2015-07-28 08:00:00 CEST
2015-07-28 08:00:08 CEST
REGULATED INFORMATION
Raute - Interim report (Q1 and Q3)
Raute Corporation - Interim report January 1 - June 30, 2015
Nastola, Finland, 2015-07-28 08:00 CEST (GLOBE NEWSWIRE) -- RAUTE CORPORATION
INTERIM REPORT JULY 28, 2015 at 9:00 a.m.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - JUNE 30, 2015
- The Group's net sales, EUR 56.4 million (MEUR 35.3), increased 59% on the
comparison period. Order intake was EUR 115 million (MEUR 67).
- Operating profit was EUR 3.4 million (MEUR -1.3). The result before taxes was
EUR 3.5 million (MEUR -1.3).
- Earnings per share were EUR 0.70 (EUR -0.27).
- Positive development continued in the second quarter. Net sales were EUR 31.8
million and operating profit was EUR 2.2 million positive. Order intake was EUR
31 million. The order book at the end of the reporting period amounted to EUR
100 million.
- The outlook for financial performance remains unchanged. Raute's net sales
are expected to grow clearly in 2015 and operating profit is anticipated to
improve clearly from 2014.
TAPANI KIISKI, PRESIDENT AND CEO: POSITIVE DEVELOPMENT CONTINUES
The order intake in the second quarter, EUR 31 million, remained at a good
level. According to my assessment, however, there has been no clear growth in
total demand for wood products technology and services market. What we are
looking at is a partial unravelling of the built-up investment backlog, i.e.
investment debt. Not to say that there hasn't been tentative positive
development. Europe was still our most active market area. Some medium-sized
projects are also moving forward in Russia, so despite a challenging economic
and political situation, we see opportunities there also. I believe our order
intake will remain at a reasonable level in the near future, however, growth
will slow down compared to the first half of the year.
The strong growth in net sales continued in the second quarter in both project
deliveries and technology services. Major orders made in the first half of the
year also increased net sales. Despite a very high work load, we have been able
to implement our order book according to plan and our profitability
corresponded with our net sales level.
As we reported earlier this year, the timing of our order book is more evenly
scheduled than in previous years. A significant proportion of our order book is
scheduled for the next year. This will help us implement a large order book.
A more evenly scheduled order book also means more evenly spread out net sales
and profit development for this year. Our result for the whole of 2015 will
markedly improve from last year. This is an opportunity for both our
organization and partner network to demonstrate their expertise especially in
the implementation of major projects - something that all of us at Raute and in
our partner network are committed to.
SECOND QUARTER OF 2015
Order intake and order book
The order intake in the second quarter, EUR 31 million (MEUR 51), was at a good
level. Technology services accounted for EUR 9 million (MEUR 15) of the order
intake.
The most significant new order was a EUR 13 million order for machinery and
equipment for the expansion of UPM Plywood's Otepää mill in Estonia, which came
into effect in April. The key equipment included in the delivery are veneer
peeling, composing and patching lines, a veneer dryer and veneer lay-up line.
The delivery also includes machine vision and moisture analysis solutions and a
data collection and management system for the mill. The deliveries are
scheduled to take place during spring and summer 2016.
Other major new orders were peeling lines to Indonesia and Russia.
The order book remained during the second quarter at near-record level,
amounting to EUR 100 million at the end of the period (MEUR 59).
Net sales
Second-quarter net sales amounted to EUR 31.8 million (MEUR 20.3). Technology
services accounted for 37 percent of the Group's total net sales (44%).
Result and profitability
Operating profit in the second quarter was EUR 2.2 million positive (MEUR 0.6
positive) and accounted for 7 percent (+3%) of net sales. The result was EUR
1.7 million positive (MEUR 0.5 positive), and earnings per share were EUR +0.43
(EUR +0.12).
Profitability reflected the level of net sales.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - JUNE 30, 2015
BUSINESS ENVIRONMENT
Market situation in customer industries
Raute's customers in the veneer, plywood and LVL (Laminated Veneer Lumber)
industries are engaged in the manufacture of wood products used in investment
commodities and are thus highly affected by fluctuations in construction,
housing-related consumption, international trade, and transportation.
During the first half of 2015, the situation in the global economy and the
financial markets did not change considerably with respect to Raute or Raute's
customer base. In recent weeks Greece's financing crisis has, however,
reintroduced an element of general uncertainty. Despite this, according to our
estimation, Europe's economic development has improved slightly. In terms of
Russia, the rouble has continued to recover in the first half of this year
following its plummet downwards at the end of last year. Clear economic growth
has still not surfaced, however. Wood products companies focusing on exports
are doing well. China's measures to strengthen its economy do not as yet
support the financing of investments among Raute's customers. In addition the
overheating of the equity markets has steered investments away from production
operations.
Construction activity has remained at a low level in all market areas,
including North America, where the economy in general continues its positive
growth. As a result of the uncertainty Raute's customers' order books have
remained short, which does not make for an attractive environment for
implementing investments.
Demand for maintenance and spare parts services continued at a good level. This
bears testimony to the fact that the utilization rates of Raute's customers'
production facilities mainly remained good.
Demand for wood products technology and technology services
Following the two major projects that started up in March, a major project
proceeded to the main production machinery order phase in April: a significant
production capacity improvement project at a plywood mill in Estonia. Having
three capacity-generating projects taking place simultaneously in Europe within
such a short timeframe is extremely exceptional.
In addition to the projects started up during the first half of the year,
several large projects are still in the planning and negotiation phase in
various market areas but the requirements for making the investment decisions,
i.e. trust in the permanence of demand and the availability of funding, did not
yet materialize. The market impact of the projects announced during the first
half of the year may also defer the implementation of projects currently at the
planning phase.
Even though the North American economy continued to experience strong growth
compared to the rest of the world, the growth of the construction industry has
been clearly slower. Among Raute's customers, demand focused on smaller
modernization projects and technology services, as well as on individual
replacement investments.
The uncertainty resulting from the crisis in Ukraine and the difficulty of
securing financing due to the economic sanctions have caused investment
decisions to be postponed in the Russian markets. However, many investments are
still being prepared actively. The normalization of the market situation in
Russia is not expected to happen anytime soon.
