403.2 488.5
Total current liabilities 532.4 404.3 489.5

TOTAL EQUITY AND LIABILITIES 807.3 637.3 752.8

*) Of which advances paid for inventories amounted to EUR 12.7
million at September 30, 2008 (September 30, 2007: EUR 17.8 million
and at December 31, 2007: EUR 34.8 million).
**) Of which gross advances received amounted to EUR 953.5 million at
September 30, 2008 (September 30, 2007: EUR 698.3 million and at
December 31, 2007: EUR 589.7 million). Net advances received after
percentage of completion revenue recognition amounted to EUR 264.7
million at September 30, 2008 (September 30, 2007: EUR 167.6 million
and at December 31, 2007: EUR 190.1 million).


Condensed statement of cash flows
Q1-Q3 Q1-Q3 Q1-Q4
EUR million 2008 2007 2007
Cash flow from operating activities
Net profit for the period 58.8 50.4 77.6
Adjustments for
Depreciation and amortization 8.6 8.4 11.3
Other adjustments 5.8 18.2 25.8
Decrease in working capital 85.0 24.5 29.2
Interest received 12.2 7.8 11.8
Interest paid -0.3 -0.1 -0.2
Income tax paid -26.8 -11.4 -12.6
Net cash from operating activities 143.4 97.7 143.0
Purchases of assets -10.1 -9.4 -11.6
Proceeds from sale of assets 0.4 0.5 0.2
Change in other investing activities - -0.6 -0.6
Net cash from investing activities -9.7 -9.5 -12.1
Cash flow before financing activities 133.6 88.2 131.0
Repayments of non-current debt -0.3 -0.3 -1.0
Increase in current debt - 0.0 -
Dividends paid -39.9 -14.7 -14.7
Purchase of treasury shares *) -9.3 - -
Change in other financing activities 0.1 -0.2 -0.8
Net cash from financing activities -49.3 -15.2 -16.5
Net change in cash and cash equivalents 84.3 73.0 114.5

Cash and cash equivalents at the beginning of the
period 291.0 171.4 171.4
Foreign exchange rate effect on cash and cash
equivalents -3.9 4.4 5.1
Net change in cash and cash equivalents 84.3 73.0 114.5
Cash and cash equivalents at the end of the period 371.4 248.9 291.0

*) Outotec has entered into an agreement with a third-party service
provider concerning the administration and hedging of share-based
incentive program for key personnel. As part of this agreement, for
hedging the underlying cash flow risk, the service provider has
purchased 250,000 Outotec shares that have been funded by Outotec and
accounted as treasury shares in Outotec's consolidated balance sheet.

Statement of changes in equity
A = Share capital
B = Premium fund
C = Other reserves
D = Fair value reserves
E = Treasury shares
F = Cumulative translation differences
G = Retained earnings
H = Minority interest
I = Total equity

Attributable to the equity holders of the
EUR million parent company
A B C D E F G H I
Equity on Jan 1,
2007 16.8 20.2 0.1 - - 5.8 101.1 0.0 144.1
Cash flow
hedges:
Hedge result
deferred to
equity - - - 7.6 - - - - 7.6
Deferred tax
in equity - - - -2.2 - - - - -2.2
Change in
translation
differences - - - - - 3.1 - 0.0 3.1
Items recognized
directly in
equity - - - 5.4 - 3.1 - 0.0 8.5
Net profit for
the period - - - - - - 50.5 -0.0 50.4
Total recognized
income and
expenses - - - 5.4 - 3.1 50.5 -0.0 59.0
Dividends paid - - - - - - -14.7 - -14.7
Equity on Sep
30, 2007 16.8 20.2 0.1 5.4 - 8.9 136.9 0.0 188.4

