2016-10-26 08:00:03 CEST
2016-10-26 08:00:03 CEST
SÄÄNNELTY TIETO
Raute - Interim report (Q1 and Q3)
Raute Corporation - Interim report January 1 - September 30, 2016
Lahti, Finland, 2016-10-26 08:00 CEST (GLOBE NEWSWIRE) -- RAUTE CORPORATION
INTERIM REPORT OCTOBER 26, 2016 AT 9:00 a.m.
RAUTE CORPORATION – INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2016
- The Group’s net sales, EUR 77.1 million (MEUR 87.8), declined 12 percent on
the comparison period. The order intake was EUR 120 million (MEUR 129).
- Operating profit was EUR 4.3 million (MEUR 5.3). The result before taxes was
EUR 3.9 million (MEUR 5.3).
- Earnings per share (undiluted) were EUR 0.74 (EUR 1.07).
- Third-quarter net sales amounted to EUR 23.4 million and the operating result
was EUR 1.4 million. Three major new orders raised the order intake volume by
quarter to a record-high level of EUR 92 million. The order book at the end of
the reporting period increased to a record-high EUR 102 million.
- The outlook for financial performance remains unchanged. Raute’s net sales
and operating profit for 2016 are expected to remain at the same level as in
2015.
TAPANI KIISKI, PRESIDENT AND CEO: FOUR NEW CAPACITY-GENERATING MILL PROJECTS
STARTED UP - RECORD-HIGH ORDER BOOK
Our net sales and operating profit continued to develop in line with our
expectations also in the third quarter, with no surprises. The net sales and
operating profit corresponded with our low order book at the beginning of the
quarter and the long period of low order intake preceding the reporting period.
In July and August, we managed to secure orders for production machinery for
four new capacity-generating projects, within three separate orders: a veneer
production line to Äänikoski, Finland and an LVL production line to Lohja,
Finland for Metsä Group, LVL production lines for Steico in Czarna Woda, Poland
and birch plywood production lines for Vjatskiy Fanernyi Kombinat in the Kirov
region of Russia. We negotiated these deals for months, sometimes more than a
year, before receiving the orders. The starting up of four large project
deliveries almost simultaneously and later than we expected will provide us
with a chance to prove ourselves. I have confidence in the flexibility of our
delivery capability due to our solid track record in this from the two previous
years. The new orders did not impact the net sales for the past quarter.
Receiving these orders shows that our competitiveness is at its best precisely
in these types of major projects.
The market situation of our customers has, according to our assessment,
remained relatively unchanged. Utilization rates are good and the prices of
plywood and LVL products are mostly at a normal level, making profitability
moderate at the very minimum. Many of our customers are still reporting short
order books. This causes investment decisions concerning individual machine
lines and modernizations to be slow. On the other hand, demand for our
technology services is active. This long-standing situation is turning into the
new normal.
We were able to plan the timing of the major orders in our workload so that we
will maintain our ability to serve all our customers despite the unprecedented
order book. Our order book already forms a strong outlook for next year. At the
same time, it provides us with an opportunity to improve our operations and
competitiveness with a view to periods in which there are no major mill
projects on the markets.
Although we will definitely be rushed off our feet, I am convinced that we will
be able to catch up during the remainder of this year and reach, in line with
our expectations, the net sales and operating profit which are at the previous
year's level. To achieve this, we will need the input and success of each and
every Raute employee and partner.
THIRD QUARTER OF 2016
Order intake and order book
The total value of the order intake in the third quarter was EUR 92 million
(MEUR 14), a record-high.
At the end of July, orders worth altogether some EUR 25 million for an LVL
production line and machinery and equipment for a birch veneer production line
came from Finland. The installation and commissioning of the LVL line will
begin in the first quarter of 2017. The installation and commissioning of the
birch veneer production line will begin in the final quarter of 2017.
At the end of August, an order valued at around EUR 17.5 million for machinery
and equipment for manufacturing LVL arrived from Poland. The deliveries are
scheduled for the first half of 2017 and LVL production is expected to be in
full swing half-way through 2018.
An order worth EUR 32 million for the machinery and equipment for a birch
plywood mill in the Kirov region of Russia entered into force in late August.
The delivery of machinery will begin in the second quarter of 2017.
Three large orders include four new capacity-generating projects, worth
altogether approximately EUR 69 million.
Also the total value of other project delivery orders, EUR 12 million, was
better than in the past few quarters.
Technology services accounted for EUR 11 million (MEUR 11) of the order intake.
The order book at the end of the period amounted to EUR 102 million (MEUR 83),
a record-high figure. The order book grew by EUR 70 million in the third
quarter.
Net sales
Third-quarter net sales amounted to EUR 23.4 million (MEUR 31.4). The low net
sales corresponded to the low order book at the beginning of the quarter and
the progressing of the deliveries planned for the period. Technology services
accounted for a high 49 percent of the Group’s total net sales (32%), due to
the low number of project deliveries.
Result and profitability
Operating profit was EUR 1.4 million positive (MEUR 1.9 positive) and accounted
for 5.8 percent (6.1%) of net sales. The result was EUR 0.9 million positive
(MEUR 1.5 positive), and earnings per share (undiluted) were EUR +0.22 (EUR
+0.36). Profitability corresponded to the actual net sales.
RAUTE CORPORATION – INTERIM REPORT JANUARY 1 – SEPTEMBER 30, 2016
BUSINESS ENVIRONMENT
Market situation in customer industries
Raute’s customers in the plywood and LVL (Laminated Veneer Lumber) industries
are engaged in the manufacturing of wood products used in investment projects
and are thus highly affected by fluctuations in construction, housing-related
consumption, international trade, and transportation.
The situation in the global economy and the financial markets in the first
three quarters of 2016 did not change considerably with respect to Raute or
Raute’s customer base.
Europe’s economy has continued to strengthen slightly. Russia’s economy is
still weak. Over the summer, there were signs that the situation is stabilizing
and taking a turn for the better. China’s measures to strengthen its economy
have still not materialized as increased investments among Raute’s customers.
The domestic markets of major South American countries are weak. In part due to
weaker currencies, Chilean and Brazilian plywood manufacturers have increased
their exports to Europe and North America, which will tighten competition in
these markets.
Construction activity has remained at a low level in all market areas,
including North America, where the economy in general continues its positive
growth. The construction cycle is starting to look up, but slowly. Due to the
market situation described above, Raute’s customers’ order books have remained
short, which has not made for an attractive environment for implementing
investments.
Demand for wood products technology and technology services
The demand for Raute’s technology and services was conflicting during the
period under review. Invitations to tender for projects and even active
negotiations were relatively high in number. Several major mill projects that
were long in the negotiation phase were ordered during the third quarter.
Despite the brisk demand for individual machine line projects and
modernizations, relatively few projects have started up. Demand and order
volumes for spare parts and services remained at a good level.
ORDER INTAKE AND ORDER BOOK
Raute serves the wood products industry with a full-service concept based on
service that encompasses the entire life cycle of the delivered equipment.
Raute’s business consists of project deliveries and technology services.
Project deliveries encompass projects from individual machine or production
line deliveries to deliveries of all the machines and equipment belonging to a
mill’s production process. Additionally, Raute’s full-service concept includes
comprehensive technology services ranging from spare parts deliveries to
regular maintenance and equipment modernizations, as well as consulting,
training and reconditioned machinery.
