2016-04-29 08:00:02 CEST
2016-04-29 08:00:02 CEST
REGULATED INFORMATION
Raute - Interim report (Q1 and Q3)
Raute Corporation - Interim report January 1 - March 31, 2016
Lahti, Finland, 2016-04-29 08:00 CEST (GLOBE NEWSWIRE) -- RAUTE CORPORATION
INTERIM REPORT APRIL 29, 2016 at 9:00 a.m.
RAUTE CORPORATION – INTERIM REPORT JANUARY 1 – MARCH 31, 2016
- The Group’s first quarter net sales, EUR 26.4 million (MEUR 24.6), increased
7% on the comparison period.
- Operating profit was EUR 1.4 million (MEUR 1.2). The result before taxes was
EUR 1.3 million (MEUR 1.4).
- Earnings per share were EUR 0.22 (EUR 0.27).
- Order intake, at EUR 13 million (MEUR 84), was low. The order book at the end
of the reporting period amounted to EUR 44 million (MEUR 101).
- Raute’s net sales and operating profit for 2016 are expected to remain at the
same level as in 2015.
TAPANI KIISKI, PRESIDENT AND CEO: SLUGGISH START TO THE YEAR
We can be reasonably satisfied with the net sales and operating profit for the
first quarter, which are in line with our estimates based on the order book at
the beginning of the year. We were thus successful in executing the projects in
our order book mainly as planned.
The volume of order intake was a clear disappointment to us. The economy at
large continued to improve slightly in our main markets, but it did not result
in a tangible boost for us. In this regard, the situation has changed very
little compared to the past few quarters. In my view, our customers’ market
situation has remained reasonably good, judging from the demand for our spare
parts and active planning of production-related investments by many of our
customers.
The overall market situation for LVL and plywood machinery is very interesting.
The activity of our customers is, in many market areas, at a higher level than
last year. We are receiving large numbers of requests for quotations and are of
course making offers accordingly. Customer activity in planning their
investments is even more evident in the picking up of contract negotiations. As
a result, our sales personnel have been exceptionally busy in the first months
of the year, yet the making of actual investment decisions and commercial
contracts has been further postponed. It is difficult to find a common
denominator for the delays. Apparently, economic and financial market
uncertainties have an impact in many cases, and geopolitical tensions and their
results also play a role.
We estimated at the very beginning of the year that new orders would focus on
the latter half of the year, but we did not expect the beginning of the year to
be quite so quiet. The postponement of our customers projects, the resulting
low order intake and declining order book increase pressure and challenges
relating to the success of our current financial year. Due to the fact that our
customers are actively planning investment projects, more of which have emerged
in the first months of the year, I am confident that our earlier estimate for
the entire year of 2016 will be realized: our net sales and operating profit
will reach last year’s level. It will require, however, hard work and successes
by us and our partners and customers.
RAUTE CORPORATION – INTERIM REPORT JANUARY 1 – MARCH 31, 2016
BUSINESS ENVIRONMENT
Market situation in customer industries
Raute’s customers in the plywood and LVL (Laminated Veneer Lumber) industries
are engaged in the manufacturing of wood products used in investment
commodities and are thus highly affected by fluctuations in construction,
housing-related consumption, international trade, and transportation.
The situation in the global economy and the financial markets in the early
months of 2016 did not change considerably with respect to Raute or Raute’s
customer base.
Europe’s economy has continued to strengthen slightly. Russia’s development has
remained weak and according to market data, Russian plywood manufacturers have
reduced their prices on the European and Asian markets to compensate for a
weakening in domestic demand. China’s measures to strengthen its economy have
still not materialized as increased investments among Raute’s customers. The
domestic markets of major South American countries were weak. In part due to
weaker currencies, Chilean and Brazilian plywood manufacturers have increased
their exports to Europe and North America, which will tighten competition in
these markets.
Construction activity has remained at a low level in all market areas,
including North America, where the economy in general continues its positive
growth and construction shows signs of steady recovery. Due to the market
situation described above, Raute’s customers’ order books have remained short,
which has not made for an attractive environment for implementing investments.
Demand for wood products technology and technology services
The demand for Raute’s technology and services was conflicting during the
period under review. Invitations to tender for projects and even active
negotiations were relatively high in number, but very few of these translated
into decisions and orders. Demand for spare parts and services remained at a
good level.
ORDER INTAKE AND ORDER BOOK
Raute serves the wood products industry with a full-service concept based on
service that encompasses the entire life cycle of the delivered equipment.
Raute’s business consists of project deliveries and technology services.
Project deliveries encompass projects from individual machine or production
line deliveries to deliveries of all the machines and equipment belonging to a
mill’s production process. Additionally, Raute’s full-service concept includes
comprehensive technology services ranging from spare parts deliveries to
regular maintenance and equipment modernizations, as well as consulting,
training and reconditioned machinery.
The first-quarter order intake was very low, amounting to EUR 13 million (MEUR
84). Of the new orders, 53 percent came from Europe (85%), 18 percent from
North America (10%), 12 percent from Russia (3%), 11 percent from South America
(1%) and 6 percent from Asia-Pacific (1%). The strong fluctuation by quarter in
the distribution of new orders between the various market areas is typical for
project-focused business.
Order intake in technology services amounted to EUR 9 million (MEUR 10), 4
percent down from the comparison period.
The order book weakened during the first quarter by EUR 16 million, amounting
to EUR 44 million at the end of the period (MEUR 101). The order book at the
end of the reporting period was at a reasonable level despite the low order
intake. At the comparison date March 31, 2015, the order book was at a record
high due to the high order intake volume in the first quarter of 2015.
COMPETITIVE POSITION
Raute’s competitive position has remained unchanged and is good. Raute’s
solutions help customers in securing their delivery and service capabilities
throughout the life cycle of the production process or its part. In such
investments, the supplier’s overall expertise and extensive and diverse
technology offering play a key role. The competitive edge provided by Raute
plays a major role when customers select their cooperation partners. Raute’s
strong financial position and long-term dedication to serving selected customer
industries also enhance its credibility and improve its competitive position as
a company that carries out long-term investment projects.
NET SALES
Net sales for the reporting period, EUR 26.4 million (MEUR 24.6), were up 7
percent on the first quarter of 2015.
Of the total net sales for the reporting period, Europe accounted for 61
percent (61%), North America for 16 percent (14%), Russia for 14 percent (10%),
Asia-Pacific for 6 percent (5%), and South America for 3 percent (10%).
Technology services accounted for 33 percent (41%) of the Group’s total net
sales and amounted to EUR 9 million (MEUR 10). Net sales for technology
services decreased 14 percent over the comparison period due to the low number
of new modernization orders towards the end of 2015.
RESULT AND PROFITABILITY
Operating profit was EUR 1.4 million positive (MEUR 1.2 positive) and accounted
for 5 percent of net sales (5%). Other operating income for the reporting
period includes insurance compensation of EUR 0.9 million, relating to the
project business.
