2011-11-01 08:00:00 CET
2011-11-01 08:00:58 CET
REGULATED INFORMATION
Raute - Interim report (Q1 and Q3)
RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2011
Nastola, Finland, 2011-11-01 08:00 CET (GLOBE NEWSWIRE) --
RAUTE CORPORATION STOCK EXCHANGE RELEASE NOVEMBER 1, 2011 at 9:00 a.m.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2011
- The Group's net sales amounted to EUR 59.4 million (MEUR 49.5), up 20% on the
comparison period. Order intake was EUR 46 million, at the level of the
comparison period (MEUR 46).
- Operating result amounted to EUR +0.4 million (MEUR +3.6, including the MEUR
4.4 profit from a real-estate sale). Result before taxes was EUR +0.1 million
(MEUR +3.5).
- Earnings per share (undiluted) were EUR -0.02 (EUR +0.76).
- Third-quarter net sales amounted to EUR 21.6 million and the operating result
was EUR 1.0 million. Order intake was EUR 7 million and the order book stood at
EUR 21 million at the end of the reporting period (MEUR 20).
- Raute issued a profit warning on October 25, 2011, due to the weakened profit
outlook. Net sales will increase from the year 2010 and the operating result is
estimated to be at the break-even level or somewhat in the negative.
TAPANI KIISKI, PRESIDENT AND CEO: A REASONABLE QUARTER BEHIND US, OUTLOOK
UNCERTAIN
Our third-quarter net sales were almost back to their pre-recession level, and
our operating profit reached a reasonable level. We also posted a profit for
the first three quarters of the year. The third quarter proves that, when the
market allows reasonable net sales to be achieved, our operations are
profitable.
Uncertainty in the global economic and financial markets, particularly in
Europe and North America, has increased markedly in the past few months. For
the time being, however, our customers have not given any direct indication
that the situation has affected their plans or decisions. According to my
estimate, it is nevertheless clear that the growing uncertainty in the
financial markets will have some effect on our customers' confidence in
pursuing investments and acquiring financing for them. The postponement of a
few projects that we were expecting to proceed with during the third quarter
was no doubt the result of financing difficulties.
Several new orders forecast for the third quarter have further been postponed
for various reasons. The projects have not, however, been discontinued and we
continue to work with our customers on their realization. Some orders that we
had originally forecast for the last quarter have proceeded favorably. As far
as our customers are concerned, I estimate that the realization of those
projects is now on more solid ground, and I believe they will be started up.
Despite the low volume of new orders in the previous two quarters, I believe we
will see an upward trend in our order intake towards the end of the year.
Due to our low order book, the final quarter of 2011 will be a challenging one
for us, and we had to weaken our profit outlook for this year. We are now
working hard to acquire new orders and to achieve a positive operating result.
THIRD QUARTER OF 2011
Order intake and order book
Order intake during the third quarter totaled EUR 7 million (MEUR 12). New
orders consisted entirely of our technology services.
The volume of new orders remained at a low level as customers delayed their
decisions on projects that were expected to be realized in the third quarter.
The delays in projects are estimated to be due to typical scheduling changes in
investment projects, the general economic uncertainty and the increasing
difficulties in arranging financing.
The order book weakened during the third quarter by EUR 14 million, amounting
to EUR 21 million at the end of the period (MEUR 20). A significant proportion
of the order book is scheduled for 2012.
Net sales
Third-quarter net sales amounted to EUR 21.6 million (MEUR 19.5). The improved
market prospects of the company's customer industries increased demand,
particularly in the first quarter, and resulted in a stronger order book, which
contributed to net sales growth.
Technology services accounted for 32 percent of total net sales (24%).
Result and profitability
The operating result for the third quarter was EUR 1.0 million positive (MEUR
4.9 positive, including the profit of MEUR 4.4 from a real-estate sale),
representing 5 percent (25%) of net sales. The third-quarter result was EUR 0.7
million positive (MEUR 4.1 positive, including the profit from a real-estate
sale), and earnings per share were EUR 0.17 (EUR +1.02).
RAUTE CORPORATION - INTERIM REPORT JANUARY 1-SEPTEMBER 30, 2011
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.
According to our estimate, the slow improvement in the market situation of our
customer industries in 2010 and the first part of the current year has leveled
out. With the exception of North America, most of the plywood and LVL
manufacturers are still, however, operating at normal utilization rates. Demand
for wood products in North America continues to be very sluggish as a result of
the weak situation in the housing market and construction.
Demand for wood products technology and technology services
During the reporting period, demand for wood products technology and technology
services remained at a normal level, in light of the market situation in the
customer industries. Demand focused on smaller projects, modernizations, and
other technology services, which reflects the good utilization rates in our
customers' mills.
Several larger projects - both individual production lines and complete mills -
have been under prolonged planning and negotiation in many market areas.
Customers will decide on and realize these projects only once they are
confident that the demand has recovered permanently and once financing for the
projects can be arranged.
ORDER INTAKE AND ORDER BOOK
Raute's business consists of providing project deliveries and technology
services to the wood products industry. Project deliveries encompass complete
mills, production lines, and individual machines and equipment. Technology
services include maintenance, spare parts services, modernizations, consulting,
training, and reconditioned machinery.
Order intake during the reporting period totaled EUR 46 million (MEUR 46). 57
percent of the new orders came from Russia (8%), 26 percent from Europe (26%),
7 percent from South America (3%), 8 percent from North America (14%) and 2
percent from Asia-Pacific (49%).
The most significant new order was received in January for the delivery of
plywood mill machinery to Russia valued at more than EUR 12 million. The low
order intake during the reporting period from Asia and South America can be
explained by customers' scheduling of their projects.
Technology services accounted for EUR 19 million (MEUR 12) of the order intake.
The order book weakened during the reporting period by EUR 12 million,
amounting to EUR 21 million at the end of the period (MEUR 20). A significant
proportion of the order book is scheduled for 2012.
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 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. Furthermore, Raute's strong financial position enhances its
credibility and improves its competitive position as a company that realizes
long-term investment projects.
NET SALES
Net sales for the reporting period, EUR 59.4 million (MEUR 49.5), were up 20
percent on the comparison period. The brighter market prospects of Raute's
customer industries boosted demand, which contributed to net sales growth,
particularly at the end of 2010 and in the first quarter of 2011.
Of the total net sales for the reporting period, Russia accounted for 35
percent (34%), Asia-Pacific for 27 percent (30%), Europe for 25 percent (16%),
North America for 8 percent (16%), and South America for 5 percent (4%).
