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2014-02-13 08:00:15 CET
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Raute - Financial Statement Release
Raute Corporation - Financial statements January 1 - December 31, 2013
Nastola, Finland, 2014-02-13 08:00 CET (GLOBE NEWSWIRE) -- RAUTE CORPORATION
FINANCIAL STATEMENTS RELEASE FEBRUARY 13, 2014 AT 9:00 A.M.
RAUTE CORPORATION - FINANCIAL STATEMENTS JANUARY 1 - DECEMBER 31, 2013
- The Group's net sales amounted to EUR 83.3 million (MEUR 101.3), down 18% on
the comparison period. The order intake was EUR 63 million (MEUR 116).
- Operating profit was EUR +1.8 million (MEUR +5.0). Result before taxes was
EUR +1.6 million (MEUR +4.8).
- Undiluted earnings per share were EUR 0.30 (EUR +0.75) and diluted earnings
per share were EUR 0.30 (EUR +0.74).
- Fourth-quarter net sales amounted to EUR 24.5 million and the operating
result was EUR 1.5 million. Order intake was EUR 22 million and the order book
stood at EUR 28 million (MEUR 50) at the end of the reporting period.
- Board of Directors will propose to the Annual General Meeting that a dividend
of EUR 0.20 (EUR 0.50) per share be paid for the financial year 2013.
- Board of Directors will propose to the Annual General Meeting that EUR 0.30
per share (EUR 0.00) be distributed from the non-restricted equity reserve as
repayment of equity.
- Raute's net sales are expected to grow in 2014 and operating profit is
anticipated to improve over the year 2013.
TAPANI KIISKI, PRESIDENT AND CEO: SPRINT TO THE FINISH LINE AND GROWTH
EXPECTATIONS
The development that took place during the final quarter of 2013 was dual in
nature. Measured in net sales and operating profit, the fourth quarter was the
best quarter of 2013, a successful sprint to the finish line that we had been
expecting based on the timing of our order book. The order intake returned
almost to its normal level without any major individual orders, but the order
book weakened somewhat regardless of this. Due to the order book situation and
uncertainty related to the timing of new deliveries, we took the decision to
carry out personnel adjustment measures at Nastola and Jyväskylä in order to
prepare for the expected underloading in some of our operations early this
year.
The low order intake level in project deliveries for 2013 was a disappointment
to us, especially on the part of the first and third quarters. My expectations
for positive development in the emerging markets in Russia and Asia still
failed to materialize. No decisions were made concerning significant
capacity-increasing investments at the planning and negotiation stage. The
market situation experienced by the plywood and LVL mills and, above all, the
financing-related problems of our customers prevented the implementation of
projects. North America was the only major market area in which we achieved
positive results. The capacity utilization rates of our customer industries
remained high throughout the year, which was apparent in the growing demand for
our technology services.
Net sales for the whole of 2013 decreased 18 percent from the previous year.
The growth of 13 percent experienced by technology services was not sufficient
to compensate for the decrease in net sales that accumulated from large project
deliveries. Due to the decrease in net sales, we were unable to achieve the
previous year's level that we had estimated for our 2013 operating profit. This
serves as a reminder to us that we need to further develop our ability to adapt
faster to changes in the market situation.
We have high expectations for 2014. The uncertainty that we still face in
market development seems to have become the new status quo, but, based on our
current order book and ongoing negotiations, we estimate that there is
potential for growth in project deliveries in Europe, Russia and Asia. We also
believe that technology services will continue to grow strongly. My estimate is
that a number of major projects that have long been under negotiation will
start up during the first part of the year, and that they will contribute to
bringing Raute back on track in financial performance. Furthermore, I am
certain that some of our product development projects will reach a phase where
they will begin to pay themselves back.
Raute's competitiveness and market position are strong. The EUR 8.5 million in
contracts signed over the past two months by Raute for developing the various
mills of a European plywood manufacturer bears testimony to the company's
long-term cooperation with its customers. We have shifted the focal point of
our development projects to improving the cost competitiveness of our products
and our operations. The results of this development work will begin to
materialize further during 2014. I believe that we will begin to receive orders
from areas in which we were not even involved a few years ago. Simultaneously
our profitability will improve. We are seeking a clear improvement on the
previous year in both net sales and profitability.
I would like to send out a heartfelt thank you to Raute's customers for their
invaluable cooperation and trust, to our personnel for their outstanding work
and flexibility in the face of ever-changing challenges, to our shareholders
for their continued confidence in us, and to all our other partners for their
role in furthering Raute's development and success.
FOURTH QUARTER OF 2013
Order intake and order book
The order intake, EUR 22 million (MEUR 12), achieved a close-to-normal average
level in the fourth quarter without any new major individual orders being
placed. Technology services accounted for EUR 11 million (MEUR 8) of the order
intake.
The order book weakened during the fourth quarter by EUR 3 million, amounting
to EUR 28 million at the end of 2013 (MEUR 50).
Net sales
Fourth-quarter net sales amounted to EUR 24.5 million (MEUR 33.9). Technology
services accounted for 35 percent of total net sales (28%). Net sales increased
57 percent from the third quarter in line with the order book's timing.
Result and profitability
Operating profit in the fourth quarter was EUR 1.5 million positive (MEUR 3.1
positive) and accounted for 6 percent (9%) of net sales. The result was EUR 0.9
million positive (MEUR 2.0 positive), and earnings per share were EUR 0.23 (EUR
+0.49). Profitability improved in comparison with the previous quarters, which
resulted from increased net sales.
RAUTE CORPORATION - FINANCIAL STATEMENTS JANUARY 1- DECEMBER 31, 2013
BUSINESS ENVIRONMENT
Market situation in customer industries
Raute's customers in the veneer, plywood and LVL (Laminated Veneer Lumber)
industries are engaged in the manufacture of wood products used in investment
commodities and are thus highly affected by fluctuations in construction,
housing-related consumption, international trade, and transportation.
The uncertainty related to the global economy and financial markets continued
in 2013. For Raute's customer industries, the market situation continued to be
uncertain in several market areas.
Demand for wood products technology and technology services
In 2013, no major capacity-increasing projects were initiated by Raute's
customers. Investments were focused on relatively small machine and equipment
investments and modernizations. Several large projects encompassing single
production lines and mill-scale deliveries that are in the planning and
negotiation phase were pending and in the negotiation phase throughout the year
but the requirements for making the investment decisions, i.e. trust in the
permanence of demand and the availability of funding, did not yet materialize.
Demand for maintenance and spare parts services continued at a good level. This
bears testimony to the fact that the utilization rates of Raute's customers'
production facilities remained good.
ORDER INTAKE AND ORDER BOOK
Raute serves the wood products industry with a full-service concept based on
service that encompasses the entire life cycle of the delivered equipment.
Raute's business consists of project deliveries and technology services.
Project deliveries comprise complete production machinery for new mills,
production lines and individual machines and equipment. Additionally, Raute's
full-service concept includes comprehensive technology services ranging from
spare parts deliveries to regular maintenance and equipment modernizations as
well as consulting, training and reconditioned machinery.
The order intake for 2013 stood at EUR 63 million (MEUR 116). The order intake
decreased by 45 percent on the previous year as a result of a lack of
capacity-generating mill projects. The order intake grew or remained on a par
with the previous year's level in all market areas when comparing 2013 with the
previous year minus any new capacity-generating orders. North America achieved
the largest relative growth.
35 percent of the new orders came from Europe (31%), 25 percent from North
America (6%), 23 percent from Russia (12%), 13 percent from South America (48%)
and 4 percent from Asia-Pacific (3%). The strong fluctuations in the
distribution of new orders between the various market areas are typical for
project-focused business.
The order intake for project deliveries stood at EUR 29 million (MEUR 89) and
decreased from the previous year by 68 percent. No new orders related to
building new production capacity were received (MEUR 66). A significant
proportion of new orders were focused on drying technology and the further
processing of dry veneer.
The order intake for technology services stood at EUR 34 million (MEUR 27). The
increase in order intake mainly resulted from modernization orders from Europe
and North America. Spare parts and maintenance services remained at the
previous year's good level.
COMPETITIVE POSITION
Raute's competitive position has remained strong. Raute's solutions help
customers in securing their delivery and service capabilities throughout the
life cycle of the equipment or service offered by Raute. In such investments,
the supplier's overall expertise and extensive and diverse technology offering
play a key role. The competitive edge provided by Raute is also a major draw
when customers select their cooperation partners. Raute's strong financial
position and its long-term dedication to serving selected customer industries
also enhance its credibility and improve its competitive position as a company
that carries out long-term investment projects.
NET SALES
The Group's net sales amounted to EUR 83.3 million (MEUR 101.3). Net sales
declined by 18 percent on 2012. The decline resulted from the low order intake
in project deliveries and from the scheduling of our order book.
Net sales were generated by project deliveries related to the wood products
technology business and by technology services.
Net sales for project deliveries totaled EUR 51 million (MEUR 73), down 30
percent from the previous year. Net sales remained below those of the previous
year in terms of project deliveries related to the construction of new plywood
production capacity. Project deliveries accounted for 62 percent of total net
sales (72%). The plywood industry's share of the net sales for project
deliveries was 77 percent (93%), while the LVL industry's share was 23 percent
(7%).