The result before taxes for the reporting period was EUR 1.3 million positive
(MEUR 1.4 positive). The result for the reporting period was EUR 0.9 million
positive (MEUR 1.1 positive). Earnings per share (undiluted) were EUR 0.22 (EUR
0.27).
CASH FLOW AND BALANCE SHEET
The Group’s financial position remained good. At the end of the reporting
period, gearing was -21 percent (-44%) and the equity ratio 56 percent (53%).
Fluctuations in balance sheet working capital items and the key figures based
on them are due to differences in the timing of customer payments and the cost
accumulation from project deliveries, which is typical of the project business.
The Group’s cash and cash equivalents amounted to EUR 9.2 million (MEUR 13.1)
at the end of the reporting period. Operating cash flow was EUR 1.9 million
positive (MEUR 9.0 positive). Cash flow from investment activities was EUR 1.0
million negative (MEUR 0.4 negative). Cash flow from financing activities was
EUR 1.8 million positive (MEUR 0.0).
Interest-bearing liabilities amounted to EUR 3.2 million (MEUR 2.8) at the end
of the reporting period.
The parent company Raute Corporation has a EUR 10 million commercial paper
program, which allows the company to issue commercial papers maturing in less
than one year.
The parent company Raute Corporation is prepared for future working capital
needs and has long-term credit facility agreements with three Nordic banks
totaling EUR 23.0 million. The main covenants for the credit facility are an
equity ratio of >30% and gearing of <100%. Of the credit facility, EUR 20.3
million remained unused at the end of the reporting period.
EVENTS DURING THE REPORTING PERIOD
Raute Corporation published stock exchange releases on the following events:
January 18, 2016 Advance information on Raute Group’s 2015 net sales and
operating profit
March 31, 2016 Decisions of Raute’s Annual General Meeting.
RESEARCH AND DEVELOPMENT COSTS AND CAPITAL EXPENDITURE
Raute is a leading technology supplier for the plywood and LVL industries and
focuses strongly on the development of increasingly efficient, productive and
environmentally friendly manufacturing technology and supporting measurement
and machine vision applications. Opportunities provided by digitalization are
also an essential part of R&D activities.
Research and development costs in the reporting period amounted to EUR 0.8
million (MEUR 0.4), representing 2.9 percent of net sales (1.8%).
Capital expenditure during the period came to EUR 1.0 million (MEUR 0.5) and
accounted for 3.6 percent (1.9%) of net sales.
PERSONNEL
The number of the Group’s personnel declined by 9, and totaled 637 (595) at the
end of the reporting period. Group companies outside Finland accounted for 32
percent (32%) of employees.
Converted to full-time employees (“effective headcount”), the average number of
employees was 632 (585) during the reporting period.
SHARES
The number of Raute Corporation’s shares at the end of the reporting period
totaled 4,128,158, of which 991,161 were series K shares (ordinary share, 20
votes/share) and 3,136,997 series A shares (1 vote/share). 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 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 Helsinki Ltd.
The company’s market capitalization at the end of the reporting period was EUR
62.9 million (MEUR 47.4), with series K shares valued at the closing price of
series A shares on March 31, 2016, i.e. EUR 15.24 (EUR 11.80).
STOCK OPTIONS
At the end of the reporting period, altogether 54,040 of the company’s series
2010 B stock options and 49,280 series C stock options were unexercised. The
subscription period for Raute Corporation’s series A stock options ended on
March 31, 2016.
Raute Corporation’s series 2010 B stock options are listed on Nasdaq Helsinki
Ltd under the trading code RUTAVEW210 and series 2010 C stock options under the
trading code RUTAVEW310. The subscription period for series B stock options is
March 1, 2014 to March 31, 2017 and the subscription period for series C stock
options is March 1, 2015 to March 31, 2018. The respective subscription prices
were EUR 7.13 and EUR 6.00 and the closing prices at the end of the reporting
period were EUR 5.80 and EUR 7.50.
REMUNERATION
The Group has remuneration systems in place that cover the entire personnel.
Share-based incentive plan 2014–2018
The Group has a valid long-term share-based incentive plan based on performance
for the years 2014–2018. The plan includes three separate share plans
commencing in 2014, 2015 and 2016. Each plan will span three years. Any
share-based reward accrued through the incentive plan shall be paid as series A
shares. The value of the reward is based on the development of share price.
SHAREHOLDERS
The number of shareholders stood at 2,623 at the beginning of the year and at
2,881 at the end of the reporting period. Series K shares were held by 50
private individuals (50) at the end of the reporting period. Nominee-registered
shares accounted for 3.2 percent (3.2%) of shares. The company did not receive
any flagging notifications during the reporting period.
The Board of Directors, the President and CEO as well as the Executive Board
held altogether 237,879 company shares, equaling 5.8 percent (5.8%) of the
company shares and 11.2 percent (11.2%) of the votes at the end of the
reporting period.
CORPORATE GOVERNANCE
As of January 1, 2016, Raute Corporation complies with the Finnish Corporate
Governance Code 2015 for listed companies issued by the Securities Market
Association on October 1, 2015.
EXECUTIVE BOARD
Antti Laulainen (M.SC, Eng.) was appointed Group Vice President, Technology
Services and Sales Management and as member of Raute Group’s Executive Board as
of March 14, 2016.
Raute Group’s Executive Board and the members’ areas of responsibility as of
March 14, 2016:
Tapani Kiiski, President and CEO, Chairman – Sales
Arja Hakala, Group Vice President, Finance, CFO – Finance and administration
Marko Hjelt, Group Vice President, Human Resources – Human resources and
competence development
Mika Hyysti, Group Vice President, Technology – Technology, products and R&D
Timo Kangas, Group Vice President, EMEA – Market area EMEA
Antti Laulainen, Group Vice President, Technology Services and Sales Management
– Technology services and sales management
Petri Strengell, Group Vice President, Supply Chain – Sourcing and production.
ANNUAL GENERAL MEETING 2016
Raute Corporation’s Annual General Meeting was held on March 31, 2016. The
Annual General Meeting adopted the financial statements for 2015, discharged
those accountable from liability and resolved to distribute a dividend of EUR
0.80 per share.
The Annual General Meeting elected the company’s Board of Directors for a term
that expires at the end of the Annual General Meeting of 2017. Mr. Erkki
Pehu-Lehtonen was elected Chairman of the Board, Mr. Mika Mustakallio
Vice-Chair, and Mr. Joni Bask, Ms. Päivi Leiwo, Mr. Pekka Suominen, and Mr.
Patrick von Essen were elected as Board members.
The authorized public accounting company PricewaterhouseCoopers was chosen as
auditor, with Authorized Public Accountant Markku Launis as the principal
auditor.