In South America, Raute's customers are continuing to focus on ramping up the
capacity of the large plywood mill investments they have made a few years ago
and no new major investment projects were started up. Replacement investments
also remained at a low 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 comprise complete production machinery for new mills,
production lines and individual machines and equipment. Additionally, Raute's
full-service concept includes comprehensive technology services ranging from
spare parts deliveries to regular maintenance and equipment modernizations, as
well as consulting, training and reconditioned machinery.
The order intake amounted to EUR 115 million (MEUR 67) during the reporting
period. Of new orders, 77 percent came from Europe (69%), 10 percent from North
America (8%), 6 percent from Russia (18%), 4 percent from Asia-Pacific (2%) and
3 percent from South America (3%). The second quarter accounted for EUR 31
million of the order intake.
The new orders included three capacity-generating mill projects to Europe.
In March, Raute received an order from Finland worth EUR 30 million for the
machinery and equipment for an LVL (Laminated Veneer Lumber) production line
and orders for machinery and equipment worth EUR 31 million from Estonia.
At the end of April, Raute received an order worth EUR 13 million for machinery
and equipment for the expansion of UPM Plywood's mill in Otepää, Estonia. The
key equipment included in the delivery are veneer peeling, composing and
patching lines, a veneer dryer and veneer lay-up line. The delivery also
includes machine vision and moisture analysis solutions and a data collection
and management system for the mill. The deliveries are scheduled to take place
during spring and summer 2016.
Order intake in technology services amounted to EUR 19 million (MEUR 21), 10
percent less than in the comparison period. Order intake in modernizations fell
by one third on the comparison period due to new equipment investments on the
part of major modernization customers.
The order book grew during the reporting period by EUR 56 million, amounting to
a near-record EUR 100 million at the end of the period (MEUR 59). Also the
portion of the order book scheduled for 2016 was large considering the time of
year.
COMPETITIVE POSITION
Raute's competitive position has remained good. Raute's solutions help
customers in securing their delivery and service capabilities throughout the
life cycle of the production process or part thereof supplied by Raute. In such
investments, the supplier's overall expertise and extensive and diverse
technology offering play a key role. The competitive edge provided by Raute is
also a major draw when customers select their cooperation partners. Raute's
strong financial position and 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 56,4 million (MEUR 35.3), were up 59
percent on the comparison period. The growth in net sales resulted from a
higher initial order book than in the comparison year, a large volume of order
intake and the timing of the order book.
Of the total net sales for the reporting period, Europe accounted for 63
percent (43%), North America for 12 percent (17%), Russia for 10 percent (17%),
South America for 10 percent (20%), and Asia-Pacific for 5 percent (3%).
Technology services accounted for 39 percent (45%) and EUR 22 million (MEUR 16)
of the Group's total net sales during the period. Net sales for technology
services grew 35 percent on the comparison period, mainly due to modernizations
and spare parts.
RESULT AND PROFITABILITY
Operating profit for the reporting period was EUR 3.4 million positive (MEUR
1.3 negative) and accounted for 6 percent (-4%) of net sales. Profitability
reflected the level of net sales.
The result before taxes for the reporting period was EUR 3.5 million positive
(MEUR 1.3 negative). The result for the reporting period was EUR 2.8 million
positive (MEUR 1.1 negative). Earnings per share (undiluted) were EUR 0.70 (EUR
-0.27).
CASH FLOW AND BALANCE SHEET
The Group's financial position remained good. At the end of the reporting
period, gearing was -46 percent (-39%) and the equity ratio 56 percent (57%).
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 13.8 million (MEUR 12.4)
at the end of the reporting period. Operating cash flow was EUR 12.8 million
positive (MEUR 4.1 positive). Cash flow from investment activities was EUR 0.7
million negative (MEUR 0.7 negative). Cash flow from financing activities was
EUR 2.8 million negative (MEUR 3.6 negative), including dividend payments and
distribution of funds from non-restricted equity of EUR 2.4 million and debt
repayments of EUR 0.6 million.
Interest-bearing liabilities amounted to EUR 2.2 million (MEUR 4.3) 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
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:
March 5, 2015 Raute received an order worth EUR 30 million to Finland
March 24, 2015 Decisions of Raute's Annual General Meeting
March 25, 2015 Change in Raute's Executive Board
March 25, 2015 Raute received a new order worth EUR 31 million to Estonia -
Profit outlook improved
March 26, 2015 Raute Corporation applies for listing of its 2010 stock options
April 24, 2015 Raute received a new order worth EUR 13 million to Estonia
May 7, 2015 Share subscriptions with Raute Corporation's stock options 2010.
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.
Research and development costs in the reporting period amounted to EUR 1.0
million (MEUR 0.8), representing 1.8 percent of net sales (2.2%).
Capital expenditure during the period came to EUR 0.5 million (MEUR 0.8) and
accounted for 0.9 percent (2.3%) of net sales.
PERSONNEL
At the end of the reporting period, the Group's personnel numbered 640 (544).
Group companies outside Finland accounted for 31 percent (28%) of employees.
Converted to full-time employees (“effective headcount”), the average number of
employees was 599 (505) during the reporting period.
The number of employees was increased to meet the loading situation at the main
unit in Nastola.
SHARES
The number of Raute Corporation's shares at the end of the reporting period
totaled 4,030,728, of which 991,161 were series K shares (ordinary share, 20
votes/share) and 3,039,567 series A shares (1 vote/share). The shares have a
nominal value of two euros. Series K and A shares confer equal rights to
dividends and company assets.
Series K shares can be converted to series A shares under the terms set out in
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 OMX Helsinki Ltd. The
trading code is RUTAV. Raute Corporation has signed a market making agreement
with Nordea Bank Finland Plc in compliance with the Liquidity Providing (LP)
requirements issued by NASDAQ OMX Helsinki Ltd.
The company's market capitalization at the end of the reporting period was EUR
48.2 million (MEUR 32.5), with series K shares valued at the closing price of
series A shares on June 30, 2015, i.e. EUR 11.95 (EUR 8.10).
STOCK OPTIONS
At the end of the reporting period, altogether 46,800 of the company's series A
2010 stock options, 77,300 series B stock options and 67,000 series C stock
options were unexercised.
Raute Corporation's 2010 stock options are listed on NASDAQ OMX Helsinki Ltd
under the trading codes RUTAVEW110, RUTAVEW210 and RUTAVEW310. The subscription
period for series A stock options is March 1, 2013 to March 31, 2016 and for
series B stock options 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 subscriptions prices are EUR 5.44, EUR 7.93 and EUR 6.80 and the
closing prices were EUR 6.15, no quotation and EUR 5.95.
