2007-04-26 08:30:00 CEST
2007-04-26 08:30:00 CEST
REGULATED INFORMATION
Raute - Quarterly report
RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - MARCH 31, 2007
RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - MARCH 31, 2007
- Net sales totaled MEUR 28.9 (MEUR 26.5), up 9% on the comparison period.
- Operating profit, MEUR 1.9 (MEUR 1.1), and profit before tax, MEUR 2.2 (MEUR
1.4), improved.
- Earnings per share were EUR 0.41 (EUR 0.24).
- The order intake was MEUR 15 (MEUR 10), and the order book at the end of the
period, MEUR 68 (MEUR 39), was at a good level.
- Net sales are expected to grow moderately in 2007 and operating profit to
clearly improve over 2006.
MR TAPANI KIISKI, PRESIDENT AND CEO: PROMISING START ON THE YEAR
“Our customers continue to show solid faith and confidence in the development of
their businesses. This has helped to keep the demand for Raute's technology at a
healthy level during the first months of the year. Fluctuations in the order
intake are normal in the project business. Our order book at the beginning of
2007 was strong enough to keep it at a good level despite the low order intake
in the early part of the year.
The result development was positive in the first quarter and are doing better
than last year in terms of both net sales and result. Our performance has
benefited most from order book scheduling, as well as the success and
enhancement of our own operations. We have kept our project schedules and
expenses to those planned. In technology services, the high order intake of
early 2007 promises a good outlook for the rest of the year.
We have been particularly delighted with the improvement in our profitability
and order book in North America, which has taken place under extremely tough
market conditions.
Most of our operations - and, consequently, our expenses - are located in
Finland, making the state and competitiveness of domestic labor markets critical
to Raute's competitive edge in terms of costs, reliable deliveries, and quality.
While our strategy focuses on developing our partner network and the subsidiary
launched in China last year, the competitiveness of costs and available capacity
in Finland and its neighboring areas is also very critical to Raute.
Our positive first quarter performance in 2007 offers a good starting point for
improving Raute's net sales and profitability from last year. We will all
cooperate to achieve this goal.”
MARKET SITUATION
Market situation in customer industries
The market situation in Raute's customer industries has continued to be good in
early 2007 in all of the main market areas except for North America. The demand,
production volumes, and prices of plywood and LVL have remained at a good level.
The construction and renovation markets in North America are still slow, which
has affected the demand for plywood and LVL, as well as their prices. The North
American markets are not expected to show an upswing until 2008.
Demand for wood products technology
The demand for investments in the plywood, veneer, and LVL industries remained
good, with the exception of North America. Compared to last year, demand has
been brisker for medium-sized production line projects and modernizations.
Several mill-scale projects are still in the planning phase, and some of them
are expected to proceed to the decision-making phase this year.
Technology services have seen healthy demand.
Order intake and order book
Raute's business consists of project deliveries and technology services to the
wood products industry. Project deliveries encompass complete mills, production
lines, and single machines and equipment. Technology services include
maintenance, spare part services, modernizations, consulting, training, and
sales of reconditioned machinery.
The first quarter order intake amounted to EUR 15 million (MEUR 10). As for
projects, the order intake remained low at EUR 5 million (MEUR 4), while
technology services were up on the previous year, recording an order intake of
EUR 10 million (MEUR 6).
The order book at the end of the report period was EUR 68 million (MEUR 39).
Competitive position
Raute is in a good competitive position and at its strongest in major projects
for the plywood, veneer, and LVL industries. The company's position is based on
the latest technology on the market, a comprehensive offering of technology and
services, and successful reference deliveries.
The investments made in product development maintain and reinforce Raute's
competitive position. Several negotiations are now under way for deals on
products that were in the first-delivery phase in 2006.
The good order intake for technology services, especially for modernizations, is
an indication of the development of Raute's service offering.
NET SALES AND RESULT
Net sales for the report period were EUR 28.9 million (MEUR 26.5), up 9 percent
on the comparison period.
The distribution of net sales by market area was influenced by the four big
mill-scale orders received in 2006. North America's share of net sales rose to
32 percent (17%). Europe accounted for 31 percent (15%), Russia for 21 percent
(9%), and other market areas for 16 percent (59%) of net sales. Net sales were
generated exclusively by project deliveries and technology services related to
the wood products technology business. Technology services were 45 percent up
on the comparison period and they accounted for 22 percent (16%) of the net
sales.
The Group's operating profit, EUR 1.9 million (MEUR 1.1), and profit before tax,
EUR 2.2 million (MEUR 1.4), increased from the comparison period. The profit for
the period was EUR 1.6 million (MEUR 0.9), and earnings per share were EUR 0.41
(EUR 0.24).
FINANCING
The Group's financial position remained good. At the end of the year, gearing
was -39.4 percent (-26.2%) and equity ratio 60.8 percent (52.9%). The balance
sheet total decreased by EUR 12.1 million over the period, amounting to EUR 56.4
million (MEUR 54.4) at the end of the report period. The fluctuation in balance
sheet items and the key ratios based on them results from differences in the
timing of customer payments and the cost accumulation from project deliveries,
which is typical of project business.
Liquid assets stood at EUR 11.7 million (MEUR 7.3) at the end of the report
period. Operating cash flow was EUR 10.3 million negative (MEUR -2.0), and
investing cash flow was EUR -0.4 million (MEUR -0.4). Financing cash flow, EUR
-1.7 million (MEUR -1.7), includes EUR 2.8 million in dividend payments for
2006.
Interest-bearing liabilities amounted to EUR 0.6 million (MEUR 0.8) at the end
of the period, and unused credit limits to EUR 15 million. The company also has
a EUR 10 million commercial paper program.
RESEARCH AND DEVELOPMENT COSTS AND CAPITAL EXPENDITURE
Research and development costs totaled EUR 1.0 million (MEUR 1.0), representing
3.5 percent (3.7%) of net sales.
The total amount of investments was EUR 0.4 million (MEUR 0.4).
PERSONNEL
The Group's headcount at the end of the report period was 556 (531). Group
companies outside of Finland accounted for 23 percent (22%) of employees. The
number of personnel converted to full-time employees was approximately 546
(530).
ANNUAL GENERAL MEETING
Raute Corporation's Annual General Meeting held on March 21, 2007, adopted the
financial statements for 2006, released those accountable from liability, and
decided to distribute a dividend of EUR 0.70 per share.
