2012-07-31 08:00:03 CEST
2012-07-31 08:00:13 CEST
REGULATED INFORMATION
Raute - Interim report (Q1 and Q3)
Raute Corporation - Interim Report January 1 - June 30, 2012
Nastola, Finland, 2012-07-31 08:00 CEST (GLOBE NEWSWIRE) --
RAUTE CORPORATION INTERIM REPORT July 31, 2012 at 9:00 a.m.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1-JUNE 30, 2012
- The Group's net sales, EUR 37.5 million (MEUR 37.8), remained at the level of
the comparison period. The order intake almost doubled to EUR 76 million (MEUR
39).
- Operating profit was EUR 0.1 million positive (MEUR -0.6). Result before
taxes was EUR 0.1 million positive (MEUR -0.8).
- Earnings per share (undiluted) were EUR -0.05 (EUR -0.19).
- Net sales for the second quarter were EUR 22.4 million and the operating
profit EUR 0.6 million. Order intake was EUR 15 million and the order book at
the end of the reporting period was EUR 73 million.
- 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: Profit development met expectations
The second quarter of the year in progress met our expectations. The strong
order book generated almost 50 percent higher net sales compared to the first
quarter and the operating profit for the second quarter was positive. We are
still presently at the same level in terms of net sales as in the previous year
but our result is better and we have achieved a positive operating result.
Almost EUR 50 million in project deliveries from our strong order book have
been planned for the second half of the year, which is nearly twice that of the
first half of the year. The focus of the load is shifting from planning to
production and start-up resources and to our cooperation partners. We are now
in a situation in which we can truly show our expertise and delivery ability,
which we have maintained even in difficult years.
The year has proceeded and will continue to proceed in an uncertain market
situation. The development of technology services has, however, been positive
compared to the first quarter. Construction activity in the main markets of our
customers is still on a low level and therefore our customers do not need to
make any significant capacity-increasing investments. Various types of projects
are underway but the uneasy money market and demand situation make their
implementation and the timing of their start-ups uncertain.
A strong order book provides Raute with a clearly positive result and the
opportunity 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.
SECOND QUARTER OF 2012
Order intake and order book
Order intake during the second quarter was on a low level, totaling EUR 15
million (MEUR 9). Technology services accounted for EUR 8 million (MEUR 4) of
the order intake, increasing by one third from the first quarter. The volume of
new orders remained at a low level as several projects which were expected to
be realized in the second quarter were delayed due to the uncertainties related
to the market development and financing.
The most significant new orders were an automatic drying-grading line to Russia
and a pressing line and dryer to Poland.
The order book fell by EUR 9 million during the second quarter but remained on
a high level at EUR 73 million (MEUR 35).
Net sales
Second-quarter net sales amounted to EUR 22.4 million (MEUR 23.1). Net sales
increased from the first quarter by 48 percent.
Technology services accounted for 34 percent of total net sales (26%).
Result and profitability
Second-quarter operating profit was EUR 0.6 million positive (MEUR 0.8
positive) and accounted for 3 percent (4%) of net sales. The second quarter
result was EUR 0.3 million positive (MEUR 0.5 positive), and earnings per share
were EUR 0.07 (EUR 0.13).
RAUTE CORPORATION - INTERIM REPORT JANUARY 1-JUNE 30, 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 a few
European countries and the threats associated with the development of the
United States' economy. 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 improvement investments to ensure quality and cost
competitiveness as well as maintain market shares have remained at a low level
during the first 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 reporting period was at a very high level totaling
EUR 76 million (MEUR 39). 69 percent of orders received came from South America
(7%), 13 percent from Europe (25%), 12 percent from Russia (59%), 4 percent
from North America (7%) and 2 percent from the Asia-Pacific area (2%). The
considerable changes in the shares of the different market areas result mainly
from the effects of mill-scale deliveries.
The most significant transaction during the reporting period consisted of
orders received in February, 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 13 million (MEUR 11) of the order intake
and increased by 13 percent.
The order book increased during the reporting period by EUR 37 million,
amounting to EUR 73 million at the end of the period (MEUR 35). More than EUR
19 million of the order book is estimated to be recognized as net sales 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 and its long-term dedication to
serving selected customer industries also enhance its credibility and improve
its competitive position as an executor of long-term investment projects.