Altogether four major new capacity-generating projects were at the installation
and commissioning phase during the year, and they have proceeded according to
the timetable set by the customer. The LVL mill order received from China in
2010 was completed. The expansion of a South American plywood mill, initiated
in 2011, and the rebuilding of a mill destroyed in a fire in early 2012 have
reached the commissioning phase. LVL machines ordered in July 2012 were
installed in Germany under Raute's supervision.
Net sales for technology services totaled EUR 32 million (MEUR 28). Net sales
grew 13 percent from the previous year and accounted for 38 percent (28%) of
total net sales. The increase in net sales was predominantly the result of
modernizations.
Europe's share of total net sales in 2013 was 40 percent (22%), South America's
22 percent (52%), Russia's 19 percent (14%), North America's 14 percent (8%),
and Asia-Pacific's 5 percent (4%).
RESULT AND PROFITABILITY
The Group's operating profit for 2013 was EUR 1.8 million positive (MEUR 5.0
positive) and accounted for 2 percent of net sales (5%). The profitability of
operations declined from the previous year due to a decrease in net sales.
The Group's financial income and expenses totaled EUR -0.2 million (MEUR -0.3).
The Group's profit before tax was EUR 1.6 million positive (MEUR +4.8) and
profit for the financial year was EUR 1.2 million positive (MEUR +3.0).
Comprehensive income for the Group was EUR 1.2 million positive (MEUR +3.2).
Undiluted earnings per share were EUR 0.30 (EUR +0.75) and diluted earnings per
share were EUR 0.30 (EUR +0.74). Return on investment was 7 percent (15%) and
return on equity 5 percent (+13%).
CASH FLOW AND BALANCE SHEET
The Group's financial position remained good throughout the year. At the end of
the financial year, the Group's cash and cash equivalents exceeded
interest-bearing liabilities by EUR 6.7 million (MEUR 8.1). At the end of the
financial year gearing was -28 percent (-34%) and equity ratio 57 percent
(48%).
The Group's cash and cash equivalents stood at EUR 12.7 million (MEUR 19.5) at
the end of the financial year. The change in cash and cash equivalents during
the financial year was EUR 6.8 million negative (MEUR 6.2 negative). Operating
cash flow was EUR 3.7 million positive (MEUR 1.9 positive). Cash flow from
investment activities totaled EUR 3.2 million negative (MEUR 2.9 negative).
Cash flow from financing activities was EUR 7.4 million negative (MEUR 5.2
negative), including dividend payments of EUR 2.0 million (MEUR 1.2 million)
and debt repayments of EUR 5.4 million.
The Group's balance sheet total at the end of the year stood at EUR 48.8
million (MEUR 63.1). Fluctuations in balance sheet working capital items and
the key figures based on them are due to differences in the timing of customer
payments and the cost accumulation from project deliveries, which is typical of
the project business.
Interest-bearing liabilities amounted to EUR 6.0 million (MEUR 11.5) at the end
of the financial period, with current interest-bearing liabilities accounting
for EUR 3.5 million (MEUR 5.6).
The Parent company Raute Corporation has a EUR 10 million commercial paper
program, which allows the company to issue commercial papers maturing in less
than one year.
The Parent company Raute Corporation is prepared for future working capital
needs and has concluded long-term credit facility agreements with three Nordic
banks totaling EUR 23.0 million. The main covenants for the credit facility are
an equity ratio of >30% and gearing of <100%. Of the credit facility, EUR 16.9
million remained unused at the end of the financial period.
LOANS TO RELATED PARTIES AND OTHER LIABILITIES
On December 31, 2013, the Parent company Raute Corporation had loan receivables
from its subsidiaries Raute Service LLC in the amount of EUR 355 thousand,
Raute (Shanghai) Machinery Co., Ltd in the amount of EUR 550 thousand and Raute
Canada Ltd. in the amount of EUR 682 thousand. Other liabilities are presented
in the figures section of this report.
EVENTS DURING THE REPORTING PERIODRaute Corporation published stock exchange releases on the following events in
2013:
September 4, 2013 Raute's profit outlook for the full year 2013 weakened
September 30, 2013 Raute strengthens its Group Executive Board
November 4, 2013 Raute to initiate co-determination negotiations
November 28, 2013 Co-determination negotiations concluded at Raute.
RESEARCH AND DEVELOPMENT COSTS AND CAPITAL EXPENDITURE
Raute's goal is to be the leading technology supplier in its field, and to
invest strongly in continuous research and development, particularly in plywood
and LVL manufacturing technology and the supporting by-product handling,
automation and instrumentation applications, especially machine vision.
In 2013, the Group's research and development costs totaled EUR 2.5 million
(MEUR 2.5) and 3.0 percent of net sales (2.5%). In 2013, Raute continued to
invest strongly in expanding its newest technology offering to meet the needs
of the plywood and LVL industries and the supporting automation and
instrumentation applications, especially machine vision. Additionally, the
development of products designed for the emerging markets was continued.
The Group's investments during the financial year totaled EUR 3.2 million (MEUR
3.5). The majority of investments were related to productional investments at
the mills in Nastola, Finland, and in China. Investments include EUR 0.6
million in capitalized development costs (MEUR 1.0).
DEVELOPMENT OF OPERATIONS
The development of production and delivery capabilities continued at the new
plant in China where increasing the company's own production capacity enables
better control over the quality and delivery times of the components and
equipment manufactured in China.
The service ability and profitability of technology services were developed at
Raute's Canadian unit through the implementation of new organizational and
operating models.
PERSONNEL
The Group's headcount at the end of 2013 was 534 (503). Finnish Group companies
accounted for 73 percent (74%) of employees, Chinese companies for 14 percent
(11%), North American companies for 10 percent (11%), and other sales and
service companies for 3 percent (4%).
Converted to full-time employees (“effective headcount”), the average number of
employees during the financial year was 515 (480). Salaries and remunerations
paid by the Group totaled EUR 22.7 million (MEUR 23.7).
The Group continued to develop the competence of its personnel and increase
their commitment to the company. 3 percent (2%) of the payroll was invested in
personnel training. The “Great Place to Work” project was used to develop Raute
as a work community and work environment. The objective of the “Särmä” (Edge)
project, which spanned the entire year, is to get Raute's entire personnel to
commit even more strongly to Raute's customer promise and the better quality of
products, services and operations.
At the end of 2013, decisions based on the co-determination negotiations were
made to adapt Raute's operations to the lower order book level and the
predicted low order intake in early 2014 as well as to the productional and
financial situation resulting from these. The temporary lay-offs of personnel
at the company's Nastola and Jyväskylä units for a maximum of 90 days began in
December. The number of lay-offs and their timing will be decided based on
order book development and the work load.
REMUNERATION
The Group has remuneration systems in place that cover the entire personnel.
The Annual General Meeting held on March 31, 2010 resolved to issue a maximum
of 240,000 stock options. In compliance with the authorization granted by the
Annual General Meeting, the Board of Directors issued 13,700 stock options
marked with the symbol 2010 A, 7,500 stock options marked 2010 B and 12,000
stock options marked 2010 C to the Group's key employees during 2013. Of the
stock options transferred earlier, 4,200 stock options marked with the symbol
2010 A, 2,500 stock options marked 2010 B and 5,000 stock options marked 2010 C
were returned to the company during 2013. The Group's key personnel held on
December 31, 2013 a total of 80,000 stock options marked with the symbol 2010
A, 80,000 stock options marked 2010 B and 80,000 stock options marked 2010 C.
The subscription period for stock options marked with the symbol 2010 A began
on March 1, 2013. Stock options have not been exercised to subscribe for shares
until December 31, 2013. The terms and conditions of the stock option scheme
are available on the company's website.
SOCIETY AND THE ENVIRONMENT
The environment is one of the values that guide Raute's operations. Raute
strives to systematically develop the environmental soundness of its products
and services and to reduce the environmental impacts of its operations. The
Group abides by the principles of good corporate citizenship, taking into
consideration nature and its protection, and how society as a whole operates,
while respecting local cultures.
Raute's operations mainly affect the environment indirectly when the company's
technology is used in the production processes of the wood products industry.
Raute's technology enables the wood products industry to substantially reduce
the environmental load caused by its operations through, for example, more
efficient use of wood raw materials, additives and energy.
The Group's own operations do not involve considerable environmental risks that
might have a direct impact on the Group's business operations or financial
position. The Nastola main production units manage environmental matters in
compliance with a certified environmental system. The operations and ethical
principles of the partner and subcontractor network are also subjected to
systematic inspection.
Raute aims to continuously reduce energy consumption, decrease the volume of
waste, and develop the working environment.
SEASONAL FLUCTUATIONS IN BUSINESS
The Group's net sales and working capital fluctuate every quarter due to
different types of project deliveries and their schedules. Business operations
do not involve regular seasonal changes.