The order intake amounted to EUR 120 million (MEUR 129) during the reporting
period. Of new orders, 53 percent came from Europe (73%), 35 percent from
Russia (8%), 7 percent from North America (12%), 3 percent from Asia-Pacific
(4%) and 2 percent from South America (3%). The third quarter accounted for EUR
92 million of the order intake.
The order intake in project deliveries amounted to EUR 91 million (MEUR 98).
Three large orders entered into force in the third quarter, worth altogether
EUR 69 million, including a total of four new capacity-generating projects.
Three of the projects will be built in Europe and one in Russia.
Order intake in technology services amounted to EUR 29 million (MEUR 31), 4
percent down from the comparison period, due to the low number of
investment-type modernization orders. The order intake for spare parts and
maintenance services grew on the comparison period.
The order book grew during the third quarter by EUR 70 million, amounting to a
record-high EUR 102 million at the end of the period (MEUR 83).
COMPETITIVE POSITION
Raute’s competitive position has remained unchanged and is good. Raute’s
solutions help customers in securing their delivery and service capabilities
throughout the life cycle of the production process or its part. In such
investments, the supplier’s overall expertise and extensive and diverse
technology offering play a key role. The competitive edge provided by Raute
plays a major role when customers select their cooperation partners. Raute’s
strong financial position and long-term dedication to serving selected customer
industries also enhance its credibility and improve its competitive position as
a company that carries out long-term investment projects.
NET SALES
Net sales for the reporting period, EUR 77.1 million (MEUR 87.8), fell 12
percent on the comparison period. The lower volume of orders than in the
comparison year and the resulting decline in the order book in the early part
of the year impacted the decline in net sales.
Of the total net sales for the reporting period, Europe accounted for 60
percent (65%), North America for 16 percent (12%), Russia for 16 percent (10%),
Asia-Pacific for 5 percent (5%), and South America for 4 percent (8%).
Net sales for technology services amounted to EUR 30.0 million (MEUR 31.7) in
the reporting period and their share of total net sales was 39 per cent (36%).
Net sales for technology services decreased 6 percent over the comparison
period due to the low number of new modernization orders.
RESULT AND PROFITABILITY
Operating profit for the reporting period was EUR 4.3 million positive (MEUR
5.3 positive) and accounted for 5.5 percent of net sales (6.1%). Profitability
reflected the level of net sales. Other operating income for the reporting
period includes project-business-related insurance compensation of EUR 0.9
million received in the first quarter.
The result before taxes for the reporting period was EUR 3.9 million positive
(MEUR 5.3 positive). The result for the reporting period was EUR 3.1 million
positive (MEUR 4.3 positive). Earnings per share (undiluted) were EUR 0.74 (EUR
1.07).
CASH FLOW AND BALANCE SHEET
The Group’s financial position remained good. At the end of the reporting
period, gearing was -50 percent (-40%) and the equity ratio 62 percent (58%).
Fluctuations in balance sheet working capital items and the key figures based
on them are due to differences in the timing of customer payments and the cost
accumulation from project deliveries, which is typical of the project business.
The Group’s cash and cash equivalents amounted to EUR 19.1 million (MEUR 13.4)
at the end of the reporting period. Operating cash flow was EUR 15.4 million
positive (MEUR 12.2 positive). Cash flow from investment activities was EUR 2.4
million negative (MEUR 0.9 negative). Cash flow from financing activities was
EUR 0.4 million negative (MEUR 2.3 negative), including dividend payments of
EUR 3.3 million, EUR 0.5 million in share issues and EUR 2.3 million in the
increase of short-term loans.
Interest-bearing liabilities amounted to EUR 3.9 million (MEUR 2.5) at the end
of the reporting period.
The parent company Raute Corporation has a EUR 10 million commercial paper
program, which allows the company to issue commercial papers maturing in less
than one year.
The parent company Raute Corporation is prepared for future working capital
needs and has long-term credit facility agreements with three Nordic banks
totaling EUR 23.0 million. The main covenants for the credit facility are an
equity ratio of >30% and gearing of <100%. Of the credit facility, EUR 20.9
million remained unused at the end of the reporting period.
EVENTS DURING THE REPORTING PERIOD
Raute Corporation published stock exchange releases on the following events:
January 18, 2016 Advance information on Raute Group’s 2015 net sales and
operating profit
March 31, 2016 Decisions of Raute’s Annual General Meeting
June 3, 2016 Notification pursuant to the Finnish Securities Markets Act,
Chapter 9, Section 5 (flagging notification)
July 20, 2016 Raute received orders worth EUR 25 million to Finland
August 22, 2016 Raute received an order of over EUR 17 million to Poland
August 24, 2016 Raute received orders worth almost EUR 32 million to Russia
September 28, 2016 Issue of new shares of Raute Corporation without
consideration to the company itself.
RESEARCH AND DEVELOPMENT COSTS AND CAPITAL EXPENDITURE
Raute is a leading technology supplier for the plywood and LVL industries and
focuses strongly on the development of increasingly efficient, productive and
environmentally friendly manufacturing technology and supporting measurement
and machine vision applications. Opportunities provided by digitalization are
also an essential part of R&D activities.
Research and development costs in the reporting period amounted to EUR 2.0
million (MEUR 1.7), representing 2.6 percent of net sales (2.0%).
Capital expenditure during the period amounted to EUR 2.4 million (MEUR 0.9)
and accounted for 3.1 percent (1.0%) of net sales.
The clearly higher level of both research and development costs and investments
than in the comparison period results from the timing of projects and the use
of resources during the low order book in the spring.
PERSONNEL
During the reporting period, the Group’s headcount fell by 9 people, numbering
637 (642) at the end of the reporting period. Group companies outside Finland
accounted for 29 percent (32%) of employees.
Converted to full-time employees (“effective headcount”), the average number of
employees was 632 (608) during the reporting period. The increase in the number
of employees took place mainly at the Nastola unit where capacity has been
raised in order to meet the loading situation.
SHARES
The number of Raute Corporation’s shares at the end of the reporting period
totaled 4,185,589, of which 991,161 were series K shares (ordinary share, 20
votes/share) and 3,194,428 series A shares (1 vote/share). Series K and A
shares confer equal rights to dividends and company assets.
Series K shares can be converted to series A shares under the terms set out in
section 3 of the Articles of Association. If an ordinary share is transferred
to a new owner who has not previously held series K shares, the new owner must
notify the Board of Directors of this in writing and without delay. Other
holders of series K shares have the right to redeem the share under the terms
specified in Article 4 of the Articles of Association.
Raute Corporation’s series A shares are listed on Nasdaq Helsinki Ltd. The
trading code is RUTAV. Raute Corporation has signed a market making agreement
with Nordea Bank Finland Plc in compliance with the Liquidity Providing (LP)
requirements issued by Nasdaq Helsinki Ltd.
The company’s market capitalization at the end of the reporting period was EUR
68.2 million (MEUR 52.8), with series K shares valued at the closing price of
series A shares on September 30, 2016, i.e. EUR 16.29 (EUR 13.00).
On September 28, 2016, the company resolved on the issuance of new shares to
the company itself without consideration so that, in spring 2017, it will have
own shares held by the company available for the payment of the share rewards
payable based on the company’s share incentive plan 2015–2017. The 14,523 new
series A shares were entered in the Trade Register on October 5, 2016 and
admitted to public trading on October 6, 2016.
STOCK OPTIONS
At the end of the reporting period, altogether 18,999 of the company’s series B
2010 stock options and 31,370 series C stock options were unexercised. The
subscription period for Raute Corporation’s series A stock options ended on
March 31, 2016.
