2012-05-04 08:00:04 CEST
2012-05-04 08:00:18 CEST
REGULATED INFORMATION
Raute - Interim report (Q1 and Q3)
Raute Corporation - Interim report January 1-March 31, 2012
Nastola, Finland, 2012-05-04 08:00 CEST (GLOBE NEWSWIRE) --
RAUTE CORPORATION INTERIM REPORT May 4, 2012 at 9:00 a.m.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1-MARCH 31, 2012
- The Group's net sales, EUR 15.1 million (MEUR 14.6), increased 3% on the
comparison period.
- Operating profit was EUR -0.5 million (MEUR -1.4). Result before taxes was
EUR -0.5 million (MEUR -1.6).
- Earnings per share (undiluted) were EUR -0.12 (EUR -0.32).
- Order intake was EUR 61 million (MEUR 29) and the order book at the end of
the reporting period increased to EUR 82 million (MEUR 48).
- The outlook for financial performance remains unchanged. Net sales in 2012
will increase significantly on the comparison year and the operating profit
will be clearly positive.
Tapani Kiiski, President and CEO: Record-breaking order secures good start to
the year
The net sales for the first quarter of the year remained low. The order intake,
on the other hand, reached a record high. Also taking into account the
significant amount of orders we received during the final quarter of 2011, we
can already at this stage be fairly certain of our outlook for the year in
progress.
The proportion of mill-scale projects presently in our order book is
exceptionally large. Once an order has been received, net sales begin to
accumulate more slowly for mill-scale projects than for individual line or
equipment deliveries. Due to this our net sales remained low in the first
quarter despite our good order book situation at the beginning of the year. Our
result was negative as a result of the low net sales. In light of the actual
net sales of EUR 15 million, the operating loss of some half a million euros
was in line with our estimates.
For several years now the volume of new orders has fluctuated dramatically from
quarter to quarter. We have typically received major orders at the end of the
year and at the beginning of the year. The middle of the year has, however,
been quiet on the order front. We have been unable to identify any specific
reason for this recurring fluctuation which has continued for several years.
The variation in the volume of our order intake has created powerful
fluctuations in our net sales with a delay of around two quarters of a year. At
least for the three first quarters of the current year our net sales will
follow this rhythm.
The year has begun in a challenging market situation, with the exception of the
notably large mill order which we received in February. Construction activity
in our customers' main markets is still at a fairly low level, decreasing the
need for our customers to make any major investments in new capacity. Various
projects are being moved forward, however in this type of situation their
activation is uncertain.
A strong order book provides Raute with the keys to a distinctly positive
result and the chance to focus our efforts on the implementation of our
strategy and on development projects which will guarantee us a better position
to meet the challenges of the changing markets and, on the other hand, the
opportunities presented by the improving markets when the global economy
regains its stability.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1-MARCH 31, 2012
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.
Significant uncertainty is still associated with the development of the global
economy and financial markets due to the hazards of growing debt among some
European countries and in the United States. For Raute's customer industries,
the market situation has continued to be uncertain in a number of market areas.
Demand for wood products technology and technology services
The plywood industry's upgrade investments to ensure quality and cost
competitiveness as well as maintain market shares have remained at a reasonable
level during the early part of the year.
Several large projects encompassing single production lines and mill-scale
deliveries under planning and negotiation are pending. Customers will decide on
and realize these projects only once they are more confident that demand has
recovered permanently and once financing for the projects can be arranged.
ORDER INTAKE AND ORDER BOOK
Raute serves the wood products industry with a full-service concept based on
service which 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 during the first quarter was at a very high level totaling EUR
61 million (MEUR 29). 83 percent of orders received came from South America
(7%), 8 percent from Russia (61%), 5 percent from Europe (26%), 2 percent from
North America (5%) and 2 percent from the Asia-Pacific area (1%).
In February Raute received orders equaling more than EUR 50 million for the
machinery and equipment for a plywood mill for Paneles Arauco S.A. in Chile.
The machinery and equipment will be delivered mainly during the latter part of
2012 for the rebuilding of the Nueva Aldea plywood mill which burned down at
the beginning of January.
Technology services accounted for EUR 5 million (MEUR 7) of the order intake.
During the reporting period Raute Corporation signed a long-term contract with
UPM Plywood for the proactive maintenance and spare parts services for UPM
Plywood's Finnish mills in Pellos, Jyväskylä, Savonlinna, Joensuu and Kalso, as
well as the Chudovo mill in Russia and Otepää mill in Estonia. Based on the
contract Raute will take on the responsibility for some of the proactive
maintenance inspections and scheduled maintenance programs performed at
specified production lines at UPM's plywood mills.
The order book grew during the reporting period by EUR 46 million, amounting to
EUR 82 million at the end of the period (MEUR 48). More than EUR 15 million of
the order book is estimated to be entered as income in 2013.
COMPETITIVE POSITION
Raute's competitive position is good. Raute's solutions help customers in
securing their ability to deliver and provide service throughout the life cycle
of the product. 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 also enhances its credibility and
improves its competitive position as an executor of long-term investment
projects.
NET SALES
Net sales for the reporting period totaled EUR 15.1 million (MEUR 14.6), up 3
percent on the first quarter of the previous year.
Europe's share of total net sales during the reporting period was 33 percent
(33%), Russia's 23 percent (20%), South America's 26 percent (6%), North
America's 13 percent (13%), and Asia-Pacific's 4 percent (28%).
