2013-04-26 08:05:01 CEST
2013-04-26 08:05:20 CEST
REGULATED INFORMATION
Raute - Interim report (Q1 and Q3)
Raute Corporation - Interim report January 1 - March 31, 2013
Nastola, Finland, 2013-04-26 08:05 CEST (GLOBE NEWSWIRE) --
RAUTE CORPORATION INTERIM REPORT April 26, 2013 at 9:05 a.m.
RAUTE CORPORATION INTERIM REPORT JANUARY 1-MARCH 31, 2013
- The Group's net sales, EUR 23.4 million (MEUR 15.1), increased 55 percent on
the comparison period.
- Operating profit was EUR +0.9 million (MEUR -0.5). The result before tax was
EUR +1.1 million (MEUR -0.5).
- Earnings per share were EUR 0.21 (EUR -0.12).
- The order intake was EUR 10 million (MEUR 61) and the order book at the end
of the reporting period amounted to EUR 37 million (MEUR 82).
- The outlook for financial performance remains unchanged. Raute's net sales
and operating profit for 2013 are expected to remain at the same level as in
2012.
TAPANI KIISKI, PRESIDENT AND CEO: NUANCES OF THE PROJECT BUSINESS IN THE SAME
QUARTER
For Raute, the early part of the year offered both positive and negative
aspects. The year began with significant growth in our net sales compared to
the corresponding period of last year. We remained significantly below the
record figures achieved in the fourth quarter and returned to the normal level
corresponding with our order book. Taking this level of net sales and order
book into account, our result was fairly good and met our expectations.
The volume of new orders remained low in the first quarter. The order intake
consisted mainly of technology services orders as well as additional sales
related to project deliveries already included in the order book. The order
intake in technology services increased considerably, by 60 percent, compared
to the first quarter of last year. The volume of spare parts orders is
indicative of the good, perhaps even improved, capacity utilization rates of
our customers' production. The increase in modernizations, on the other hand,
shows that our customers see a need to enhance their productivity and
competitiveness as well as to increase capacity by removing production
bottlenecks.
The enduring active demand for technology services anticipates a rise in demand
for wood products and the customers' readiness to make decisions, also those
involving larger investments. A fair number of substantial projects are in the
planning and negotiation phase at present.
I have every confidence that the projects under negotiation at the present time
will result in investment decisions and that we will reach the previous year's
level of net sales this year despite the low order intake in the first quarter.
Even now it is clear that this year we will regain the growth path in
technology services sales.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1-MARCH 31, 2013 BUSINESS ENVIRONMENT
Market situation in customer industries
Raute's customers in the veneer, plywood and LVL (Laminated Veneer Lumber)
industries are engaged in the manufacture of wood products used in investment
commodities and are thus highly affected by fluctuations in construction,
housing-related consumption, international trade, and transportation.
The uncertainty related to the global economic and money-market trend is still
being upheld by the risks associated with the growing debts of certain European
countries, the future of the euro and by the fears of a slowdown in economic
growth in Asian countries. For Raute's customer industries, the market
situation has continued to be uncertain in a number of market areas, but
capacity utilization rates have remained good. In North America, there are
signs that the market situation is improving but it is not yet reflected in
concrete terms in the investment decisions of the plywood and LVL industries.
Demand for wood products technology and technology services
In the first quarter of 2013, the investments of our customers were focused on
relatively small modernizations. Demand for maintenance and spare parts
services continued at a good level. This bears testimony to the fact that the
utilization rates of Raute's customers' production facilities remained good.
Demand for technology services developed positively in North America, which is
suffering from a difficult market situation.
Several large projects encompassing single production lines and mill-scale
deliveries that are in the planning and negotiation phase 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 that encompasses the entire life cycle of the delivered equipment.
Raute's business consists of project deliveries and technology services.
Project deliveries comprise complete production machinery for new mills,
production lines and individual machines and equipment. Additionally, Raute's
full-service concept includes comprehensive technology services ranging from
spare parts deliveries to regular maintenance and equipment modernizations as
well as consulting, training and reconditioned machinery.
The first-quarter order intake remained at a low level, amounting to EUR 10
million (MEUR 61). 51 percent of the new orders came from Europe (5%), 18
percent from Russia (8%), 18 percent from North America (2%), 10 percent from
South America (83%) and 3 percent from Asia-Pacific (2%). The strong
fluctuations in the distribution of new orders between the various market areas
is typical for project-focused business.
The order intake in technology services amounted to EUR 9 million (MEUR 5), an
increase of 60 percent on the comparison period. The growth resulted
predominantly from modernization orders.
The order book weakened during the reporting period by EUR 13 million,
amounting to EUR 37 million at the end of the period (MEUR 82).
COMPETITIVE POSITION
Raute's competitive position is good. Raute's solutions help customers in
securing their delivery and service capabilities throughout the life cycle of
the equipment or service offered by Raute. In such investments, the supplier's
overall expertise and extensive and diverse technology offering play a key
role. The competitive edge provided by Raute is also a major draw when
customers select their cooperation partners. Raute's strong financial position
and its long-term dedication to serving selected customer industries also
enhance its credibility and improve its competitive position as a company that
carries out long-term investment projects.
NET SALES
Net sales for the reporting period totaled EUR 23.4 million (MEUR 15.1), up 55
percent on the first quarter of 2012.
Of the total net sales for the reporting period, Europe accounted for 39
percent (33%), Russia for 15 percent (23%), South America for 33 percent (26%),
North America for 9 percent (13%), and Asia-Pacific for 4 percent (4%).
Technology services accounted for EUR 6 million (MEUR 6) of net sales.