The Annual General Meeting decided that the remuneration paid to the Chairman
of the Board will continue to be EUR 40,000 and to the Vice-Chairman of the
Board and Board members EUR 20,000 for the term of office and that the Board
members’ traveling expenses will be compensated in accordance with the
company’s travel policy. The auditors’ remuneration will be paid on the basis
of reasonable invoicing as approved by the company.
The Annual General Meeting authorized the Board of Directors to decide on the
repurchase of the company’s series A shares with assets from the company’s
non-restricted equity and an issue of a maximum of 400,000 of these shares.
The Annual General Meeting also decided to amend article 2 of the Articles of
Association so that the regulations concerning the company’s minimum and
maximum share capital and the par value of the share were removed.
More detailed information on the decisions of the Annual General Meeting can be
found in the stock exchange release issued on March 31, 2016.
DISTRIBUTION OF PROFIT FOR THE 2015 FINANCIAL YEAR
The Annual General Meeting held on March 31, 2016 decided to pay a dividend of
EUR 0.80 per share for the financial year 2015. The total amount of dividends
is EUR 3.3 million, series A shares accounting for EUR 2,509,597.60 and series
K shares for EUR 792,928.80. The dividend payment date was April 12, 2016.
EVENTS AFTER THE REPORTING PERIOD
Board of Directors and Board Committees
The Board of Directors elected by Raute Corporation’s Annual General Meeting on
March 31, 2016 has held a constitutive meeting.
Based on the evaluation of independence by the Board of Directors, Chairman Mr.
Erkki Pehu-Lehtonen and members Mr. Joni Bask, Mr. Patrick von Essen, Ms. Päivi
Leiwo, and Mr. Pekka Suominen are independent of the company. The Chairman of
the Board (Mr. Erkki Pehu-Lehtonen) and two Board members (Mr. Patrick von
Essen and Ms. Päivi Leiwo) are independent of major shareholders.
Raute Corporation’s Board of Directors has an Appointments Committee. The
Appointments Committee is chaired by Mr. Erkki Pehu-Lehtonen and its members
are Mr. Mika Mustakallio and Mr. Pekka Suominen. The tasks of the Audit
Committee and the Working Committee are handled by the Board of Directors.
BUSINESS RISKS
Risks in the near term continue to be driven by the uncertainty relating to the
global economic situation and the development of the financial markets, as well
as by international political instability. During the reporting period, there
were no essential changes in the business risks described in the 2015 Board of
Directors’ Report and Financial Statements.
The most significant risks for Raute in the near term are related to major
mill-scale projects, which are in the implementation phase, in accordance with
the schedule determined in contract terms, and the development of the order
intake.
OUTLOOK FOR 2016
Based on the existing order book and the prevailing market situation, Raute’s
net sales and operating profit for 2016 are expected to remain at the same
level as in 2015.
TABLES SECTION OF THE INTERIM REPORT
The figures for the financial year 2015 presented in the tables section of the
interim report have been audited.
The presented interim financial report figures have not been audited.
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1.1.–31. 1.1.–31. 1.1.–31.1
3. 3. 2.
(EUR 1 000) Note 2016 2015 2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 3,4,5 26 427 24 606 127 278
--------------------------------------------------------------------------------
Change in inventories of finished goods 917 312 -313
and work in progress
Other operating income 962 40 393
Materials and services -14 264 -11 856 -67 992
Employee benefits expense 13 -9 131 -8 140 -34 310
Depreciation and amortization -515 -548 -2 125
Impairment - - -1 370
Other operating expenses -3 009 -3 211 -13 441
--------------------------------------------------------------------------------
Total operating expenses -26 919 -23 754 -119 238
--------------------------------------------------------------------------------
OPERATING PROFIT (LOSS) 1 386 1 204 8 120
--------------------------------------------------------------------------------
% of net sales 5 5 6
Financial income 93 266 342
Financial expenses -222 -112 -343
--------------------------------------------------------------------------------
PROFIT (LOSS) BEFORE TAX 1 258 1 359 8 118
--------------------------------------------------------------------------------
% of net sales 5 6 6
Income taxes -353 -276 -1 435
--------------------------------------------------------------------------------
PROFIT (LOSS) FOR THE PERIOD 904 1 083 6 684
--------------------------------------------------------------------------------
% of net sales 3 4 5
Other comprehensive income items:
Items that will not be reclassified to profit or
loss
Remeasurement of defined benefit obligations - - 2
Items that may be subsequently reclassified to
profit or loss
Exchange differences on translating foreign 240 221 88
operations
Cash flow hedges 171 - 8
--------------------------------------------------------------------------------
Comprehensive income items for the period, net of 411 221 98
tax
--------------------------------------------------------------------------------
COMPREHENSIVE PROFIT (LOSS) FOR THE PERIOD 1 315 1 304 6 782
--------------------------------------------------------------------------------
Profit (loss) for the period attributable
to
Equity holders of the Parent company 904 1 083 6 684
Comprehensive profit (loss) for the period attributable to
Equity holders of the Parent company 1 315 1 304 6 782
Earnings per share for profit (loss) attributable
to Equity holders of the Parent company, EUR
Undiluted earnings per share 0,22 0,27 1,65
Diluted earnings per share 0,22 0,27 1,64
Shares, 1 000 pcs
Adjusted average number of shares 4 124 4 015 4 051
Adjusted average number of shares diluted 4 151 4 043 4 079
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET 31.3. 31.3. 31.12.
(EUR 1 000) Note 2016 2015 2015
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets 8 1 521 3 532 1 609
Property, plant and equipment 8 9 039 7 987 8 529
Other financial assets 490 500 490
Deferred tax assets 176 189 172
--------------------------------------------------------------------------------
Total non-current assets 11 227 12 209 10 799
--------------------------------------------------------------------------------
Current assets
Inventories 10 014 8 521 9 577
Accounts receivables and other receivables 5 27 581 19 839 34 722
Income tax receivable 122 - 123
Cash and cash equivalents 9 176 13 081 6 538
--------------------------------------------------------------------------------
Total current assets 46 893 41 441 50 960
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL ASSETS 58 120 53 650 61 760
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity attributable to Equity holders of the
Parent company
Share capital 8 256 8 031 8 223
Rights issue 4 - -
Fair value reserve and other reserves 6 348 5 298 6 008
Exchange differences 548 441 308
Retained earnings 11 859 8 477 8 477
Profit (loss) for the period 904 1 083 6 684
--------------------------------------------------------------------------------
Share of shareholders' equity that belongs to 27 919 23 329 29 700
the owners of the Parent company
--------------------------------------------------------------------------------
Total equity 27 919 23 329 29 700
--------------------------------------------------------------------------------
Non-current liabilities
Non-current provisions 410 323 455
Deferred tax liability 150 4 241
Non-current interest-bearing liabilities 9 - 1 250 -
Pension obligations - 2 -
--------------------------------------------------------------------------------
Total non-current liabilities 560 1 579 696
--------------------------------------------------------------------------------
Current liabilities
Current provisions 1 125 1 927 1 409
Current interest-bearing liabilities 9 3 187 1 546 1 535
Current advance payments received 5 8 663 9 289 11 024
Income tax liability 313 472 11
Trade payables and other liabilities 16 353 15 508 17 386
--------------------------------------------------------------------------------
Total current liabilities 29 640 28 743 31 364
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities 30 200 30 321 32 059
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 58 120 53 650 61 760
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.–31 1.1.–31 1.1.–31.