After re-election, Mr. Jarmo Rytilahti will continue as Chairman of the Board,
Ms. Sinikka Mustakallio as Vice-Chairperson, and Mr. Mika Mustakallio, Mr. Panu
Mustakallio, Mr. Pekka Paasikivi, and Mr. Jorma Wiitakorpi as Board members.
Authorized Public Accountants Anna-Maija Simola and Antti Unkuri were elected as
auditors, and Ernst&Young Oy, an authorized public accounting company, as deputy
auditor.
The Meeting authorized the Board to decide on the acquisition of a maximum of
400,000 of the company's own series A shares using distributable funds. The
Annual General Meeting authorized the Board to decide on a directed issue of a
maximum of 400,000 of the company's series A shares.
CORPORATE GOVERNANCE
All of the Board members are independent of the company. Chairman Jarmo
Rytilahti and two of the members (Pekka Paasikivi and Jorma Wiitakorpi) are
independent of major shareholders.
Mr. Jarmo Rytilahti continues as the chairman of the Appointments Committee,
while Ms. Sinikka Mustakallio and Mr. Ville Korhonen, a representative of a
major shareholder, continue as its members. As previously, the Working Committee
is chaired by Mr. Jarmo Rytilahti and its members are Ms. Sinikka Mustakallio
and Mr. Pekka Paasikivi.
SHARES
The number of Raute Corporation's shares at the end of the report 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 two euro. Series K shares can be converted to series A shares
under the terms described in section 3 of the Articles of Association. If a
series K share is transferred to a new owner who does not previously hold series
K shares, other shareholders of the K series have the right to redeem the share
under the terms described in Section 4 of the Articles of Association.
Raute Corporation's series A shares are listed on the Nordic list of the OMX
Nordic Exchange in Helsinki. 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 the OMX Nordic Exchange in
Helsinki.
A total of 171,632 (311,104) series A shares worth EUR 2.3 million (MEUR 4.9)
were traded in the report period. The share price at the end of the period was
EUR 13.3 (EUR 16.31). The highest quotation was EUR 14.33 (EUR 17.60) and the
lowest EUR 12.4 (EUR 14.25). The average price was EUR 13.36 (EUR 15.62).
The company's market capitalization at the end of the report period was EUR 53.3
million (MEUR 62.2), with series K shares valued at the closing price of series
A shares on March 31, 2007, that is EUR 13.3 (EUR 16.31).
Board authorizations
The company's Board of Directors has been authorized by the Annual General
Meeting to decide on the buyback and directed issue of a maximum of 400,000 of
the company's series A shares. The authorizations are effective until the next
Annual General Meeting. The Board of Directors has not exercised this
authorization.
SHAREHOLDERS
The number of shareholders totaled 1,144 at the beginning of the year and 1,170
(1,014) at the end of the report period. Series K shares are held by 46 private
individuals (46). The management held 4.7 percent (4.6%) of company shares and
9.1 percent (8.9%) of votes. Nominee-registered shares accounted for 1.3 percent
(1.0%) of shares.
The company did not possess company shares during the report period or hold them
as security.
No flagging notifications were given to the company in the report period.
DIVIDEND FOR THE REPORT PERIOD 2006
The Annual General Meeting decided to distribute a dividend of EUR 0.70 per
share for 2006. Dividends total EUR 2,803,330.60, with series A shares
accounting for EUR 2,109,517.90 and series K shares for EUR 693,812.70. The date
of dividend payment was April 2, 2007.
SEASONAL FLUCTUATION IN BUSINESS
The Group's net sales and working capital fluctuate in every quarter due to
different types of project deliveries and their schedules. Business does not
involve systematic seasonal changes, with the exception of technology services
delivered to Finland, many of which take place during service shutdowns in the
summer.
BUSINESS RISKS
Hedging of foreign currency receivables
Items related to business payments and denominated in foreign currency are
hedged with currency derivatives when contracts take effect.
Forward contracts in Canadian and US dollars related to the economic hedging of
payments from binding sales agreements had a nominal value of EUR 10.3 million
(MEUR 8.2) at the end of the report period. The measurement of these forward
contracts in compliance with IFRS improved the company's net sales and operating
profit by EUR 0.1 million (MEUR 0.2) compared to the Finnish Accounting
Standards.
Forward contracts in Canadian and US dollars related to fair value hedging had a
nominal value of EUR 6.4 million (MEUR 0.0) at the end of the report period.
Hedge accounting had a positive impact of EUR 25 thousand (MEUR 0.0) on the
period's result.
Forward contracts in Canadian dollars related to the economic hedging of
financing items had a nominal value of EUR 2.6 million (MEUR 6.7) at the end of
the year.
OUTLOOK FOR 2007
The wood products industry is expected to continue its brisk investments. This
year demand will spread more evenly over projects of various size. Strong demand
for investments will continue in Russia.
