Metso Outotec Oyj

Quarterly Report • Nov 2, 2017

OUTOTEC OYJ

INTERIM REPORT JANUARY - SEPTEMBER 2017

Sales and profitability improved, recovery of Metals, Energy & Water still pending

"The minerals and metals processing market is slowly improving. Our order intake in the reporting period increased by 16% and service orders by 10% from last year. The third quarter order intake, however, was lower than last year due to the timing of larger orders. Smaller equipment and service orders continued to increase. Our total sales and service sales increased year on year. In the third quarter, sales grew by 10% and service sales by 13%. Our profitability improved significantly, due to increased sales and reduced fixed costs.

Minerals Processing improved its sales and profitability, and the

segment's adjusted EBIT margin reached 10.4% in the third quarter. The Metals, Energy & Water result improved but remained negative. We are continuing to take action to make this segment profitable again. We recently announced our plans to outsource part of the segment's engineering activities, which will bring workforce flexibility.

The demand for most metals is expected to continue strong, and we see many attractive business opportunities. We will continue to further strengthen our capabilities in serving our customers and our large installed base. The timing of large plant orders is, however, still difficult to foresee," summarizes President & CEO Markku Teräsvasara.

Summary of key figures	Q3	Q3			Q1-Q3	Q1-Q3			Q1-Q4
EUR million	2017	2016	%1	%2	2017	2016	%1	%2	2016
Order intake	234.2	274.1	-15	-15	838.8	725.0	16	13	1,007.7
Service order intake	123.5	121.4	2	3	369.4	335.5	10	7	443.3
Order backlog at end of period	973.7	1,029.7	-5	-	973.7	1,029.7	-5	-	1,002.1
Sales	270.4	245.2	10	12	810.3	752.5	8	6	1,057.9
Service sales	119.5	105.3	13	14	329.2	319.6	3	0	447.0
Gross margin, %	24.0	23.5			23.3	24.7			22.1
Adjusted EBIT3	12.6	1.6			16.1	1.7			-23.0
Adjusted EBIT3, %	4.7	0.7			2.0	0.2			-2.2
EBIT	10.6	-1.2			10.6	-14.3			-67.7
EBIT, %	3.9	-0.5			1.3	-1.9			-6.4
Net cash from operating activities	27.2	-23.1			-7.3	-72.7			-84.6
Earnings per share, EUR	0.02	-0.03			-0.02	-0.12			-0.42

1 Change, %

2 Change in comparable currencies, %

3 Excluding restructuring and acquisition-related items and PPA amortizations.

Financial guidance for 2017 reiterated

The guidance for 2017 is based on the current order backlog and market outlook as well as further cost savings.

• Sales are expected to be approximately EUR 1,100 1,200 million, and
• Adjusted EBIT* is expected to be approximately 3 4%

* Excluding restructuring and acquisition-related items, as well as purchase price allocation amortizations.

MARKET DEVELOPMENT

Metal prices, demand outlook and production levels were positive during the reporting period. Although customer activity remained solid, particularly large investment decisions were delayed. Producers continued tight cost control, with a focus on optimizing their existing operations and aiming at improved cash flow and profitability.

Copper, zinc, lead, gold, lithium and silver projects were the most active metals. Market activity was widespread, Central and South America, Australia and Russia being the most active. Competition continued intense.

ORDER INTAKE AND BACKLOG

The order intake during the reporting period was EUR 839 (725) million, up 16% from the comparison period. The growth was attributable to services and one large plant order in the Metals, Energy & Water segment during the first quarter. Service order intake was EUR 369 (336) million, up 10% from the comparison period due to growth in shutdown and modernization services as well as spare parts.

The order intake during the third quarter was EUR 234 (274) million, down 15% from the comparison period. The decline was due to the timing of larger orders. Service order intake grew 2% from the comparison period and was EUR 123 (121) million, due to an increase in modernizations.

Order intake by region, %	Q1-Q3 2017	Q1-Q3 2016	Q1-Q4 2016
EMEA	49	51	49
Americas	32	29	33
APAC	19	20	18
Total	100	100	100

Announced orders

Project/location (published)	Booked into order backlog	Value, EUR million	Segment
Gold processing technology for a greenfield gold mine in Ecuador (October 19)	Q3	>10	MP
Minerals processing technology and services for a nickel mine in Russia (September 29)	Q3	>13	MP
Copper smelter shutdown service in South America (July 17)	Q2	12	MEW
Technology and services for a greenfield gold project in West Africa (July 12)	Q2	13	MP
Technology for a lithium carbonate plant in South America	Q2	20	MEW

Q2	14	MP
Q2	17	MP
Q1	>15	MP
Q1	24	MEW
Q1	N/D	MEW

The order backlog at the end of the reporting period was EUR 974 (1,030) million, down 5% from the comparison period. The share of services in the order backlog totaled EUR 221 (220) million. At the end of the reporting period, Outotec had 21 (25) projects with an order backlog value in excess of EUR 10 million, accounting for 54 (59) % of the total backlog. It is estimated that roughly 33 (30) % or EUR 320 (300) million of the September-end order backlog value will be delivered in 2017.

SALES AND FINANCIAL RESULT

Sales and financial result	Q3	Q3			Q1-Q3	Q1-Q3			Q1-Q4
EUR million	2017	2016	%1	%2	2017	2016	%1	%2	2016
Sales	270.4	245.2	10	12	810.3	752.5	8	6	1,057.9
Service sales3	119.5	105.3	13	14	329.2	319.6	3	0	447.0
Share of service sales, %	44.2	43.0			40.6	42.5			42.3
Gross margin, %	24.0	23.5			23.3	24.7			22.1
Adjusted EBIT4	12.6	1.6			16.1	1.7			-23.0
Adjusted EBIT4, %	4.7	0.7			2.0	0.2			-2.2
- Restructuring and acquisition-related
items5	-0.2	-1.0			0.0	-10.4			-37.2
- PPA amortization	-1.8	-1.9			-5.5	-5.6			-7.4
EBIT	10.6	-1.2			10.6	-14.3			-67.7
EBIT, %	3.9	-0.5			1.3	-1.9			-6.4
Result before taxes	7.4	-3.9			2.8	-21.5			-78.1
Result for the period	6.1	-2.9			2.0	-16.9			-69.3
Unrealized and realized exchange
gains and losses6	3.7	-2.0			8.7	-3.6			-8.1

1 Change, %

2 Change in comparable currencies, %

3 Included in the sales figures of the two reporting segments.

4 Excluding restructuring and acquisition-related items and PPA amortizations.

5 Including restructuring-related items of EUR -1.2 (-6.3) million, acquisition-related items of EUR 0.3 (-0.3) million, and no arbitration costs related to past acquisition (EUR -3.9 million). The reporting period also includes the positive impact of a EUR 0.9 million reduction from an earn-out payment liability related to acquisition.