Technology services' net sales grew 39 percent and accounted for 33 percent
(28%) of total net sales.
RESULT AND PROFITABILITY
The operating result for the reporting period was EUR 0.4 million positive
(MEUR 3.6 positive), representing one percent of net sales (+7%). The operating
result benefited from EUR 4.4 million in gains from a real estate sale.
The result for the reporting period was weakened largely due to additional
costs incurred during the first quarter from the drawn-out implementation of
some projects that were in the installation phase.
The result before taxes for the reporting period was EUR 0.1 million positive
(MEUR 3.5 positive, including the MEUR 4.4 profit from the real estate sale)
and the result for the reporting period was EUR 0.1 million negative (MEUR 3.0
positive, including the profit from the real estate sale). Earnings per share
(undiluted) were EUR -0.02 (EUR +0.76, including the profit from the real
estate sale).
CASH FLOW AND BALANCE SHEET
The Group's financial position is good. At the end of the reporting period,
gearing was -17 percent (-19%) and the equity ratio 53 percent (50%). Other
fluctuations in balance sheet working capital items and the key figures based
on them are due to differences in the timing of customer payments and the cost
accumulation from project deliveries, which is typical of project business.
The Group's cash and cash equivalents, including financial assets recognized at
fair value through profit or loss, amounted to EUR 14.9 million (MEUR 21.3) at
the end of the reporting period. Operating cash flow was EUR -4.5 million due
to the increase in working capital (MEUR -3.1). Cash flow from investment
activities was EUR -1.1 million (MEUR -0.7). Cash flow from financing
activities was EUR -3.3 million (MEUR -2.6), including dividend payments of EUR
1.2 million (MEUR 0.0).
Interest-bearing liabilities amounted to EUR 11.0 million (MEUR 16.5) at the
end of the reporting period, with current interest-bearing liabilities
accounting for EUR 3.3 million (MEUR 4.2).
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 9.8 million with two different Nordic banks.
EVENTS DURING THE REPORTING PERIOD
Raute Corporation published stock exchange releases on the following events:
January 20, 2011 Raute received new orders valued at over EUR 12 million
from Russia.
April 13, 2011 Raute Corporation's 2011 Annual General Meeting was
held in April.
September 26, 2011 Petri Lakka appointed member of Raute Group's Executive
Board.
RESEARCH AND DEVELOPMENT COSTS AND CAPITAL EXPENDITURE
Raute aims to be the leading technology supplier in its field, investing
strongly in continuous R&D, particularly in plywood and LVL manufacturing
technology and the automation and instrumentation, especially machine vision,
applications that support these technologies.
Research and development costs totaled EUR 1.4 million (MEUR 1.2) during the
reporting period, representing 2.3 percent of net sales (2.3%). Progress has
been made, in particular, in the product development of a new type of peeling
station intended for the Chinese market. The first machinery installed is about
to start production.
Investments totaled EUR 1.2 million (MEUR 1.8) during the reporting period. The
biggest investments centered on the development and maintenance of IT systems.
PERSONNEL
At the end of the reporting period, the Group's personnel numbered 467 (511).
Group companies outside Finland accounted for 25 percent (25%) of employees.
Converted to full-time employees (“effective headcount”), the average number of
employees was 459 (439) 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
28.8 million (MEUR 32.8), with series K shares valued at the closing price of
the series A shares on September 30, 2011, which was EUR 7.18 (EUR 8.20).
The Annual General Meeting held on April 13, 2011 authorized the company's
Board of Directors to decide on the repurchase of Raute Corporation series A
shares with the company's distributable assets and on a directed share issue.
The maximum number of shares to be repurchased and issued is 400,000. The Board
of Directors did not exercise the authorization during the reporting period.
The company did not possess any treasury shares during the reporting period.
STOCK OPTION SCHEME 2010
The Annual General Meeting held on March 31, 2010 resolved to issue a maximum
of 240,000 stock options.
In accordance with the authorization granted by the Annual General Meeting, the
Board of Directors issued a total of 80,000 stock options marked with the
symbol 2010 B to the Group's key personnel on May 31, 2011 and September 26,
2011. The share subscription period for stock options 2010 B will be from March
1, 2014 to March 31, 2017 and the subscription price will be EUR 9.83.
Earlier, on May 5, 2010, 80,000 stock options 2010 A were granted to key
employees of the Group under this stock option scheme.
The terms and conditions of the stock option scheme are available on the
company's website.
SHAREHOLDERS
The number of shareholders totaled 1,787 at the beginning of the year and 1,676
at the end of the reporting period. Series K shares are held by 50 private
individuals (46). Management held 7.2 percent (7.0%) of the company's shares
and 13.7 percent (12.5%) of the votes. Nominee-registered shares accounted for
2.1 percent (2.1%) of shares.
No flagging notifications were given to the company during the report period.
CORPORATE GOVERNANCE
Raute Corporation complies with the Finnish Corporate Governance Code 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. The main points of Raute
Corporation's corporate governance principles are presented on the company's
website at www.raute.com.
Raute Corporation's Corporate Governance Statement 2010 has been drawn up
separately from the Board of Directors' report and is published on the
company's website.
EXECUTIVE BOARD
Petri Lakka, Licentiate in Technology, was appointed member of Raute Group's
Executive Board as of September 26, 2011. Lakka joined Raute Group on September
12, 2011, as Group Vice President, Business Development.
As of September 26, 2011, the Group's Executive Board consists of Mr. Tapani
Kiiski, President and CEO (Chair); Ms. Arja Hakala, CFO; Mr. Timo Kangas, Group
Vice President, Technology Services; Mr. Petri Lakka, Group Vice President,
Business Development; Mr. Petri Strengell, Group Vice President, Technology and
Operations; and Mr. Bruce Alexander, Group Vice President, North American
Operations.
ANNUAL GENERAL MEETING 2011
Raute Corporation's Annual General Meeting was held on April 13, 2011.A stock
exchange release on the decisions of the Annual General Meeting was published
on April 13, 2011.
DIVIDENDS FOR THE 2010 FINANCIAL YEAR
The Annual General Meeting held on April 13, 2011 decided to pay a dividend of
EUR 0.30 per share for the financial year 2010. The dividends amounted to a
total of EUR 1.2 million, of which series A shares accounted for EUR 904,079.10
(EUR 0) and series K shares for EUR 297,348.30 (EUR 0). The dividend payment
date was April 27, 2011.