Thanks to a good order book and steady demand, the net sales for 2007 are
predicted to grow moderately from last year's figures and operating profit is
expected to clearly improve.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS JANUARY 1 - MARCH 31, 2007
(Figures in EUR 1 000)
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| CONSOLIDATED INCOME | Note | | | 1.1. - | 1.1. - | 1.1. - |
| STATEMENT | | | | 31.3. | 31.3. | 31.12. |
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| | | | | 2007 | 2006 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES | 2, 3, | | | 28 882 | 26 503 | 106 206 |
| | 4 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating | | | | 38 | 25 | 199 |
| income | | | | | | |
--------------------------------------------------------------------------------
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| Increase (+) or | | | | 246 | 266 | -111 |
| decrease (-) in | | | | | | |
| inventories of | | | | | | |
| finished goods and | | | | | | |
| work in progress | | | | | | |
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--------------------------------------------------------------------------------
| Materials and | | | | 16 997 | 15 851 | 62 418 |
| services | | | | | | |
--------------------------------------------------------------------------------
| Expenses from | 7 | | | 7 007 | 6 457 | 26 227 |
| employee benefits | | | | | | |
--------------------------------------------------------------------------------
| Depreciation, | | | | 653 | 595 | 2 660 |
| amortization and | | | | | | |
| impairment charges | | | | | | |
--------------------------------------------------------------------------------
| Other operating | | | | 2 618 | 2 761 | 10 476 |
| expenses | | | | | | |
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| Total operating | 6 | | | 27 276 | 25 664 | 101 781 |
| expenses | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT / | | | | 1 891 | 1 130 | 4 513 |
| LOSS | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | | | | 7 % | 4 % | 4 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | | | | 312 | 409 | 745 |
--------------------------------------------------------------------------------
| Financial expenses | | | | -51 | -189 | -371 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PROFIT / LOSS BEFORE | | | | 2 151 | 1 350 | 4 887 |
| TAX | | | | | | |
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| % of net sales | | | | 7 % | 5 % | 5 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income taxes | | | | -517 | -423 | -1 255 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PROFIT / LOSS FOR THE | | | | 1 634 | 927 | 3 632 |
| PERIOD | | | | | | |
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| % of net sales | | | | 6 % | 3 % | 3 % |
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| Breakdown | | | | | | |
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| Minority interest | | | | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Share of profit / | | | | 1 634 | 927 | 3 632 |
| loss that belongs to | | | | | | |
| owners of the parent | | | | | | |
| company | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, | | | | | | |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Undiluted earnings | | | | 0,41 | 0,24 | 0,94 |
| per share | | | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per | | | | 0,41 | 0,24 | 0,94 |
| share | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shares | | | | | | |
--------------------------------------------------------------------------------
| Adjusted average | | | | 4 005 | 3 816 | 3 867 |
| number of shares | | | | | | |
--------------------------------------------------------------------------------
| Adjusted average | | | | 4 005 | 3 925 | 3 867 |
| number of shares | | | | | | |
| diluted | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE | Note | | | 31.3. | 31.3. | 31.12. |
| SHEET | | | | | | |
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| | | | | 2007 | 2006 | 2006 |
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| ASSETS | | | | | | |
--------------------------------------------------------------------------------
| Fixed assets and | | | | | | |
| other non-current | | | | | | |
| assets | | | | | | |
--------------------------------------------------------------------------------
| - Intangible assets | | | | 2 834 | 2 662 | 2 924 |
--------------------------------------------------------------------------------
| - Tangible assets | | | | 12 327 | 13 808 | 12 542 |
--------------------------------------------------------------------------------
| - Available-for-sale | | | | 395 | 386 | 395 |
| investments | | | | | | |
--------------------------------------------------------------------------------
| - Receivables | | | | 0 | 48 | 0 |
--------------------------------------------------------------------------------
| - Deferred tax assets | | | | 361 | 114 | 487 |
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| Total | | | | 15 917 | 17 018 | 16 348 |
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| Current assets | | | | | | |
--------------------------------------------------------------------------------
| - Inventories | | | | 5 163 | 5 370 | 4 933 |
--------------------------------------------------------------------------------
| - Account receivables | 4 | | | 23 593 | 24 681 | 23 184 |
| and other receivables | | | | | | |
--------------------------------------------------------------------------------
| - Financial assets at | | | | 10 315 | 6 311 | 10 195 |
| fair value through | | | | | | |
| profit or loss | | | | | | |
--------------------------------------------------------------------------------
| - Cash and cash | | | | 1 369 | 1 033 | 13 812 |
| equivalents | | | | | | |
--------------------------------------------------------------------------------
| Total | | | | 40 441 | 37 395 | 52 124 |
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| TOTAL ASSETS | 2 | | | 56 358 | 54 413 | 68 472 |
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--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | | | | | | |
| AND LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | | | | | | |
--------------------------------------------------------------------------------
| - Share capital | | | | 8 010 | 7 633 | 8 010 |
--------------------------------------------------------------------------------
| - Share premium | | | | 6 498 | 5 439 | 6 498 |
--------------------------------------------------------------------------------
| - Other funds | 7 | | | -203 | 0 | -201 |
--------------------------------------------------------------------------------
| - Retained earnings | | | | 12 234 | 10 825 | 11 370 |
--------------------------------------------------------------------------------
| - Profit / loss for | | | | 1 634 | 927 | 3 632 |
| the period | | | | | | |
--------------------------------------------------------------------------------
| Share of | | | | 28 173 | 24 824 | 29 309 |
| shareholders' equity | | | | | | |
| that belongs to | | | | | | |
| owners of the parent | | | | | | |
| company | | | | | | |
--------------------------------------------------------------------------------
| Minority interest | | | | 0 | 224 | 0 |
--------------------------------------------------------------------------------
| Total shareholders' | | | | 28 173 | 25 048 | 29 309 |
| equity | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Long-term liabilities | | | | | | |
--------------------------------------------------------------------------------
| - Provisions | | | | 111 | 333 | 262 |
--------------------------------------------------------------------------------
| - Deferred tax | | | | 1 086 | 1 341 | 1 084 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| - Long-term | | | | 317 | 359 | 317 |
| interest-bearing | | | | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Total | | | | 1 514 | 2 033 | 1 663 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | | | | | |
--------------------------------------------------------------------------------
| - Provisions | | | | 1 610 | 1 739 | 1 726 |
