2014-07-29 08:02:59 CEST
2014-07-29 08:04:03 CEST
REGULATED INFORMATION
Raute - Interim report (Q1 and Q3)
Raute Corporation - Interim report January 1 - June 30, 2014
Nastola, Finland, 2014-07-29 08:02 CEST (GLOBE NEWSWIRE) -- RAUTE CORPORATION
INTERIM REPORT JULY 29, 2014 AT 9:00 A.M.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - JUNE 30, 2014
- The Group's net sales, EUR 35.3 million (MEUR 43.2), declined 18% on the
comparison period. The order intake was EUR 67 million (MEUR 34).
- The operating profit was EUR -1.3 million (MEUR +0.6). The profit before
taxes was EUR -1.3 million (MEUR +0.8).
- Earnings per share were EUR -0.27 (EUR +0.16).
- Net sales for the second quarter were EUR 20.3 million and operating profit
was EUR 0.6 million positive. The order intake was EUR 51 million. The order
book at the end of the reporting period amounted to EUR 59 million.
- The outlook for financial performance remains unchanged. Raute's net sales
are expected to grow in 2014 and operating profit to improve from 2013.
TAPANI KIISKI, PRESIDENT AND CEO: STRONG ORDER BOOK, PROFITS WILL BE MADE IN
THE SECOND HALF OF THE YEAR
In the second quarter of 2014, we received orders for two larger projects that
had been in the pipeline for some time. After successfully gaining these
transactions, we have reason to be satisfied with our order intake. Our order
book also reached a good level.
Despite the highly publicized weak state of the European economy, Europe
clearly remains our most important and largest market this year. The Russian
market, traditionally very important for Raute, is still shrouded in
uncertainty, due to its weak economic development and to the tense situation
caused by the crisis in Ukraine. Projects that have been in the planning phase
are still under negotiation in various market areas, and I am confident that
our order book will develop favorably even in the latter part of the year. I do
not, however, believe that the recent market development is an indication of a
real change in the market situation. It's really about projects that have been
in planning for a long time entering the realization phase. It is also worth
noting the low number of single, mid-sized, complete machine line projects.
Brisk demand for technology services, on the other hand, indicates a high level
of production among most of our customers.
In line with the scheduling of the order book, our second-quarter net sales
grew from the very low level of the first quarter, and we achieved a positive
result corresponding to the level of net sales in the second quarter. Thanks to
the new orders we have received, our net sales will grow clearly in the second
half of 2014, and, in keeping with our earlier estimates, our result will
improve. In early June, the first Dragon peeling lines that we developed for
the Chinese market were started up successfully. Although right now the lines
have little bearing on our net sales, they have opened the door to future
opportunities, and our expectations are high.
A significant part of our order book will be recognized in the latter half of
the year, and successfully seeing it through will be a challenge for our
organization in all areas of our operations. In the second half of 2012 we
faced a similar workload, and based on our performance then, I am confident
that our professional and committed personnel will succeed this time, too. We
also do not see any significant technological risks in our new orders.
Accordingly, we will achieve the growth in net sales and profit in line with
our estimates.
SECOND QUARTER OF 2014
Order intake and order book
The order intake in the second quarter, EUR 51 million (MEUR 24), was at a good
level. Technology services accounted for EUR 15 million (MEUR 9) of the order
intake.
The new orders included two projects aimed at boosting production capacity in
Poland. More than EUR 8 million worth of equipment will be delivered for the
first phase of a new softwood plywood mill being built beside the company
Paged's plywood mill in Morag, Poland. An order worth roughly EUR 23 million
for machinery and equipment required for producing laminated veneer lumber
(LVL) will be delivered to Steico's future LVL mill in Czarna Woda, Poland.
Other major new orders included 18 veneer analyzers based on machine vision and
moisture analysis technology for UPM Kymmene Wood. It is the largest single
order ever received by Raute's Mecano unit in Kajaani, Finland.
The order book grew during the second quarter by EUR 31 million and was more
than double the level of the comparison period, amounting to EUR 59 million at
the end of the period (MEUR 40).
Net sales
Second-quarter net sales amounted to EUR 20.3 million (MEUR 19.8).
Technology services accounted for 44 percent of the Group's total net sales
(42%).
Result and profitability
Operating profit for the second quarter was EUR 0.6 million positive (MEUR 0.3
negative) and accounted for +3 percent (-1%) of net sales. The profit was EUR
0.5 million positive (MEUR 0.2 negative). Earnings per share were EUR +0.12
(EUR -0.05).
The Group's profitability reflects the level of net sales.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - JUNE 30, 2014
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.