BOARD OF DIRECTORS AND BOARD COMMITTEES
At Raute Corporation's Annual General Meeting on April 13, 2011, Mr. Erkki
Pehu-Lehtonen, M.Sc. (Eng.), was elected as Chairman of the Board of Directors,
Ms. Sinikka Mustakallio, Researcher, as Vice Chair, and Mr. Risto Hautamäki,
M.Sc. (Eng.), Mr. Ilpo Helander, M.Sc. (Eng.), Mr. Mika Mustakallio, M.Sc.
(Econ.), and Mr. Pekka Suominen, M.Sc. (Econ.) as members of the Board.
Based on the evaluation of independence, Chairman Erkki Pehu-Lehtonen and
members Risto Hautamäki, Ilpo Helander, Mika Mustakallio, and Pekka Suominen
are independent of the company. Vice-Chair Sinikka Mustakallio, who chaired
Raute's Supervisory Board from 1996 to 1998 and has been a member of the Board
since 1998, is dependent on 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 Ms. Sinikka 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
Ms. Sinikka Mustakallio and Mr. Risto Hautamäki. The Audit Committee's tasks
are handled by the Board of Directors.
BUSINESS RISKS
Risks in the near term continue to be driven by the global economic situation
and the uncertainty concerning its development. Hazards related to the growing
debt of some European countries and the United States have led to mounting
uncertainty about the development of the global economy and financial markets.
During the reporting period, there have been no essential changes in the
business risks described in the 2010 Board of Directors' report and financial
statements. The most significant risks for Raute in the near term are related
to the development of net sales and profitability.
EVENTS AFTER THE REPORTING PERIOD
Raute Corporation has published stock exchange releases on the following events
after the reporting period:
October 25, 2011 Raute's profit outlook for the full year 2011 weakened.
OUTLOOK FOR 2011
Raute's business operations are characterized by the sensitivity of investment
demand to cyclical fluctuations in the global economy and the financial
markets.
Uncertainty related to the trends in the global economy and financial markets
has increased since the end of summer and throughout the autumn. The market
situation for Raute's customer industries is expected to remain uncertain.
Demand for wood products has not recovered to its pre-recession level. The
upswing in demand seen early in the year has leveled out in recent months and
in a few market areas demand has fallen again due to the hazards of growing
debt among European countries and in the United States.
Demand for investments and services in the wood products industry is not
expected to recover to its pre-recession level in the near future. However,
upgrade investments in the plywood industry to ensure quality and maintain
market shares will probably remain at a reasonable level in the near future,
provided that the economic uncertainty does not spiral into a new crisis.
Production line and mill-scale investment projects are being planned in several
market areas. Their implementation and timing will depend on investors'
confidence that the market for wood products will remain at a reasonable level
and on the arrangement of financing for customer projects in some market areas.
Thanks to its strong financial and market position and the development measures
it has carried out, Raute is well positioned to respond to growing demand once
the markets recover. The implemented adaptation measures have led to a lighter
cost structure and business is more profitable than before, even in a difficult
market situation.
Raute issued a profit warning on October 25, 2011, due to the weakened profit
outlook. Net sales will increase from the year 2010, and the operating result
is estimated to remain at the break-even level or be somewhat in the negative.
The operating result will depend on whether the new orders forecast for the end
of the year are realized and on the amount of revenue generated by them for
2011.
TABLES SECTION OF THE INTERIM REPORT
The figures for the financial year 2010 presented in the figures section of the
interim financial report have been audited.
The interim figures presented in the interim financial report have not been
audited.
--------------------------------------------------------------------------------
CONSOLIDATED Note 1.7.-30.9. 1.7.-30.9. 1.1.-30 1.1.-30 1.1.-31
STATEMENT OF .9. .9. .12.
COMPREHESIVE INCOME 2011 2010 2011 2010 2010
(EUR 1 000)
--------------------------------------------------------------------------------
NET SALES 3, 4, 5 21 626 19 490 59 389 49 471 62 867
--------------------------------------------------------------------------------
Other operating 45 4 431 145 4 570 4 580
income
Change in
inventories of
finished
goods and work in 223 -45 1 041 -464 351
progress
Materials and -12 885 -11 001 -33 843 -25 284 -32 679
services
Expenses from 15 -5 397 -5 450 -17 581 -17 048 -23 467
employee benefits
Depreciation and -530 -580 -1 610 -1 676 -2 250
amortization
Other operating -2 071 -1 913 -7 158 -5 924 -8 091
expenses
--------------------------------------------------------------------------------
Total operating -20 883 -18 944 -60 192 -49 933 -66 487
expenses
OPERATING PROFIT 1 011 4 932 382 3 644 1 311
--------------------------------------------------------------------------------
% of net sales 5 25 1 7 2
Financial income 242 -98 765 463 728
Financial expenses -403 21 -1 083 -579 -917
PROFIT (LOSS) BEFORE 850 4 855 65 3 528 1 122
TAX
--------------------------------------------------------------------------------
% of net sales 4 25 0 7 2
Income taxes 7 -180 -755 -140 -502 36
PROFIT (LOSS) FOR 670 4 100 -75 3 026 1 158
THE PERIOD
--------------------------------------------------------------------------------
% of net sales 3 21 0 6 2
Other comprehensive
income items:
Exchange differences on 3 -19 -34 -67 -20
translating foreign
operations
Cash flow hedging - 5 - 13 -19
Income tax related - -1 - -3 5
to cash flow hedges
------------------------ -----------------
------------------------------ ---------
Comprehensive income
items for
the period, net of 3 -15 -34 -57 -34
tax
COMPREHENSIVE PROFIT (LOSS) 673 4 085 -109 2 969 1 124
FOR THE PERIOD
--------------------------------------------------------------------------------
Profit (loss) for
the period
attributable to
--------------------------------------------------------------------------------
Equity holders of 670 4 100 -75 3 026 1 158
the Parent company
Comprehensive profit
(loss) for the
period
attributable to
--------------------------------------------------------------------------------
Equity holders of 673 4 085 -109 2 969 1 124
the Parent company
Earnings per share for profit
(loss) attributable
to Equity holders of the
Parent company, EUR
--------------------------------------------------------------------------------
Undiluted earnings 0,17 1,02 -0,02 0,76 0,29
per share
Diluted earnings per 0,17 1,00 -0,02 0,75 0,29
share
Shares, 1 000 pcs
--------------------------------------------------------------------------------
Adjusted average 4 005 4 005 4 005 4 005 4 005
number of shares
Adjusted average 4 009 4 085 4 009 4 048 4 005
number of shares
diluted
------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET Note 30.9. 30.9. 31.12.
