2011-05-04 08:00:00 CEST
2011-05-04 08:00:24 CEST
REGULATED INFORMATION
Raute - Interim report (Q1 and Q3)
RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - MARCH 31, 2011
Nastola, Finland, 2011-05-04 08:00 CEST (GLOBE NEWSWIRE) -- RAUTE CORPORATION
INTERIM REPORT 4 MAY 2011 AT 9:00 A.M.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - MARCH 31, 2011
- The Group's net sales, EUR 14.6 million (MEUR 10.4), increased 40% on the
comparison year.
- Operating loss was EUR -1.4 million (MEUR -1.4). Result before taxes was EUR
-1.6 million (MEUR -1.4).
- Earnings per share (undiluted) were EUR -0.32 (EUR -0.24).
- Order intake was EUR 29 million (MEUR 25) and the order book at the end of
the reporting period increased to EUR 48 million (MEUR 37).
- The outlook for financial performance remained unchanged. Net sales for 2011
will increase from the previous year, and the operating result is expected to
be positive.
TAPANI KIISKI, PRESIDENT AND CEO:
NEW YEAR - NEW CHALLENGES
We started the year with a strengthened order book, and during the first
quarter the order intake remained at a good level. Our order book, at EUR 48
million, reached its highest level since the second quarter of 2008. A
particular highlight was the high number of orders received from Russia. It
appears that our efforts in the Russian market are starting to produce results.
We received twice as many modernization orders as last year, which strengthens
our belief that there will be a positive turnaround in the market situation.
Our net sales increased 40 percent from the previous year, but our profit
development failed to meet our expectations. The operating profit was weighed
down by additional costs related to certain projects which were in the delivery
phase. Keeping costs in check as the economic situation improves will be a key
challenge for us in the near future.
Thanks to the current market situation and order book level, we were in a
position to put an end to the adaptation measures that had been started. Now
our entire organization is working and our own production capacity is being
normally used. Currently, our order book largely consists of smaller orders,
which puts a greater strain on our critical resources than larger projects in
relation to the net sales generated.
Among the measures we have carried out to cascade our strategy, I would like to
mention our new product, the RautePro TwinPeel peeling station that we
introduced at the WoodMac trade show in Shanghai in the beginning of March.
This entirely new veneer production concept targeted at China and other
emerging markets attracted positive attention during the fair. I believe that,
with this novelty, we will soon be able to tap into the Chinese market for
plywood machinery.
Despite the challenges of the early part of the year, I am confident about the
near future. Our net sales will increase from the previous year and our
operating result will be positive.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - MARCH 31, 2011
BUSINESS ENVIRONMENT
Market situation in customer industries
Raute's customers in the veneer, plywood and LVL (Laminated Veneer Lumber)
industries are engaged in the manufacturing of wood products used in investment
commodities and thus highly affected by fluctuations in the fields of
construction, housing-related consumption, international trade, and
transportation.
During the reporting period, the market situation in Raute's customer
industries continued to gradually improve. Most of the plywood and LVL
manufacturers already operate at normal utilization rates. Some of the most
successful companies have even made new production records. Only in North
America, where the housing market and construction are still plagued by a
recession, market demand for wood products remains very low.
Demand for wood products technology and technology services
During the reporting period, demand for wood products technology and technology
services was at a normal level, considering the market situation in the
customer industries. Demand primarily concerned smaller projects and
modernizations in particular.
Several larger projects involving both individual production lines and complete
mills have been under lengthy negotiation in many market areas. As customers
are becoming more confident about the sustained improvement in the market
situation, they will be more willing to make decisions to go ahead with these
projects.
ORDER INTAKE AND ORDER BOOK
Raute's business consists of providing project deliveries and technology
services to the wood products industry. Project deliveries encompass complete
mills, production lines, and individual machines and equipment. Technology
services include maintenance, spare parts services, modernizations, consulting,
training, and reconditioned machinery.
The order intake during the first quarter, EUR 29 million (MEUR 25), was at a
good level, considering the market situation. 61 percent of orders received
came from Russia (12%), 26 percent from Europe (2%), 7 percent from South
America (3%), 5 percent from North America (16%) and 1 percent from the
Asia-Pacific area (67%). The low order intake during the reporting period from
Asia and South America can be explained by the timing of the projects.
The most significant new order was received in January, concerning the delivery
of plywood mill machinery worth more than EUR 12 million to Russia by the end
of 2011. The order includes, among other things, two peeling lines based on
Raute's latest technology and two drying lines. Other significant new orders
were peeling and drying lines to Lithuania and an automatic panel puttying line
belonging to the RauteSmart product family to Chile.
Technology services accounted for EUR 7 million (MEUR 3) of the order intake.
The order book grew during the reporting period by EUR 15 million, amounting to
EUR 48 million at the end of the period (MEUR 37).
COMPETITIVE POSITION
Raute's competitive position is good. Raute's solutions help customers in
securing their delivery and service capabilities. In such investments, the
supplier's global expertise and extensive and wide-ranging technology offering
play a key role. The competitive edge provided by Raute plays an important role
when customers select their cooperation partners. Raute's strong financial
position also enhances its credibility and improves its competitive position as
an executor of long-term investment projects.
NET SALES
Net sales for the reporting period totaled EUR 14.6 million (MEUR 10.4), up 40
percent on the first quarter of 2010. The increase in net sales resulted from
the improved outlook for the customer industries and primarily took place at
the end of the period.
Russia's share of total net sales during the reporting period was 20 percent
(45%), Asia-Pacific's 28 percent (7%), North America's 13 percent (20%),
Europe's 33 percent (21%), and South America's 6 percent (7%).
Net sales for technology services increased 55 percent, accounting for 44
percent (40%) of total net sales.
RESULT AND PROFITABILITY
Operating loss was EUR -1.4 million (MEUR -1.4) and accounted for -10 percent
(-13%) of net sales.
The first-quarter result was negative due to low net sales and additional costs
arising from certain projects which were in the installation phase. The two
significant new orders received in December and in January could be observed as
an increase in net sales in March. March accounted for almost half of the net
sales generated during the reporting period.