NET SALES
The net sales for the reporting period, EUR 37.5 million (MEUR 37.8), equaled
the level of the comparison period.
South America's share of the net sales rose to 36 percent (6%). Europe's share
of total net sales was 29 percent (26%), Russia's 20 percent (33%), North
America's 11 percent (10%) and Asia-Pacific's 4 percent (25%).
Net sales for technology services increased 4 percent on the comparison period,
accounting for 37 percent (33%) of total net sales.
RESULT AND PROFITABILITY
Operating profit for the reporting period was EUR 0.1 million positive (MEUR
0.6 negative) and accounted for 0 percent (-2%) of net sales.
The result before taxes for the reporting period was EUR 0.1 million positive
(MEUR 0.8 negative) and the result EUR 0.2 million negative (MEUR 0.7
negative). Earnings per share (undiluted) were EUR -0.05 (EUR -0.19).
CASH FLOW AND BALANCE SHEET
The Group's financial position is good. At the end of the reporting period,
gearing was -60 percent (-36%) and equity ratio 45 percent (50%). Other
fluctuations in balance sheet orking 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.
The Group's cash and cash equivalents, including financial assets recognized at
fair value through profit or loss, amounted to EUR 25.8 million (MEUR 19.1) at
the end of the reporting period. Operating cash flow was EUR +4.4 million (MEUR
-0.8). Cash flow from investment activities was EUR -1.1 million (MEUR -0.6).
Cash flow from financing activities was EUR -3.2 million (MEUR -3.3), including
dividend payments of EUR 1.2 million and loan repayments of EUR 2.0 million.
Interest-bearing liabilities amounted to EUR 13.4 million (MEUR 11.1) 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.
April 16, 2012 Decisions by Raute's Annual General Meeting 2012.
DEVELOPMENT OF OPERATIONS
Raute Corporation has outsourced its warehouse and other internal logistics
operations located at Nastola to ISS Palvelut Oy starting on April 1, 2012.
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 1.2 million (MEUR 0.8)
and accounted for 3.1 percent (2.7%) of net sales.
Investments totaled EUR 1.8 million (MEUR 0.7) during the reporting period. The
majority of the investments were related to technology acquisitions and product
development.
PERSONNEL
At the end of the reporting period, the Group's personnel numbered 505 (486).
Group companies outside Finland accounted for 25 percent (25%) of employees.
Converted to full-time employees ("effective headcount"), the average number of
employees was 469 (457) during the reporting period.
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
Article 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
30.2 million (MEUR 39.3), with series K shares valued at the closing price of
series A shares, EUR 7.55 (EUR 9.81), on June 30, 2012.
STOCK OPTION SCHEME 2010
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 a total of 73,000 stock options marked with the
symbol 2010 C to the Group's key employees on June 21, 2012. The share
subscription period for 2010 C stock options will be from March 1, 2015 to
March 31, 2018 and the exercise price EUR 8.40.
Earlier, on May 5, 2010, 80,000 stock options marked 2010 A and on May 31, 2011
and September 26, 2011 altogether 80,000 stock options marked 2010 B were
granted to the Group's key employees under this stock option scheme.
SHAREHOLDERS
The number of shareholders totaled 1,667 at the beginning of the year and 1,653
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 (7.1%) of the company shares
and 13.9 percent (13.3%) 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. On April 16, 2012 the shareholders proposed and the Annual General
Meeting elected as Board members a group of persons consisting only of men.
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 EUR 0.30 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 and series K
shares for EUR 297,348.30. The dividend payment date was April 26, 2012.
BOARD OF DIRECTORS AND BOARD COMMITTEES
At Raute Corporation's Annual General Meeting on April 16, 2012, 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.
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. The Appointments Committee is chaired by Mr. Erkki
Pehu-Lehtonen and its members are Mr. Mika Mustakallio and Mr. Ville Korhonen,
who was elected by the major shareholders from amongst their number. The
Working Committee is chaired by 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.