RISKS AND RISK MANAGEMENT
The Group's identified key risk areas relate to the nature of the business, the
business environment, financing, and damage or loss. The fluctuation in demand
resulting from economic cycles and delivery and technology risks have been
identified as the Group's most significant business risks.
The uncertainty related to the development of the global economy and financial
markets maintains short-term risks. The most significant risks for Raute are
related to the development of net sales and profitability.
The Group has no ongoing legal proceedings or other disputes in progress that
might materially affect the continuity of business operations, nor is the Board
of Directors aware of any other legal risks related to the Group's operations
that might have such an effect.
Business risks
Impact of economic cycles on business operations
Raute's business operations are characterized by the sensitivity of investment
demand to fluctuations in the global economy and the financing markets, and the
cyclical nature of project business. The impact of changes in demand on the
Group's result is reduced by increasing the share of technology services,
increasing operations in market areas with a small current market share,
creating products for completely new customer groups and developing the partner
network.
Deliveries and technology
The bulk of Raute's business operations consists of project deliveries, which
expose the company to risks caused by customer-specific solutions related to
each customer's end product, production methods or raw materials. At the
quotation and negotiation phase, the company has to take risks relating to the
promised performance figures and make estimates of implementation costs.
Raute invests heavily in product development. The developmental phase for new
technologies involves the risk that the project will not lead to a
technologically or commercially acceptable solution. The functionality and
capacity of new solutions produced as a result of development work cannot be
fully verified until the solutions can be tested under production conditions in
conjunction with the customer deliveries.
Contract, product liability, implementation, cost and capacity risks are
managed using project management procedures that comply with the company's
ISO-certified quality system. Technology risks are reduced by the conditions of
delivery contracts and by restricting the number of simultaneous first
deliveries.
Emerging markets
Raute's objective is to increase its local business in China and Russia, among
others, where, besides opportunities, companies face risks typical for emerging
markets. Information security risks are managed according to a defined
information security policy.
Human resources
Competence retention and development and ensuring the sufficiency of human
resources are particularly important in cyclical business. Continuity is
ensured by monitoring the development of the age structure, implementing
systematic human resources management and investing in well-being at work.
Financing risks
The most significant financing risks in the Group's international business
operations are default risks and currency risks related to counterparties. The
Group is also exposed to liquidity, refinancing, interest rate and price risks.
The default risk relating to customers' solvency is managed by covering the
unpaid sum with bank guarantees, letters of credit or other securities. The
Group's liquid assets are mainly held in banks in the Nordic countries.
The Group's main currency is the euro. The most significant currency risks
result from the following currencies: Chinese yuan (CNY), Russian ruble (RUB),
Canadian dollar (CAD) and US dollar (USD). The main hedging instruments used
are foreign currency forward contracts. Currency clauses are included in
quotations to hedge against currency risks during the quotation period.
Depending on the case, currency risks related to preliminary sales contracts
are hedged with currency option contracts.
The Group has made preparations for fluctuating working capital requirements
and possible disturbances in the availability of money through long-term credit
facility agreements with three Nordic banks. The interest rate risk related to
the company's variable interest rate loans is hedged with interest rate swaps.
The Group's interest risks are mainly related to the return on liquid assets.
Risks of damage or loss
Raute's most significant single risks concerning material damage and business
interruption loss are a fire or a serious machine or information system
breakdown at the Nastola main unit, where the production, planning, financial,
and ERP systems serving the Group's key technologies are centrally located.
Other risks of damage or loss include occupational safety risks, which are
managed by means of active risk-prevention measures, such as continuous
personnel training and investigation of all near-miss situations. Occupational
safety and ergonomics are under continuous development.
Raute's production operations do not involve significant environmental risks.
The main unit in Nastola has an ISO-certified environmental management program,
whose principles are also adhered to in other units.
The Group hedges against risks of damage or loss by assessing its facilities
and processes in terms of risk management and by maintaining emergency plans.
Global and local insurance programs are checked regularly as part of overall
risk management. The objective is to use insurance policies to sufficiently
hedge against all risks that are reasonable to handle through insurance due to
economic or other reasons.
Organizing risk management
Raute's risk management policy is approved by the Board of Directors. The Board
is responsible for organizing internal control and risk management, and for
monitoring their efficiency.
The Executive Board defines the Group's general risk management principles and
operating policies, and defines the boundaries of the organization's powers.
The President and CEO and the CFO regularly report significant risks to the
Board.
The Group's President and CEO controls the implementation of the risk
management principles in the entire Group, while the Presidents of the Group
companies are responsible for risk management in their respective companies.
The members of the Group's Executive Board are responsible for their own areas
of responsibility across company boundaries.
Raute has no separate internal auditing organization. The Controller function
oversees the annual internal control plan approved by the Board, develops
internal control and risk management procedures together with the operative
leadership, and monitors compliance with risk management principles,
operational policies and powers.
GROUP STRUCTURE
No changes took place in the Group's legal structure during 2013.
SHAREHOLDERS
The number of shareholders totaled 1,682 at the beginning of the year and 1,915
at the end of the year. Series K shares were held by 49 private individuals
(49) at the end of the financial year. Nominee-registered shares accounted for
3.1 percent (3.3%) of shares. No flagging notifications were given to the
company in 2013.
On December 31, 2013, the Board of Directors and the Group's President and CEO
held altogether 226,959 company shares, totaling 5.7 percent (5.7%) of the
company shares and 11.2 percent (11.2%) of the votes. The figures include the
holdings of their own, minor children and control entities.
AUDITORS
At Raute Corporation's Annual General Meeting on April 8, 2013, the authorized
public accounting company PricewaterhouseCoopers was chosen as auditor with
Authorized Public Accountant Janne Rajalahti as the principal auditor.
CORPORATE GOVERNANCE
Raute Corporation complies with the Finnish Corporate Governance Code 2010 for
listed companies issued by the Securities Market Association on June 15, 2010.
Raute deviates from the Code's recommendation 22 on appointing members to the
Appointments Committee in that one member to the Committee is elected from
outside the Board of Directors, as per the company's Administrative
Instructions, from among the representatives of major shareholders who have
significant voting rights. The Board views this exception as justified, taking
into consideration the company's ownership structure and the possibility to
consider the expectations of major shareholders as early as in the preparation
phase of selecting members of the Board of Directors.
Raute deviates from recommendation 9 on the number, composition and competence
of the directors in that the company does not have both genders represented on
the Board. When seeking new members, the Appointments Committee was unable to
find any available female candidates fulfilling the criteria set for the
members of the Board of Directors.
An outline of Raute Corporation's corporate governance principles and the
company's remuneration statement will be published together with the financial
statements.
CORPORATE GOVERNANCE STATEMENT
Raute Corporation's Board of Directors has handled Raute Corporation's
Corporate Governance Statement for 2013 according to chapter 7, section 7 of
the Finnish Securities Markets Act and recommendation 54 of the Finnish
Corporate Governance Code 2010 for listed companies issued by the Securities
Market Association on June 15, 2010. The statement has been drawn up separately
from the Report of the Board of Directors and will be published together with
the financial statements.
BOARD OF DIRECTORS AND PRESIDENT AND CEO
The Annual General Meeting elects the Chairman and Vice-Chairman for the Board
of Directors, and 3-5 Board members.
At Raute Corporation's Annual General Meeting on April 8, 2013, Mr. Erkki
Pehu-Lehtonen was elected Chairman of the Board, Mr. Mika Mustakallio
Vice-Chairman and Mr. Joni Bask, Mr. Risto Hautamäki, Mr. Ilpo Helander and Mr.
Pekka Suominen as Board members.
The Board of Directors appoints the President and CEO and confirms the terms of
his or her employment, including fringe benefits.
Mr. Tapani Kiiski, Licentiate in Technology, continued as Raute Corporation's
President and CEO. He was appointed as Raute Corporation's President and CEO on
March 16, 2004. As agreed in the executive contract, the term of notice is six
months, and the severance pay equals twelve months' salary.
Raute Corporation's Articles of Association do not grant any unusual
authorizations to the Board of Directors, or to the President and CEO.
Any decisions on changes to the Articles of Association or an increase in share
capital are made in compliance with the regulations of the effective Companies
Act.
EXECUTIVE BOARD
Raute's Board of Directors appointed two new members to its Executive Board as
of October 1, 2013. Raute Group's Executive Board and the members' areas of
responsibility:
- Tapani Kiiski, President and CEO, Chairman - Sales
- Arja Hakala, Group Vice President, Finance, CFO - Finance and administration
- Marko Hjelt, Group Vice President, Human Resources - Human resources and
competence development (as of October 1, 2013)
- Mika Hyysti, Group Vice President, Technology - Technology, products and R&D
(October 1, 2013)
- Timo Kangas, Group Vice President, Customer Care - Customer relationships and
marketing, market area EMEA
- Petri Lakka, Group Vice President, Technology Services - Technology services
- Petri Strengell, Group Vice President, Operations - Project deliveries and
operations.
SHARES
The number of Raute Corporations shares at the end of 2013 totaled 4,004,758,
of which 991,161 were series K shares (ordinary share, 20 votes/share) and
3,013,597 series A shares (1 vote/share). The shares have a nominal value of 2
euros. Series K and A shares confer equal rights to dividends and company
assets.