RESULT AND PROFITABILITY
The operating profit was EUR 0.9 million positive (MEUR 0.5 negative) and
accounted for 5 percent (-4%) of net sales.
The result before tax for the reporting period was EUR 1.1 million positive
(MEUR -0.5). The result for the reporting period was EUR 0.8 million positive
(MEUR -0.5). Earnings per share (undiluted) were EUR +0.21 (EUR -0.12).
CASH FLOW AND BALANCE SHEET
The Group's financial position is good. At the end of the reporting period,
gearing was -24 percent (-88%) and the equity ratio 50 percent (46%). 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 the project business.
The Group's cash and cash equivalents, including financial assets recognized at
fair value through profit or loss, stood at EUR 17.4 million (MEUR 34.4) at the
end of the reporting period. Operating cash flow was EUR 1.4 million negative
(MEUR 9.3). Cash flow from investment activities totaled EUR 0.7 million
negative (MEUR 0.5 negative). Cash flow from financing activities totaled EUR
0.1 million negative (MEUR 0.0).
Interest-bearing liabilities amounted to EUR 11.5 million (MEUR 15.3) 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.
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 0.7 million
(MEUR 0.6), representing 3.0 percent of net sales (3.7%).
Investments totaled EUR 0.8 million (MEUR 1.2) in the reporting period. The
majority of investments were related to productional investments at the Nastola
and China mills.
PERSONNEL
At the end of the reporting period, the Group's personnel numbered 509 (469).
Group companies outside Finland accounted for 27 percent (24%) of employees.
Converted to full-time employees (“effective headcount”), the average number of
employees was 494 (458) 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
section 3 of the Articles of Association. If an ordinary share is transferred
to a new owner who has not previously held series K shares, the new owner must
notify the Board of Directors of this in writing and without delay. Other
holders of series K shares have the right to redeem the share under the terms
specified in Article 4 of the Articles of Association.
Raute Corporation's series A shares are listed on NASDAQ OMX Helsinki Ltd. The
trading code is RUTAV. 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
36.2 million (MEUR 34.6), with series K shares valued at the closing price of
series A shares on March 31, 2013, that is EUR 9.05 (EUR 8.64).
STOCK OPTION SCHEME 2010
At the end of the reporting period, the Group's key personnel held altogether
73,500 of the company's series A stock options granted in 2010, 78,000 series B
stock options and 78,000 series C stock options. The subscription period for
series A stock options began on 1 March 2013. Stock options have not been
exercised to subscribe for shares. More detailed information concerning the
stock option system has been published on the company's website.
SHAREHOLDERS
The number of shareholders totaled 1,682 at the beginning of the year and 1,723
at the end of the reporting period. Series K shares were held by 49 private
individuals (49) at the end of the reporting period. The Board of Directors,
the Group's President and CEO as well as the Executive Group held altogether
231,779 company shares, equaling 5.8 percent (7.2%) of the company shares and
11.2 percent (13.9%) of the votes at the end of the reporting period.
Nominee-registered shares accounted for 3.4 percent (1.5%) 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 deviates from the Code's recommendation 22 on appointing members to the
Appointments Committee in that one member to the Committee is elected from
outside the Board of Directors, as per the company's Administrative
Instructions, from among the representatives of major shareholders who have
significant voting rights. The Board views this exception as justified, taking
into consideration the company's ownership structure and the possibility to
consider the expectations of major shareholders as early as in the preparation
phase of selecting members of the Board of Directors.
Raute deviates from recommendation 9 on the number, composition and competence
of the directors in that the company does not have both genders represented on
the Board. When seeking potential new members, the Appointments Committee was
unable to find any available female candidates that fulfilled the criteria set
for the members of the Board of Directors.
EVENTS AFTER THE REPORTING PERIOD
Annual General Meeting 2013
Raute Corporation's Annual General Meeting was held on April 8, 2013. The
Annual General Meeting adopted the financial statements for 2012, granted
discharge from liability to those accountable and decided to distribute a
dividend of EUR 0.50 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 2014. 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 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 an issue of a maximum of 400,000 of these shares.
More detailed information on the decisions of the Annual General Meeting can be
found in the stock exchange release issued on April 8, 2013.
Dividends for the 2012 financial year
The Annual General Meeting held on April 8, 2013 decided to pay a dividend of
EUR 0.50 per share for the financial year 2012. The total amount of dividends
is EUR 2.0 million, series A shares accounting for EUR 1,506,798.50 (EUR
904,079.10) and series K shares for EUR 495,580.50 (EUR 297,348.30). The
dividend payment date was April 18, 2013.
Board of Directors and Board Committees
The Board of Directors elected by Raute Corporation's Annual General Meeting on
April 8, 2013 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. 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.
BUSINESS RISKS
Risks in the near term continue to be driven by the global economic situation
and the uncertainty concerning the development of the financial markets. During
the reporting period, there were no essential changes in the business risks
described in the 2012 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
order book has taken place.
OUTLOOK FOR 2013
Raute's business operations are characterized by the sensitivity of investment
commodity demand to cyclical fluctuations in the global economy and the
financial markets.
Major uncertainty still overshadows the development of the global economy and
financial markets due to the hazards of growing debt among a few European
countries and the insecurity associated with the recovery of the US economy.
Reports of the slowdown of economic growth in Asia, and in particular China,
also add to the uncertainty. 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 to maintain market shares are expected to be at a
reasonable level in the near future, provided that the economic uncertainty
does not spiral into a new crisis. In addition, several production line and
mill-scale investment projects are being planned. 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. The availability of
financing for customer projects in some market areas will also be an important
factor.
Thanks to its strong financial and market position and the development measures
it has carried out, Raute is well positioned to respond to demand once the
markets recover.
