2012-10-30 08:00:01 CET
2012-10-30 08:00:26 CET
REGULATED INFORMATION
Raute - Interim report (Q1 and Q3)
Raute Corporation - Interim report January 1 - September 30, 2012
Nastola, Finland, 2012-10-30 08:00 CET (GLOBE NEWSWIRE) -- RAUTE CORPORATION
INTERIM REPORT October 30, 2012 at 9:00 a.m.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1-SEPTEMBER 30, 2012
- The Group's net sales, EUR 67.4 million (MEUR 59.4), increased 13 percent on
the comparison period. Order intake was EUR 104 million (MEUR 46).
- Operating profit was EUR 1.9 million positive (MEUR +0.4). Result before
taxes was EUR 1.8 million positive (MEUR +0.1).
- Earnings per share (undiluted) were EUR +0.26 (EUR -0.02).
- Net sales for the third quarter were EUR 29.9 million and operating profit
was EUR 1.8 million positive. Order intake was EUR 28 million.
- The order book at the end of the reporting period was EUR 72 million (MEUR
21). More than a half of the order book will be recognized as net sales in
2013.
- The outlook for financial performance remains unchanged. Net sales in 2012
will increase significantly on the comparison year and the operating profit
will be clearly positive.
Tapani Kiiski, President and CEO: More than EUR 100 million in new orders
The third quarter of the year in progress was in line with our expectations.
The strong order book generated more than a third higher net sales compared to
the second quarter, and profitability improved. We have already reached the
same level in terms of net sales as in the previous year, and our result has
clearly improved.
A good volume of new orders has maintained our strong order book. The focus of
our workload has shifted from planning to production and start-up resources and
to our cooperation partners. We estimate that our operations will continue to
gain momentum somewhat in the fourth quarter.
Heading into the fourth quarter, we still face a rather uncertain market
situation. The economic outlook for the end of the year is expected to weaken
on almost all fronts. Construction activity in the main markets of our
customers is still at a low level and therefore our customers do not need to
make any significant investments to increase capacity. Various projects are in
the planning and preparation phase, but the uncertain money-market and demand
situation makes their implementation and the timing of their start-up
uncertain.
The strong order book will generate a clearly positive result for Raute this
year as well as the opportunity to focus our efforts on the implementation of
our strategy and on development projects. Our development projects will put us
in a better position to meet the challenges of the changing markets and take
advantage of the opportunities presented by the improving markets once the
global economy regains its stability.
THIRD QUARTER OF 2012
Order intake and order book
Order intake during the third quarter was at a good level, totaling EUR 28
million (MEUR 7). Technology services accounted for EUR 7 million (MEUR 7) of
the order intake.
The most significant new orders during the period were a peeling line, drying
line and LVL lay-up line to Germany, an overlaying line to Latvia and a peeling
line to Russia. The deliveries are scheduled for summer 2013.
The order book at the end of September, EUR 72 million (MEUR 21), was strong
and at the same level as at the start of the quarter.
Net sales
Third-quarter net sales amounted to EUR 29.9 million (MEUR 21.6). Net sales
increased 34 percent from the second quarter.
Technology services accounted for 23 percent of total net sales (32%).
Result and profitability
Operating profit was EUR 1.8 million positive (MEUR 1.0 positive) and accounted
for 6 percent (5%) of net sales. The third quarter result was EUR 1.2 million
positive (MEUR 0.7 positive), and earnings per share were EUR 0.31 (EUR 0.17).
RAUTE CORPORATION - INTERIM REPORT JANUARY 1-SEPTEMBER 30, 2012
BUSINESS ENVIRONMENT
Market situation in customer industries
Raute's customers in the veneer, plywood and LVL (Laminated Veneer Lumber)
industries are engaged in the manufacture of wood products used in investment
commodities and are thus highly affected by fluctuations in construction,
housing-related consumption, international trade, and transportation.
Significant uncertainty still surrounds the development of the global economy
and financial markets due to the hazards of growing debt among a few European
countries and the threats associated with the ongoing recovery of the US
economy. Reports of the slowdown of economic growth in Asia, and in particular
China, also add to the uncertainty. For Raute's customer industries, the market
situation has continued to be uncertain in a number of market areas.
Demand for wood products technology and technology services
The plywood industry's improvement investments to ensure quality and cost
competitiveness and to maintain market shares remained at a low level during
the reporting period.
Several large projects encompassing single production lines and mill-scale
deliveries that are in the planning and negotiation phase are pending.
Customers will decide on and realize these projects only once they are more
confident that demand has recovered permanently and once financing for the
projects can be arranged.
ORDER INTAKE AND ORDER BOOK
Raute serves the wood products industry with a full-service concept based on
service that encompasses the entire life cycle of the delivered equipment.
Raute's business consists of project deliveries and technology services.
Project deliveries comprise complete production machinery for new mills,
production lines and individual machines and equipment. Additionally, Raute's
full-service concept includes comprehensive technology services ranging from
spare parts deliveries to regular maintenance and equipment modernizations as
well as consulting, training and reconditioned machinery.
The order intake during the reporting period was at a very high level, totaling
EUR 104 million (MEUR 46). 52 percent of orders received came from South
America (7%), 28 percent from Europe (26%), 12 percent from Russia (57%), 6
percent from North America (8%) and 2 percent from the Asia-Pacific area (2%).
The considerable changes in the shares of the different market areas result
mainly from the effects of mill-scale deliveries.
The most significant transactions during the reporting period consisted of an
order that came into effect in February, amounting to more than EUR 50 million,
for machinery and equipment for a plywood mill for Paneles Arauco S.A. in
Chile, and an order that came into effect in July, totaling EUR 14 million, for
machinery for an LVL mill in Germany.
Technology services accounted for EUR 19 million (MEUR 19) of the order intake.
The order book stood at EUR 72 million (MEUR 21) at the end of the reporting
period. More than a half of the order book will be recognized as net sales in
2013.
COMPETITIVE POSITION
Raute's competitive position is good. Raute's solutions help customers to
secure their ability to deliver and provide service throughout the life cycle
of the product. In such investments, the supplier's overall expertise and
extensive and diverse technology offering play a key role. The competitive edge
provided by Raute is also a major draw when customers select their cooperation
partners. Raute's strong financial position and its long-term dedication to
serving selected customer industries also enhance its credibility and improve
its competitive position as a company that carries out long-term investment
projects.