Equity on Jan 1,
2008 16.8 20.2 0.2 7.9 - 5.7 164.0 0.1 214.8
Cash flow
hedges:
Hedge result
deferred
to equity - - - -7.7 - - - - -7.7
Deferred tax
in equity - - - 1.9 - - - - 1.9
Available for
sale financial
assets:
Fair value
changes
recognized
in equity - - - -2.0 - - - - -2.0
Change in
translation
differences - - - - - -5.7 - 0.0 -5.7
Items recognized
directly in
equity - - - -7.9 - -5.7 - 0.0 -13.6
Net profit for
the period - - - - - - 58.9 -0.0 58.8
Total recognized
income and
expenses - - - -7.9 - - 58.9 -0.0 45.3
Dividends paid - - - - - - -39.9 - -39.9
Purchase of
treasury shares
*) - - - - -9.3 - - - -9.3
Share-based
payments:
value of
received
services - - - - - - 0.1 - 0.1
Acquisition of
minority
interest - - - - - - - -0.0 -0.0
Other changes - - -0.0 - - - 0.2 - 0.2
Equity on Sep
30, 2008 16.8 20.2 0.1 0.0 -9.3 0.0 183.4 0.0 211.2

*) Outotec has entered into an agreement with a third-party service
provider concerning the administration and hedging of share-based
incentive program for key personnel. As part of this agreement, for
hedging the underlying cash flow risk, the service provider has
purchased 250,000 Outotec shares that have been funded by Outotec and
accounted as treasury shares in Outotec's consolidated balance sheet.


Key figures
Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4
2008 2007 2008 2007 LTM*) 2007
Sales, EUR million 318.1 245.9 819.2 684.6 1,134.7 1,000.1
Gross margin, % 21.7 19.9 20.9 20.3 20.8 20.4
Operating profit, EUR
million 28.9 26.0 72.7 63.1 105.7 96.1
Operating profit in
relation to sales, % 9.1 10.6 8.9 9.2 9.3 9.6
Profit before taxes,
EUR million 34.0 28.8 83.9 68.7 120.1 104.8
Profit before taxes
in relation to sales,
% 10.7 11.7 10.2 10.0 10.6 10.5
Net cash from
operating activities,
EUR million 19.1 75.4 143.4 97.7 188.7 143.0
Net interest-bearing
debt at the end of
period, EUR million -370.5 -247.8 -370.5 -247.8 -370.5 -292.9
Gearing at the end of
period, % -175.4 -131.6 -175.4 -131.6 -175.4 -136.4
Equity-to-assets
ratio at the end of
period, % 38.9 40.1 38.9 40.1 38.9 38.2
Working capital at
the end of period,
EUR million -239.3 -145.6 -239.3 -145.6 -239.3 -153.9
Capital expenditure,
EUR million 3.6 2.9 10.0 9.9 11.6 11.6
Capital expenditure
in relation to sales,
% 1.1 1.2 1.2 1.4 1.0 1.2
Return on investment,
% 65.8 66.3 53.5 56.9 60.8 59.8
Return on equity, % 46.6 53.7 36.8 40.5 43.1 43.3
Order backlog at the
end of period, EUR
million 1,484.5 1,264.4 1,484.5 1,264.4 1,484.5 1,317.2
Order intake, EUR
million 259.8 417.9 1,033.9 1,078.8 1,418.2 1,463.0
Personnel average for
the period 2,572 2,091 2,434 1,980 2,372 2,031
Net profit for the
period in relation to
sales, % 7.5 9.5 7.2 7.4 7.6 7.8
Research and
development expenses,
EUR million 4.8 4.0 14.7 14.3 20.3 19.9
Research and
development expenses
in relation to sales,
% 1.5 1.6 1.8 2.1 1.8 2.0
Earnings per share,
EUR 0.57 0.56 1.40 1.20 2.05 1.85
Equity per share, EUR 5.03 4.48 5.03 4.48 5.03 5.11
Dividend per share,
EUR - - - - 0.95 0.95

*)Last twelve months

NOTES TO THE INCOME STATEMENT AND BALANCE SHEET

This interim financial report is prepared in accordance with IAS 34
Interim Financial Reporting in keeping with the accounting policies
and methods as in the recent annual financial statements. This
interim financial report is unaudited.

Starting from March 2008, Outotec is applying IFRS 2 Share-based
payment for a new share-based incentive program for Outotec's key
personnel for the period 2008-2010.

Use of estimates

IFRS requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, as well as the
disclosure of contingent assets and liabilities at the date of the
financial statements, and the reported amounts of income and expenses
during the reporting period. Accounting estimates are employed in the
financial statements review to determine reported amounts, including
the realizability of certain assets, the useful lives of tangible and
intangible assets, income taxes, provisions, pension obligations,
impairment of goodwill. These estimates are based on management's
best knowledge of current events and actions, however, it is possible
that the actual results may differ from the estimates.