No changes have occurred in Raute's profit outlook for the whole of 2013.
Uncertainty concerning the development of the economy in 2013 will be reflected
in the investment decisions of Raute's customers and in the volume of new
orders. Based on the existing order book and projects in the negotiation phase,
Raute's net sales and operating profit for 2013 are expected to remain at the
same level as in 2012.
TABLES SECTION OF THE INTERIM REPORT
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT 1.1.-31 1.1.-31 1.1.-31
.3. .3. .12.
OF COMPREHENSIVE INCOME Note 2013 2012 2012
(EUR 1 000)
--------------------------------------------------------------------------------
NET SALES 3,4,5 23 386 15 109 101 273
--------------------------------------------------------------------------------
Change in inventories of finished goods and 364 464 500
work in progress
Other operating income 20 46 1 423
Materials and services -12 979 -6 806 -55 725
Employee benefits expense 13 -6 871 -6 635 -28 752
Depreciation and amortization -479 -501 -1 968
Other operating expenses -2 532 -2 227 -11 720
--------------------------------------------------------------------------------
Total operating expenses -22 862 -16 168 -98 165
--------------------------------------------------------------------------------
OPERATING PROFIT (LOSS) 909 -549 5 031
--------------------------------------------------------------------------------
% of net sales 4 -4 5
Financial income 400 208 482
Financial expenses -224 -195 -738
--------------------------------------------------------------------------------
PROFIT (LOSS) BEFORE TAX 1 085 -536 4 775
--------------------------------------------------------------------------------
% of net sales 5 -4 5
Income taxes -246 72 -1 759
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PROFIT (LOSS) FOR THE PERIOD 839 -464 3 016
--------------------------------------------------------------------------------
% of net sales 4 -3 3
Other comprehensive income items:
Exchange differences on translating foreign -6 13 80
operations
Comprehensive income items for the period, net of tax -6 13 80
--------------------------------------------------------------------------------
COMPREHENSIVE PROFIT (LOSS) FOR THE PERIOD 833 -451 3 096
--------------------------------------------------------------------------------
Profit (loss) for the period attributable to
Equity holders of the Parent company 839 -464 3 016
Comprehensive profit (loss) for the period
attributable to
Equity holders of the Parent company 833 -451 3 096
Earnings per share for profit (loss) attributable
to Equity holders of the Parent company, EUR
Undiluted earnings per share 0,21 -0,12 0,75
Diluted earnings per share 0,21 -0,12 0,75
Shares, 1 000 pcs
Adjusted average number of shares 4 005 4 005 4 005
Adjusted average number of shares diluted 4 017 4 005 4 008
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET 31.3. 31.3. 31.12.
(EUR 1 000) Note 2013 2012 2012
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets 8 3 580 2 152 3 204
Property, plant and equipment 8 7 864 8 211 7 892
Other financial assets 789 789 789
Non-current accounts receivables and other - 549 -
receivables
Deferred tax assets - 1 699 60
--------------------------------------------------------------------------------
Total non-current assets 12 233 13 401 11 944
--------------------------------------------------------------------------------
Current assets
Inventories 6 430 5 903 7 130
Accounts receivables and other receivables 5 24 002 11 760 24 427
Income tax receivable 31 15 37
Cash and cash equivalents 17 386 34 433 19 548
--------------------------------------------------------------------------------
Total current assets 47 850 52 110 51 143
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL ASSETS 60 083 65 510 63 087
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity attributable to Equity holders of the Parent
company
Share capital 8 010 8 010 8 010
Share premium account - 6 498 -
Fair value and other reserves 6 863 232 6 862
Exchange differences 236 36 103
Retained earnings 9 065 7 351 6 150
Profit (loss) for the period 839 -464 3 016
--------------------------------------------------------------------------------
Share of shareholders' equity that belongs to 25 013 21 663 24 141
the owners of the Parent company
--------------------------------------------------------------------------------
Total equity 25 013 21 663 24 141
--------------------------------------------------------------------------------
Non-current liabilities
Non-current provisions 155 96 56
Deferred tax liabilities 242 - 174
Non-current interest-bearing liabilities 9 5 972 11 017 5 866
Pension obligations 89 96 90
--------------------------------------------------------------------------------
Total non-current liabilities 6 457 11 209 6 186
--------------------------------------------------------------------------------
Current liabilities
Provisions 1 121 682 1 134
Current interest-bearing liabilities 9 5 498 4 340 5 594
Advance payments received 5 9 814 18 237 12 776
Income tax liability 109 10 -
Trade payables and other liabilities 12 071 9 369 13 255
--------------------------------------------------------------------------------
Total current liabilities 28 613 32 638 32 759
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities 35 070 43 847 38 946
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 60 083 65 510 63 087
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.-31 1.1.-31 1.1.-31
.3. .3. .12.