(EUR 1 000) 2011 2010 2010
------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets 9 1 245 1 637 1 341
Property, plant and equipment 9 8 163 8 751 8 913
Other financial assets 789 497 497
Receivables 873 - -
Deferred tax assets 1 382 1 350 1 849
Total 12 453 12 235 12 599
------------------------------------------------------------------------
Current assets
Inventories 5 265 4 704 4 574
Accounts receivables and other receivables 5 15 329 18 205 11 770
Income tax receivable 285 - -
Cash and cash equivalents 14 938 21 307 24 090
Total 35 818 44 215 40 435
------------------------------------------------------------------------
TOTAL ASSETS 48 270 56 450 53 034
------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity attributable to Equity holders
of the Parent company
Share capital 8 010 8 010 8 010
Share premium 6 498 6 498 6 498
Other reserves 15 127 335 36
Exchange differences 1 -12 35
Retained earnings 8 447 8 196 8 490
Profit (loss) for the period -75 3 026 1 158
------------------------------------------------------------------------
Share of shareholders' equity that belongs
to the owners of the Parent company 23 008 26 053 24 227
Total shareholders' equity 23 008 26 053 24 227
------------------------------------------------------------------------
Non-current liabilities
Provisions 79 45 57
Deferred tax liabilities - 257 337
Non-current interest-bearing liabilities 11 7 716 12 245 10 000
Total 7 794 12 547 10 394
------------------------------------------------------------------------
Current liabilities
Provisions 679 1 029 612
Pension obligations 96 124 91
Current interest-bearing liabilities 11 3 327 4 215 4 439
Advance payments received 5 5 058 4 532 5 243
Current tax liabilities - 134 -
Trade and other payables 8 307 7 815 8 028
Total 17 468 17 850 18 413
------------------------------------------------------------------------
Total liabilities 25 262 30 397 28 807
------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 48 270 56 450 53 034
------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.-30.9. 1.1.-30.9. 1.1.-31.12.
(EUR 1 000) 2011 2010 2010
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Proceeds from sales 63 884 45 385 57 338
Proceeds from other operating income 74 103 121
Payments of operating expenses -68 098 -47 930 -63 416
--------------------------------------------------------------------------------
Cash flow before financial items and taxes -4 140 -2 443 -5 958
Interests and other operating financial -295 -869 -650
expenses paid
Interests and other income received 81 131 394
Dividends received 108 87 118
Income taxes paid -283 11 -18
NET CASH FLOW FROM OPERATING ACTIVITIES (A) -4 529 -3 084 -6 114
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditure in tangible and -877 -1 721 -2 067
intangible assets
Purchases of assets-for-sale as investments - -11 -11
Purchase of investments -293 - -
Proceeds from sale of tangible and 67 990 6 448
intangible assets
NET CASH FLOW FROM INVESTING ACTIVITIES (B) -1 102 -741 4 370
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
Increase of non-current and current - -500 -
receivables
Decrease of non-current and current 1 000 - 2 000
receivables
Repayments of current borrowings -115 -100 -228
Increase of non-current borrowings 6 000 - -
Repayments of non-current borrowings -9 000 -2 000 -4 088
Dividends paid -1 201 - -
NET CASH FLOW FROM FINANCING ACTIVITIES (C) -3 316 -2 599 -2 316
--------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS -8 947 -6 425 -4 060
(A+B+C)
--------------------------------------------------------------------------------
increase (+)/decrease (-)
CASH AND CASH EQUIVALENTS AT THE BEGINNING
OF THE PERIOD* 24 090 27 900 27 900
EFFECTS OF EXCHANGE RATE CHANGES ON CASH -205 -168 251
CASH AND CASH EQUIVALENTS AT THE END
OF THE PERIOD* 14 938 21 307 24 090
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS IN THE BALANCE
SHEET AT THE END OF THE PERIOD
Cash and cash equivalents 14 938 21 307 24 090
TOTAL 14 938 21 307 24 090
--------------------------------------------------------------------------------
*Cash and cash equivalents comprise trading assets as well as cash and bank
receivables, which will be due within the following three months' period.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
Share Share Other Exchange Retaine
d
(EUR 1 000) capital premiu reserve rate earning
m s diff. s
--------------------------------------------------------------------------------
EQUITY Jan. 1, 2011 8 010 6 498 36 35 9 648
--------------------------------------------------------------------------------
Profit (loss) for the period - - - - -75
Comprehensive profit (loss) for
the period:
Exchange differences on
translating
foreign operations - - - -34 -
Cash flow hedging, net of tax - - - - -
--------------------------------------------------------------------------------
Total comprehensive profit
(loss)
for the period 0 0 0 -34 -75
--------------------------------------------------------------------------------
Dividends - - - - -1 201
Equity-settled share-based - - 91 - -
transactions
EQUITY Sept. 30, 2011 8 010 6 498 127 1 8 371
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(continue)
--------------------------------------------------------------------------------
To the owners
of the EQUITY
Parent
(EUR 1 000) company TOTAL
--------------------------------------------------------------------------------
EQUITY Jan. 1, 2011 24 227 24 227
--------------------------------------------------------------------------------
Profit (loss) for the period -75 -75
Comprehensive profit (loss) for
the period:
Exchange differences on
translating
foreign operations -34 -34
Cash flow hedging, net of tax - -
--------------------------------------------------------------------------------
Total comprehensive profit
(loss)
for the period -109 -109
--------------------------------------------------------------------------------
Dividends -1 201 -1 201
Equity-settled share-based 91 91
transactions
EQUITY Sept. 30, 2011 23 008 23 008
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
Share Share Other Exchange Retaine
d
(EUR 1 000) capital premiu funds rate earning
m diff. s
--------------------------------------------------------------------------------
EQUITY Jan. 1, 2010 8 010 6 498 294 55 8 196
--------------------------------------------------------------------------------
Profit (loss) for the period - - - - 3 026
Comprehensive profit (loss) for
the period:
Exchange differences on
translating
foreign operations - - - -67 -
Cash flow hedging, net of tax - - 10 - -
--------------------------------------------------------------------------------
Total comprehensive profit
(loss)
for the period 0 0 10 -67 3 026
--------------------------------------------------------------------------------
Dividends - - - - -
Equity-settled share-based - - 31 - -
transactions
EQUITY Sept. 30, 2010 8 010 6 498 335 -12 11 222
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(continue)
--------------------------------------------------------------------------------
To the owners
of the EQUITY
Parent
(EUR 1 000) company TOTAL
--------------------------------------------------------------------------------
EQUITY Jan. 1, 2010 23 053 23 053
--------------------------------------------------------------------------------
Profit (loss) for the period 3 026 3 026
Comprehensive profit (loss) for
the period:
Exchange differences on
translating
foreign operations -67 -67
Cash flow hedging, net of tax 10 10
--------------------------------------------------------------------------------
Total comprehensive profit
(loss)
for the period 2 969 2 969
--------------------------------------------------------------------------------
Dividends - -
Equity-settled share-based 31 31
transactions
EQUITY Sept. 30, 2010 26 053 26 053
--------------------------------------------------------------------------------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General information
Raute Group is a globally operating technology corporation which manufactures
complete mills, production lines and single machines for the veneer, plywood
and LVL industries. Raute's technology offering covers the customers' entire
production process, ranging from raw material processing to the finishing and
packaging of end products. Additionally, Raute's full service concept includes
technology services, such as maintenance, spare parts services, equipment
modernization, consulting, training and sales of reconditioned machinery. The
Group has production units in Finland, Canada and China. 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 or
at the head office of the Parent company, Rautetie 2, FI-15550 Nastola,
Finland.