Altogether 33,430 series A shares have been subscribed for with Raute's 2010
stock options during the reporting period.
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 1,991 at the beginning of the year and
2,158 at the end of the reporting period. Series K shares were held by 50
private individuals (47) at the end of the reporting period. Nominee-registered
shares accounted for 3.3 percent (3.2%) of shares. The company did not receive
any flagging notifications during the reporting period.
The Board of Directors, the President and CEO as well as the Executive Board
held altogether 229,679 company shares, equaling 5.7 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
Raute Corporation complies with the Finnish Corporate Governance Code 2010 for
listed companies issued by the Securities Market Association on June 15, 2010.
EXECUTIVE BOARD
Petri Lakka, Group Vice President of Raute's Technology Services, has resigned
and is no longer working at Raute. Group Vice President Timo Kangas took charge
of the Technology Services business on April 1, 2015. He will also continue to
be in charge of customer relationships and marketing and the EMEA market area.
Raute Group's Executive Board and the members' areas of responsibility as of
April 1, 2015:
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, Customer Care, Technology Services -
Customer relationships and marketing, technology services, market area EMEA
Petri Strengell, Group Vice President, Supply Chain - Sourcing and production.
ANNUAL GENERAL MEETING 2015
Raute Corporation's Annual General Meeting was held on March 24, 2015. A stock
exchange release on the decisions of the Annual General Meeting was published
on March 24, 2015.
DISTRIBUTION OF PROFITS FOR THE 2014 FINANCIAL YEAR
The company distributed a dividend of EUR 0.40 per share for the 2014 financial
year. The total amount of dividends is EUR 1.6 million, series A shares
accounting for EUR 1,209,626.80 (EUR 603,133.40) and series K shares for EUR
396,464.40 (EUR 198,232.20). The dividend payment date was April 2, 2015.
The company has distributed assets from the invested non-restricted equity
reserve in the amount of EUR 0.20 per share, i.e. a total of EUR 803,045.60, as
a repayment of equity. The date of repayment of equity was April 2, 2015.
BOARD OF DIRECTORS AND BOARD COMMITTEES
At the AGM on March 24, 2015 Mr. Erkki Pehu-Lehtonen was elected Chairman of
the Board, Mr. Mika Mustakallio Vice-Chair, and Mr. Joni Bask, Mr. Risto
Hautamäki, Ms. Päivi Leiwo, and Mr. Pekka Suominen were elected Board members.
The Board of Directors' term of office will continue until the 2016 Annual
General Meeting.
Based on the evaluation of independence, Chairman Mr. Erkki Pehu-Lehtonen and
members Mr. Joni Bask, Mr. Risto Hautamäki, Ms. Päivi Leiwo, Mr. Mika
Mustakallio, and Mr. Pekka Suominen are independent of the company. The
Chairman of the Board (Mr. Erkki Pehu-Lehtonen) and two Board members (Ms.
Päivi Leiwo and Mr. Risto Hautamäki) are independent of major shareholders.
Raute Corporation's Board of Directors has an Appointments Committee and a
Working Committee. The Appointments Committee is chaired by Mr. Erkki
Pehu-Lehtonen and its members are Mr. Mika Mustakallio and Mr. Pekka Suominen.
The Working Committee is chaired by Mr. Erkki Pehu-Lehtonen and its members are
Mr. Mika Mustakallio and Mr. Risto Hautamäki. The Audit Committee's tasks are
handled by the Board of Directors.
AUDITOR
At the Annual General Meeting on March 24, 2015, the authorized public
accounting company PricewaterhouseCoopers was chosen as auditor, with
Authorized Public Accountant Janne Rajalahti as the principal auditor.
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 2014 Board of
Directors' Report and Financial Statements, apart from the impact of the growth
in the order book on the profit outlook.
The most significant risks for Raute in the near term are related to the
implementation of an extremely high order book and work load.
OUTLOOK FOR 2015
The actual development of net sales and profit, and the order book scheduled
for 2015 support Raute's profit outlook. Raute's net sales are expected to grow
clearly in 2015 and operating profit is anticipated to improve clearly from the
previous year.
TABLES SECTION OF THE INTERIM REPORT
The figures for the financial year 2014 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 2015 2014 2015 2014 2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 3,4,5 31 759 20 329 56 366 35 349 94 021
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Change in inventories of -532 263 -219 331 1 672
finished goods and work in
progress
Other operating income 314 7 354 33 72
Materials and services -16 197 -10 154 -28 053 -17 350 -51 775
Employee benefits expense 13 -8 878 -7 000 -17 018 -14 164 -29 304
Depreciation and -716 -476 -1 263 -940 -2 018
amortization
Other operating expenses -3 529 -2 338 -6 740 -4 547 -10 062
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Total operative expenses -29 320 -19 967 -53 074 -37 001 -93 160
--------------------------------------------------------------------------------
OPERATING PROFIT (LOSS) 2 222 632 3 427 -1 288 2 605
--------------------------------------------------------------------------------
% of net sales 7 3 6 -4 3
Financial income -10 65 256 269 605
Financial expenses -61 -58 -173 -270 -400
--------------------------------------------------------------------------------
PROFIT (LOSS) BEFORE TAX 2 151 639 3 510 -1 289 2 810
--------------------------------------------------------------------------------
% of net sales 7 3 6 -4 3
Income taxes -400 -139 -676 206 -449
--------------------------------------------------------------------------------
PROFIT (LOSS) FOR THE PERIOD 1 750 500 2 834 -1 083 2 361
--------------------------------------------------------------------------------
% of net sales 6 2 5 -3 3
Other comprehensive income
items:
Items that will not be reclassified
to profit or loss
Remeasurement of defined benefit 2 2 2 2 2
obligations
Items that may be
subsequently reclassified
to profit or loss
Exchange differences on translating -29 -10 192 -7 201
foreign operations
Cash flow hedges 133 - 133 - -
--------------------------------------------------------------------------------
Comprehensive income items for the 107 -8 328 -5 203
period, net of tax
--------------------------------------------------------------------------------
COMPREHENSIVE PROFIT (LOSS) FOR THE 1 857 492 3 161 -1 088 2 564
PERIOD
--------------------------------------------------------------------------------
Profit (loss) for the period
attributable to
Equity holders of the Parent 1 750 500 2 834 -1 083 2 361
company
Comprehensive profit (loss) for the period
attributable to
Equity holders of the Parent 1 857 492 3 161 -1 088 2 564
company
Earnings per share for profit
(loss) attributable
to Equity holders of the Parent
company, EUR
Undiluted earnings per share 0,43 0,12 0,70 -0,27 0,59
Diluted earnings per share 0,43 0,12 0,70 -0,27 0,59
Shares, 1 000 pcs
Adjusted average number of 4 025 4 007 4 020 4 007 4 010
shares
Adjusted average number of shares 4 036 4 008 4 031 4 008 4 011
diluted
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET 30.6. 30.6. 31.12.