(EUR 1 000) 2013 2012 2012
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Proceeds from sales 18 518 27 098 90 385
Proceeds from other operating income 20 46 1 423
Payments of operating expenses -20 300 -17 474 -89 379
--------------------------------------------------------------------------------
Cash flow before financial items and taxes -1 762 9 670 2 429
Interest paid from operating activities -5 -23 -529
Dividends received from operating activities 126 96 118
Interests received from operating activities 90 132 269
Other financing items from operating activities 124 -189 -275
Income taxes paid -1 -413 -75
NET CASH FLOW FROM OPERATING ACTIVITIES (A) -1 428 9 273 1 938
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and -672 -559 -3 055
intagible assets
Proceeds from sale of property, plant and equipment 12 22 160
and intangible assets
NET CASH FLOW FROM INVESTING ACTIVITIES (B) -661 -538 -2 895
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of current borrowings -100 - -
Repayments of non-current borrowings - - -4 000
Dividends paid - - -1 201
NET CASH FLOW FROM FINANCING ACTIVITIES (C) -100 0 -5 201
--------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C) -2 188 8 735 -6 159
--------------------------------------------------------------------------------
increase (+)/decrease (-)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE 19 548 25 674 25 674
PERIOD*
NET CHANGE IN CASH AND CASH EQUIVALENTS -2 188 8 735 -6 159
EFFECTS OF EXCHANGE RATE CHANGES ON CASH 27 23 33
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD* 17 386 34 433 19 548
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS IN THE BALANCE
SHEET AT THE END OF THE PERIOD
Cash and cash equivalents 17 386 34 433 19 548
TOTAL 17 386 34 433 19 548
--------------------------------------------------------------------------------
*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 Invested Other Exchan Retain
non-restrict ge ed
ed
(EUR 1 000) capita premium equity reserv differ earnin
l account reserve es ences gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2013 8 010 0 6 498 364 103 9 166
--------------------------------------------------------------------------------
Comprehensive profit
(loss) for the period
Profit (loss) for the - - - - - 839
period
Other comprehensive
income items:
Exchange differences on - - - - -6 -
translating foreign
operations
Total comprehensive 0 0 0 0 -6 839
profit (loss) for the
period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions - - - 39 - -
Total transactions with 0 0 0 39 0 0
owners
--------------------------------------------------------------------------------
EQUITY at March 31, 2013 8 010 0 6 498 402 97 10 005
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (continue)
To the owners of
(EUR 1 000) the Parent TOTAL
Company
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2013 24 141 24 141
--------------------------------------------------------------------------------
Comprehensive profit
(loss) for the period
Profit (loss) for the 839 839
period
Other comprehensive
income items:
Exchange differences on -6 -6
translating foreign
operations
Total comprehensive 833 833
profit (loss) for the
period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions 39 39
Total transactions with 39 39
owners
--------------------------------------------------------------------------------
EQUITY at March 31, 2013 25 013 25 013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Share Share Other Exchan Retain
ge ed
(EUR 1 000) capita premium reserves differ earnin TOTAL
l account ences 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 - - - - -464 -464
period
Other comprehensive
income items:
Exchange differences on - - - 13 - 13
translating foreign
operations
Total comprehensive 0 0 0 13 -464 -451
profit (loss) for the
period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions - - 45 - - 45
Total transactions with 0 0 45 0 0 45
owners
--------------------------------------------------------------------------------
EQUITY at March 31, 2012 8 010 6 498 232 36 6 887 21 663
--------------------------------------------------------------------------------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General information
Raute Group is a globally operating technology and service company. Raute's
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL. Raute's technology offering covers
machinery and equipment for the entire production process. Raute's full-service
concept is based on product life-cycle management. In addition to a broad range
of machines and equipment, our solutions cover technology services ranging from
spare parts deliveries to regular maintenance and equipment modernizations.
Raute's head office is located in Nastola, Finland. Its other production plants
are in the Vancouver area in Canada, in the Shanghai area in China, and in
Kajaani, Finland. The company's sales network has a global reach.
Raute Group's Parent company, Raute Corporation, is a Finnish public limited
liability company established in accordance with Finnish law (Business ID
FI01490726). Its series A shares are quoted on NASDAQ OMX Helsinki Ltd, under
Industrials. Raute Corporation is domiciled in Lahti. The address of its
registered office is Rautetie 2, FI-15550 Nastola, and its postal address is
P.O. Box 69, FI-15551 Nastola.
Raute Corporation's consolidated financial statement information is available
online at www.raute.com or at the head office of the Parent company, Rautetie
2, FI-15550 Nastola, Finland.
Raute Corporation's Board of Directors has on April 26, 2013 reviewed the
Interim financial report for January 1 - March 31, 2013, and approved it to be
published in compliance with this release.
2. Accounting principles
Raute Corporation's Interim financial report for January 1 - March 31, 2013 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 2012.
Raute Corporation's Interim financial report for January 1 - March 31, 2013 has
been prepared in accordance with the International Financial Reporting
Standards, IFRS, accepted for application in the EU. Preparations have complied
with the IAS and IFRS standards, as well as SIC and IFRIC interpretations,
effective on March 31, 2013. 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 statement for 2012, with
the exception of certain new or revised standards, interpretations and
amendments to existing standards which the Group has applied as of January 1,
2013.The impact of the new and revised standards has been presented in the
Annual financial statements for 2012. The adoption of these standards has not
had an impact on the Interim financial report.
All of the figures presented in the Interim financial report are in thousand
euro, 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 in conformity with IFRS standards
requires management to make certain critical accounting estimates and to
exercise its judgment in applying the Group's accounting policies. Because the
forward-looking estimates and assumptions are based on management's best
knowledge at the reporting date, they comprise risks and uncertainties. The
actual results may differ from these estimates.
3. Segment information
Operational segment
Continuing operations of Raute Group belong to the wood products technology
segment.
Due to Raute's business model, operational nature and administrative structure,
the operational segment to be reported as wood products technology segment is
comprised of the whole Group and the information on the segment is consistent
with that of the Group. Segment reporting follows the principles of
presentation of the consolidated financial statements.
----------------------------------------------------------------------------
31.3. 31.3. 31.12.