RESULT AND PROFITABILITY
Operating loss was EUR 0.5 million negative (MEUR 1.4 negative) and accounted
for -4 percent (-10%) of net sales.
The first-quarter result was negative due to low net sales. The three
significant new orders received in November-December 2011 and in February 2012
could be observed as an increase in net sales in March. March accounted for
almost half of the net sales generated during the reporting period.
The result before taxes for the reporting period was EUR 0.5 million negative
(MEUR 1.6 negative) and the result EUR 0.5 million negative (MEUR 1.3
negative). Earnings per share (undiluted) were EUR -0.12 (EUR -0.32).
CASH FLOW AND BALANCE SHEET
The Group's financial position is good. At the end of the reporting period,
gearing was -88 percent (-47%) and equity ratio 46 percent (52%). Other
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 project business.
The Group's cash and cash equivalents, including financial assets recognized at
fair value through profit or loss, amounted to EUR 34.4 million (MEUR 23.0) at
the end of the reporting period. Operating cash flow was EUR 9.3 million
positive (MEUR +1.4). Cash flow from investment activities was EUR 0.5 million
negative (MEUR -0.2). Cash flow from financing activities was EUR 0 (MEUR
-2.1).
Interest-bearing liabilities amounted to EUR 15.3 million (MEUR 12.2) at the
end of the reporting period.
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 company also has unused bilateral credit facilities totaling
EUR 5 million with a Nordic bank.
EVENTS DURING THE REPORTING PERIOD
Raute Corporation published stock exchange releases on the following events:
February 10, 2012 Raute received orders valued at over EUR 50 million from
Chile.
DEVELOPMENT OF OPERATIONS
Raute Corporation outsourced its warehouse and other internal logistics
operations located at Nastola to ISS Palvelut Oy starting on April 1, 2012. The
objective of the outsourcing is to improve the efficiency and flexibility of
warehouse and internal logistics operations. The outsourcing was carried out as
a transfer of an undertaking, in connection with which eight employees from
warehouse and transport operations were transferred to ISS Palvelut Oy's
employment on their pre-existing terms and conditions.
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 automation and
instrumentation applications, especially machine vision. Research and
development costs in the reporting period totaled EUR 0.6 million (MEUR 0.4)
and accounted for 3.7 percent (2.7%) of net sales.
Investments totaled EUR 1.2 million (MEUR 0.2) during the reporting period. The
majority of the investments were related to technology acquisitions and product
development.
PERSONNEL
The Group's headcount at the end of the reporting period was 469 (476). Group
companies outside Finland accounted for 24 percent (27%) of employees.
Converted to full-time employees (“effective headcount”), the average number of
employees was 458 (452).
SHARES
The number of Raute Corporation's shares at the end of the reporting period
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 transferee 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. 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.
The company's market capitalization at the end of the reporting period was EUR
34.6 million (MEUR 40.6), with series K shares valued at the closing price of
series A shares, EUR 8.64 (EUR 10.15), on March 31, 2012.
SHAREHOLDERS
The number of shareholders totaled 1,667 at the beginning of the year and 1,675
at the end of the reporting period. Series K shares are held by 49 private
individuals (52). The management (Board of Directors, President and CEO and
Presidents of the subsidiaries) held 7.2 percent (7.2%) of the company shares
and 13.9 percent (13.2%) of the votes. Nominee-registered shares accounted for
1.5 percent (2.1%) of shares.
No flagging notifications were given to the company during the reporting period.
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 Corporation's Corporate Governance Statement 2011 has been drawn up
separately from the Board of Directors' report and was published on the
company's website.
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. The shareholders proposed, and the Annual General Meeting elected on
April 16, 2012 a group of persons consisting of men as Board members.
EVENTS AFTER THE REPORTING PERIOD
Annual General Meeting 2012
Raute Corporation's Annual General Meeting was held on April 16, 2012. The
Annual General Meeting adopted the financial statements for 2011, granted
discharge from liability to those accountable and decided to distribute a
dividend of 0.30 euro per share.
The Annual General Meeting elected the company's Board of Directors for a term
that expires at the end of the Annual General Meeting of 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 authorized public accounting company PricewaterhouseCoopers was chosen as
auditor with Authorized Public Accountant Janne Rajalahti as the principal
auditor.
The Annual General Meeting decided that the remuneration paid to the Chairman
of the Board will continue to be EUR 40,000 and to the Vice-Chairman of the
Board and Board members EUR 20,000 for the term of office and that the Board
members' traveling expenses will be compensated in accordance with the
company's travel policy. The auditors' remuneration will be paid on the basis
of reasonable invoicing.
The Annual General Meeting decided to amend Article 12 of the Articles of
Association so that the Annual General Meeting is convened through a stock
exchange release. The Annual General Meeting also authorized the Board of
Directors to decide on the repurchase of the company's series A shares with
assets from the company's non-restricted equity and a directed issue of a
maximum of 400,000 of these shares. In addition the Annual General Meeting
decided to decrease the share premium fund as shown in the Company's balance
sheet on December 31, 2011 by transferring all of the assets of EUR 6.5 million
in the share premium fund into the invested non-restricted equity fund.
More detailed information on the decisions of the Annual General Meeting can be
found in the stock exchange release issued on April 16, 2012.