NET SALES
Net sales for the reporting period, EUR 67.4 million (MEUR 59.4), were up 13
percent on the comparison period.
South America's share of net sales rose to 48 percent (5%). Europe's share of
total net sales was 22 percent (25%), Russia's 17 percent (35%), North
America's 9 percent (8%) and Asia-Pacific's 4 percent (27%).
Technology services accounted for 30 percent of total net sales (33%).
RESULT AND PROFITABILITY
Operating profit for the reporting period was EUR 1.9 million positive (MEUR
0.4 positive) and accounted for 3 percent of net sales (1%).
The result before taxes for the reporting period was EUR 1.8 million positive
(MEUR 0.1 positive) and the result EUR 1.0 million positive (MEUR 0.1
negative). Earnings per share (undiluted) were EUR +0.26 (EUR -0.02).
CASH FLOW AND BALANCE SHEET
The Group's financial position is good. At the end of the reporting period,
gearing was -54 percent (-17%) and the equity ratio 44 percent (53%). Other
fluctuations in balance sheet working capital items and the key figures based
on them are due to differences in the timing of customer payments and the cost
accumulation from project deliveries, which is typical of the project business.
The Group's cash and cash equivalents, including financial assets recognized at
fair value through profit or loss, amounted to EUR 25.6 million (MEUR 14.9) at
the end of the reporting period. Operating cash flow was EUR +4.8 million (MEUR
-4.5). Cash flow from investment activities was EUR -1.7 million (MEUR -1.1).
Cash flow from financing activities was EUR -3.2 million (MEUR -3.3), including
dividend payments of EUR 1.2 million and loan repayments of EUR 2.0 million.
Interest-bearing liabilities amounted to EUR 13.6 million (MEUR 11.0) at the
end of the reporting period.
The Parent company Raute Corporation has a EUR 10 million commercial paper
program, which allows the company to issue commercial papers maturing in less
than one year. The company also has unused bilateral credit facilities totaling
EUR 5 million with a Nordic bank.
EVENTS DURING THE REPORTING PERIOD
Raute Corporation published stock exchange releases on the following events:
February 10, 2012 Raute received orders valued at over EUR 50 million from
Chile.
April 16, 2012 Decisions by Raute's Annual General Meeting 2012.
July 30, 2012 Raute received an order valued at over EUR 14 million from
Germany.
DEVELOPMENT OF OPERATIONS
Raute Corporation has outsourced its warehouse and other internal logistics
operations located at Nastola to ISS Palvelut Oy since April 1, 2012.
RESEARCH AND DEVELOPMENT COSTS AND CAPITAL EXPENDITURE
Raute's goal is to be the leading technology supplier in its field, and to
invest strongly in continuous research and development, particularly in plywood
and LVL manufacturing technology and the supporting automation and
instrumentation applications, especially machine vision. Research and
development costs in the reporting period totaled EUR 1.6 million (MEUR 1.4),
representing 2.4 percent of net sales (2.3%).
Investments totaled EUR 2.2 million (MEUR 1.2) during the reporting period. The
majority of the investments were related to technology acquisitions and product
development.
PERSONNEL
At the end of the reporting period, the Group's personnel numbered 496 (467).
Group companies outside Finland accounted for 27 percent (25%) of employees.
Converted to full-time employees (“effective headcount”), the average number of
employees was 476 (459) during the reporting period.
SHARES
The number of Raute Corporation's shares at the end of the reporting period
totaled 4,004,758, of which 991,161 were series K shares (ordinary share, 20
votes/share) and 3,013,597 series A shares (1 vote/share). The shares have a
nominal value of 2 euros. Series K and A shares confer equal rights to
dividends and company assets.
Series K shares can be converted to series A shares under the terms set out in
Article 3 of the Articles of Association. If an ordinary share is transferred
to a transferee who has not previously held series K shares, the new owner must
notify the Board of Directors of this in writing and without delay. Other
holders of series K shares have the right to redeem the share under the terms
specified in Article 4 of the Articles of Association.
Raute Corporation's series A shares are listed on NASDAQ OMX Helsinki Ltd. The
trading code is RUTAV. Raute Corporation has signed a market making agreement
with Nordea Bank Finland Plc in compliance with the Liquidity Providing (LP)
requirements issued by NASDAQ OMX Helsinki Ltd.
The company's market capitalization at the end of the reporting period was EUR
29.3 million (MEUR 28.8), with series K shares valued at the closing price of
series A shares, EUR 7.32 (EUR 7.18), on September 30, 2012.
STOCK OPTION SCHEME 2010
The Annual General Meeting held on March 31, 2010 resolved to issue a maximum
of 240,000 stock options.
In compliance with the authorization granted by the Annual General Meeting, the
Board of Directors issued a total of 73,000 stock options marked with the
symbol 2010 C to the Group's key employees on June 21, 2012. The share
subscription period for 2010 C stock options will be from March 1, 2015 to
March 31, 2018 and the exercise price EUR 8.40.
Earlier, on May 5, 2010, 80,000 stock options marked 2010 A and on May 31, 2011
and September 26, 2011 altogether 80,000 stock options marked 2010 B were
granted to the Group's key employees under this stock option scheme.
SHAREHOLDERS
The number of shareholders totaled 1,667 at the beginning of the year and 1,652
at the end of the reporting period. Series K shares are held by 49 private
individuals (50). The management (Board of Directors, President and CEO and
Presidents of the subsidiaries) held 7.2 percent (7.2%) of the company shares
and 13.9 percent (13.7%) of the votes. Nominee-registered shares accounted for
3.3 percent (2.1%) of shares.
No flagging notifications were given to the company during the reporting period.
CORPORATE GOVERNANCE
Raute Corporation complies with the Finnish Corporate Governance Code 2010 for
listed companies issued by the Securities Market Association on June 15, 2010.
Raute Corporation's Corporate Governance Statement 2011 was drawn up separately
from the Board of Directors' report and is published on the company's website.
Raute deviates from the Code's recommendation 22 on appointing members to the
Appointments Committee in that one member to the Committee is elected from
outside the Board of Directors, as per the company's Administrative
Instructions, from among the representatives of major shareholders who have
significant voting rights. The Board views this exception as justified, taking
into consideration the company's ownership structure and the possibility to
consider the expectations of major shareholders as early as in the preparation
phase of selecting members of the Board of Directors.