The result before taxes for the reporting period was EUR 1.6 million negative
(MEUR 1.4 negative) and the result EUR 1.3 million negative (MEUR 1.0
negative). Earnings per share (undiluted) were EUR -0.32 (EUR -0.24).
CASH FLOW AND BALANCE SHEET
The Group's financial position is good. At the end of the reporting period,
gearing was -47 percent (-54%) and equity ratio 52 percent (44%). Other
fluctuations in balance sheet items and the key figures based on them are the
result of differences in the timing of customer payments and the cost
accumulation from project deliveries, which is typical of project business.
The Group's cash and cash equivalents, including financial assets recognized at
fair value through profit or loss, amounted to EUR 23.0 million (MEUR 30.4) at
the end of the reporting period. Operating cash flow was EUR 1.4 million
positive (MEUR +2.9). Cash flow from investment activities was EUR 0.2 million
negative (MEUR -0.5). Cash flow from financing activities was EUR 2.1 million
negative (MEUR -0.1).
Interest-bearing liabilities amounted to EUR 12.2 million (MEUR 18.4) at the
end of the reporting period.
During the reporting period, the company rearranged the financing of its
liabilities by repaying EUR 8.0 million of its TyEL loan and by taking out a
new bank loan of SEK 52.9 million. The new loan is hedged against currency and
interest rate risks with an interest rate and currency swap agreement. The loan
capital in the amount of EUR 6 million will be repaid in equal installments of
EUR 1 million every six months, starting in May 2012 and ending in November
2014. The TyEL loan with a fixed interest rate amounted to EUR 6.0 million
(MEUR 18.0) 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 regulation
agreements worth EUR 10 million with two different Nordic banks.
EVENTS DURING THE REPORTING PERIOD
In January, significant orders worth more than EUR 12 million were received for
plywood mill machinery to be delivered to Russia. The machines included in the
deal, two peeling lines based on Raute's latest technology and two dryinglines, among other things, will be delivered to Russia by the end of 2011.
At a trade show organized in March in Shanghai, Raute introduced the RautePro
TwinPeel peeling station based on a new concept. With this novelty, the company
seeks to tap into the Chinese plywood machinery market.
As a result of the bankruptcy of a customer during the reporting period, Raute
suffered a loss in the amount of EUR 0.5 million, which will have no impact on
the profit and balance sheet.
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 the continuous research and development of plywood and LVL
manufacturing technology, in particular, and the supporting automation and
instrumentation applications, such as machine vision. Research and development
costs in the reporting period totaled EUR 0.4 million (MEUR 0.3) and accounted
for 2.7 percent (3.1%) of net sales.
Investments totaled EUR 0.2 million (MEUR 0.5) during the reporting period and
consisted of replacement investments connected to information systems.
PERSONNEL
The Group's personnel at the end of the reporting period numbered 476 (506).
Group companies outside Finland accounted for 27 percent (25%) of employees.
Converted to full-time employees (“effective headcount”), the average number of
employees was 452 (386) during the reporting period. The temporary adaptation
measures targeted at personnel were interrupted during the reporting period as
a result of an improved order book and workload situation.
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 two euro. Series K and A shares grant equal rights to
dividends and company assets.
Series K shares can be converted to series A shares under the terms described
in section 3 of the Articles of Association. If a series K share is transferred
to a new owner who has not previously held series K shares, the new owner shall
report this to the Board of Directors in writing and without delay. The other
shareholders of the K series have the right to redeem the share under the terms
described 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
40.6 million (MEUR 31.9), with series K shares valued at the closing price of
series A shares on March 31, 2011, which was EUR 10.15 (EUR 7.97).
SHAREHOLDERS
The number of shareholders totaled 1,787 at the beginning of the year and 1,776
at the end of the reporting period. Series K shares are held by 52 private
individuals (46). Management held 7.2 percent (4.9%) of the company shares and
13.3 percent (9.1%) of the votes. Nominee-registered shares accounted for 2.1
percent (2.1%) of shares.
No flagging notifications were given to the company during the report period.
CORPORATE GOVERNANCE
Raute Corporation complies with the Finnish Corporate Governance Code for
listed companies issued by the Securities Market Association on June 15, 2010.
Raute deviates from the Code's recommendation 22 on appointing members to the
Appointments Committee in that one member from outside the Board of Directors
is elected to the Committee, 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, when 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. An outline of Raute Corporations
corporate governance principles is presented on the company's website at
www.raute.com.
Raute Corporation's Corporate Governance Statement 2010 has been drawn up
separately from the financial statements and is published on the company's
website.
EVENTS AFTER THE REPORTING PERIOD
Annual General Meeting 2011
Raute Corporation's Annual General Meeting was held on April 13, 2011. The
Annual General Meeting adopted the financial statements for 2010, granted
discharge from liability to those accountable and decided to distribute a
dividend of EUR 0.30 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 2012. Mr. Erkki
Pehu-Lehtonen was elected Chairman of the Board, Ms. Sinikka Mustakallio
Vice-Chair and Mr. Risto Hautamäki, Mr. Ilpo Helander, Mr. Mika Mustakallio and
Mr. Pekka Suominen as Board members.
The authorized public accounting company PricewaterhouseCoopers was chosen as
auditor with Authorized Public Accountant Janne Rajalahti as the principal
auditor.
The Annual General Meeting decided that the remuneration paid to the Chairman
of the Board will be EUR 40,000 and to the Vice-Chairman of the Board and Board
members EUR 20,000 for the term of office and that the Board Members traveling
expenses will be compensated in accordance with the company's travel policy.
The auditors' remuneration will be paid on the basis of reasonable invoicing.
The Annual General Meeting authorized the Board of Directors to decide on the
repurchase of the company's series A shares with the company's distributable
assets and a directed issue of a maximum of 400,000 of these shares.
More detailed information on the decisions of the Annual General Meeting can be
found in the stock exchange release issued on April 13, 2011.
Distribution of dividend for the financial year 2010
The Annual General Meeting held on April 13, 2011 decided to distribute a
dividend of EUR 0.30 per share for the financial year 2010. The total amount of
dividends is EUR 1.2 million, series A shares accounting for EUR 904,079.10
(EUR 0) and series K shares for EUR 297,348.30 (EUR 0). The dividend payment
date was April 27, 2011.