(EUR 1 000) Note 2015 2014 2014
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets 8 2 950 3 571 3 492
Property, plant and equipment 8 7 847 8 253 7 930
Other financial assets 500 500 500
Deferred tax assets 188 42 185
--------------------------------------------------------------------------------
Total non-current assets 11 484 12 366 12 107
--------------------------------------------------------------------------------
Current assets
Inventories 9 368 5 483 7 855
Accounts receivables and other receivables 5 24 205 14 879 27 568
Income tax receivable - 796 684
Cash and cash equivalents 13 799 12 423 4 431
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Total current assets 47 373 33 581 40 539
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL ASSETS 58 857 45 947 52 646
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity attributable to Equity holders of the
Parent company
Share capital 8 062 8 014 8 031
Share issue 101 - -
Fair value reserve and other reserves 5 598 5 931 6 001
Exchange differences 412 12 220
Retained earnings 8 477 7 723 7 722
Profit (loss) for the period 2 834 -1 083 2 361
--------------------------------------------------------------------------------
Share of shareholders' equity that belongs to 25 482 20 596 24 334
the owners of the Parent company
--------------------------------------------------------------------------------
Total equity 25 482 20 596 24 334
--------------------------------------------------------------------------------
Non-current liabilities
Non-current provisions 332 311 314
Deferred tax liability 146 114 238
Non-current interest-bearing liabilities 9 625 1 875 1 250
Pension obligations - 2 2
--------------------------------------------------------------------------------
Total non-current liabilities 1 103 2 302 1 804
--------------------------------------------------------------------------------
Current liabilities
Current provisions 2 256 728 2 201
Current interest-bearing liabilities 9 1 537 2 447 1 512
Current advance payments received 5 13 329 9 580 9 072
Income tax liability 713 7 67
Trade payables and other liabilities 14 436 10 288 13 656
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Total current liabilities 32 271 23 049 26 508
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities 33 375 25 351 28 312
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 58 857 45 947 52 646
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.-30 1.1.-30 1.1.-31
.6. .6. .12.
(EUR 1 000) 2015 2014 2014
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Proceeds from customers 61 975 35 998 89 032
Other operating income 354 33 95
Payments to suppliers and employees -50 015 -31 232 -90 193
--------------------------------------------------------------------------------
Cash flow before financial items and taxes 12 314 4 799 -1 066
Interest paid from operating activities -66 -129 -217
Dividends received from operating activities 97 100 100
Interests received from operating activities 1 2 35
Other financing items from operating activities -111 -50 260
Income taxes paid from operating activities 546 -624 -969
--------------------------------------------------------------------------------
NET CASH FLOW FROM OPERATING ACTIVITIES (A) 12 781 4 098 -1 858
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and -696 -729 -1 461
intangible assets
Proceeds from sale of property, plant and equipment 26 31 361
and intangible assets
--------------------------------------------------------------------------------
NET CASH FLOW FROM INVESTING ACTIVITIES (B) -670 -697 -1 101
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of share capital 199 14 64
Repayments of current borrowings - - -2 000
Repayments of non-current borrowings -625 -1 625 -1 250
Dividends paid and repayment of equity -2 409 -2 003 -2 003
--------------------------------------------------------------------------------
NET CASH FLOW FROM FINANCING ACTIVITIES (C) -2 835 -3 615 -5 189
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C) 9 276 -214 -8 148
--------------------------------------------------------------------------------
increase (+)/decrease (-)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE 4 431 12 658 12 658
PERIOD*
NET CHANGE IN CASH AND CASH EQUIVALENTS 9 276 -214 -8 148
EFFECTS OF EXCHANGE RATE CHANGES ON CASH 93 -21 -79
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD* 13 799 12 423 4 431
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS IN THE BALANCE
SHEET AT THE END OF THE PERIOD*
Cash and cash equivalents 13 799 12 423 4 431
--------------------------------------------------------------------------------
TOTAL 13 799 12 423 4 431
--------------------------------------------------------------------------------
*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, 2015 8 031 0 5 339 662 220 10 083
--------------------------------------------------------------------------------
Comprehensive profit (loss) for
the period
Profit (loss) for the - - - - - 2 834
period
Other comprehensive
income items:
Hedging reserve - - - 133 - -
Exchange differences on - - - - 192 -
translating foreign
operations
--------------------------------------------------------------------------------
Total comprehensive 0 0 0 133 192 2 834
profit (loss) 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 (loss) for
the period
Profit (loss) for the 2 834 2 834
period
Other comprehensive
income items:
Hedging reserve 133 133
Exchange differences on 192 192
translating foreign
operations
--------------------------------------------------------
Total comprehensive 3 159 3 159
profit (loss) 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
--------------------------------------------------------
-------------------------------------------------------------------------
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, 2014 8 010 0 6 498 563 19 8 523
--------------------------------------------------------------------------------
Comprehensive profit (loss) for
the period
Profit (loss) for the - - - - - -1 083
period
Other comprehensive
income items:
Hedging reserve - - - - - -
Exchange differences on - - - - -7 -
translating foreign
operations
--------------------------------------------------------------------------------
Total comprehensive 0 0 0 0 -7 -1 083
profit (loss) for the
period
--------------------------------------------------------------------------------
Transactions with owners
Share-options exercised 4 - 9 - - -
Equity-settled
share-based
transactions - - - 63 - -
Dividends and repayment - - -1 202 - - -801
of equity
--------------------------------------------------------------------------------
Total transactions with 4 0 -1 193 63 0 -801
owners
--------------------------------------------------------------------------------
EQUITY at June, 30, 2014 8 014 0 5 305 626 12 6 640
--------------------------------------------------------------------------------
--------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY (CONTINUE)
--------------------------------------------------------
To the owners
of
(EUR 1 000) the Parent TOTAL
company
--------------------------------------------------------
EQUITY at Jan. 1, 2014 23 613 23 613
--------------------------------------------------------
Comprehensive profit
(loss) for the period
Profit (loss) for the -1 083 -1 083
period
Other comprehensive
income items:
Hedging reserve - -
Exchange differences on -7 -7
translating foreign
operations
Total comprehensive -1 090 -1 090
profit (loss) for the
period
--------------------------------------------------------
Transactions with owners
Share-options exercised 14 14
Equity-settled
share-based
transactions 63 63
Dividends and repayment -2 003 -2 003
of equity
--------------------------------------------------------
Total transactions with -1 927 -1 927
owners
--------------------------------------------------------
EQUITY at June, 30, 2014 20 596 20 596
--------------------------------------------------------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General information
Raute Group is a globally operating technology and service company. Raute's
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL. Raute's technology offering covers
machinery and equipment for the entire production process. Raute's full-service
concept is based on product life-cycle management. In addition to a broad range
of machines and equipment, our solutions cover technology services ranging from
spare parts deliveries to regular maintenance and equipment modernizations.