Raute Corporation’s series B 2010 stock options are listed on Nasdaq Helsinki
Ltd under the trading code RUTAVEW210 and series C 2010 stock options under the
trading code RUTAVEW310. The subscription period for series B stock options is
March 1, 2014 to March 31, 2017 and the subscription period for series C stock
options is March 1, 2015 to March 31, 2018. The respective subscription prices
were EUR 7.13 and EUR 6.00 and the closing prices at the end of the reporting
period were EUR 7.79 and EUR 8.80.
REMUNERATION
The Group has remuneration systems in place that cover the entire personnel.
Share-based incentive plan 2014–2018
The Group has a valid long-term share-based incentive plan for the years 2014
to 2018 based on performance. The terms and conditions of the incentive plan
2014–2018 are available on the company’s website.
SHAREHOLDERS
The number of shareholders stood at 2,623 at the beginning of the year and at
3,466 at the end of the reporting period. Series K shares were held by 50
private individuals (50) at the end of the reporting period. Nominee-registered
shares accounted for 2.4 percent (3.2%) of the total shares. On June 2, 2016,
the company received a flagging notification pursuant to the Finnish Securities
Markets Act, Chapter 9, Section 5, according to which Göran Sundholm’s holding
of the total number of Raute Corporation’s shares was less than 15 per cent
when Raute Corporation’s share capital increase was marked in the Trade
Register on May 9, 2016. Göran Sundholm’s holding of the company’s shares was
14.98% and 2.71% of the votes after the flagging threshold was crossed.
The Board of Directors, the President and CEO as well as the Executive Board
held altogether 247,979 company shares, equaling 5.9 percent (5.9%) of the
company shares and 11.2 percent (11.2%) of the votes at the end of the
reporting period.
CORPORATE GOVERNANCE
As of January 1, 2016, Raute Corporation complies with the Finnish Corporate
Governance Code 2015 for listed companies issued by the Securities Market
Association on October 1, 2015.
EXECUTIVE BOARD
Raute Group’s Executive Board and the members’ areas of responsibility as of
March 14, 2016:
Tapani Kiiski, President and CEO, Chairman – Sales
Arja Hakala, Group Vice President, Finance, CFO – Finance and administration
Marko Hjelt, Group Vice President, Human Resources – Human resources and
competence development
Mika Hyysti, Group Vice President, Technology – Technology, products and R&D
Timo Kangas, Group Vice President, EMEA – Market area EMEA
Antti Laulainen, Group Vice President, Technology Services and Sales Management
– Technology services and sales management
Petri Strengell, Group Vice President, Supply Chain – Sourcing and production.
ANNUAL GENERAL MEETING 2016
Raute Corporation’s Annual General Meeting was held on March 31, 2016. A stock
exchange release on the decisions of the Annual General Meeting was published
on March 31, 2016.
DISTRIBUTION OF PROFIT FOR THE 2015 FINANCIAL YEAR
The company distributed a dividend of EUR 0.80 per share for the 2015 financial
year. The total amount of dividends is EUR 3.3 million, series A shares
accounting for EUR 2,509,597.60 (EUR 1,209,626.80) and series K shares for EUR
792,928.80 (EUR 396,464,40). The dividend payment date was April 12, 2016.
BOARD OF DIRECTORS AND BOARD COMMITTEES
At the General Meeting on March 31, 2016, Mr. Erkki Pehu-Lehtonen was elected
Chairman of the Board, Mr. Mika Mustakallio Vice-Chair, and Mr. Joni Bask, Ms.
Päivi Leiwo, Mr. Pekka Suominen, and Mr. Patrick von Essen were elected as
Board members. The Board of Directors’ term of office will continue until the
2017 Annual General Meeting.
Based on the evaluation of independence, Chairman Mr. Erkki Pehu-Lehtonen and
members Mr. Joni Bask, Mr. Patrick von Essen, Ms. Päivi Leiwo, and Mr. Pekka
Suominen are independent of the company. The Chairman of the Board (Mr. Erkki
Pehu-Lehtonen) and two Board members (Mr. Patrick von Essen and Ms. Päivi
Leiwo) are independent of major shareholders.
Raute Corporation’s Board of Directors has an Appointments Committee. The
Appointments Committee is chaired by Mr. Erkki Pehu-Lehtonen and its members
are Mr. Mika Mustakallio and Mr. Pekka Suominen. The Audit and Working
Committees’ tasks are handled by the Board of Directors.
EVENTS AFTER THE REPORTING PERIOD
Raute Corporation published stock exchange releases on the following events
after the reporting period:
October 5, 2016 The 14,523 new series A shares of Raute Corporation registered
and admitted to public trading
BUSINESS RISKS
Risks in the near term continue to be driven by the uncertainty relating to the
global economic situation and the development of the financial markets, as well
as by international political instability. During the reporting period, there
were no essential changes in the business risks described in the 2015 Board of
Directors’ Report and Financial Statements.
The most significant risks for Raute in the near term are related to several
major mill-scale projects that are in the implementation phase, in accordance
with the schedule determined in the contract terms.
OUTLOOK FOR 2016
Based on the prevailing market situation and the orders received in the third
quarter, Raute’s net sales and operating profit for 2016 are expected to remain
at the same level as in 2015.
TABLES SECTION OF THE INTERIM REPORT
The figures for the financial year 2015 presented in the tables section of the
interim report have been audited.
The presented interim financial report figures have
not been audited.
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CONSOLIDATED STATEMENT OF 1.7.–30 1.7.–30. 1.1.–30 1.1.–30. 1.1.–31.
COMPREHENSIVE INCOME .9. 9. .9. 9. 12.
(EUR 1 000) Note 2016 2015 2016 2015 2015
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NET SALES 3,4,5 23 355 31 391 77 087 87 757 127 278
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Change in inventories of 67 1 161 1 044 942 -313
finished goods and work
in progress
Other operating income 46 7 1 080 361 393
Materials and services -10 032 -18 623 -37 809 -46 676 -67 992
Employee benefits 13 -8 627 -8 357 -26 725 -25 375 -34 310
expense
Depreciation and -605 -531 -1 694 -1 634 -2 125
amortization
Impairment - -34 - -194 -1 370
Other operating expenses -2 838 -3 102 -8 717 -9 841 -13 441
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Total operating expenses -22 103 -30 646 -74 944 -83 720 -119 238
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OPERATING PROFIT 1 364 1 912 4 267 5 339 8 120
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% of net sales 5,8 6,1 5,5 6,1 6,4
Financial income -70 -42 -29 214 342
Financial expenses -134 -99 -322 -271 -343
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PROFIT BEFORE TAX 1 159 1 772 3 916 5 281 8 118
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% of net sales 5,0 5,6 5,1 6,0 6,4
Income taxes -219 -300 -847 -976 -1 435
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PROFIT FOR THE PERIOD 940 1 472 3 069 4 305 6 684
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% of net sales 4,0 4,7 4,0 4,9 5,3
Other comprehensive income
items:
Items that will not be
reclassified to profit or loss
Remeasurement of defined benefit - - - 2 2
obligations
Items that may be
subsequently
reclassified to profit
or loss
Exchange differences on -86 -7 200 185 88
translating foreign operations
Cash flow hedges -41 -104 1 29 8
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Comprehensive income items for -127 -112 201 215 98
the period, net of tax
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COMPREHENSIVE PROFIT FOR THE 814 1 360 3 270 4 521 6 782
PERIOD
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Profit for the period
attributable to
Equity holders of the 940 1 472 3 069 4 305 6 684
Parent company
Comprehensive profit for the
period attributable to
Equity holders of the 814 1 360 3 270 4 521 6 782
Parent company
Earnings per share for profit
attributable
to Equity holders of the Parent
company, EUR
Undiluted earnings per 0,22 0,36 0,74 1,07 1,65
share
Diluted earnings per 0,22 0,36 0,73 1,07 1,64
share
Shares, 1 000 pcs
Adjusted average number 4 192 4 053 4 160 4 031 4 051
of shares
Adjusted average number 4 201 4 065 4 194 4 042 4 079
of shares diluted
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CONSOLIDATED BALANCE SHEET 30.9. 30.9. 31.12.