.3. .3. 12.
(EUR 1 000) 2016 2015 2015
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Proceeds from customer 29 249 29 551 122 089
Other operating income 962 40 371
Payments to suppliers and employees -28 126 -21 501 -114 092
--------------------------------------------------------------------------------
Cash flow before financial items and taxes 2 085 8 090 8 368
Interest paid from operating activities -15 -12 -115
Dividends received from operating activities 93 78 97
Interests received from operating activities - 1 5
Other financing items from operating activities -175 186 105
Income taxes paid from operating activities -112 614 -983
--------------------------------------------------------------------------------
NET CASH FLOW FROM OPERATING ACTIVITIES (A) 1 876 8 956 7 477
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and -1 013 -427 -2 395
intangible assets
Proceeds from sale of property, plant and equipment 1 26 66
and intangible assets
--------------------------------------------------------------------------------
NET CASH FLOW FROM INVESTING ACTIVITIES (B) -1 012 -400 -2 329
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of share capital 111 - 607
Proceeds from current borrowings 1 660 - -
Repayments of non-current borrowings - - -1 250
Dividends paid and repayment of equity - - -2 409
--------------------------------------------------------------------------------
NET CASH FLOW FROM FINANCING ACTIVITIES (C) 1 772 0 -3 052
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C) 2 636 8 555 2 096
--------------------------------------------------------------------------------
increase (+)/decrease (-)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE 6 538 4 431 4 431
PERIOD*
NET CHANGE IN CASH AND CASH EQUIVALENTS 2 636 8 555 2 096
EFFECTS OF EXCHANGE RATE CHANGES ON CASH 3 95 11
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD* 9 176 13 081 6 538
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS IN THE BALANCE
SHEET AT THE END OF THE PERIOD*
Cash and cash equivalents 9 176 13 081 6 538
--------------------------------------------------------------------------------
TOTAL 9 176 13 081 6 538
--------------------------------------------------------------------------------
*Cash and cash equivalents comprise cash and bank receivables, which will be
due within the following three months' period.
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
Share Share Invested Other Exchang Retain
non-restricte e ed
d
(EUR 1 000) capita issue equity reserv differe earnin
l reserve es nces gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2016 8 223 0 4 950 1 058 308 15 161
--------------------------------------------------------------------------------
Comprehensive profit (loss) for
the period
Profit (loss) for the - - - - - 904
period
Other comprehensive
income items:
Hedging reserve - - - 171 - -
Exchange differences on - - - - 240 -
translating foreign
operations
--------------------------------------------------------------------------------
Total comprehensive 0 0 0 171 240 904
profit (loss) for the
period
--------------------------------------------------------------------------------
Transactions with owners
Share-options exercised 33 4 74 - - -
Equity-settled
share-based
transactions - - - 95 - -
Dividends and repayment - - - - - -3 303
of equity
--------------------------------------------------------------------------------
Total transactions with 33 4 74 95 0 -3 303
owners
--------------------------------------------------------------------------------
EQUITY at March 31, 2016 8 256 4 5 024 1 324 548 12 763
--------------------------------------------------------------------------------
--------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY (CONTINUE)
--------------------------------------------------------
To the owners
of
(EUR 1 000) the Parent TOTAL
company
--------------------------------------------------------
EQUITY at Jan. 1, 2016 29 700 29 700
--------------------------------------------------------
Comprehensive profit (loss) for
the period
Profit (loss) for the 904 904
period
Other comprehensive
income items:
Hedging reserve 171 171
Exchange differences on 240 240
translating foreign
operations
--------------------------------------------------------
Total comprehensive 1 315 1 315
profit (loss) for the
period
--------------------------------------------------------
Transactions with owners
Share-options exercised 111 111
Equity-settled
share-based
transactions 95 95
Dividends and repayment -3 303 -3 303
of equity
--------------------------------------------------------
Total transactions with -3 096 -3 096
owners
--------------------------------------------------------
EQUITY at March 31, 2016 27 919 27 919
--------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
Share Share Invested Other Exchang Retain
non-restricte e ed
d
(EUR 1 000) capita issue equity reserv differe earnin
l reserve es nces gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2015 8 031 0 5 339 662 220 10 083
--------------------------------------------------------------------------------
Comprehensive profit (loss) for
the period
Profit (loss) for the - - - - - 1 083
period
Other comprehensive
income items:
Hedging reserve - - - - - -
Exchange differences on - - - - 221 -
translating foreign
operations
--------------------------------------------------------------------------------
Total comprehensive 0 0 0 0 221 1 083
profit (loss) for the
period
--------------------------------------------------------------------------------
Transactions with owners
Share-options exercised - - - - - -
Equity-settled
share-based
transactions - - - 100 - -
Dividends and repayment - - -803 - - -1 606
of equity
--------------------------------------------------------------------------------
Total transactions with 0 0 -803 100 0 -1 606
owners
--------------------------------------------------------------------------------
EQUITY at March, 31, 2015 8 031 0 4 536 762 441 9 560
--------------------------------------------------------------------------------
--------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY (CONTINUE)
--------------------------------------------------------
To the owners
of
(EUR 1 000) the Parent TOTAL
company
--------------------------------------------------------
EQUITY at Jan. 1, 2015 24 334 24 334
--------------------------------------------------------
Comprehensive profit
(loss) for the period
Profit (loss) for the 1 083 1 083
period
Other comprehensive
income items:
Hedging reserve 0 0
Exchange differences on 221 221
translating foreign
operations
--------------------------------------------------------
Total comprehensive 1 304 1 304
profit (loss) for the
period
--------------------------------------------------------
Transactions with owners
Share-options exercised 0 0
Equity-settled
share-based
transactions 100 100
Dividends and repayment -2 409 -2 409
of equity
--------------------------------------------------------
Total transactions with -2 309 -2 309
owners
--------------------------------------------------------
EQUITY at March, 31, 2015 23 329 23 329
--------------------------------------------------------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General information
Raute Group is a globally operating technology and service company. Raute's
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL. Raute's technology offering covers
machinery and equipment for the entire production process. Raute's full-service
concept is based on product life-cycle management. In addition to a broad range
of machines and equipment, our solutions cover technology services ranging from
spare parts deliveries to regular maintenance and equipment modernizations.