The situation in the global economy and the financial markets in the first half
of 2014 has not changed considerably with respect to Raute or Raute's customer
base. The uncertainty and tension persisted. In North America, the upswing in
the construction market has continued, as it has in some parts of Europe.
Russia's economic situation remained weak, which has been reflected in, for
example, low investment volumes and the weakening ruble - even before the
crisis in Ukraine. The uncertainty caused by the crisis in Ukraine has weakened
the situation further.
Despite the unsettled market situation, the production volumes and capacity
utilization rates of Raute's customers have mainly been at a good level, and
their operations have been profitable. As a result of the above-mentioned
uncertainty, however, the order books are often short, which means the
situation is not conducive to realizing significant investments. The
significant orders received by Raute in the second quarter are the result of
long-term groundwork.
Demand for wood products technology and technology services
A few large projects in Raute's customer base that had been in the planning
phases were initiated in the second quarter. Where Russia is concerned, the
concrete reason for some projects being delayed is the uncertainty arising from
the situation in Ukraine. A number of smaller projects involving single
production lines and modernizations have also been postponed. It is difficult
to forecast when demand in the Russian market will recover so as to generate
concrete orders. In other market areas, plans are being made to realize
projects as usual.
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 remained, for the most part, good.
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.
During the reporting period, order intake, EUR 67 million (MEUR 34), was nearly
double that of the comparison period. The second quarter accounted for EUR 51
million of the order intake.
Of the new orders, 69 percent came from Europe (28%), 18 percent from Russia
(28%), 8 percent from North America (26%), 3 percent from South America (13%)
and 2 percent from Asia-Pacific (5%). The strong fluctuations in the
distribution of new orders between the various market areas are typical for
project-focused business.
Among the new orders were two projects aimed at boosting production capacity in
Poland. More than EUR 8 million worth of equipment will be delivered for a new
softwood plywood mill being built beside the company Paged's plywood mill in
Morag, Poland. An order worth roughly EUR 23 million for machinery and
equipment required for producing laminated veneer lumber (LVL) will be
delivered to the German company Steico's future LVL mill in Czarna Woda,
Poland.
Other major new orders included 18 veneer analyzers based on machine vision and
moisture analysis technology for UPM Kymmene Wood. It is the largest single
order ever received by Raute's Mecano unit in Kajaani, Finland.
Order intake in technology services amounted to EUR 21 million (MEUR 18), an
increase of 17 percent on the comparison period. The growth resulted primarily
from modernization orders.
The order book grew during the reporting period by EUR 31 million, amounting to
EUR 59 million at the end of the period (MEUR 40).
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 equipment or service offered 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 totaled EUR 35.3 million (MEUR 43.2), down
18 percent on the comparison period. The decline resulted from the low order
intake at the end of 2013 and at the start of the reporting period, and from
the scheduling of the order book.
Of the total net sales for the reporting period, Europe accounted for 43
percent (47%), South America for 20 percent (24%), Russia for 17 percent (15%),
North America for 17 percent (10%), and Asia-Pacific for 3 percent (5%).
Technology services accounted for 45 percent (33%) and EUR 16.1 million (MEUR
14.4) of the Group's total net sales during the period. Technology services
recorded net sales growth of 12 percent on the comparison period, mainly due to
modernizations.
RESULT AND PROFITABILITY
Operating profit for the reporting period was EUR 1.3 million negative (MEUR
0.6 positive) and accounted for -4 percent of net sales (1%). The negative
operating profit was due to low net sales in the first quarter.
The profit before tax for the reporting period was EUR 1.3 million negative
(MEUR 0.8 positive). The profit for the reporting period was EUR 1.1 million
negative (MEUR 0.7 positive). Earnings per share (undiluted) were EUR -0.27
(EUR +0.16).
CASH FLOW AND BALANCE SHEET
The Group's financial position remained good. At the end of the reporting
period, gearing was -39 percent (-49%) and the equity ratio 57 percent (53%).
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 12.4 million (MEUR 19.8)
at the end of the reporting period. Operating cash flow was EUR 4.1 million
positive (MEUR 6.2 positive). Cash flow from investment activities totaled EUR
0.7 million negative (MEUR 1.2 negative). Cash flow from financing activities
was EUR 3.6 million negative (MEUR 4.7 negative), including dividend payments
and distribution of funds from non-restricted equity of EUR 2.0 million and
debt repayments of EUR 1.6 million.