Board of Directors and Board Committees
The Board of Directors elected by Raute Corporation's Annual General Meeting on
April 13, 2011 held an organizing meeting.
Based on the evaluation of independence, Chairman Erkki Pehu-Lehtonen and
members Risto Hautamäki, Ilpo Helander, Mika Mustakallio and Pekka Suominen are
independent of the company. Vice-Chair Sinikka Mustakallio, who chaired Raute's
Supervisory Board from 1996 to 1998 and has acted as a member of the Board
since 1998, is dependent on the company. The Chairman of the Board (Erkki
Pehu-Lehtonen) and two Board members (Ilpo Helander and 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 Erkki Pehu-Lehtonen
and its members are Sinikka Mustakallio and Ville Korhonen, who has been
elected by the major shareholders from among themselves. The Working Committee
is chaired by Erkki Pehu-Lehtonen and its members are Sinikka Mustakallio and
Risto Hautamäki. The Audit Committee's tasks are handled by the Board of
Directors.
BUSINESS RISKS
Risks in the near term continue to be driven by the global economic situation
and the uncertainty concerning its development. During the reporting period,
there have been no essential changes in the business risks described in the
2010 Board of Directors' report and financial statements. The most significant
risks for Raute in the near term are related to the development of net sales
and profitability.
OUTLOOK FOR 2011
Raute's business operations are characterized by the sensitivity of investment
demand to fluctuations in the global economy and the financing markets.
The uncertainty related to the development of the world economy and financial
markets still continues despite favorable development in several markets. The
market situation for Raute's customer industries is expected to remain somewhat
uncertain. Demand for wood products has not yet permanently recovered to the
pre-recession level.
Demand for investments and services in the wood products industry is not
expected to reach its pre-recession level on a permanent basis in the near
future. However, upgrade investments in the plywood industry to ensure quality
and maintain market shares will continue to increase. Production line and
mill-scale investment projects are being planned in several market areas. Their
implementation and timing will depend on the continued favorable development of
the market situation for wood products and on arranging financing for customer
projects in some market areas.
Thanks to its strong financial and market position and the development measures
carried out, Raute's ability to respond to growing demand once the markets
recover will be good. The implemented adaptation measures have led to a lighter
cost structure and business is more profitable than before even in a difficult
market situation.
Raute's profit outlook for 2011 remained unchanged. As a result of a stronger
order book and projects under negotiation, net sales for 2011 will increase
from the previous year. The operating result is expected to be positive.
TABLES SECTION OF THE INTERIM REPORT
The figures for the financial year 2010 presented in the figures
section of the interim financial report have been audited.
The interim figures presented in the interim
financial report have not been audited.
CONSOLIDATED Note 1.1.-31.3. 1.1.-31.3. 1.1.-31 1.1.- 1.1.-.
STATEMENT OF .3.
COMPREHENSIVE INCOME 2011 2010 2011 31.12. 31.12.
(EUR 1 000)
2010 2010
NET SALES 3, 4, 5 14 627 10 435 14 627 10 435 62 867
Other operating 32 18 32 18 4 580
income
Change in
inventories of
finished
goods and work in 95 -332 95 -332 351
progress
Materials and -7 067 -3 671 -7 067 -3 671 -32 679
services
Expenses from 15 -6 047 -5 387 -6 047 -5 387 -23 467
employee benefits
Depreciation and -542 -637 -542 -637 -2 250
amortization
Other operating -2 540 -1 817 -2 540 -1 817 -8 091
expenses
Total operating -16 196 -11 512 -16 196 -11 512 -66 487
expenses
OPERATING PROFIT -1 442 -1 391 -1 442 -1 391 1 311
% of net sales -10 -13 -10 -13 2
Financial income 211 376 211 376 728
Financial expenses -318 -344 -318 -344 -917
PROFIT (LOSS) BEFORE -1 550 -1 359 -1 550 -1 359 1 122
TAX
% of net sales -11 -13 -11 -13 2
Income taxes 7 285 409 285 409 36
PROFIT (LOSS) FOR -1 265 -950 -1 265 -950 1 158
THE PERIOD
% of net sales -9 -9 -9 -9 2
Other comprehensive
income items:
Exchange differences on -15 -11 -15 -11 -20
translating foreign
operations
Cash flow hedging - -8 - -8 -19
Income tax related - 2 - 2 5
to cash flow hedges
Comprehensive income
items for
the period, net of -15 -17 -15 -17 -34
tax
COMPREHENSIVE PROFIT (LOSS) -1 280 -967 -1 280 -967 1 124
FOR THE PERIOD
Profit (loss) for
the period
attributable to
Equity holders of -1 265 -950 -1 265 -950 1 158
the Parent company
Comprehensive profit
(loss) for the
period
attributable to
Equity holders of -1 280 -967 -1 280 -967 1 124
the Parent company
Earnings per share for profit
(loss) attributable
to Equity holders of
the Parent company,
EUR
Undiluted earnings -0,32 -0,24 -0,32 -0,24 0,29
per share
Diluted earnings per -0,32 -0,24 -0,32 -0,24 0,29
share
Shares, 1 000 pcs
Adjusted average 4 005 4 005 4 005 4 005 4 005
number of shares
Adjusted average 4 014 4 005 4 014 4 005 4 005
number of shares
diluted
CONSOLIDATED BALANCE Note 31.3. 31.3. 31.12.