Series K shares can be converted to series A shares under the terms set out in
section 3 of the Articles of Association. If an ordinary share is transferred
to a new owner who has not previously held series K shares, the new owner must
notify the Board of Directors of this in writing and without delay. Other
holders of series K shares have the right to redeem the share under the terms
specified in Article 4 of the Articles of Association.
Raute Corporation's series A shares are listed on NASDAQ OMX Helsinki Ltd. The
trading code is RUTAV. During 2013, 513,699 shares were traded (302,096) worth
altogether EUR 4.4 million (MEUR 2.4). The number of shares traded represents
17 percent (10%) of all listed series A shares. The average price of a series A
share was EUR 8.49 (EUR 8.22). The highest closing price of the year was EUR
9.33 and the lowest EUR 6.88.
The company's market capitalization at the end of 2013 totaled EUR 27.8 million
(MEUR 36.0), with series K shares valued at the closing price of series A
shares, EUR 6.95 (EUR 9.00), on December 31, 2013.
Raute Corporation has signed a market making agreement with Nordea Bank Finland
Plc in compliance with the Liquidity Providing (LP) requirements issued by
NASDAQ OMX Helsinki Ltd.
Other share-related information is presented in the figures section of this
report.
RAUTE'S DIVIDEND POLICY
Raute exercises an active dividend policy. Its aim is to ensure competitive
returns for its investors. Dividend payment takes into account future
investment needs and the goal of maintaining a solid equity ratio. Due to the
nature of the project business, the dividend is not directly tied to the annual
result.
DIVIDENDS FOR THE 2012 FINANCIAL YEAR
The Annual General Meeting held on April 8, 2013 decided to pay a dividend of
EUR 0.50 per share for the financial year 2012. The dividends amounted to a
total of EUR 2.0 million, of which series A shares accounted for EUR
1,506,798.50 and series K shares for EUR 495,580.50. The dividend payment date
was April 18, 2013.
AUTHORIZATION OF REPURCHASE AND DISPOSAL OF OWN SHARES
The Annual General Meeting held on April 8, 2013 authorized the company's Board
of Directors to decide on the repurchase of Raute Corporation series A shares
with assets from the company's non-restricted equity and to decide on a
directed issue of a maximum of 400,000 shares. The Board of Directors did not
exercise the authorization in 2013. The company did not possess company shares
at the end of the financial period or hold them as security.
EVENTS AFTER THE FINANCIAL YEAR
Raute Corporation published stock exchange releases on the following events in
2014:
January 28, 2014 Appointments Committee's proposal for the composition of Raute
Corporation's Board of Directors
February 12, 2014 The Board of Directors of Raute has decided to establish a
long-term share based incentive program for the top management.
PUBLICATION OF THE FINANCIAL STATEMENTS AND ANNUAL REPORT 2013
Raute Corporation's consolidated financial statements 2013 will be published on
February 13, 2014. Raute Corporation's Annual Report 2013 will be published
during week 9.
ANNUAL GENERAL MEETING 2014
Raute Corporation's Annual General Meeting will be held at Lahti's Sibelius
Hall on Monday March 31, 2014 at 6:00 p.m. A shareholder who wishes to include
an issue in Raute Corporation's Annual General Meeting's agenda shall notify
the company thereof in writing no later than February 21, 2014.
THE BOARD OF DIRECTORS' PROPOSAL FOR PROFIT DISTRIBUTION, DIVIDEND EUR 0.20 PER
SHARE
The Parent company's distributable funds total EUR 13,804 thousand, of which
the profit for the financial year January 1 - December 31, 2013 is EUR 1,312
thousand.
The Board of Directors will propose to Raute Corporation's Annual General
Meeting, to be held on March 31, 2014 that a dividend of EUR 0.20 per share be
paid for series A shares and series K shares for the financial year 2013, and
that the remainder of distributable funds be transferred to equity.
At the date of the proposal for profit distribution, there are a total of
4,004,758 shares entitled for the dividend, i.e. the total amount of dividends
would be EUR 801 thousand. The dividend would be paid to a shareholder
registered in the company's shareholders' register held by Euroclear Finland
Ltd on the record date for dividend distribution, April 3, 2014. The payment
date would be April 10, 2014.
No essential changes have taken place in the company's financial position since
the end of the financial year. The company has good liquidity, and in the Board
of Director's view, the proposed profit distribution does not pose a risk to
solvency.
THE BOARD OF DIRECTORS' PROPOSAL FOR DISTRIBUTION OF ASSETS FROM THE
NON-RESTRICTED EQUITY RESERVE, EUR 0.30 PER SHARE
The Board of Directors will propose to Raute Corporation's Annual General
Meeting, to be held on March 31, 2014 that the Annual General Meeting would
resolve to distribute EUR 0.30 per share from the non-restricted equity reserve
as repayment of equity. The repayment of equity would be paid to a shareholder
registered in the company's shareholders' register held by Euroclear Finland
Ltd on the record date April 3, 2014. The payment date would be April 10, 2014.
OUTLOOK FOR 2014
Raute's business operations are characterized by the sensitivity of investment
commodity demand to cyclical fluctuations in the global economy and the
financial markets.
The development of the global economy and financial markets is still facing
major uncertainty and the market situation for Raute's customer industries is
expected to remain unpredictable.
However, improvement investments in the plywood industry to ensure quality and
cost competitiveness and to maintain market shares are expected to be at a
reasonable level in the near future, provided that the economic uncertainty
does not spiral into a new crisis. Several large projects encompassing single
production lines and mill-scale deliveries that are in the planning and
negotiation phase are also pending.
Thanks to its strong financial and market position and the development measures
carried out, Raute is well positioned to respond to demand once the markets
recover.
In the prevailing global economic and financial market situation, Raute will
have opportunities in 2014 to achieve growth in project deliveries especially
in Europe, Russia and Asia. The strong growth in technology services is
expected to continue. Based on the order book and ongoing negotiations, Raute's
net sales are expected to grow in 2014 and operating profit is anticipated to
improve over the year 2013.
SUMMARY OF FINANCIAL STATEMENTS AND NOTES
The figures for the financial years 2012 and 2013 presented in the figures
section of the financial statements bulletin have been audited. The presented
interim financial report figures have not been audited.
--------------------------------------------------------------------------------
Previou
sly
CONSOLIDATED STATEMENT OF Adjuste Adjusted present
d ed
COMPREHENSIVE INCOME 1.10.-3 1.10.-3 1.1.-31 1.1.-31.1 1.1.-31
1.12. 1.12. .12. 2. .12.
(EUR 1 000) Note 2013 2012* 2013 2012* 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 3,4,5 24 512 33 914 83 274 101 273 101 273
--------------------------------------------------------------------------------
Change in inventories of -672 551 -954 500 500
finished goods and work
in progress
Other operating income 158 1 256 295 1 423 1 423
Materials and services -11 521 -19 388 -40 711 -55 725 -55 725
Employee benefits expense 13 -7 387 -8 047 -27 417 -28 761 -28 752
Depreciation and -479 -491 -2 174 -1 968 -1 968
amortization
Other operating expenses -3 098 -4 680 -10 485 -11 720 -11 720
--------------------------------------------------------------------------------
Total operating expenses -22 486 -32 606 -80 787 -98 174 -98 165
--------------------------------------------------------------------------------
OPERATING PROFIT (LOSS) 1 513 3 116 1 828 5 022 5 031
--------------------------------------------------------------------------------
% of net sales 6 9 2 5 5
Financial income 210 -37 735 482 482
Financial expenses -513 -126 -974 -738 -738
--------------------------------------------------------------------------------
PROFIT (LOSS) BEFORE TAX 1 210 2 953 1 589 4 766 4 775
--------------------------------------------------------------------------------
% of net sales 5 9 2 5 5
Income taxes -294 -995 -394 -1 781 -1 759
--------------------------------------------------------------------------------
PROFIT (LOSS) FOR THE 916 1 958 1 196 2 985 3 016
PERIOD
--------------------------------------------------------------------------------
% of net sales 4 6 1 3 3
Other comprehensive income
items:
Items that will not be
reclassified to profit or loss
Remeasurement of defined benefit 84 110 84 110 -
obligations
Items that may be subsequently
reclassified
to profit or loss
Exchange differences on -101 42 -83 80 80
translating foreign operations
--------------------------------------------------------------------------------
Comprehensive income items for
the period,
net of tax -17 152 1 190 80
--------------------------------------------------------------------------------
COMPREHENSIVE PROFIT 898 2 110 1 196 3 175 3 096
(LOSS)
--------------------------------------------------------------------------------
Profit (loss) for the period
attributable to
Equity holders of the 916 1 958 1 196 2 985 3 016
Parent company
Comprehensive profit (loss) for
the period
attributable to
Equity holders of the 898 2 110 1 196 3 175 3 096
Parent company
Earnings per share for profit
(loss) attributable
to Equity holders of the Parent
company, EUR
Undiluted earnings per 0,23 0,49 0,30 0,75 0,75
share
Diluted earnings per share 0,23 0,49 0,30 0,74 0,75
Shares, 1 000 pcs
Adjusted average number of 4 005 4 005 4 005 4 005 4 005
shares
Adjusted average number of shares 4 013 4 008 4 013 4 008 4 008
diluted
*Reflects the application of IAS 19 Employee benefit standard. The effects have
no material effects and they are in the fourth
quarter of the year 2013 and the
comparison year.
