2016-07-27 08:04:05 CEST
2016-07-27 08:04:05 CEST
REGULATED INFORMATION
Raute - Half Year financial report
Raute Corporation - Half Year financial report January 1 - June 30, 2016
Lahti, Finland, 2016-07-27 08:03 CEST (GLOBE NEWSWIRE) -- RAUTE CORPORATION
HALF YEAR FINANCIAL REPORT JULY 27, 2016 AT 9:00 a.m.
RAUTE CORPORATION – HALF YEAR FINANCIAL REPORT JANUARY 1 – JUNE 30, 2016
- The Group’s net sales, EUR 53.7 million (MEUR 56.4), declined 5 percent on
the comparison period. The order intake was EUR 28 million (MEUR 115).
- Operating profit was EUR 2.9 million (MEUR 3.4). The result before taxes was
EUR 2.8 million (MEUR 3.5).
- Earnings per share were EUR 0.51 (EUR 0.70).
- Net sales for the second quarter were EUR 27.3 million and operating profit
was EUR 1.5 million positive. Order intake, at EUR 16 million, was extremely
low. Also the order book at the end of the reporting period was low at EUR 32
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: A MAJOR NEW ORDER CAME INTO FORCE IN JULY
In the second quarter, our net sales and operating profit continued to develop
as predicted. They corresponded with our order book and order intake. We have
every reason to be satisfied with the implementation of projects. There were no
surprises.
The economic situation and demand continued at the same level as in previous
quarters. According to my assessment, demand has remained relatively good among
our customers. A clear indication of this is the level of activity in our spare
parts sales. The exceptional market situation that I already presented in our
Q1 report has, however, continued. Many of our customers are actively planning
even major investments. The level of activity with regard to quotations and
negotiations is exceptionally high. Despite this, very few new investment
projects are being started up. The volume of order intake was a clear
disappointment to us, also in the second quarter.
Our order book fell by the end of the second quarter to a level low enough to
cause some concern. The situation has now changed, as expected, during July due
to the major new orders that we have received.
The UK’s likely departure from the EU, based on the Brexit referendum result,
will probably not have a direct impact on Raute’s business. Raute’s solutions
do not have any major customer industries in the UK. The country does, however,
have a large wood construction market, on the European scale, and thus the
slowing down of the economy may have an impact on customers operating
elsewhere. I do not, however, believe in major long-term effects either.
Our current order book and projects which are on the final straight of
negotiations will enable us to reach last year’s level both in terms of net
sales and operating profit, as estimated earlier. The strengthening of the
order book was, however, delayed to the very last minute, which means that the
rest of the year will be extremely uneven with regard to both net sales and the
accumulation of operating profit. Nevertheless, I believe that our delivery
ability, proven in earlier years, will be up to achieving the required final
sprint and the result we predicted. This will call for successful work from
both us and our partners.
SECOND QUARTER OF 2016
Order intake and order book
The order intake in the second quarter, EUR 16 million (MEUR 31), was at an
extremely low level. Technology services accounted for EUR 9 million (MEUR 9)
of the order intake.
The order book declined during the second quarter, amounting to EUR 32 million
at the end of the period (MEUR 100).
Net sales
Second-quarter net sales amounted to EUR 27.3 million (MEUR 31.8). Technology
services accounted for 37 percent of the Group’s total net sales (37%).
Result and profitability
Operating profit in the second quarter was EUR 1.5 million positive (MEUR 2.2
positive) and accounted for 6 percent (7%) of net sales. The result was EUR 1.2
million positive (MEUR 1.7 positive), and earnings per share were EUR +0.29
(EUR +0.43).
RAUTE CORPORATION – INTERIM REPORT JANUARY 1 – JUNE 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 early
months of 2016 did not change considerably with respect to Raute or Raute’s
customer base.
Europe’s economy has continued to strengthen slightly. Russia’s economy
continues to be weak although the first signs of stabilization and improvement
have been detected. China’s measures to strengthen its economy have still not
materialized as increased investments among Raute’s customers. The domestic
markets of major South American countries were weak. In part due to weaker
currencies, Chilean and Brazilian plywood manufacturers have increased their
exports to Europe and North America, which will tighten competition in these
markets.
Construction activity has remained at a low level in all market areas,
including North America, where the economy in general continues its positive
growth and construction shows signs of steady recovery. Due to the market
situation described above, Raute’s customers’ order books have remained short,
which has not made for an attractive environment for implementing investments.
Demand for wood products technology and technology services
The demand for Raute’s technology and services was conflicting during the
period under review. Invitations to tender for projects and even active
negotiations were relatively high in number, but very few of these translated
into decisions and orders. Negotiations for several mill-scale projects
continued actively and have led to the starting up of projects soon after the
end of the reporting period. Demand for spare parts and services remained at a
good level.
ORDER INTAKE AND ORDER BOOK
Raute serves the wood products industry with a full-service concept based on
service that encompasses the entire life cycle of the delivered equipment.
Raute’s business consists of project deliveries and technology services.
Project deliveries encompass projects from individual machine or production
line deliveries to deliveries of all the machines and equipment belonging to a
mill’s production process. Additionally, Raute’s full-service concept includes
comprehensive technology services ranging from spare parts deliveries to
regular maintenance and equipment modernizations, as well as consulting,
training and reconditioned machinery.
The order intake during the reporting period, EUR 28 million (MEUR 115), was
extremely low. Of the new orders, 39 percent came from Europe (77%), 21 percent
from North America (10%), 29 percent from Russia (6%), 7 percent from South
America (3%) and 4 percent from Asia-Pacific (4%). The second quarter accounted
for EUR 16 million of the order intake.