SHEET
(EUR 1 000) 2011 2010 2010
ASSETS
Non-current assets
Intangible assets 9 1 188 1 670 1 341
Property, plant and 9 8 657 8 845 8 913
equipment
Other financial 497 487 497
assets
Receivables 729 1 000 0
Deferred tax assets 1 801 2 132 1 849
Total 12 871 14 133 12 599
Current assets
Inventories 5 238 4 771 4 574
Accounts receivables 5 13 602 11 525 11 770
and other
receivables
Cash and cash 23 030 30 436 24 090
equivalents
Total 41 870 46 733 40 435
Non-current assets - 1 557 -
classified as held
for sale
Total - 1 557 -
TOTAL ASSETS 54 742 62 423 53 034
SHAREHOLDERS' EQUITY
AND LIABILITIES
Equity attributable
to Equity holders
of the Parent
company
Share capital 8 010 8 010 8 010
Share premium 6 498 6 498 6 498
Other reserves 15 55 288 36
Exchange differences 0 44 35
Retained earnings 9 647 8 196 8 490
Profit (loss) for -1 265 -950 1 158
the period
Share of
shareholders'
equity that belongs
to the owners of the 22 945 22 086 24 227
Parent company
Total shareholders' 22 945 22 086 24 227
equity
Non-current
liabilities
Provisions 22 118 57
Deferred tax 0 266 337
liabilities
Non-current 11 9 923 14 223 10 000
interest-bearing
liabilities
Total 9 945 14 608 10 394
Current liabilities
Provisions 616 1 046 612
Pension obligations 93 137 91
Current 11 2 315 4 215 4 439
interest-bearing
liabilities
Advance payments 5 10 985 12 296 5 243
received
Trade and other 7 842 8 035 8 028
payables
Total 21 851 25 729 18 413
Total liabilities 31 796 40 337 28 807
TOTAL SHAREHOLDERS' EQUITY 54 742 62 423 53 034
AND LIABILITIES
CONSOLIDATED 1.1.-31.3. 1.1.-31.3. 1.1.-31
STATEMENT OF CASH .12.
FLOWS
(EUR 1 000) 2011 2010 2010
CASH FLOW FROM
OPERATING
ACTIVITIES
Proceeds from sales 19 101 14 438 57 338
Proceeds from other 30 18 121
operating income
Payments of -17 749 -11 496 -63 416
operating expenses
Cash flow before 1 382 2 960 -5 958
financial items and
taxes
Interests and other operating -87 -153 -650
financial expenses paid
Interests and other 111 10 394
income received
Dividends received 22 82 118
Income taxes paid 0 14 -18
NET CASH FLOW FROM OPERATING 1 428 2 912 -6 114
ACTIVITIES (A)
CASH FLOW FROM
INVESTING
ACTIVITIES
Capital expenditure -225 -465 -2 067
in tangible and
intangible assets
Purchases of - -1 -11
assets-for-sale as
investments
Proceeds from sale of 20 0 6 448
tangible and intangible
assets
NET CASH FLOW FROM INVESTING -205 -466 4 370
ACTIVITIES (B)
CASH FLOW FROM
FINANCING
ACTIVITIES
Decrease of - - 2 000
non-current and
current receivables
Repayments of -115 - -228
current borrowings
Increase of 6 000 - -
non-current
borrowings
Repayments of -8 000 -100 -4 088
non-current
borrowings
NET CASH FLOW FROM FINANCING -2 116 -99 -2 316
ACTIVITIES (C)
NET CHANGE IN CASH AND CASH -893 2 348 -4 060
EQUIVALENTS (A+B+C)
increase
(+)/decrease (-)
CASH AND CASH EQUIVALENTS AT
THE BEGINNING
OF THE PERIOD* 24 090 27 900 27 900
EFFECTS OF EXCHANGE -167 189 251
RATE CHANGES ON
CASH
CASH AND CASH
EQUIVALENTS AT THE
END
OF THE PERIOD* 23 030 30 436 24 090
CASH AND CASH EQUIVALENTS IN
THE BALANCE
SHEET AT THE END OF
THE PERIOD
Cash and cash 23 030 30 436 24 090
equivalents
TOTAL 23 030 30 436 24 090
*Cash and cash equivalents comprise trading assets as well as
cash and bank receivables, which will be due
within the following
three months'
period.
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY
Share Share Other Exchang Retaine
e d
(EUR 1 000) capital premium reserves rate earning
diff. s
EQUITY Jan. 1, 2011 8 010 6 498 36 35 9 648
Profit (loss) for - - - - -1 265
the period
Comprehensive profit
(loss) for the
period:
Exchange differences
on translating
foreign operations - - - -35 -
Cash flow hedging, - - - - -
net of tax
Total comprehensive
profit (loss)
for the period 0 0 0 -35 -1 265
Equity-settled - - 19 - -
share-based
transactions
EQUITY March 31, 8 010 6 498 55 0 8 383
2011
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY (continue)
To the owners EQUITY
of the Parent TOTAL
(EUR 1 000) company
EQUITY Jan. 1, 2011 24 227 24 227
Profit (loss) for -1 265 -1 265
the period
Comprehensive profit
(loss) for the
period:
Exchange differences
on translating
foreign operations -35 -35
Cash flow hedging, - -
net of tax
Total comprehensive
profit (loss)
for the period -1 301 -1 301
Equity-settled 19 19
share-based
transactions
EQUITY March 31, 22 945 22 945
2011
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY
Share Share Other Exchang Retaine
e d
(EUR 1 000) capital premium funds rate earning
diff. s
EQUITY Jan. 1, 2010 8 010 6 498 294 55 8 196
Profit (loss) for - - - - -950
the period
Comprehensive profit
(loss) for the
period:
Exchange differences
on translating
foreign operations - - - -11 -
Cash flow hedging, - - -6 - -
net of tax
Total comprehensive
profit (loss)
for the period 0 0 -6 -11 -950
Equity-settled - - - - -
share-based
transactions
Reclassifications
between items
Dividend paid
EQUITY March 31, 8 010 6 498 288 44 7 246
2010
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY (continue)
To the owners EQUITY
of the Parent TOTAL
(EUR 1 000) company
EQUITY Jan. 1, 2010 23 054 23 054
Profit (loss) for -950 -950
the period
Comprehensive profit
(loss) for the
period:
Exchange differences
on translating
foreign operations -11 -11
Cash flow hedging, -6 -6
net of tax
Total comprehensive
profit (loss)
for the period -967 -967
Equity-settled - -
share-based
transactions
EQUITY March 31, 22 086 22 086
2010
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General information
Raute Group is a globally operating technology corporation which manufactures
complete mills, production lines and single machines for the veneer, plywood
and LVL industries. Raute's technology offering covers the customers' entire
production process, ranging from raw material processing to the finishing and
packaging of end products. Additionally, Raute's full service concept includes
technology services, such as maintenance, spare parts services, equipment
modernization, consulting, training and sales of reconditioned machinery. The
Group has production units in Finland, Canada and China. The company's sales
network has a global reach.