Adoption of new interpretations

New interpretations, issued by IASB, for which the effective date is
January 1, 2008, will not have impact on 2008 interim financial
reports or 2008 financial statements.


Major non-recurring items in operating profit for the period
Q1-Q3 Q1-Q3 Q1-Q4
EUR million 2008 2007 2007
Gain from available-for-sale financial assets *) - - 1.9
Loss on sale of Intune Circuits Ltd. -1.1 - -

*) The value of shares owned by Outotec in Pacific Ore Ltd. (UK) was
EUR 0.8 million on December 31, 2006. In 2007, the shares were
changed into shares of Trajan Minerals Limited. Trajan Minerals
Limited was listed to Australian stock exchange (ASX) on November 30,
2007. For Outotec, the listing resulted in EUR 1.9 million gain. The
change in the fair value of the shares between the listing and
September 30, 2008 EUR -2.3 million (December 31, 2007: EUR -0.3
million) is booked to the revaluation reserve for available-for-sale
financial assets in Outotec's equity.

Income taxes
Q1-Q3 Q1-Q3 Q1-Q4
EUR million 2008 2007 2007
Current taxes -16.0 -18.0 -24.5
Deferred taxes -9.1 -0.2 -2.7
Total income taxes -25.1 -18.2 -27.2







Property, plant and equipment

Sep 30 Sep 30 Dec 31
EUR million 2008 2007 2007
Historical cost at the beginning of the period 81.3 77.4 77.4
Translation differences -1.1 0.8 0.0
Additions 7.5 3.6 5.1
Disposals -2.9 -0.7 -1.5
Reclassifications -0.1 - 0.2
Historical cost at the end of the period 84.7 81.2 81.3

Accumulated depreciation and impairment at the
beginning of the period -56.7 -50.7 -50.7
Translation differences 0.7 -0.3 0.1
Disposals 2.9 0.3 1.1
Reclassifications 0.0 - 0.0
Depreciation during the period -5.1 -5.4 -7.2
Accumulated depreciation and impairment at the
end of the period -58.3 -56.1 -56.7

Carrying value at the end of the period 26.5 25.1 24.6



Commitments and contingent liabilities
Sep 30 Sep 30 Dec 31
EUR million 2008 2007 2007
Pledges 1.1 32.8 2.1
Guarantees for commercial commitments 180.3 203.8 185.7
Minimum future lease payments on operating
leases 56.6 47.8 51.4

The above value of commercial guarantees does not include advance
payment guarantees issued by the parent or other group companies. The
total amount of guarantees for financing issued by group companies
amounted to EUR 5.7 million at September 30, 2008 (at September
30,2007: EUR 4.1 million and at December 31, 2007: EUR 2.8 million)
and for commercial guarantees including advance payment quarantees
EUR 435.0 million at September 30, 2008 (at September 30, 2007: EUR
347.1 million and at December 31, 2007: EUR 391.9 million).


Derivative instruments

Currency forwards
Sep 30 Sep 30 Dec 31
EUR million 2008 2007 2007
Fair values, net -6.5(* 12.5 13.9(**
Nominal values 469.8 388.2 344.2

(* of which EUR 0.2 million designated as cash flow hedges
(** of which EUR 11.1 million designated as cash flow hedges


Related party transactions

Transactions and balances with associated companies
Q1-Q3 Q1-Q3 Q1-Q4
EUR million 2008 2007 2007

Sales - 0.0 0.0
Financial income and expenses - 0.1 0.2
Loan receivables - 1.2 1.2
Trade and other receivables 0.1 1.1 1.0

As a consequence of a directed share issue in Intune Circuits Ltd. in
the last quarter of 2007 and in the first quarter of 2008, Outotec's
ownership in the company was decreased to 17.9%. Remaining ownership
in the company was sold in the third quarter of 2008. Due to these
ownership changes Intune Circuits Ltd is no longer consolidated to
Outotec Group.