6 Related to foreign exchange forward agreements and bank accounts.

Sales in the reporting period totaled EUR 810 (753) million, up 8% from the comparison period. Growth came from project deliveries in the Minerals Processing segment. Service sales increased by 3% representing 41 (42) % of sales. The growth came from shutdown services and spare parts.

Sales in the third quarter increased 10% from the comparison period. Growth was attributable mainly to increased process equipment orders in the Minerals Processing segment received in 2016 and services. Service sales increased by 13% from the comparison period, representing 44 (43) % of sales. This growth came mainly from shutdown services and spare parts.

Fixed costs in the reporting period – including selling and marketing, administrative, R&D and fixed delivery expenses – declined 3% (in comparable currencies -4%) from the comparison period, totaling EUR 199 (205) million, or 24 (27)% of sales.

Increased sales and fixed cost savings improved the adjusted EBIT in the reporting period and in the third quarter. Negative impacts came from sales mix, cost overruns in some project deliveries, as well as low work load and decreased sales in Metals, Energy & Water.

The result before taxes for the reporting period was EUR 3 (-22) million, including net finance expenses of EUR 8 (7) million due to interest costs and the valuation of foreign exchange forward agreements. The net result was EUR 2 (-17) million. The net impact from taxes totaled EUR -1 (5) million. Earnings per share totaled EUR -0.02 (-0.12), including accrued hybrid bond interest.

Minerals Processing	Q3	Q3			Q1-Q3	Q1-Q3			Q1-Q4
EUR million	2017	2016	%1	%2	2017	2016	%1	%2	2016
Order intake	164.6	201.1	-18	-19	487.4	461.8	6	2	626.7
Sales	148.9	128.9	15	17	471.7	360.7	31	27	539.5
Service sales	70.8	72.6	-2	-2	212.4	197.3	8	4	283.1
Adjusted EBIT3	15.5	12.0			41.7	21.9			37.1
Adjusted EBIT3, %	10.4	9.3			8.9	6.1			6.9
PPAs	-0.8	-0.8			-2.4	-2.4			-3.3
Restructuring and acquisition-related
items	-0.1	-0.4			-0.1	-5.6			-12.2
EBIT	14.7	10.8			39.3	13.8			21.6
EBIT, %	9.9	8.4			8.3	3.8			4.0
Unrealized and realized exchange
gains and losses4	4.3	-0.9			5.7	-1.0			-3.8

MINERALS PROCESSING

1 Change, %

2 Change in comparable currencies, %

3 Excluding restructuring and acquisition-related items and PPA amortizations

4 Related to foreign exchange forward agreements and bank accounts

In the reporting period, the order intake in the Minerals Processing segment grew 6% from the comparison period, mainly due to increased equipment orders. The segment's sales increased by 31% due to increased plant and equipment orders in the second half of 2016 and first half of 2017. Higher sales improved the segment's profitability.

METALS, ENERGY & WATER

Metals, Energy & Water	Q3	Q3			Q1-Q3	Q1-Q3			Q1-Q4
EUR million	2017	2016	%1	%2	2017	2016	%1	%2	2016
Order intake	69.6	72.9	-5	-5	351.4	263.2	33	32	381.0
Sales	121.5	116.5	4	7	338.6	392.0	-14	-14	518.4
Service sales	48.7	32.7	49	50	116.8	122.3	-5	-6	163.9
Adjusted EBIT3	-1.5	-9.5			-20.9	-16.6			-55.0
Adjusted EBIT3, %	-1.3	-8.2			-6.2	-4.2			-10.6
PPAs	-1.0	-1.0			-3.2	-3.1			-4.2
Restructuring and acquisition-related
items	-0.1	-0.6			0.1	-2.7			-22.9

EBIT	-2.7	-11.2	-23.9	-22.4	-82.1
EBIT, %	-2.2	-9.6	-7.1	-5.7	-15.8
Unrealized and realized exchange
gains and losses4	-0.6	-1.1	3.0	-2.6	-4.0

1 Change, %

2 Change in comparable currencies, %

3 Excluding restructuring and acquisition-related items and PPA amortizations

4 Related to foreign exchange forward agreements and bank accounts

In the reporting period, the order intake in the Metals, Energy & Water segment increased by 33% from the comparison period, mainly due to increased plant orders and modernization services. The sales in the segment declined by 14%, due to low order intake in the second half of 2016. Lower sales and utilization rates weakened the profitability of the segment.

BALANCE SHEET, FINANCING AND CASH FLOW

Balance sheet, financing and cash flow	Q3	Q3	Q1-Q3	Q1-Q3	Q1-Q4
EUR million	2017	2016	2017	2016	2016
Net cash from operating activities	27.2	-23.1	-7.3	-72.7	-84.6
Net interest-bearing debt at end of period 1	36.8	-20.8	36.8	-20.8	-4.5
Equity at end of period	473.9	534.5	473.9	534.5	498.1
Gearing at end of period, % 1	7.8	-3.9	7.8	-3.9	-0.9
Equity-to-assets ratio at end of period, % 1	39.8	41.9	39.8	41.9	40.0
Net working capital at end of period	22.8	-10.0	22.8	-10.0	-23.5

1 If the hybrid bond were treated as a liability: the net interest-bearing debt would be EUR 186.8 million, gearing 57.7%, and the equityto-assets ratio 27.2% on September 30, 2017 (September 30, 2016: EUR 129.2 million, 33.6% and 30.2% respectively).

The consolidated balance sheet total on September 30, 2017 was EUR 1,370 (1,482) million. Equity attributable to shareholders of the parent company totaled EUR 471 (531) million, representing EUR 2.60 (2.93) per share. During the reporting period, equity was impacted by translation differences of EUR -21 (2) million, hybrid bond interest net of tax of EUR -9 (no interest) million, and a net result of EUR 2 (-17) million. During the comparison period, Outotec issued a EUR 150 million hybrid bond.