Order intake in technology services amounted to EUR 19 million (MEUR 19), 1
percent down from the comparison period, due to the low number of
investment-type modernization orders.
The order book weakened during the second quarter by EUR 12 million, amounting
to EUR 32 million at the end of the period (MEUR 100). The order book at the
end of the reporting period was at a low level due to the low order intake. At
the comparison date June 30, 2015, the order book was at a record high level
due to the high order intake volume in the corresponding period in 2015.
COMPETITIVE POSITION
Raute’s competitive position has remained unchanged and is good. Raute’s
solutions help customers in securing their delivery and service capabilities
throughout the life cycle of the production process or its part. In such
investments, the supplier’s overall expertise and extensive and diverse
technology offering play a key role. The competitive edge provided by Raute
plays a major role when customers select their cooperation partners. Raute’s
strong financial position and long-term dedication to serving selected customer
industries also enhance its credibility and improve its competitive position as
a company that carries out long-term investment projects.
NET SALES
Net sales for the reporting period, EUR 53.7 million (MEUR 56.4), fell 5
percent on the comparison period.
Of the total net sales for the reporting period, Europe accounted for 63
percent (63%), North America for 15 percent (12%), Russia for 15 percent (10%),
Asia-Pacific for 5 percent (5%), and South America for 3 percent (10%).
Technology services accounted for 35 percent (39%) and EUR 19 million (MEUR 22)
of the Group’s total net sales during the period. Net sales for technology
services decreased 14 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 2.9 million positive (MEUR
3.4 positive) and accounted for 5 percent of net sales (6%). 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 2.8 million positive
(MEUR 3.5 positive). The result for the reporting period was EUR 2.1 million
positive (MEUR 2.8 positive). Earnings per share (undiluted) were EUR 0.51 (EUR
0.70).
CASH FLOW AND BALANCE SHEET
The Group’s financial position remained good. At the end of the reporting
period, gearing was 17 percent (-46%) and the equity ratio 59 percent (56%).
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 1.6 million (MEUR 13.8)
at the end of the reporting period. Operating cash flow was EUR 5.4 million
negative (MEUR 12.8 positive). Cash flow from investment activities was EUR 1.6
million negative (MEUR 0.7 negative). Cash flow from financing activities was
EUR 2.1 million positive (MEUR 2.8 negative), including dividend payments of
EUR 3.3 million and debt repayments of EUR 0.6 million. A total of EUR 5.6
million in short-term loans was drawn down to finance working capital items.
Interest-bearing liabilities amounted to EUR 6.4 million (MEUR 2.2) 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 facilities, EUR 18
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)
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 1.6
million (MEUR 1.0), representing 2.9 percent of net sales (1.8%).
Capital expenditure during the period came to EUR 1.7 million (MEUR 0.5) and
accounted for 3.1 percent (0.9%) of net sales.
The clearly higher level of both research and development costs and investments
results from the timing of projects and the use of resources during a falling
order book. The difference compared to the previous year will level out during
the second half of the year.
PERSONNEL
During the reporting period, the Group’s personnel grew by 4 people, numbering
650 (640) at the end of the reporting period. Group companies outside Finland
accounted for 29 percent (31%) of employees.
Converted to full-time employees (“effective headcount”), the average number of
employees was 632 (599) during the reporting period.
SHARES
The number of Raute Corporation’s shares at the end of the reporting period
totaled 4,162,578, of which 991,161 were series K shares (ordinary share, 20
votes/share) and 3,171,417 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
54.5 million (MEUR 48.2), with series K shares valued at the closing price of
series A shares on June 30, 2016, i.e. EUR 13.10 (EUR 11.95).
STOCK OPTIONS
At the end of the reporting period, altogether 31,900 of the company’s series B
2010 stock options and 35,280 series C stock options were unexercised. The
subscription period for Raute Corporation’s series A stock options ended on
March 1, 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 4.50 and EUR 5.80.
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 based on performance
for the years 2014–2018. The plan includes three separate share plans
commencing in 2014, 2015 and 2016. Each plan will span three years. Any
share-based reward accrued through the incentive plan shall be paid as series A
shares. The value of the reward is based on the development of share price.
SHAREHOLDERS
The number of shareholders stood at 2,623 at the beginning of the year and at
3,187 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 2.7 percent (3.3%) of 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 237,979 company shares, equaling 5.7 percent (5.7%) 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
On July 20, 2016, Raute Corporation received orders from the Metsä Wood,
business area of Metsä Group, worth altogether approximately EUR 25 million.
The orders were connected to the investment program that Metsä Group decided on
and announced on June 8, 2016. The orders are made up of an LVL production line
for Metsä Wood’s LVL plant in Lohja and machinery and equipment for a birch
veneer production plant to be built in Äänekoski. The installation and
commissioning of the new LVL line in Lohja will begin in the first quarter of
2017. In Äänekoski, the installation and commissioning of the birch veneer
production line will begin in the final quarter of 2017. The received orders
are not included in the June 30, 2016 order book.
Negotiations and planning involving the other parts of the projects announced
by Metsä Group on June 8 will continue actively.
BUSINESS RISKS
Risks in the near term continue to be driven by the uncertainty relating to the
global economic situation and the development of the financial markets, as well
as by international political instability. During the reporting period, there
were no essential changes in the business risks described in the 2015 Board of
Directors’ Report and Financial Statements.