Interest-bearing liabilities amounted to EUR 4.3 million (MEUR 8.6) 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 17
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:
February 12, 2014 Long-term share-based incentive plan for Raute's upper
management for the years 2014-2018
February 25, 2014 Share subscription with Raute Corporation's 2010 A stock
options
March 31, 2014 Decisions by Raute's Annual General Meeting 2014
June 6, 2014 Raute received an order valued at more than EUR 8 million from
Poland
June 26, 2014 Raute received an order valued at EUR 23 million from engineered
wood products company Steico.
RESEARCH AND DEVELOPMENT COSTS AND CAPITAL EXPENDITURE
Raute's goal is to be the leading technology supplier in its field, and to
invest strongly in continuous research and development, particularly in plywood
and LVL manufacturing technology and the supporting by-product handling,
automation and instrumentation applications, especially machine vision.
Research and development costs in the reporting period totaled EUR 0.8 million
(MEUR 1.4), representing 2.2 percent of net sales (3.1%).
Capital expenditure during the period totaled EUR 0.8 million (MEUR 1.8) and
accounted for 2.3 percent (4.1%) of net sales.
PERSONNEL
At the end of the reporting period, the Group's personnel numbered 544 (533).
Group companies outside Finland accounted for 28 percent (26%) of employees.
Converted to full-time employees (“effective headcount”), the average number of
employees was 505 (503) during the reporting period.
The temporary lay-offs that started at the end of 2013 at the company's Nastola
and Jyväskylä units for a maximum of 90 days continued into June.
In a business transaction carried out at the end of March, Raute Corporation
sold the Jyväskylä unit's engineering operations to Insinööritoimisto Comatec
Oy. The eight engineers who worked in the unit transferred to the employ of
Comatec as senior employees as of April 1, 2014. The business transaction is in
line with Raute's strategy and reinforces its ability to adjust to the markets'
rapid and changing need for resources.
SHARES
The number of Raute Corporation's shares at the end of the reporting period
totaled 4,006,828, of which 991,161 were series K shares (ordinary share, 20
votes/share) and 3,015,667 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
32.5 million (MEUR 35.0), with series K shares valued at the closing price of
series A shares on June 30, 2014, that is EUR 8.10 (EUR 8.74).
STOCK OPTION SCHEME 2010
At the end of the reporting period, the Group's key personnel held altogether
77,930 of the company's series 2010 A stock options, 80,000 series B stock
options and 75,000 series C stock options. The subscription period for series A
stock options began on March 1, 2013 and for series B stock options on March 1,
2014. On February 4, 2014, a total of 2,070 new series A shares were subscribed
for under the series A stock option rights. More detailed information
concerning the stock option system is available on the company's website.
SHAREHOLDERS
The number of shareholders totaled 1,915 at the beginning of the year and 1,963
at the end of the reporting period. Series K shares were held by 47 private
individuals (49) at the end of the reporting period. Nominee-registered shares
accounted for 3.2 percent (3.3%) of shares. No flagging notifications were
given to the company during the reporting period.
The Board of Directors, the President and CEO as well as the Executive Board
held altogether 234,929 company shares, equaling 5.9 percent (5.8%) 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.
Raute deviates from the Code's recommendation 22 on appointing members to the
Appointments Committee in that one member to the Committee is elected from
outside the Board of Directors, as per the company's Administrative
Instructions, from among the representatives of major shareholders who have
significant voting rights. The Board views this exception as justified, taking
into consideration the company's ownership structure and the possibility to
consider the expectations of major shareholders as early as in the preparation
phase of selecting members of the Board of Directors.
ANNUAL GENERAL MEETING 2014
Raute Corporation's Annual General Meeting was held on March 31, 2014. A stock
exchange release on the decisions of the Annual General Meeting was published
on March 31, 2014.
DISTRIBUTION OF PROFITS FOR THE 2013 FINANCIAL YEAR
The Annual General Meeting held on March 31, 2014 decided to pay a dividend of
EUR 0.20 per share for the financial year 2013. The total amount of dividends
is EUR 0.8 million, with series A shares accounting for EUR 603,133.40 (EUR
1,506,798.50) and series K shares for EUR 198,232.20 (EUR 495,580.50). The
dividend payment date was April 10, 2014.
The Annual General Meeting on March 31, 2014 resolved, on the basis of the
balance sheet adopted in respect of the financial year ended on 31 December
2013, on the repayment of assets from the invested non-restricted equity
reserve in the amount of EUR 0.30 per share, i.e. a total of EUR 1,202,048.40
and the remainder, EUR 5,296,293.53, to be retained in equity. The date of
repayment of equity was April 10, 2014.
BOARD OF DIRECTORS AND BOARD COMMITTEES
At the AGM on March 31, 2014 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-Svensk, and Mr. Pekka Suominen were elected Board
members. The Board of Directors' term of office will continue until the 2015
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-Svensk, 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-Svensk and Mr. Risto Hautamäki) are independent of major
shareholders.