Wood products technology 2013 2012 2012
----------------------------------------------------------------------------
Net sales 23 386 15 109 101 273
Operating profit (loss) 909 -549 5 031
Assets 60 083 65 510 63 087
Liabilities 35 070 43 847 38 946
Capital expenditure 813 1 216 3 529
----------------------------------------------------------------------------
--------------------------------------------------------------------------------
Assets of the wood products technology 31.3. 31.3. 31.12.
segment by geographical location 2013 % 2012 % 2012 %
--------------------------------------------------------------------------------
Finland 52 101 87 58 693 90 53 631 85
China 3 761 6 3 402 5 4 406 7
North America 2 681 4 1 609 2 3 437 5
Russia 1 204 2 1 436 2 1 257 2
South America 217 0 196 0 199 0
Others 119 0 173 0 158 0
TOTAL 60 083 100 65 510 100 63 087 100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Capital expenditure of the wood products 31.3. 31.3. 31.12.
technology segment by geographical 2013 % 2012 % 2012 %
location
--------------------------------------------------------------------------------
Finland 641 79 1 203 99 2 980 84
China 172 21 3 0 517 15
North America - - 6 0 6 0
Russia - - 1 0 1 0
South America - - 1 0 22 1
Others - - 1 0 2 0
--------------------------------------------------------------------------------
TOTAL 813 100 1 215 100 3 529 100
--------------------------------------------------------------------------------
4. Net sales
The main part of the net sales is comprised of project deliveries related to
wood products technology and modernizations in technology services, which are
treated as long-term projects. The rest of the net sales is comprised of
technology services provided to the wood products industry such as spare parts
and maintenance services as well as services provided to the development of
customers' business.
Project deliveries and modernizations related to technology services include
both product and service sales, making it impossible to give a reliable
presentation of the breakdown of the Group's net sales into purely product and
service sales.
Large delivery projects can temporarily increase the shares of various
customers of the Group's net sales to more than ten percent. At the end of the
period, the Group had three customers (3), whose customized share of the
Group's net sales temporarily exceeded ten percent. The total share of these
customers was 57 percent.
--------------------------------------------------------------------------------
1.1.-31.3. 1.1.-31.3. 1.1.-31.12.
Net sales by market area 2013 % 2012 % 2012 %
--------------------------------------------------------------------------------
EMEA (Europe and Africa) 9 143 39 4 990 33 22 179 22
LAM (South America) 7 598 32 4 002 26 52 588 52
CIS (Russia) 3 589 15 3 498 23 14 454 14
NAM (North America) 2 159 9 2 019 13 8 469 8
APAC (Asia-Pasific) 896 4 600 4 3 583 4
YHTEENSÄ 23 386 100 15 109 100 101 273 100
--------------------------------------------------------------------------------
Finland accounted for 2 percent (8%) of net
sales.
--------------------------------------------------------------------------------
5. Long-term projects 31.3. 31.3. 31.12.
2013 2012 2012
--------------------------------------------------------------------------------
Net sales
Net sales by percentage of 19 853 12 053 85 267
completion
Other net sales 3 533 3 056 16 006
TOTAL 23 386 15 109 101 273
--------------------------------------------------------------------------------
Project revenues entered as income from
currently undelivered
long-term projects recognized 95 042 51 273 89 601
by percentage of completion
Amount of long-term project 35 762 80 651 49 040
revenues not yet entered as
income (order book)
Projects for which the value by percentage of
completion exceeds
advance payments invoiced
- aggregate amount of costs 60 354 18 285 64 872
incurred and recognized
profits less recognized
losses
- advance payments received 44 413 13 703 48 372
Gross amount due from 15 941 4 582 16 499
customers
--------------------------------------------------------------------------------
Projects for which advance payments invoiced
exceed the value by
percentage of completion
- aggregate amount of costs 34 688 32 988 27 890
incurred and recognized
profits less recognized
losses
- advance payments received 43 963 50 487 40 394
Gross amount due to customers 9 275 17 499 12 504
--------------------------------------------------------------------------------
Specification of combined asset and liability
items
Advance payments paid 299 386 1 021
Advance payments received 299 386 1 021
included in inventories in
the balance sheet
--------------------------------------------------------------------------------
Advance payments in the 9 814 18 237 12 776
balance sheet
--------------------------------------------------------------------------------
6. Number of personnel, 31.3. 31.3. 31.12.
persons
2013 2012 2012
--------------------------------------------------------------------------------
Effective, on average 494 458 480
In books, on average 505 468 488
In books, at the end of 509 469 503
period
- of which personnel working 135 112 132
abroad
--------------------------------------------------------------------------------
7. Research and development 31.3. 31.3. 31.12.
costs
2013 2012 2012
--------------------------------------------------------------------------------
Research and development 696 565 2 516
costs for the period
Amortization of previously 56 40 126
capitalized development
costs
Development costs recognized -192 -70 -1 024
as an asset in the balance
sheet
Research and development 559 535 1 618
costs entered as expense for
the period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8. Changes in Intangible 31.3. 31.3. 31.12.