Dividends for the 2011 financial year
The Annual General Meeting held on April 16, 2012 decided to pay a dividend of
EUR 0.30 per share for the financial year 2011. The total amount of dividends
is EUR 1.2 million, series A shares accounting for EUR 904,079.10 (EUR
904,079.10) and series K shares for EUR 297,348.30 (EUR 297,348.30). The
dividend payment date was April 26, 2012.
Board of Directors and Board Committees
The Board of Directors elected by Raute Corporation's Annual General Meeting on
April 16, 2012 has held an organizing meeting.
Based on the evaluation of independence, Chairman Erkki Pehu-Lehtonen and
members Joni Bask, Risto Hautamäki, Ilpo Helander, Mika Mustakallio, and Pekka
Suominen are independent of the company. The Chairman of the Board (Mr. Erkki
Pehu-Lehtonen) and two Board members (Mr. Ilpo Helander and Mr. Risto
Hautamäki) are independent of major shareholders.
Raute Corporation's Board of Directors has an Appointments Committee and a
Working Committee. Mr. Erkki Pehu-Lehtonen is Chairman of the Appointments
Committee, and Mr. Mika Mustakallio and Mr. Ville Korhonen - chosen from among
the representatives of major shareholders - act as its members. The Chairman of
the Working Committee is Mr. Erkki Pehu-Lehtonen and its members are Mr. Mika
Mustakallio and Mr. Risto Hautamäki. The Audit Committee's tasks are handled by
the Board of Directors.
BUSINESS RISKS
Risks in the near term continue to be driven by the global economic situation
and the uncertainty concerning its development. During the reporting period,
there have been no essential changes in the business risks described in the
2011 Board of Directors' report and financial statements. The most significant
risks for Raute in the near term are related to the development of demand and
the order book after the delivery of the present strong order book has taken
place.
OUTLOOK FOR 2012
Raute's business operations are characterized by the sensitivity of investment
demand to cyclical fluctuations in the global economy and the financial
markets.
Significant uncertainty is still associated with the development of the global
economy and financial markets due to the hazards of growing debt among some
European countries and in the United States. The market situation for Raute's
customer industries is expected to remain uncertain.
However, upgrade investments in the plywood industry to ensure quality and cost
competitiveness and maintain market shares will remain at a reasonable level in
the near future, provided that the economic uncertainty does not spiral into a
new crisis.
Production line and mill-scale investment projects are being planned in several
market areas. The implementation and timing of these projects will depend on
investors' confidence that the market for wood products will remain at a
reasonable level and on the arrangement of financing for customer projects in
some market areas.
Thanks to its strong financial and market position and the development measures
it has carried out, Raute is well positioned to respond to growing demand once
the markets recover. The implemented adaptation measures have led to a lighter
cost structure and business is more profitable than before, even in a difficult
market situation.
Due to a strong order book and projects in the negotiation phase, net sales in
2012 will increase significantly on the comparison year and the operating
profit will be clearly positive.
TABLES SECTION OF THE INTERIM REPORT
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF Note 1.1.-31 1.1.-31 1.1.-31 1.1.-31 1.1.-31
.3. .3. .3. .3. .12.
COMPREHENSIVE INCOME (EUR 1 2012 2011 2012 2011 2011
000)
--------------------------------------------------------------------------------
NET SALES 3,4,5 15 109 14 627 15 109 14 627 74 323
--------------------------------------------------------------------------------
Change in inventories of 464 95 464 95 -184
finished goods and work in
progress
Other operating income 46 32 46 32 168
Materials and services -6 806 -7 067 -6 806 -7 067 -39 404
Employee benefits expense 12 -6 635 -6 047 -6 635 -6 047 -24 019
Depreciation and -501 -542 -501 -542 -2 128
amortization
Other operating expenses -2 227 -2 540 -2 227 -2 540 -9 494
--------------------------------------------------------------------------------
Total operating expenses -16 168 -16 196 -16 168 -16 196 -75 045
OPERATING PROFIT (LOSS) -549 -1 442 -549 -1 442 -738
--------------------------------------------------------------------------------
% of net sales -4 -10 -4 -10 -1
Financing income 208 211 208 211 705
Financing expenses -195 -318 -195 -318 -1 093
PROFIT (LOSS) BEFORE TAX -536 -1 550 -536 -1 550 -1 126
--------------------------------------------------------------------------------
% of net sales -4 -11 -4 -11 -2
Income taxes 72 285 72 285 30
PROFIT (LOSS) FOR THE PERIOD -464 -1 265 -464 -1 265 -1 095
--------------------------------------------------------------------------------
% of net sales -3 -9 -3 -9 -1
Other comprehensive income
items:
Exchange differences on translating 13 -15 13 -15 23
foreign operations
Cash flow hedging - - - - 19
Income tax related to cash - - - - -5
flow hedges
------------------------------------
------------------------------------ --------
Comprehensive income items
for
the period, net of tax 13 -15 13 -15 37
COMPREHENSIVE PROFIT (LOSS) FOR THE -451 -1 280 -451 -1 280 -1 058
PERIOD
--------------------------------------------------------------------------------
Profit (loss) for the period
attributable to
--------------------------------------------------------------------------------
Equity holders of the Parent -464 -1 265 -464 -1 265 -1 095
company
Comprehensive profit (loss)
for the period attributable
to
--------------------------------------------------------------------------------
Equity holders of the Parent -451 -1 280 -451 -1 280 -1 058
company
Earnings per share for profit
(loss) attributable
to Equity holders of the Parent
company, EUR
--------------------------------------------------------------------------------
Undiluted earnings per share -0,12 -0,32 -0,12 -0,32 -0,27
Diluted earnings per share -0,12 -0,32 -0,12 -0,32 -0,27
Shares, 1 000 pcs
--------------------------------------------------------------------------------
Adjusted average number of 4 005 4 005 4 005 4 005 4 005
shares
Adjusted average number of 4 005 4 014 4 005 4 014 4 005
shares diluted
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET Note 31.3. 31.3. 31.12.