------------------------------------------------------------------------
Adjuste Previousl
d y
presente
d
CONSOLIDATED BALANCE SHEET 31.12. 31.12. 31.12.
(EUR 1 000) Note 2013 2012 2012
------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets 8 3 574 3 204 3 204
Property, plant and 8 8 396 7 892 7 892
equipment
Other financial assets 500 789 789
Deferred tax assets 96 38 60
------------------------------------------------------------------------
Total non-current assets 12 565 11 922 11 944
Current assets
Inventories 5 047 7 130 7 130
Accounts receivables and 5 18 329 24 438 24 427
other receivables
Income tax receivable 183 37 37
Cash and cash equivalents 12 658 19 548 19 548
------------------------------------------------------------------------
Total current assets 36 218 51 154 51 143
------------------------------------------------------------------------
TOTAL ASSETS 48 783 63 076 63 087
------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity attributable to Equity
holders of
the Parent company
Share capital 8 010 8 010 8 010
Fair value reserve and 7 061 6 862 6 862
other reserves
Exchange differences 20 103 103
Retained earnings 7 327 6 260 6 150
Profit (loss) for the 1 196 2 985 3 016
period
------------------------------------------------------------------------
Share of shareholders' equity
that belongs
to the owners of the Parent 23 613 24 220 24 141
company
------------------------------------------------------------------------
Total equity 23 613 24 220 24 141
------------------------------------------------------------------------
Non-current liabilities
Non-current provisions 460 56 56
Deferred tax liability 423 174 174
Non-current 9 2 500 5 866 5 866
interest-bearing
liabilities
Pension obligations 4 - 90
------------------------------------------------------------------------
Total non-current 3 387 6 096 6 186
liabilities
Current liabilities
Current provisions 775 1 134 1 134
Current interest-bearing 9 3 481 5 594 5 594
liabilities
Current advance payments 5 7 099 12 776 12 776
received
Trade payables and other 10 428 13 255 13 255
liabilities
------------------------------------------------------------------------
Total current liabilities 21 783 32 759 32 759
Total liabilities 25 170 38 856 38 946
------------------------------------------------------------------------
TOTAL EQUITY AND 48 783 63 076 63 087
LIABILITIES
------------------------------------------------------------------------
*Reflects the application of IAS 19
Employee benefit standard.
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.-31.12. 1.1.-31.12.
(EUR 1 000) 2013 2012
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Proceeds from customers 76 836 90 385
Other operating income 295 1 423
Payments to suppliers and employees -73 187 -89 379
--------------------------------------------------------------------------------
Cash flow before financial items and taxes 3 944 2 429
Interest paid from operating activities -364 -529
Dividends received from operating activities 180 118
Interests received from operating activities 122 269
Other financing items from operating activities 153 -275
Income taxes paid from operating activities -329 -75
--------------------------------------------------------------------------------
NET CASH FLOW FROM OPERATING ACTIVITIES (A) 3 704 1 938
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and -3 226 -3 055
intangible assets
Proceeds from sale of property, plant and 53 160
equipment and intangible assets
Purchase of investments -3 -
--------------------------------------------------------------------------------
NET CASH FLOW FROM INVESTING ACTIVITIES (B) -3 176 -2 895
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of current borrowings -2 100 -
Repayments of non-current borrowings -3 250 -4 000
Dividends paid -2 002 -1 201
--------------------------------------------------------------------------------
NET CASH FLOW FROM FINANCING ACTIVITIES (C) -7 352 -5 201
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C) -6 825 -6 159
--------------------------------------------------------------------------------
increase (+)/decrease (-)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF
THE PERIOD* 19 548 25 674
NET CHANGE IN CASH AND CASH EQUIVALENTS -6 825 -6 159
EFFECTS OF EXCHANGE RATE CHANGES ON CASH -66 33
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF THE 12 658 19 548
PERIOD*
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS IN THE BALANCE
SHEET AT THE END OF THE PERIOD*
Cash and cash equivalents 12 658 19 548
--------------------------------------------------------------------------------
TOTAL 12 658 19 548
--------------------------------------------------------------------------------
*Cash and cash equivalents comprise cash and bank receivables, which will be due
within the following three months' period.
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
Share Invested
Share premiu non-restr Other Exchange Retain
m icted ed
(EUR 1 000) capita accoun equity reserv differen earnin
l t reserve es ces gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2013 8 010 0 6 498 364 103 9 245
(adjusted)
--------------------------------------------------------------------------------
Comprehensive profit (loss) for the
period
Profit (loss) for the - - - - - 1 196
period
Other comprehensive income
items:
Remeasurement of defined benefit 84
net liability
Exchange differences on
translating
foreign operations - - - - -83 -
--------------------------------------------------------------------------------
Total comprehensive profit 0 0 0 0 -83 1 280
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions - - - 199 - -
Reclassification between - - - - - -
items
Dividends paid - - - - - -2 002
Total transactions with 0 0 0 199 0 -2 002
owners
--------------------------------------------------------------------------------
EQUITY at Dec. 31, 2013 8 010 0 6 498 563 20 8 522
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(CONTINUE)
To the owners
of
(EUR 1 000) the Parent TOTAL
company
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2013 24 220 24 220
(adjusted)
--------------------------------------------------------------------------------
Comprehensive profit (loss) for the
period
Profit (loss) for the 1 196 1 196
period
Other comprehensive income
items:
Remeasurement of defined 84 84
benefit net liability
Exchange differences on
translating
foreign operations -83 -83
--------------------------------------------------------------------------------
Total comprehensive profit 1 196 1 196
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions 199 199
Reclassification between 0 0
items
Dividends paid -2 002 -2 002
Total transactions with -1 803 -1 803
owners
--------------------------------------------------------------------------------
EQUITY at Dec. 31, 2013 23 613 23 613
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
Share Invested
Share premiu non-restr Other Exchange Retain
m icted ed
(EUR 1 000) capita accoun equity reserv differen earnin
l t reserve es ces gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2012 8 010 6 498 0 187 23 7 351
--------------------------------------------------------------------------------
Comprehensive profit (loss) for the
period
Profit (loss) for the - - - - - 2 985
period
Other comprehensive income
items:
Remeasurement of defined benefit 110
net liability
Exchange differences on
translating
foreign operations - - - - 80 -
--------------------------------------------------------------------------------
Total comprehensive profit 0 0 0 0 80 3 095
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions - - - 177 - -
Reclassification between - -6 498 6 498 - - -
items
Dividends paid - - - - - -1 201
--------------------------------------------------------------------------------
Total transactions with 0 -6 498 6 498 177 0 -1 201
owners
--------------------------------------------------------------------------------
EQUITY at Dec. 31, 2012 8 010 0 6 498 364 103 9 245
(ADJUSTED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(CONTINUE)
To the owners
of
(EUR 1 000) the Parent TOTAL
company
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2012 22 069 22 069
--------------------------------------------------------------------------------
Comprehensive profit (loss) for the
period
Profit (loss) for the 2 985 2 985
period
Other comprehensive income
items:
Remeasurement of defined 110 110
benefit net liability
Exchange differences on
translating
foreign operations 80 80
--------------------------------------------------------------------------------
Total comprehensive profit 3 175 3 175
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions 177 177
Reclassification between 0 0
items
Dividends paid -1 201 -1 201
--------------------------------------------------------------------------------
Total transactions with -1 024 -1 024
owners
--------------------------------------------------------------------------------
EQUITY at Dec. 31, 2012 24 220 24 220
(ADJUSTED)
--------------------------------------------------------------------------------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General information
Raute Group is a globally operating technology and service company. Raute's
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL. Raute's technology offering covers
machinery and equipment for the entire production process. Raute's full-service
concept is based on product life-cycle management. In addition to a broad range
of machines and equipment, our solutions cover technology services ranging from
spare parts deliveries to regular maintenance and equipment modernizations.
Raute's head office is located in Nastola, Finland. Its other production plants
are in the Vancouver area in Canada, in the Shanghai area in China, and in
Kajaani, Finland. The company's sales network has a global reach.
Raute Group's Parent company, Raute Corporation, is a Finnish public limited
liability company established in accordance with Finnish law (Business ID
FI01490726). Its series A shares are quoted on NASDAQ OMX Helsinki Ltd, under
Industrials. Raute Corporation is domiciled in Lahti. The address of its
registered office is Rautetie 2, FI-15550 Nastola, and its postal address is
P.O. Box 69, FI-15551 Nastola.
Raute Corporation's consolidated financial statements information is available
online at www.raute.com or at the head office of the Parent company, Rautetie
2, FI-15550 Nastola, Finland.