Outotec's cash and cash equivalents at the end of the reporting period totaled EUR 208 (265) million. Net cash flow from operating activities improved during the third quarter and was EUR -7 (- 73) million in the reporting period. Advance and milestone payments received at the end of the reporting period came to EUR 180 (207) million. Advance and milestone payments to subcontractors totaled EUR 39 (53) million. During the reporting period, Outotec paid EUR 11 million in hybrid bond annual interest. The drawdown of the hybrid bond (EUR 150 million) during the comparison period had a positive impact on cash and cash equivalents.

Net interest-bearing debt on September 30, 2017 was EUR 37 (-21) million and gearing was 8 (- 4) %. Outotec's equity-to-assets ratio was 40 (42) %. The company's capital expenditure, related mainly to IT programs and IPRs, totaled EUR 14 (16) million during the reporting period.

Guarantees for commercial commitments totaled EUR 616 (461) million at the end of the reporting period, including advance payment guarantees issued by the parent and other Group companies.

RESEARCH & DEVELOPMENT

During the reporting period, Outotec's research and development expenses represented 5 (5) % of sales.

R&D	Q1-Q3	Q1-Q3	Q1-Q4
	2017	2016	2016
R&D expenses, EUR million	40	41	55
New priority applications filed	36	46	57
New national patents granted	571	454	630
Number of patent families	782	774	786
Number of national patents or patent applications	6,984	6,717	6,772

Product launches

Outotec's new 7-Axis Beam Mill Reline Machines set a new benchmark for safety and are the only mill reline machines on the market that fully comply with the European Machinery Directive.

Outotec launched a new mobile application in April which provides immediate feedback from equipment inspections. The app allows technicians to capture all relevant technical data and images. After inspection, a preliminary report can be sent immediately to the customer.

PERSONNEL

At the end of the reporting period, Outotec had a total of 4,164 (4,167) employees. During the reporting period, Outotec had an average of 4,150 (4,398) employees. Temporary personnel accounted for 6 (6) % of the total.

Personnel by region	September 30,	September 30,	Change	December 31,
	2017	2016		2016
EMEA	2,803	2,822	-19	2,824
Americas	790	770	20	801
APAC	571	575	-4	567
Total	4,164	4,167	-3	4,192

At the end of the reporting period, the company had, in addition to its own personnel, 389 (325) full-time equivalent, contracted professionals working in project execution.

Salaries and other employee benefits during the reporting period totaled EUR 248 (248) million.

OTHER MAIN ANNOUNCEMENTS AND EVENTS IN Q3/2017

September 27: Outotec continues Employee Share Savings Plan in 2018

September 21: Outotec Capital Markets Day

September 18: Outotec's long-term financial targets (announced on June 7, 2016) for sales growth, profitability and gearing reiterated, service sales growth target revised

August 14: Tomas Hakala appointed President of Services

August 3: Gustav Kildén appointed Senior Vice President, Strategic Customers and Business Development

SHORT-TERM RISKS AND UNCERTAINTIES

Major investments continue to develop slowly and new investments may be delayed or existing projects may be put on hold or cancelled. There is also a continued risk of credit losses, especially in receivables from emerging markets. Any uncertainty in China's economical outlook may impact metals demand and prices.

Outotec has identified a risk of disputes related to project execution, which may result in extra costs and/or penalties. In the contracts related to the delivery of major projects, the liquidated damages attributable to, for instance, delayed delivery or non-performance may be significant. In particular, Outotec has identified a significant risk of claims and credit losses related to a few large projects in the Metals, Energy & Water segment. If the project risks materialized in full, they could have a material impact on Outotec's financial results and could lead to decreasing headroom under financial covenants related to the capital structure and liquidity.

Risks related to Outotec's business operations are high in certain markets such as the Middle East, Russia, and Turkey. The geopolitical situation, sanctions, uncertainties around Brexit, security situation, economic conditions or regulatory environment may change rapidly and cause ongoing projects to be delayed, suspended or cancelled, or completely prevent Outotec from operating in these areas. These may result in a material impact on the valuation of Outotec's assets.

Outotec is involved in a number of disputes that may lead to arbitration and court proceedings. Differing interpretations of international contracts and laws may cause uncertainty in estimating the final outcome of these disputes. The enforceability of contracts in certain market areas may be challenging or difficult to foresee.

More information about Outotec's business risks and risk management is available in the Notes to the Financial Statements, as well as on the company's website at www.outotec.com/investors.

MARKET OUTLOOK

Sentiment in the mining and metals industry is slowly becoming more optimistic, and the demand for most metals is expected to continue strong. Investments in minerals processing are anticipated to follow the industry's production levels, with continued emphasis on optimizing existing operations. Market and the more complex ores continue to provide opportunities for process optimization, equipment deliveries, and services. Copper, nickel, zinc, lithium, aluminium and gold projects are likely to continue to be the most active.

The Metals, Energy & Water segment's wide technology portfolio provides opportunities in a number of end markets. Currently, copper, zinc, lithium and gold projects are the most active. Small plant modernizations are also expected to materialize. There are opportunities in energy but investments are commonly linked to regional and geopolitical regulations and needs. The timing of large plant investments continue to be difficult to foresee.

MAIN EVENTS AFTER Q3 END

October 26: Outotec announced that it plans to outsource part of its German-based project engineering activities to Citec.

October 20: Members of Outotec's Nomination Board announced. Members are Antti Mäkinen (Solidium Oy), Pekka Pajamo (Varma Mutual Pension Insurance Company), Mikko Mursula (Ilmarinen Mutual Pension Insurance Company) and Matti Alahuhta (Chairman of the Board of Directors of Outotec). Proposals are to be given to the Board of Directors by February 1, 2018.

Financial guidance for 2017 reiterated

The guidance for 2017 is based on the current order backlog and market outlook as well as further cost savings.

• Sales are expected to be approximately EUR 1,100 1,200 million, and
• Adjusted EBIT* is expected to be approximately 3 4%

* Excluding restructuring and acquisition-related items, as well as purchase price allocation amortizations.