Raute Corporation's Board of Directors has an Appointments Committee and a
Working Committee. The Appointments Committee is chaired by Mr. Erkki
Pehu-Lehtonen and its members are Mr. Mika Mustakallio and Mr. Ville Korhonen,
who was elected by the major shareholders from amongst their number. The
Working Committee is chaired by Mr. Erkki Pehu-Lehtonen and its members are Mr.
Mika Mustakallio and Mr. Risto Hautamäki. The Audit Committee's tasks are
handled by the Board of Directors.
AUDITOR
At the Annual General Meeting on March 31, 2014, 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 are driven by the global economic situation and the
uncertainty concerning the development of the financial markets. During the
reporting period, there were no essential changes in the business risks
described in the 2013 Board of Directors' Report and Financial Statements.
The most significant risks for Raute in the near term are related to the
development of net sales and profitability. The heavy workload at the end of
the year in all of Raute's manufacturing units as a result of the scheduling of
the order book will increase cost, scheduling and quality risks. The continuing
crisis in Ukraine has contributed to the uncertainty surrounding the
realization of new investments in Russia in the near future.
OUTLOOK FOR 2014
Raute's business operations are characterized by the sensitivity of investment
commodity demand to cyclical fluctuations in the global economy and the
financial markets.
No changes have occurred in Raute's profit outlook for the whole of 2014. Based
on the order book and ongoing negotiations, Raute's net sales are expected to
grow in 2014 and operating profit to improve from 2013.
TABLES SECTION OF THE INTERIM REPORT
The figures for the financial year 2013 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 2014 2013 2014 2013 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 3,4,5 20 329 19 766 35 349 43 152 83 274
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Change in inventories of 263 -610 331 -246 -954
finished goods and work in
progress
Other operating income 7 15 33 35 295
Materials and services -10 154 -8 906 -17 350 -21 885 -40 711
Employee benefits expense 13 -7 000 -7 190 -14 164 -14 061 -27 417
Depreciation and -476 -619 -940 -1 098 -2 174
amortization
Other operating expenses -2 338 -2 740 -4 547 -5 272 -10 485
--------------------------------------------------------------------------------
Total operative expenses -19 967 -19 456 -37 001 -42 318 -80 787
--------------------------------------------------------------------------------
OPERATING PROFIT (LOSS) 632 -286 -1 288 623 1 828
--------------------------------------------------------------------------------
% of net sales 3 -1 -4 1 2
Financial income 65 72 269 472 735
Financial expenses -58 -75 -270 -299 -974
--------------------------------------------------------------------------------
PROFIT (LOSS) BEFORE TAX 639 -289 -1 289 796 1 589
--------------------------------------------------------------------------------
% of net sales 3 -1 -4 2 2
Income taxes -139 96 206 -150 -394
--------------------------------------------------------------------------------
PROFIT (LOSS) FOR THE PERIOD 500 -193 -1 083 646 1 196
--------------------------------------------------------------------------------
% of net sales 2 -1 -3 1 1
Other comprehensive income items:
Items that will not be reclassified to
profit or loss
Remeasurement of defined benefit 2 - 2 - 84
obligations
Items that may be
subsequently reclassified
to profit or loss
Exchange differences on translating -10 19 -7 13 -83
foreign operations
Comprehensive income items for the -8 19 -5 13 1
period, net of tax
--------------------------------------------------------------------------------
COMPREHENSIVE PROFIT (LOSS) FOR THE 492 -174 -1 088 659 1 196
PERIOD
--------------------------------------------------------------------------------
Profit (loss) for the period
attributable to
Equity holders of the Parent 500 -193 -1 083 646 1 196
company
Comprehensive profit (loss) for the period
attributable to
Equity holders of the Parent 492 -174 -1 088 659 1 196
company
Earnings per share for profit
(loss) attributable
to Equity holders of the Parent
company, EUR
Undiluted earnings per share 0,12 -0,05 -0,27 0,16 0,30
Diluted earnings per share 0,12 -0,05 -0,27 0,16 0,30
Shares, 1 000 pcs
Adjusted average number of 4 007 4 005 4 007 4 005 4 005
shares
Adjusted average number of 4 008 4 013 4 008 4 013 4 013
shares diluted
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET 30.6. 30.6. 31.12.