Raute Corporation's Board of Directors has on February 13, 2014 reviewed the
consolidated financial statements for January 1 - December 31, 2013, and
approved it to be published in compliance with this release.
2. Accounting principles
Raute Corporation's financial statements bulletin January 1 - December 31, 2013
has been prepared in accordance with standard IAS 34 Interim Financial
Reporting. The financial statements bulletin does not contain full notes and
other information presented in the financial statements. Raute Corporation's
financial statements with full notes will be published on February 13, 2014.
Raute Corporation's financial statements bulletin for January 1 - December 31,
2013 has been prepared in accordance with the International Financial Reporting
Standards, IFRS, accepted for application in the EU. Preparations have complied
with the IAS and IFRS standards, as well as SIC and IFRIC interpretations,
effective on December 31, 2013. The notes to the financial statements bulletin
also comply with Finnish accounting legislation.
The financial statements bulletin has been prepared according to the same
accounting principles as those applied in the Annual financial statements for
2012, with the exception of standard IAS 19 Employee benefit. The amendment of
the Employee benefit standard had an impact on the recognition, measurement and
presentation of the post-employment benefits, and also to the notes to the
financial statements. The figures of the comparison year 2012 have been
adjusted according to the revised standard IAS 19 Employee benefits. The effect
of the standard in the equity has been presented in the note number 14 to the
financial statements bulletin.
All of the figures presented in the consolidated financial statements are in
thousand euro, unless otherwise stated. Due to the rounding of the figures in
the financial statements tables, the sums of figures may deviate from the sum
total presented in the table. Figures in parentheses refer to the corresponding
figures in the comparison period.
The preparation of Interim financial report in conformity with IFRS standards
requires management to make certain critical accounting estimates and to
exercise its judgment in applying the Group's accounting policies. Because the
forward-looking estimates and assumptions are based on management's best
knowledge at the reporting date, they comprise risks and uncertainties. The
actual results may differ from these estimates.
3. Segment information
Operational segment
Continuing operations of Raute Group belong to the wood products technology
segment.
Due to Raute's business model, operational nature and administrative structure,
the operational segment to be reported as wood products technology segment is
comprised of the whole Group and the information on the segment is consistent
with that of the Group. Segment reporting follows the principles of
presentation of the consolidated financial statements.
-------------------------------------------------------------
31.12. 31.12.
Wood products technology 2013 2012
-------------------------------------------------------------
Net sales 83 274 101 273
Operating profit (loss) 1 828 5 031
Assets 48 783 63 076
Liabilities 25 170 38 856
Capital expenditure 3 188 3 529
-----------------------------------------------------------------
Assets of the wood products technology 31.12. 31.12.
segment by geographical location 2013 % 2012 %
-----------------------------------------------------------------
Finland 40 492 83 53 620 85
North America 3 914 8 3 437 5
China 2 926 6 4 406 7
Russia 1 114 2 1 257 2
South America 198 0 199 0
Other 140 0 158 0
-----------------------------------------------------------------
TOTAL 48 783 100 63 076 100
-----------------------------------------------------------------
-----------------------------------------------------------------
Capital expenditure of the wood
products technology segment by 31.12. 31.12.
geographical location 2013 % 2012 %
-----------------------------------------------------------------
Finland 2 324 73 2 980 84
North America 15 0 6 0
China 837 26 517 15
Russia 3 0 1 0
South America 1 0 22 1
Other 8 0 2 0
TOTAL 3 188 100 3 529 100
-----------------------------------------------------------------
4. Net sales
The main part of the net sales is comprised of project deliveries related to
wood products technology and modernizations in technology services, which are
treated as long-term projects. The rest of the net sales is comprised of
technology services provided to the wood products industry such as spare parts
and maintenance services as well as services provided to the development of
customers' business.
Project deliveries and modernizations related to technology services include
both product and service sales, making it impossible to give a reliable
presentation of the breakdown of the Group's net sales into purely product and
service sales.
Large delivery projects can temporarily increase the shares of various
customers of the Group's net sales to more than ten percent. At the end of the
period, the Group had two customers (2), whose customized share of the Group's
net sales temporarily exceeded ten percent. The total share of these customers
was 28 percent.
--------------------------------------------------------------------------------
1.1.-31.12. 1.1.-31.12.
Net sales by market area 2013 % 2012 %
--------------------------------------------------------------------------------
EMEA (Europe and Africa) 33 697 40 22 179 22
LAM (South America) 18 020 22 52 588 52
CIS (Russia) 16 291 20 14 454 14
NAM (North America) 11 432 14 8 469 8
APAC (Asia-Pacific) 3 834 5 3 583 4
--------------------------------------------------------------------------------
TOTAL 83 274 100 101 273 100
--------------------------------------------------------------------------------
Finland accounted for 6 percent (6 %) of net sales.
--------------------------------------------------------------------------------
5. Long-term projects 31.12. 31.12.
2013 2012
--------------------------------------------------------------------------------
Net sales
Net sales by percentage of completion 66 214 85 267
Other net sales 17 060 16 006
--------------------------------------------------------------------------------
TOTAL 83 274 101 273
--------------------------------------------------------------------------------
Project revenues entered as income from currently
undelivered
long-term projects recognized by percentage of completion 86 534 89 601
Amount of long-term project revenues not yet entered as 27 770 49 040
income (order book)
Projects for which the value by percentage of completion
exceeds
advance payments invoiced
- aggregate amount of costs incurred and recognized
profits less
recognized losses 65 872 64 872
- advance payments received 53 619 48 372
--------------------------------------------------------------------------------
Gross amount due from customers 12 253 16 499
--------------------------------------------------------------------------------
Projects for which advance payments invoiced exceed the
value by
percentage of completion
- aggregate amount of costs incurred and recognized
profits less
recognized losses 20 467 27 890
- advance payments received 26 953 40 394
--------------------------------------------------------------------------------
Gross amount due to customers 6 486 12 504
--------------------------------------------------------------------------------
Advance payments included in the current liabilities in
the balance sheet
Gross amount due to customers 6 486 12 504
Other advance payment received, not under percentage of 613 272
completion
--------------------------------------------------------------------------------
Total 7 099 12 776
--------------------------------------------------------------------------------
Specification of combined asset and liability items
Advance payments paid 101 1 021
--------------------------------------------------------------------------------
Advance payments received included in inventories in the 101 1 021
balance sheet
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
6. Number of personnel, persons 31.12. 31.12.
2013 2012
--------------------------------------------------------------------------------
Effective, on average 515 480
In books, on average 522 488
In books, at the end of the period 534 503
- of which personnel working abroad 148 132
--------------------------------------------------------------------------------
7. Research and development costs 31.12. 31.12.
2013 2012
--------------------------------------------------------------------------------
Research and development costs for the period 2 523 2 516
Amortization capitalized development costs 405 126
Development costs recognized as an asset in the balance -615 -1 024
sheet
Research and development costs entered as expense for the 2 313 1 618
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8. Changes in Intangible assets and in Property, 31.12. 31.12.
plant and equipment 2013 2012
--------------------------------------------------------------------------------
Intangible assets
Carrying amount at the beginning of the period 14 019 12 447
Exchange rate differences -10 7
Additions 1 552 2 198
Reclassification between items -2 188 -634
--------------------------------------------------------------------------------
Carrying amount at the end of the period 13 372 14 019
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the beginning -10 815 -11 014
of the period
Exchange rate differences 7 -5
Accumulated depreciation and amortization of disposals and 1 791 679
reclassifications
Depreciation and amortization for the period -782 -474
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end of -9 799 -10 815
the period
--------------------------------------------------------------------------------
Book value of Intangible assets, at the beginning of the 3 204 1 433
period
Book value of Intangible assets, at the end of the period 3 574 3 204
Property, plant and equipment
Carrying amount at the beginning of the period 41 673 44 463
Exchange rate differences -947 88
Additions 1 634 1 331
Disposals -44 -370
Reclassification between items 354 -3 839
--------------------------------------------------------------------------------
Carrying amount at the end of the period 42 670 41 673
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the beginning -33 782 -36 236
of the period
Exchange rate differences 857 -70
Accumulated depreciation and amortization of disposals and 44 4 019
reclassifications
Depreciation and amortization for the period -1 392 -1 494
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end of -34 274 -33 782
the period
--------------------------------------------------------------------------------
Book value of Property, plant and equipment, at the
beginning
of the period 7 892 8 226
Book value of Property, plant and equipment, at the end
of the period 8 396 7 892
--------------------------------------------------------------------------------
9. Interest-bearing liabilities 31.12. 31.12.
2013 2012
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities recognized at 2 500 5 866
amortized cost
Current interest-bearing liabilities 3 481 5 594
--------------------------------------------------------------------------------
TOTAL 5 981 11 461
--------------------------------------------------------------------------------
Maturities of the interest-bearing financial liabilities at Dec. 31, 2013
Financial liability Current Non-current Total
--------------------------------------------------------------------------------
Non-current loans from 3 481 2 500 5 981
financial institutions,
interest-bearing
--------------------------------------------------------------------------------
Total 3 481 2 500 5 981
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10. Pledged assets and contingent liabilities 31.12. 31.12.