EVENTS AFTER THE REPORTING PERIOD
On July 30, 2012, Raute Corporation received an order worth total EUR 14
million from the German company Pollmeier Furnierwerkstoffe GmbH & Co.KG. The
order comprises a peeling line, a drying line and an LVL lay-up line. The
ordered equipment will be delivered in the spring 2013. The order received is
not included in the June 30, 2012 order book.
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 record-high load on
production and start-up resources during the second half of the year, as well
as 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 a few
European countries and the threats associated with the development of the
United States' economy. The market situation for Raute's customer industries is
expected to remain uncertain.
However, improvement investments in the plywood industry to ensure quality and
cost competitiveness and 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.
Production line and mill-scale investment projects are being planned in several
market areas. The implementation and timing of these projects will depend on
prospective 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.
No changes have occurred in the outlook for the whole of 2012. 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 1.4.-30 1.4.-30 1.1.-30 1.1.-30 1.1.-31
.6. .6. .6. .6. .12.
COMPREHENSIVE INCOME (EUR 1 2012 2011 2012 2011 2011
000)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 3,4,5 22 365 23 136 37 473 37 763 74 323
--------------------------------------------------------------------------------
Change in inventories of 226 723 691 818 -184
finished goods and work in
progress
Other operating income 60 68 107 100 168
Materials and services -12 055 -13 891 -18 861 -20 958 -39 404
Employee benefits expense 12 -6 997 -6 137 -13 631 -12 184 -24 019
Depreciation and -495 -538 -996 -1 080 -2 128
amortization
Other operating expenses -2 467 -2 547 -4 694 -5 087 -9 494
--------------------------------------------------------------------------------
Total operating expenses -22 014 -23 113 -38 182 -39 310 -75 045
--------------------------------------------------------------------------------
OPERATING PROFIT (LOSS) 637 814 89 -629 -738
--------------------------------------------------------------------------------
% of net sales 3 4 0 -2 -1
Financing income 181 313 389 523 705
Financing expenses -150 -362 -345 -680 -1 093
--------------------------------------------------------------------------------
PROFIT (LOSS) BEFORE TAX 669 764 133 -785 -1 126
--------------------------------------------------------------------------------
% of net sales 3 3 0 -2 -2
Income taxes -406 -244 -334 40 30
--------------------------------------------------------------------------------
PROFIT (LOSS) FOR THE PERIOD 263 520 -201 -745 -1 095
--------------------------------------------------------------------------------
% of net sales 1 2 -1 -2 -1
Other comprehensive income
items:
Exchange differences on translating 18 -2 31 -37 23
foreign operations
Cash flow hedging - - - - 19
Income tax related to cash - - - - -5
flow hedges
--------------------------------------------------------------------------------
Comprehensive income items
for
the period, net of tax 18 -2 31 -37 37
--------------------------------------------------------------------------------
COMPREHENSIVE PROFIT (LOSS) FOR THE 281 518 -171 -782 -1 058
PERIOD
--------------------------------------------------------------------------------
Profit (loss) for the period
attributable to
--------------------------------------------------------------------------------
Equity holders of the Parent 263 520 -201 -745 -1 095
company
Comprehensive profit (loss) for the
period
attributable to
--------------------------------------------------------------------------------
Equity holders of the Parent 281 518 -171 -782 -1 058
company
Earnings per share for profit
(loss) attributable
to Equity holders of the Parent
company, EUR
--------------------------------------------------------------------------------
Undiluted earnings per share 0,07 0,13 -0,05 -0,19 -0,27
Diluted earnings per share 0,07 0,13 -0,05 -0,19 -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 4 006 4 012 4 006 4 012 4 005
shares diluted
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET Note 30.6. 30.6. 31.12.