(EUR 1 000) 2012 2011 2011
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets 8 2 152 1 188 1 433
Property, plant and equipment 8 8 211 8 657 8 226
Other financial assets 789 497 789
Accounts receivables and other receivables 549 729 549
Deferred tax assets 1 699 1 801 1 601
NON-CURRENT ASSETS 13 401 12 871 12 598
--------------------------------------------------------------------------------
Current assets
Inventories 5 903 5 238 5 059
Accounts receivables and other receivables 5 11 760 13 602 9 298
Income tax receivable 15 - 37
Cash and cash equivalents 34 433 23 030 25 674
CURRENT ASSETS 52 110 41 870 40 067
--------------------------------------------------------------------------------
ASSETS 65 510 54 742 52 666
--------------------------------------------------------------------------------
EQUITY
Equity attributable to Equity holders of the
Parent company
Share capital 8 010 8 010 8 010
Share premium account 6 498 6 498 6 498
Fair value reserve and other reserves 232 55 187
Exchange differences 36 0 23
Retained earnings 7 351 9 647 8 447
Profit (loss) for the period -464 -1 265 -1 095
--------------------------------------------------------------------------------
Share of shareholders' equity that belongs to the 21 663 22 945 22 069
owners of the Parent company
SHAREHOLDERS' EQUITY 21 663 22 945 22 069
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
Non-current provisions 96 22 123
Non-current interest-bearing liabilities 9 11 017 9 923 10 937
Pension obligations 96 0 0
NON-CURRENT LIABILITIES 11 209 9 945 11 060
--------------------------------------------------------------------------------
CURRENT LIABILITIES
Current provisions 682 616 697
Pension obligations 0 93 98
Current interest-bearing liabilities 9 4 340 2 315 4 340
Current advances received 5 18 237 10 985 5 589
Income tax liability 10 - 416
Trade payables and other liabilities 9 369 7 842 8 399
CURRENT LIABILITIES 32 638 21 851 19 537
--------------------------------------------------------------------------------
TOTAL LIABILITIES 43 847 31 796 30 597
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES 65 510 54 742 52 666
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH 31.3. 31.3. 31.12.
FLOWS (EUR 1 000) 2012 2011 2011
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Cash receipts from customers 27 098 19 101 64 268
Other operating income 46 30 168
Cash paid to suppliers and employees -17 474 -17 749 -62 322
--------------------------------------------------------------------------------
Cash flow before financial items and taxes 9 670 1 382 2 113
Interest paid from operating activities -23 -45 -163
Dividends received from operating activities 96 22 108
Interest received from operating activities 132 111 357
Other financing items from operating activities -189 -42 -183
Income taxes paid from operating activities -413 0 298
NET CASH FLOW FROM OPERATING ACTIVITIES (A) 9 273 1 428 2 531
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and -559 -225 -1 589
intagible assets
Proceeds from sale of property, plant and 22 20 133
equipment and intangible assets
Purchase of other investments - - -293
NET CASH FLOW FROM INVESTING ACTIVITIES (B) -538 -205 -1 748
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
Decrease of non-current and current receivables - - 1 000
Increase of current borrowings - - 163
Repayments of current borrowings - -115 -115
Increase of non-current borrowings - 6 000 11 000
Repayments of non-current borrowings - -8 000 -10 000
Dividends paid - - -1 201
NET CASH FLOW FROM FINANCING ACTIVITIES (C) - -2 116 846
--------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C) 8 735 -893 1 629
--------------------------------------------------------------------------------
increase (+)/decrease (-)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE 25 674 24 090 24 090
PERIOD
NET CHANGE IN CASH AND CASH EQUIVALENTS 8 735 -893 1 629
EFFECTS OF EXCHANGE RATE CHANGES ON CASH 23 -167 -45
CASH AND CASH EQUIVALENTS AT THE END OF THE 34 433 23 030 25 674
PERIOD*
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS IN THE BALANCE
SHEET AT THE END OF THE PERIOD
Cash and cash equivalents 34 433 23 030 25 674
TOTAL 34 433 23 030 25 674
--------------------------------------------------------------------------------
*Cash and cash equivalents comprise assets at fair value through profit
and loss, as well as cash
and bank receivables, which will be due within the following
three months' period.