The most significant risks for Raute in the near term are related to major
mill-scale projects, which are in the implementation phase, in accordance with
the schedule determined in contract terms, and the development of the order
intake.
OUTLOOK FOR 2016
Based on the existing order book and the prevailing market situation, Raute’s
net sales and operating profit for 2016 are expected to remain at the same
level as in 2015.
TABLES SECTION OF THE INTERIM REPORT
The figures for the financial year 2015 presented in the tables section of the
interim report have been audited.
The presented interim financial report figures have
not been audited.
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CONSOLIDATED STATEMENT OF 1.4.–30 1.4.–30 1.1.–30 1.1.–30 1.1.–31.
COMPREHENSIVE INCOME .6. .6. .6. .6. 12.
(EUR 1 000) Note 2016 2015 2016 2015 2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 3,4,5 27 306 31 759 53 733 56 366 127 278
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Change in inventories of 60 -532 977 -219 -313
finished goods and work in
progress
Other operating income 73 314 1 034 354 393
Materials and services -13 513 -16 197 -27 776 -28 053 -67 992
Employee benefits expense 13 -8 966 -8 878 -18 097 -17 018 -34 310
Depreciation and -573 -556 -1 089 -1 103 -2 125
amortization
Impairment - -160 - -160 -1 370
Other operating expenses -2 871 -3 529 -5 880 -6 740 -13 441
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Total operating expenses -25 923 -29 320 -52 842 -53 074 -119 238
--------------------------------------------------------------------------------
OPERATING PROFIT 1 516 2 222 2 902 3 427 8 120
--------------------------------------------------------------------------------
% of net sales 6 7 5 6 6
Financial income -52 -10 41 256 342
Financial expenses 35 -61 -187 -173 -343
--------------------------------------------------------------------------------
PROFIT BEFORE TAX 1 499 2 151 2 756 3 510 8 118
--------------------------------------------------------------------------------
% of net sales 5 7 5 6 6
Income taxes -274 -400 -628 -676 -1 435
--------------------------------------------------------------------------------
PROFIT FOR THE PERIOD 1 224 1 750 2 129 2 834 6 684
--------------------------------------------------------------------------------
% of net sales 4 6 4 5 5
Other comprehensive income items:
Items that will not be reclassified to
profit or loss
Remeasurement of defined benefit - 2 - 2 2
obligations
Items that may be subsequently
reclassified to profit or loss
Exchange differences on 46 -29 286 192 88
translating foreign operations
Cash flow hedges -129 133 42 133 8
--------------------------------------------------------------------------------
Comprehensive income items for the -83 107 328 328 98
period, net of tax
--------------------------------------------------------------------------------
COMPREHENSIVE PROFIT FOR THE 1 141 1 857 2 456 3 161 6 782
PERIOD
--------------------------------------------------------------------------------
Profit for the period attributable
to
Equity holders of the Parent 1 224 1 750 2 129 2 834 6 684
company
Comprehensive profit for the period
attributable to
Equity holders of the Parent 1 141 1 857 2 456 3 161 6 782
company
Earnings per share for profit
attributable
to Equity holders of the Parent company,
EUR
Undiluted earnings per 0,29 0,43 0,51 0,70 1,65
share
Diluted earnings per share 0,29 0,43 0,51 0,70 1,64
Shares, 1 000 pcs
Adjusted average number of shares 4 147 4 025 4 136 4 020 4 051
Adjusted average number of shares 4 147 4 036 4 161 4 031 4 079
diluted
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET 30.6. 30.6. 31.12.
(EUR 1 000) Note 2016 2015 2015
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets 8 1 393 2 950 1 609
Property, plant and equipment 8 9 287 7 847 8 529
Other financial assets 490 500 490
Deferred tax assets 181 188 172
--------------------------------------------------------------------------------
Total non-current assets 11 351 11 484 10 799
--------------------------------------------------------------------------------
Current assets
Inventories 9 565 9 368 9 577
Accounts receivables and other receivables 5 33 947 24 205 34 722
Income tax receivable 123 - 123
Cash and cash equivalents 1 573 13 799 6 538
--------------------------------------------------------------------------------
Total current assets 45 209 47 373 50 960
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL ASSETS 56 559 58 857 61 760
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity attributable to Equity holders of the
Parent company
Share capital 8 256 8 062 8 223
Share issue - 101 -
Fair value reserve and other reserves 6 530 5 598 6 008
Exchange differences 594 412 308
Retained earnings 11 858 8 477 8 477
Profit for the period 2 129 2 834 6 684
--------------------------------------------------------------------------------
Share of shareholders' equity that belongs to 29 367 25 482 29 700
the owners of the Parent company
--------------------------------------------------------------------------------
Total equity 29 367 25 482 29 700
--------------------------------------------------------------------------------
Non-current liabilities
Non-current provisions 514 332 455
Deferred tax liability 78 146 241
Non-current interest-bearing liabilities 9 - 625 -
--------------------------------------------------------------------------------
Total non-current liabilities 593 1 103 696
--------------------------------------------------------------------------------
Current liabilities
Current provisions 1 209 2 256 1 409
Current interest-bearing liabilities 9 6 447 1 537 1 535
Current advance payments received 5 6 965 13 329 11 024
Income tax liability 496 713 11
Trade payables and other liabilities 11 482 14 436 17 386
--------------------------------------------------------------------------------
Total current liabilities 26 599 32 271 31 364
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities 27 192 33 375 32 059
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 56 559 58 857 61 760
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.–30 1.1.–30 1.1.–31.