Raute Corporation's Board of Directors has on November 1, 2011 reviewed the
Group's Interim financial report for January 1 -September 30, 2011, and
approved the Interim financial report for January 1 - September 30, 2011 to be
published in compliance with this release.
2. Accounting principles
Raute Corporation's Interim financial report January 1 - September 30, 2011 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. Therefore, the Interim financial report
should be read in conjunction with the Financial statements published for
2010.
Raute Corporation's Interim financial report for January 1 - September 30, 2011
has been prepared applying the accounting principles described in the Annual
financial statements for 2010 and the following new and amended standards and
interpretations which have taken effect on January 1, 2011 or later:
- IAS 24 Related Party Disclosures, revised
- IAS 32 Classification of Rights Issues, amendment
- IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
- IFRIC 14 Prepayments of a Minimum Funding Requirement, amendment
- Annual Improvements to standards and interpretations.
The new standards, amendments and interpretations do not have any significant
impact on the Group's 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 Interim 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 financial statements according to international financial
reporting standards requires management to use estimates and assumptions. In
addition, the management must exercise its judgement in selecting and applying
the accounting policies of the Interim financial report. These estimates and
assumptions affect the assets and liabilities in the Group's balance sheet, the
disclosure ofcommitments and possible assets in the consolidated financial
statements, and income and expenses for the period. Actual results may differ
from the 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.
--------------------------------------------------------------------------------
30.9. 30.9. 31.12.
Wood products technology 2011 2010 2010
--------------------------------------------------------------------------------
Net sales 59 389 49 471 62 867
Operating profit 382 3 644 1 311
Assets 48 270 56 450 53 034
Liabilities 25 262 30 397 28 807
Capital expenditure 1 162 1 785 2 224
--------------------------------------------------------------------------------
Assets of the wood products technology 30.9. 30.9. 31.12.
segment by geographical location 2011 % 2010 % 2010 %
--------------------------------------------------------------------------------
Finland 41 887 87 46 497 82 44 006 83
North America 3 526 7 7 308 13 3 730 7
China 1 410 3 1 430 4 4 129 8
Russia 1 107 2 929 2 880 2
South America 179 0 146 0 160 0
Others 161 0 140 0 129 0
TOTAL 48 270 100 56 450 100 53 034 100
--------------------------------------------------------------------------------
------------------------------------------
--------------------------------------
Capital expenditure of the wood products 30.9. 30.9. 31.12.
technology segment by geographical 2011 % 2010 % 2010 %
location
--------------------------------------------------------------------------------
Finland 1 143 98 315 18 590 27
North America 3 0 1 444 81 1 606 72
China 14 1 6 0 7 0
Russia - - - - - -
South America 1 0 20 1 21 1
Others 1 0 - - - -
TOTAL 1 162 100 1 785 100 2 224 100
--------------------------------------------------------------------------------
4. Net sales
The main part of the net sales is comprised of project deliveries related to
wood products technology that are treated as long-term projects. The rest of
the net sales is comprised of technology services provided to the wood products
industry (spare parts, maintenance and modernization services as well as
services provided to the development of customers' business).
A significant part of the Group's net sales (project deliveries and
modernization in technology services) includes both product and service sales.
Breakdown of the Group's net sales into purely product and service sales cannot
be presented reliably.
At the end of the reporting period, the Group had two (2) customers, whose
share of the Group's net sales temporarily exceeded 10 percent due to the
nature of project business.
--------------------------------------------------------------------------------
Net sales 1.1.-30. 1.1.-30. 1.1.-31.1
9. 9. 2.
by market area 2011 % 2010 % 2010 %
--------------------------------------------------------------------------------
Russia 20 870 35 16 696 34 18 627 30
Asia-Pacific 15 825 27 14 676 30 18 442 29
Finland 7 679 13 3 606 7 5 094 8
Rest of Europe 7 156 12 4 710 9 8 805 14
North America 4 780 8 8 048 16 9 551 15
South America 2 966 5 1 735 4 2 212 4
Others 112 0 - - 136 0
TOTAL 59 389 100 49 471 100 62 867 100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5. Long-term projects 30.9. 30.9. 31.12.
2011 2010 2010
--------------------------------------------------------------------------------
Net sales
Net sales by percentage of 48 214 41 388 51 860
completion
Other net sales 11 175 8 084 11 007
TOTAL 59 389 49 471 62 867
--------------------------------------------------------------------------------
Project revenues entered as income from
currently undelivered
long-term projects recognized by 63 781 48 638 50 784
percentage of completion
Amount of long-term project revenues not 19 393 19 066 31 799
yet entered as income (order book)
Specification of combined asset and
liability items
Advance payments paid 277 223 147
Advance payments received included in 277 223 147
inventories in the balance sheet
--------------------------------------------------------------------------------
Accrued income corresponding to revenues 69 671 48 595 51 200
by percentage of completion
Advance payments received from -60 223 -44 106 -46 490
project customers
Project receivables included in current 9 448 4 489 4 710
assets in the balance sheet
--------------------------------------------------------------------------------
Advance payments in the 5 058 4 532 5 243
balance sheet
--------------------------------------------------------------------------------
6. Number of personnel, 30.9. 30.9. 31.12.
persons
2011 2010 2010
--------------------------------------------------------------------------------
Effective, on average 459 439 438
In books, on average 478 516 512
In books, at the end of 467 511 495
period
- of which personnel 115 128 129
working abroad
7. Income taxes
The taxes in the consolidated income statement include the taxes corresponding
to the Group companies' taxable profit for the financial period as well as tax
adjustments for the previous years and the change in deferred taxes. Current
tax based on the taxable income is calculated on taxable income using the tax
rate in force in each country. Deferred tax receivables are recognized to the
extent that it is probable that taxable profits will be available against
which temporary differences can be utilized.