(EUR 1 000) 2012 2011 2011
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets 8 2 358 1 102 1 433
Property, plant and equipment 8 8 152 8 338 8 226
Other financial assets 789 789 789
Non-current accounts receivables and other 225 567 549
receivables
Deferred tax assets 1 303 1 565 1 601
--------------------------------------------------------------------------------
NON-CURRENT ASSETS 12 827 12 362 12 598
--------------------------------------------------------------------------------
Current assets
Inventories 6 884 6 014 5 059
Accounts receivables and other 5 18 816 15 113 9 298
receivables
Income tax receivable 162 - 37
Cash and cash equivalents 25 799 19 084 25 674
--------------------------------------------------------------------------------
CURRENT ASSETS 51 661 40 211 40 067
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS 64 488 52 573 52 666
--------------------------------------------------------------------------------
EQUITY
Equity attributable to Equity holders of
the Parent company
Share capital 8 010 8 010 8 010
Share premium account 0 6 498 6 498
Fair value reserve and other reserves 6 776 83 187
Exchange differences 54 -2 23
Retained earnings 6 150 8 447 8 447
Profit (loss) for the period -201 -745 -1 095
--------------------------------------------------------------------------------
Share of shareholders' equity that belongs
to the owners of the Parent company 20 788 22 290 22 069
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY 20 788 22 290 22 069
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
Non-current provisions 90 36 123
Non-current interest-bearing 9 8 430 7 768 10 937
liabilities
Pension obligations 94 0 0
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES 8 614 7 804 11 060
--------------------------------------------------------------------------------
CURRENT LIABILITIES
Current provisions 1 180 898 697
Pension obligations 0 94 98
Current interest-bearing liabilities 9 4 976 3 315 4 340
Current advances received 5 18 158 7 559 5 589
Income tax liability - - 416
Trade payables and other liabilities 10 771 10 613 8 399
--------------------------------------------------------------------------------
CURRENT LIABILITIES 35 086 22 479 19 537
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL LIABILITIES 43 700 30 283 30 597
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES 64 488 52 573 52 666
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.-30.6. 1.1.-30.6. 1.1.-31.12
.
(EUR 1 000) 2012 2011 2011
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Cash receipts from customers 44 045 37 253 64 268
Other operating income 107 37 168
Cash paid to suppliers and employees -38 839 -37 933 -62 322
--------------------------------------------------------------------------------
Cash flow before financial items and taxes 5 313 -643 2 113
Interest paid from operating -284 -202 -163
activities
Dividends received from operating 118 42 108
activities
Interest received from operating 227 85 357
activities
Other financing items from operating -423 -72 -183
activities
Income taxes paid from operating -564 -38 298
activities
--------------------------------------------------------------------------------
NET CASH FLOW FROM OPERATING ACTIVITIES (A) 4 385 -828 2 531
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment -1 161 -447 -1 589
and intagible assets
Proceeds from sale of property, plant and 25 93 133
equipment and intangible assets
Purchase of other investments - -293 -293
--------------------------------------------------------------------------------
NET CASH FLOW FROM INVESTING ACTIVITIES (B) -1 136 -646 -1 748
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
Decrease of non-current and current - 1 000 1 000
receivables
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 -1 970 -9 000 -10 000
Dividends paid -1 201 -1 201 -1 201
--------------------------------------------------------------------------------
NET CASH FLOW FROM FINANCING ACTIVITIES (C) -3 172 -3 317 846
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS 78 -4 791 1 629
(A+B+C)
--------------------------------------------------------------------------------
increase (+)/decrease (-)
CASH AND CASH EQUIVALENTS AT THE BEGINNING 25 674 24 090 24 090
OF THE PERIOD
NET CHANGE IN CASH AND CASH EQUIVALENTS 78 -4 791 1 629
EFFECTS OF EXCHANGE RATE CHANGES ON CASH 48 -216 -45
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF THE 25 799 19 084 25 674
PERIOD*
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS IN THE BALANCE
SHEET AT THE END OF THE PERIOD
Cash and cash equivalents 25 799 19 084 25 674
--------------------------------------------------------------------------------
TOTAL 25 799 19 084 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
--------------------------------------------------------------------------------
Investe
d
non-