.6. .6. 12.
(EUR 1 000) 2016 2015 2015
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Proceeds from customers 47 572 61 975 122 089
Other operating income 1 034 354 371
Payments to suppliers and employees -53 716 -50 015 -114 092
--------------------------------------------------------------------------------
Cash flow before financial items and taxes -5 109 12 314 8 368
Interest paid from operating activities -57 -66 -115
Dividends received from operating activities 114 97 97
Interest received from operating activities 1 1 5
Other financing items from operating activities -92 -111 105
Income taxes paid from operating activities -273 546 -983
--------------------------------------------------------------------------------
NET CASH FLOW FROM OPERATING ACTIVITIES (A) -5 416 12 781 7 477
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and -1 662 -696 -2 395
intangible assets
Proceeds from sale of property, plant and equipment 26 26 66
and intangible assets
--------------------------------------------------------------------------------
NET CASH FLOW FROM INVESTING ACTIVITIES (B) -1 637 -670 -2 329
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of share capital 394 199 607
Proceeds from current borrowings 5 607 - -
Repayments of current borrowings -625 - -
Repayments of non-current borrowings - -625 -1 250
Dividends paid and repayment of equity -3 303 -2 409 -2 409
--------------------------------------------------------------------------------
NET CASH FLOW FROM FINANCING ACTIVITIES (C) 2 073 -2 835 -3 052
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C) -4 980 9 276 2 096
--------------------------------------------------------------------------------
increase (+)/decrease (-)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE 6 538 4 431 4 431
PERIOD*
NET CHANGE IN CASH AND CASH EQUIVALENTS -4 980 9 276 2 096
EFFECTS OF EXCHANGE RATE CHANGES ON CASH 15 93 11
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD* 1 573 13 799 6 538
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS IN THE BALANCE
SHEET AT THE END OF THE PERIOD*
Cash and cash equivalents 1 573 13 799 6 538
--------------------------------------------------------------------------------
TOTAL 1 573 13 799 6 538
--------------------------------------------------------------------------------
*Cash and cash equivalents comprise cash and bank receivables, which will be
due within the following three months' period.
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
Share Share Invested Other Exchang Retain
non-restricte e ed
d
(EUR 1 000) capita issue equity reserv differe earnin
l reserve es nces gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2016 8 223 0 4 950 1 058 308 15 161
--------------------------------------------------------------------------------
Comprehensive profit for the
period
Profit for the period - - - - - 2 129
Other comprehensive income items:
Hedging reserve - - - 42 - -
Exchange differences on - - - - 286 -
translating foreign
operations
--------------------------------------------------------------------------------
Total comprehensive 0 0 0 42 286 2 129
profit for the period
--------------------------------------------------------------------------------
Transactions with owners
Share-options exercised 33 - 361 - - -
Equity-settled
share-based
transactions - - - 118 - -
Dividends and repayment - - - - - -3 303
of equity
--------------------------------------------------------------------------------
Total transactions with 33 0 361 118 0 -3 303
owners
--------------------------------------------------------------------------------
EQUITY at June 30, 2016 8 256 0 5 311 1 219 594 13 987
--------------------------------------------------------------------------------
--------------------------------------------------------
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 2 129 2 129
Other comprehensive income items:
Hedging reserve 42 42
Exchange differences on 286 286
translating foreign
operations
--------------------------------------------------------
Total comprehensive 2 457 2 457
profit for the period
--------------------------------------------------------
Transactions with owners
Share-options exercised 394 394
Equity-settled
share-based
transactions 118 118
Dividends and repayment -3 303 -3 303
of equity
--------------------------------------------------------
Total transactions with -2 790 -2 790
owners
--------------------------------------------------------
EQUITY at June 30, 2016 29 367 29 367
--------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
Share Share Invested Other Exchang Retain
non-restricte e ed
d
(EUR 1 000) capita issue equity reserv differe earnin
l reserve es nces gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2015 8 031 0 5 339 662 220 10 083
--------------------------------------------------------------------------------
Comprehensive profit for the
period
Profit for the period - - - - - 2 834
Other comprehensive income items:
Hedging reserve - - - 133 - -
Exchange differences on - - - - 192 -
translating foreign
operations
--------------------------------------------------------------------------------
Total comprehensive 0 0 0 133 192 2 834
profit for the period
--------------------------------------------------------------------------------
Transactions with owners
Share-options exercised 31 101 68 - - -
Equity-settled
share-based
transactions - - - 198 - -
Dividends and repayment - - -803 - - -1 606
of equity
--------------------------------------------------------------------------------
Total transactions with 31 101 -735 198 0 -1 606
owners
--------------------------------------------------------------------------------
EQUITY at June 30, 2015 8 062 101 4 604 994 412 11 310
--------------------------------------------------------------------------------
--------------------------------------------------------
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 2 834 2 834
Other comprehensive income items:
Hedging reserve 133 133
Exchange differences on 192 192
translating foreign
operations
--------------------------------------------------------
Total comprehensive 3 159 3 159
profit for the period
--------------------------------------------------------
Transactions with owners
Share-options exercised 199 199
Equity-settled
share-based
transactions 198 198
Dividends and repayment -2 409 -2 409
of equity
--------------------------------------------------------
Total transactions with -2 011 -2 011
owners
--------------------------------------------------------
EQUITY at June 30, 2015 25 482 25 482
--------------------------------------------------------
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 July 27, 2016 reviewed the
Interim financial report for January 1 - June 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 - June 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 - June 30, 2016 has
been prepared in accordance with the International Financial Reporting
Standards, IFRS, accepted for application in the EU. Preparations have complied
with the IAS and IFRS
standards, as well as SIC and IFRIC interpretations, effective on June 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
standardsthe 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.