Espoo, November 2, 2017

Outotec Oyj Board of Directors

Consolidated statement of comprehensive income EUR million	Q3 2017	Q3 2016	Q1-Q3 2017	Q1-Q3 2016	Q1-Q4 2016
Sales	270.4	245.2	810.3	752.5	1,057.9
Cost of sales	-205.5	-187.4	-621.8	-566.9	-824.6
Gross profit	64.8	57.7	188.6	185.7	233.3
Other income	4.2	0.1	10.8	0.7	1.2
Selling and marketing expenses	-28.2	-26.6	-89.6	-85.1	-114.8
Administrative expenses	-16.4	-19.0	-56.5	-60.3	-85.5
Research and development expenses	-12.9	-10.3	-40.4	-40.9	-55.2
Other expenses	-0.9	-3.1	-2.3	-14.2	-46.4
Share of results of associated companies	0.0	0.0	0.0	-0.2	-0.4
EBIT	10.6	-1.2	10.6	-14.3	-67.7
Finance income and expenses
Interest income and expenses	-0.7	-1.2	-2.4	-3.5	-4.2
Market price gains and losses	-1.0	-1.0	-2.4	-1.9	-3.6
Other finance income and expenses	-1.5	-0.5	-2.9	-1.9	-2.6
Net finance income or expense	-3.2	-2.7	-7.8	-7.3	-10.4
Result before income taxes	7.4	-3.9	2.8	-21.5	-78.1
Income taxes	-1.3	1.0	-0.8	4.6	8.8
Result for the period	6.1	-2.9	2.0	-16.9	-69.3
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit obligations	-0.9	-1.6	-2.0	-9.2	-0.6
Income tax relating to items that will not be reclassified to profit or loss	0.3	0.5	0.6	2.7	0.2
Items that may be subsequently reclassified to profit or loss
Exchange differences on translating foreign operations	-5.4	-1.9	-21.0	2.1	14.4
Cash flow hedges	-1.6	0.3	5.4	1.0	-1.6
Available for sale financial assets	-0.0	0.1	-0.0	0.2	0.1
Income tax relating to items that may be reclassified to profit or loss	0.4	-0.1	-1.2	-0.3	0.4
Other comprehensive income for the period	-7.2	-2.7	-18.2	-3.5	12.8
Total comprehensive income for the period	-1.1	-5.6	-16.2	-20.4	-56.5
Result for the period attributable to:
Equity holders of the parent company	6.2	-2.9	2.1	-17.1	-69.6
Non-controlling interest	-0.1	0.0	-0.1	0.2	0.3
Total comprehensive income for the period attributable to:
Equity holders of the parent company	-1.0	-5.6	-16.0	-20.6	-56.9
Non-controlling interest	-0.1	0.0	-0.2	0.2	0.4
Earnings per share for result attributable to the equity
holders of the parent company:
Basic earnings per share, EUR	0.02	-0.03	-0.02	-0.12	-0.42
Diluted earnings per share, EUR	0.02	-0.03	-0.02	-0.12	-0.42

CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

Condensed consolidated statement of financial position	September 30,	September 30,	December 31,
EUR million	2017	2016	2016
ASSETS
Non-current assets
Intangible assets	365.2	396.6	386.3
Property, plant and equipment	57.0	66.9	65.9
Deferred tax asset	107.1	98.7	92.7
Non-current financial assets
Interest-bearing	3.8	3.7	3.6
Non-interest-bearing	7.2	9.0	8.0
Total non-current assets	540.3	574.9	556.4
Current assets
Inventories1	212.6	226.0	210.0
Current financial assets
Interest-bearing	0.1	0.1	0.1
Non-interest-bearing	409.0	415.6	427.5
Cash and cash equivalents	208.0	265.3	233.0
Total current assets	829.8	907.0	870.6
TOTAL ASSETS	1,370.1	1,482.0	1,427.0
EQUITY AND LIABILITIES
Equity
Share capital Retained earnings	17.2 229.6	17.2 289.8	17.2 237.1
Hybrid bond	150.0	150.0	150.0
Other components of equity	74.1	74.3	90.5
Equity attributable to the equity holders of the parent
company	470.8	531.3	494.8
Non-controlling interest	3.1	3.2	3.3
Total equity	473.9	534.5	498.1
Non-current liabilities
Interest-bearing	179.6	223.8	183.7
Deferred tax liabilities	43.9	48.8	34.9
Other non-interest-bearing	68.9	77.3	68.6
Total non-current liabilities	292.3	349.9	287.3
Current liabilities
Interest-bearing	64.8	18.2	43.1
Non-interest-bearing
Advances received2	180.3	206.8	180.7
Other non-interest-bearing	358.9	372.5	417.8
Total current liabilities	603.9	597.6	641.6
Total liabilities	896.2	947.5	928.9
TOTAL EQUITY AND LIABILITIES	1,370.1	1,482.0	1,427.0

1 Of which advances paid for inventories amounted to EUR 39.4 million on September 30, 2017 (September 30, 2016: EUR 53.2 million, December 31, 2016: EUR 52.5 million).

2 Gross advances received before percentage of completion revenue recognition amounted to EUR 1,528.3 million on September 30, 2017 (September 30, 2016: EUR 1,553.5 million, December 31, 2016: EUR 1,446.2 million).

Condensed consolidated statement of cash flows	Q1-Q3	Q1-Q3	Q1-Q4
EUR million	2017	2016	2016
Cash flows from operating activities
Result for the period	2.0	-16.9	-69.3
Adjustments for
Depreciation and amortization	31.2	31.3	42.6
Other adjustments	10.7	16.2	20.5
Decrease (+) / Increase (-) in net working capital	-45.3	-93.9	-66.8
Interest received	3.9	3.9	4.8
Interest paid	-8.4	-9.1	-9.9
Income tax paid	-1.5	-4.3	-6.4
Net cash from operating activities	-7.3	-72.7	-84.6
Purchases of assets	-14.0	-16.1	-21.7
Acquisition of subsidiaries and business operations, net of cash	-0.2	-3.0	-3.0
Acquisition of shares in associate companies	-	-0.0	-0.0
Proceeds from sale of assets	1.9	1.6	1.8
Cash flows from other investing activities	-0.2	-	0.0
Net cash used in investing activities	-12.6	-17.5	-22.9
Cash flow before financing activities	-19.9	-90.2	-107.5
Repayments of non-current debt	-7.9	-68.0	-111.5
Decrease in current debt	-3.3	-28.4	-35.6
Increase in current debt	28.0	0.8	30.1
Hybrid bond	-	150.0	150.0
Interest paid on hybrid bond	-11.1	-	-
Cash flows from other financing activities	-0.6	-0.9	-0.9
Net cash used in financing activities	5.2	53.3	32.1
Net change in cash and cash equivalents	-14.7	-36.8	-75.5
Cash and cash equivalents at beginning of period	233.0	300.7	300.7
Foreign exchange rate effect on cash and cash equivalents	-10.3	1.5	7.8
Net change in cash and cash equivalents	-14.7	-36.8	-75.5
Cash and cash equivalents at end of period	208.0	265.3	233.0