Raute deviates from recommendation 9 on the number, composition and competence
of the directors in that the company does not have both genders represented on
the Board. On April 16, 2012 the shareholders proposed and the Annual General
Meeting elected as Board members a group of persons consisting only of men.
ANNUAL GENERAL MEETING 2012
Raute Corporation's Annual General Meeting was held on April 16, 2012. A stock
exchange release on the decisions of the Annual General Meeting was published
on April 16, 2012.
DIVIDENDS FOR THE 2011 FINANCIAL YEAR
The Annual General Meeting held on April 16, 2012 decided to pay a dividend of
EUR 0.30 per share for the financial year 2011. The total amount of dividends
is EUR 1.2 million, series A shares accounting for EUR 904,079.10 and series K
shares for EUR 297,348.30. The dividend payment date was April 26, 2012.
BOARD OF DIRECTORS AND BOARD COMMITTEES
At Raute Corporation's Annual General Meeting on April 16, 2012, Mr. Erkki
Pehu-Lehtonen was elected Chairman of the Board, Mr. Mika Mustakallio
Vice-Chairman and Mr. Joni Bask, Mr. Risto Hautamäki, Mr. Ilpo Helander and Mr.
Pekka Suominen as Board members.
Based on the evaluation of independence, Chairman Erkki Pehu-Lehtonen and
members Joni Bask, Risto Hautamäki, Ilpo Helander, Mika Mustakallio, and Pekka
Suominen are independent of the company. The Chairman of the Board (Mr. Erkki
Pehu-Lehtonen) and two Board members (Mr. Ilpo Helander and Mr. Risto
Hautamäki) are independent of major shareholders.
Raute Corporation's Board of Directors has an Appointments Committee and a
Working Committee. The Appointments Committee is chaired by Mr. Erkki
Pehu-Lehtonen and its members are Mr. Mika Mustakallio and Mr. Ville Korhonen,
who was elected by the major shareholders from amongst their number. The
Working Committee is chaired by Mr. Erkki Pehu-Lehtonen and its members are Mr.
Mika Mustakallio and Mr. Risto Hautamäki. The Audit Committee's tasks are
handled by the Board of Directors.
EVENTS AFTER THE REPORTING PERIOD
The President of Raute's North American companies, Mr. Bruce Alexander,
resigned from the Raute Group on October 24, 2012. The North American
operations have been integrated with Technology Services, headed by Group Vice
President Mr. Petri Lakka.
BUSINESS RISKS
Risks in the near term continue to be driven by the global economic situation
and the uncertainty concerning its development. During the reporting period,
there were no essential changes in the business risks described in the 2011
Board of Directors' Report and Financial Statements. The most significant risks
for Raute in the near term are related to the record-high load on production
and start-up resources during the second half of the year, as well as the
development of demand and the order book after the delivery of the present
strong order book has taken place.
OUTLOOK FOR 2012
Raute's business operations are characterized by the sensitivity of investment
demand to cyclical fluctuations in the global economy and the financial
markets.
Significant uncertainty still surrounds the development of the global economy
and financial markets due to the hazards of growing debt among a few European
countries and the threats associated with the recovery of the US economy.
Reports of the slowdown of economic growth in Asia, and in particular China,
also add to the uncertainty. The market situation for Raute's customer
industries is expected to remain uncertain.
However, improvement investments in the plywood industry to ensure quality and
cost competitiveness and to maintain market shares are expected to be at a
reasonable level in the near future, provided that the economic uncertainty
does not spiral into a new crisis.
Production line and mill-scale investment projects are being planned in several
market areas. The implementation and timing of these projects will depend on
prospective investors' confidence that the market for wood products will remain
at a reasonable level and on the arrangement of financing for customer projects
in some market areas.
Thanks to its strong financial and market position and the development measures
it has carried out, Raute is well positioned to respond to growing demand once
the markets recover. The implemented adaptation measures have led to a lighter
cost structure and business is more profitable than before, even in a difficult
market situation.
No changes have occurred in the outlook for the whole of 2012. Due to a strong
order book, net sales in 2012 will increase significantly on the comparison
year and the operating profit will be clearly positive.
TABLES SECTION OF THE INTERIM REPORT
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF Note 1.7.-30 1.7.-30 1.1.-30 1.1.-30 1.1.-31
.9. .9. .9. .9. .12.
COMPREHENSIVE INCOME (EUR 1 2012 2011 2012 2011 2011
000)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 3,4,5 29 886 21 626 67 359 59 389 74 323
--------------------------------------------------------------------------------
Change in inventories of -742 223 -52 1 041 -184
finished goods and work in
progress
Other operating income 61 45 167 145 168
Material and services -17 475 -12 885 -36 336 -33 843 -39 404
Employee benefits expense 12 -7 083 -5 397 -20 715 -17 581 -24 019
Depreciation and -482 -530 -1 478 -1 610 -2 128
amortisation
Other operating expenses -2 346 -2 071 -7 039 -7 158 -9 494
--------------------------------------------------------------------------------
Total operating expenses -27 386 -20 883 -65 568 -60 192 -75 045
OPERATING PROFIT (LOSS) 1 818 1 011 1 907 382 -738
--------------------------------------------------------------------------------
% of net sales 6 5 3 1 -1
Financing income 130 242 518 765 705
Financing expenses -267 -403 -612 -1 083 -1 093
PROFIT (LOSS) BEFORE TAX 1 680 850 1 813 65 -1 126
--------------------------------------------------------------------------------
% of net sales 6 4 3 0 -2
Income taxes -451 -180 -785 -140 30
PROFIT (LOSS) FOR THE PERIOD 1 229 670 1 028 -75 -1 095
--------------------------------------------------------------------------------
% of net sales 4 3 2 0 -1
Other comprehensive income
items:
Exchange differences on translating 7 3 38 -34 23
foreign operations
Cash flow hedging - - - - 19
Income tax related to cash - - - - -5
flow hedges
--------------------------------------------------------------------------------
Comprehensive income items
for
the period, net of tax 7 3 38 -34 37
COMPREHENSIVE PROFIT (LOSS) FOR THE 1 236 673 1 066 -109 -1 058
PERIOD
--------------------------------------------------------------------------------
Profit (loss) for the period
attributable to
--------------------------------------------------------------------------------
Equity holders of the Parent 1 229 670 1 028 -75 -1 095
company
Comprehensive profit (loss)
for the period
attributable to
--------------------------------------------------------------------------------
Equity holders of the Parent 1 236 673 1 066 -109 -1 058
company
Earnings per share for profit
(loss) attributable
to Equity holders of the Parent
company, EUR
--------------------------------------------------------------------------------
Undiluted earnings per share 0,31 0,17 0,26 -0,02 -0,27
Diluted earnings per share 0,31 0,17 0,26 -0,02 -0,27
Shares, 1 000 pcs
--------------------------------------------------------------------------------
Adjusted average number of 4 005 4 005 4 005 4 005 4 005
shares
Adjusted average number of 4 007 4 009 4 007 4 009 4 005
shares diluted
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET Note 30.9. 30.9. 31.12.