--------------------------------------------------------------------------------
| - Pension obligations | | | | 316 | 364 | 335 |
--------------------------------------------------------------------------------
| - Short-term | | | | 277 | 432 | 150 |
| interest-bearing | | | | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| - Advance payments | 4 | | | 10 032 | 7 093 | 19 726 |
| received | | | | | | |
--------------------------------------------------------------------------------
| - Current tax | | | | 0 | 0 | 113 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| - Trade and other | | | | 14 435 | 17 705 | 15 450 |
| payables | | | | | | |
--------------------------------------------------------------------------------
| Total | | | | 26 671 | 27 332 | 37 500 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total liabilities | | | | 28 185 | 29 365 | 39 163 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS' | | | | 56 358 | 54 413 | 68 472 |
| EQUITY AND | | | | | | |
| LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CASH | | | | 1.1. - | 1.1. - | 1.1. - |
| FLOW STATEMENT | | | | 31.3. | 31.3. | 31.12. |
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| | | | | 2007 | 2006 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH FLOW FROM | | | | | | |
| OPERATING ACTIVITES | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from sales | | | | 18 221 | 22 881 | 116 046 |
--------------------------------------------------------------------------------
| Proceeds from other | | | | 38 | 15 | 155 |
| operating income | | | | | | |
--------------------------------------------------------------------------------
| Payments of operating | | | | -28 405 | -24 872 |-100 100 |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Cash flow before | | | | -10 146 | -1 976 | 16 102 |
| financial items and | | | | | | |
| taxes | | | | | | |
--------------------------------------------------------------------------------
| Interests and other | | | | -48 | -34 | -190 |
| operating financial | | | | | | |
| expenses paid | | | | | | |
--------------------------------------------------------------------------------
| Interests and other | | | | 210 | 402 | 660 |
| income received | | | | | | |
--------------------------------------------------------------------------------
| Dividends received | | | | 101 | 7 | 24 |
--------------------------------------------------------------------------------
| Income taxes paid | | | | -410 | -388 | -1 614 |
--------------------------------------------------------------------------------
| NET CASH FLOW FROM | | | | -10 294 | -1 989 | 14 982 |
| (+) / USED IN (-) | | | | | | |
| OPERATING ACTIVITIES | | | | | | |
| (A) | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH FLOW FROM | | | | | | |
| INVESTING ACTIVITIES | | | | | | |
--------------------------------------------------------------------------------
| Capital expenditure | | | | -353 | -415 | -1 809 |
| in tangible and | | | | | | |
| intangible assets | | | | | | |
--------------------------------------------------------------------------------
| Purchases of | | | | 0 | 0 | -49 |
| available-for-sale as | | | | | | |
| investments | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of | | | | 0 | 21 | 292 |
| tangible and | | | | | | |
| intangible assets | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from other | | | | 0 | 8 | 20 |
| investments | | | | | | |
--------------------------------------------------------------------------------
| NET CASH FLOW FROM | | | | -353 | -386 | -1 545 |
| (+) / USED IN (-) | | | | | | |
| INVESTING ACTIVITIES | | | | | | |
| (B) | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH FLOW FROM | | | | | | |
| FINANCING ACTIVITIES | | | | | | |
--------------------------------------------------------------------------------
| Repayments of | | | | 1 000 | 0 | 95 |
| long-term and | | | | | | |
| short-term loan | | | | | | |
| receivables | | | | | | |
--------------------------------------------------------------------------------
| Repayment of | | | | 127 | 256 | 0 |
| short-term | | | | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Repayment of | | | | 0 | 0 | -67 |
| long-term liabilities | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from | | | | 0 | 0 | 1 436 |
| issuance of shares | | | | | | |
--------------------------------------------------------------------------------
| Dividends paid | | | | -2 803 | -1 931 | -2 290 |
--------------------------------------------------------------------------------
| NET CASH FROM (+) / | | | | -1 676 | -1 675 | -826 |
| USED IN (-) FINANCING | | | | | | |
| ACTIVITIES (C) | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET CHANGE IN CASH | | | | -12 323 | -4 050 | 12 611 |
| AND CASH EQUIVALENTS | | | | | | |
| (A+B+C) | | | | | | |
--------------------------------------------------------------------------------
| increase (+) / | | | | | | |
| decrease (-) | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH AND CASH | | | | | | |
| EQUIVALENTS*) | | | | | | |
--------------------------------------------------------------------------------
| - AT THE BEGINNING OF | | | | 24 007 | 11 395 | 11 395 |
| THE PERIOD | | | | | | |
--------------------------------------------------------------------------------
| - AT THE END OF THE | | | | 11 685 | 7 344 | 24 006 |
| PERIOD | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH AND CASH EQUIVALENTS IN | | | | | |
| THE BALANCE SHEET AT THE END | | | | | |
| OF THE PERIOD | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial assets at | | | | 10 315 | 6 311 | 10 195 |
| fair value through | | | | | | |
| profit or loss | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | | | 1 369 | 1 033 | 13 812 |
| equivalents | | | | | | |
--------------------------------------------------------------------------------
| Total | | | | 11 685 | 7 344 | 24 007 |
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*) Cash and cash equivalents comprise trading assets as well as cash and bank
receivables, which will be due within the following three month's period.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
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| | Share | Share | Other | Exchange| Retained |
| | capital | premium | funds | rate | earnings |
| | | | | diff. | |
--------------------------------------------------------------------------------
| EQUITY Jan. 1, 2007 | 8 010 | 6 498 | -201 | 274 | 14 726 |
--------------------------------------------------------------------------------
| Exchange differences from | | | -25 | | |
| net investments | | | | | |
--------------------------------------------------------------------------------
| Taxes related to items | | | 7 | | |
| recognized in equity or | | | | | |
| transferred from equity | | | | | |
--------------------------------------------------------------------------------
| Translation differences | | | | 37 | |
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| Other increase/decrease | | | | | |
--------------------------------------------------------------------------------
| Net income recognized | 0 | 0 | -18 | 37 | 0 |
| directly in equity | | | | | |
--------------------------------------------------------------------------------
| Profit for the period | | | | | 1 697 |
--------------------------------------------------------------------------------
| Total income and expenses | 0 | 0 | -18 | 37 | 1 697 |
| recognized in the period | | | | | |
--------------------------------------------------------------------------------
| Share capital increase | | | | | |
| (options) | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | -2 803 |
--------------------------------------------------------------------------------
| Equity-settled | | | | | |
| share-based | | | | | |
--------------------------------------------------------------------------------
| transactions | | | 16 | | |
--------------------------------------------------------------------------------
| EQUITY March 31, 2007 | 8 010 | 6 498 | -203 | 311 | 13 620 |