Raute's head office is located in Nastola, Finland. Its other production plants
are in the Vancouver area in Canada, in the Shanghai area in China, and in
Kajaani, Finland. The company's sales network has a global reach.
Raute Group's Parent company, 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 OMX 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 28, 2015 reviewed the
Interim financial report for January 1 - June 30, 2015, 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, 2015 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 2014.
Raute Corporation's Interim financial report for January 1 - June 30, 2015 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, 2015. 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
2014, with the exception of certain new or revised standards, interpretations
and amendments to existing standards which the Group has applied as of January
1, 2015. The impact of the new and revised standards has been presented in the
Annual financial statements for 2014. The adoption of these standards has not
had an impact on the Interim financial report.
All of the figures presented in the Interim financial report are in thousand
euro, unless otherwise stated. Due to the rounding of the figures in the
financial statement tables, the sums of figures may deviate from the sum total
presented in the table. Figures in parentheses refer to the corresponding
figures in the comparison period.
The preparation of Interim financial report in conformity with IFRS standards
requires management to make certain critical accounting estimates and to
exercise its judgment in applying the Group's accounting policies. Because the
forward-looking estimates and assumptions are based on management's best
knowledge at the reporting date, they comprise risks and uncertainties. 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 2015 2014 2014
----------------------------------------------------------------------------
Net sales 56 366 35 349 94 021
Operating profit (loss) 3 427 -1 288 2 605
Assets 58 857 45 947 52 646
Liabilities 33 375 25 351 28 312
Capital expenditure 511 821 1 675
--------------------------------------------------------------------------------
Assets of the wood products technology 30.6. 30.6. 31.12.
segment by geographical location 2015 % 2014 % 2014 %
--------------------------------------------------------------------------------
Finland 47 759 81 39 313 86 41 532 79
North America 4 626 8 2 452 5 5 222 10
China 4 794 8 2 599 6 4 672 9
Russia 1 307 2 1 294 3 886 2
South America 216 0 165 0 192 0
Other 154 0 124 0 141 0
--------------------------------------------------------------------------------
TOTAL 58 857 100 45 947 100 52 646 100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Capital expenditure of the wood products 30.6. 30.6. 31.12.
technology segment by geographical 2015 % 2014 % 2014 %
location
--------------------------------------------------------------------------------
Finland 432 85 720 88 1 402 84
China 43 8 58 7 139 8
North America 36 7 35 4 118 7
Russia - - 3 0 2 0
South America - - 2 0 3 0
Other - - 3 0 12 1
--------------------------------------------------------------------------------
TOTAL 511 100 821 100 1 675 100
--------------------------------------------------------------------------------
4. Net sales
The main part of the net sales is comprised of project deliveries related to
wood products technology and modernizations in technology services, which are
treated as long-term projects. The rest of the net sales is comprised of
technology services provided to the wood products industry such as spare parts
and maintenance services as well as services provided to the development of
customers' business.
Project deliveries and modernizations related to technology services include
both product and service sales, making it impossible to give a reliable
presentation of the breakdown of the Group's net sales into purely product and
service sales.
Large delivery projects can temporarily increase the shares of various
customers of the Group's net sales to more than ten percent. At the end of the
period, the Group had one customer (2), whose customized share of the Group's
net sales temporarily exceeded ten percent. The sales share of the customer was
12 percent.
----------------------------------------------------------------------------
1.1.-30.6. 1.1.-30.6. 1.1.-31.12.
Net sales by market area 2015 % 2014 % 2014 %
----------------------------------------------------------------------------
EMEA (Europe and Africa) 35 301 63 15 429 43 48 737 52
NAM (North America) 6 511 12 5 914 17 13 167 14
LAM (South America) 5 915 10 7 069 20 12 689 13
CIS (Russia) 5 633 10 5 929 17 16 813 18
APAC (Asia-Pacific) 3 006 5 1 009 3 2 616 3
----------------------------------------------------------------------------
TOTAL 56 366 100 35 349 100 94 021 100
----------------------------------------------------------------------------
Finland accounted for 14 percent (7 %) of net sales.