assets and in Property,
plant and equipment 2013 2012 2012
--------------------------------------------------------------------------------
Intangible assets
Carrying amount at the 14 019 12 448 12 447
beginning of the period
Exchange rate differences 9 1 7
Additions 360 839 2 198
Reclassifications between 157 -679 -634
items
Carrying amount at the end of 14 546 12 609 14 019
the period
--------------------------------------------------------------------------------
Accumulated depreciation and -10 815 -11 015 -11 014
amortization at the
beginning of the period
Exchange rate differences -5 - -5
Accumulated depreciation and - 679 679
amortization of disposals
and reclassifications
Depreciation and amortization -146 -120 -474
for the period
Accumulated depreciation and -10 966 -10 456 -10 815
amortization at the end of
the period
--------------------------------------------------------------------------------
Book value of Intangible 3 204 1 432 1 433
assets, at the beginning of
the period
Book value of Intangible 3 580 2 152 3 204
assets, at the end of the
period
Property, plant and equipment
Carrying amount at the 41 673 44 463 44 463
beginning of the period
Exchange rate differences 89 -79 88
Additions 453 377 1 331
Disposals -2 -7 -370
Reclassifications between -214 -3 686 -3 839
items
Carrying amount at the end of 41 999 41 068 41 673
the period
--------------------------------------------------------------------------------
Accumulated depreciation and -33 782 -36 236 -36 236
amortization at the
beginning of the period
Exchange rate differences -77 74 -70
Accumulated depreciation and 56 3 685 4 019
amortization of disposals
and reclassifications
Depreciation and amortization -333 -381 -1 494
for the period
Accumulated depreciation and -34 135 -32 857 -33 782
amortization of the period
--------------------------------------------------------------------------------
Book value of Property, plant 7 891 8 227 8 226
and equipment, at the
beginning of the period
Book value of Property, plant 7 864 8 211 7 891
and equipment, at the end of
the period
--------------------------------------------------------------------------------
9. Interest-bearing 31.3. 31.3. 31.12.
liabilities
2013 2012 2012
--------------------------------------------------------------------------------
Non-current interest-bearing 5 972 11 017 5 866
liabilities recognized at
amortized cost
Current interest-bearing 5 498 4 340 5 594
liabilities
TOTAL 11 470 15 357 11 461
--------------------------------------------------------------------------------
Maturities of the interest-bearing financial liabilities at March 31,
2013
Financial liability Current Non-current Total
--------------------------------------------------------------------------------
Pension loans (TyEL) 2 000 - 2 000
Loans from financial 3 498 5 972 9 470
institutions
Total 5 498 5 972 11 470
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10. Pledged assets and 31.3. 31.3. 31.12.
contingent liabilities
2013 2012 2012
--------------------------------------------------------------------------------
On behalf of the Parent
company
Loans from financial 9 222 11 017 9 117
institutions
Business mortgages 6 700 6 700 6 700
Pension loans (TyEL) 2 000 4 000 2 000
Business mortgages 600 1 200 600
Credit insurance agreements 1 400 2 800 1 400
Other liabilities - 100 100
Real estate mortgages - 101 101
Mortgage agreements on behalf
of subsidiaries
Loans from financial 248 240 244
institutions
Business mortgages 248 240 244
Commercial bank guarantees on 33 492 21 076 39 600
behalf of the Parent company
and subsidiaries
Other own obligations
Rental liabilities maturing 783 548 868
within one year
Rental liabilities maturing 2 516 1 314 2 682
in one to five years
Rental liabilities maturing 356 503 519
more than five years
Total 3 655 2 365 4 069
--------------------------------------------------------------------------------
11. Related party transactions
No loans are granted to the company's management. On March 31, 2013, 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
576 thousand (EUR 1 502 thousand).
No pledges have been given or other commitments made on behalf of the company's
management and shareholders.
-----------------------------------------------------------------------------
12. Derivatives 31.3. 31.3. 31.12.
2013 2012 2012
-----------------------------------------------------------------------------
Nominal values of forward contracts in foreign currency
Economic hedging
- Related to financing 1 162 1 503 2 093
- Related to the hedging of net sales 479 460 1 763
Fair values of forward contracts in foreign currency
Economic hedging
- Related to financing -44 10 -8
- Related to the hedging of net sales 9 12 18
Interest rate and currency swap agreements
- Nominal value 4 222 6 093 4 117
- Fair value 99 -250 -4
13. Share-based payments
The fair value of the options granted according to the 2010 stock option plan
is recognized as an expense in the income statement during the earning period
of the options. An expense of EUR 39 thousand (EUR 45 thousand) was recognized
for the options to the income statement during the period.
14. Dividend distribution
Raute Corporations' Annual General Meeting held on April 8, 2013, decided,
according to the Board of Dirctors' proposal, to distribute a dividend of EUR
0,50 per share to be paid for series A and K shares, a total of EUR 2,002
thousand. The dividend payment date was April 18, 2013. Dividend paid shall be
recognized in the Interim financial report January 1 - June 30, 2013.
15. Financial assets and liabilities that are measured at fair value
At the end of the reporting period March 31, 2013, the fair value of the
financial assets categorized at fair value hierarchy level 3 was EUR 789
thousand. The methods of fair value determination correspond the valuation
principles presented in the Annual financial statements for 2012. There were no
transfers between the hierarchy levels 1 and 2 during the reporting period.
------------------------------------------------------------
16. Exchange rates used
1.1.-31.3. 1.1.-31.3. 1.1.-31.12.
Income statement, euros 2013 2012 2012
------------------------------------------------------------
CNY (Chinese juan) 8,2193 8,2702 8,1096
RUB (Russian rouble) 40,1507 39,5477 39,9238
CAD (Canadian dollar) 1,3317 1,3129 1,2848
USD (US dollar) 1,3204 1,3110 1,2856
SGD (Singapore dollar) 1,6345 1,6573 1,6062
CLP (Chilean peso) 623,5035 640,5550 624,7032
31.3. 31.3. 31.12.
Balance sheet, euros 2013 2012 2012
------------------------------------------------------------
CNY (Chinese juan) 8,0599 8,3326 8,1809
RUB (Russian rouble) 39,7617 39,2950 40,3295
CAD (Canadian dollar) 1,3021 1,3311 1,3137
USD (US dollar) 1,2805 1,3356 1,3194
SGD (Singapore dollar) 1,5900 1,6775 1,6111
CLP (Chilean peso) 612,2572 641,7271 625,1146
-------------------------------------------------------------------
FINANCIAL DEVELOPMENT 31.3. 31.3. 31.12.