restric
ted
Share Share equity Other Exchang Retain
e ed
(EUR 1 000) capita premiu reserve reserve rate earnin
l m s diff. 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 period - - - - - -201
Other comprehensive income
items:
Exchange differences on translating
foreign
operations - - - - 31 -
Cash flow hedging, net of tax - - - - - -
--------------------------------------------------------------------------------
Total comprehensive profit 0 0 0 0 31 -201
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions - - - 92 - -
Reclassification between - -6 498 6 498 - - -
items
Dividend paid - - - - - -1 201
--------------------------------------------------------------------------------
EQUITY at June 30, 2012 8 010 0 6 498 278 54 5 949
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
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 period -201 -201
Other comprehensive income
items:
Exchange differences on translating
foreign
operations 31 31
Cash flow hedging, net of tax - -
--------------------------------------------------------------------------------
Total comprehensive profit -171 -171
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions 92 92
Reclassification between 0 0
items
Dividend paid -1 201 -1 201
--------------------------------------------------------------------------------
EQUITY at June 30, 2012 20 788 20 788
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
Share Share Other Exchang Retaine
e d
(EUR 1 000) capita premiu reserve rate earning TOTAL
l m s diff. s
--------------------------------------------------------------------------------
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 - - - - -745 -745
Other comprehensive income
items:
Exchange differences on
translating foreign
operations - - - -37 - -37
Cash flow hedging, net of tax - - - - - -
--------------------------------------------------------------------------------
Total comprehensive profit 0 0 0 -37 -745 -782
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions - - 47 - - 47
Reclassification between - - - - - -
items
Dividend paid -1 201 -1 201
--------------------------------------------------------------------------------
EQUITY at June 30, 2011 8 010 6 498 83 -2 7 701 22 290
--------------------------------------------------------------------------------
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 July 31, 2012 reviewed the
Interim financial report for January 1 - June 30, 2012, and approved it to be
published in compliance with this release.
2. Accounting principles
Raute Corporation's Interim financial report for January 1 - June 30, 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 conjunction with the Financial statements published
for 2011.
Raute Corporation's Interim financial report for January 1 - June 30, 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 June 30, 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 has been presented in the Annual financial statements for 2011. The
adoption of these standards has 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 financial statements.
----------------------------------------------------------------------------
30.6. 30.6. 31.12.
Wood products technology 2012 2011 2011
----------------------------------------------------------------------------
Net sales 37 473 37 763 74 323
Operating profit (loss) 89 -629 -738
Assets 64 488 52 573 52 666
Liabilities 43 700 30 283 30 597
Capital expenditure 1 811 668 1 885
--------------------------------------------------------------------------------
Assets of the wood products technology 30.6. 30.6. 31.12.
segment by geographical location 2012 % 2011 % 2011 %
--------------------------------------------------------------------------------
Finland 56 731 88 46 652 89 46 196 88
North America 3 568 6 2 868 5 3 305 6
China 2 576 4 1 521 3 1 550 3
Russia 1 282 2 1 240 2 1 302 2
South America 185 0 149 0 170 0
Others 148 0 143 0 143 0
--------------------------------------------------------------------------------
TOTAL 64 488 100 52 573 100 52 666 100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Capital expenditure of the wood products 30.6. 30.6. 31.12.
technology segment by geographical 2012 % 2011 % 2011 %
location
--------------------------------------------------------------------------------
Finland 1 784 98 656 98 1 824 97
North America 6 0 3 0 22 1
China 17 1 6 1 36 2
Russia 1 0 - - - -
South America 1 0 1 0 2 0
Others 2 0 1 0 1 0
--------------------------------------------------------------------------------
TOTAL 1 811 100 668 100 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 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 three customers (2), whose share of the Group's net sales
temporarily exceeded ten percent.
------------------------------------------------------------------
Net sales 1.1.-30.6. 1.1.-30.6. 1.1.-31.12.