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CONSOLIDATED STATEMENT (continue) OF CHANGES IN SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
| | Owners of the |Minority | | EQUITY |
| | parent company | | | | TOTAL |
| | |interest| | | |
| | | | | | |
--------------------------------------------------------------------------------
| EQUITY Jan. 1, 2007 | 29 308 | | 0 | | | 29 308 |
--------------------------------------------------------------------------------
| Exchange differences | -25 | | | | | -25 |
| from net investments | | | | | | |
--------------------------------------------------------------------------------
| Taxes related to | 7 | | | | | 7 |
| items recognized in | | | | | | |
| equity or transferred | | | | | | |
| from equity | | | | | | |
--------------------------------------------------------------------------------
| Translation | 37 | | | | | 37 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Other | 0 | | | | | 0 |
| increase/decrease | | | | | | |
--------------------------------------------------------------------------------
| Net income recognized | 19 | | 0 | | | 19 |
| directly in equity | | | | | | |
--------------------------------------------------------------------------------
| Profit for the period | 1 697 | | | | | 1 634 |
--------------------------------------------------------------------------------
| Total income and | 1 716 | | 0 | | | 1 653 |
| expenses recognized | | | | | | |
| in the period | | | | | | |
--------------------------------------------------------------------------------
| Share capital | 0 | | | | | 0 |
| increase (options) | | | | | | |
--------------------------------------------------------------------------------
| Dividend | -2 803 | | | | | -2 803 |
--------------------------------------------------------------------------------
| Equity-settled | | | | | | |
| share-based | | | | | | |
--------------------------------------------------------------------------------
| transactions | 16 | | | | | 16 |
--------------------------------------------------------------------------------
| EQUITY March 31, | 28 236 | | 0 | | | 28 173 |
| 2007 | | | | | | |
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CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
| | Share | Share | Other |Exchange | Retained |
| | capital | premium | funds | rate | earnings |
| | | | | diff. | |
--------------------------------------------------------------------------------
| EQUITY Jan. 1, 2006 | 7 629 | 5 429 | 14 | -533 | 13 384 |
--------------------------------------------------------------------------------
| Exchange differences from | | | | | |
| net investments | | | | | |
--------------------------------------------------------------------------------
| Taxes related to items | | | | | |
| recognized in equity or | | | | | |
| transferred from equity | | | | | |
--------------------------------------------------------------------------------
| Translation differences | | | | 263 | |
--------------------------------------------------------------------------------
| Other increase/decrease | | | | | |
--------------------------------------------------------------------------------
| Net income recognized | 0 | 0 | 0 | 263 | 0 |
| directly in equity | | | | | |
--------------------------------------------------------------------------------
| Profit for the period | | | | | 927 |
--------------------------------------------------------------------------------
| Total income and expenses | 0 | 0 | 0 | 263 | 927 |
| recognized in the period | | | | | |
--------------------------------------------------------------------------------
| Share capital increase | 3 | 10 | -14 | | |
| (options) | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | -2 290 |
--------------------------------------------------------------------------------
| Equity-settled | | | | | |
| share-based | | | | | |
--------------------------------------------------------------------------------
| transactions | | | | | |
--------------------------------------------------------------------------------
| EQUITY March 31, 2006 | 7 633 | 5 439 | 0 | -269 | 12 021 |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT (continue) OF CHANGES IN SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
| | Owners of the |Minority| | | EQUITY |
| | parent company | | | | TOTAL |
| | |interest| | | |
| | | | | | |
--------------------------------------------------------------------------------
| EQUITY Jan. 1, 2006 | 25 923 | | 224 | | | 26 147 |
--------------------------------------------------------------------------------
| Exchange differences | 0 | | | | | 0 |
| from net investments | | | | | | |
--------------------------------------------------------------------------------
| Taxes related to | 0 | | | | | 0 |
| items recognized in | | | | | | |
| equity or transferred | | | | | | |
| from equity | | | | | | |
--------------------------------------------------------------------------------
| Translation | 263 | | | | | 263 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Other | 0 | | | | | 0 |
| increase/decrease | | | | | | |
--------------------------------------------------------------------------------
| Net income recognized | 263 | | 0 | | | 263 |
| directly in equity | | | | | | |
--------------------------------------------------------------------------------
| Profit for the period | 927 | | | | | 927 |
--------------------------------------------------------------------------------
| Total income and | 1 190 | | 0 | | | 1 190 |
| expenses recognized | | | | | | |
| in the period | | | | | | |
--------------------------------------------------------------------------------
| Share capital | 0 | | | | | 0 |
| increase (options) | | | | | | |
--------------------------------------------------------------------------------
| Dividend | -2 290 | | | | | -2 290 |
--------------------------------------------------------------------------------
| Equity-settled | | | | | | |
| share-based | | | | | | |
--------------------------------------------------------------------------------
| transactions | 0 | | | | | 0 |
--------------------------------------------------------------------------------
| EQUITY March 31, | 24 824 | | 224 | | | 25 048 |
| 2006 | | | | | | |
--------------------------------------------------------------------------------
NOTES
GENERAL INFORMATION
Raute Corporation's Board of Directors has on 26 April 2007, reviewed the
Group's Interim financial statements for January 1 - March 31, 2007, and decided
to publish Raute Corporation's Interim Financial Reporting for January 1 - March
31, 2007, in compliance with this release.
1. ACCOUNTING PRINCIPLES
Raute Corporation's Interim financial reporting has been drawn up in compliance
with IFRS 34.
Raute Group's Interim financial statements for January 1 - March 31, 2007,
included in the Interim financial reporting do not contain the full notes and
other information presented in financial statements. Therefore, the Interim
financial reporting should be read in conjunction with the Financial statements
published for 2006.
The figures presented in the Interim financial reporting have not been audited.
Figures in parentheses refer to the corresponding figures in the comparison
year.
On January 1, 2007, the Group adopted the following standards and
interpretations issued by IASB:
- IFRIC 8: Scope of IFRS 2,
- IFRIC 9: Reassessment of Embedded Derivatives,
- IFRIC 10: Interim Financial Reporting and Impairment,
- IFRS 7 Financial Instruments: Disclosures, and
- IAS 1 Amendment to disclosures about capital in financial statements.
The adoption of the standards has not had any material impact on the figures in
the Interim financial statements.
In other respects, the Group has followed the accounting principles described in
the Financial statements for 2006.
2. Segment information
Primary reporting segment
Raute's primary reporting segment is the business segment. Continuing operations
belong to the wood products technology segment.
Secondary reporting segment
The secondary reporting segment is geographical. The geographical segment
consists of market areas accounting for over 10% of the Group's net sales.