2013 2012 2012
-------------------------------------------------------------------
Change in net sales, % 54,8 3,3 36,3
Exported portion of net sales, % 97,6 91,7 93,9
Return on investment (ROI), % 14,7 -3,8 15,0
Return on equity (ROE), % 13,7 -8,5 13,1
Interest-bearing net liabilities, EUR million -5,9 -19,1 -8,1
Gearing, % -23,7 -88,1 -33,5
Equity ratio, % 49,8 45,8 48,0
Gross capital expenditure, EUR million 0,8 1,2 3,5
% of net sales 3,5 8,0 3,5
Research and development costs, EUR million 0,7 0,6 2,5
% of net sales 3,0 3,7 2,5
Order book, EUR million 37 82 50
Order intake, EUR million 10 61 116
--------------------------------------------------------------------------------
SHARE-RELATED DATA 31.3. 31.3. 31.12.
2013 2012 2012
--------------------------------------------------------------------------------
Earnings per share, (EPS), undiluted, EUR 0,21 -0,12 0,75
Earnings per share, (EPS), diluted, EUR 0,21 -0,12 0,75
Equity to share, EUR 6,25 5,41 6,03
Dividend per share, EUR - - 0,50
Dividend per profit, % - - 66,40
Effective dividend return, % - - 5,60
Development in share price (series A shares)
Lowest share price for the period, EUR 8,52 6,18 6,18
Highest share price for the period, EUR 9,33 9,24 9,24
Average share price for the period, EUR 9,06 8,48 8,22
Share price at the end of the period, EUR 9,05 8,64 9,00
Market value of capital stock
- Series K shares, EUR million** 9,0 8,6 8,9
- Series A shares, EUR million 27,3 26,0 27,1
Total, EUR million 36,2 34,6 36,0
--------------------------------------------------------------------------------
**Series K shares valued at the value of series
A shares.
Trading of the company's shares (series A shares)
Trading of shares, pcs 111 296 90 908 302 096
Trading of shares, EUR million 1,0 0,8 2,4
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 4 017 4 005 4 008
The number of shareholders 1 723 1 675 1 682
--------------------------------------------------------------------------------
DEVELOPMENT OF Q 2 Q 3 Q 4 Q 1 Rolling Rolling
QUARTERLY RESULTS 2012 2012 2012 2013 1.4.2012 1.4.2011
(EUR 1 000) - -
31.3.2013 31.3.2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 22 365 29 886 33 914 23 386 109 551 74 805
--------------------------------------------------------------------------------
Change in inventories
of finished goods and
work in progress 226 -742 551 364 400 185
Other operating income 60 61 1 256 20 1 396 182
Materials and services -12 055 -17 475 -19 388 -12 979 -61 899 -39 143
Employee benefits -6 997 -7 083 -8 038 -6 871 -28 989 -24 606
expense
Depreciation and -495 -482 -491 -479 -1 947 -2 086
amortisation
Other operating -2 467 -2 346 -4 680 -2 532 -12 025 -9 181
expenses
Total operating -22 014 -27 386 -32 597 -22 862 -104 859 -75 017
expenses
--------------------------------------------------------------------------------
OPERATING PROFIT 637 1 818 3 125 909 6 489 156
(LOSS)
--------------------------------------------------------------------------------
% of net sales 3 6 9 4 6 0
Financing income 181 130 -37 400 674 702
Financing expenses -150 -267 -126 -224 -767 -969
PROFIT (LOSS) BEFORE 669 1 680 2 962 1 085 6 396 -112
TAX
--------------------------------------------------------------------------------
% of net sales 3 6 9 5 6 0
Income taxes -406 -451 -973 -246 -2 076 -183
PROFIT (LOSS) FOR THE 263 1 229 1 989 839 4 319 -294
PERIOD
--------------------------------------------------------------------------------
% of net sales 1 4 6 4 4 0
Attributable to
Equity holders of the 263 1 229 1 989 839 4 319 -294
Parent company
Earnings per share, EUR
Undiluted earnings per 0,07 0,31 0,50 0,21 1,08 -0,07
share
Diluted earnings per 0,07 0,31 0,50 0,21 1,08 -0,07
share
Shares, 1 000 pcs
Adjusted average 4 005 4 005 4 005 4 005 4 005 4 005
number of shares
Adjusted average number of shares
diluted 4 005 4 007 4 008 4 017 4 017 4 005
--------------------------------------------------------------------------------
20 largest shareholders at March 31, 2013 Total % of Total % of
number total number voting
By number of Number of Number of shares of of votes rights
shares series K series A shares
shares shares
--------------------------------------------------------------------------------
1. Sundholm, Göran - 624 398 624 398 15,6 624 398 2,7
2. Mandatum - 181 900 181 900 4,5 181 900 0,8
Henkivakuutusosak
eyhtiö
3. Mustakallio, 60 480 56 900 117 380 2,9 1 266 500 5,5
Kari Pauli
4. Suominen, Pekka 48 000 62 429 110 429 2,8 1 022 429 4,5
5. Suominen, Tiina 48 000 62 316 110 316 2,8 1 022 316 4,5
Sini-Maria
6. Sijoitusrahasto - 104 285 104 285 2,6 104 285 0,5
Alfred Berg Small
Cap Finland
7. Siivonen, Osku 50 640 53 539 104 179 2,6 1 066 339 4,7
Pekka
8. Kirmo, Kaisa 50 280 41 826 92 106 2,3 1 047 426 4,6
Marketta
9. Mustakallio, 57 580 29 270 86 850 2,2 1 180 870 5,2
Mika Tapani
10. Keskiaho, 33 600 51 116 84 716 2,1 723 116 3,2
Kaija Leena
11. Särkijärvi, 60 480 22 009 82 489 2,1 1 231 609 5,4