2013 2012
--------------------------------------------------------------------------------
On behalf of the Parent company
Business mortgages 3 946 -
Loans from financial institutions 5 741 9 117
Business mortgages 5 750 6 700
Pension loans (TYEL) - 2 000
Business mortgages - 600
Credit insurance agreements - 1 400
Other liabilities - 100
Real estate mortgages - 101
Mortgage agreements on behalf of subsidiaries
Loans from financial institutions 240 244
Other obligations 64 -
Business mortgages 304 244
Commercial bank guarantees on behalf of the Parent company and 1 484 39 600
subsidiaries
Other own obligations
Rental liabilities maturing within one year 845 868
Rental liabilities maturing in one to five years 2 398 2 682
Rental liabilities maturing more than five years 185 519
--------------------------------------------------------------------------------
Total 3 428 4 069
--------------------------------------------------------------------------------
11. Related party transactions
No loans are granted to the company's management. On December 31, 2013, the
Parent Company Raute Corporation had loan receivables from the subsidiary Raute
Service LLC EUR 355 thousand (EUR 355 thousand), from Raute (Shanghai)
Machinery Co., Ltd EUR 550 thousand and from Raute Canada Ltd. EUR 682 thousand
(EUR 391 thousand).
No pledges have been given or other commitments made on behalf of the company's
management and shareholders.
-----------------------------------------------------------------------
12. Derivatives 31.12. 31.12.
2013 2012
-----------------------------------------------------------------------
Nominal values of forward contracts in foreign currency
Economic hedging
- Related to financing 1 311 2 093
- Related to the hedging of net sales 2 967 1 763
Fair values of forward contracts in foreign currency
Economic hedging
- Related to financing -3 -8
- Related to the hedging of net sales 24 18
Interest rate and currency swap agreements
- Nominal value 1 991 4 117
- Fair value -42 -4
13. Share-based payments
The fair value of the options granted according to the 2010 stock option plan
is recognized as an expense in the income statement during the earning period
of the options. An expense of EUR 199 thousand (EUR 177 thousand) was
recognized for the options to the income statement during the period.
14. Effects of adopting the amended IAS 19 standard
The Group has applied IAS 19 standard amendment as of January 1, 2013.
According to the revised standard net interest expense or income of the net
defined benefit liability or receivable has been defined using the discount
rate estimated in the beginning of the financial year. Expected return on plan
assets has not been recognized.
--------------------------------------------------------------------------------
Previously
presented Adjusted
EUR 1 000 31.12.2012 Adjustment 31.12.2012
--------------------------------------------------------------------------------
Assets
Deferred tax assets 60 -22 38
Receivables of pension obligations 0 11 11
Equity
Retained earnings 9 166 79 9 245
Liabilities
Pension obligations 90 -90 0
Effect of the amended accounting principle in the comparison information of the
comprehensive
income statement
Previously
presented Adjusted
1.1.-31.12. 1.1.-31.12.
EUR 1 000 2012 Adjustment 2012
--------------------------------------------------------------------------------
Employee benefits expense +8 -9 -1
Income taxes -1 759 -22 -1 781
Other comprehensive income items:
Items that will not be reclassified to profit or loss
Remeasurement of defined benefit - 110 110
obligation
15. Financial assets and liabilities that are measured at fair value
At the end of the reporting period December 31, 2013, the fair value of the
financial assets categorized at fair value on hierarchy level 3 was EUR 500
thousand. The methods of fair value determination correspond the valuation
principles presented in the Annual financial statements for 2012. There were no
transfers between the hierarchy levels 1 and 2 during the reporting period.
--------------------------------------------------------------------------------
16. Exchange rates used in consolidation of
subsidiaries
1.1.-31.12. 1.1.-31.12.
Income statement, euros 2013 2012
--------------------------------------------------------------------------------
CNY (Chinese juan) 8,1655 8,1096
RUB (Russian rouble) 42,3248 39,9238
CAD (Canadian dollar) 1,3685 1,2848
USD (US dollar) 1,3282 1,2856
SGD (Singapore dollar) 1,6618 1,6062
CLP (Chilean peso) 658,1306 624,7032
--------------------------------------------------------------------------------
31.12. 31.12.
Balance sheet, euros 2013 2012
--------------------------------------------------------------------------------
CNY (Chinese uan) 8,3248 8,1809
RUB (Russian rouble) 45,3246 40,3295
CAD (Canadian dollar) 1,4671 1,3137
USD (US dollar) 1,3791 1,3194
SGD (Singapore dollar) 1,7414 1,6111
CLP (Chilean peso) 725,0943 625,1146
17. The Board of Directors' proposal for dividend distribution and measures
concerning the result of 2013
The Board of Directors will propose to Raute Corporation's Annual General
Meeting 2014, to be held on March 31, 2014, that a dividend of EUR 0.20 per
share be paid for the financial year 2013, and that the remainder of
distributable funds be transferred to equity. At the date of the proposal for
profit distribution, there are a total of 4,004,758 shares entitled for the
dividend, i.e. the total amount of dividends would be EUR 801 thousand.
The Board of Directors will propose to the Annual General Meeting that the
Annual General Meeting would resolve to distribute EUR 0.30 per share from the
invested non-restricted equity reserve as repayment of equity.
--------------------------------------------------------------------------------
31.12. 31.12.
FINANCIAL DEVELOPMENT 2013 2012
--------------------------------------------------------------------------------
Change in net sales, % -17,8 36,3
Exported portion of net sales, % 94,2 93,9
Return on investment (ROI), % 7,3 15,0
Return on equity, ROE, % 5,0 13,1
Interest-bearing net liabilities, EUR million -6,7 -8,1
Gearing, % -28,3 -33,5
Equity ratio, % 56,6 48,0
Gross capital expenditure, EUR million 3,2 3,5
% of net sales 3,8 3,5
Research and development costs, EUR million 2,5 2,5
% of net sales 3,0 2,5
Order book, EUR million 28 50
Order intake, EUR million 63 116
The figures of the comparison year 2012 have been adjusted according to the
revised standard IAS 19 Employee benefits.
--------------------------------------------------------------------------------
31.12. 31.12.
SHARE-RELATED DATA 2013 2012
--------------------------------------------------------------------------------
Earnings per share, (EPS), undiluted, EUR 0,30 0,75
Earnings per share, (EPS), diluted, EUR 0,30 0,74
Equity to share, EUR 5,90 6,03
Dividend per series A share, EUR 0,20* 0,50
Dividend per series K share, EUR 0,20* 0,50
Dividend per profit, % 66,7* 66,4
Effective dividend return, % 2,9* 5,6
Repayment of capital from invested 0,30* -
non-restricted equity reserve, EUR
* The Board of Directors' proposal to the
Annual General meeting.
Development in share price (series A shares)
Lowest share price for the period, EUR 6,88 6,18
Highest share price for the period, EUR 9,33 9,24
Average share price for the period, EUR 8,49 8,22
Share price at the end of the period, EUR 6,95 9,00
Market value of capital stock
- Series K shares, EUR million** 6,9 8,9
- Series A shares, EUR million 20,9 27,1
--------------------------------------------------------------------------------
Total, EUR million 27,8 36,0
--------------------------------------------------------------------------------
**Series K shares valued at the value of series
A shares.
Trading of the company's shares (series A
shares)
Trading of shares, pcs 513 699 302 096
Trading of shares, EUR million 4,4 2,4
Number of shares
- Series K shares, ordinary shares (20 votes, 991 161 991 161
share)
- Series A shares (1 vote/share) 3 013 597 3 013 597
--------------------------------------------------------------------------------
Total 4 004 758 4 004 758
--------------------------------------------------------------------------------
Number of shares, weighted average, 1 000 pcs 4 005 4 005
Number of shares, diluted, 1 000 pcs 4 013 4 008
Number of shareholders at Dec. 31 1 915 1 682
The figures of the comparison year 2012 have been adjusted according to the
revised standard IAS 19 Employee benefits.