Raute's head office is located in Nastola, Lahti municipality, Finland. Its
other production plants are in Kajaani, in the Vancouver area in Canada, and in
the Shanghai area in China. The company's sales network has a global reach.
Raute Group's Parent company, Raute Corporation, is a Finnish public limited
liability company established in accordance with Finnish law (Business ID
FI01490726). Its series A shares are quoted on Nasdaq Helsinki Ltd, under
Industrials. Raute Corporation is domiciled in Lahti. The address of its
registered office is Rautetie 2, FI-15550 Nastola, and its postal address is
P.O. Box 69, FI-15551 Nastola.
Raute Corporation's consolidated financial statement information is available
online at www.raute.com or at the head office of the Parent company, Rautetie
2, FI-15550 Nastola, Finland.
Raute Corporation's Board of Directors has on April 29, 2016 reviewed the
Interim financial report for January 1 - March 31, 2016, and approved it to be
published in compliance with this release.
2. Accounting principles
Raute Corporation's Interim financial report for January 1 - March 31, 2016 has
been prepared in accordance with standard IAS 34 Interim Financial Reporting.
The Interim financial report does not contain full notes and other information
presented in the financial statements, and therefore the Interim financial
report should be read in conjunction with the Financial statements published
for 2015.
Raute Corporation's Interim financial report for January 1 - March 31, 2016 has
been prepared in accordance with the International Financial Reporting
Standards, IFRS, accepted for application in the EU. Preparations have complied
with the IAS and IFRS standards, as well as SIC and IFRIC interpretations,
effective on March 31, 2016. The notes to the Interim financial statements also
comply with Finnish accounting legislation.
The Interim financial report has been prepared according to the same
accounting principles as those applied in the Annual financial statement for
2015.
All of the figures presented in the Interim financial report are in thousand
euro, unless otherwise stated. Due to the rounding of the figures in the
financial statement tables, the sums of figures may deviate from the sum total
presented in the table. Figures in parentheses refer to the corresponding
figures in the comparison period.
The preparation of Interim financial report in conformity with IFRS standards
requires management to make certain critical accounting estimates and to
exercise its judgment in applying the Group's accounting policies. Because the
forward-looking estimates and assumptions are based on management's best
knowledge at the reporting date, the actual results may differ from these
estimates.
3. Segment information
Operational segment
Continuing operations of Raute Group belong to the wood products technology
segment.
Due to Raute's business model, operational nature and administrative structure,
the operational segment to be reported as wood products technology segment is
comprised of the whole Group and the information on the segment is consistent
with that of the Group. Segment reporting follows the principles of
presentation of the consolidated financial statements.
----------------------------------------------------------------------------
31.3. 31.3. 31.12.
Wood products technology 2016 2015 2015
----------------------------------------------------------------------------
Net sales 26 427 24 606 127 278
Operating profit (loss) 1 386 1 204 8 120
Assets 58 120 53 650 61 760
Liabilities 30 200 30 321 32 059
Capital expenditure 961 476 2 506
--------------------------------------------------------------------------------
Assets of the wood products technology 31.3. 31.3. 31.12.
segment
by geographical location 2016 % 2015 % 2015 %
--------------------------------------------------------------------------------
Finland 48 331 83 42 165 79 52 488 85
China 4 594 8 5 042 9 4 572 7
North America 4 164 7 5 072 9 3 655 6
Russia 727 1 959 2 732 1
South America 179 0 220 0 202 0
Other 124 0 192 0 112 0
--------------------------------------------------------------------------------
TOTAL 58 120 100 53 650 100 61 760 100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Capital expenditure of the wood products 31.3. 31.3. 31.12.
technology segment
by geographical location 2016 % 2015 % 2015 %
--------------------------------------------------------------------------------
Finland 877 91 441 93 2 388 95
China 19 2 25 5 57 2
North America 64 7 10 2 61 2
Russia - - - - - -
South America 1 0 - - 1 0
Other - - - - - -
--------------------------------------------------------------------------------
TOTAL 961 100 476 100 2 506 100
--------------------------------------------------------------------------------
4. Net sales
The main part of the net sales is comprised of project deliveries and
modernizations in technology services, which are treated as long-term projects.
The rest of the net sales is comprised of technology services provided to the
wood products industry such as spare parts and maintenance services as well as
services provided to the development of customers' business.
Project deliveries and modernizations related to technology services include
both product and service sales, making it impossible to give a reliable
presentation of the breakdown of the Group's net sales into purely product and
service sales.
Large delivery projects can temporarily increase the shares of various
customers of the Group’s net sales to more than ten percent. At the end of the
period, the Group had two customers (2), whose customized share of the Group's
net sales temporarily exceeded ten percent. The sales share of the customers
was 52 percent.
----------------------------------------------------------------------------
1.1.–31.3. 1.1.–31.3. 1.1.–31.12.
Net sales by market area 2016 % 2015 % 2015 %
----------------------------------------------------------------------------
EMEA (Europe and Africa) 16 248 61 14 897 61 82 632 66
NAM (North America) 4 102 16 3 358 14 16 962 13
CIS (Russia) 3 659 14 2 576 10 11 841 9
APAC (Asia-Pacific) 1 527 6 1 245 5 6 906 5
LAM (South America) 890 3 2 531 10 8 937 7
----------------------------------------------------------------------------
TOTAL 26 427 100 24 606 100 127 278 100
----------------------------------------------------------------------------
Finland accounted for 23 percent (27 %) of net sales.
--------------------------------------------------------------------------------
31.3. 31.3. 31.12.
5. Long-term projects 2016 2015 2015
--------------------------------------------------------------------------------
Net sales
Net sales by percentage of completion 22 291 19 165 104 251
Other net sales 4 136 5 441 23 027
--------------------------------------------------------------------------------
TOTAL 26 427 24 606 127 278
--------------------------------------------------------------------------------
Project revenues entered as income from currently
undelivered
long-term projects recognized by percentage of 127 590 70 030 112 329
completion
Amount of long-term project revenues not yet entered 43 322 99 970 59 210
as income (order book)
Projects for which the value by percentage of
completion exceeds
advance payments invoiced
- aggregate amount of costs incurred and recognized 83 911 58 928 72 948
profits less recognized losses
- advance payments received 64 306 47 421 46 415
--------------------------------------------------------------------------------
Gross amount due from customers 19 605 11 507 26 533
--------------------------------------------------------------------------------
Projects for which advance payments invoiced exceed
the value by
percentage of completion
- aggregate amount of costs incurred and recognized 43 679 11 060 36 823
profits less recognized losses
- advance payments received 52 202 19 754 46 294
--------------------------------------------------------------------------------
Gross amount due to customers 8 523 8 694 9 471
--------------------------------------------------------------------------------
Advance payments included in the current liabilities
in the balance sheet
Gross amount due to customers 8 523 8 694 9 471
Other advance payments received, not under 140 595 1 553
percentage of completion
--------------------------------------------------------------------------------
Total 8 663 9 289 11 024
--------------------------------------------------------------------------------
Specification of combined asset and liability items
Advance payments paid 791 642 1 367
--------------------------------------------------------------------------------
Advance payments included in inventories in the 791 642 1 367
balance sheet
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
31.3. 31.3. 31.12.