by market area 2012 % 2011 % 2011 %
------------------------------------------------------------------
South America 13 502 36 2 244 6 4 301 6
Rest of Europe 7 687 21 4 450 12 10 593 14
Russia 7 484 20 12 545 33 26 026 35
North America 3 962 11 3 811 10 6 090 8
Finland 3 099 8 5 101 14 8 891 12
Asia-Pacific 1 611 4 9 514 25 18 299 25
Others 129 0 98 0 124 0
------------------------------------------------------------------
TOTAL 37 473 100 37 763 100 74 323 100
------------------------------------------------------------------
--------------------------------------------------------------------------------
5. Long-term projects 30.6. 30.6. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Net sales
Net sales by percentage of completion 28 140 31 638 58 760
Other net sales 9 333 6 125 15 563
--------------------------------------------------------------------------------
TOTAL 37 473 37 763 74 323
--------------------------------------------------------------------------------
Project revenues entered as income from currently
undelivered
long-term projects recognized by percentage of 45 804 53 852 45 250
completion
Amount of long-term project revenues not yet 72 363 32 902 35 034
entered as 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 31 149 35 404 16 805
- advance payments received 22 140 27 366 13 431
--------------------------------------------------------------------------------
Gross amount due from customers 9 009 8 036 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 14 655 20 885 28 445
- advance payments received 32 149 26 710 33 704
--------------------------------------------------------------------------------
Gross amount due to customers 17 494 5 825 5 259
--------------------------------------------------------------------------------
Specification of combined asset and liability
items
Advance payments paid 674 531 101
--------------------------------------------------------------------------------
Advance payments received included in inventories 674 531 101
in the balance sheet
--------------------------------------------------------------------------------
Advance payments in the balance sheet 18 158 7 559 5 589
--------------------------------------------------------------------------------
6. Number of personnel, persons 30.6. 30.6. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Effective, on average 469 457 457
In books, on average 478 482 475
In books, at the end of period 505 486 464
- of which personnel working abroad 125 120 117
--------------------------------------------------------------------------------
7. Research and development costs 30.6. 30.6. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Research and development costs for the period 1 162 781 2 020
Amortization of previously capitalized 73 148 262
development costs
Development costs recognized as an asset in the 327 - -209
balance sheet
--------------------------------------------------------------------------------
Research and development costs entered as 1 562 928 2 072
expenses for the period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8. Changes in Intangible assets and in Property, 30.6. 30.6. 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 15 -15 16
Additions 1 157 64 609
Reclassifications between items -679 23 63
--------------------------------------------------------------------------------
Carrying amount at the end of the period 12 942 11 830 12 447
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -11 015 -10 418 -10 420
beginning of the period
Exchange rate differences -13 9 -8
Reclassifications between items 679 - 18
Depreciation and amortization for the period -234 -319 -604
--------------------------------------------------------------------------------
Accumulated depreciation and amortization
at the end of the period -10 583 -10 729 -11 013
--------------------------------------------------------------------------------
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 2 358 1 102 1 433
the period
Property, plant and equipment
Carrying amount at the beginning of the period 44 463 43 714 43 714
Exchange rate differences 342 -546 117
Additions 654 310 983
Disposals -7 -31 -67
Reclassifications between items -3 774 -23 -285
--------------------------------------------------------------------------------
Carrying amount at the end of the period 41 679 43 424 44 463
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -36 236 -34 800 -34 801
beginning of the period
Exchange rate differences -302 474 -96
Reclassifications between items 3 774 - 202
Depreciation and amortization for the period -761 -758 -1 541
--------------------------------------------------------------------------------
Accumulated depreciation and amortization
at the end of the period -33 527 -35 085 -36 236
--------------------------------------------------------------------------------
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 8 152 8 338 8 226
--------------------------------------------------------------------------------
9. Interest-bearing liabilities 30.6. 30.6. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 8 430 7 767 10 937
recognized at amortized cost
Current interest-bearing liabilities 4 976 3 315 4 340
--------------------------------------------------------------------------------
TOTAL 13 406 11 082 15 277
--------------------------------------------------------------------------------
Maturities of the interest-bearing financial
liabilities
Financial liability Current Non-current Total
--------------------------------------------------------------------------------
Pension loans (TyEL) 2 000 1 000 3 000
Loans from financial institutions 2 876 7 431 10 307
Other loans 100 - 100
--------------------------------------------------------------------------------
Total 4 976 8 430 13 406
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10. Pledged assets and contingent liabilities 30.6. 30.6. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Pledged assets on behalf of the Parent company
Loans from financial institutions 10 307 5 768 11 177
Business mortgages 6 700 3 500 6 700
Pension loans (TyEL) 3 000 5 000 4 000
Business mortgages 900 1 500 1 200
Credit insurance agreements 2 100 3 500 2 800
Other loans 100 100 100
Real estate mortgages 101 101 101
Mortgage agreements on behalf of subsidiaries
Loans from financial institutions 251 218 240
Business mortgages 200 200 240
Commercial bank guarantees on behalf of the
Parent company
and subsidiaries 35 421 12 426 18 472
Other own obligations
Rental liabilities maturing within one year 928 551 546
Rental liabilities maturing in one to five years 2 645 1 051 1 358
Rental liabilities maturing more than five years 811 610 523
--------------------------------------------------------------------------------
Total 4 383 2 212 2 426
--------------------------------------------------------------------------------
Loans and guarantees on behalf of the related party
No loans are granted to the company's management. On June 30, 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
1 554 thousand (EUR 573 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 30.6. 30.6. 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 1 826 6 548 1 211
- Related to hedging of net sales 2 006 137 637Fair values of forward contracts in foreign currency
Economic hedging
- Related to financing 7 -4 -32
- Related to the hedging of net sales 57 2 4
Interest rate and currency swap agreements
- Nominal value 5 125 5 924 5 937
- Fair value -139 -78 -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 92 thousand (EUR 47 thousand) was recognized
for the options in the income statement during the period. In compliance with
authorization by the Annual General Meeting, Raute Corporation's Board of
Directors issued a total of 73 000 option rights marked with the symbol 2010 C
to the Group's key personnel during the period.