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF
CHANGES IN SHAREHOLDERS'
EQUITY
--------------------------------
------------------------------------------------
Share Share Other Exchang Retain
e ed
(EUR 1 000) capita premiu reserv rate earnin TOTAL
l m es diff. gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2012 8 010 6 498 187 23 7 351 22 069
--------------------------------------------------------------------------------
Comprehensive profit (loss) for
the period
Profit (loss) for the period - - - - -464 -464
Other comprehensive income 0
items:
Exchange differences on - - - 13 13
translating foreign operations
Cash flow hedging, net of tax - - - - - -
Total comprehensive profit 0 0 0 13 -464 -451
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based - - 45 - - 45
transactions
Dividend paid - - - - - -
EQUITY at March 31, 2012 8 010 6 498 232 36 6 887 21 663
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF
CHANGES IN SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
Share Share Other Exchang Retain
e ed
(EUR 1 000) capita premiu reserv rate earnin TOTAL
l m es diff. gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2011 8 010 6 498 36 35 9 648 24 227
--------------------------------------------------------------------------------
Comprehensive profit (loss) for
the period
Profit (loss) for the period - - - - -1 265 -1 265
Other comprehensive income
items:
Exchange differences on - - - -35 - -35
translating foreign operations
Cash flow hedging, net of tax - - - - - -
Total comprehensive profit 0 0 0 -35 -1 265 -1 301
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based - - 19 - - 19
transactions
Dividend paid - - - - - -
EQUITY at March 31, 2011 8 010 6 498 55 0 8 383 22 945
--------------------------------------------------------------------------------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General information
Raute Group 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). 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 is a Finnish public limited liability company,
Raute Corporation, 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, Finland. The address of its registered
office is Rautetie 2, FI-15550 Nastola, Finland,
and its postal address is P.O. Box 69, FI-15551 Nastola, Finland.
The Consolidated financial statements are available online at www.raute.com and
at the head office of the Parent company,
Rautetie 2, FI-15550 Nastola, Finland.
Raute Corporation's Board of Directors has on May 4, 2012 reviewed the Interim
financial report for January 1 -
March 31, 2012, and approved it to be published in compliance with this release.
2. Accounting principles
Raute Corporation's Interim financial report January 1 - March 31, 2012 has been
prepared in accordance with standard
IAS 34 Interim Financial Reporting. The Interim financial report does not
contain full notes and other information presented
in the financial statements, and therefore the Interim financial report should
be read in conjuction with the Financial
statements published for 2011.
Raute Corporation's Interim financial report for January 1 - March 31, 2012 has
been prepared in accordance
with international financial statement standards (International Financial
Reporting Standards, IFRS) as adopted by the
European Union, and preparations have complied with the IAS and IFRS standards,
as well as SIC and IFRIC interpretations,
effective on March 31, 2012. The notes to the Interim financial statements also
comply with Finnish accounting
legislation. The presented Interim financial report figures have not been
audited.
The Interim financial report has been prepared according to the same accounting
principles as those applied in the Annual
financial statements for 2011 except for the certain new or revised standards,
interpretations and amendments
which the Group has applied as of January 1, 2012. The impact of the new and
revised standards have been presented in the
Annual financial statements for 2011. The adoption of these standards have not
had an impact on the Interim financial report.
All the monetary figures presented in the Interim financial report are in
thousand euros, unless otherwise stated.
Due to the rounding of the figures in the financial statement 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 according to IFRS standards requires
management to use estimates and
assumptions in the process of applying the accounting principles. Because
estimates and assumptions are based on
management's best knowledge at the reporting date, they comprise risks and
uncertainties. The actual results may therefore
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 financal statements.
----------------------------------------------------------------------------
31.3. 31.3. 31.12.
Wood products technology 2012 2011 2011
----------------------------------------------------------------------------
Net sales 15 109 14 627 74 323
Operating profit (loss) -549 -1 442 -738
Assets 65 510 54 742 52 666
Liabilities 43 847 31 796 30 597
Capital expenditure 1 216 226 1 885
--------------------------------------------------------------------------------
Assets of the wood products 31.3. 31.3. 31.12.
technology
segment by geographical location 2012 % 2011 % 2011 %
--------------------------------------------------------------------------------
Finland 58 693 90 45 729 84 46 196 88
North America 3 402 5 3 357 6 3 305 6
China 1 609 2 4 018 7 1 550 3
Russia 1 436 2 1 319 2 1 302 2
South America 196 0 143 0 170 0
Others 173 0 176 0 143 0
TOTAL 65 510 100 54 742 100 52 666 100
--------------------------------------------------------------------------------
-----------------------------------
---------------------------------------------
Capital expenditure of the wood 31.3. 31.3. 31.12.
products
technology segment by geographical 2012 % 2011 % 2011 %
location
--------------------------------------------------------------------------------
Finland 1 203 99 220 97 1 824 97
North America 6 0 2 1 22 1
China 3 0 3 1 36 2
Russia 1 0 - - - -
South America 1 0 - - 2 0
Others 1 0 - - 1 0
TOTAL 1 216 100 226 100 1 885 100
--------------------------------------------------------------------------------
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 modernization 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 three (3) customers, whose share of the
Group's net sales temporarily exceeded ten
percent.