Raute Group's Parent company is a Finnish public limited liability company,
Raute Corporation, established in accordance with Finnish law (Business ID
FI01490726). Its series A shares are quoted on NASDAQ OMX Helsinki Ltd., under
Industrials. Raute Corporation is domiciled in Lahti, Finland. The address of
its registered office is Rautetie 2, FI-15550 Nastola, Finland, and its postal
address is P.O. Box 69, FI-15551 Nastola, Finland.
The Consolidated financial statements are available online at www.raute.com or
at the head office of the Parent company, Rautetie 2, FI-15550 Nastola,
Finland.
Raute Corporation's Board of Directors has on May 4, 2011 reviewed the Group's
Interim financial report for January 1 - March 31, 2011, and approved the
Interim financial report for January 1 - March 31, 2011 to be published in
compliance with this release.
2. Accounting principles
Raute Corporation's Interim financial report January 1 - March 31, 2011 has
been prepared in accordance with standard IAS 34 Interim Financial Reporting.
The Interim financial report does not contain full notes and other information
presented in the financial statements. Therefore, the Interim financial report
should be read in conjunction with the Financial statements published for 2010.
Raute Corporation's Interim financial report for January 1 - March 31, 2011 has
been prepared applying the accounting principles described in the Annual
financial statements for 2010 and the following new and amended standards and
interpretations which have taken effect on January 1, 2011 or later:
- IAS 24 Related Party Disclosures, revised
- IAS 32 Classification of Rights Issues, amendment
- IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
- IFRIC 14 Prepayments of a Minimum Funding Requirement, amendment.
The new standards, amendments and interpretations do not have any significant
impact on the Group's Interim financial report.
IASB published in July 2010 improvements to seven standards or interpretations
as part of their Annual Improvements. The Group will apply the amendments after
EU's approval during the financial year 2011.
All the monetary figures presented in the Interim financial report are in
thousand euros, unless otherwise stated. Due to the rounding of the figures in
the Interim financial statement tables, the sums of figures may deviate from
the sum total presented in the table. Figures in parentheses refer to the
corresponding figures in the comparison period.
The preparation of financial statements according to international financial
reporting standards requires management to use estimates and assumptions. In
addition, the management must exercise its judgement in selecting and applying
the accounting policies of the Interim financial report. These estimates and
assumptions affect the assets and liabilities in the Group's balance sheet, the
disclosure of commitments and possible assets in the consolidated financial
statements, and income and expenses for the period. Actual results may differ
from the estimates.
3. Segment information
Operational segment
Continuing operations of Raute Group belong to
the wood products technology segment.
Due to Raute's business model, operational nature and administrative structure,
the operational segment to be reported as wood
products technology segment is comprised of the whole Group and the information
on the segment is consistent with that of the Group.
31.3. 31.3. 31.12.
Wood products technology 2011 2010 2010
Net sales 14 627 10 435 62 867
Operating profit -1 442 -1 391 1 311
Assets 54 742 62 423 53 034
Liabilities 31 796 40 337 28 807
Capital expenditure 226 508 2 224
Assets of the wood 31.3. 31.3. 31.12.
products technology
segment by geographical 2011 % 2010 % 2010 %
location
Finland 45 729 84 57 144 92 44 006 83
China 4 018 7 881 1 4 129 8
North America 3 357 6 3 246 5 3 730 7
Russia 1 319 2 842 1 880 2
South America 143 0 128 0 160 0
Others 176 0 182 0 129 0
TOTAL 54 742 100 62 423 100 53 034 100
Capital expenditure of the 31.3. 31.3. 31.12.
wood products
technology segment by 2011 % 2010 % 2010 %
geographical location
Finland 220 97 67 13 590 27
China 3 1 1 0 7 0
North America 2 1 440 87 1 606 72
Russia - - - - - -
South America 0 0 0 0 21 1
Others 0 0 0 0 0 0
TOTAL 226 100 508 100 2 224 100
4. Net sales
The main part of the net sales is comprised of project deliveries related to
wood products technology that are treated as long-term
projects. The rest of the net sales is comprised of technology
services provided to the wood products industry (spare
parts, maintenance and modernization services as well as services
provided to the development of customers' business).
A significant part of the Group's net sales (project deliveries and
modernization in technology services) includes both product and
service sales. Breakdown of the Group's net sales into purely product
and service sales cannot be presented reliably.
At the end of the reporting period, the Group had one (1) customer, whose share
of the Group's net sales temporarily exceeded
10 percent due to the
nature of project
business.
Net sales 1.1.-3 1.1.-3 1.1.-31.12.
1.3. 1.3.
by market area 2011 % 2010 % 2010 %
Asia-Pacific 4 089 28 761 7 18 442 29
Russia 2 883 20 4 705 45 18 627 30
Finland 2 759 19 991 10 5 094 8
Rest of Europe 2 057 14 1 141 11 8 805 14
North America 1 836 13 2 088 20 9 551 15
South America 958 6 746 7 2 212 4
Others 46 0 3 0 136 0
TOTAL 14 627 100 10 435 100 62 867 100
5. Long-term projects 31.3. 31.3. 31.12.
2011 2010 2010
Net sales
Net sales by percentage of 11 630 8 197 51 860
completion
Other net sales 2 997 2 239 11 007
TOTAL 14 627 10 435 62 867
Project revenues entered as income
from currently undelivered
long-term projects recognized by 48 898 29 015 50 784
percentage of completion
Amount of long-term project revenues 46 866 36 435 31 799
not yet entered as income (order book)
Specification of combined asset
and liability items
Advance payments paid 332 116 147
Advance payments received included in 332 116 147
inventories in the balance sheet
Accrued income corresponding to 54 356 31 043 51 200
revenues by percentage of completion
Advance payments received from -48 120 -26 379 -46 490
project customers
Project receivables included in 6 236 4 664 4 710
current assets in the balance
sheet
Advance payments received in the 10 985 12 296 5 243
balance sheet
6. Number of personnel, 31.3. 31.3. 31.12.
persons
2011 2010 2010
Effective, on average 452 386 438
In books, on average 483 514 512
In books, at the end of 476 506 495
period
- of which personnel 128 124 129
working abroad
7. Income taxes
The taxes in the consolidated income statement include the taxes corresponding
to the Group companies' taxable profit for the
financial period as well as tax adjustments for the previous years and the
change in deferred taxes. Current tax based on the
taxable income is calculated on taxable income using the tax rate in force in
each country. Deferred tax receivables are recognized
to the extent that it is probable that taxable profits
will be available against which temporary differences
can be utilized.