Key terms and conditions of the granted option arrangements
are:
Nature of arrangement stock options
Grant date 21.6.2012
Number of stock options granted 73 000
Price, EUR 8,40
Share market value at grant date, EUR 7,55
Term, years 3
Subscription period 1.3.2015-31.3.2018
Realization in shares
13. Dividend distribution
Raute Corporation's Annual General Meeting decided 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. The dividends were paid on 26th of
April, 2012.
14. Exchange rates used
------------------------------------------------------------
1.1.-30.6. 1.1.-30.6. 1.1.-31.12.
Income statement, euros 2012 2011 2011
------------------------------------------------------------
USD (US dollar) 1,2968 1,4031 1,3917
CAD (Canadian dollar) 1,3041 1,3703 1,3756
SGD (Singapore dollar) 1,6391 1,7654 1,7491
CLP (Chilean peso) 638,2838 666,7786 672,0723
RUB (Russian rouble) 39,6978 40,1449 40,8797
CNY (Chinese juan) 8,1917 9,1760 8,9958
------------------------------------------------------------
30.6. 30.6. 31.12.
Balance sheet, euros 2012 2011 2011
------------------------------------------------------------
USD (US dollar) 1,2590 1,4453 1,2939
CAD (Canadian dollar) 1,2871 1,3951 1,3215
SGD (Singapore dollar) 1,5974 1,7761 1,6819
CLP (Chilean peso) 632,4559 675,7233 680,1710
RUB (Russian rouble) 41,3700 40,4000 41,7650
CNY (Chinese juan) 7,9669 9,3187 8,3499
15. Events after the reporting period
On July 30, 2012, Raute Corporation received an order worth total EUR 14
million from the German company Pollmeier Furnierwerkstoffe GmbH & Co.KG. The
order comprises a peeling line, a drying line and an LVL lay-up line. The
ordered equipment will be delivered in the spring 2013. The order received is
not included in the June 30, 2012 order book.