(EUR 1 000) Note 2016 2015 2015
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ASSETS
Non-current assets
Intangible assets 8 1 497 2 836 1 609
Property, plant and 8 9 306 7 665 8 529
equipment
Other financial assets 490 490 490
Deferred tax assets 184 173 172
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Total non-current assets 11 476 11 164 10 799
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Current assets
Inventories 10 368 11 326 9 577
Accounts receivables and 5 20 973 27 066 34 722
other receivables
Income tax receivable 183 40 123
Cash and cash 19 120 13 367 6 538
equivalents
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Total current assets 50 644 51 798 50 960
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TOTAL ASSETS 62 120 62 962 61 760
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EQUITY AND LIABILITIES
Equity attributable to
Equity holders of the
Parent company
Share capital 8 256 8 128 8 223
Share issue - 78 -
Fair value reserve and 6 687 5 703 6 008
other reserves
Exchange differences 508 405 308
Retained earnings 11 859 8 477 8 477
Profit for the period 3 069 4 305 6 684
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Share of shareholders' 30 379 27 096 29 700
equity that belongs to
the owners of the
Parent company
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Total equity 30 379 27 096 29 700
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Non-current liabilities
Non-current provisions 501 285 455
Deferred tax liability 10 220 241
Non-current 9 - 983 -
interest-bearing
liabilities
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Total non-current 511 1 488 696
liabilities
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Current liabilities
Current provisions 1 303 2 449 1 409
Current interest-bearing 9 3 853 1 530 1 535
liabilities
Current advance payments 5 13 243 15 829 11 024
received
Income tax liability 734 1 002 11
Trade payables and other 12 097 13 568 17 386
liabilities
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Total current 31 231 34 379 31 364
liabilities
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Total liabilities 31 742 35 866 32 059
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TOTAL EQUITY AND 62 120 62 962 61 760
LIABILITIES
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CONSOLIDATED STATEMENT OF CASH 1.1.–30. 1.1.–30 1.1.–31.
FLOWS 9. .9. 12.
(EUR 1 000) 2016 2015 2015
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CASH FLOW FROM OPERATING
ACTIVITIES
Proceeds from customers 91 896 85 399 122 089
Other operating income 1 080 361 371
Payments to suppliers -77 004 -73 337 -114 092
and employees
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Cash flow before financial items 15 972 12 423 8 368
and taxes
Interest paid from -78 -66 -115
operating activities
Dividends received from 114 97 97
operating activities
Interest received from 2 2 5
operating activities
Other financing items from -203 -32 105
operating activities
Income taxes paid from -404 -249 -983
operating activities
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NET CASH FLOW FROM OPERATING 15 403 12 175 7 477
ACTIVITIES (A)
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CASH FLOW FROM INVESTING
ACTIVITIES
Purchase of property, plant and equipment -2 460 -996 -2 395
and intangible assets
Proceeds from sale of property, plant and 26 49 66
equipment and intangible assets
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NET CASH FLOW FROM INVESTING -2 435 -947 -2 329
ACTIVITIES (B)
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CASH FLOW FROM FINANCING
ACTIVITIES
Proceeds from issue of 510 360 607
share capital
Proceeds from current 6 011 - -
borrowings
Repayments of current -3 625 - -
borrowings
Proceeds from - 358 -
non-current borrowings
Repayments of - -625 -1 250
non-current borrowings
Dividends paid and -3 303 -2 409 -2 409
repayment of equity
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NET CASH FLOW FROM FINANCING -406 -2 316 -3 052
ACTIVITIES (C)
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NET CHANGE IN CASH AND CASH EQUIVALENTS 12 562 8 911 2 096
(A+B+C)
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increase (+)/decrease
(-)
CASH AND CASH EQUIVALENTS AT THE 6 538 4 431 4 431
BEGINNING OF THE PERIOD*
NET CHANGE IN CASH AND CASH 12 562 8 911 2 096
EQUIVALENTS
EFFECTS OF EXCHANGE RATE CHANGES ON CASH 21 24 11
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CASH AND CASH EQUIVALENTS AT THE END OF 19 120 13 367 6 538
THE PERIOD*
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CASH AND CASH EQUIVALENTS IN THE
BALANCE
SHEET AT THE END OF THE
PERIOD*
Cash and cash 19 120 13 367 6 538
equivalents
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TOTAL 19 120 13 367 6 538
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*Cash and cash equivalents comprise cash and bank receivables, which will be due
within the following three months' period.
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CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
Share Share Invested Other Exchange Retained
non-rest
ricted
(EUR 1 000) capita issue equity reserve differen earnings
l reserve s ces
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EQUITY at Jan. 1, 2016 8 223 0 4 950 1 058 308 15 161
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Comprehensive profit for
the period
Profit for the period - - - - - 3 069
Other comprehensive
income items:
Hedging reserve - - - 1 - -
Exchange differences on - - - - 200 -
translating foreign
operations
--------------------------------------------------------------------------------
Total comprehensive 0 0 0 1 200 3 069
profit for the period
--------------------------------------------------------------------------------
Transactions with owners
Share-options exercised 33 - 477 - - -
Equity-settled
share-based
transactions - - - 200 - -
Dividends and repayment - - - - - -3 303
of equity
--------------------------------------------------------------------------------
Total transactions with 33 0 477 200 0 -3 303
owners
--------------------------------------------------------------------------------
EQUITY at September 30, 8 256 0 5 427 1 260 508 14 928
2016
--------------------------------------------------------------------------------
----------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY (CONTINUE)
----------------------------------------------------
To the owners
of
(EUR 1 000) the Parent TOTAL
company
----------------------------------------------------
EQUITY at Jan. 1, 2016 29 700 29 700
----------------------------------------------------
Comprehensive profit for
the period
Profit for the period 3 069 3 069
Other comprehensive
income items:
Hedging reserve 1 1
Exchange differences on 200 200
translating foreign
operations
----------------------------------------------------
Total comprehensive 3 271 3 271
profit for the period
----------------------------------------------------
Transactions with owners
Share-options exercised 510 510
Equity-settled
share-based
transactions 200 200
Dividends and repayment -3 303 -3 303
of equity
----------------------------------------------------
Total transactions with -2 593 -2 593
owners
----------------------------------------------------
EQUITY at September 30, 30 379 30 379
2016
----------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
Share Share Invested Other Exchange Retained
non-rest
ricted
(EUR 1 000) capita issue equity reserve differen earnings
l reserve s ces
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2015 8 031 0 5 339 662 220 10 083
--------------------------------------------------------------------------------
Comprehensive profit for
the period
Profit for the period - - - - - 4 305
Other comprehensive
income items:
Hedging reserve - - - 29 - -
Exchange differences on - - - - 185 -
translating foreign
operations
--------------------------------------------------------------------------------
Total comprehensive 0 0 0 29 185 4 305
profit for the period
--------------------------------------------------------------------------------
Transactions with owners
Share-options exercised 97 78 185 - - -
Equity-settled
share-based
transactions - - - 292 - -
Dividends and repayment - - -803 - - -1 606
of equity
--------------------------------------------------------------------------------
Total transactions with 97 78 -618 292 0 -1 606
owners
--------------------------------------------------------------------------------
EQUITY at September 30, 8 128 78 4 722 982 405 12 782
2015
--------------------------------------------------------------------------------
----------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY (CONTINUE)
----------------------------------------------------
To the owners
of
(EUR 1 000) the Parent TOTAL
company
----------------------------------------------------
EQUITY at Jan. 1, 2015 24 334 24 334
----------------------------------------------------
Comprehensive profit for
the period
Profit for the period 4 305 4 305
Other comprehensive
income items:
Hedging reserve 29 29
Exchange differences on 185 185
translating foreign
operations
----------------------------------------------------
Total comprehensive 4 519 4 519
profit for the period
----------------------------------------------------
Transactions with owners
Share-options exercised 360 360
Equity-settled
share-based
transactions 292 292
Dividends and repayment -2 409 -2 409
of equity
----------------------------------------------------
Total transactions with -1 757 -1 757
owners
----------------------------------------------------
EQUITY at September 30, 27 096 27 096
2015
----------------------------------------------------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General information
Raute Group is a globally operating technology company. Raute's customers are
companies operating in the wood products industry that manufacture veneer,
plywood and LVL. Raute's technology offering covers machinery and equipment for
the entire production process. Raute's full-service concept is based on product
life-cycle management. In addition to a broad range of machines and equipment,
our solutions cover technology services ranging from spare parts deliveries to
regular maintenance and equipment modernizations. Raute's head office is
located in Nastola, Lahti municipality, Finland. Its other production plants
are in Kajaani, in the Vancouver area in Canada, and in the Shanghai area in
China. The company's sales network has a global reach.