--------------------------------------------------------------------------------
Net sales 1.1.-31.3. 1.1.-31.3 1.1.-31.12
. .
by market area 2012 % 2011 % 2011 %
--------------------------------------------------------------------------------
South America 4 002 26 958 6 4 301 6
Rest of Europe 3 692 24 2 057 14 10 593 14
Russia 3 498 23 2 883 20 26 026 35
North America 2 019 13 1 836 13 6 090 8
Finland 1 251 8 2 759 19 8 891 12
Asia-Pacific 600 4 4 089 28 18 299 25
Others 47 0 46 0 124 0
TOTAL 15 109 100 14 627 100 74 323 100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5. Long-term projects 31.3. 31.3. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Net sales
Net sales by percentage of completion 12 053 11 630 58 760
Other net sales 3 056 2 997 15 563
TOTAL 15 109 14 627 74 323
--------------------------------------------------------------------------------
Project revenues entered as income from currently
undelivered
long-term projects recognized by percentage of 51 273 48 898 45 250
completion
Amount of long-term project revenues not yet entered as
income
(order book) 80 651 46 866 35 034
Projects for which the value by percentage of completion
exceeds
advance payments invoiced
- aggregate amount of costs incurred and recognized
profits less
recognized losses 18 285 28 210 16 805
- advance payments received 13 703 21 923 13 431
Gross amount due from customers 4 582 6 287 3 374
--------------------------------------------------------------------------------
Projects for which advance payments invoiced exceed the
value by
percentage of completion
- aggregate amount of costs incurred and recognized
profits less
recognized losses 32 988 20 687 28 445
- advance payments received 50 487 29 337 33 704
Gross amount due to customers 17 499 8 650 5 259
--------------------------------------------------------------------------------
Specification of combined asset and liability items
Advance payments paid 386 332 101
Advance payments received included in inventories in the 386 332 101
balance sheet
--------------------------------------------------------------------------------
Advance payments in the balance sheet 18 237 10 985 5 589
--------------------------------------------------------------------------------
6. Number of personnel, persons 31.3. 31.3. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Effective, on average 458 452 457
In books, on average 468 483 475
In books, at the end of period 469 476 464
- of which personnel working abroad 112 128 117
--------------------------------------------------------------------------------
7. Research and development costs 31.3. 31.3. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Research and development costs for the period 565 402 2020
Amortization of previously capitalized development costs 40 88 262
Development costs recognized as an asset in the balance -70 - -209
sheet
Research and development costs entered as expenses for 535 490 2 072
the period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8. Changes in Intangible assets and in Property, 31.3. 31.3. 31.12.
plant and equipment 2012 2011 2011
--------------------------------------------------------------------------------
Intangible assets
Carrying amount at the beginning of the period 12 448 11 759 11 759
Exchange rate differences 1 -13 16
Additions 839 30 609
Reclassifications between items -679 - 63
Carrying amount at the end of the period 12 609 11 775 12 447
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -11 015 -10 418 -10 420
beginning of the period
Exchange rate differences 0 8 -8
Reclassifications between items 679 - 18
Depreciation and amortization for the period -120 -178 -604
Accumulated depreciation and amortization at the -10 456 -10 587 -11 013
end of the period
--------------------------------------------------------------------------------
Book value of Intangible assets, at the beginning 1 433 1 341 1 341
of the period
Book value of Intangible assets, at the end of the 2 152 1 188 1 433
period
Property, plant and equipment
Carrying amount at the beginning of the period 44 463 43 714 43 714
Exchange rate differences -79 -419 117
Additions 377 195 983
Disposals -7 -18 -67
Reclassifications between items -3 686 - -285
Carrying amount at the end of the period 41 068 43 472 44 463
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -36 236 -34 800 -34 801
beginning of the period
Exchange rate differences 74 356 -96
Reclassifications between items 3 685 - 202
Depreciation and amortization for the period -381 -371 -1 541
Accumulated depreciation and amortization at the -32 857 -34 815 -36 236
end of the period
--------------------------------------------------------------------------------
Book value of Property, plant and equipment, at the
beginning
of the period 8 227 8 913 8 913
Book value of Property, plant and equipment, at the
end
of the period 8 211 8 656 8 226
--------------------------------------------------------------------------------
9. Interest-bearing liabilities 31.3. 31.3. 31.12. 2012 2011 2011
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities recognized 11 017 9 921 10 937
at amortized cost
Current interest-bearing liabilities 4 340 2 318 4 340
TOTAL 15 357 12 238 15 277
--------------------------------------------------------------------------------
Maturities of the interest-bearing financial
liabilities
Financial liability Current Non-curre Total
nt
--------------------------------------------------------------------------------
Pension loans (TyEL) 2 000 2 000 4 000
Loans from financial institutions 2 240 9 018 11 258
Other loans 100 - 100
Total 4 340 11 017 15 357
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10. Pledged assets and contingent liabilities 31.3. 31.3. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Pledged assets on behalf of the Parent company
Loans from financial institutions 11 017 5 921 11 177
Business mortgages 6 700 4 700 6 700
Pension loans (TyEL) 4 000 6 000 4 000
Business mortgages 1 200 1 800 1 200
Credit insurance agreements 2 800 4 200 2 800
Other loans 100 100 100
Real estate mortgages 101 101 101
Mortgage agreements on behalf of subsidiaries
Loans from financial institutions 240 218 240
Business mortgages 240 200 240
Commercial bank guarantees on behalf of the
Parent company
and subsidiaries 21 076 12 475 18 472
Other own obligations
Within one year 548 552 546
After the period of more than one and less than 1 314 1 121 1 358
five years
More than five years 503 668 523
Total 2 365 2 340 2 426
--------------------------------------------------------------------------------
Loans and guarantees on behalf of the related
party
No loans are granted to the company's management. On March 31, 2012, the Parent
Company Raute Corporation had
loan receivables from its subsidiary Raute Service LLC EUR 355 thousand (EUR 355
thousand) and from Raute Canada
Ltd. EUR 1 502 thousand (EUR 363 thousand). Raute Corporation had a EUR 100
thousand (EUR 100 thousand) liability
to Raute Sickness Fund.