Consolidated statement of changes in equity

					Attributable to the equity holders of the parent company
EUR million	Share capital	Share premium fund	Fair value and other reser ves	Trea sury shares	Reserve for invested non restricted equity	Hybrid bond	Cumula -tive trans lation differ rences	Retained earnings	Total equity attribu table to equity holders of parent company	Non cont rolling interest	Total equity
Equity at January 1, 2016	17.2	20.2	-14.2	-17.4	93.8	-	-8.1	310.3	401.8	2.9	404.7
Proceeds from hybrid bond	-	-	-	-	-	150.0	-	-	150.0	-	150.0
Hybrid bond expenses	-	-	-	-	-	-	-	-0.7	-0.7	-	-0.7
Share-based compensation	-	-	-	1.6	1.9	-	-	-2.8	0.7	-	0.7
Total comprehen sive income for the period	-	-	-5.6	-	-	-	2.1	-17.1	-20.6	0.3	-20.3
Other changes	-	-	-	-	-	-	-	0.1	0.1	-	0.1
Equity at September 30, 2016	17.2	20.2	-19.7	-15.8	95.7	150.0	-6.0	289.8	531.3	3.2	534.5
Equity at January 1, 2017	17.2	20.2	-15.7	-15.9	95.7	150.0	6.2	237.1	494.8	3.3	498.1
Hybrid bond interest (net of tax)	-	-	-	-	-	-	-	-8.9	-8.9	-	-8.9
Share-based compensation	-	-	-	0.8	0.9	-	-	-0.9	0.9	-	0.9
Total comprehen sive income for the period	-	-	2.7	-	-	-	-20.9	2.1	-16.0	-0.2	-16.2
Equity at September 30, 2017	17.2	20.2	-13.0	-15.0	96.6	150.0	-14.6	229.6	470.8	3.1	473.9

Key figures	Q3	Q3	Q1-Q3	Q1-Q3	Last 12	Q1-Q4
	2017	2016	2017	2016	months	2016
Order intake, EUR million	234.2	274.1	838.8	725.0	1,121.5	1,007.7
Service order intake, EUR million	123.5	121.4	369.4	335.5	477.2	443.3
Share of service in order intake, %	52.7	44.3	44.0	46.3	42.6	44.0
Order backlog at end of period, EUR million	973.7	1,029.7	973.7	1,029.7	973.7	1,002.1
Sales, EUR million	270.4	245.2	810.3	752.5	1,115.7	1,057.9
Service sales, EUR million	119.5	105.3	329.2	319.6	456.6	447.0
Share of service in sales, %	44.2	43.0	40.6	42.5	40.9	42.3
Gross margin, %	24.0	23.5	23.3	24.7	21.2	22.1
Adjusted EBIT1, EUR million	12.6	1.6	16.1	1.7	-8.7	-23.0
Adjusted EBIT1, %	4.7	0.7	2.0	0.2	-0.8	-2.2
EBIT, EUR million	10.6	-1.2	10.6	-14.3	-42.9	-67.7
EBIT, %	3.9	-0.5	1.3	-1.9	-3.8	-6.4
Result before taxes, EUR million	7.4	-3.9	2.8	-21.5	-53.8	-78.1
Result before taxes in relation to sales, %	2.7	-1.6	0.3	-2.9	-4.8	-7.4
Result for the period in relation to sales, %	2.3	-1.2	0.3	-2.2	-4.5	-6.6
Earnings per share2, EUR	0.02	-0.03	-0.02	-0.12	-0.33	-0.42
Net cash from operating activities, EUR million	27.2	-23.1	-7.3	-72.7	-19.2	-84.6
Net interest-bearing debt at end of period, EUR million3	36.8	-20.8	36.8	-20.8	36.8	-4.5
Gearing at end of period3, %	7.8	-3.9	7.8	-3.9	7.8	-0.9
Equity-to-assets ratio at end of period3, %	39.8	41.9	39.8	41.9	39.8	40.0
Equity at end of period	473.9	534.5	473.9	534.5	473.9	498.1
Equity per share, EUR	2.60	2.93	2.60	2.93	2.60	2.73
Net working capital at end of period, EUR million	22.8	-10.0	22.8	-10.0	22.8	-23.5
Capital expenditure, EUR million	4.7	4.0	14.1	16.2	19.5	21.6
Capital expenditure in relation to sales, %	1.7	1.6	1.7	2.2	1.7	2.0
Research and development expenses, EUR million	12.9	10.3	40.4	40.9	54.7	55.2
Research and development expenses in relation to sales, %	4.8	4.2	5.0	5.4	4.9	5.2
Return on investment, %, LTM	-6.4	-6.0	-6.4	-6.0	-6.4	-9.4
Return on equity, %, LTM	-10.0	-8.4	-10.0	-8.4	-10.0	-15.4
Personnel at end of period	4,164	4,167	4,164	4,167	4,164	4,192

1 Excluding restructuring and acquisition-related items and PPA amortizations.

2 Weighted average number of shares used in calculation of EPS is 181,289 thousand for Q1-Q3/2017 (Q1-Q3/2016: 181,099 thousand shares, Q1-Q4/2016: 181,124 thousand shares). EPS includes a reduction of accrued hybrid bond interest.

3 If the hybrid bond were treated as a liability, the net interest-bearing debt would be EUR 186.8 million, gearing 57.7%, and the equityto-assets ratio 27.2% on September 30, 2017 (September 30, 2016: EUR 129.2 million, 33.6% and 30.2.% respectively).

Definitions for key financial figures

Net interest-bearing debt	=	Interest-bearing debt - interest-bearing assets
Gearing	=	Net interest-bearing debt Total equity	× 100
Equity-to-assets ratio	=	Total equity Total assets - advances received	× 100
Return on investment	=	EBIT + finance income Total assets – non-interest-bearing debt (average for the period)	× 100
Return on equity	=	Result for the period Total equity (average for the period)	× 100
Research and development expenses	=	Research and development expenses in the statement of comprehensive income (including expenses covered by grants received)
Earnings per share	=	Result for the period attributable to the equity holders of the parent company – hybrid bond interest Average number of shares during the period
Diluted earnings per share	=	Result for the period attributable to the equity holders of the parent company – hybrid bond interest Diluted average number of shares during the period
Dividend per share	=	Dividend for the financial year Number of shares at end of period
Adjusted EBIT (aEBIT)	=	EBIT excluding (but not limited to) restructuring related transactions, costs related to mergers and acquisitions, purchase price allocation amortizations, and goodwill impairments
Comparable currencies, some key figures	=	Reporting period's figures converted using foreign exchange rates from the comparison period
Net Working capital	=	Other non-current assets + Inventories + Trade and other receivables + Project related receivables + Derivatives (assets) - Provisions - Trade and other payables - Net advances received - Other project liabilities - Derivatives (liabilities)

NOTES TO THE STATEMENT OF COMPREHENSIVE INCOME AND FINANCIAL POSITION

These Interim Financial Statements are prepared in accordance with IAS 34 Interim Financial Reporting. In these Interim Financial Statements, the same accounting policies and methods have been applied as in the latest Annual Financial Statements. These Interim Financial Statements are unaudited.

