Outokumpu Annual Report 2022: A historic year for Outokumpu

by David Fleschen

In Q3 2022, the divested Long Product business was classified as assets held for sale and reported as discontinued operations. All key figures and comments in this report refer to continuing operations unless otherwise stated.

Highlights in Q4/2022

  • Stainless steel shipments amounted to 450,000 tonnes (550,000 tonnes)*.
  • Adjusted EBITDA decreased to €110 million (€312 million).
  • EBITDA was 103 million euros (300 million euros).
  • Return on capital employed (ROCE) improved to 22.6% (17.6%).
  • Operating cash flow (including discontinued operations) was 289 million euros (384 million euros).
  • Net debt (including discontinued operations) became negative and amounted to -10 million euros (30 September 2022: 90 million euros).
  • The gearing ratio (including discontinued operations) decreased to -0.3
    (30 September 2022: 2.2%).

Highlights in 2022

  • Stainless steel deliveries amounted to 2,106,000 tonnes (2,254,000 tonnes).
  • Adjusted EBITDA amounted to €1,256 million (€980 million).
  • EBITDA was €1,248 million (€968 million).
  • Operating cash flow (including discontinued operations) amounted to €778 million (€597 million).
  • The net result increased to 1,086 million euro (526 million euro).
  • The Board of Directors proposes to pay a basic dividend of 0.25 euro and in addition a special dividend of 0.10 euro per share, i.e. a total of 0.35 euro per share, for 2022.

President & CEO Heikki Malinen commented: "In 2022 we achieved the best financial result in our history and reached an impressive milestone - Outokumpu is now net debt free. I am very proud of our tireless work towards this goal. Outokumpu's full-year adjusted EBITDA increased to a record level of EUR 1.3 billion.

I would like to express my sincere gratitude to all our team members around the world for their contribution and thank our customers and suppliers for their good cooperation in a year when supply chains were under pressure.

After two years of exceptional market tailwinds, we entered a weaker phase in the global economy. In terms of volumes, 2022 started strong. But by the end of the year, volumes declined and overall our stainless steel shipments were down 7% compared to 2021. Our adjusted EBITDA was €110 million in the fourth quarter."

Source and Photo: Outokumpu

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