(EUR 1 000) 2012 2011 2011
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets 8 2 493 1 245 1 433
Property, plant and equipment 8 7 976 8 163 8 226
Other financial assets 789 789 789
Non-current accounts receivables and other 225 873 549
receivables
Deferred tax assets 857 1 382 1 601
NON-CURRENT ASSETS 12 341 12 453 12 598
--------------------------------------------------------------------------------
Current assets
Inventories 6 293 5 265 5 059
Accounts receivables and other 5 22 339 15 329 9 298
receivables
Income tax receivable 407 285 37
Cash and bank equivalents 25 628 14 938 25 674
CURRENT ASSETS 54 667 35 818 40 067
--------------------------------------------------------------------------------
ASSETS 67 008 48 270 52 666
--------------------------------------------------------------------------------
EQUITY
Equity attributable to Equity holders of
the Parent company
Share capital 8 010 8 010 8 010
Share premium account 0 6 498 6 498
Fair value reserve and other reserves 6 836 127 187
Exchange differences 61 1 23
Retained earnings 6 149 8 447 8 447
Profit (loss) for the period 1 028 -75 -1 095
--------------------------------------------------------------------------------
Share of shareholders' equity that
belongs
to the owners of the Parent company 22 084 23 008 22 069
SHAREHOLDERS' EQUITY 22 084 23 008 22 069
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
Non-current provisions 70 79 123
Non-current interest-bearing liabilities 9 8 622 7 716 10 937
Pension obligations 92 - -
NON-CURRENT LIABILITIES 8 784 7 891 11 060
--------------------------------------------------------------------------------
CURRENT LIABILITIES
Current provisions 1 223 679 697
Pension obligations - 96 98
Current interest-bearing liabilities 9 4 989 3 327 4 340
Current advances received 5 17 320 5 058 5 589
Income tax liability - - 416
Trade payables and other liabilities 12 607 8 307 8 399
CURRENT LIABILITIES 36 140 17 372 19 537
--------------------------------------------------------------------------------
TOTAL LIABILITIES 44 924 25 262 30 597
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES 67 008 48 270 52 666
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.-30.9 1.1.-30.9 1.1.-31.12
. . .
(EUR 1 000) 2012 2011 2011
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Cash receipts from customer 64 936 63 884 64 268
Other operating income 167 74 168
Cash paid to suppliers and employees -59 144 -68 098 -62 322
--------------------------------------------------------------------------------
Cash flow before financial items and 5 959 -4 140 2 113
taxes
Interest paid from operating activities -275 -219 -163
Dividends received from operating 118 108 108
activities
Interest received from operating 258 81 357
activities
Other financing items from operating -431 -76 -183
activities
Income taxes paid from operating -823 -283 298
activities
--------------------------------------------------------------------------------
NET CASH FLOW FROM OPERATING ACTIVITIES (A) 4 807 -4 529 2 531
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and -1 749 -877 -1 589
intagible assets
Proceeds from sale of property, plant and 22 67 133
equipment and intangible assets
Purchase of other investments - -292 -293
--------------------------------------------------------------------------------
NET CASH FLOW FROM INVESTING ACTIVITIES (B) -1 727 -1 102 -1 748
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
Decrease of non-current and current - 1 000 1 000
receivables
Increase of current borrowings - - 163
Repayments of current borrowings - -115 -115
Increase of non-current borrowings - 6 000 11 000
Repayments of non-current borrowings -1 970 -9 000 -10 000
Dividends paid -1 201 -1 201 -1 201
--------------------------------------------------------------------------------
NET CASH FLOW FROM FINANCING ACTIVITIES (C) -3 172 -3 316 846
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS -92 -8 947 1 629
(A+B+C)
--------------------------------------------------------------------------------
increase (+)/decrease (-)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF 25 674 24 090 24 090
THE PERIOD
NET CHANGE IN CASH AND CASH EQUIVALENTS -92 -8 947 1 629
EFFECTS OF EXCHANGE RATE CHANGES ON CASH 46 -205 -45
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF THE 25 628 14 938 25 674
PERIOD*
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS IN THE BALANCE
SHEET AT THE END OF THE PERIOD
Cash and cash equivalents 25 628 14 938 25 674
--------------------------------------------------------------------------------
TOTAL 25 628 14 938 25 674
--------------------------------------------------------------------------------
*Cash and cash equivalents comprise assets at fair value through profit and
loss, as well as cash and bank receivables, which will be due within the
following three months' period.
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
Investe
d
non-
restric
ted
Share Share equity Other Exchang Retain e ed
(EUR 1 000) capita premiu reserve reserve rate earnin
l m s diff. gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2012 8 010 6 498 0 187 23 7 351
--------------------------------------------------------------------------------
Comprehensive profit (loss)
for the period
Profit (loss) for the period - - - - - 1 028
Other comprehensive income
items:
Exchange differences on
translating foreign
operations - - - - 38 -
Cash flow hedging, net of tax - - - - - -
Total comprehensive profit 0 0 0 0 38 1 028
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions - - - 152 - -
Reclassification between - -6 498 6 498 - - -
items
Dividend paid - - - - - -1 201
EQUITY at Sept. 30, 2012 8 010 0 6 498 338 61 7 177
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY (continues)
--------------------------------------------------------------------------------
To the owners
of
(EUR 1 000) the Parent TOTAL
Company
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2012 22 069 22 069
--------------------------------------------------------------------------------
Comprehensive profit (loss)
for the period
Profit (loss) for the period 1 028 1 028
Other comprehensive income
items:
Exchange differences on
translating foreign
operations 38 38
Cash flow hedging, net of tax - -
Total comprehensive profit 1 066 1 066
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions 152 152
Reclassification between - -
items
Dividend paid -1 201 -1 201
EQUITY at Sept. 30, 2012 22 084 22 084
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
Share Share Other Exchang Retaine
e d
(EUR 1 000) capita premiu reserve rate earning TOTAL
l m s diff. s
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2011 8 010 6 498 36 35 9 648 24 227
--------------------------------------------------------------------------------
Comprehensive profit (loss)
for the period
Profit (loss) for the period - - - - -75 -75
Other comprehensive income 0
items:
Exchange differences on
translating foreign
operations - - - -34 - -34
Cash flow hedging, net of tax - - - - - 0
Total comprehensive profit 0 0 0 -34 -75 -109
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions - - 91 - - 91
Reclassification between - - - - - -
items
Dividend paid - - - - -1 201 -1 201
--------------------------------------------------------------------------------
EQUITY at Sept. 30, 2011 8 010 6 498 127 1 8 372 23 008
--------------------------------------------------------------------------------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General information
Raute Group is a technology and service company that operates worldwide.