The following new standards and interpretations have been published, but they are not effective in 2017, nor has Outotec early-adopted them:

IFRS 9 – Financial Instruments:

• The new standard replaces the current standard IAS 39 Financial Instruments: Recognition and measurement. It addresses the classification, measurement and recognition of financial assets and financial liabilities. Based on IFRS 9, financial assets are required to be classified into three measurement categories: amortized cost, fair value through other comprehensive income, or fair value through profit or loss. The determination is made at initial recognition. The classification depends on the entity's business model for managing its financial instruments and the contractual cash flow characteristics of the instrument. The standard also changes the recognition of impairment losses and the application of hedge accounting.
• Outotec is assessing the impact of IFRS 9 and intends to fully adopt it in 2018.
• The Group is not expecting categorization of financial assets to significantly affect the income statement or balance sheet. The Group has paid attention especially to the amendments in applying hedge accounting. The changes are expected to at least moderately improve the applicability of foreign exchange cash flow hedge accounting in Outotec's business operations and therefore to some extent decrease volatility in the income statement. The changes to hedge accounting are not expected to significantly affect the balance sheet.
• The Group has established a model for evaluating credit losses under IFRS 9. This model is not expected to have a significant impact on the income statement or balance sheet.

IFRS 15 – Revenue from Contracts with Customers:

• The new standard aims to establish principles for reporting useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity's contracts with its customers. It replaces the IAS 18 and IAS 11 standards and related interpretations. The new standard includes a five-step procedure for recognizing revenue from contracts with customers.
• Outotec is assessing the impact of IFRS 15 and intends to adopt it in 2018. Outotec expects to transition to the new standard with the full retrospective method. In particular, the Group has paid attention to the identification of performance obligations and the criteria for the recognition of revenue over time.
• Based on the impact analysis, the current understanding of the management is that there will be no significant impact on the Group's income statement and balance sheet. The management has assessed certain scenarios during the evaluation project. These scenarios mainly relate to combining contracts, identifying performance obligations, evaluating variable considerations, and defining the method for revenue recognition. The

new standard will, to some extent, even out margin recognition over time, due to combining contracts. Certain customer contracts currently recognized as revenue over time would be recognized at a point in time, according to IFRS 15. However, the current understanding is that these changes will not exert significant impact on the income statement or balance sheet.

IFRS 16 – Leases

The new standard requires lessees to recognize assets and liabilities for most leases. Leases will no longer be classified as operating leases or finance leases, and all leases will have a single accounting model, with certain exemptions. There are no major changes for lessors. The new standard replaces the IAS 17 standard and related interpretations. Outotec is planning to assess the impacts of the standard and intends to adopt it in 2019.

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 on the date of the financial statements, and the reported amounts of income and expenses in the reporting period. Accounting estimates are employed in the financial statements to determine reported amounts, including the realizability of certain assets, useful lives of tangible and intangible assets, income taxes, provisions, pension obligations, and the impairment of goodwill. These estimates are based on the management's best knowledge of current events and actions; however, it is possible that the actual results may differ from the estimates used in the financial statements.

Restructuring and acquisition items	Q1-Q3	Q1-Q3	Q1-Q4
EUR million	2017	2016	2016
Personnel-related restructuring costs	-1.5	-4.7	-18.8
Impairments on non-current assets	0.0	-0.9	-10.7
Other restructuring related items	0.3	-0.7	-1.9
Items related to restructuring, total	-1.2	-6.3	-31.3
Items related to acquisitions	0.3	-0.3	-1.5
Reversal of earn-out liability from acquisitions	0.9	-	-
Arbitration cost related to past acquisitions	-	-3.9	-4.4
Restructuring and acquisition items, total 1	0.0	-10.4	-37.2
Restructuring and acquisition items are allocated to:
Minerals Processing	-0.1	-5.6	-12.2
Metals, Energy & Water	0.1	-2.7	-22.9
Unallocated items	-0.0	-2.1	-2.1

1 Excluded from adjusted EBIT.

Income taxes	Q1-Q3	Q1-Q3	Q1-Q4
EUR million	2017	2016	2016
Current taxes	-7.3	-5.6	-10.4
Deferred taxes	6.6	10.2	19.2
Total income taxes	-0.8	4.6	8.8

Property, plant and equipment	September 30,	September 30,	December 31,
EUR million	2017	2016	2016
Historical cost at beginning of period	155.5	170.5	170.5
Translation differences	-3.7	0.5	2.6
Additions	6.1	3.5	6.2
Disposals	-3.3	-4.6	-5.3
Reclassifications	-0.0	0.0	-0.1
Impairment during the period	-3.6	-14.7	-18.3
Historical cost at end of period	151.0	155.3	155.5
Accumulated depreciation and impairment at beginning of period	-89.7	-87.5	-87.5
Translation differences	1.6	-0.2	-0.9
Disposals	2.0	3.2	3.6
Reclassifications	0.1	-0.1	0.2
Depreciation during the period	-9.7	-10.6	-14.6
Impairment during the period	1.7	6.8	9.5
Accumulated depreciation and impairment at end of period	-94.0	-88.4	-89.7
Carrying value at the end of the period	57.0	66.9	65.9

Commitments and contingent liabilities	September 30,	September 30,	December 31,
EUR million	2017	2016	2016
Guarantees for commercial commitments	485.8	360.4	434.3
Minimum future lease payments on operating leases	93.3	110.0	105.6

No securities or collateral have been pledged. Commercial guarantees are related to performance obligations of project and equipment deliveries. These are issued by financial institutions or Outotec Oyj on behalf of Group companies. The total value of commercial guarantees above does not include advance payment guarantees issued by the parent or other Group companies or guarantees for financial obligations. The total amount of guarantees for financing issued by Group companies amounted to EUR 7.3 million at September 30, 2017 (September 30, 2016: EUR 17.1 million, December 31, 2016: EUR 13.6 million), and for commercial commitments including advance payment guarantees EUR 615.5 million at September 30, 2017 (September 30, 2016: EUR 460.8 million, December 31, 2016: EUR 551.2 million). High exposure of on-demand guarantees may increase the risk of claims that may exert an impact on the liquidity of Outotec.