----------------------------------------------------------------------------
30.6. 30.6. 31.12.
Wood products technology 2016 2015 2015
----------------------------------------------------------------------------
Net sales 53 733 56 366 127 278
Operating profit 2 902 3 427 8 120
Assets 56 559 58 857 61 760
Liabilities 27 192 33 375 32 059
Capital expenditure 1 678 511 2 506
--------------------------------------------------------------------------------
Assets of the wood products technology 30.6. 30.6. 31.12.
segment by geographical location 2016 % 2015 % 2015 %
--------------------------------------------------------------------------------
Finland 46 884 83 47 759 81 52 488 85
North America 4 799 8 4 626 8 3 655 6
China 3 704 7 4 794 8 4 572 7
Russia 852 2 1 307 2 732 1
South America 177 0 216 0 202 0
Other 144 0 154 0 112 0
--------------------------------------------------------------------------------
TOTAL 56 559 100 58 857 100 61 760 100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Capital expenditure of the wood products 30.6. 30.6. 31.12.
technology segment by geographical 2016 % 2015 % 2015 %
location
--------------------------------------------------------------------------------
Finland 1 567 93 432 85 2 388 95
North America 87 5 36 7 61 2
China 19 1 43 8 57 2
Russia - - - - - -
South America 1 0 - - 1 0
Other 4 0 - - - -
--------------------------------------------------------------------------------
TOTAL 1 678 100 511 100 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 three customers (1), whose customized share of the
Group's net sales
temporarily exceeded ten percent. The sales share of the customers was 45
percent.
----------------------------------------------------------------------------
1.1.–30.6. 1.1.–30.6. 1.1.–31.12.
Net sales by market area 2016 % 2015 % 2015 %
----------------------------------------------------------------------------
EMEA (Europe and Africa) 33 709 63 35 301 63 82 632 66
NAM (North America) 8 067 15 6 511 12 16 962 13
CIS (Russia) 7 885 15 5 633 10 11 841 9
APAC (Asia-Pacific) 2 504 5 3 006 5 6 906 5
LAM (South America) 1 568 3 5 915 10 8 937 7
----------------------------------------------------------------------------
TOTAL 53 733 100 56 366 100 127 278 100
----------------------------------------------------------------------------
Finland accounted for 16 percent (14 %) of net sales.
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
5. Long-term projects 2016 2015 2015
--------------------------------------------------------------------------------
Net sales
Net sales by percentage of completion 43 688 45 239 104 251
Other net sales 10 045 11 127 23 027
--------------------------------------------------------------------------------
TOTAL 53 733 56 366 127 278
--------------------------------------------------------------------------------
Project revenues entered as income from currently undelivered
long-term projects recognized by percentage of 112 136 89 170 112 329
completion
Amount of long-term project revenues not yet entered 30 885 99 086 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 98 951 71 269 72 948
profits less recognized losses
- advance payments received 72 963 56 910 46 415
--------------------------------------------------------------------------------
Gross amount due from customers 25 987 14 360 26 533
--------------------------------------------------------------------------------
Projects for which advance payments invoiced exceed the value
by
percentage of completion
- aggregate amount of costs incurred and recognized 15 610 17 803 36 823
profits less recognized losses
- advance payments received 22 506 32 204 46 294
--------------------------------------------------------------------------------
Gross amount due to customers 6 896 14 401 9 471
--------------------------------------------------------------------------------
Advance payments included in the current liabilities in the
balance sheet
Gross amount due to customers 6 896 14 401 9 471
Other advance payments received, not under 69 -1 072 1 553
percentage of completion
--------------------------------------------------------------------------------
Total 6 965 13 329 11 024
--------------------------------------------------------------------------------
Specification of combined asset and liability items
Advance payments paid 157 1 253 1 367
--------------------------------------------------------------------------------
Advance payments included in inventories in the 157 1 253 1 367
balance sheet
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
6. Number of personnel, persons 2016 2015 2015
--------------------------------------------------------------------------------
Effective, on average 632 599 614
In books, on average 641 608 624
In books, at the end of the period 650 640 646
- of which personnel working abroad 187 199 205
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
7. Research and development costs 2016 2015 2015
--------------------------------------------------------------------------------
Research and development costs for period -1 559 -1 040 -3 092
Amortization of previously capitalized development -113 -320 -104
costs
Development costs recognized as an asset in the - 138 220
balance sheet
--------------------------------------------------------------------------------
Research and development costs entered as expense -1 671 -1 222 -2 976
for the period
--------------------------------------------------------------------------------
Impairment of previously capitalized development - - -1 020
costs
--------------------------------------------------------------------------------
Research and development costs entered as expense -1 671 -1 222 -3 996
for the period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8. Changes in Intangible assets and in Property, 30.6. 30.6. 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 -39 68 60
Additions 79 207 346
Disposals - - -350
Reclassification between items 34 102 152
--------------------------------------------------------------------------------
Carrying amount at the end of the period 14 109 14 203 14 035
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -12 426 -10 334 -10 334
beginning of the period
Exchange rate differences 27 -37 -32
Accumulated depreciation and amortization of - -350 -
disposals and reclassifications
Depreciation and amortization for the period -316 -533 -690