Raute Group's Parent company, Raute Corporation, is a Finnish public limited
liability company established in accordance with Finnish law (Business ID
FI01490726). Its series A shares are quoted on Nasdaq Helsinki Ltd, under
Industrials. Raute Corporation is domiciled in Lahti. The address of its
registered office is Rautetie 2, FI-15550 Nastola, and its postal address is
P.O. Box 69, FI-15551 Nastola.
Raute Corporation's consolidated financial statement information is available
online at www.raute.com or at the head office of the Parent company, Rautetie
2, FI-15550 Nastola, Finland.
Raute Corporation's Board of Directors has on October 26, 2016 reviewed the
Interim financial report for January 1 - September 30, 2016, 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, 2016
has been prepared in accordance with standard IAS 34 Interim Financial
Reporting. The Interim financial report does not contain full notes and other
information presented in the financial statements, and therefore the Interim
financial report should be read in conjunction with the Financial statements
published for 2015.
Raute Corporation's Interim financial report for January 1 - September 30, 2016
has been prepared in accordance with the International Financial Reporting
Standards, IFRS, accepted for application in the European Union. Preparations
have complied with the IAS and IFRS standards, as well as SIC and IFRIC
interpretations, effective on September 30, 2016. The notes to the Interim
financial statements also comply with Finnish accounting legislation.
The Interim financial report has been prepared according to the same accounting
principles as those applied in the Annual financial statement for 2015.
All of the figures presented in the Interim financial report are in thousand
euro, unless otherwise stated. Due to the rounding of the figures in the
financial statement tables, the sums of figures may deviate from the sum total
presented in the table. Figures in parentheses refer to the corresponding
figures in the comparison period.
In the preparation of the Interim financial report in conformity with IFRS
standards, management has made forward-looking accounting estimates and
assumptions. Because the estimates and assumptions are based on management's
best knowledge at the reporting date, the actual results may differ from these
estimates.
3. Segment information
Operational segment
Continuing operations of Raute Group belong to the wood products technology
segment.
Due to Raute's business model, operational nature and administrative structure,
the operational segment to be reported as wood products technology segment is
comprised of the whole Group and the information on the segment is consistent
with that of the Group. Segment reporting follows the principles of
presentation of the consolidated financial statements.
----------------------------------------------------------------------------
30.9. 30.9. 31.12.
Wood products technology 2016 2015 2015
----------------------------------------------------------------------------
Net sales 77 087 87 757 127 278
Operating profit 4 267 5 339 8 120
Assets 62 120 62 962 61 760
Liabilities 31 742 35 866 32 059
Capital expenditure 2 424 867 2 506
--------------------------------------------------------------------------------
Assets of the wood products technology 30.9. 30.9. 31.12.
segment by geographical location 2016 % 2015 % 2015 %
--------------------------------------------------------------------------------
Finland 52 753 85 50 962 81 52 488 85
North America 4 272 7 4 580 7 3 655 6
China 3 970 6 5 712 9 4 572 7
Russia 822 1 1 329 2 732 1
South America 173 0 226 0 202 0
Other 130 0 153 0 112 0
--------------------------------------------------------------------------------
TOTAL 62 120 100 62 962 100 61 760 100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Capital expenditure of the wood products 30.9. 30.9. 31.12.
technology segment by geographical 2016 % 2015 % 2015 %
location
--------------------------------------------------------------------------------
Finland 2 242 92 777 90 2 388 95
North America 156 6 35 4 61 2
China 20 1 47 5 57 2
Russia - - - - - -
South America 1 0 8 1 1 0
Other 4 0 - - - -
--------------------------------------------------------------------------------
TOTAL 2 424 100 867 100 2 506 100
--------------------------------------------------------------------------------
4. Net sales
The main part of the net sales is comprised of project deliveries and
modernizations in technology services, which are treated as long-term projects.
The rest of the net sales is comprised of technology services provided to the
wood products industry such as spare parts and maintenance services as well as
services provided to the development of customers' business.
Project deliveries and modernizations related to technology services include
both product and service sales, making it impossible to give a reliable
presentation of the breakdown of the Group's net sales into purely product and
service sales.
Large delivery projects can temporarily increase the shares of various
customers of the Group’s net sales to more than ten percent. At the end of the
period, the Group had two customers (2), whose customized share of the Group's
net sales temporarily exceeded ten percent. The sales share of the customers
was 29 percent.
--------------------------------------------------------------------------------
1.1.–30.9. 1.1.–30.9. 1.1.–31.12.
Net sales by market area 2016 % 2015 % 2015 %
--------------------------------------------------------------------------------
EMEA (Europe and Africa) 45 958 60 56 715 65 82 632 66
CIS (Russia) 12 261 16 8 577 10 11 841 9
NAM (North America) 12 244 16 10 792 12 16 962 13
APAC (Asia-Pacific) 3 634 5 4 294 5 6 906 5
LAM (South America) 2 990 4 7 379 8 8 937 7
--------------------------------------------------------------------------------
TOTAL 77 087 100 87 757 100 127 278 100
--------------------------------------------------------------------------------
Finland accounted for 16 percent (19 %)
of net sales.
--------------------------------------------------------------------------------
30.9. 30.9. 31.12.