Business Combinations

Acquisition of Auburn Group

Outotec acquired Auburn Group, a Canadian service provider for the
mining and metallurgical industries, on October 10, 2008. The company
provides maintenance and technical services for the mining and metals
industries mainly in Canada and Chile, but it also has some global
activities. The net sales for Auburn Group in 2007 was approximately
EUR 27 million (CAD 41 million).

The acquisition price was approximately EUR 10 million (CAD 15
million). According to the acquisition contract the seller will
prepare the closing balance sheet, as of October 10, 2008, by the end
of November. The final purchase price allocation will be completed
during the last quarter of the year.


Sales and operating profit by quarters

EUR million Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08
Sales
Minerals
Processing 67.5 95.3 55.2 64.6 72.7 110.5 60.1 92.7 122.0
Base Metals 43.3 53.4 60.1 64.5 64.1 85.6 60.1 72.0 76.9
Metals
Processing 71.0 90.8 97.5 100.9 113.0 120.8 104.6 109.2 116.9
Other
Businesses 6.0 11.9 6.7 8.9 11.1 11.1 9.1 16.7 11.4
Unallocated
items *) and
intra-group
sales -7.9 -11.9 -7.8 -11.7 -15.0 -12.5 -8.3 -15.0 -9.2
Total 179.9 239.6 211.7 227.1 245.9 315.5 225.6 275.5 318.1

Operating
profit
Minerals
Processing 5.2 13.1 1.9 3.3 3,6 16.3 4.1 3.2 3.1
Base Metals 4.1 6.7 9.4 13.2 12.1 9.3 6.3 11.9 13.3
Metals
Processing 5.6 5.3 4.7 10.5 11.5 11.5 12.3 11.8 14.9
Other
Businesses -0.3 1,0 0.0 0.6 1.3 0.3 0.4 1.2 1.7
Unallocated
items **) -0.2 -3.0 -2.4 -4.1 -2.5 -4.4 -2.2 -5.1 -4.1
Total 14.5 23.0 13.6 23.4 26.0 33.0 21.0 22.9 28.9

*) Unallocated items primarily include invoicing of internal
management and administrative services.
**) Unallocated items primarily include internal management and
administrative services and share of the result of associated
companies.


Definitions for key financial figures


Net interest-bearing debt = Interest-bearing debt -
interest-bearing assets

Gearing = Net interest-bearing debt × 100
Total equity

Equity-to-assets ratio = Total equity × 100
Total assets - advances received


Return on investment = Operating profit + financial income × 100
Total assets - non interest-bearing
debt (average for the period)

Return on equity = Net profit for the period × 100
Total equity (average for the
period)

Research and development = Research and development expenses
expenses in the income statement
(including expenses covered by
grants received)

Earnings per share = Net profit for the financial period
attributable to the equity holders
of the parent company
Average number of shares during the
period, as adjusted for stock split

Dividend per share = Dividend for the financial year
Number of shares at the end of the
period, as adjusted for stock split




INTERIM REPORT JANUARY-SEPTEMBER 2008 BRIEFING

A briefing, at which CEO Tapani Järvinen and CFO Vesa-Pekka Takala
will present the January-September 2008 interim report, will be held
in Helsinki, Finland.

BRIEFING
Date: Thursday, October 23, 2008
Time: 2:00-3:00pm (EEST)
Venue: Hotel Kämp, Meeting room Akseli Gallen-Kallela,
Pohjoisesplanadi 29, Helsinki

JOINING VIA WEBCAST
You may follow the briefing via a live webcast at www.outotec.com.
Please, click in and register approximately 5 to 10 minutes before
the briefing. The webcast will also be recorded and published on
Outotec's Web site for on demand viewing.

JOINING VIA TELECONFERENCE
You may also join the briefing by telephone. To register as a
participant for the teleconference and Q&A session, please dial in 5
to 10 minutes before the beginning of the event:

Finland/UK: +44 20 7162 0025
US/Canada: +1 334 323 6201
Password: Outotec

In addition, an instant replay service for the conference call will
be available until October 26 midnight at the following numbers:

UK: +44 20 7031 4064
Finland: +358 9 2314 4681
Access code: 813283


FINANCIAL REPORTING SCHEDULE FOR 2008

Outotec's fourth quarter results and financial statements review for
January-December 2008 will be published on Friday, January 30, 2009.


DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Main media
www.outotec.com


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

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