Raute's customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL (Laminated Veneer Lumber). Raute's
technology offering covers machinery and equipment for the entire production
process. Raute's full-service concept is based on product life-cycle
management. In addition to a broad range of machines and equipment, our
solutions cover technology services ranging from spare parts deliveries to
regular maintenance and equipment modernizations. Raute's head office is
located in Nastola, Finland. Its other production plants are in the Vancouver
area in Canada, in the Shanghai area in China, and in Kajaani, Finland. The
company's sales network has a global reach.
Raute Group's Parent company is a Finnish public limited liability company,
Raute Corporation, established in accordance with Finnish law (Business ID
FI01490726). Its series A shares are quoted on NASDAQ OMX Helsinki Ltd., under
Industrials. Raute Corporation is domiciled in Lahti, Finland. The address of
its registered office is Rautetie 2, FI-15550 Nastola, Finland, and its postal
address is P.O. Box 69, FI-15551 Nastola, Finland.
The Consolidated financial statements are available online at www.raute.com and
at the head office of the Parent company, Rautetie 2, FI-15550 Nastola,
Finland.
Raute Corporation's Board of Directors has on October 30, 2012 reviewed the
Interim financial report for January 1 - September 30, 2012, and approved it to
be published in compliance with this release.
2. Accounting principles
Raute Corporation's Interim financial report for January 1 - September 30, 2012
has been prepared in accordance with standard IAS 34 Interim Financial
Reporting. The Interim financial report does not contain full notes and other
information presented in the financial statements, and therefore the Interim
financial report should be read in conjunction with the Financial statements
published for 2011.
Raute Corporation's Interim financial report for January 1 - September 30, 2012
has been prepared in accordance with international financial statement
standards (International Financial Reporting Standards, IFRS) as adopted by the
European Union, and preparations have complied with the IAS and IFRS standards,
as well as SIC and IFRIC interpretations, effective on September 30, 2012. The
notes to the Interim financial statements also comply with Finnish accounting
legislation. The presented Interim financial report figures have not been
audited.
The Interim financial report has been prepared according to the same accounting
principles as those applied in the Annual financial statements for 2011 except
for the certain new or revised standards, interpretations and amendments which
the Group has applied as of January 1, 2012. The impact of the new and revised
standards has been presented in the Annual financial statements for 2011. The
adoption of these standards has not had an impact on the Interim financial
report.
All the monetary figures presented in the Interim financial report are in
thousand euros, unless otherwise stated. Due to the rounding of the figures in
the financial statement tables, the sums of figures may deviate from the sum
total presented in the table. Figures in parentheses refer to the corresponding
figures in the comparison period.
The preparation of Interim financial report according to IFRS standards
requires management to use estimates and assumptions in the process of applying
the accounting principles. Because estimates and assumptions are based on
management's best knowledge at the reporting date, they comprise risks and
uncertainties. The actual results may therefore differ from these estimates.
3. Segment information
Operational segment
Continuing operations of Raute Group belong to the wood products technology
segment.
Due to Raute's business model, operational nature and administrative structure,
the operational segment to be reported as wood products technology segment is
comprised of the whole Group and the information on the segment is consistent
with that of the Group. Segment reporting follows the principles of
presentation of the consolidated financial statements.
------------------------------------------------
30.9. 30.9. 31.12.
Wood products technology 2012 2011 2011
------------------------------------------------
Net sales 67 359 59 389 74 323
Operating profit (loss) 1 907 382 -738
Assets 67 008 48 270 52 666
Liabilities 44 924 25 262 30 597
Capital expenditure 2 240 1 162 1 885
------------------------------------------------
--------------------------------------------------------------------------------
Assets of the wood products technology 30.9. 30.9. 31.12.
segment by geographical location 2012 % 2011 % 2011 %
--------------------------------------------------------------------------------
Finland 58 796 88 41 887 87 46 196 88
North America 3 627 5 3 526 7 3 305 6
China 2 874 4 1 410 3 1 550 3
Russia 1 349 2 1 107 2 1 302 2
South America 207 0 179 0 170 0
Others 155 0 161 0 143 0
--------------------------------------------------------------------------------
TOTAL 67 008 100 48 270 100 52 666 100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Capital expenditure of the wood products 30.9. 30.9. 31.12.
technology segment by geographical 2012 % 2011 % 2011 %
location
--------------------------------------------------------------------------------
Finland 2 194 98 1 143 98 1 824 97
North America 6 0 3 0 22 1
China 36 2 14 1 36 2
Russia 1 0 - - - -
South America 1 0 1 0 2 0
Others 2 0 1 0 1 0
--------------------------------------------------------------------------------
TOTAL 2 240 100 1 162 100 1 885 100
--------------------------------------------------------------------------------
4. Net sales
The main part of the net sales is comprised of project deliveries related to
wood products technology and modernizations in technology services, which are
treated as long-term projects. The rest of the net sales is comprised of
technology services provided to the wood products industry such as spare parts
and maintenance services as well as services provided to the development of
customers' business.
Project deliveries and modernizations related to technology services include
both product and service sales, making it impossible to give a reliable
presentation of the breakdown of the Group's net sales into purely product and
service sales.
Large delivery projects can temporarily increase the shares of various
customers of the Group's net sales to more than ten percent. At the end of the
period, the Group had two customers (2), whose share of the Group's net sales
temporarily exceeded ten percent.