Impairment - - -1 370
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -12 715 -11 253 -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 1 393 2 950 1 609
period
Property, plant and equipment
Carrying amount at the beginning of the period 45 463 43 944 43 944
Exchange rate differences 309 280 -458
Additions 1 599 654 2 160
Disposals -8 -14 -30
Reclassification between items -34 -102 -152
--------------------------------------------------------------------------------
Carrying amount at the end of the period 47 330 44 762 45 463
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -36 934 -36 014 -36 014
beginning of the period
Exchange rate differences -337 -171 502
Depreciation and amortization for the period -772 -731 -1 422
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -38 043 -36 915 -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 9 287 7 847 8 529
end of the period
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
9. Interest-bearing liabilities 2016 2015 2015
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities recognized - 625 -
at amortized cost
Current interest-bearing liabilities 6 447 1 537 1 535
--------------------------------------------------------------------------------
TOTAL 6 447 2 162 1 535
--------------------------------------------------------------------------------
Maturities of the interest-bearing financial liabilities at
June 30, 2016
Financial liability Current Non-curr Total
ent
--------------------------------------------------------------------------------
Loans from financial institutions 6 447 - 6 447
--------------------------------------------------------------------------------
Total 6 447 - 6 447
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
10. Pledged assets and contingent liabilities 2016 2015 2015
--------------------------------------------------------------------------------
On behalf of the Parent company
Business mortgages 3 302 7 297 7 869
Loans from financial institutions 3 625 1 875 1 250
Business mortgages 3 625 1 875 1 250
Mortgage agreements on behalf of subsidiaries
Loans from financial institutions 2 822 287 285
Other obligations 1 315 540 568
Business mortgages 3 073 828 881
Commercial bank guarantees on behalf of the Parent 7 897 21 706 11 546
company and subsidiaries
Other own obligations
Rental liabilities maturing within one year 869 904 903
Rental liabilities maturing in one to five years 855 1 743 1 301
--------------------------------------------------------------------------------
Total 1 724 2 647 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.
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
12. Derivatives 2016 2015 2015
--------------------------------------------------------------------------------
Nominal values of forward contracts in
foreign currency
Economic hedging
- Related to financing - 166 -
- Related to the hedging of net sales 3 125 4 546 2 969
Hedge accounting
- Related to the hedging of net sales 1 763 4 239 2 679
Fair values of forward contracts in foreign currency
Economic hedging
- Related to financing - -23 -
- Related to the hedging of net sales -77 -124 -89
Hedge accounting
- Related to the hedging of net sales 50 121 -47
13. Share-based payments
A total of 50 870 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 and May
9, 2016.
On June 30, 2016, the company's share capital is EUR 8 256 316 and the number
of company's shares 4 162 578 pieces.
An expense of EUR 118 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 June 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.–30.6. 1.1.–30.6. 1.1.–31.12.
Income statement, euros 2016 2015 2015
------------------------------------------------------------
CNY (Chinese juan) 7,3132 6,9411 6,9733
RUB (Russian rouble) 78,4122 64,6024 68,0090
CAD (Canadian dollar) 1,4854 1,3772 1,4177
USD (US dollar) 1,1155 1,1159 1,1097
SGD (Singapore dollar) 1,5402 1,5059 1,5251
CLP (Chilean peso) 769,3287 692,3979 725,3048
------------------------------------------------------------
30.6. 30.6. 31.12.
Balance sheet, euros 2016 2015 2015
------------------------------------------------------------
CNY (Chinese juan) 7,4023 6,9587 7,0223
RUB (Russian rouble) 71,5200 62,3550 80,6736
CAD (Canadian dollar) 1,4384 1,3839 1,5116
USD (US dollar) 1,1102 1,1189 1,0887
SGD (Singapore dollar) 1,4957 1,5068 1,5417
CLP (Chilean peso) 764,6714 706,9221 765,9751
--------------------------------------------------------------------------------
FINANCIAL DEVELOPMENT 30.6. 30.6. 31.12.
2016 2015 2015
--------------------------------------------------------------------------------
Change in net sales, % -4,7 59,5 35,4
Exported portion of net sales, % 84,4 86,2 76,3
Return on investment (ROI), % 17,6 25,8 28,5
Return on equity, ROE, % 14,4 22,8 24,7
Interest-bearing net liabilities, EUR million 4,9 -11,6 -5,0
Gearing, % 16,6 -45,7 -16,8
Equity ratio, % 59,2 56,0 58,5
Gross capital expenditure, EUR million 1,7 0,5 2,5
% of net sales 3,1 0,9 2,0
Research and development costs, EUR million 1,6 1,0 3,1
% of net sales 2,9 1,8 2,4
Order book, EUR million 32 100 60
Order intake, EUR million 28 115 145
--------------------------------------------------------------------------------
SHARE-RELATED DATA 30.6. 30.6. 31.12.
2016 2015 2015
--------------------------------------------------------------------------------
Earnings per share, (EPS), undiluted, EUR 0,51 0,70 1,65
Earnings per share, (EPS), diluted, EUR 0,51 0,70 1,64
Equity to share, EUR 7,06 6,33 7,26
Dividend per series A share, EUR - - 0,80
Dividend per series K share, EUR - - 0,80
Dividend per profit, % - - 48,4
Effective dividend return, % - - 5,7
Repayment of equity from invested - - -
non-restricted equity reserve, EUR
Development in share price (series A shares)
Lowest share price for the period, EUR 12,06 7,17 7,17
Highest share price for the period, EUR 15,30 13,59 14,25
Average share price for the period, EUR 13,67 11,11 11,95
Share price at the end of the period, EUR 13,10 11,95 14,12
Market value of capital stock
- Series K shares, EUR million* 13,0 11,8 14,0
- Series A shares, EUR million 41,5 36,3 44,1
--------------------------------------------------------------------------------
Total, EUR million 54,5 48,2 58,1
--------------------------------------------------------------------------------
*Series K shares valued at the value of series
A shares.