No pledges have been given or other commitments made on behalf of the company's
management and shareholders.
--------------------------------------------------------------------------------
11. Currency derivatives and hedging instruments 31.3. 31.3. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Currency derivatives are used for hedging
purposes.
Nominal values of forward contracts in foreign
currency
Economic hedging
- Related to financing 1 503 6 284 1 211
- Related to hedging of net sales 460 661 637
Fair values of forward contracts in foreign
currency
Economic hedging
- Related to financing 10 -75 -32
- Related to the hedging of net sales 12 -39 4
Interest rate and currency swap agreements
- Nominal value 6 093 5 921 5 937
- Fair value -250 -53 -285
12. 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 45
thousand (EUR 19 thousand) was recognized
for the options in the income statement
during the period.
13. Dividend distribution
Raute Corporations's Annual General Meeting decided according to proposal of the
Board of Directors to distribute a dividend
of EUR 0,30 per share to be paid for series A and K shares. A total amount of
dividends to be paid is EUR 1,201,427.40.
14. Exchange rates used
--------------------------------------------------------------------------------
1.1.-31.3. 1.1.-31.3. 1.1.-31.12.
Income statement, euros 2012 2011 2011
--------------------------------------------------------------------------------
USD (US dollar) 1,3110 1,3669 1,3917
CAD (Canadian dollar) 1,3129 1,3478 1,3756
SGD (Singapore dollar) 1,6573 1,7457 1,7491
CLP (Chilean peso) 640,5550 658,4032 672,0723
RUB (Russian rouble) 39,5477 40,0029 40,8797
CNY (Chinese juan) 8,2702 8,9966 8,9958
--------------------------------------------------------------------------------
31.3. 31.3. 31.12.
Balance sheet, euros 2012 2011 2011
--------------------------------------------------------------------------------
USD (US dollar) 1,3356 1,4207 1,2939
CAD (Canadian dollar) 1,3311 1,3785 1,3215
SGD (Singapore dollar) 1,6775 1,7902 1,6819
CLP (Chilean peso) 641,7271 671,5218 680,1710
RUB (Russian rouble) 39,2950 40,285 41,7650
CNY (Chinese juan) 8,3326 9,1902 8,3499
--------------------------------------------------------------------------------
FINANCIAL DEVELOPMENT 31.3. 31.3. 31.12. 2012 2011 2011
--------------------------------------------------------------------------------
Change in net sales, % 3,3 40,2 18,2
Exported portion of net sales, % 91,7 81,1 88,0
Return on investment (ROI), % -3,8 -13,3 -0,1
Return on equity (ROE), % -8,5 -21,5 -4,7
Interest-bearing net liabilities, EUR -19,1 -10,8 -10,4
million
Gearing, % -88,1 -47,0 -47,1
Equity ratio, % 45,8 52,4 46,9
Gross capital expenditure, EUR million 1,2 0,2 1,9
% of net sales 8,0 1,5 2,5
Research and development costs, EUR million 0,6 0,4 2,0
% of net sales 3,7 2,7 2,7
Order book, EUR million 82 48 36
Order intake, EUR million 61 29 77
--------------------------------------------------------------------------------
SHARE-RELATED DATA 31.3. 31.3. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Earnings per share, (EPS), undiluted, EUR -0,12 -0,32 -0,27
Earnings per share, (EPS), diluted, EUR -0,12 -0,32 -0,27
Equity to share, EUR 5,41 5,73 5,51
Dividend per share, EUR - - 0,30
Dividend per profit, % - - -109,7
Effective dividend return, % - - 4,8
Development in share price (series A shares)
Lowest share price for the period, EUR 6,18 9,65 6,05
Highest share price for the period, EUR 9,24 11,55 11,55
Average share price for the period, EUR 8,48 10,71 8,57
Share price at the end of the period, EUR 8,64 10,15 6,20
Market value of capital stock
- Series K shares, EUR million* 8,6 10,1 6,1
- Series A shares, EUR million 26,0 30,6 18,7
Total, EUR million 34,6 40,6 24,8
--------------------------------------------------------------------------------
*Series K shares valued at the value of series
A shares.