Geographical reporting segment information
--------------------------------------------------------------------------------
| Net sales to external | 1.1. - | | 1.1. - | | 1.1. - | |
| clients by | 31.3. | | 31.3. | | 31.12. | |
--------------------------------------------------------------------------------
| clients' geographical | 2007 | % | 2006 | % | 2006 | % |
| location | | | | | | |
--------------------------------------------------------------------------------
| North America | 9 301 | 32 | 4 485 | 17 | 17 107 | 16 |
--------------------------------------------------------------------------------
| Europe | 8 951 | 31 | 4 065 | 15 | 30 620 | 29 |
--------------------------------------------------------------------------------
| Russia | 5 939 | 21 | 2 254 | 9 | 12 470 | 12 |
--------------------------------------------------------------------------------
| South America | 3 576 | 12 | 12 463 | 47 | 39 160 | 37 |
--------------------------------------------------------------------------------
| Rest of the world | 1 115 | 4 | 3 236 | 12 | 6 849 | 6 |
--------------------------------------------------------------------------------
| TOTAL | 28 882 | 100 | 26 503 | 100 | 106 206 | 100 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets by | | | | | | |
| geographical location | | | | | | |
--------------------------------------------------------------------------------
| North America | 6 302 | 11 | 8 044 | 15 | 4 158 | 6 |
--------------------------------------------------------------------------------
| Europe | 48 770 | 87 | 45 987 | 85 | 63 832 | 93 |
--------------------------------------------------------------------------------
| Russia | 218 | 0 | 203 | 0 | 190 | 1 |
--------------------------------------------------------------------------------
| South America | 47 | 0 | 50 | 0 | 38 | 0 |
--------------------------------------------------------------------------------
| Rest of the world | 1 022 | 2 | 129 | 0 | 254 | 0 |
--------------------------------------------------------------------------------
| TOTAL | 56 358 | 100 | 54 413 | 100 | 68 472 | 100 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital expenditure | | | | | | |
| by geographical | | | | | | |
| location | | | | | | |
--------------------------------------------------------------------------------
| North America | 21 | 6 | 47 | 12 | 51 | 3 |
--------------------------------------------------------------------------------
| Europe | 269 | 76 | 332 | 88 | 1 801 | 97 |
--------------------------------------------------------------------------------
| Russia | 0 | 0 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| South America | 0 | 0 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Rest of the world | 63 | 18 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| TOTAL | 353 | 100 | 379 | 100 | 1 852 | 100 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 3. Proceeds from | | | | | | |
| sales | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 1.1. - | | 1.1. - | | 1.1. - | |
| | 31.3. | | 31.3. | | 31.12. | |
--------------------------------------------------------------------------------
| by market area | 2007 | % | 2006 | % | 2006 | % |
--------------------------------------------------------------------------------
| North America | 9 301 | 32 | 4 485 | 17 | 17 107 | 16 |
--------------------------------------------------------------------------------
| Russia | 5 939 | 21 | 2 254 | 9 | 12 470 | 12 |
--------------------------------------------------------------------------------
| Rest of Europe | 5 718 | 20 | 2 565 | 10 | 20 203 | 19 |
--------------------------------------------------------------------------------
| South America | 3 576 | 12 | 12 463 | 47 | 39 160 | 37 |
--------------------------------------------------------------------------------
| Finland | 3 233 | 11 | 1 501 | 6 | 10 417 | 10 |
--------------------------------------------------------------------------------
| Asia | 570 | 2 | 2 950 | 11 | 5 593 | 5 |
--------------------------------------------------------------------------------
| Oceania | 76 | 0 | 19 | 0 | 501 | 0 |
--------------------------------------------------------------------------------
| Others | 469 | 2 | 267 | 1 | 755 | 1 |
--------------------------------------------------------------------------------
| TOTAL | 28 882 | 100 | 26 503 | 100 |106 206 | 100 |
| | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4. Long-term projects | | | | 31.3. | 31.3. | 31.12. |
--------------------------------------------------------------------------------
| | | | | 2007 | 2006 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Project revenues entered as income from | 86 574 | 53 572 | 77 607 |
| currently undelivered long-term projects | | | |
| recognized by percentage of completion | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Amount of long-term | | | | 65 019 | 37 600 | 74 281 |
| projects revenues not | | | | | | |
| yet entered as income | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Specification of | | | | | | |
| combined asset and | | | | | | |
| liability items: | | | | | | |
--------------------------------------------------------------------------------
| Accrued income | | | | 86 321 | 53 479 | 76 989 |
| corresponding to | | | | | | |
| revenues by | | | | | | |
| percentage of | | | | | | |
| completion | | | | | | |
--------------------------------------------------------------------------------
| Advances received | | | | -69 206 | -38 581 | -62 588 |
| from project | | | | | | |
| customers | | | | | | |
--------------------------------------------------------------------------------
| Project receivables | | | | 17 114 | 14 898 | 14 401 |
| included in | | | | | | |
| short-term | | | | | | |
| receivables | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 5. Personnel | | | | 31.3. | 31.3. | 31.12. |
--------------------------------------------------------------------------------
| | | | | 2007 | 2006 | 2006 |
--------------------------------------------------------------------------------
| - effective, on | | | | 546 | 530 | 546 |
| average | | | | | | |
--------------------------------------------------------------------------------
| - in books, on | | | | 548 | 528 | 547 |
| average | | | | | | |
--------------------------------------------------------------------------------
| - in books, at the | | | | 556 | 531 | 540 |
| end of period | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 6. Research and | | | | 31.3. | 31.3. | 31.12. |
| development costs | | | | | | |
--------------------------------------------------------------------------------
| | | | | 2007 | 2006 | 2006 |
--------------------------------------------------------------------------------
| Research and | | | | 1 015 | 993 | 3 765 |
| development costs on | | | | | | |
| the period | | | | | | |
--------------------------------------------------------------------------------
| Depreciation of | | | | 92 | 38 | 228 |
| capitalized | | | | | | |
| development costs | | | | | | |
--------------------------------------------------------------------------------
| Recognized as assets | | | | -135 | -35 | -538 |
| in balance sheet | | | | | | |
--------------------------------------------------------------------------------
| Research and | | | | 972 | 996 | 3 455 |
| development costs | | | | | | |
| entered as expenses | | | | | | |
| for the period | | | | | | |
--------------------------------------------------------------------------------
7. Share-based payments
The effect of the share-based remunerations to the profit of Raute Group was
EUR 30 thousand. At the end of the report period the current value of the cash
portion was EUR 13.30 per share. The current value of share-based remunerations
was EUR 0.30 million total.
--------------------------------------------------------------------------------
| 8. Off balance sheet | | | | 31.3. | 31.3. | 31.12. |
| commitments | | | | | | |
--------------------------------------------------------------------------------
| | | | | 2007 | 2006 | 2006 |
--------------------------------------------------------------------------------
| Security of own debts | | | | | | |
--------------------------------------------------------------------------------
| - mortgages | | | | 11 134 | 11 134 | 11 134 |
--------------------------------------------------------------------------------
| Security for Group's | | | | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| - guarantees issued | | | | 4 402 | 7 329 | 646 |
--------------------------------------------------------------------------------
| Other own liabilities | | | | | | |
--------------------------------------------------------------------------------
| Leasing and rent | | | | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| - for the current | | | | 182 | 209 | 218 |
| accounting period | | | | | | |
--------------------------------------------------------------------------------
| - for subsequent | | | | 544 | 106 | 527 |
| accounting periods | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
No loans or pledges have been given or other commitments made on behalf of the
company's management, shareholders or associated companies.