6. Number of personnel, persons 2016 2015 2015
--------------------------------------------------------------------------------
Effective, on average 632 585 614
In books, on average 641 592 624
In books, at the end of the period 637 595 646
- of which personnel working abroad 203 190 205
--------------------------------------------------------------------------------
31.3. 31.3. 31.12.
7. Research and development costs 2016 2015 2015
--------------------------------------------------------------------------------
Research and development costs for period -757 -438 -3 092
Amortization of previously capitalized development -57 -70 -104
costs
Development costs recognized as an asset in the - 57 220
balance sheet
--------------------------------------------------------------------------------
Research and development costs entered as expense -814 -451 -2 976
for the period
--------------------------------------------------------------------------------
Impairment of previously capitalized development - - -1 020
costs
--------------------------------------------------------------------------------
Research and development costs entered as expense -814 -451 -3 996
for the period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8. Changes in Intangible assets and in Property, 31.3. 31.3. 31.12.
plant and equipment 2016 2015 2015
--------------------------------------------------------------------------------
Intangible assets
Carrying amount at the beginning of the period 14 035 13 826 13 826
Exchange rate differences -21 90 60
Additions 44 74 346
Disposals - - -350
Reclassification between items 34 102 152
--------------------------------------------------------------------------------
Carrying amount at the end of the period 14 091 14 092 14 035
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -12 426 -10 334 -10 334
beginning of the period
Exchange rate differences 14 -50 -32
Depreciation and amortization for the period -158 -176 -690
Impairments - - -1 370
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -12 570 -10 560 -12 426
of the period
--------------------------------------------------------------------------------
Book value of Intangible assets, at the beginning of 1 609 3 492 3 492
the period
Book value of Intangible assets, at the end of the 1 521 3 532 1 609
period
Property, plant and equipment
Carrying amount at the beginning of the period 45 463 43 944 43 944
Exchange rate differences 145 391 -458
Additions 917 402 2 160
Disposals - -14 -30
Reclassification between items -34 -102 -152
--------------------------------------------------------------------------------
Carrying amount at the end of the period 46 491 44 621 45 463
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -36 934 -36 014 -36 014
beginning of the period
Exchange rate differences -160 -248 502
Depreciation and amortization for the period -358 -372 -1 422
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -37 452 -36 633 -36 934
of the period
--------------------------------------------------------------------------------
Book value of Property, plant and equipment, at the 8 529 7 930 7 930
beginning of the period
Book value of Property, plant and equipment, at the 9 039 7 987 8 529
end of the period
--------------------------------------------------------------------------------
31.3. 31.3. 31.12.
9. Interest-bearing liabilities 2016 2015 2015
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities recognized - 1 250 -
at amortized cost
Current interest-bearing liabilities 3 187 1 546 1 535
--------------------------------------------------------------------------------
TOTAL 3 187 2 796 1 535
--------------------------------------------------------------------------------
Maturities of the interest-bearing financial liabilities at
March 31, 2016
Financial liability Current Non-curr Total
ent
--------------------------------------------------------------------------------
Loans from financial institutions 3 187 - 3 187
--------------------------------------------------------------------------------
Total 3 187 - 3 187
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
31.3. 31.3. 31.12.
10. Pledged assets and contingent liabilities 2016 2015 2015
--------------------------------------------------------------------------------
On behalf of the Parent company
Business mortgages 7 869 6 771 7 869
Loans from financial institutions 1 250 2 500 1 250
Business mortgages 1 250 2 500 1 250
Mortgage agreements on behalf of subsidiaries
Loans from financial institutions 1 660 296 285
Other obligations 548 433 568
Business mortgages 881 729 881
Commercial bank guarantees on behalf of the Parent 10 207 15 434 11 546
company and subsidiaries
Other own obligations
Rental liabilities maturing within one year 859 828 903
Rental liabilities maturing in one to five years 1 047 1 886 1 301
--------------------------------------------------------------------------------
Total 1 906 2 714 2 204
--------------------------------------------------------------------------------
11. Related party transactions
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.
--------------------------------------------------------------------------------
31.3. 31.3. 31.12.
12. Derivatives 2016 2015 2015
--------------------------------------------------------------------------------
Nominal values of forward contracts in foreign
currency
Economic hedging
- Related to financing - 252 -
- Related to the hedging of net sales 2 771 4 258 2 969
Hedge accounting
- Related to the hedging of net sales 2 562 - 2 679
Fair values of forward contracts in foreign currency
Economic hedging
- Related to financing - -48 -
- Related to the hedging of net sales -22 -156 -89
Hedge accounting
- Related to the hedging of net sales 113 - -47
13. Share-based payments
A total of 16 450 Raute's series A shares have been subscribed for with Raute's
stock options 2010 A, 2010 B and 2010 C during the reporting period. The new
shares have been registered in the Trade Register on February 24, 2016.
The company's share capital is EUR 8 256 316 and the number of company's shares
4 128 158 pieces.
An expense of EUR 95 thousand was recognized for the share rewards to the
income statement during the reporting period.
During the interim period, no share rewards were delivered based on the
long-term share-based incentive program 2014-2018 directed to the top
management.
14. Distribution of the profit for the financial year 2015
Raute Corporation's Annual General Meeting held on March 31, 2016, decided,
according to the Board of Directors' proposal, to distribute a dividend of EUR
0,80 per share to be paid for series A and K shares, a total of EUR 3 303
thousand. The dividend payment date was April 12, 2016.
15. Financial assets and liabilities that are measured at fair value
At the end of the reporting period March, 31, 2016, the fair value of the
financial assets categorized at fair value on hierarchy level 3 was EUR 500
thousand. The methods of fair value determination correspond the valuation
principles presented in the Annual financial statements for 2015. There were no
transfers between the hierarchy levels 1 and 2 during the reporting period.
------------------------------------------------------------
16. Exchange rates used
------------------------------------------------------------
1.1.–31.3. 1.1.–31.3. 1.1.–31.12.
Income statement, euros 2016 2015 2015
------------------------------------------------------------
CNY (Chinese juan) 7,2482 7,0284 6,9733
RUB (Russian rouble) 82,4730 71,0867 68,0090
CAD (Canadian dollar) 1,5154 1,3966 1,4177
USD (US dollar) 1,1018 1,1270 1,1097
SGD (Singapore dollar) 1,5468 1,5280 1,5251
CLP (Chilean peso) 774,0937 703,1988 725,3048
------------------------------------------------------------
31.3. 31.3. 31.12.