------------------------------------------------------------------
Net sales 1.1.-30.9. 1.1.-30.9. 1.1.-31.12.
by market area 2012 % 2011 % 2011 %
------------------------------------------------------------------
South America 32 629 48 2 966 5 4 301 6
Russia 11 212 17 20 870 35 26 026 35
Rest of Europe 10 204 15 7 156 12 10 593 14
North America 5 946 9 4 780 8 6 090 8
Finland 4 795 7 7 679 13 8 891 12
Asia-Pacific 2 392 4 15 825 27 18 299 25
Others 180 0 112 0 124 0
------------------------------------------------------------------
TOTAL 67 359 100 59 389 100 74 323 100
------------------------------------------------------------------
--------------------------------------------------------------------------------
5. Long-term projects 30.9. 30.9. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Net sales
Net sales by percentage of completion 56 258 48 214 58 760
Other net sales 11 101 11 175 15 563
--------------------------------------------------------------------------------
TOTAL 67 359 59 389 74 323
--------------------------------------------------------------------------------
Project revenues entered as income from currently
undelivered
long-term projects recognized by percentage of 66 414 63 781 45 250
completion
Amount of long-term project revenues not yet
entered as income
(order book) 70 515 19 393 35 034
Projects for which the value by percentage of
completion exceeds
advance payments invoiced
- aggregate amount of costs incurred and
recognized profits less
recognized losses 46 494 38 310 16 805
- advance payments received 31 422 28 863 13 431
--------------------------------------------------------------------------------
Gross amount due from customers 15 072 9 447 3 374
--------------------------------------------------------------------------------
Projects for which advance payments invoiced
exceed the value by
percentage of completion
- aggregate amount of costs incurred and
recognized profits less
recognized losses 19 994 31 195 28 445
- advance payments received 37 107 35 622 33 704
--------------------------------------------------------------------------------
Gross amount due to customers 17 113 4 428 5 259
--------------------------------------------------------------------------------
Specification of combined asset and liability
items
Advance payments paid 624 277 101
Advance payments received included in inventories 624 277 101
in the balance sheet
--------------------------------------------------------------------------------
Advance payments in the balance sheet 17 320 5 058 5 589
--------------------------------------------------------------------------------
6. Number of personnel, persons 30.9. 30.9. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Effective, on average 476 459 457
In books, on average 484 478 475
In books, at the end of period 496 467 464
- of which personnel working abroad 129 115 117
--------------------------------------------------------------------------------
7. Research and development costs 30.9. 30.9. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Research and development costs for the period 1 606 1 353 2 020
Amortization of previously capitalized 99 216 262
development costs
Development costs recognized as an asset in the -534 -178 -209
balance sheet
--------------------------------------------------------------------------------
Research and development costs entered as 1 171 1 391 2 072
expenses for the period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8. Changes in Intangible assets and in Property, 30.9. 30.9. 31.12.
plant and equipment 2012 2011 2011
--------------------------------------------------------------------------------
Intangible assets
Carrying amount at the beginning of the period 12 448 11 759 11 759
Exchange rate differences 9 1 16
Additions 1 399 294 609
Reclassifications between items -678 82 63
--------------------------------------------------------------------------------
Carrying amount at the end of the period 13 179 12 135 12 447
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -11 015 -10 418 -10 420
beginning of the period
Exchange rate differences -7 -1 -8
Reclassifications between items 679 - 18
Depreciation and amortization for the period -343 -471 -604
--------------------------------------------------------------------------------
Accumulated depreciation and amortization
at the end of the period -10 686 -10 889 -11 013
--------------------------------------------------------------------------------
Book value of Intangible assets, at the beginning 1 433 1 341 1 341
of the period
Book value of Intangible assets, at the end of 2 493 1 245 1 433
the period
Property, plant and equipment
Carrying amount at the beginning of the period 44 463 43 714 43 714
Exchange rate differences 503 -632 117
Additions 841 576 983
Disposals -7 -33 -67
Reclassifications between items -3 814 -82 -285
--------------------------------------------------------------------------------
Carrying amount at the end of the period 41 986 43 543 44 463
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -36 236 -34 800 -34 801
beginning of the period
Exchange rate differences -450 561 -96
Reclassifications between items 3 812 - 202
Depreciation and amortization for the period -1 135 -1 140 -1 541
--------------------------------------------------------------------------------
Accumulated depreciation and amortization
at the end of the period -34 010 -35 380 -36 236
--------------------------------------------------------------------------------
Book value of Property, plant and equipment, at
the beginning
of the period 8 227 8 913 8 913
Book value of Property, plant and equipment, at
the end
of the period 7 976 8 163 8 226
--------------------------------------------------------------------------------
9. Interest-bearing liabilities 30.9. 30.9. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 8 622 7 716 10 937
recognized at amortized cost
Current interest-bearing liabilities 4 989 3 327 4 340
--------------------------------------------------------------------------------
TOTAL 13 611 11 043 15 277
--------------------------------------------------------------------------------
Maturities of the interest-bearing financial
liabilities
Financial liability Current Non-current Total
--------------------------------------------------------------------------------
Pension loans (TyEL) 2 000 1 000 3 000
Loans from financial institutions 2 889 7 623 10 512
Other loans 100 - 100
--------------------------------------------------------------------------------
Total 4 989 8 622 13 611
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10. Pledged assets and contingent liabilities 30.9. 30.9. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Pledged assets on behalf of the Parent company
Loans from financial institutions 10 512 5 715 11 177
Business mortgages 6 700 3 500 6 700
Pension loans (TyEL) 3 000 5 000 4 000
Business mortgages 900 1 500 1 200
Credit insurance agreements 2 100 3 500 2 800
Other loans 100 100 100
Real estate mortgages 101 101 101
Mortgage agreements on behalf of subsidiaries
Loans from financial institutions 246 227 240
Business mortgages 200 200 240
Commercial bank guarantees on behalf of the
Parent company
and subsidiaries 37 975 15 187 18 472
Other own obligations
Rental liabilities maturing within one year 861 553 546
Rental liabilities maturing in one to five years 2 653 995 1 358
Rental liabilities maturing more than five years 670 565 523
--------------------------------------------------------------------------------
Total 4 184 2 113 2 426
--------------------------------------------------------------------------------
Loans and guarantees on behalf of the related party
No loans are granted to the company's management. On September 30, 2012, the
Parent Company Raute Corporation had loan receivables from its subsidiary Raute
Service LLC EUR 355 thousand (EUR 355 thousand) and from Raute Canada Ltd. EUR
1 774 thousand (EUR 922 thousand). Raute Corporation had a EUR 100 thousand
(EUR 100 thousand) liability to Raute Sickness Fund.