--------------------------------------------------------------------------------
8. Research and development costs 30.9. 30.9. 31.12.
2011 2010 2010
--------------------------------------------------------------------------------
Research and development costs for the period 1 353 1 152 1 849
Amortization of previously capitalized development 216 289 395
costs
Development costs recognized as an asset in the -178 -17 -41
balance sheet
Research and development costs entered as expenses 1 391 1 424 2 203
for the period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
9. Changes in Intangible assets and in Property, 30.9. 30.9. 31.12.
plant and equipment 2011 2010 2010
--------------------------------------------------------------------------------
Intangible assets
Carrying amount at the beginning of the period 11 759 11 462 11 462
Exchange rate differences 1 31 71
Additions 294 309 151
Other reclassifications between items 82 57 75
Carrying amount at the end of the period 12 135 11 858 11 759
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -10 418 -9 630 -9 631
beginning of the period
Exchange rate differences -1 -16 -16
Depreciation for the period -471 -574 -771
Accumulated depreciation and amortization at the end -10 889 -10 221 -10 418
of the period
--------------------------------------------------------------------------------
Book value of intangible assets, at the beginning of 1 341 1 831 1 831
the period
Book value of intangible assets, at the end of the 1 245 1 637 1 341
period
Property, plant and equipment
Carrying amount at the beginning of the period 43 714 42 022 42 022
Exchange rate differences -632 773 1 696
Additions 576 1 465 2 060
Disposals -33 -1 921 -1 989
Other reclassifications between items -82 -57 -75
Carrying amount at the end of the period 43 543 42 282 43 714
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -34 800 -31 755 -31 755
beginning of the period
Exchange rate differences 561 -682 -1 568
Depreciation for the period -1 140 -1 094 -1 478
Accumulated depreciation and amortization at the end -35 380 -33 530 -34 801
of the period
--------------------------------------------------------------------------------
Book value of Property, plant and equipment, at the 8 913 10 267 10 267
beginning of the period
Book value of Property, plant and equipment, at the 8 163 8 751 8 913
end of the period
10. Related party transactions
Raute Group's related parties consist of Board members, President and CEO,
Presidents of the subsidiaries and Raute Corporation's Sickness Fund. Based on
the authorization given by the Annual General Meeting 2010, the Board of
Directors of Raute Corporation has granted stock options to the management. The
main items of the terms and conditions of the stock option system granted
during the financial year 2010 have been presented in the annual financial
statement 2010. The main items of the terms and conditions of the stock option
system granted during the reporting period 2011 and the impact of all granted
option systems on the profit (loss) for the reporting period, have been
presented in the note number 15. Group management's other employee benefits are
presented in the annual financial statement.
----------------------------------------------
----------------------------------
11. Interest-bearing liabilities 30.9. 30.9. 31.12.
2011 2010 2010
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 7 716 12 245 10 000
recognized at amortized cost
Current interest-bearing liabilities 3 327 4 215 4 439
TOTAL 11 043 16 461 14 439
--------------------------------------------------------------------------------
Maturities, non-current and current
liabilities total
Financial liability Under 1 year 1 - 5 years
-------------------------------------------------------------------------
Pension loans (TyEL) 2 000 3 000
Loans from financial institutions 1 000 4 715
Other loans 327 -
Total 3 327 7 715
-------------------------------------------------------------------------
During the reporting period, Raute Corporation drew out a financial institution
loan in the amount of SEK 52.9 million. The interest rate and currency risks of
the interest-bearing currency-denominated loan are hedged with an interest rate
and currency swap agreement.
--------------------------------------------------------------------------------
12. Other lease liabilities 30.9. 30.9. 31.12.
Group as lessee 2011 2010 2010
--------------------------------------------------------------------------------
Minimum rents paid on the basis of other
non-cancellable leases:
- Within one year 553 570 547
- After the period of more than one and less than five 995 1 169 1 157
years
- More than five years 565 749 701
TOTAL 2 113 2 488 2 406
--------------------------------------------------------------------------------
The Group has rented in a part of office and production premises. The rental
agreements are made for the time being or for the fixed-term. The agreements
made for the fixed-term include an option to extend the rental period after the
date of initial expiration.
13. Pledged assets and contingent liabilities
Raute Group has non-current credit regulation agreements worth EUR 10 million
(MEUR 5 non-current and MEUR 5 current) of which EUR 8 million (MEUR 5) were
unused on September 30, 2011. The unused credit limit is secured by a EUR 3
million business mortgage.
Raute Corporation has a EUR 10 million (MEUR 10) domestic commercial paper
program, which allows it to issue commercial papers maturing in less than one
year. The program is arranged by Nordea Bank Finland Plc.
------------------------------------------
--------------------------------------
30.9. 30.9. 31.12.
2011 2010 2010
--------------------------------------------------------------------------------
Pledged assets on behalf of the Parent
company
Loans from financial institutions 5 715 - -
- Business mortgages 3 500 - -
Pension loans (TyEL) 5 000 16 000 14 000
- Business mortgages 1 500 4 700 6 700
- Pledged assets - 2 000 1 000
- Credit insurance agreements 3 500 4 900 4 900
Other loans 100 100 100
- Real estate mortgages 101 134 134
Commercial bank guarantees on behalf of
the Parent
company and subsidiaries 15 187 20 841 10 154
Mortgage agreements on behalf of
subsidiaries
Loans from financial institutions 227 227 227
- Business mortgages 200 200 200
- Counter guarantees - - 3 100
Other lease liabilities 2 113 2 488 2 406
Loans and guarantees on behalf of the
related party
No loans are granted to the company's
management.
No pledges have been given or other commitments made on behalf of the
company's management and shareholders.
-----------------------------------------------------------------------------
14. Currency derivatives and hedging instruments 30.9. 30.9. 31.12.
2011 2010 2010
-----------------------------------------------------------------------------
Currency derivatives are used for hedging purposes.