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
5. Long-term projects 2015 2014 2014
--------------------------------------------------------------------------------
Net sales
Net sales by percentage of completion 45 239 25 390 74 413
Other net sales 11 127 9 959 19 608
--------------------------------------------------------------------------------
TOTAL 56 366 35 349 94 021
--------------------------------------------------------------------------------
Project revenues entered as income from currently
undelivered
long-term projects recognized by percentage of 89 170 95 894 71 178
completion
Amount of long-term project revenues not yet entered 99 086 57 767 42 001
as income (order book)
Projects for which the value by percentage of
completion exceeds
advance payments invoiced
- aggregate amount of costs incurred and recognized 71 269 53 440 51 832
profits less recognized losses
- advance payments received 56 910 46 133 33 709
--------------------------------------------------------------------------------
Gross amount due from customers 14 360 7 308 18 123
--------------------------------------------------------------------------------
Projects for which advance payments invoiced exceed
the value by
percentage of completion
- aggregate amount of costs incurred and recognized 17 803 42 454 19 233
profits less recognized losses
- advance payments received 32 204 51 150 27 153
--------------------------------------------------------------------------------
Gross amount due to customers 14 401 8 696 7 920
--------------------------------------------------------------------------------
Advance payments included in the current liabilities
in the balance sheet
Gross amount due to customers 14 401 8 696 7 920
Other advance payments received, not under -1 072 884 1 152
percentage of completion
--------------------------------------------------------------------------------
Total 13 329 9 580 9 072
--------------------------------------------------------------------------------
Specification of combined asset and liability items
Advance payments paid 1 253 145 891
--------------------------------------------------------------------------------
Advance payments included in inventories in the 1 253 145 891
balance sheet
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
6. Number of personnel, persons 2015 2014 2014
--------------------------------------------------------------------------------
Effective, on average 599 505 530
In books, on average 608 525 545
In books, at the end of the period 640 544 587
- of which personnel working abroad 199 152 193
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
7. Research and development costs 2015 2014 2014
--------------------------------------------------------------------------------
Research and development costs for period -1 040 -785 -1 767
Amortization of previously capitalized development -320 -51 -239
costs
Development costs recognized as an asset in the 138 138 292
balance sheet
--------------------------------------------------------------------------------
Research and development costs entered as expense -1 222 -698 -1 714
for the period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8. Changes in Intangible assets and in Property, 30.6. 30.6. 31.12.
plant and equipment 2015 2014 2014
--------------------------------------------------------------------------------
Intangible assets
Carrying amount at the beginning of the period 13 826 13 372 13 372
Exchange rate differences 68 -12 65
Additions 207 244 497
Reclassification between items 102 -117 -109
--------------------------------------------------------------------------------
Carrying amount at the end of the period 14 203 13 486 13 826
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -10 334 -9 799 -9 799
beginning of the period
Exchange rate differences -37 7 -34
Accumulated depreciation and amortization of -350 117 129
disposals and reclassifications
Depreciation and amortization for the period -533 -240 -630
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -11 253 -9 915 -10 334
of the period
--------------------------------------------------------------------------------
Book value of Intangible assets, at the beginning of 3 492 3 574 3 574
the period
Book value of Intangible assets, at the end of the 2 950 3 571 3 492
period
Property, plant and equipment
Carrying amount at the beginning of the period 43 944 42 670 42 670
Exchange rate differences 280 25 451
Additions 654 578 1 178
Disposals -14 -4 -324
Reclassification between items -102 -8 -31
--------------------------------------------------------------------------------
Carrying amount at the end of the period 44 762 43 260 43 944
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -36 014 -34 274 -34 274
beginning of the period
Exchange rate differences -171 -40 -356
Accumulated depreciation and amortization of - 8 9
disposals and reclassifications
Depreciation and amortization for the period -731 -701 -1 394
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -36 915 -35 007 -36 014
of the period
--------------------------------------------------------------------------------
Book value of Property, plant and equipment, at the 7 930 8 396 8 396
beginning of the period
Book value of Property, plant and equipment, at the 7 847 8 253 7 930
end of the period
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
9. Interest-bearing liabilities 2015 2014 2014
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities recognized 625 1 875 1 250
at amortized cost
Current interest-bearing liabilities 1 537 2 447 1 512
--------------------------------------------------------------------------------
TOTAL 2 162 4 322 2 762
--------------------------------------------------------------------------------
Maturities of the interest-bearing financial liabilities at
June 30, 2015
Financial liability Current Non-curr Total
ent
--------------------------------------------------------------------------------
Loans from financial institutions 1 537 625 2 162
--------------------------------------------------------------------------------
Total 1 537 625 2 162
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
10. Pledged assets and contingent liabilities 2015 2014 2014
--------------------------------------------------------------------------------
On behalf of the Parent company
Business mortgages 7 297 4 376 7 011
Loans from financial institutions 1 875 4 086 2 500
Business mortgages 1 875 4 125 2 500
Mortgage agreements on behalf of subsidiaries
Loans from financial institutions 287 236 262
Other obligations 540 1 263 227
Business mortgages 828 1 499 489
Commercial bank guarantees on behalf of the Parent 21 706 11 806 13 999
company and subsidiaries
Other own obligations
Rental liabilities maturing within one year 904 656 717
Rental liabilities maturing in one to five years 1 743 1 972 1 674
Rental liabilities maturing more than five years - 90 13
--------------------------------------------------------------------------------
Total 2 647 2 719 2 404
--------------------------------------------------------------------------------
11. Related party transactions
No loans are granted to the company's management. On June 30, 2015, the Parent
Company Raute Corporation had no loan receivables from its subsidiaries.
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 2015 2014 2014
-----------------------------------------------------------------------------
Nominal values of forward contracts in foreign currency
Economic hedging
- Related to financing 166 - 348
- Related to the hedging of net sales 4 546 3 559 2 785
Hedge accounting
- Related to the hedging of net sales 4 239 - -
Fair values of forward contracts in foreign currency
Economic hedging
- Related to financing -23 - -7
- Related to the hedging of net sales -124 24 -136
Hedge accounting
- Related to the hedging of net sales 121 - -
Interest rate and currency swap agreements
- Nominal value - 967 -
- Fair value - -36 -
13. Share-based payments
An expense of EUR 12 thousand (EUR 45 thousand) was recognized for the options
to the income statement during the interim period. A total of 15 500 Raute's
series A new shares have been subscribed for with Raute's stock options 2010 A,
2010 B and 2010 C during the interim period. The new shares have been
registered in the Trade Register on May 7, 2015.
The company's share capital is EUR 8 061 456 and the number of company's series
A shares 4 030 728 pieces.
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. An expense of EUR 187 thousand was recognized for the share rewards
to the income statement during the interim period.
14. Dividend distribution and repayment of equity
Raute Corporation's Annual General Meeting held on March 24, 2015, decided,
according to the Board of Directors' proposal, to distribute a dividend of EUR
0,40 per share to be paid for series A and K shares, a total of EUR 1 606
thousand. The dividend payment date was April 2, 2015.
Raute Corporation's Annual General Meeting held on March 24, 2015, decided,
according to the Board of Directors' proposal, to distribute a repayment of
equity EUR 0,20 per share to be paid for series A and K shares, a total of EUR
803 thousand. The payment date was April 2, 2015.