--------------------------------------------------------------------------------
DEVELOPMENT OF 2013 2013 2013 2013 1.1.2013 1.1.2012
QUARTERLY RESULTS - -
(EUR 1 000) 31.12.2013 31.12.2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 23 386 19 766 15 610 24 512 83 274 101 273
--------------------------------------------------------------------------------
Change in inventories of
finished
goods and work in 364 -610 -37 -672 -954 500
progress
Other operating 20 15 102 158 295 1 423
income
Materials and -12 979 -8 906 -7 304 -11 521 -40 711 -55 725
services
Employee benefits -6 871 -7 190 -5 969 -7 387 -27 417 -28 761
expense
Depreciation and -479 -619 -597 -479 -2 174 -1 968
amortization
Other operating -2 532 -2 740 -2 115 -3 098 -10 485 -11 720
expenses
--------------------------------------------------------------------------------
Total operating -22 862 -19 456 -15 984 -22 486 -80 787 -98 174
expenses
--------------------------------------------------------------------------------
OPERATING PROFIT 909 -286 -309 1 513 1 828 5 022
(LOSS)
--------------------------------------------------------------------------------
% of net sales 4 -1 -2 6 2 5
Financial income 400 72 53 210 735 482
Financial expenses -224 -75 -161 -513 -974 -738
--------------------------------------------------------------------------------
PROFIT (LOSS) BEFORE 1 085 -289 -417 1 210 1 589 4 766
TAX
--------------------------------------------------------------------------------
% of net sales 5 -1 -3 5 2 5
Income taxes -246 96 51 -294 -394 -1 759
--------------------------------------------------------------------------------
PROFIT (LOSS) FOR 839 -193 -366 916 1 196 2 985
THE PERIOD
--------------------------------------------------------------------------------
% of net sales 4 -1 -2 4 1 3
Attributable to
Equity holders of 839 -193 -366 916 1 196 2 985
the Parent company
Earnings per share,
EUR
Undiluted earnings 0,21 -0,05 -0,09 0,23 0,30 0,75
per share
Diluted earnings per 0,21 -0,05 -0,09 0,23 0,30 0,74
share
Shares, 1 000 pcs
Adjusted average 4 005 4 005 4 005 4 005 4 005 4 005
number of shares
Adjusted average
number of shares
diluted 4 017 4 013 4 010 4 013 4 013 4 008
--------------------------------------------------------------------------------
Financial Q 1 Q 2 Q 3 Q 4 31.12. 31.12.
development
quarterly 2013 2013 2013 2013 2013 2012
--------------------------------------------------------------------------------
Order intake during 10 24 7 22 63 116
the period, EUR
million
Order book at the 37 40 31 28 28 50
end of the period,
EUR million
--------------------------------------------------------------------------------
20 LARGEST SHAREHOLDERS AT DECEMBER 31,
2013
Number Number Total Total % of
of of series number % of number voting
series total
By number of shares K A shares of shares shares of votes rights
shares
--------------------------------------------------------------------------------
1. Sundholm Göran - 624 398 624 398 15,6 624 398 2,7
2. Mandatum Life - 181 900 181 900 4,5 181 900 0,8
Unit-Linked
3. Laakkonen Mikko - 115 349 115 349 2,9 115 349 0,5
4. Suominen Pekka 48 000 62 429 110 429 2,8 1 022 429 4,5
5. Suominen Tiina 48 000 62 316 110 316 2,8 1 022 316 4,5
Sini-Maria
6. Siivonen Osku 50 640 53 539 104 179 2,6 1 066 339 4,7
Pekka
7. Kirmo Kaisa 50 280 41 826 92 106 2,3 1 047 426 4,6
Marketta
8. Mustakallio Kari 60 480 31 458 91 938 2,3 1 241 058 5,4
Pauli
9. Mustakallio Mika 57 580 29 270 86 850 2,2 1 180 870 5,2
Tapani
10. Keskiaho Kaija 33 600 51 116 84 716 2,1 723 116 3,2
Leena
11. Särkijärvi Anna 60 480 22 009 82 489 2,1 1 231 609 5,4
Riitta
12. Relander Harald - 75 000 75 000 1,9 75 000 0,3
13. Sijoitusrahasto - 75 000 75 000 1,9 75 000 0,3
Alfred Berg Small
Cap Finland
14. Mustakallio Marja 43 240 16 047 59 287 1,5 880 847 3,9
Helena
15. Mustakallio Ulla 53 240 2 300 55 540 1,4 1 067 100 4,7
Sinikka
16. Särkijärvi Timo 12 000 43 256 55 256 1,4 283 256 1,2
17. 12 000 43 256 55 256 1,4 283 256 1,2
Särkijärvi-Martinez
Anu Riitta
18. Suominen Jukka 24 960 27 964 52 924 1,3 527 164 2,3
Matias
19. Mustakallio Kai 47 420 4 594 52 014 1,3 952 994 4,2
Henrik
20. Keskinäinen - 51 950 51 950 1,3 51 950 0,2
työeläkevakuutusyhti
ö Varma
--------------------------------------------------------------------------------
Total 601 920 1 614 977 2 216 897 55,4 13 653 377 59,8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number Number Total Total % of
of of series number % of number voting
series total
By number of votes K A shares of shares shares of votes rights
shares
--------------------------------------------------------------------------------
1. Mustakallio Kari 60 480 31 458 91 938 2,3 1 241 058 5,4
Pauli
2. Särkijärvi Anna 60 480 22 009 82 489 2,1 1 231 609 5,4
Riitta
3. Mustakallio Mika 57 580 29 270 86 850 2,2 1 180 870 5,2
Tapani
4. Mustakallio Ulla 53 240 2 300 55 540 1,4 1 067 100 4,7
Sinikka
5. Siivonen Osku 50 640 53 539 104 179 2,6 1 066 339 4,7
Pekka
6. Kirmo Kaisa 50 280 41 826 92 106 2,3 1 047 426 4,6
Marketta
7. Suominen Pekka 48 000 62 429 110 429 2,8 1 022 429 4,5
8. Suominen Tiina 48 000 62 316 110 316 2,8 1 022 316 4,5
Sini-Maria
9. Suominen Jussi 48 000 - 48 000 1,2 960 000 4,2
10. Mustakallio Kai 47 420 4 594 52 014 1,3 952 994 4,2
Henrik
11. Mustakallio Marja 43 240 16 047 59 287 1,5 880 847 3,9
Helena
12. Mustakallio Risto 42 240 - 42 240 1,1 844 800 3,7
Knut kuolinpesä
13. Keskiaho Kaija 33 600 51 116 84 716 2,1 723 116 3,2
Leena
14. Sundholm Göran - 624 398 624 398 15,6 624 398 2,7
15. Keskiaho 27 880 7 491 35 371 0,9 565 091 2,5
Juha-Pekka
16. Suominen Jukka 24 960 27 964 52 924 1,3 527 164 2,3
Matias
17. Keskiaho Marjaana 24 780 21 500 46 280 1,2 517 100 2,3
18. Kirmo Lasse 25 000 4 013 29 013 0,7 504 013 2,2
19. Keskiaho Vesa 23 030 - 23 030 0,6 460 600 2,0
Heikki
20. Kultanen Leea 22 405 8 031 30 436 0,8 456 131 2,0
Annikka
--------------------------------------------------------------------------------
Total 791 255 1 070 301 1 861 556 46,5 16 895 401 74,0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MANAGEMENTS' AND PUBLIC INSIDERS' SHAREHOLDING AND
NOMINEE-REGISTERED SHARES
Number Number Total Total % of
of of number % of number voting
series series total
K shares A shares of shares of votes rights
shares
--------------------------------------------------------------------------------
Management's holding
at Dec. 31, 2013
--------------------------------------------------------------------------------
The Board of Directors, The
Group's President
and CEO and Executive 122 880 111 029 233 909 5,8 2 568 629 11,2
Board*
--------------------------------------------------------------------------------
Public insiders' 122 880 111 029 233 909 5,8 2 568 629 11,2
holding at Dec. 31,
2013
--------------------------------------------------------------------------------
*The figures include the holdings of their own,
minor children and control entities.
--------------------------------------------------------------------------------
Nominee-registered - 124 379 124 379 3,1 124 379 0,5
shares at Dec. 31,
2013
--------------------------------------------------------------------------------
RAUTE CORPORATION
Board of Directors
BRIEFING ON FEBRUARY 13, 2014 AT 2 P.M.:
A briefing will be organized for analysts, investors and the media on February
13, 2014 at 2 p.m. at Scandic Simonkenttä Hotel, Roba cabinet, Simonkatu 9,
Helsinki. The financial statements will be presented by Mr. Tapani Kiiski,
President and CEO, and Mrs. Arja Hakala, CFO.
FINANCIAL RELEASES IN 2014:
Raute's interim reports will be published as follows:
- January-March on Tuesday, April 29, 2014
- January-June on Tuesday, July 29, 2014
- January-September on Wednesday, October 29, 2014.
Raute Corporation's consolidated financial statements will be published on
February 13, 2014. Raute Corporation's Annual Report 2013 will be published
during week 9.
Raute Corporation's Annual General Meeting will be held in Lahti, at Sibelius
Hall on Monday, March 31, 2014 at 6:00 p.m.
FURTHER INFORMATION:
Mr. Tapani Kiiski, President and CEO, Raute Corporation, tel. +358 3 829 3560,
mobile +358 400 814 148
Ms. Arja Hakala, CFO, Raute Corporation, tel. +358 3 829 3293, mobile +358 400
710 387
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF:
Raute is a technology and service company that operates worldwide. Raute's
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL (Laminated Veneer Lumber). The technology
offering covers machinery and equipment for the entire production process. As a
supplier of mill-scale projects Raute is a global market leader both in the
plywood and LVL industries. Additionally, Raute's full-service concept includes
technology services ranging from spare parts deliveries to regular maintenance
and equipment modernizations. Raute's head office is located in Nastola,
Finland. Its other production plants are in the Vancouver area of Canada, in
the Shanghai area of China, and in Kajaani, Finland. Raute's net sales in 2013
were EUR 83.3 million. The Group's headcount at the end of 2013 was 534.
More information about the company can be found at www.raute.com.
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