Nominal values of forward contracts in foreign currency
Economic hedging
- Related to financing 1 016 2 398 189
- Related to hedging of net sales 147 - 283
Hedge accounting
- Related to the hedging of net sales - 737 -
Fair values of forward contracts in foreign currency
Economic hedging
- Related to financing 11 33 -
- Related to the hedging of net sales - - 2
Hedge accounting
- Related to the hedging of net sales - 13 -
Interest rate and currency swap agreements
- Nominal value 5 715 - -
- Fair value -529 - -
15. 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. The options granted during the financial year 2010 are measured
at fair value at their grant date 5 May 2010. Based on the authorization given
by the Annual General Meeting the Board of Directors of Raute Corporation has
granted 80,000 stock options marked with symbol 2010 B to the Group's key
persons during the interim period. The granted options have been valued at fair
value upon the grant date.
The conditions of the option systems granted during the financial period are:
Arrangement Stock option
Grant date May 31, 2011
Options granted 75 000 pcs
Subscription price EUR 9.83
Share price at the grant date EUR 10.50
Exercise period 3 years
Subscription period March 1, 2014 - March 31, 2017
Settlement Shares
Arrangement Stock option
Grant date September 26, 2011
Options granted 5 000 pcs
Subscription price EUR 9.83
Share price at the grant date EUR 7.33
Exercise period 3 years
Subscription period March 1, 2014 - March 31, 2017
Settlement Shares
An expense of EUR 91 thousand was recognized for the options in the income
statement during the reporting period.
16. Exchange rate used
------------------------------------------------------------
1.1.-30.9. 1.1.-30.9. 1.1.-31.12.
Income statement, euros 2011 2010 2010
------------------------------------------------------------
USD (US dollar) 1,4063 1,3160 1,3268
CAD (Canadian dollar) 1,3746 1,3630 1,3665
SGD (Singapore dollar) 1,7539 1,8205 1,8080
CLP (Chilean peso) 666,4074 683,6779 675,8537
RUB (Russian rouble) 40,4803 39,7905 40,2780
CNY (Chinese juan) 9,1392 8,9581 8,9805
------------------------------------------------------------
30.9. 30.9. 31.12.
Balance sheet, euros 2011 2010 2010
------------------------------------------------------------
USD (US dollar) 1,3503 1,3648 1,3362
CAD (Canadian dollar) 1,4105 1,4073 1,3322
SGD (Singapore dollar) 1,7589 1,7942 1,7136
CLP (Chilean peso) 668,5192 644,2344 626,1104
RUB (Russian rouble) 43,3500 41,6923 40,8200
CNY (Chinese juan) 8,7994 8,8104 8,7873
--------------------------------------------------------------------------------
GROUP KEY RATIOS 1.1.-30.9. 1.1.-30.9. 1.1.-31.12.
2011 2010 2010
--------------------------------------------------------------------------------
Return on investment (ROI), % 4,2 13,0 5,1
Return on equity (ROE), % -0,4 16,4 4,9
Gearing, % -16,9 -18,6 -39,8
Equity ratio, % 53,2 50,2 50,7
Order book, EUR million 21 20 33
Order intake, EUR million 46 46 72
Exported portion of net sales, % 87,1 92,7 91,9
Change in net sales, % 20,0 70,7 71,6
Gross capital expenditure, EUR million 1,2 1,8 2,2
% of net sales 2,0 3,6 3,5
Research and development costs, EUR million 1,4 1,2 1,8
% of net sales 2,3 2,3 2,9
Earnings per share (EPS), EUR
- undiluted -0,02 0,76 0,29
- diluted -0,02 0,75 0,29
Equity to share, EUR 5,75 6,51 6,05
Dividend per share series K shares, EUR - - 0,30
Dividend per share series A shares, EUR - - 0,30
Dividend per profit, % - - 103,8
Effective dividend return, % - - 3,1
Share price at the end of the reporting 7,18 8,20 9,70
period, EUR
Number of shares
- weighted average, 1 000 pcs 4 005 4 005 4 005
- diluted, 1 000 pcs 4 009 4 048 4 005
Calculation of key ratios
Return on investment (ROI), % = Profit before tax + x 100
financial expenses
------------------------
Shareholders' equity +
interest-bearing
financial liabilities
(average
of the period)
Return on equity (ROE), % = Profit/loss for the x 100
period
------------------------
Shareholders' equity
(average of the
period)
Interest-bearing net liabilities = Interest-bearing
liabilities ./. (cash
and cash equivalents
+ financial
assets at fair value
through profit or
loss)
Equity ratio, % = Shareholders' equity x 100 ------------------------
Balance Sheet total
./. advances received
Earnings per share, undiluted,
euros = Profit for the period
------------------------
Equity issue-adjusted
average number of
shares during the
period
Earnings per share, diluted,
euros = Diluted profit for the
period
------------------------
Diluted equity
issue-adjusted
average number of
shares
Share of shareholders'
equity belonging to
the owners
Equity to share, euros = of the Parent company
------------------------
Undiluted number of
shares at the end of
the period
Dividend per share, euros = Distributed dividend
for the financial
year
------------------------
Undiluted number of
shares at the end of
the financial year
Dividend per profit, % = Dividend per share x 100
------------------------
Earnings per share
Effective dividend return, % = Dividend per share x 100
------------------------
Closing share price at
the end of the
financial year
Price/earnings ratio (P/E ratio) = Closing share price at
the end of the period
------------------------
Earnings per share
Trend in share turnover, in volume and percentage figures (series
A shares)=
The trend in turnover of shares is
given as the number of shares
traded during the
period and as the
percentage of the
average undiluted
number of
traded shares relative
to issued share stock
during the period.