--------------------------------------------------------------------------------
FINANCIAL DEVELOPMENT 30.6. 30.6. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Change in net sales, % -0,8 26,0 18,2
Exported portion of net sales, % 91,7 86,5 88,0
Return on investment (ROI), % 2,7 -0,6 -0,1
Return on equity (ROE), % -1,9 -6,4 -4,7
Interest-bearing net liabilities, EUR million -12,4 -8,0 -10,4
Gearing, % -59,6 -35,9 -47,1
Equity ratio, % 44,9 49,5 46,9
Gross capital expenditure, EUR million 1,8 0,7 1,9
% of net sales 4,8 1,8 2,5
Research and development costs, EUR million 1,2 0,8 2,0
% of net sales 3,1 2,1 2,7
Order book, EUR million 73 35 36
Order intake, EUR million 76 39 77
--------------------------------------------------------------------------------
SHARE-RELATED DATA 30.6. 30.6. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Earnings per share, (EPS), undiluted, EUR -0,05 -0,19 -0,27
Earnings per share, (EPS), diluted, EUR -0,05 -0,19 -0,27
Equity to share, EUR 5,19 5,57 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 9,07 6,05
Highest share price for the period, EUR 9,24 11,55 11,55
Average share price for the period, EUR 8,44 10,41 8,57
Share price at the end of the period, EUR 7,55 9,81 6,20
Market value of capital stock
- Series K shares, EUR million* 7,5 9,7 6,1
- Series A shares, EUR million 22,8 29,6 18,7
--------------------------------------------------------------------------------
Total, EUR million 30,2 39,3 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 125 951 185 108 522 287
Trading of shares, EUR million 1,1 1,9 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 4 006 4 012 4 005
The number of shareholders 1 653 1 763 1 667
--------------------------------------------------------------------------------
DEVELOPMENT OF Q 3 Q 4 Q 1 Q 2 Rolling Rolling
QUARTERLY RESULTS 2011 2011 2012 2012 1.7.2011 1.7.2010
(EUR 1 000) - -
30.6.2012 30.6.2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 21 626 14 934 15 109 22 365 74 034 70 648
--------------------------------------------------------------------------------
Change in inventories 223 -1 225 464 226 -311 1 588
of finished goods and
work in progress
Other operating income 45 23 46 60 174 4 541
Materials and services -12 885 -5 561 -6 806 -12 055 -37 307 -39 355
Employee benefits -5 397 -6 437 -6 635 -6 997 -25 466 -24 053
expense
Depreciation and -530 -518 -501 -495 -2 043 -2 234
amortization
Other operating -2 071 -2 336 -2 227 -2 467 -9 101 -9 166
expenses
--------------------------------------------------------------------------------
Total operating -20 883 -14 853 -16 168 -22 014 -73 918 -74 807
expenses
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OPERATING PROFIT 1 011 -1 121 -549 637 -20 1 971
(LOSS)
--------------------------------------------------------------------------------
% of net sales 5 -8 -4 3 0 3
Financing income 242 -60 208 181 571 691
Financing expenses -403 -10 -195 -150 -758 -996
--------------------------------------------------------------------------------
PROFIT (LOSS) BEFORE 850 -1 190 -536 669 -207 1 665
TAX
--------------------------------------------------------------------------------
% of net sales 4 -8 -4 3 0 2
Income taxes -180 170 72 -406 -344 -177
--------------------------------------------------------------------------------
PROFIT (LOSS) FOR THE 670 -1 020 -464 263 -551 1 488
PERIOD
--------------------------------------------------------------------------------
% of net sales 3 -7 -3 1 -1 2
Attributable to
--------------------------------------------------------------------------------
Equity holders of the 670 -1020 -464 263 -551 845
Parent company
Earnings per share for profit
(loss) attributable
to Equity holders of the Parent
company, EUR
--------------------------------------------------------------------------------
Undiluted earnings per 0,17 -0,25 -0,12 0,07 -0,14 0,21
share
Diluted earnings per 0,17 -0,25 -0,12 0,07 -0,14 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 4 005 4 005 4 005 4 006 4 006 4 012
number of shares
diluted
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LARGEST SHAREHOLDERS AT Number of Number of
June 30, 2012 series K series A
shares shares Total
(20 votes (1 vote number
per share) per share) of shares
--------------------------------------------------------------------------------
1. Sundholm Göran - 624 398 624 398
2. Mandatum Life Unit-Linked - 181 900 181 900
3. Suominen Jussi Matias 48 000 74 759 122 759
4. Sijoitusrahasto Alfred Berg Small Cap - 117 619 117 619
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 Bertel - 70 900 70 900
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 1 736 110 2 336 250
--------------------------------------------------------------------------------
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 1 218 684 1 609 705
--------------------------------------------------------------------------------
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 JULY 31, 2012 AT 2 P.M.:
A briefing will be organized for analysts, investors and the media on Tuesday,
July 31, 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-September 30, 2012 will be
published on Tuesday, October 30, 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
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. Raute's net sales in 2011
were EUR 74.3 million. The number of personnel at the end of 2011 was 464.
More information about the company can be found at www.raute.com.
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