No pledges have been given or other commitments made on behalf of the company's
management and shareholders.
-----------------------------------------------------------------------------
11. Currency derivatives and hedging instruments 30.9. 30.9. 31.12.
2012 2011 2011
-----------------------------------------------------------------------------
Currency derivatives are used for hedging purposes.
Nominal values of forward contracts in foreign currency
Economic hedging
- Related to financing 1 802 1 016 1 211
- Related to hedging of net sales 4 844 147 637
Fair values of forward contracts in foreign currency
Economic hedging
- Related to financing -21 11 -32
- Related to hedging of net sales 0 - 4
Interest rate and currency swap agreements
- Nominal value 5 298 5 715 5 937
- Fair value 28 -529 -285
12. Share-based payments
The fair value of the options granted according to the 2010 stock option plan
is recognized as an expense in the income statement during the earning period
of the options. An expense of EUR 152 thousand (EUR 91 thousand) was recognized
for the options in the income statement during the period. On June 21, 2012,
Raute Corporation's Board of Directors issued, in compliance with the
authorization by the Annual General Meeting, a total of 73 000 option rights
marked with the symbol 2010 C to the Group's key personnel.
Key terms and conditions of the granted option arrangements
are:
Nature of arrangement stock options
Grant date 21.6.2012
Number of stock options granted 73 000
Price, EUR 8,40
Share market value at grant date, EUR 7,55
Term, years 3
Subscription period 1.3.2015-31.3.2018
Realization in shares
13. Dividend distribution
Raute Corporations' Annual General Meeting decided to distribute a dividend of
EUR 0,30 per share to be paid for series A and K shares. A total amount of
dividends to be paid was EUR 1,201,427.40. The dividend payment date was April
26, 2012.
------------------------------------------------------------
14. Exchange rates used
1.1.-30.9. 1.1.-30.9. 1.1.-31.12.
Income statement, euros 2012 2011 2011
------------------------------------------------------------
USD (US dollar) 1,2817 1,4063 1,3917
CAD (Canadian dollar) 1,2845 1,3746 1,3756
SGD (Singapore dollar) 1,6129 1,7539 1,7491
CLP (Chilean peso) 626,5112 666,4074 672,0723
RUB (Russian rouble) 39,7964 40,4803 40,8797
CNY (Chinese juan) 8,1103 9,1392 8,9958
------------------------------------------------------------
30.9. 30.9. 31.12.
Balance sheet, euros 2012 2011 2011
------------------------------------------------------------
USD (US dollar) 1,2930 1,3503 1,2939
CAD (Canadian dollar) 1,2684 1,4105 1,3215
SGD (Singapore dollar) 1,5848 1,7589 1,6819
CLP (Chilean peso) 608,9378 668,5192 680,1710
RUB (Russian rouble) 40,1400 43,3500 41,7650
CNY (Chinese juan) 8,1272 8,7994 8,3499
15. Events after the reporting period
The President of Raute's North American companies, Mr. Bruce Alexander,
resigned from the Raute Group on October 24, 2012. The North American
operations have been integrated with Technology Services, headed by Group Vice
President Mr. Petri Lakka.
--------------------------------------------------------------------------------
FINANCIAL DEVELOPMENT 30.9. 30.9. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Change in net sales, % 13,4 20,0 18,2
Exported portion of net sales, % 92,9 87,1 88,0
Return on investment (ROI), % 8,8 4,2 -0,1
Return on equity (ROE), % 6,2 -0,4 -4,7
Interest-bearing net liabilities, EUR million -12,0 -3,9 -10,4
Gearing, % -54,4 -16,9 -47,1
Equity ratio, % 44,4 53,2 46,9
Gross capital expenditure, EUR million 2,2 1,2 1,9
% of net sales 3,3 2,0 2,5
Research and development costs, EUR million 1,6 1,4 2,0
% of net sales 2,4 2,3 2,7
Order book, EUR million 72 21 36
Order intake, EUR million 104 46 77
--------------------------------------------------------------------------------
SHARE-RELATED DATA 30.9. 30.9. 31.12.
2012 2011 2011
--------------------------------------------------------------------------------
Earnings per share, (EPS), undiluted, EUR 0,26 -0,02 -0,27
Earnings per share, (EPS), diluted, EUR 0,26 -0,02 -0,27
Equity to share, EUR 5,51 5,75 5,51
Dividend per share, EUR - - 0,30
Dividend per profit, % - - -109,7
Effective dividend return, % - - 4,8
Development in share price (series A shares)
Lowest share price for the period, EUR 6,18 6,95 6,05
Highest share price for the period, EUR 9,24 11,55 11,55
Average share price for the period, EUR 8,28 9,47 8,57
Share price at the end of the period, EUR 7,32 7,18 6,20
Market value of capital stock
- Series K shares, EUR million* 7,3 7,1 6,1
- Series A shares, EUR million 22,1 21,6 18,7
Total, EUR million 29,3 28,8 24,8
--------------------------------------------------------------------------------
*Series K shares valued at the value of series
A shares.