Anna Riitta
12. Relander, - 74 000 74 000 1,8 74 000 0,3
Harald
13. Laakkosen - 71 849 71 849 1,8 71 849 0,3
Arvopaperi Oy
14. Mustakallio, 53 240 15 862 69 102 1,7 1 080 662 4,7
Ulla Sinikka
15. Mustakallio, 43 240 16 047 59 287 1,5 880 847 3,9
Marja Helena
16. Särkijärvi, 12 000 43 256 55 256 1,4 283 256 1,2
Timo
17. 12 000 43 256 55 256 1,4 283 256 1,2
Särkijärvi-Martin
ez, Anu Riitta
18. Suominen, 24 960 27 964 52 924 1,3 527 164 2,3
Jukka Matias
19. Mustakallio, 47 420 4 594 52 014 1,3 952 994 4,2
Kai Henrik
20. Keskinäinen - 51 950 51 950 1,3 51 950 0,2
työeläkevakuutusy
htiö Varma
--------------------------------------------------------------------------------
TOTAL 601 920 1 638 766 2 240 686 56,0 13 677 166 59,9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total % of Total % of
number total number voting
By number of votes Number of Number of shares of of votes rights
series K series A shares
shares shares
--------------------------------------------------------------------------------
1. Mustakallio, 60 480 56 900 117 380 2,9 1 266 500 5,5
Kari Pauli
2. Särkijärvi, 60 480 22 009 82 489 2,1 1 231 609 5,4
Anna Riitta
3. Mustakallio, 57 580 29 270 86 850 2,2 1 180 870 5,2
Mika Tapani
4. Mustakallio, 53 240 15 862 69 102 1,7 1 080 662 4,7
Ulla Sinikka
5. Siivonen, Osku 50 640 53 539 104 179 2,6 1 066 339 4,7
Pekka
6. Kirmo, Kaisa 50 280 41 826 92 106 2,3 1 047 426 4,6
Marketta
7. Suominen, Pekka 48 000 62 429 110 429 2,8 1 022 429 4,5
8. Suominen, Tiina 48 000 62 316 110 316 2,8 1 022 316 4,5
Sini-Maria
9. Suominen, Jussi 48 000 - 48 000 1,2 960 000 4,2
10. Mustakallio, 47 420 4 594 52 014 1,3 952 994 4,2
Kai Henrik
11. Mustakallio, 43 240 16 047 59 287 1,5 880 847 3,9
Marja Helena
12. Mustakallio, 42 240 - 42 240 1,1 844 800 3,7
Risto Knut
kuolinpesä
13. Keskiaho, 33 600 51 116 84 716 2,1 723 116 3,2
Kaija Leena
14. Sundholm, - 624 398 624 398 15,6 624 398 2,7
Göran
15. Kirmo, Lasse 30 000 15 711 45 711 1,1 615 711 2,7
16. Keskiaho, 27 880 9 500 37 380 0,9 567 100 2,5
Juha-Pekka
17. Suominen, 24 960 27 964 52 924 1,3 527 164 2,3
Jukka Matias
18. Keskiaho, 24 780 21 500 46 280 1,2 517 100 2,3
Marjaana
19. Kultanen, Leea 22 405 8 031 30 436 0,8 456 131 2,0
Annikka
20. Molander, Sole 20 160 - 20 160 0,5 403 200 1,8
TOTAL 793 385 1 123 012 1 916 397 47,9 16 990 712 74,4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-
Management's and public insiders' shareholding at March 31, 2013 and
nominee-registered shares at March 31, 2013
Number of Number Total % of Total % of
series K of number total number of voting
shares series A of shares votes rights shares shares
--------------------------------------------------------------------------------
Management's holding at March 31, 2013
The Board of 122 880 108 899 231 779 5,8 2 566 499 11,2
directors, The
Group's President
and CEO and
Executive Board
--------------------------------------------------------------------------------
Public insiders' 122 880 108 899 231 779 5,8 2 566 499 11,2
holding at March 31,
2013
--------------------------------------------------------------------------------
The figures include the holdings of their own, minor
children and control entities.
--------------------------------------------------------------------------------
Nominee-registered - 135 874 135 874 3,4 135 874 0,6
shares at March 31,
2013
--------------------------------------------------------------------------------
RAUTE CORPORATION
Board of Directors
BRIEFING ON APRIL 26, 2013 AT 2 P.M.:
A briefing will be organized for analysts, investors and the media on April 26,
2013 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, 2013 will be published on
Tuesday, July 30, 2013.
FURTHER INFORMATION: Mr. Tapani Kiiski, President and CEO, Raute Corporation,
tel. +358 3 829 3560, mobile +358 400 814 148
Ms. Arja Hakala, CFO, Raute Corporation, tel. +358 3 829 3293, mobile +358 400
710 387
DISTRIBUTION: NASDAQ OMX Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF:
Raute is a technology and service company that operates worldwide. Raute's
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL (Laminated Veneer Lumber). The technology
offering covers machinery and equipment for the entire production process. As a
supplier of mill-scale projects Raute is a global market leader both in the
plywood and LVL industries. Additionally, Raute's full-service concept includes
technology services ranging from spare parts deliveries to regular maintenance
and equipment modernizations. Raute's head office is located in Nastola,
Finland. Its other production plants are in the Vancouver area of Canada, in
the Shanghai area of China, and in Kajaani, Finland. Raute's net sales in 2012
were EUR 101.3 million. The number of personnel at the end of 2012 was 503.
More information about the company can be found at www.raute.com.
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