8. Research and 31.3. 31.3. 31.12.
development costs
2011 2010 2010
Research and development 402 328 1 849
costs for the period
Amortization of previously 88 92 395
capitalized development costs
Developments costs recognized as - 7 -41
an asset in the balance sheet
Research and development costs entered 490 428 2 203
as expenses for the period
9. Changes in Intangible assets 31.3. 31.3. 31.12.
and in Property,
plant and equipment 2011 2010 2010
Intangible assets
Carrying amount at the 11 759 11 462 11 462
beginning of the period
Exchange rate differences -13 18 71
Additions 30 14 151
Other reclassifications - - 75
between items
Carrying amount at the end 11 775 11 494 11 759
of the period
Accumulated depreciation and -10 418 -9 630 -9 631
amortization at the beginning of the
period
Exchange rate differences 8 -8 -16
Accumulated depreciations - - -
on disposals
Depreciation for the -178 -185 -771
period
Accumulated depreciation and -10 587 -9 824 -10 420
amortization at the end of the period
Book value of intangible assets, at the 1 341 1 831 1 831
beginning of the period
Book value of intangible assets, 1 188 1 670 1 341
at the end of the period
Property, plant and
equipment
Carrying amount at the 43 714 42 022 42 022
beginning of the period
Exchange rate differences -419 1 007 1 696
Additions 195 493 2 060
Disposals -18 - -1 989
Other reclassifications - -4 414 -75
between items
Carrying amount at the end 43 472 39 108 43 714
of the period
Accumulated depreciation and -34 800 -31 755 -31 755
amortization at the beginning of the
period
Exchange rate differences 356 -911 -1 568
Accumulated depreciations - 2 772 -
on disposals
Depreciation for the -371 -368 -1 478
period
Accumulated depreciation and -34 815 -30 262 -34 801
amortization at the end of the period
Book value of property, plant and equipment, at 8 913 10 267 10 267
the beginning of the period
Book value of property, plant and 8 656 8 845 8 913
equipment, at the end of the period
10. Related party
transactions
Raute Group's related parties consist of Board members, President and CEO,
Presidents of the subsidiaries and Raute
Corporation's Sickness Fund. Based on the authorization given by the Annual
General Meeting 2010 the Board of Directors of
Raute Corporation granted stock options to the management during the financial
year 2010. The main items of the terms and
conditions of the stock option system have been presented in the annual
financial statement 2010. Group management's other employee benefits are
presented in the annual financial statement.
11. Interest-bearing 31.3. 31.3. 31.12.
liabilities
2011 2010 2010
Non-current interest-bearing 9 921 14 223 10 000
liabilities recognized at amortized
cost
Current interest-bearing 2 318 4 215 4 439
liabilities
TOTAL 12 238 18 438 14 439
Maturities, non-current and
current liabilities total
Financial liability Under 1 1 - 5 years
year
Pension loans (TyEL) 2 000 4 000
Loans from financial - 5 921
institutions
Other loans 318 0
Total 2 318 9 921
During the reporting period, Raute Corporation drew out a financial institution
loan in the amount of SEK 52.9 million. The interest
rate and currency risks of the interest-bearing currency-denominated loan are
hedged with an interest rate and currency swap agreement.
12. Other lease 31.3. 31.3. 31.12.
liabilities
Group as lessee 2011 2010 2010
Minimum rents paid on the
basis of other
non-cancellable leases:
- Within one year 552 512 547
- After the period of more than 1 121 1 059 1 157
one and less than five years
- More than five years 668 782 701
TOTAL 2 340 2 353 2 406
The Group has rented in a part of office and production premises. The rental
agreements are made for the time being or for the
fixed-term. The agreements made for the fixed-term include an option to extend
the rental period after the date of initial expiration.
13. Pledged assets and
contingent liabilities
Raute Group has non-current credit regulation agreements worth EUR 10 million
(MEUR 10) of which EUR 8 million (MEUR 10)
were unused on March 31, 2011. The unused credit limit is
secured by a EUR 3 million business mortgage.
Raute Corporation has a EUR 10 million (MEUR 10) domestic commercial paper
program, which allows it to issue commercial
papers maturing in less than one year. The
program is arranged by Nordea Bank Finland
Plc.
31.3. 31.3. 31.12.
2011 2010 2010
Pledged assets on behalf of the
Parent company
Loans from financial 5 921 - -
institutions
- Business mortgages 4 700 - -
Pension loans (TyEL) 6 000 18 000 14 000
- Business mortgages 1 800 4 700 6 700
- Pledged assets - 3 000 1 000
- Credit insurance 4 200 5 600 4 900
agreements
Other loans 100 100 100
- Real estate mortgages 101 134 134
Commercial bank guarantees on
behalf of the Parent
company and subsidiaries 12 475 20 181 10 154
Mortgage agreements on
behalf of subsidiaries
Loans from financial 218 216 227
institutions
- Business mortgages 200 200 200
- Counter guarantees - - 3 100
Other lease liabilities 2 340 2 353 2 406
Loans and guarantees on behalf of
the related party
No loans are granted to the
company's management.
No pledges have been given or other commitments made on behalf of the
company's management and shareholders.
14. Currency derivatives and 31.3. 31.3. 31.12.
hedging instruments
2011 2010 2010
Currency derivatives are used for
hedging purposes.