Trading of the company's shares (series A
shares)
Trading of shares, pcs 504 948 667 187 1 094 902
Trading of shares, EUR million 6,9 7,4 13,1
Number of shares
- Series K shares, ordinary shares (20 votes, 991 161 991 161 991 161
share)
- Series A shares (1 vote/share) 3 171 417 3 039 567 3 120 547
--------------------------------------------------------------------------------
Total 4 162 578 4 030 728 4 111 708
--------------------------------------------------------------------------------
Number of shares, weighted average, 1 000 pcs 4 136 4 020 4 051
Number of shares, diluted, 1 000 pcs 4 161 4 031 4 139
Number of shareholders 3 187 2 158 2 623
--------------------------------------------------------------------------------
DEVELOPMENT OF Q 3 Q 4 Q 1 Q 2 Rolling Rolling
QUARTERLY 2015 2015 2016 2016 1.7.2015 1.7.2014
RESULTS
(EUR 1 000) – –
30.6.2016 30.6.2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 31 391 39 521 26 427 27 306 124 645 115 037
--------------------------------------------------------------------------------
Change in inventories of finished
goods and work 1 161 -1 254 917 60 883 1 121
in progress
Other operating 7 32 962 73 1 073 393
income
Materials and -18 623 -21 316 -14 264 -13 513 -67 715 -62 478
services
Employee -8 357 -8 935 -9 131 -8 966 -35 389 -32 158
benefits
expense
Depreciation -565 -296 -515 -573 -1 949 -2 341
and
amortization
Impairment - -1 370 - - -1 370 -
Other operating -3 102 -3 600 -3 009 -2 871 -12 581 -12 255
expenses
--------------------------------------------------------------------------------
Total operating -30 646 -35 518 -26 919 -25 923 -119 006 -109 232
expenses
--------------------------------------------------------------------------------
OPERATING 1 912 2 781 1 386 1 516 7 595 7 319
PROFIT
--------------------------------------------------------------------------------
% of net sales 6 7 5 6 6 6
Financial -42 129 93 -52 128 592
income
Financial -99 -72 -222 35 -358 -303
expenses
--------------------------------------------------------------------------------
PROFIT BEFORE 1 772 2 837 1 258 1 499 7 365 7 608
TAX
--------------------------------------------------------------------------------
% of net sales 6 7 5 5 6 7
Income taxes -300 -459 -353 -274 -1 386 -1 331
--------------------------------------------------------------------------------
PROFIT FOR THE 1 472 2 378 904 1 224 5 979 6 277
PERIOD
--------------------------------------------------------------------------------
% of net sales 5 6 3 4 5 5
Attributable to
Equity holders 1 472 2 378 904 1 224 5 979 6 277
of the Parent
company
Earnings per
share, EUR
Undiluted 0,36 0,58 0,22 0,29 1,45 1,56
earnings per
share
Diluted 0,36 0,57 0,22 0,29 1,44 1,55
earnings per
share
Shares, 1 000
pcs
Adjusted 4 053 4 091 4 124 4 147 4 136 4 020
average number
of shares
Adjusted average number of
shares diluted 4 065 4 139 4 151 4 147 4 161 4 031
--------------------------------------------------------------------------------
FINANCIAL Q 3 Q 4 Q 1 Q 2 Rolling Rolling
DEVELOPMENT
QUARTERLY
2015 2015 2016 2016 1.7.2015 1.7.2014
– –
30.6.2016 30.6.2015
--------------------------------------------------------------------------------
Order intake 14 16 13 16 59 160
during the
period, EUR
million
Order book at 83 60 44 32 32 100
the end of the
period, EUR
million
--------------------------------------------------------------------------------
20 LARGEST SHAREHOLDERS AT JUNE 30, Total % of Total % of
2016 number total number voting
By number of Number of Number of of shares shares of votes rights
shares series K series A
shares shares
--------------------------------------------------------------------------------
1. Sundholm - 623 423 623 423 15,0 623 423 2,7
Göran Wilhelm
2. Mandatum - 162 760 162 760 3,9 162 760 0,7
Life
Unit-Linked
3. Laakkonen - 119 919 119 919 2,9 119 919 0,5
Mikko
4. Suominen 48 000 62 429 110 429 2,7 1 022 429 4,4
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 5,1
Marketta
7. Suominen 48 000 54 316 102 316 2,5 1 014 316 4,4
Tiina
Sini-Maria
8. Relander - 85 000 85 000 2,0 85 000 0,4
Harald Bertel
9. Keskiaho 33 600 51 116 84 716 2,0 723 116 3,1
Kaija Leena
10. Mustakallio 57 580 26 270 83 850 2,0 1 177 870 5,1
Mika Tapani
11. Särkijärvi 60 480 22 009 82 489 2,0 1 231 609 5,4
Anna Riitta
12. Mustakallio 60 480 500 60 980 1,5 1 210 100 5,3
Kari Pauli
13. Mustakallio 43 240 16 047 59 287 1,4 880 847 3,8
Marja Helena
14. Särkijärvi 12 000 43 256 55 256 1,3 283 256 1,2
Timo Juha
15. 12 000 43 256 55 256 1,3 283 256 1,2
Särkijärvi-Mar
tinez Anu
Riitta
16. Mustakallio 53 240 - 53 240 1,3 1 064 800 4,6
Ulla Sinikka