(EUR 1 000) Note 2014 2013 2013
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets 8 3 571 3 558 3 574
Property, plant and equipment 8 8 253 8 147 8 396
Other financial assets 500 789 500
Deferred tax assets 42 133 96
--------------------------------------------------------------------------------
Total non-current assets 12 366 12 628 12 565
--------------------------------------------------------------------------------
Current assets
Inventories 5 483 5 628 5 047
Accounts receivables and other 5 14 879 15 778 18 329
receivables
Income tax receivable 796 20 183
Cash and cash equivalents 12 423 19 839 12 658
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Total current assets 33 581 41 265 36 218
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL ASSETS 45 947 53 893 48 783
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity attributable to Equity
holders of the Parent company
Share capital 8 014 8 010 8 010
Fair value reserve and other 5 931 6 947 7 061
reserves
Exchange differences 12 116 20
Retained earnings 7 723 7 164 7 327
Profit (loss) for the period -1 083 646 1 196
--------------------------------------------------------------------------------
Share of shareholders' equity 20 596 22 883 23 613
that belongs to the owners of
the Parent company
--------------------------------------------------------------------------------
Total equity 20 596 22 883 23 613
--------------------------------------------------------------------------------
Non-current liabilities
Non-current provisions 311 64 460
Deferred tax liability 114 304 423
Non-current interest-bearing 9 1 875 4 139 2 500
liabilities
Pension obligations 2 88 4
--------------------------------------------------------------------------------
Total non-current liabilities 2 302 4 595 3 387
--------------------------------------------------------------------------------
Current liabilities
Current provisions 728 979 775
Current interest-bearing 9 2 447 4 497 3 481
liabilities
Current advance payments 5 9 580 10 837 7 099
received
Income tax liability 7 82 3
Trade payables and other 10 288 10 020 10 425
liabilities
--------------------------------------------------------------------------------
Total current liabilities 23 049 26 416 21 783
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities 25 351 31 010 25 170
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 45 947 53 893 48 783
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH 1.1.-30 1.1.-30 1.1.-31
FLOWS .6. .6. .12.
(EUR 1 000) 2014 2013 2013
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING
ACTIVITIES
Proceeds from customer 35 998 45 277 76 836
Other operating income 33 35 295
Payments to suppliers and -31 232 -39 312 -73 187
employees
--------------------------------------------------------------------------------
Cash flow before financial items 4 799 6 000 3 944
and taxes
Interest paid from operating -129 -209 -364
activities
Dividends received from 100 180 180
operating activities
Interests received from 2 102 122
operating activities
Other financing items from -50 105 153
operating activities
Income taxes paid from operating -624 2 -329
activities
--------------------------------------------------------------------------------
NET CASH FLOW FROM OPERATING ACTIVITIES 4 098 6 181 3 704
(A)
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING
ACTIVITIES
Purchase of property, plant and equipment and -729 -1 194 -3 226
intangible assets
Proceeds from sale of property, plant and equipment 31 36 53
and intangible assets
Purchase of investments - - -3
--------------------------------------------------------------------------------
NET CASH FLOW FROM INVESTING ACTIVITIES -697 -1 157 -3 176
(B)
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING
ACTIVITIES
Proceeds from issue of share 14 - -
capital
Repayments of current borrowings - -1 100 -2 100
Repayments of non-current -1 625 -1 625 -3 250
borrowings
Dividends paid and repayment of -2 003 -2 002 -2 002
equity
--------------------------------------------------------------------------------
NET CASH FLOW FROM FINANCING ACTIVITIES -3 615 -4 727 -7 352
(C)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C) -214 296 -6 825
--------------------------------------------------------------------------------
increase (+)/decrease (-)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE 12 658 19 548 19 548
PERIOD*
NET CHANGE IN CASH AND CASH EQUIVALENTS -214 296 -6 825
EFFECTS OF EXCHANGE RATE CHANGES ON CASH -21 -5 -66
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD* 12 423 19 839 12 658
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS IN THE BALANCE
SHEET AT THE END OF THE PERIOD*
Cash and cash equivalents 12 423 19 839 12 658
--------------------------------------------------------------------------------
TOTAL 12 423 19 839 12 658
--------------------------------------------------------------------------------
*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 Invested Other Exchang Retaine
non-restric e d
ted
(EUR 1 000) capita equity reserve differe earning
l reserve s nces s
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2014 8 010 6 498 563 19 8 523
--------------------------------------------------------------------------------
Comprehensive profit (loss) for
the period
Profit (loss) for the period - - - - -1 083
Other comprehensive income
items:
Exchange differences on - - - -7 -
translating foreign operations
--------------------------------------------------------------------------------
Total comprehensive profit 0 0 0 -7 -1 083
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Share options excercised 4 9
Equity-settled share-based
transactions - - 63 - -
Dividends and repayment of - -1 202 - - -801
equity
--------------------------------------------------------------------------------
Total transactions with owners 4 -1 193 63 0 -801
--------------------------------------------------------------------------------