Balance sheet, euros 2016 2015 2015
------------------------------------------------------------
CNY (Chinese juan) 7,2220 6,7623 7,0223
RUB (Russian rouble) 76,3051 62,4400 80,6736
CAD (Canadian dollar) 1,4738 1,3738 1,5116
USD (US dollar) 1,1385 1,0759 1,0887
SGD (Singapore dollar) 1,5304 1,4774 1,5417
CLP (Chilean peso) 757,1601 681,2526 765,9751
--------------------------------------------------------------------------------
FINANCIAL DEVELOPMENT 31.3. 31.3. 31.12.
2016 2015 2015
--------------------------------------------------------------------------------
Change in net sales, % 7,4 63,8 35,4
Exported portion of net sales, % 76,8 91,4 76,3
Return on investment (ROI), % 19,0 19,4 28,5
Return on equity, ROE, % 12,6 18,2 24,7
Interest-bearing net liabilities, EUR million -6,0 -10,3 -5,0
Gearing, % -21,4 -44,1 -16,8
Equity ratio, % 56,5 52,6 58,5
Gross capital expenditure, EUR million 1,0 0,5 2,5
% of net sales 3,6 1,9 2,0
Research and development costs, EUR million 0,8 0,4 3,1
% of net sales 2,9 1,8 2,4
Order book, EUR million 44 101 60
Order intake, EUR million 13 84 145
--------------------------------------------------------------------------------
SHARE-RELATED DATA 31.3. 31.3. 31.12.
2016 2015 2015
--------------------------------------------------------------------------------
Earnings per share, (EPS), undiluted, EUR 0,22 0,27 1,65
Earnings per share, (EPS), diluted, EUR 0,22 0,27 1,64
Equity to share, EUR 6,77 5,81 7,26
Dividend per series A share, EUR - - 0,80
Dividend per series K share, EUR - - 0,80
Dividend per profit, % - - 48,4
Effective dividend return, % - - 5,7
Repayment of equity from invested - - -
non-restricted equity reserve, EUR
Development in share price (series A shares)
Lowest share price for the period, EUR 13,00 7,17 7,17
Highest share price for the period, EUR 15,30 13,59 14,25
Average share price for the period, EUR 14,01 10,62 11,95
Share price at the end of the period, EUR 15,24 11,80 14,12
Market value of capital stock
- Series K shares, EUR million* 15,1 11,7 14,0
- Series A shares, EUR million 47,8 35,7 44,1
--------------------------------------------------------------------------------
Total, EUR million 62,9 47,4 58,1
--------------------------------------------------------------------------------
*Series K shares valued at the value of series
A shares.
Trading of the company's shares (series A
shares)
Trading of shares, pcs 268 601 438 872 1 094 902
Trading of shares, EUR million 3,8 4,7 13,1
Number of shares
- Series K shares, ordinary shares (20 votes, 991 161 991 161 991 161
share)
- Series A shares (1 vote/share) 3 136 997 3 024 067 3 120 547
--------------------------------------------------------------------------------
Total 4 128 158 4 015 228 4 111 708
--------------------------------------------------------------------------------
Number of shares, weighted average, 1 000 pcs 4 124 4 015 4 051
Number of shares, diluted, 1 000 pcs 4 151 4 043 4 139
Number of shareholders 2 881 2 054 2 623
--------------------------------------------------------------------------------
DEVELOPMENT OF Q 2 Q 3 Q 4 Q 1 Rolling Rolling
QUARTERLY 2015 2015 2015 2016 1.4.2015 1.4.2014
RESULTS
(EUR 1 000) – –
31.3.2016 31.3.2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 31 759 31 391 39 521 26 427 129 099 103 607
--------------------------------------------------------------------------------
Change in inventories of
finished goods and
work in -532 1 161 -1 254 917 292 1 916
progress
Other operating 314 7 32 962 1 314 87
income
Materials and -16 197 -18 623 -21 316 -14 264 -70 400 -56 434
services
Employee -8 878 -8 357 -8 935 -9 131 -35 301 -30 280
benefits
expense
Depreciation -716 -565 -296 -515 -2 092 -2 101
and
amortization
Impairment - - -1 370 - -1 370 -
Other operating -3 529 -3 102 -3 600 -3 009 -13 239 -11 064
expenses
--------------------------------------------------------------------------------
Total operating -29 320 -30 646 -35 518 -26 919 -122 403 -99 879
expenses
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OPERATING 2 222 1 912 2 781 1 386 8 301 5 730
PROFIT (LOSS)
--------------------------------------------------------------------------------
% of net sales 7 6 7 5 6 6
Financial -10 -42 129 93 169 667
income
Financial -61 -99 -72 -222 -453 -300
expenses
--------------------------------------------------------------------------------
PROFIT (LOSS) 2 151 1 772 2 837 1 258 8 017 6 097
BEFORE TAX
--------------------------------------------------------------------------------
% of net sales 7 6 7 5 6 6
Income taxes -400 -300 -459 -353 -1 512 -1 070
--------------------------------------------------------------------------------
PROFIT (LOSS) 1 750 1 472 2 378 904 6 505 5 027
FOR THE PERIOD
--------------------------------------------------------------------------------
% of net sales 6 5 6 3 5 5
Attributable to
Equity holders 1 750 1 472 2 378 904 6 505 5 027
of the Parent
company
Earnings per
share, EUR
Undiluted 0,43 0,36 0,58 0,22 1,58 1,25
earnings per
share
Diluted 0,43 0,36 0,58 0,22 1,58 1,25
earnings per
share
Shares, 1 000
pcs
Adjusted 4 025 4 053 4 091 4 124 4 124 4 015
average number
of shares
Adjusted
average number
of shares
diluted 4 036 4 065 4 139 4 151 4 128 4 043
--------------------------------------------------------------------------------
FINANCIAL Q 2 Q 3 Q 4 Q 1 Rolling Rolling
DEVELOPMENT
QUARTERLY
2015 2015 2015 2016 1.4.2015 1.4.2014
– –
31.3.2016 31.3.2015
--------------------------------------------------------------------------------
Order intake 31 14 16 13 74 180
during the
period, EUR
million
Order book at 100 83 60 44 44 101
the end of the
period, EUR
million
--------------------------------------------------------------------------------
20 LARGEST SHAREHOLDERS AT
MARCH 31, 2016
--------------------------------------------------------------------------------
Total % of Total % of
number total number voting
