Metso’s Financial Statements Review January 1 – December 31, 2019

Metso Corporation, stock exchange release on February 6, 2020, at 09:00 a.m. EET

This is a summary of Metso's January 1 - December 31, 2019 Financial Statements Review. This summary includes only comparable figures for the fourth quarter and full year 2019. For further information related to differences between the IFRS and comparable financial information, please refer to the complete report, which is attached to this release and is also available at

Figures in brackets refer to the corresponding period in 2018, unless otherwise stated.

October-December 2019 in brief

  • Market activity continued to be good
  • Orders received increased 1% to EUR 914 million (902 million)
  • Sales grew 7%, totaling EUR 963 million (897 million)
  • Adjusted EBITA improved to EUR 117 million, or 12.2% of sales (98 million, or 10.9%)
  • Operating profit improved to EUR 96 million, or 10.0% of sales (93 million, or 10.4%)
  • Earnings per share were EUR 0.41 (0.42)
  • Free cash flow was EUR 18 million (57 million)
  • Acquisition of the Canadian mobile aggregates equipment supplier McCloskey was completed
  • Shareholders approved Metso’s partial demerger to create Metso Outotec and Neles. Closing is currently expected to take place on June 30, 2020, subject to regulatory approvals

January-December 2019 in brief

  • Healthy market activity in both segments
  • Orders received increased 5% to EUR 3,690 million (3,499 million)
  • Sales grew 15%, totaling EUR 3,635 million (3,173 million)
  • Adjusted EBITA increased to EUR 474 million, or 13.0% of sales (369 million, or 11.6%)
  • Operating profit increased to EUR 418 million, or 11.5% of sales (351 million, or 11.1%)
  • Earnings per share were EUR 1.94 (1.53)
  • Free cash flow was EUR 39 million (146 million)
  • Transformative strategy year with the McCloskey acquisition and the transaction to merge Metso Minerals and Outotec and to create an independent valve company, Neles
  • The Board of Directors will propose a dividend of EUR 1.47 per share for 2019 (1.20)

Key figures

EUR million Q4/2019 Q4/2018 Change % 2019 2018 Change %
Orders received 914 902 1 3,690 3,499 5
Orders received by services business 508 498 2 2,061 1,913 8
    % of orders received 56 55   56 55  
Order backlog at end of period       1,688 1,686 0
Sales 963 897 7 3,635 3,173 15
Sales by services business 516 473 9 1,967 1,773 11
    % of sales 54 53   54 56  
Adjusted EBITA *) 117 98 19 474 369 28
    % of sales 12.2 10.9   13.0 11.6  
Operating profit 96 93 3 418 351 19
    % of sales 10.0 10.4   11.5 11.1  
Earnings per share, EUR 0.41 0.42 -2 1.94 1.53 27
Free cash flow 18 57   39 146 -68
Return on capital employed (ROCE) before taxes, % 18.7 16.9  
Equity to assets ratio, %       42.1 47.7  
Net gearing, %       52.7 11.7  
Personnel at end of period       15,821 13,150 20

Market outlook:

  • Market activity in both segments, Flow Control and Minerals, is expected to remain at the current level in both the equipment and services business.

Metso’s market outlook describes the expected sequential development of market activity during the following
six-month period using three categories: improve, remain at the current level, or decline.

President and CEO Pekka Vauramo:

The last year was in many ways historical and transformative for Metso. It also marked a record in our financial performance, as our sales increased in both segments and our profitability was higher than ever in the company’s history. Other significant accomplishments included the launches of many new products as well as new initiatives in sustainability. What is common to our new products is that they are designed to accommodate our customers’ focus on improving their productivity. In sustainability, we published the Metso Climate Program, which aims for notable reductions in emissions. We also succeeded in improving our safety performance significantly. The great performance in 2019 is thanks to all the Metso people, who have shown their capabilities and commitment during the year.

In 2019, we made two major strategic decisions, which are transformative to both Metso and our industry. The first was the acquisition of McCloskey, a Canadian supplier of mobile aggregates crushers and screens. After the closing of the acquisition in October, Metso’s offering strengthened in the mobile aggregates equipment market, which is estimated to see the industry’s fastest-growing demand.

The second and truly transformative step was the decision related to the partial demerger of Metso, after which Metso’s Minerals business will be combined with Outotec to create Metso Outotec, a unique company in the minerals, metals and aggregates industries. At the same time, the valves business will continue as an independent listed company named Neles. We are confident that, as a result of this transaction, both companies will be well-positioned to grow and create value for our customers and other stakeholders. Shareholders of both Metso and Outotec approved the transaction in October and internal preparations have proceeded according to plan. The completion of the transaction still requires approvals from the competition authorities in various markets. According to our current estimate, we expect the closing to take place on June 30, 2020.

Audiocast and conference call details

Metso's President and CEO Pekka Vauramo and CFO Eeva Sipilä will present the financial results in an audiocast and a conference call for analysts and investors today at 1:00 p.m. EET. The audiocast can be followed at

A recording and a transcript will be available at the same webpage after the event has finished.

Conference call participants are requested to dial in five minutes before the event on:
United States: +1 855 857 0686
other countries: +44 (0)
333 300 0804

The confirmation code for joining the conference call is 46951233#

For further information, please contact:

Juha Rouhiainen, Vice President, Investor Relations, Metso Corporation, tel. +358 20 484 5132, email:


Metso Corporation

Eeva Sipilä


Juha Rouhiainen

VP, Investor Relations


Nasdaq Helsinki


Metso is a world-leading industrial company offering equipment and services for the sustainable processing and flow of natural resources in the mining, aggregates, recycling and process industries. With our unique knowledge and innovative solutions, we help our customers improve their operational efficiency, reduce risks and increase profitability. Metso is listed on the Nasdaq Helsinki in Finland and had sales of about EUR 3.6 billion in 2019. Metso employs over 15,000 people in more than 50 countries.