5. Long-term projects 2016 2015 2015
--------------------------------------------------------------------------------
Net sales
Net sales by percentage of completion 60 430 70 403 104 251
Other net sales 16 657 17 354 23 027
--------------------------------------------------------------------------------
TOTAL 77 087 87 757 127 278
--------------------------------------------------------------------------------
Project revenues entered as income from currently
undelivered
long-term projects recognized by percentage of 105 466 100 945 112 329
completion
Amount of long-term project revenues not yet entered 101 169 81 977 59 210
as income (order book)
Projects for which the value by percentage of
completion exceeds
advance payments invoiced
- aggregate amount of costs incurred and recognized 82 827 57 810 72 948
profits less recognized losses
- advance payments received 69 255 40 393 46 415
--------------------------------------------------------------------------------
Gross amount due from customers 13 572 17 417 26 533
--------------------------------------------------------------------------------
Projects for which advance payments invoiced exceed
the value by
percentage of completion
- aggregate amount of costs incurred and recognized 21 279 42 973 36 823
profits less recognized losses
- advance payments received 33 495 58 090 46 294
--------------------------------------------------------------------------------
Gross amount due to customers 12 216 15 117 9 471
--------------------------------------------------------------------------------
Advance payments included in the current liabilities
in the balance sheet
Gross amount due to customers 12 216 15 117 9 471
Other advance payments received, not under 1 027 712 1 553
percentage of completion
--------------------------------------------------------------------------------
Total 13 243 15 829 11 024
--------------------------------------------------------------------------------
Specification of combined asset and liability items
Advance payments paid 575 2 009 1 367
--------------------------------------------------------------------------------
Advance payments included in inventories in the 575 2 009 1 367
balance sheet
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
30.9. 30.9. 31.12.
6. Number of personnel, persons 2016 2015 2015
--------------------------------------------------------------------------------
Effective, on average 632 608 614
In books, on average 642 617 624
In books, at the end of the period 637 642 646
- of which personnel working abroad 185 205 205
--------------------------------------------------------------------------------
30.9. 30.9. 31.12.
7. Research and development costs 2016 2015 2015
--------------------------------------------------------------------------------
Research and development costs for the period -1 980 -1 736 -3 092
Amortization of previously capitalized development -170 -428 -104
costs
Development costs recognized as an asset in the - 220 220
balance sheet
--------------------------------------------------------------------------------
Research and development costs entered as expense -2 150 -1 944 -2 976
for the period
--------------------------------------------------------------------------------
Impairment of previously capitalized development - - -1 020
costs
--------------------------------------------------------------------------------
Research and development costs entered as expense -2 150 -1 944 -3 996
for the period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8. Changes in Intangible assets and in Property, 30.9. 30.9. 31.12.
plant and equipment 2016 2015 2015
--------------------------------------------------------------------------------
Intangible assets
Carrying amount at the beginning of the period 14 035 13 826 13 826
Exchange rate differences -46 47 60
Additions 94 318 346
Disposals - - -350
Reclassification between items 296 97 152
--------------------------------------------------------------------------------
Carrying amount at the end of the period 14 378 14 289 14 035
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -12 426 -10 334 -10 334
beginning of the period
Exchange rate differences 33 -24 -32
Accumulated depreciation and amortization of - -350 -
disposals and reclassifications
Depreciation and amortization for the period -488 -745 -690
Impairment - - -1 370
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -12 882 -11 453 -12 426
of the period
--------------------------------------------------------------------------------
Book value of Intangible assets, at the beginning of 1 609 3 492 3 492
the period
Book value of Intangible assets, at the end of the 1 497 2 836 1 609
period
Property, plant and equipment
Carrying amount at the beginning of the period 45 463 43 944 43 944
Exchange rate differences 121 -446 -458
Additions 2 330 899 2 160
Disposals -8 -24 -30
Reclassification between items -301 -97 -152
--------------------------------------------------------------------------------
Carrying amount at the end of the period 47 605 44 275 45 463
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -36 934 -36 014 -36 014
beginning of the period
Exchange rate differences -165 486 502
Accumulated depreciation and amortization of 5 - -
disposals and reclassifications
Depreciation and amortization for the period -1 205 -1 083 -1 422
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -38 299 -36 610 -36 934
of the period
--------------------------------------------------------------------------------
Book value of Property, plant and equipment, at the 8 529 7 930 7 930
beginning of the period
Book value of Property, plant and equipment, at the 9 306 7 665 8 529
end of the period
--------------------------------------------------------------------------------
30.9. 30.9. 31.12.
9. Interest-bearing liabilities 2016 2015 2015
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities recognized - 983 -
at amortized cost
Current interest-bearing liabilities 3 853 1 530 1 535
--------------------------------------------------------------------------------
TOTAL 3 853 2 513 1 535
--------------------------------------------------------------------------------
Maturities of the interest-bearing financial liabilities at
September 30, 2016
Financial liability Current Non-curr Total
ent
--------------------------------------------------------------------------------
Loans from financial institutions 3 853 - 3 853
--------------------------------------------------------------------------------
Total 3 853 - 3 853
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
30.9. 30.9. 31.12.
10. Pledged assets and contingent liabilities 2016 2015 2015
--------------------------------------------------------------------------------
On behalf of the Parent company
Business mortgages 4 427 6 897 7 869
Loans from financial institutions 625 1 875 1 250
Business mortgages 625 1 875 1 250
Mortgage agreements on behalf of subsidiaries
Loans from financial institutions 3 228 280 285
Other obligations 1 488 558 568
Business mortgages 2 798 1 196 881
Commercial bank guarantees on behalf of the Parent 11 840 12 908 11 546
company and subsidiaries
Other own obligations
Rental liabilities maturing within one year 845 889 903
Rental liabilities maturing in one to five years 694 1 514 1 301
Rental liabilities maturing later 2 - -
--------------------------------------------------------------------------------
Total 1 541 2 404 2 204
--------------------------------------------------------------------------------
11. Related party transactions
No loans have been granted to the company's
management.
No pledges have been given or other commitments made on behalf of the company's
management and shareholders.
--------------------------------------------------------------------------------
30.9. 30.9. 31.12.
12. Derivatives 2016 2015 2015
--------------------------------------------------------------------------------
Nominal values of forward contracts in foreign
currency
Economic hedging
- Related to financing - 36 -
- Related to the hedging of net sales 8 183 6 565 2 969
Hedge accounting
- Related to the hedging of net sales 1 146 2 419 2 679
Fair values of forward contracts in foreign currency
Economic hedging
- Related to financing - -4 -
- Related to the hedging of net sales -57 -216 -89
Hedge accounting
- Related to the hedging of net sales 4 -24 -47
13. Share-based payments
A total of 73 881 Raute's series A shares have been subscribed for with Raute's
stock options 2010 A, 2010 B and 2010 C during the reporting period. The new
shares have been registered in the Trade Register on February 24, 2016, May 9,
2016 and August 4, 2016.
On September 30, 2016 the company's share capital is EUR 8 256 316 and the
number of company's shares 4 185 589 pieces.
An expense of EUR 200 thousand was recognized for the share rewards to the
income statement during the reporting period.
During the interim period, no share rewards were delivered based on the
long-term share-based incentive program 2014-2018 directed to the top
management.
14. Distribution of the profit for the financial year 2015
Raute Corporation's Annual General Meeting held on March 31, 2016, decided,
according to the Board of Directors' proposal, to distribute a dividend of EUR
0,80 per share to be paid for series A and K shares, a total of EUR 3 303
thousand. The dividend payment date was April 12, 2016.
15. Financial assets and liabilities that are measured at fair value
At the end of the reporting period September, 30, 2016, the fair value of the
financial assets categorized at fair value on hierarchy level 3 was EUR 500
thousand. The methods of fair value determination correspond the valuation
principles presented in the Annual financial statements for 2015. There were no
transfers between the hierarchy levels 1 and 2 during the reporting period.
------------------------------------------------------------
16. Exchange rates used
------------------------------------------------------------
1.1.–30.9. 1.1.–30.9. 1.1.–31.12.