EQUITY at June 30, 2014 8 014 5 305 626 12 6 640
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(CONTINUE)
--------------------------------------------------------------------------------
To the owners of
(EUR 1 000) the Parent company TOTAL
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2014 23 613 23 613
--------------------------------------------------------------------------------
Comprehensive profit (loss) for
the period
Profit (loss) for the period -1 083 -1 083
Other comprehensive income
items:
Exchange differences on -7 -7
translating foreign operations
--------------------------------------------------------------------------------
Total comprehensive profit -1 090 -1 090
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Share options excercised 14 14
Equity-settled share-based
transactions 63 63
Dividends and repayment of -2 003 -2 003
equity
--------------------------------------------------------------------------------
Total transactions with owners -1 927 -1 927
--------------------------------------------------------------------------------
EQUITY at June 30, 2014 20 596 20 596
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
Share Invested Other Exchang Retaine
non-restric e d ted
(EUR 1 000) capita equity reserve differe earning
l reserve s nces s
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2013 8 010 6 498 364 103 9 166
--------------------------------------------------------------------------------
Comprehensive profit (loss) for
the period
Profit (loss) for the period - - - - 646
Other comprehensive income
items:
Exchange differences on - - - 13 -
translating foreign operations
Total comprehensive profit 0 0 0 13 646
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions - - 85 - -
Dividends and repayment of - - - - -2 002
equity
--------------------------------------------------------------------------------
Total transactions with owners 0 0 85 0 -2 002
--------------------------------------------------------------------------------
EQUITY at June 30, 2013 8 010 6 498 449 116 7 809
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(CONTINUE)
--------------------------------------------------------------------------------
To the owners of
(EUR 1 000) the Parent company TOTAL
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2013 24 141 24 141
--------------------------------------------------------------------------------
Comprehensive profit (loss) for
the period
Profit (loss) for the period 646 646
Other comprehensive income
items:
Exchange differences on 13 13
translating foreign operations
Total comprehensive profit 659 659
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions 85 85
Dividends and repayment of -2 002 -2 002
equity
--------------------------------------------------------------------------------
Total transactions with owners -1 917 -1 917
--------------------------------------------------------------------------------
EQUITY at June 30, 2013 22 883 22 883
--------------------------------------------------------------------------------
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 29, 2014 reviewed the
Interim financial report for January 1 - June 30, 2014, 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, 2014 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 2013.
Raute Corporation's Interim financial report for January 1 - June 30, 2014 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, 2014. The notes to the Interim financial statements also
comply with Finnish accounting legislation. The presented Interim financial
report figures have not been audited.
The Interim financial report has been prepared according to the same
accounting principles as those applied in the Annual financial statement for
2013, with the exception of certain new or revised standards, interpretations
and amendments to existing standards which the Group has applied as of January
1, 2014. The impact of the new and revised standards has been presented in the
Annual financial statements for 2013. 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 2014 2013 2013
----------------------------------------------------------------------------
Net sales 35 349 43 152 83 274
Operating profit (loss) -1 288 623 1 828
Assets 45 947 53 893 48 783
Liabilities 25 351 31 010 25 170
Capital expenditure 821 1 768 3 188
--------------------------------------------------------------------------------
Assets of the wood products 30.6. 30.6. 31.12.
technology
segment by geographical 2014 % 2013 % 2013 %
location
--------------------------------------------------------------------------------
Finland 39 313 86 47 787 89 40 492 83
China 2 599 6 2 401 4 2 926 6
North America 2 452 5 2 337 4 3 914 8
Russia 1 294 3 1 146 2 1 114 2
South America 165 0 166 0 198 0
Other 124 0 56 0 140 0
--------------------------------------------------------------------------------
TOTAL 45 947 100 53 893 100 48 783 100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Capital expenditure of the 30.6. 30.6. 31.12.
wood products
technology segment by 2014 % 2013 % 2013 %
geographical location
--------------------------------------------------------------------------------
Finland 720 88 1 358 77 2 324 73
China 58 7 391 22 837 26
North America 35 4 13 1 15 0
Russia 3 0 2 0 3 0
South America 2 0 1 0 1 0
Other 3 0 4 0 8 0
--------------------------------------------------------------------------------
TOTAL 821 100 1 768 100 3 188 100
--------------------------------------------------------------------------------
4. Net sales
The main part of the net sales is comprised of project deliveries related to
wood products technology and modernizations in
technology services, which are treated as long-term projects. The rest of the
net sales is comprised of technology services
provided to the wood products industry such as spare parts and maintenance
services as well as services provided to the
development of customers'
business.