Nominal values of forward
contracts in foreign currency
Economic hedging
- Related to financing 6 284 1 610 189
- Related to hedging of 661 638 283
net sales
Hedge accounting
- Related to the hedging - 2 628 -
of net sales
Fair values of forward contracts
in foreign currency
Economic hedging
- Related to financing -75 -132 -
- Related to the hedging -39 53 2
of net sales
Hedge accounting
- Related to the hedging - -11 -
of net sales
Interest rate swaps
- Nominal value 5 921 - -
- Fair value -53 - -
15. Share-based payments
The fair value of the options granted during the financial year 2010 according
to the 2010 stock option plan is recognized as an
expense in the income statement during the earning period of the options. The
granted options are measured at fair value at their
grant date 5 May 2010. An expense of EUR 19 thousand was recognized for the
options in the income statement during the reporting period.
16. Exchange rate used
1.1.-31. 1.1.-31.3. 1.1.-31.
3. 12.
Income statement, euros 2011 2010 2010
USD (US dollar) 1,3669 1,3842 1,3268
CAD (Canadian dollar) 1,3478 1,4407 1,3665
SGD (Singapore dollar) 1,7457 1,9415 1,8080
CLP (Chilean peso) 658,4032 717,6933 675,8537
RUB (Russian rouble) 40,0029 41,3271 40,2780
CNY (Chinese yuan) 8,9966 9,4507 8,9805
31.3. 31.3. 31.12.
Balance sheet, euros 2011 2010 2010
USD (US dollar) 1,4207 1,3479 1,3362
CAD (Canadian dollar) 1,3785 1,3687 1,3322
SGD (Singapore dollar) 1,7902 1,8862 1,7136
CLP (Chilean peso) 671,5218 709,1335 626,1104
RUB (Russian rouble) 40,2850 39,6950 40,8200
CNY (Chinese yuan) 9,1902 9,2623 8,7873
17. Events after the
balance sheet date
Raute Corporation's Annual General Meeting held on April 13, 2011 decided,
according to the proposal of the Board of Directors,
that a dividend of EUR 0.30 per share be paid for the financial year 2010, i.e.
a total of EUR 1,201 thousand and that the remainder
of the distributable assets, EUR
6,525 thousand be transferred to
equity.
GROUP KEY RATIOS 1.1.-31. 1.1.-31.3. 1.1.-31.
3. 12.
2011 2010 2010
Return on investment -13,3 -9,9 5,1
(ROI), %
Return on equity (ROE), % -21,5 -16,8 4,9
Gearing, % -47,0 -54,3 -39,8
Equity ratio, % 52,4 44,1 50,7
Order book, EUR million 48 37 33
Order intake, EUR million 29 25 72
Exported portion of net 81,1 90,5 91,9
sales, %
Change in net sales, % 40,2 -8,2 71,6
Gross capital expenditure, 0,2 0,5 2,2
EUR million
% of net sales 1,5 4,9 3,5
Research and development 0,4 0,3 1,8
costs, EUR million
% of net sales 2,7 3,1 2,9
Earnings per share (EPS),
EUR
- undiluted -0,32 -0,24 0,29
- diluted -0,32 -0,24 0,29
Equity to share, EUR 5,73 5,51 6,05
Dividend per serie K - - 0,30
shares, EUR
Dividend per serie A - - 0,30
shares, EUR
Dividend per profit, % - - 103,8
Effective dividend return, - - 3,1
%
Share price at the end of 10,15 7,97 9,70
the reporting period, EUR
Number of shares
- weighted average, 1 000 4 005 4 005 4 005
pcs
- diluted, 1 000 pcs 4 014 4 005 4 005
Calculation of key ratios
Return on investment (ROI), % = Profit before tax + x 100
financial expenses
------------------------
Shareholders' equity +
interest-bearing
financial liabilities
(average
of the period)
Return on equity (ROE), % = Profit/loss for the x 100
period
------------------------
Shareholders' equity
(average of the
period)
Interest-bearing net liabilities = Interest-bearing
liabilities ./. (cash
and cash equivalents
+ financial
assets at fair value
through profit or
loss)
Equity ratio, % = Shareholders' equity x 100
------------------------
Balance Sheet total
./. advances received
Earnings per share, undiluted, Profit for the period
------------------------
euros = Equity issue-adjusted average number of
shares during the
period
Earnings per share, diluted, Diluted profit for the
period
------------------------
euros = Diluted equity
issue-adjusted
average number of
shares
Share of shareholders'
equity belonging to
the owners
Equity to share, euros = of the Parent company
------------------------
Undiluted number of
shares at the end of
the period
Dividend per share, euros = Distributed dividend
for the financial
year
------------------------
Undiluted number of
shares at the end of
the financial year
Dividend per profit, % = Dividend per share x 100
------------------------
Earnings per share
Effective dividend return, % = Dividend per share x 100
------------------------
Closing share price at
the end of the
financial year
Price/earnings ratio (P/E ratio) = Closing share price at
the end of the period
------------------------
Earnings per share
Trend in share turnover, in volume and percentage figures (series
A shares)=
The trend in turnover of shares is
given as the number of shares
traded during the
period and as the
percentage of the
average undiluted
number of
traded shares relative
to issued share stock
during the period.