--------------------------------------------------------------------------------
| 9. Currency | | | | 31.3. | 31.3. | 31.12. |
| derivatives | | | | | | |
--------------------------------------------------------------------------------
| | | | | 2007 | 2006 | 2006 |
--------------------------------------------------------------------------------
| Currency derivatives | | | | | | |
| are used for currency | | | | | | |
| hedging purposes. | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Nominal values of | | | | | | |
| forward contracts in | | | | | | |
| foreign currency | | | | | | |
--------------------------------------------------------------------------------
| Economic hedging | | | | | | |
--------------------------------------------------------------------------------
| - related to | | | | 2 574 | 6 655 | 2 065 |
| financing | | | | | | |
--------------------------------------------------------------------------------
| - related to hedging | | | | 881 | 1 590 | 174 |
| of net sales | | | | | | |
--------------------------------------------------------------------------------
| Hedge accounting | | | | | | |
--------------------------------------------------------------------------------
| - related to the | | | | 6 849 | 0 | 7 000 |
| hedging of net sales | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair values of | | | | | | |
| forward contracts in | | | | | | |
| foreign currency | | | | | | |
--------------------------------------------------------------------------------
| Economic hedging | | | | | | |
--------------------------------------------------------------------------------
| - related to | | | | 3 | -3 | 2 |
| financing | | | | | | |
--------------------------------------------------------------------------------
| - related to the | | | | 1 | 15 | -8 |
| hedging of net sales | | | | | | |
--------------------------------------------------------------------------------
| Hedge accounting | | | | | | |
--------------------------------------------------------------------------------
| - related to the | | | | -16 | 0 | -50 |
| hedging of net sales | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchased currency | | | | | | |
| options | | | | | | |
--------------------------------------------------------------------------------
| - nominal values | | | | | | 1 963 |
--------------------------------------------------------------------------------
| - fair values | | | | | | 13 |
--------------------------------------------------------------------------------
GROUP KEY RATIOS
--------------------------------------------------------------------------------
| | | | | 1.1. - | 1.1. - | 1.1. - |
| | | | | 31.3. | 31.3. | 31.12. |
--------------------------------------------------------------------------------
| | | | | 2007 | 2006 | 2006 |
--------------------------------------------------------------------------------
| Return on investment | | | | 30,1 % | 23,4 % | 18,6 % |
| , ROI | | | | | | |
--------------------------------------------------------------------------------
| Return on equity , | | | | 22,7 % | 14,5 % | 13,1 % |
| ROE | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Quick ratio | | | | 2,1 | 1,7 | 2,7 |
--------------------------------------------------------------------------------
| Gearing | | | | -39,4 % | -26,2 % | -80,3 % |
--------------------------------------------------------------------------------
| Equity ratio | | | | 60,8 % | 52,9 % | 60,1 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order book, EUR | | | | 68 | 39 | 77 |
| million | | | | | | |
--------------------------------------------------------------------------------
| Order intake, EUR | | | | 5 | 4 | 105 |
| million | | | | | | |
--------------------------------------------------------------------------------
| Exported portion of | | | | 88,8 % | 94,3 % | 90,2 % |
| net sales | | | | | | |
--------------------------------------------------------------------------------
| Change in net sales | | | | 9,0 % | 43,3 % | 2,2 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross capital | | | | 0,4 | 0,4 | 1,9 |
| expenditure, EUR | | | | | | |
| million | | | | | | |
--------------------------------------------------------------------------------
| Gross capital | | | | 1,2 % | 1,6 % | 1,7 % |
| expenditure of net | | | | | | |
| sales | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Research and | | | | 1,0 | 1,0 | 3,8 |
| development | | | | | | |
--------------------------------------------------------------------------------
| Research and | | | | 3,5 % | 3,8 % | 3,5 % |
| development of net | | | | | | |
| sales | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | | | | |
| (EPS), EUR | | | | | | |
--------------------------------------------------------------------------------
| - basic | | | | 0,41 | 0,24 | 0,94 |
--------------------------------------------------------------------------------
| - diluted | | | | 0,41 | 0,24 | 0,94 |
--------------------------------------------------------------------------------
| Equity to share, EUR | | | | 7,03 | 6,50 | 7,32 |
--------------------------------------------------------------------------------
| Dividend per share | | | | | | 0,70 |
| series K shares, EUR | | | | | | |
--------------------------------------------------------------------------------
| Dividend per share | | | | | | 0,70 |
| series A shares, EUR | | | | | | |
--------------------------------------------------------------------------------
| Dividend per profit | | | | | | 74,5 % |
--------------------------------------------------------------------------------
| Effective dividend | | | | | | 5,5 % |
| return | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share price at the | | | | 13,30 | 16,31 | 12,85 |
| end of period, EUR | | | | | | |
--------------------------------------------------------------------------------
| Number of shares | | | | | | |
--------------------------------------------------------------------------------
| - weighted average, 1 | | | | 4 005 | 3 816 | 3 867 |
| 000 pcs | | | | | | |
--------------------------------------------------------------------------------
| - diluted, 1 000 pcs | | | | 4 005 | 3 925 | 3 867 |
--------------------------------------------------------------------------------
THE DEVELOPMENT OF QUARTERLY RESULTS
--------------------------------------------------------------------------------
| | Q 1 | Q 4 | Q 3 | Q 2 | Rolling | Rolling |
--------------------------------------------------------------------------------
| | 2007 | 2006 | 2006 | 2006 |1.4.2006 |1.4.2005 |
| | | | | | | |
--------------------------------------------------------------------------------
| | | | | | - | - |
--------------------------------------------------------------------------------
| | | | | |31.3.2007|31.3.2006|
| | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES | 28 882 | 32 494 | 18 666 | 28 543 | 108 585 | 116 638 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating | 38 | 72 | 30 | 72 | 212 | 280 |
| income | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Increase (+) or | 246 | -13 | -508 | 144 | -131 | -346 |
| decrease (-) in | | | | | | |
| inventories of | | | | | | |
| finished goods and | | | | | | |
| work in progress | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and | 16 997 | 19 490 | 10 146 | 16 931 | 63 564 | 70 792 |
| services | | | | | | |
--------------------------------------------------------------------------------
| Expenses from | 7 007 | 7 097 | 5 539 | 7 134 | 26 777 | 25 878 |
| employee benefits | | | | | | |
--------------------------------------------------------------------------------
| Depreciation, | 653 | 871 | 616 | 579 | 2 719 | 2 688 |