Project deliveries and modernizations related to technology services include
both product and service sales, making it impossible
to give a reliable presentation of the breakdown of the Group's net sales
into purely product and service sales.
Large delivery projects can temporarily increase the shares of various customers
of the Group's net sales to more than ten
percent. At the end of the period, the Group had two customers (2), whose
customized share of the Group's net sales
temporarily exceeded ten percent. The total share of
these customers was 24 percent.
--------------------------------------------------------------------------------
1.1.-30. 1.1.-30. 1.1.-31.1
6. 6. 2.
Net sales by market area 2014 % 2013 % 2013 %
--------------------------------------------------------------------------------
EMEA (Europe and Africa) 15 429 43 20 303 47 33 697 40
LAM (South America) 7 069 20 10 152 24 18 020 22
CIS (Russia) 5 929 17 6 433 15 16 291 19
NAM (North America) 5 914 17 4 230 10 11 432 14
APAC (Asia-Pacific) 1 009 3 2 035 5 3 834 5
--------------------------------------------------------------------------------
TOTAL 35 349 100 43 152 100 83 274 100
--------------------------------------------------------------------------------
Finland accounted for 7 percent (4 %) of
net sales.
----------------------------------------------------------------------------
30.6. 30.6. 31.12.
5. Long-term projects 2014 2013 2013
----------------------------------------------------------------------------
Net sales
Net sales by percentage of 25 390 35 284 66 214
completion
Other net sales 9 959 7 868 17 060
----------------------------------------------------------------------------
TOTAL 35 349 43 152 83 274
----------------------------------------------------------------------------
Project revenues entered as income from
currently undelivered
long-term projects recognized by 95 894 108 543 86 534
percentage of completion
Amount of long-term project revenues not yet 57 767 38 864 27 770
entered as income (order book)
Projects for which the value by percentage of
completion exceeds
advance payments invoiced
- aggregate amount of costs incurred and 53 440 74 463 65 872
recognized profits less recognized losses
- advance payments received 46 133 65 336 53 619
----------------------------------------------------------------------------
Gross amount due from 7 308 9 127 12 253
customers
----------------------------------------------------------------------------
Projects for which advance payments invoiced
exceed the value by
percentage of completion
- aggregate amount of costs incurred and 42 454 34 080 20 467
recognized profits less recognized losses
- advance payments received 51 150 44 542 26 953
----------------------------------------------------------------------------
Gross amount due to customers 8 696 10 462 6 486
----------------------------------------------------------------------------
Specification of combined asset and
liability items
Advance payments paid 145 213 101
----------------------------------------------------------------------------
Advance payments received included in 145 213 101
inventories in the balance sheet
----------------------------------------------------------------------------
Advance payments in the 9 580 10 837 7 099
balance sheet
----------------------------------------------------------------------------
30.6. 30.6. 31.12.
6. Number of personnel, 2014 2013 2013
persons
----------------------------------------------------------------------------
Effective, on average 505 503 515
In books, on average 525 511 522
In books, at the end of the 544 533 534
period
- of which personnel working 152 140 148
abroad
----------------------------------------------------------------------------
30.6. 30.6. 31.12.