Trading of the company's shares (series A
shares)
Trading of shares, pcs 90 908 88 445 522 287
Trading of shares, EUR million 0,8 0,9 4,3
Number of shares
- Series K shares, ordinary shares (20 991 161 991 161 991 161
votes/share)
- Series A shares (1 vote/share) 3 013 597 3 013 597 3 013 597
Total 4 004 758 4 004 758 4 004 758
--------------------------------------------------------------------------------
Number of shares, weighted average, 1 000 pcs 4 005 4 005 4 005
Number of shares diluted, 1 000 pcs 4 005 4 014 4 005
The number of shareholders 1 675 1 776 1 667
--------------------------------------------------------------------------------
DEVELOPMENT OF Q 2 Q 3 Q 4 Q 1 Rolling Rolling
QUARTERLY RESULTS 2011 2011 2011 2012 1.4.2011 1.4.2010
(EUR 1 000) - -
31.3.2012 31.3.2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 23 136 21 626 14 934 15 109 74 805 67 059
--------------------------------------------------------------------------------
Change in inventories 723 223 -1 225 464 185 778
of finished goods and
work in progress
Other operating income 68 45 23 46 182 4 593
Materials and services -13 891 -12 885 -5 561 -6 806 -39 143 -36 075
Employee benefits -6 137 -5 397 -6 437 -6 635 -24 606 -24 126
expense
Depreciation and -538 -530 -518 -501 -2 086 -2 155
amortization
Other operating -2 547 -2 071 -2 336 -2 227 -9 181 -8 814
expenses
Total operating -23 113 -20 883 -14 853 -16 168 -75 017 -71 170
expenses
--------------------------------------------------------------------------------
OPERATING PROFIT 814 1 011 -1 121 -549 156 1 261
(LOSS)
--------------------------------------------------------------------------------
% of net sales 4 5 -8 -4 0 2
Financing income 313 242 -60 208 702 563
Financing expenses -362 -403 -10 -195 -969 -890
PROFIT (LOSS) BEFORE 764 850 -1 190 -536 -112 934
TAX
--------------------------------------------------------------------------------
% of net sales 3 4 -8 -4 0 1
Income taxes -244 -180 170 72 -183 -89
PROFIT (LOSS) FOR THE 520 670 -1 020 -464 -294 845
PERIOD
--------------------------------------------------------------------------------
% of net sales 2 3 -7 -3 0 1
Attributable to
--------------------------------------------------------------------------------
Equity holders of the 520 670 -1 020 -464 -294 845
Parent company
Earnings per share for profit
(loss) attributable
to Equity holders of the Parent
company, EUR
--------------------------------------------------------------------------------
Undiluted earnings per 0,13 0,17 -0,25 -0,12 -0,07 0,21
share
Diluted earnings per 0,13 0,17 -0,25 -0,12 -0,07 0,21
share
Shares, 1 000 pcs
--------------------------------------------------------------------------------
Adjusted average 4 005 4 005 4 005 4 005 4 005 4 005
number of shares
Adjusted average 4 012 4 005 4 005 4 005 4 005 4 014
number of shares
diluted
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LARGEST SHAREHOLDERS AT Number of Number of
March 31, 2012 series K series A
shares shares Total
(20 votes (1 vote number
per share) per share) of shares
--------------------------------------------------------------------------------
1. Sundholm Göran - 624 798 624 798
2. Mandatum Henkivakuutusosakeyhtiö - 181 900 181 900
3. Suominen Jussi Matias 48 000 74 759 122 759
4. Sijoitusrahasto Alfred Berg Small Cap - 121 168 121 168
Finland
5. Mustakallio Kari Pauli 60 480 56 900 117 380
6. Suominen Pekka 48 000 62 429 110 429
7. Suominen Tiina Sini-Maria 48 000 62 316 110 316
8. Siivonen Osku Pekka 50 640 53 539 104 179
9. Kirmo Kaisa Marketta 50 280 41 826 92 106
10. Mustakallio Mika Tapani 56 180 29 670 85 850
11. Keskiaho Kaija Leena 33 600 51 116 84 716
12. Särkijärvi Anna Riitta 60 480 22 009 82 489
13. Mustakallio Ulla Sinikka 47 240 30 862 78 102
14. Laakkosen Arvopaperi Oy - 71 849 71 849
15. Relander Harald - 65 300 65 300
16. Mustakallio Marja Helena 43 240 16 047 59 287
17. Sijoitusrahasto Nordea Suomi Small Cap - 57 349 57 349
18. Särkijärvi Timo 12 000 43 256 55 256
19. Särkijärvi-Martinez Anu Riitta 12 000 43 256 55 256
20. Kirmo Lasse 30 000 24 110 54 110
--------------------------------------------------------------------------------
TOTAL 600 140 1 734 459 2 334 599
--------------------------------------------------------------------------------
Share of total amount of shares, % 60,5 57,6 58,3
Share of total voting rights, % 60,5 57,6 60,2
--------------------------------------------------------------------------------
Nominee-registered - 58 803 58 803
Other shareholders 391 021 1 220 335 1 611 356
--------------------------------------------------------------------------------
TOTAL 991 161 3 013 597 4 004 758
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MANAGEMENT'S SHAREHOLDING 151 470 136 049 287 519
--------------------------------------------------------------------------------
Share of total amount of shares, % 15,3 4,5 7,2
Share of total voting rights, % 15,3 4,5 13,9
--------------------------------------------------------------------------------
RAUTE CORPORATION
Board of Directors
BRIEFING ON MAY 7, 2012 AT 2 P.M.:
A briefing will be organized for analysts, investors and the media on Monday,
May 7, 2012 at 2 p.m. at Scandic
Simonkenttä Hotel, Roba cabinet, Simonkatu 9, Helsinki. The interim report will
be presented by
Mr. Tapani Kiiski, President and CEO, and Ms. Arja Hakala, CFO.
NEXT INTERIM REPORT:
Raute Corporation's interim report January 1-June 30, 2012 will be published on
Tuesday July 31, 2012.
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 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. Raute's net
sales in 2011 were EUR 74.3 million. The Group's headcount at the end of 2011
was 464.
More information about the company can be found at www.raute.com.
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