Derivative instruments

Currency and interest derivatives	Sep 30,	Sep 30,	Dec 31,
EUR million	2017	2016	2016
Fair values, net	3.2	-0.0	-0.5
of which designated as cash flow hedges from currency derivatives	-0.7	-1.3	-3.2
of which designated as cash flow hedges from interest derivatives	-	-0.0	-
of which designated as fair value hedge from interest derivatives	4.3	6.2	5.3
Nominal values	579.3	548.0	646.2

Carrying amounts of financial assets and liabilities by category

September 30, 2017

				Financial
	Financial			liabilities	Deriv	Financial	Carrying
	assets at			at fair	atives	liabilities	amounts
	fair value	Loans	Available	value	under	measured	by
	through	and	for-sale	through	hedge	at	balance
	profit or	receiv	financial	profit or	account	amortized	sheet	Fair
EUR million	loss	ables	assets	loss	ing	cost	item	value
Non-current financial assets
Derivative assets
- foreign exchange forward contracts	0.2	-	-	-	0.0	-	0.2	0.2
- interest rate swaps	-	-	-	-	4.3	-	4.3	4.3
Other shares and securities	-	-	2.3	-	-	-	2.3	2.3
Trade and other receivables
- interest-bearing	-	1.5	-	-	-	-	1.5	1.5
- non-interest-bearing	-	0.0	-	-	-	-	0.0	0.0
Current financial assets
Derivative assets
- foreign exchange forward contracts	3.0	-	-	-	0.1	-	3.1	3.1
Trade and other receivables
- interest-bearing	-	0.1	-	-	-	-	0.1	0.1
- non-interest-bearing	-	405.9	-	-	-	-	405.9	405.9
Cash and cash equivalents	-	208.0	-	-	-	-	208.0	208.0
Carrying amount by
category	3.2	615.6	2.3	-	4.4	-	625.5	625.5
Non-current financial liabilities
Bonds	-	-	-	-	-	149.2	149.2	155.0
Loans from financial institutions	-	-	-	-	-	28.6	28.6	29.8
Finance lease liabilities	-	-	-	-	-	0.0	0.0	0.0
Derivative liabilities - foreign exchange forward contracts	-	-	-	0.0	0.2	-	0.3	0.3
Other non-current loans	-	-	-	-	-	1.7	1.7	1.7
Other non-current liabilities	-	-	-	-	-	1.9	1.9	1.9
Current financial liabilities
Loans from financial	-	-	-	-	-	6.7	6.7	7.4
institutions
Financial lease liabilities	-	-	-	-	-	0.0	0.0	0.0
Derivative liabilities
- foreign exchange forward contracts	-	-	-	3.5	0.6	-	4.1	4.1
Other current loans	-	-	-	-	-	58.1	58.1	58.1
Trade payables	-	-	-	-	-	85.0	85.0	85.0
Carrying amount by category	-	-	-	3.5	0.8	331.3	335.6	343.2

Carrying amounts of financial assets and liabilities by category

December 31, 2016

	Financial
	assets at			Financial		Financial
	fair value		Available	liabilities at	Derivatives	liabilities	Carrying
	through		for-sale	fair value	under	measured at	amounts by
EUR million	profit or loss	Loans and receivables	financial assets	through profit or loss	hedge accounting	amortized cost	balance sheet item	Fair value
Non-current financial assets
Derivative assets
- foreign exchange forward
contracts	0.0	-	-	-	-	-	0.0	0.0
- interest rate swaps	-	-	-	-	5.3	-	5.3	5.3
Other shares and securities	-	-	2.3	-	-	-	2.3	2.3
Trade and other receivables
- interest-bearing	-	1.3	-	-	-	-	1.3	1.3
- non-interest-bearing	-	0.0	-	-	-	-	0.0	0.0
Current financial assets
Derivative assets
- foreign exchange forward
contracts	3.7	-	-	-	0.1	-	3.8	3.8
Trade and other receivables
- interest-bearing	-	0.1	-	-	-	-	0.1	0.1
- non-interest-bearing	-	423.7	-	-	-	-	423.7	423.7
Cash and cash equivalents	-	233.0	-	-	-	-	233.0	233.0
Carrying amount by category	3.7	658.2	2.3	-	5.4	-	669.6	669.6
Non-current financial liabilities
Bonds	-	-	-	-	-	149.0	149.0	151.2
Loans from financial institutions	-	-	-	-	-	32.7	32.7	34.4
Finance lease liabilities	-	-	-	-	-	0.0	0.0	0.0
Derivative liabilities
- foreign exchange forward contracts	-	-	-	0.1	1.1	-	1.2	1.2
Other non-current loans	-	-	-	-	-	2.0	2.0	2.0
Other non-current liabilities	-	-	-	-	-	1.6	1.6	1.6
Current financial liabilities
Loans from financial
institutions	-	-	-	-	-	12.9	12.9	13.7
Finance lease liabilities	-	-	-	-	-	0.0	0.0	0.0
Derivative liabilities
- foreign exchange forward
contracts	-	-	-	6.2	2.2	-	8.4	8.4
Other current loans	-	-	-	-	-	30.2	30.2	30.2
Trade payables	-	-	-	-	-	88.4	88.4	88.4
Carrying amount by category	-	-	-	6.3	3.3	316.9	326.5	331.1

Fair value hierarchy

September 30, 2017
--------------------	--	--

EUR million	Level 1	Level 2	Level 3	Total
Available-for-sale financial assets	0.1	-	2.2	2.3
Derivative financial assets	-	7.6	-	7.6
	0.1	7.6	2.2	9.8
Bonds	-	155.0	-	155.0
Loans from financial institutions	-	37.2	-	37.2
Derivative financial liabilities	-	4.3	-	4.3
	-	196.4	-	196.4
December 31, 2016
Available-for-sale financial assets	0.1	-	2.2	2.3
Derivative financial assets	-	9.1	-	9.1
	0.1	9.1	2.2	11.4
Bonds	-	151.2	-	151.2
Loans from financial institutions	-	48.1	-	48.1
Derivative financial liabilities	-	9.6	-	9.6
	-	208.9	-	208.9

Available-for-sale financial assets (level 3 of fair value hierarchy)	Q1-Q3	Q1-Q3	Q1-Q4
EUR million	2017	2016	2016
Carrying value on Jan 1	2.2	2.2	2.2
Translation differences	-0.0	0.0	0.0
Disposals	-	-	-
Carrying value at end of period	2.2	2.2	2.2

Related party transactions

Transactions and balances with associated companies	Q1-Q3	Q1-Q3	Q1-Q4
EUR million	2017	2016	2016
Sales	0.3	0.0	0.0
Other income	0.0	-	-
Purchases	0.9	0.4	1.0
Loan receivables	1.5	0.4	1.3
Trade and other receivables	0.5	0.1	0.5
Current liabilities	0.0	1.3	0.1

Outotec has a 40% investment in Enefit Outotec Technology Oü, from which the company had EUR 1.5 million loan receivable at September 30, 2017 (September 30, 2016 and December 31, 2016: EUR 1.3 million).