15. Financial assets and liabilities that are measured at fair value
At the end of the reporting period June 30, 2015, 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 2014. 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 2015 2014 2014
------------------------------------------------------------
CNY (Chinese juan) 6,9411 8,4517 8,1883
RUB (Russian rouble) 64,6024 48,0204 51,0113
CAD (Canadian dollar) 1,3772 1,5032 1,4669
USD (US dollar) 1,1159 1,3705 1,3288
SGD (Singapore dollar) 1,5059 1,7281 1,6831
CLP (Chilean peso) 692,3979 758,0075 756,9608
------------------------------------------------------------
30.6. 30.6. 31.12.
Balance sheet, euros 2015 2014 2014
------------------------------------------------------------
CNY (Chinese juan) 6,9587 8,4698 7,6330
RUB (Russian rouble) 62,3550 46,3779 72,3370
CAD (Canadian dollar) 1,3839 1,4589 1,4063
USD (US dollar) 1,1189 1,3658 1,2141
SGD (Singapore dollar) 1,5068 1,7047 1,6058
CLP (Chilean peso) 706,9221 751,1761 756,4665
17. Events after the reporting period
A total of 17 930 Raute's series A new shares have been subscribed for with
Raute's stock options 2010 A, 2010 B and 2010 C. The new shares have been
registered in the Trade Register on July 3, 2015. Raute Corporation's share
capital is EUR 8 097 316 and the total amount of shares is 4 048 658 pieces
after the Trade Register registration.
--------------------------------------------------------------------------------
FINANCIAL DEVELOPMENT 30.6. 30.6. 31.12. 2015 2014 2014
--------------------------------------------------------------------------------
Change in net sales, % 59,5 -18,1 12,9
Exported portion of net sales, % 86,2 92,8 94,3
Return on investment (ROI), % 25,8 -8,2 10,9
Return on equity, ROE, % 22,8 -9,8 9,8
Interest-bearing net liabilities, EUR million -11,6 -8,1 -1,7
Gearing, % -45,7 -39,3 -6,9
Equity ratio, % 56,0 56,6 55,8
Gross capital expenditure, EUR million 0,5 0,8 1,7
% of net sales 0,9 2,3 1,8
Research and development costs, EUR million 1,0 0,8 1,8
% of net sales 1,8 2,2 1,9
Order book, EUR million 100 59 44
Order intake, EUR million 115 67 112
--------------------------------------------------------------------------------
SHARE-RELATED DATA 30.6. 30.6. 31.12.
2015 2014 2014
--------------------------------------------------------------------------------
Earnings per share, (EPS), undiluted, EUR 0,70 -0,27 0,59
Earnings per share, (EPS), diluted, EUR 0,70 -0,27 0,59
Equity to share, EUR 6,33 5,14 6,06
Dividend per share, EUR - - 0,40
Dividend per profit, % - - 68,0
Effective dividend return, % - - 5,50
Repayment of equity from invested - - 0,20
non-restricted equity reserve, EUR
Development in share price (series A shares)
Lowest share price for the period, EUR 7,17 6,90 6,90
Highest share price for the period, EUR 13,59 8,60 8,60
Average share price for the period, EUR 11,11 7,62 7,69
Share price at the end of the period, EUR 11,95 8,10 7,30
Market value of capital stock
- Series K shares, EUR million* 11,8 8,0 7,2
- Series A shares, EUR million 36,3 24,4 22,1
--------------------------------------------------------------------------------
Total, EUR million 48,2 32,5 29,3
--------------------------------------------------------------------------------
*Series K shares valued at the value of series
A shares.
Trading of the company's shares (series A
shares)
Trading of shares, pcs 667 187 359 282 593 682
Trading of shares, EUR million 7,4 2,7 4,6
Number of shares
- Series K shares, ordinary shares (20 votes, 991 161 991 161 991 161
share)
- Series A shares (1 vote/share) 3 039 567 3 015 667 3 024 067
--------------------------------------------------------------------------------
Total 4 030 728 4 006 828 4 015 228
--------------------------------------------------------------------------------
Number of shares, weighted average, 1 000 pcs 4 020 4 007 4 009
Number of shares, diluted, 1 000 pcs 4 031 4 008 4 015
Number of shareholders 2 158 1 963 1 991
--------------------------------------------------------------------------------
DEVELOPMENT OF Q 3 Q 4 Q 1 Q 2 Rolling Rolling
QUARTERLY 2014 2014 2015 2015 1.7.2014 1.7.2013
RESULTS
(EUR 1 000) - -
30.6.2015 30.6.2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 24 693 33 978 24 606 31 759 115 037 75 471
--------------------------------------------------------------------------------
Change in inventories of
finished goods and
work in 631 710 312 -532 1 121 -378
progress
Other operating 67 -28 40 314 393 293
income
Materials and -14 850 -19 574 -11 856 -16 197 -62 478 -36 175
services
Employee -7 117 -8 023 -8 140 -8 878 -32 158 -27 520
benefits
expense
Depreciation -554 -524 -548 -716 -2 341 -2 016
and
amortization
Other operating -2 562 -2 953 -3 211 -3 529 -12 255 -9 760
expenses
--------------------------------------------------------------------------------
Total operating -25 083 -31 075 -23 754 -29 320 -109 232 -75 471
expenses
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OPERATING 308 3 585 1 204 2 222 7 319 -84
PROFIT (LOSS)
--------------------------------------------------------------------------------
% of net sales 1 11 5 7 6 0
Financial 92 244 266 -10 592 532
income
Financial -128 -2 -112 -61 -303 -944
expenses
--------------------------------------------------------------------------------
PROFIT (LOSS) 273 3 826 1 359 2 151 7 608 -496
BEFORE TAX
--------------------------------------------------------------------------------
% of net sales 1 11 6 7 7 -1
Income taxes -22 -633 -276 -400 -1 331 -37
--------------------------------------------------------------------------------
PROFIT (LOSS) 251 3 193 1 083 1 750 6 277 -533
FOR THE PERIOD
--------------------------------------------------------------------------------
% of net sales 1 9 4 6 5 -1
Attributable to
Equity holders 251 3 193 1 083 1 750 6 277 -533
of the Parent