Market value of capital stock = Undiluted number of shares at the
end of the period (series A +
series K shares) x
closing price of the
share on the last day
of the period
Gearing, % = Interest-bearing net x 100
financial liabilities
------------------------
Shareholders' equity
--------------------------------------------------------------------------------
DEVELOPMENT OF Q 3 Q 2 Q 1 Q 4 Rolling Rolling
QUARTERLY RESULTS 2011 2011 2011 2010 1.10.2010 1.10.2009
(EUR 1 000) - -
30.9.2011 30.9.2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 21 626 23 136 14 627 13 396 72 785 57 122
--------------------------------------------------------------------------------
Other operating 45 68 32 10 155 4 593
income
Change in
inventories of
finished
goods and work in 223 723 95 815 1 856 -164
progress
Materials and -12 885 -13 891 -7 067 -7 395 -41 238 -28 551
services
Expenses from -5 397 -6 137 -6 047 -6 418 -23 999 -22 801
employee benefits
Depreciation and -530 -538 -542 -574 -2 184 -2 305
amortization
Other operating -2 071 -2 547 -2 540 -2 166 -9 324 -7 574
expenses
Total operating -20 883 -23 113 -16 196 -16 554 -76 745 -61 231
expenses
--------------------------------------------------------------------------------
OPERATING PROFIT 1 011 814 -1 442 -2 333 -1 950 319
--------------------------------------------------------------------------------
% of net sales 5 4 -10 -17 -3 1
Financial income 242 313 211 266 1 031 532
Financial expenses -403 -362 -318 -338 -1 421 -787
PROFIT (LOSS) BEFORE 850 764 -1 550 -2 406 -2 339 65
TAX
--------------------------------------------------------------------------------
% of net sales 4 3 -11 -18 -3 0
Income taxes -180 -244 285 538 398 72
PROFIT (LOSS) FOR 670 520 -1 265 -1 868 -1 941 137
THE PERIOD
--------------------------------------------------------------------------------
% of net sales 3 2 -9 -14 -3 0
Attributable to
--------------------------------------------------------------------------------
Equity holders of 670 520 -1 265 -1 868 -1 941 137
the Parent company
Earnings per share,
EUR
-----------------------------------------------------------
Undiluted earnings 0,17 0,13 -0,32 -0,47
per share
Diluted earnings per 0,17 0,13 -0,32 -0,47
share
Shares, 1 000 pcs
-----------------------------------------------------------
Adjusted average 4 005 4 005 4 005 4 005
number of shares
Adjusted average 4 009 4 012 4 014 4 005
number of shares,
diluted
-----------------------------------------------------------
--------------------- -----------------------------------------------------------
LARGEST SHAREHOLDERS Number Number of
AT of
SEPTEMBER 30, 2011 series series A
K
shares shares Total
(20 (1 vote number
votes
per per of shares
share) share)
--------------------------------------------------------------------------------
1. Sundholm Göran - 623 998 623 998
2. Sijoitusrahasto - 123 954 123 954
Alfred Berg Small
Cap Finland
3. Suominen Jussi 48 000 74 759 122 759
Matias
4. Mustakallio Kari 60 480 59 500 119 980
Pauli
5. Suominen Pekka 48 000 62 429 110 429
6. Suominen Tiina 48 000 62 316 110 316
Sini-Maria
7. Siivonen Osku 50 640 53 539 104 179
Pekka
8. Mandatum - 96 900 96 900
Henkivakuutusosakey
htiö
9. Kirmo Kaisa 50 280 41 826 92 106
Marketta
10. Mustakallio Mika 54 180 31 670 85 850
Tapani
11. Lisboa De Castro - 85 000 85 000
Palacios Hietala
Marta
12. Keskiaho Kaija 33 600 51 116 84 716
Leena
13. Särkijärvi Anna 60 480 22 009 82 489
Riitta
14. Mustakallio Ulla 47 240 30 862 78 102
Sinikka
15. Relander Harald - 65 000 65 000
Bertel
16. Mustakallio 43 240 18 162 61 402
Marja Helena
17. 12 000 43 256 55 256
Särkijärvi-Martinez
Anu Riitta
18. Särkijärvi Timo 12 000 43 256 55 256
19. Kirmo Lasse 30 000 24 110 54 110
20. Suominen Jukka 24 960 27 964 52 924
Matias
--------------------------------------------------------------------------------
TOTAL 623 100 1 641 626 2 264 726
--------------------------------------------------------------------------------
Share of total 62,9 54,5 56,6
amount of shares, %
Share of total 62,9 54,5 61,8
voting rights, %
--------------------------------------------------------------------------------
Nominee-registered 84 756 84 756
Other shareholders 368 061 1 287 215 1 655 276
--------------------------------------------------------------------------------
TOTAL 991 161 3 013 597 4 004 758
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MANAGEMENT'S 149 470 138 049 287 519
SHAREHOLDING
--------------------------------------------------------------------------------
Share of total 15,1 4,6 7,2
amount of shares, %
Share of total 15,1 4,6 13,7
voting rights, %
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHARE INFORMATION 30.9. 30.9. 31.12.
2011 2010 2010
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
Trading of the company's shares (series A
shares)
Trading of shares, pcs 303 381 435 123 646 052
Trading of shares, EUR million 2,9 3,4 5,2
Share price of the series A shares
At the end of the period, EUR 7,18 8,20 9,70
Highest price during the period, EUR 11,55 9,34 10,10
Lowest price during the period, EUR 6,95 7,24 7,24
Average price during the period, EUR 9,47 7,91 8,21
Market value of capital stock
- Series K shares, EUR million* 7,1 8,1 9,6
- Series A shares, EUR million 21,6 24,7 29,2
Total, EUR million 28,8 32,8 38,8
--------------------------------------------------------------------------------
*Series K shares valued at the value of series A shares at the end of reporting
period.
RAUTE CORPORATION
Board of Directors
BRIEFING ON NOVEMBER 1, 2011 AT 2 P.M.:
A briefing for analysts, investors and the media will be organized on November
1, 2011 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.
RAUTE CORPORATION'S FINANCIAL RELEASES IN 2012:
Raute Corporation will publish a release of its financial statements for 2011
on Tuesday February 14, 2012.
Raute's interim reports will be published as follows:
- January - March on Friday May 4, 2012
- January - June on Tuesday July 31, 2012
- January - September on Tuesday October 30, 2012.
Raute Corporation's Annual general meeting is scheduled to be held in Lahti on
Monday April 16, 2012.
FURTHER INFORMATION:
Mr. Tapani Kiiski, President and CEO, Raute Corporation, tel. +358 3 829 3560,
mobile +358 400 814 148
Ms. Arja Hakala, CFO, Raute Corporation, tel. +358 3 829 3293, mobile +358 400
710 387
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF:
Raute is a technology and service company that operates worldwide. Raute's
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL (Laminated Veneer Lumber). The technology
offering covers machinery and equipment for the entire production process. As a
supplier of mill-scale projects Raute is a global market leader both in the
plywood and LVL industries. Additionally, Raute's full-service concept includes
services ranging from repairs and 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 2010
were EUR 62.9 million. The number of personnel at the end of 2010 was 495. More
information on the company can be found at http://www.raute.com.
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