17. Suominen 24 960 27 964 52 924 1,3 527 164 2,3
Jukka Matias
18. Keskinäinen - 51 950 51 950 1,2 51 950 0,2
työeläkevakuut
usyhtiö Varma
19. Suominen 48 000 - 48 000 1,2 960 000 4,2
Jussi Matias
20. Keskiaho 24 780 19 094 43 874 1,1 514 694 2,2
Ilta Marjaana
--------------------------------------------------------------------------------
TOTAL 632 680 1 511 189 2 143 869 51,5 14 614 789 61,6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total % of Total % of
number total number voting
By number of Number of Number of of shares shares of votes rights
votes series K series A
shares shares
--------------------------------------------------------------------------------
1. Särkijärvi 60 480 22 009 82 489 2,0 1 231 609 5,4
Anna Riitta
2. Mustakallio 60 480 500 60 980 1,5 1 210 100 5,3
Kari Pauli
3. Mustakallio 57 580 26 270 83 850 2,0 1 177 870 5,1
Mika Tapani
4. Kirmo Kaisa 55 680 48 341 104 021 2,5 1 161 941 5,1
Marketta
5. Siivonen 50 640 53 539 104 179 2,5 1 066 339 4,6
Osku Pekka
6. Mustakallio 53 240 - 53 240 1,3 1 064 800 4,6
Ulla Sinikka
7. Suominen 48 000 62 429 110 429 2,7 1 022 429 4,4
Pekka
8. Suominen 48 000 54 316 102 316 2,5 1 014 316 4,4
Tiina
Sini-Maria
9. Suominen 48 000 - 48 000 1,2 960 000 4,2
Jussi Matias
10. Mustakallio 43 240 16 047 59 287 1,4 880 847 3,8
Marja Helena
11. Mustakallio 42 240 - 42 240 1,0 844 800 3,7
Risto Knut
kuolinpesä
12. Keskiaho 33 600 51 116 84 716 2,0 723 116 3,1
Kaija Leena
13. Sundholm - 623 423 623 423 15,0 623 423 2,7
Göran Wilhelm
14. Keskiaho 29 680 - 29 680 0,7 593 600 2,6
Vesa Heikki
15. Keskiaho 27 880 5 816 33 696 0,8 563 416 2,5
Juha-Pekka
16. Kirmo Lasse 27 645 2 967 30 612 0,7 555 867 2,4
Antti
17. Suominen 24 960 27 964 52 924 1,3 527 164 2,3
Jukka Matias
18. Keskiaho 24 780 19 094 43 874 1,1 514 694 2,2
Ilta Marjaana
19. Kultanen 22 405 8 031 30 436 0,7 456 131 2,0
Leea Annikka
20. Molander 20 160 - 20 160 0,5 403 200 1,8
Sole
--------------------------------------------------------------------------------
TOTAL 778 690 1 021 862 1 800 552 43,3 16 595 662 72,2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-
MANAGEMENT'S AND PUBLIC INSIDERS' 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 and Public insiders' holding
at June 30, 2016
The Board of 122 830 115 149 237 979 5,7 2 571 749 11,2
Directors, The
Group's President
and CEO and
Executive Board*
--------------------------------------------------------------------------------
TOTAL 122 830 115 149 237 979 5,7 2 571 749 11,2
--------------------------------------------------------------------------------
*The figures include the holdings of their own,
minor children and control entities.
--------------------------------------------------------------------------------
Nominee-registered - 111 342 111 342 2,7 111 342 0,5
shares at June 30,
2016
--------------------------------------------------------------------------------
RAUTE CORPORATION
Board of Directors
BRIEFING ON JULY 27, 2016 AT 2 P.M.:
A briefing will be organized for analysts, investors and the media on July 27,
2016 at 2 p.m. at Scandic Simonkenttä Hotel, Tapiola cabinet, Simonkatu 9,
Helsinki. The interim report will be presented by Mr. Tapani Kiiski, President
and CEO, and Ms. Arja Hakala, CFO.
NEXT INTERIM REPORT:
Raute Corporation’s interim report January 1–September 30, 2016 will be
published on Wednesday, October 26, 2016.
FURTHER INFORMATION:
Mr. Tapani Kiiski, President and CEO, Raute Corporation, tel. +358 3 829 3500,
mobile phone +358 400 814 148
Ms. Arja Hakala, CFO, Raute Corporation, tel. +358 3 829 3293, mobile phone
+358 400 710 387
DISTRIBUTION:
Nasdaq Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF:
Raute is a technology and service company that operates worldwide. Raute’s
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL (Laminated Veneer Lumber). The technology
offering covers machinery and equipment for the customer’s entire production
process. As a supplier of mill-scale projects, Raute is a global market leader
both in the plywood and LVL industries. Additionally, Raute’s full-service
concept includes technology services ranging from spare parts deliveries to
regular maintenance and equipment modernizations. Raute’s head office is
located in the Nastola area of Lahti, Finland. The company’s other production
plants are in Kajaani, Finland, the Vancouver area of Canada and in the
Shanghai area of China. Raute’s net sales in 2015 were EUR 127.3 million. The
Group’s headcount at the end of 2015 was 646.
More information about the company can be found at www.raute.com.
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