company
Earnings per
share, EUR
Undiluted 0,06 0,80 0,27 0,43 1,56 -0,13
earnings per
share
Diluted 0,06 0,80 0,27 0,43 1,55 -0,13
earnings per
share
Shares, 1 000
pcs
Adjusted 4 007 4 015 4 015 4025 4 020 4 007
average number
of shares
Adjusted
average number
of shares
diluted 4 008 4 017 4 043 4036 4 031 4 008
--------------------------------------------------------------------------------
FINANCIAL Q 3 Q 4 Q 1 Q 2 Rolling Rolling
DEVELOPMENT
QUARTERLY
2014 2014 2015 2015 1.7.2014 1.7.2013
- -
30.6.2015 30.6.2014
--------------------------------------------------------------------------------
Order intake 22 23 84 31 160 96
during the
period, EUR
million
Order book at 56 44 101 100 100 59
the end of the
period, EUR
million
--------------------------------------------------------------------------------
20 LARGEST SHAREHOLDERS AT Total % of Total % of
JUNE 30, 2015 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 - 624 398 624 398 15,5 624 398 2,7
Göran Wilhelm
2. Mandatum - 181 900 181 900 4,5 181 900 0,8
Life
Unit-Linked
3. Laakkonen - 119 919 119 919 3,0 119 919 0,5
Mikko
4. Suominen 48 000 62 429 110 429 2,7 1 022 429 4,5
Pekka
5. Siivonen 50 640 53 539 104 179 2,6 1 066 339 4,7
Osku Pekka
6. Kirmo Kaisa 55 680 48 341 104 021 2,6 1 161 941 5,1
Marketta
7. Suominen 48 000 54 316 102 316 2,5 1 014 316 4,4
Tiina
Sini-Maria
8. Relander - 85 000 85 000 2,1 85 000 0,4
Harald
9. Keskiaho 33 600 51 116 84 716 2,1 723 116 3,2
Kaija Leena
10. Mustakallio 57 580 26 270 83 850 2,1 1 177 870 5,2
Mika Tapani
11. Särkijärvi 60 480 22 009 82 489 2,0 1 231 609 5,4
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 1,5 880 847 3,9
Marja Helena
14. Särkijärvi 12 000 43 256 55 256 1,4 283 256 1,2
Timo
15. 12 000 43 256 55 256 1,4 283 256 1,2
Särkijärvi-Mar
tinez Anu
Riitta
16. Mustakallio 53 240 - 53 240 1,3 1 064 800 4,7
Ulla Sinikka
17. Suominen 24 960 27 964 52 924 1,3 527 164 2,3
Jukka Matias
18. Keskinäinen - 51 950 51 950 1,3 51 950 0,2
työeläkevakuut
usyhtiö Varma
19. Suominen 48 000 - 48 000 1,2 960 000 4,2
Jussi
20. Keskiaho 24 780 19 809 44 589 1,1 515 409 2,3
Marjaana
--------------------------------------------------------------------------------
TOTAL 632 680 1 532 019 2 164 699 53,7 14 185 619 62,0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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
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 2,1 1 177 870 5,2
Mika Tapani
4. Kirmo Kaisa 55 680 48 341 104 021 2,6 1 161 941 5,1
Marketta
5. Siivonen 50 640 53 539 104 179 2,6 1 066 339 4,7
Osku Pekka
6. Mustakallio 53 240 - 53 240 1,3 1 064 800 4,7
Ulla Sinikka
7. Suominen 48 000 62 429 110 429 2,7 1 022 429 4,5
Pekka
8. Suominen 48 000 54 316 102 316 2,5 1 014 316 4,4
Tiina
Sini-Maria
9. Suominen 48 000 - 48 000 1,2 960 000 4,2
Jussi
10. Mustakallio 43 240 16 047 59 287 1,5 880 847 3,9
Marja Helena
11. Mustakallio 42 240 - 42 240 1,0 844 800 3,7
Risto Knut
kuolinpesä
12. Keskiaho 33 600 51 116 84 716 2,1 723 116 3,2
Kaija Leena
13. Sundholm - 624 398 624 398 15,5 624 398 2,7
Göran Wilhelm
14. Keskiaho 29 680 - 29 680 0,7 593 600 2,6
Vesa Heikki
15. Keskiaho 27 880 6 816 34 696 0,9 564 416 2,5
Juha-Pekka
16. Kirmo Lasse 27 645 7 621 35 266 0,9 560 521 2,5
17. Suominen 24 960 27 964 52 924 1,3 527 164 2,3
Jukka Matias
18. Keskiaho 24 780 19 809 44 589 1,1 515 409 2,3
Marjaana
19. Kultanen 22 405 8 031 30 436 0,8 456 131 2,0
Leea Annikka
20. Molander 20 160 - 20 160 0,5 403 200 1,8
Sole
--------------------------------------------------------------------------------
TOTAL 778 690 1 029 206 1 807 896 44,9 16 603 006 72,6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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,
2015
The Board of 122 830 106 849 229 679 5,7 2 563 449 11,2
Directors, The
Group's President
and CEO and
Executive Board*
--------------------------------------------------------------------------------
TOTAL 122 830 106 849 229 679 5,7 2 563 449 11,2
--------------------------------------------------------------------------------
*The figures include the holdings of
their own, minor children and control
entities.
--------------------------------------------------------------------------------
Nominee-registered - 131 698 131 698 3,3 131 698 0,6
shares at June 30,
2015
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RAUTE CORPORATION
Board of Directors
BRIEFING ON JULY 28, 2015 AT 2 P.M.:
A briefing will be organized for analysts, investors and the media on July 28,
2015 at 2 p.m. at Scandic Simonkenttä Hotel, Roba cabinet, Simonkatu 9,
Helsinki. The interim report will be presented by Mr. Tapani Kiiski, President
and CEO, and Ms. Arja Hakala, CFO.
NEXT INTERIM REPORT:
Raute Corporation's interim report for January 1-September 30, 2015 will be
published on Friday, October 30, 2015.
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 OMX Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF:
Raute is a technology and service company that operates worldwide. Raute's
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL (Laminated Veneer Lumber). The technology
offering covers machinery and equipment for the entire production process. As a
supplier of mill-scale projects, Raute is a global market leader both in the
plywood and LVL industries. Additionally, Raute's full-service concept includes
technology services ranging from spare parts deliveries to regular maintenance
and equipment modernizations. Raute's head office is located in Nastola,
Finland. Its other production plants are in the Vancouver area of Canada, in
the Shanghai area of China, and in Kajaani, Finland. Raute's net sales in 2014
were EUR 94.0 million. The Group's headcount at the end of 2014 was 587.
More information about the company can be found at www.raute.com.
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