Market value of capital stock = Undiluted number of shares at the
end of the period (series A +
series K shares) x
closing price of the
share on the last day
of the period
Gearing, % = Interest-bearing net x 100
financial liabilities
------------------------
Shareholders' equity
DEVELOPMENT OF Q 1 Q 4 Q 3 Q 2 Rolling Rolling
QUARTERLY RESULTS 2011 2010 2010 2010 1.4.2010 1.4.2009
(EUR 1 000) - -
31.3.2011 31.3.2010
NET SALES 14 627 13 396 19 490 19 546 67 059 35 708
Other operating 32 10 4 431 120 4 593 139
income
Change in
inventories of
finished
goods and work in 95 815 -45 -87 778 210
progress
Materials and -7 067 -7 395 -11 001 -10 612 -36 075 -14 195
services
Expenses from -6 047 -6 418 -5 450 -6 211 -24 126 -21 303
employee benefits
Depreciation and -542 -574 -580 -459 -2 155 -2 632
amortization
Other operating -2 540 -2 166 -1 913 -2 194 -8 814 -6 835
expenses
Total operating -16 196 -16 554 -18 944 -19 476 -71 170 -44 965
expenses
OPERATING PROFIT -1 442 -2 333 4 932 103 1 261 -8 908
% of net sales -10 -17 25 1 2 -25
Financial income 211 266 -98 185 563 482
Financial expenses -318 -338 21 -256 -890 -692
PROFIT (LOSS) BEFORE -1 550 -2 406 4 855 33 934 -9 117
TAX
% of net sales -11 -18 25 0 1 -26
Income taxes 285 538 -755 -156 -89 1 921
PROFIT (LOSS) FOR -1 265 -1 868 4 100 -123 845 -7 196
THE PERIOD
% of net sales -9 -14 21 -1 1 -20
Attributable to
Equity holders of -1 265 -1 868 4 100 -123 845 -7 196
the Parent company
Earnings per share,
EUR
Undiluted earnings -0,32 -0,47 1,02 -0,03
per share
Diluted earnings per -0,32 -0,47 1,02 -0,03
share
Shares, 1 000 pcs
Adjusted average 4 005 4 005 4 005 4 005
number of shares
Adjusted average 4 014 4 005 4 005 4 005
number of shares,
diluted
LARGEST SHAREHOLDERS Number Number of
AT of
MARCH 31, 2011 series series A
K
shares shares Total
(20 (1 vote number
votes
per per of shares
share) share)
1. Sundholm Göran - 601 433 601 433
2. Suominen Jussi 48 000 74 759 122 759
Matias
3. Mustakallio Kari 60 480 59 500 119 980
Pauli
4. Suominen Pekka 48 000 62 429 110 429
5. Suominen Tiina 48 000 62 316 110 316
Sini-Maria
6. Siivonen Osku 50 640 53 539 104 179
Pekka
7. Mandatum - 96 900 96 900
Henkivakuutusosakey
htiö
8. Kirmo Kaisa 50 280 41 826 92 106
Marketta
9. Sijoitusrahasto - 86 314 86 314
Alfred Berg Small
Cap Finland
10. Lisboa De Castro - 85 000 85 000
Palacios Hietala M
11. Keskiaho Kaija 33 600 51 116 84 716
Leena
12. Mustakallio Mika 49 180 34 670 83 850
Tapani
12. Särkijärvi Anna 60 480 22 009 82 489
Riitta
13. Mustakallio Ulla 47 240 30 862 78 102
Sinikka
15. Relander Harald - 62 500 62 500
Bertel
16. Mustakallio 43 240 18 162 61 402
Marja Helena
17. Kirmo Lasse 30 000 26 200 56 200
18. 12 000 43 256 55 256
Särkijärvi-Martinez
Anu Riitta
19. Särkijärvi Timo 12 000 43 256 55 256
20. Suominen Jukka 24 960 27 964 52 924
Matias
TOTAL 618 100 1 584 011 2 202 111
Share of total 62,4 52,6 55,0
amount of shares, %
Share of total 62,4 52,6 61,1
voting rights, %
Nominee-registered 85 994 85 994
Other shareholders 373 061 1 343 592 1 716 653
TOTAL 991 161 3 013 597 4 004 758
MANAGEMENT'S 144 470 145 049 289 519
SHAREHOLDING
Share of total 14,6 4,8 7,2
amount of shares, %
Share of total 14,6 4,8 13,3
voting rights, %
SHARE INFORMATION 31.3. 31.3. 31.12.
2011 2010 2010
Number of shares
- Series K shares, 991 161 991 161 991 161
ordinary shares (20
votes/share)
- Series A shares (1 3 013 597 3 013 597 3 013 597
vote/share)
Total 4 004 758 4 004 758 4 004 758
Trading in the company's
shares (series A shares)
Trading of shares, 88 445 283 163 646 052
pcs
Trading of shares, 0,9 2,2 5,2
EUR million
Share price of the
series A shares
At the end of the 10,15 7,97 9,70
period, EUR
Highest price during 11,55 9,34 10,10
the period, EUR
Lowest price during 9,65 7,42 7,24
the period, EUR
Average price during 10,71 7,90 8,21
the period, EUR
Market value of
capital stock
- Series K shares, 10,1 7,9 9,6
EUR million*
- Series A shares, 30,6 24,0 29,2
EUR million
Total, EUR million 40,6 31,9 38,8
*Series K shares valued at the value
of series A shares at the end of
period.
RAUTE CORPORATION
Board of Directors
PRESS CONFERENCE ON MAY 11, 2011 AT 2 P.M.:
A press conference will be organized for analysts, institutional investors and
the media on May 11, 2011 at 2 p.m. at Scandic Marski Hotel, Talisman cabinet,
Mannerheimintie 10, Helsinki. The interim report will be presented by Mr.
Tapani Kiiski, President and CEO, and Mrs. Arja Hakala, CFO.
NEXT INTERIM REPORT:
Raute Corporation's interim report January 1-June 30, 2011 will be published on
Tuesday August 9, 2011.
FURTHER INFORMATION:
Mr. Tapani Kiiski, President and CEO, Raute Corporation, tel. +358 3 829 3560,
mobile +358 400 814 148
Mrs. Arja Hakala, CFO, Raute Corporation, tel. +358 3 829 3293, mobile +358 400
710 387
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF:
Raute is a technology and service company that operates worldwide. Raute's
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL (Laminated Veneer Lumber). The technology
offering covers machinery and equipment for the entire production process. As a
supplier of mill-scale projects Raute is a global market leader both in the
plywood and LVL industries. Additionally, Raute's full-service concept includes
services ranging from repairs and spare parts deliveries to regular maintenance
and equipment modernizations. Raute's head office is located in Nastola,
Finland. Its other production plants are in the Vancouver area of Canada, in
the Shanghai area of China, and in Kajaani, Finland. Raute's net sales in 2010
were EUR 62.9 million. The number of personnel at the end of 2010 was 495.
More information on the company can be found at http://www.raute.com/.
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