Income statement, euros 2016 2015 2015
------------------------------------------------------------
CNY (Chinese juan) 7,3562 6,9647 6,9733
RUB (Russian rouble) 76,3054 66,5540 68,0090
CAD (Canadian dollar) 1,4754 1,4031 1,4177
USD (US dollar) 1,1158 1,1145 1,1097
SGD (Singapore dollar) 1,5301 1,5197 1,5251
CLP (Chilean peso) 759,2613 712,5336 725,3048
------------------------------------------------------------
30.9. 30.9. 31.12.
Balance sheet, euros 2016 2015 2015
------------------------------------------------------------
CNY (Chinese juan) 7,4819 7,1462 7,0223
RUB (Russian rouble) 70,5140 73,2416 80,6736
CAD (Canadian dollar) 1,4690 1,5034 1,5116
USD (US dollar) 1,1161 1,1203 1,0887
SGD (Singapore dollar) 1,5235 1,5921 1,5417
CLP (Chilean peso) 748,9861 774,5492 765,9751
17. Events after the reporting period
The 14,523 new series A shares of Raute Corporation issued to the company
itself without consideration, have been registered in the trade register on
October 5, 2016. After the registration of the new series A shares the total
number of the company’s series A shares is 3,208,951 pieces, of which 14,523
shares are held by the company. The total amount of the company's shares after
the registration is 4,200,112 pieces. The new series A shares have been
admitted to public trading together with the company's old series A shares on
the stock exchange list of Nasdaq Helsinki Ltd on October 6, 2016.
----------------------------------------------------------------------
FINANCIAL 30.9. 30.9. 31.12.
DEVELOPMENT
2016 2015 2015
----------------------------------------------------------------------
Change in net -12,2 46,2 35,4
sales, %
Exported 83,6 80,8 76,3
portion of
net sales, %
Return on 17,9 25,9 28,5
investment
(ROI), %
Return on 13,6 22,3 24,7
equity, ROE,
%
Interest-beari -15,3 -10,9 -5,0
ng net
liabilities,
EUR million
Gearing, % -50,3 -40,1 -16,8
Equity ratio, 62,2 57,5 58,5
%
Gross capital 2,4 0,9 2,5
expenditure,
EUR million
% of net sales 3,1 1,0 2,0
Research and development 2,0 1,7 3,1
costs, EUR million
% of net sales 2,6 2,0 2,4
Order book, 102 83 60
EUR million
Order intake, 120 129 145
EUR million
----------------------------------------------------------------------
SHARE-RELATED 30.9. 30.9. 31.12.
DATA
2016 2015 2015
----------------------------------------------------------------------
Earnings per share, 0,74 1,07 1,65
(EPS), undiluted, EUR
Earnings per share, 0,73 1,07 1,64
(EPS), diluted, EUR
Equity to 7,27 6,67 7,26
share, EUR
Dividend per - - 0,80
series A
share, EUR
Dividend per - - 0,80
series K
share, EUR
Dividend per - - 48,4
profit, %
Effective - - 5,7
dividend
return, %
Repayment of equity from invested - - -
non-restricted equity reserve, EUR
Development in share
price (series A shares)
Lowest share 12,06 7,17 7,17
price for the
period, EUR
Highest share 16,50 13,74 14,25
price for the
period, EUR
Average share price for 13,97 11,56 11,95
the period, EUR
Share price at the end 16,29 13,00 14,12
of the period, EUR
Market value
of capital
stock
- Series K 16,1 12,9 14,0
shares, EUR
million*
- Series A 52,0 39,9 44,1
shares, EUR
million
----------------------------------------------------------------------
Total, EUR 68,2 52,8 58,1
million
----------------------------------------------------------------------
*Series K shares valued at the
value of series A shares.
Trading of the company's shares
(series A shares)
Trading of 812 082 879 766 1 094 902
shares, pcs
Trading of 11,3 10,2 13,1
shares, EUR
million
Number of
shares
- Series K shares, 991 161 991 161 991 161
ordinary shares (20
votes, share)
- Series A 3 194 428 3 072 792 3 120 547
shares (1
vote/share)
----------------------------------------------------------------------
Total 4 185 589 4 063 953 4 111 708
----------------------------------------------------------------------
Number of shares, 4 160 4 031 4 051
weighted average, 1 000
pcs
Number of 4 194 4 042 4 139
shares,
diluted, 1
000 pcs
Number of 3 466 2 318 2 623
shareholders
--------------------------------------------------------------------------------
DEVELOPMENT OF Q 4 Q 1 Q 2 Q 3 Rolling Rolling
QUARTERLY 2015 2016 2016 2016 1.10.2015 1.10.2014
RESULTS
(EUR 1 000) – –
30.9.2016 30.9.2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 39 521 26 427 27 306 23 355 116 609 121 735
--------------------------------------------------------------------------------
Change in inventories of
finished goods
and work in -1 254 917 60 67 -211 1 651
progress
Other 32 962 73 46 1 112 333
operating
income
Materials and -21 316 -14 264 -13 513 -10 032 -59 124 -66 251
services
Employee -8 935 -9 131 -8 966 -8 627 -35 660 -33 398
benefits
expense
Depreciation -296 -515 -573 -605 -1 990 -2 352
and
amortization
Impairment -1 370 - - - -1 370 -
Other -3 600 -3 009 -2 871 -2 838 -12 317 -12 795
operating
expenses
--------------------------------------------------------------------------------
Total -35 518 -26 919 -25 923 -22 103 -110 463 -114 795
operating
expenses
--------------------------------------------------------------------------------
OPERATING 2 781 1 386 1 516 1 364 7 047 8 923
PROFIT
--------------------------------------------------------------------------------
% of net sales 7,0 5,2 5,6 5,8 6,0 7,3
Financial 129 93 -52 -70 99 457
income
Financial -72 -222 35 -134 -394 -274
expenses
--------------------------------------------------------------------------------
PROFIT BEFORE 2 837 1 258 1 499 1 159 6 753 9 107
TAX
--------------------------------------------------------------------------------
% of net sales 7,2 4,8 5,5 5,0 5,8 7,5
Income taxes -459 -353 -274 -219 -1 305 -1 609
--------------------------------------------------------------------------------
PROFIT FOR THE 2 378 904 1 224 940 5 448 7 498
PERIOD
--------------------------------------------------------------------------------
% of net sales 6,0 3,4 4,5 4,0 4,7 6,2
Attributable
to
Equity holders 2 378 904 1 224 940 5 448 7 498
of the Parent
company
Earnings per
share, EUR
Undiluted 0,58 0,22 0,29 0,22 1,31 1,86
earnings per
share
Diluted 0,57 0,22 0,29 0,22 1,31 1,86
earnings per
share
Shares, 1 000
pcs
Adjusted 4 091 4 124 4 147 4 192 4 160 4 031
average
number of
shares
Adjusted
average
number of
shares
diluted 4 139 4 151 4 147 4 201 4 194 4 042
--------------------------------------------------------------------------------
FINANCIAL Q 4 Q 1 Q 2 Q 3 Rolling Rolling
DEVELOPMENT
QUARTERLY
2015 2016 2016 2016 1.10.2015 1.10.2014
– –
30.9.2016 30.9.2015
--------------------------------------------------------------------------------
Order intake 16 13 16 92 137 152
during the
period, EUR
million