Trading of the company's shares (series A
shares)
Trading of shares, pcs 232 047 303 381 522 287
Trading of shares, EUR million 1,9 2,9 4,3
Number of shares
- Series K shares, ordinary shares (20 991 161 991 161 991 161
votes/share)
- Series A shares (1 vote/share) 3 013 597 3 013 597 3 013 597
Total 4 004 758 4 004 758 4 004 758
--------------------------------------------------------------------------------
Number of shares, weighted average, 4 005 4 005 4 005
1 000 pcs
Number of shares diluted, 1 000 pcs 4 006 4 009 4 005
The number of shareholders 1 652 1 763 1667
--------------------------------------------------------------------------------
DEVELOPMENT OF Q 4 Q 1 Q 2 Q 3 Rolling Rolling
QUARTERLY RESULTS 2011 2012 2012 2012 1.10.2011 1.10.2010
(EUR 1 000) - -
30.9.2012 30.9.2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 14 934 15 109 22 365 29 886 82 293 72 785
--------------------------------------------------------------------------------
Change in inventories
of finished goods and
work in progress -1 225 464 226 -742 -1 277 1 856
Other operating income 23 46 60 61 190 155
Material and services -5 561 -6 806 -12 055 -17 475 -41 897 -41 238
Employee benefits -6 437 -6 635 -6 997 -7 083 -27 152 -23 999
expense
Depreciation and -518 -501 -495 -482 -1 996 -2 184
amortisation
Other operating -2 336 -2 227 -2 467 -2 346 -9 376 -9 324
expenses
Total operating -14 853 -16 168 -22 014 -27 386 -80 421 -76 745
expenses
--------------------------------------------------------------------------------
OPERATING PROFIT -1 121 -549 637 1 818 786 -1 950
(LOSS)
--------------------------------------------------------------------------------
% of net sales -8 -4 3 6 1 -3
Financing income -60 208 181 130 458 1 031
Financing expenses -10 -195 -150 -267 -622 -1 421
PROFIT (LOSS) BEFORE -1 190 -536 669 1 680 622 -2 339
TAX
--------------------------------------------------------------------------------
% of net sales -8 -4 3 6 1 -3
Income taxes 170 72 -406 -451 -615 398
PROFIT (LOSS) FOR THE -1 020 -464 263 1 229 8 -1 941
PERIOD
--------------------------------------------------------------------------------
% of net sales -7 -3 1 4 0 -3
Attributable to
--------------------------------------------------------------------------------
Equity holders of the -1 020 -464 263 1 229 8 -1 941
Parent company
Earnings per share for profit
(loss) attributable
to Equity holders of the Parent
company, EUR
--------------------------------------------------------------------------------
Undiluted earnings per -0,25 -0,12 0,07 0,31 0,00 -0,48
share
Diluted earnings per -0,25 -0,12 0,07 0,31 0,00 -0,48
share
Shares, 1 000 pcs
--------------------------------------------------------------------------------
Adjusted average 4 005 4 005 4 005 4 005 4 005 4 005
number of shares
Adjusted average 4 005 4 005 4 005 4 007 4 007 4 009
number of shares
diluted
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LARGEST SHAREHOLDERS AT Number Number
September 30, 2012 of series of series
K shares A shares Total
(20 votes (1 vote number
per per share) of shares
share)
--------------------------------------------------------------------------------
1. Sundholm Göran - 624 398 624 398
2. Mandatum Henkivakuutusosakeyhtiö - 181 900 181 900
3. Sijoitusrahasto Alfred Berg Small Cap - 118 339 118 339
Finland
4. Mustakallio Kari Pauli 60 480 56 900 117 380
5. Suominen Pekka 48 000 62 429 110 429
6. Suominen Tiina Sini-Maria 48 000 62 316 110 316
7. Siivonen Osku Pekka 50 640 53 539 104 179
8. Kirmo Kaisa Marketta 50 280 41 826 92 106
9. Mustakallio Mika Tapani 56 180 29 670 85 850
10. Keskiaho Kaija Leena 33 600 51 116 84 716
11. Särkijärvi Anna Riitta 60 480 22 009 82 489
12. Mustakallio Ulla Sinikka 47 240 28 431 75 671
13. Laakkosen Arvopaperi Oy - 71 849 71 849
14. Relander Harald - 70 900 70 900
15. Mustakallio Marja Helena 43 240 16 047 59 287
16. Sijoitusrahasto Nordea Suomi Small Cap - 57 349 57 349
17. Särkijärvi Timo 12 000 43 256 55 256
18. Särkijärvi-Martinez Anu Riitta 12 000 43 256 55 256
19. Kirmo Lasse 30 000 24 110 54 110
20. Suominen Jukka Matias 24 960 27 964 52 924
TOTAL 577 100 1 687 604 2 264 704
--------------------------------------------------------------------------------
Share of total amount of shares, % 58,2 56,0 56,6
Share of total voting rights, % 58,2 56,0 57,9
--------------------------------------------------------------------------------
Nominee-registered 133 312 133 312
Other shareholders 414 061 1 192 681 1 606 742
--------------------------------------------------------------------------------
TOTAL 991 161 3 013 597 4 004 758
--------------------------------------------------------------------------------
MANAGEMENT'S SHAREHOLDING 151 470 136 049 287 519
--------------------------------------------------------------------------------
Share of total amount of shares, % 15,3 4,5 7,2
--------------------------------------------------------------------------------
Share of total voting rights, % 15,3 4,5 13,9
--------------------------------------------------------------------------------
RAUTE CORPORATION
Board of Directors
BRIEFING ON OCTOBER 30, 2012 AT 2 P.M.:
A briefing will be organized for analysts, investors and the media on Tuesday,
October 30, 2012 at 2 p.m. at Scandic Simonkenttä Hotel, Roba cabinet,
Simonkatu 9, Helsinki. The interim report will be presented by Mr. Tapani
Kiiski, President and CEO, and Ms. Arja Hakala, CFO.
FINANCIAL RELEASES IN 2013:
Raute Corporation will publish its financial statements for 2012 on Tuesday,
February 12, 2013.
Raute's interim reports will be published as follows:
- January-March on Friday, April 26, 2013
- January-June on Tuesday, July 30, 2013
- January-September on Wednesday, October 30, 2013
Raute Corporation's Annual General Meeting is scheduled to be held in Lahti on
Monday, April 8, 2013.
FURTHER INFORMATION:
Mr. Tapani Kiiski, President and CEO, Raute Corporation, tel. +358 3 829 3560,
mobile +358 400 814 148
Ms. Arja Hakala, CFO, Raute Corporation, tel. +358 3 829 3293, mobile +358 400
710 387
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF:
Raute is a technology and service company that operates worldwide. Raute's
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL (Laminated Veneer Lumber). The technology
offering covers machinery and equipment for the entire production process. As a
supplier of mill-scale projects Raute is a global market leader both in the
plywood and LVL industries. Additionally, Raute's full-service concept includes
technology services ranging from spare parts deliveries to regular maintenance
and equipment modernizations. Raute's head office is located in Nastola,
Finland. Its other production plants are in the Vancouver area in Canada, in
the Shanghai area in China, and in Kajaani, Finland. Raute's net sales in 2011
were EUR 74.3 million. The number of personnel at the end of 2011 was 464.
More information about the company can be found at www.raute.com.
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