| amortization and | | | | | | |
| impairment charges | | | | | | |
--------------------------------------------------------------------------------
| Other operating | 2 618 | 2 796 | 2 211 | 2 707 | 10 332 | 12 100 |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Total operating | 27 276 | 30 254 | 18 512 | 27 351 | 103 393 | 111 458 |
| expenses | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT / | 1 891 | 2 299 | -324 | 1 408 | 5 274 | 5 114 |
| LOSS | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 7 % | 7 % | -2 % | 5 % | 5 % | 4 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 312 | 199 | 183 | -46 | 647 | 1 254 |
--------------------------------------------------------------------------------
| Financial expenses | -51 | -85 | -92 | -5 | -233 | -244 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PROFIT / LOSS BEFORE | 2 151 | 2 412 | -233 | 1 357 | 5 687 | 6 124 |
| TAX | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 7 % | 7 % | -1 % | 5 % | 5 % | 5 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income taxes | -517 | -717 | -66 | -50 | -1 349 | -1 581 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PROFIT / LOSS FOR | 1 634 | 1 696 | -299 | 1 307 | 4 338 | 4 543 |
| THE PERIOD | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 6 % | 5 % | -2 % | 5 % | 4 % | 4 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Breakdown | | | | | | |
--------------------------------------------------------------------------------
| Minority interest | | 0 | 0 | 0 | 0 | -140 |
--------------------------------------------------------------------------------
| Share of profit / | 1 634 | 1 696 | -299 | 1 307 | 4 338 | 4 683 |
| loss that belongs to | | | | | | |
| owners of the parent | | | | | | |
| company | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, | | | | | | |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Undiluted earnings | 0,41 | 0,44 | -0,08 | -0,34 | | |
| per share | | | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per | 0,41 | 0,44 | -0,08 | -0,33 | | |
| share | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shares | | | | | | |
--------------------------------------------------------------------------------
| Adjusted average | 4 005 | 3 867 | 3 834 | 3 822 | | |
| number of shares | | | | | | |
--------------------------------------------------------------------------------
| Adjusted average | 4 005 | 3 867 | 3 957 | 3 931 | | |
| number of shares, | | | | | | |
| diluted | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| THE LARGEST SHAREHOLDERS 31, | Number of | Number of | Total number of |
| March 2007 | K-shares | A-shares | shares |
| | (20 votes | (1 vote per | |
| | per share) | share) | |
--------------------------------------------------------------------------------
| 1. Sundholm Göran | | 500 000 | 500 000 |
--------------------------------------------------------------------------------
| 2. Varma Mutual Pension | | 199 000 | 199 000 |
| Insurance Company | | | |
--------------------------------------------------------------------------------
| 3. Suominen Jussi Matias | 48 000 | 74 759 | 122 759 |
--------------------------------------------------------------------------------
| 4. Suominen Tiina Sini-Maria | 48 000 | 74 759 | 122 759 |
--------------------------------------------------------------------------------
| 5. Mustakallio Kari Pauli | 60 480 | 60 009 | 120 489 |
--------------------------------------------------------------------------------
| 6. Kirmo Kaisa Marketta | 50 280 | 65 092 | 115 372 |
--------------------------------------------------------------------------------
| 7. Suominen Pekka Matias | 48 000 | 64 159 | 112 159 |
--------------------------------------------------------------------------------
| 8. Siivonen Osku Pekka | 50 640 | 59 539 | 110 179 |
--------------------------------------------------------------------------------
| 9. Keskiaho Kaija Leena | 33 600 | 51 116 | 84 716 |
--------------------------------------------------------------------------------
| 10. Särkijärvi Riitta | 60 480 | 22 009 | 82 489 |
--------------------------------------------------------------------------------
| 11. Mustakallio Mika | 39 750 | 42 670 | 82 420 |
--------------------------------------------------------------------------------
| 12. Mustakallio Risto | 42 240 | 35 862 | 78 102 |
--------------------------------------------------------------------------------
| 13. Mustakallio Ulla Sinikka | 47 240 | 30 862 | 78 102 |
--------------------------------------------------------------------------------
| 14. Op-Suomi Arvo | | 67 900 | 67 900 |
| Sijoitusrahasto | | | |
--------------------------------------------------------------------------------
| 15. Mustakallio Marja Helena | 42 240 | 20 662 | 62 902 |
--------------------------------------------------------------------------------
| 16. Mustakallio Kai Henrik | 47 240 | 12 000 | 59 240 |
--------------------------------------------------------------------------------
| 17. Kirmo Lasse Antti | 30 000 | 26 200 | 56 200 |
--------------------------------------------------------------------------------
| 18. Särkijärvi Timo Juha | 12 000 | 43 256 | 55 256 |
--------------------------------------------------------------------------------
| 19. Särkijärvi-Martinez Anu | 12 000 | 43 256 | 55 256 |
| Riitta | | | |
--------------------------------------------------------------------------------
| 20. Sr Fides Finland Focus | | 54 930 | 54 930 |
--------------------------------------------------------------------------------
| TOTAL | 672 190 | 1 548 040 | 2 220 230 |
--------------------------------------------------------------------------------
| Share of total amount of | 67,8 % | 51,4 % | 55,4 % |
| shares | | | |
--------------------------------------------------------------------------------
| Share of total voting rights | 67,8 % | 51,4 % | 65,6 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Administrative registered | | 53 005 | 53 005 |
--------------------------------------------------------------------------------
| OTHER SHAREHOLDERS | 318 971 | 1 412 552 | 1 731 523 |
--------------------------------------------------------------------------------
| TOTAL | 991 161 | 3 013 597 | 4 004 758 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MANAGEMENT'S SHAREHOLDING | 98 990 | 89 838 | 188 828 |
--------------------------------------------------------------------------------
| Share of total amount of | 10,0 % | 3,0 % | 4,7 % |
| shares | | | |
--------------------------------------------------------------------------------
| Share of total voting rights | 10,0 % | 3,0 % | 9,1 % |
--------------------------------------------------------------------------------
RAUTE CORPORATION
Board of Directors
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
RAUTE IN BRIEF:
Raute is a technology company serving the wood products industry worldwide. Its
most important customers are the plywood and LVL industries. The company is one
of the world's leading suppliers of mill-scale projects to these customer
industries. The total service concept also includes technology services, with
which Raute supports its customers throughout the entire life cycle of their
investments. Raute's head office and main production plant are in Nastola,
Finland. Its other production plants are in the Vancouver area of Canada and in
Jyväskylä and Kajaani, Finland. Net sales in 2006 were EUR 106 million and the
number of personnel 540. More information about the company can be found at
www.raute.com.
DISTRIBUTION:
OMX Nordic Exchange in Helsinki, main media, www.raute.com
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