Order book at 60 44 32 102 102 83
the end of
the period,
EUR million
--------------------------------------------------------------------------------
20 LARGEST SHAREHOLDERS AT Total % of Total % of
September 30, 2016 number total number voting
By number of Number Number of of shares shares of votes rights
shares of series A
series K shares
shares
--------------------------------------------------------------------------------
1. Sundholm - 622 942 622 942 14,9 622 942 2,7
Göran Wilhelm
2. Mandatum - 131 196 131 196 3,1 131 196 0,6
Life
Unit-Linked
3. Laakkonen - 119 919 119 919 2,9 119 919 0,5
Mikko
4. Suominen 48 000 62 429 110 429 2,6 1 022 429 4,4
Pekka
5. Siivonen 50 640 53 539 104 179 2,5 1 066 339 4,6
Osku Pekka
6. Kirmo Kaisa 55 680 48 341 104 021 2,5 1 161 941 5,0
Marketta
7. Suominen 48 000 54 316 102 316 2,4 1 014 316 4,4
Tiina
Sini-Maria
8. Relander - 85 000 85 000 2,0 85 000 0,4
Harald Bertel
9. Keskiaho 33 600 51 116 84 716 2,0 723 116 3,1
Kaija Leena
10. 57 580 26 270 83 850 2,0 1 177 870 5,1
Mustakallio
Mika Tapani
11. Särkijärvi 60 480 22 009 82 489 2,0 1 231 609 5,4
Anna Riitta
12. 60 480 500 60 980 1,5 1 210 100 5,3
Mustakallio
Kari Pauli
13. 43 240 16 047 59 287 1,4 880 847 3,8
Mustakallio
Marja Helena
14. Särkijärvi 12 000 43 256 55 256 1,3 283 256 1,2
Timo Juha
15. 12 000 43 256 55 256 1,3 283 256 1,2
Särkijärvi-Ma
rtinez Anu
Riitta
16. 53 240 - 53 240 1,3 1 064 800 4,6
Mustakallio
Ulla Sinikka
17. Suominen 24 960 27 964 52 924 1,3 527 164 2,3
Jukka Matias
18. - 51 950 51 950 1,2 51 950 0,2
Keskinäinen
työeläkevakuu
tusyhtiö Varma
19. Suominen 48 000 - 48 000 1,1 960 000 4,2
Jussi Matias
20. Keskiaho 24 780 19 094 43 874 1,0 514 694 2,2
Ilta Marjaana
--------------------------------------------------------------------------------
TOTAL 632 680 1 479 144 2 111 824 50,5 14 132 744 61,4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total % of Total % of
number total number voting
By number of Number Number of of shares shares of votes rights
votes of series A
series K shares
shares
--------------------------------------------------------------------------------
1. Särkijärvi 60 480 22 009 82 489 2,0 1 231 609 5,4
Anna Riitta
2. Mustakallio 60 480 500 60 980 1,5 1 210 100 5,3
Kari Pauli
3. Mustakallio 57 580 26 270 83 850 2,0 1 177 870 5,1
Mika Tapani
4. Kirmo Kaisa 55 680 48 341 104 021 2,5 1 161 941 5,0
Marketta
5. Siivonen 50 640 53 539 104 179 2,5 1 066 339 4,6
Osku Pekka
6. Mustakallio 53 240 - 53 240 1,3 1 064 800 4,6
Ulla Sinikka
7. Suominen 48 000 62 429 110 429 2,6 1 022 429 4,4
Pekka
8. Suominen 48 000 54 316 102 316 2,4 1 014 316 4,4
Tiina
Sini-Maria
9. Suominen 48 000 - 48 000 1,1 960 000 4,2
Jussi Matias
10. 43 240 16 047 59 287 1,4 880 847 3,8
Mustakallio
Marja Helena
11. 42 240 - 42 240 1,0 844 800 3,7
Mustakallio
Risto Knut
kuolinpesä
12. Keskiaho 33 600 51 116 84 716 2,0 723 116 3,1
Kaija Leena
13. Sundholm - 622 942 622 942 14,9 622 942 2,7
Göran Wilhelm
14. Keskiaho 29 680 - 29 680 0,7 593 600 2,6
Vesa Heikki
15. Keskiaho 27 880 5 816 33 696 0,8 563 416 2,4
Juha-Pekka
16. Kirmo 27 645 2 967 30 612 0,7 555 867 2,4
Lasse
17. Suominen 24 960 27 964 52 924 1,3 527 164 2,3
Jukka Matias
18. Keskiaho 24 780 19 094 43 874 1,0 514 694 2,2
Ilta Marjaana
19. Kultanen 22 405 8 031 30 436 0,7 456 131 2,0
Leea Annikka
20. Molander 20 160 - 20 160 0,5 403 200 1,8
Sole
--------------------------------------------------------------------------------
TOTAL 778 690 1 021 381 1 800 071 43,0 16 595 181 72,1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MANAGEMENT'S SHAREHOLDING AND NOMINEE-REGISTERED
SHARES
Number of Number Total % of Total % of
series K of number total number of total
shares series A of shares votes voting
shares shares rights
--------------------------------------------------------------------------------
Management's holding at
September 30, 2016
--------------------------------------------------------------------------------
The Board of 122 830 125 149 247 979 5,9 2 581 749 11,2
Directors, The
Group's President
and CEO and
Executive Board*
--------------------------------------------------------------------------------
TOTAL 122 830 125 149 247 979 5,9 2 581 749 11,2
--------------------------------------------------------------------------------
*The figures include the holdings of their own,
minor children and control entities.
--------------------------------------------------------------------------------
Nominee-registered - 101 294 101 294 2,4 101 294 0,4
shares at September
30, 2016
--------------------------------------------------------------------------------
RAUTE CORPORATION
Board of Directors
BRIEFING ON OCTOBER 26, 2016 AT 2 P.M.:
A briefing will be organized for analysts, investors and the media on October
26, 2016 at 2 p.m. at Scandic Simonkenttä Hotel, Tapiola cabinet, Simonkatu 9,
Helsinki. The interim report will be presented by Mr. Tapani Kiiski, President
and CEO, and Ms. Arja Hakala, CFO.
FINANCIAL RELEASES IN 2017:
Raute Corporation will publish a release on its financial statements for 2016
on Wednesday February 15, 2017.
Raute’s interim reports will be published as follows:
- January–March on Friday, April 28, 2017
- January–June on Tuesday August 1, 2017
- January–September on Tuesday October 31, 2017.
Raute Corporation’s Annual General Meeting is scheduled to be held in Lahti on
Tuesday, March 28, 2017.
FURTHER INFORMATION:
Mr. Tapani Kiiski, President and CEO, Raute Corporation, tel. +358 3 829 3500,
mobile phone +358 400 814 148
Ms. Arja Hakala, CFO, Raute Corporation, tel. +358 3 829 3293, mobile phone
+358 400 710 387
DISTRIBUTION:
Nasdaq Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF:
Raute is a technology and service company that operates worldwide. Raute’s
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL (Laminated Veneer Lumber). The technology
offering covers machinery and equipment for the customer’s entire production
process. As a supplier of mill-scale projects, Raute is a global market leader
both in the plywood and LVL industries. Additionally, Raute’s full-service
concept includes technology services ranging from spare parts deliveries to
regular maintenance and equipment modernizations. Raute’s head office is
located in the Nastola area of Lahti, Finland. The company’s other production
plants are in Kajaani, Finland, the Vancouver area of Canada and in the
Shanghai area of China. Raute’s net sales in 2015 were EUR 127.3 million. The
Group’s headcount at the end of 2015 was 646.
More information about the company can be found at www.raute.com.
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