By number of Number of Number of of shares shares of votes rights
shares series K series A
shares shares
--------------------------------------------------------------------------------
1. Sundholm - 623 423 623 423 15,1 623 423 2,7
Göran Wilhelm
2. Mandatum - 182 635 182 635 4,4 182 635 0,8
Life
Unit-Linked
3. Laakkonen - 119 919 119 919 2,9 119 919 0,5
Mikko
4. Suominen 48 000 62 429 110 429 2,7 1 022 429 4,5
Pekka
5. Siivonen 50 640 53 539 104 179 2,5 1 066 339 4,6
Osku Pekka
6. Kirmo Kaisa 55 680 48 341 104 021 2,5 1 161 941 5,1
Marketta
7. Suominen 48 000 54 316 102 316 2,5 1 014 316 4,4
Tiina
Sini-Maria
8. Relander - 85 000 85 000 2,1 85 000 0,4
Harald Bertel
9. Keskiaho 33 600 51 116 84 716 2,1 723 116 3,1
Kaija Leena
10. Mustakallio 57 580 26 270 83 850 2,0 1 177 870 5,1
Mika Tapani
11. Särkijärvi 60 480 22 009 82 489 2,0 1 231 609 5,4
Anna Riitta
12. Mustakallio 60 480 500 60 980 1,5 1 210 100 5,3
Kari Pauli
13. Mustakallio 43 240 16 047 59 287 1,4 880 847 3,8
Marja Helena
14. Särkijärvi 12 000 43 256 55 256 1,3 283 256 1,2
Timo Juha
15. 12 000 43 256 55 256 1,3 283 256 1,2
Särkijärvi-Mar
tinez Anu
Riitta
16. Mustakallio 53 240 - 53 240 1,3 1 064 800 4,6
Ulla Sinikka
17. Suominen 24 960 27 964 52 924 1,3 527 164 2,3
Jukka Matias
18. Keskinäinen - 51 950 51 950 1,3 51 950 0,2
työeläkevakuut
usyhtiö Varma
19. Suominen 48 000 - 48 000 1,2 960 000 4,2
Jussi Matias
20. Keskiaho 24 780 19 094 43 874 1,1 514 694 2,2
Ilta Marjaana
--------------------------------------------------------------------------------
TOTAL 632 680 1 531 064 2 163 744 52,4 14 184 664 61,8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total % of Total % of
number total number voting
By number of Number of Number of of shares shares of votes rights
votes series K series A
shares shares
--------------------------------------------------------------------------------
1. Särkijärvi 60 480 22 009 82 489 2,0 1 231 609 5,4
Anna Riitta
2. Mustakallio 60 480 500 60 980 1,5 1 210 100 5,3
Kari Pauli
3. Mustakallio 57 580 26 270 83 850 2,0 1 177 870 5,1
Mika Tapani
4. Kirmo Kaisa 55 680 48 341 104 021 2,5 1 161 941 5,1
Marketta
5. Siivonen 50 640 53 539 104 179 2,5 1 066 339 4,6
Osku Pekka
6. Mustakallio 53 240 - 53 240 1,3 1 064 800 4,6
Ulla Sinikka
7. Suominen 48 000 62 429 110 429 2,7 1 022 429 4,5
Pekka
8. Suominen 48 000 54 316 102 316 2,5 1 014 316 4,4
Tiina
Sini-Maria
9. Suominen 48 000 - 48 000 1,2 960 000 4,2
Jussi Matias
10. Mustakallio 43 240 16 047 59 287 1,4 880 847 3,8
Marja Helena
11. Mustakallio 42 240 - 42 240 1,0 844 800 3,7
Risto Knut
kuolinpesä
12. Keskiaho 33 600 51 116 84 716 2,1 723 116 3,1
Kaija Leena
13. Sundholm - 623 423 623 423 15,1 623 423 2,7
Göran Wilhelm
14. Keskiaho 29 680 - 29 680 0,7 593 600 2,6
Vesa Heikki
15. Keskiaho 27 880 5 816 33 696 0,8 563 416 2,5
Juha-Pekka
16. Kirmo Lasse 27 645 3 167 30 812 0,7 556 067 2,4
Antti
17. Suominen 24 960 27 964 52 924 1,3 527 164 2,3
Jukka Matias
18. Keskiaho 24 780 19 094 43 874 1,1 514 694 2,2
Ilta Marjaana
19. Kultanen 22 405 8 031 30 436 0,7 456 131 2,0
Leea Annikka
20. Molander 20 160 - 20 160 0,5 403 200 1,8
Sole
--------------------------------------------------------------------------------
TOTAL 778 690 1 022 062 1 800 752 43,6 16 595 862 72,3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MANAGEMENT'S AND PUBLIC INSIDERS' SHAREHOLDING AND NOMINEE-REGISTERED
SHARES
--------------------------------------------------------------------------------
Number of Number Total % of Total % of
series K of number total number of voting
shares series A of share votes rights
shares shares s
--------------------------------------------------------------------------------
Management's and Public insiders'
holding at March 31,
2016
--------------------------------------------------------------------------------
The Board of 122 830 115 049 237 879 5,8 2 571 649 11,2
Directors, The
Group's President
and CEO and
Executive Board*
--------------------------------------------------------------------------------
TOTAL 122 830 115 049 237 879 5,8 2 571 649 11,2
--------------------------------------------------------------------------------
*The figures include the holdings of their own,
minor children and control entities.
--------------------------------------------------------------------------------
Nominee-registered - 131 040 131 040 3,2 131 040 0,6
shares at March 31,
2016
--------------------------------------------------------------------------------
RAUTE CORPORATION
Board of Directors
BRIEFING ON APRIL 29, 2016 AT 2 P.M.:
A briefing will be organized for analysts, investors and the media on April 29,
2016 at 2 p.m. at Scandic Simonkenttä Hotel, Tapiola cabinet, Simonkatu 9,
Helsinki. The interim report will be presented by Mr. Tapani Kiiski, President
and CEO, and Ms. Arja Hakala, CFO.
NEXT INTERIM REPORT:
Raute Corporation’s interim report January 1–June 30, 2016 will be published on
Wednesday, July 27, 2016.
FURTHER INFORMATION:
Mr. Tapani Kiiski, President and CEO, Raute Corporation, tel. +358 3 829 3500,
mobile phone +358 400 814 148
Ms. Arja Hakala, CFO, Raute Corporation, tel. +358 3 829 3293, mobile phone
+358 400 710 387
DISTRIBUTION:
Nasdaq 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 customer’s entire production
process. As a supplier of mill-scale projects, Raute is a global market leader
both in the plywood and LVL industries. Additionally, Raute’s full-service
concept includes technology services ranging from spare parts deliveries to
regular maintenance and equipment modernizations. Raute’s head office is
located in the Nastola area of Lahti, Finland. The company’s other production
plants are in Kajaani, Finland, the Vancouver area of Canada and in the
Shanghai area of China. Raute’s net sales in 2015 were EUR 127.3 million. The
Group’s headcount at the end of 2015 was 646.
More information about the company can be found at www.raute.com.
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