Transactions and balances with management and prior management

There were no loan receivables from current key management at September 30, 2017 (September 30, 2016 and December 31, 2016: EUR 0.0 million). Loan receivables from former key management were EUR 0.1 million at September 30, 2017.

EUR million	Q3/15	Q4/15	Q1/16	Q2/16	Q3/16	Q4/16	Q1/17	Q2/17	Q3/17
Sales
Minerals Processing	129.0	147.0	112.5	119.3	128.9	178.8	153.4	169.4	148.9
Metals, Energy & Water	178.2	158.8	127.2	148.3	116.5	126.4	114.3	102.8	121.5
Unallocated items1 and intra-group sales	0.0	-0.0	0.1	-0.0	-0.2	0.1	0.0	0.0	0.0
Total	307.2	305.7	239.8	267.6	245.2	305.4	267.7	272.2	270.4
EBIT
Minerals Processing	5.4	-27.3	-0.3	3.3	10.8	7.8	10.3	14.4	14.7
Metals, Energy & Water	3.7	-0.6	-10.2	-1.1	-11.2	-59.7	-9.6	-11.6	-2.7
Unallocated2 and intra-group items	-2.4	-2.6	-1.8	-3.0	-0.9	-1.6	-1.4	-2.0	-1.4
Total	6.7	-30.6	-12.3	-0.8	-1.2	-53.5	-0.8	0.8	10.6

Segments' sales and operating result by quarters

¹ Unallocated items primarily include invoicing of group management and administrative services

² Unallocated items primarily include group management and administrative services

RESOLUTIONS OF OUTOTEC'S AGM 2017

Outotec Oyj's Annual General Meeting (AGM) was held on March 30, 2017, in Helsinki, Finland. The AGM approved the parent company's financial statements and the consolidated financial statements and discharged the members of the Board of Directors and the President and CEO from liability for the 2016 financial year. The AGM decided that no dividend would be distributed for the financial year ending on December 31, 2016.

The AGM decided that the total number of Board members will be seven (7). Dr. Matti Alahuhta, Ms. Eija Ailasmaa, Mr. Klaus Cawén, Ms. Anja Korhonen, Mr. Patrik Nolåker, Mr. Ian W. Pearce, and Dr. Timo Ritakallio were re-elected as members of the Board of Directors for the term expiring at the end of the next AGM. The AGM elected Mr. Alahuhta as the Chairman, and Mr. Ritakallio as Vice Chairman of the Board of Directors.

The AGM confirmed the Board's remunerations for 2017, of which 60% will be paid in cash and 40% in shares:

• Chairman of the Board of Directors: EUR 72,000
• Members of the Board of Directors: EUR 36,000
• Vice Chairman of the Board and the Chairman of the Audit and Risk Committee: additional EUR 12,000
• Attendance fee EUR 600/meeting
• Reimbursement for the direct costs arising from Board-related work

PricewaterhouseCoopers Oy, a firm of Authorized Public Accountants, was re-elected as the company's auditor.

The AGM authorized the Board of Directors to decide on the repurchase of, as well as issuance of shares and special rights entitling holders to shares. Both authorizations relate to an aggregate

maximum of 18,312,149 (approximately 10%) of the company's own shares. The authorizations shall be in force until the closing of the next AGM. The authorizations have not been exercised as of November 1, 2017.

The Board of Directors elected Ms. Korhonen (Chairman of the Committee), Mr. Cawén, Mr. Pearce, and Dr. Ritakallio as members of the Audit and Risk Committee.

Ms. Ailasmaa, Dr. Alahuhta (Chairman of the Committee), and Mr. Nolåker were elected as members of the Human Capital Committee.

SHARES AND SHARE CAPITAL

Outotec's shares are listed on the Nasdaq Helsinki exchange (OTE1V). At the end of the reporting period, Outotec's share capital was EUR 17,186,442.52, consisting of 183,121,492 shares. Each share entitles its holder to one vote at the company's general meetings.

OUTOTEC OYJ OWN SHAREHOLDING

At the end of the reporting period, the company directly held a total of 1,677,929 Outotec shares, representing 0.92% of Outotec Oyj's shares and votes.

TRADING, MARKET CAPITALIZATION, AND SHAREHOLDERS

Shares on NASDAQ Helsinki

January-September 2017	Number of shares traded	Total value EUR	High EUR	Low EUR	Average EUR1	Last paid EUR
OTE1V 1 Volume weighted average	205,637,889	1,210,849,853	7.00	4.88	5.88	6.70
			September 30, 2017			September 30, 2016
Market capitalization, EUR million				1,226		783
Number of shareholders				26,720		32,533
Nominee registered shareholders (number of registers 11), %			34.6		27.5
Finnish private investors, %				15.3		28.9

SHARE-BASED INCENTIVES

Outotec has a Share-based Incentive Program for the company's key personnel as well as an Employee Share Savings Program for all employees globally. All shares related to the programs are acquired through public trading. More detailed information about present and past programs is available at www.outotec.com/cg.

FINANCIAL REPORTING SCHEDULE AND EVENTS IN 2018

• Financial Statements Review 2017: February 2
• Interim Report Q1: April 25
• Half Year Financial Report: July 25
• Interim Report Q1-Q3: October 31

Financial Statements for 2017 will be published during Week 9. The Annual General Meeting 2018 is planned for March 27, 2018.

Outotec provides leading technologies and services for the sustainable use of Earth's natural resources. As the global leader in minerals and metals processing technology, we have developed many breakthrough technologies over the decades for our customers in the metals and mining industry. We also provide innovative solutions for industrial water treatment, the utilization of alternative energy sources and the chemical industry. Outotec shares are listed on Nasdaq Helsinki. www.outotec.com.