7. Research and development 2014 2013 2013
costs
----------------------------------------------------------------------------
Research and development costs 785 1 356 2 523
for period
Amortization of previously capitalized 51 238 405
development costs
Development costs recognized as an asset in -138 -388 -615
the balance sheet
----------------------------------------------------------------------------
Research and development costs entered as 698 1 206 2 313
expense for the period
----------------------------------------------------------------------------
--------------------------------------------------------------------------------
8. Changes in Intangible assets and in Property, 30.6. 30.6. 31.12.
plant and equipment 2014 2013 2013
--------------------------------------------------------------------------------
Intangible assets
Carrying amount at the beginning of the period 13 372 14 019 14 019
Exchange rate differences -12 7 -10
Additions 244 753 1 552
Reclassification between items -117 17 -2 188
--------------------------------------------------------------------------------
Carrying amount at the end of the period 13 486 14 795 13 372
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -9 799 -10 815 -10 815
beginning of the period
Exchange rate differences 7 -4 7
Accumulated depreciation and amortization of 117 - 1 791
disposals and reclassifications
Depreciation and amortization for the period -240 -419 -782
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -9 915 -11 237 -9 799
of the period
--------------------------------------------------------------------------------
Book value of Intangible assets, at the beginning of 3 574 3 204 3 204
the period
Book value of Intangible assets, at the end of the 3 571 3 558 3 574
period
Property, plant and equipment
Carrying amount at the beginning of the period 42 670 41 673 41 673
Exchange rate differences 25 -372 -947
Additions 578 1 016 1 634
Disposals -4 -29 -44
Reclassification between items -8 -17 354
--------------------------------------------------------------------------------
Carrying amount at the end of the period 43 260 42 271 42 670
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -34 274 -33 782 -33 782
beginning of the period
Exchange rate differences -40 338 857
Accumulated depreciation and amortization of 8 - 44
disposals and reclassifications
Depreciation and amortization for the period -701 -680 -1 392
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -35 007 -34 124 -34 274
of the period
--------------------------------------------------------------------------------
Book value of Property, plant and equipment, at the 8 396 7 892 7 891
beginning of the period
Book value of Property, plant and equipment, at the 8 253 8 147 8 396
end of the period
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
9. Interest-bearing liabilities 2014 2013 2013
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities recognized 1 875 4 139 2 500
at amortized cost
Current interest-bearing liabilities 2 447 4 497 3 481
--------------------------------------------------------------------------------
TOTAL 4 322 8 636 5 981
--------------------------------------------------------------------------------
Maturities of the interest-bearing financial liabilities at
June 30, 2014
Financial liability Current Non-curr Total
ent
--------------------------------------------------------------------------------
Loans from financial institutions 2 447 1 875 4 322
--------------------------------------------------------------------------------
Total 2 447 1 875 4 322
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
10. Pledged assets and contingent liabilities 2014 2013 2013
--------------------------------------------------------------------------------
On behalf of the Parent company
Business mortgages 4 376 - 3 946
Loans from financial institutions 4 086 7 636 5 741
Business mortgages 4 125 6 700 5 750
Pension loans (TYEL) - 1 000 -
Business mortgages - 300 -
Credit insurance agreements - 700 -
Mortgage agreements on behalf of subsidiaries
Loans from financial institutions 236 247 240
Other obligations 1 263 - 64
Business mortgages 1 499 247 304
Commercial bank guarantees on behalf of the Parent 11 806 10 779 1 484
company and subsidiaries
Other own obligations
Rental liabilities maturing within one year 656 816 845
Rental liabilities maturing in one to five years 1 972 2 552 2 398
Rental liabilities maturing more than five years 90 318 185
--------------------------------------------------------------------------------
Total 2 719 3 687 3 428
--------------------------------------------------------------------------------
11. Related party transactions
No loans are granted to the company's management. On June 30, 2014, the Parent
Company Raute Corporation had
loan receivables from its subsidiary Raute Service LLC EUR 355 thousand (EUR 355
thousand) and Raute
Shanghai Machinery Co., Ltd EUR 550 thousand.
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 2014 2013 2013
--------------------------------------------------------------------------------
Nominal values of forward contracts in foreign
currency
Economic hedging
- Related to financing - 1 408 1 311
- Related to the hedging of net sales 3 559 4 177 2 967
Fair values of forward contracts in foreign currency
Economic hedging
- Related to financing - 5 -3
- Related to the hedging of net sales 24 -114 24
Interest rate and currency swap agreements
- Nominal value 967 3 014 1 991
- Fair value -36 -50 -42
13. Share-based payments
An expense of EUR 63 thousand (EUR 85 thousand) was recognized for the options
to the income statement during the interim period. A total amount of 2 thousand
series A shares were subscribed during the period. The share capital of Raute
Corporation, as a result of the share subscription made with stock options,
increased EUR 4 thousand.
14. Dividend distribution and repayment of equity
Raute Corporation's Annual General Meeting held on March 31, 2014, decided,
according to the Board of Directors' proposal, to distribute a dividend of EUR
0,20 per share to be paid for series A and K shares, a total of EUR 801
thousand. The dividend payment date was April 10, 2014.
Raute Corporation's Annual General Meeting held on March 31, 2014, decided,
according to the Board of Directors' proposal, to distribute a repayment of
equity of EUR 0,30 per share to be paid for series A and K shares, a total of
EUR 1 202 thousand. The payment date was April 10, 2014.
15. Financial assets and liabilities that are measured at fair value
At the end of the reporting period June, 2014, 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 2013. 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 2014 2013 2013
--------------------------------------------------------------------------------
CNY (Chinese juan) 8,4517 8,1294 8,1655
RUB (Russian rouble) 48,0204 40,7641 42,3248
CAD (Canadian dollar) 1,5032 1,3345 1,3685
USD (US dollar) 1,3705 1,3135 1,3282
SGD (Singapore dollar) 1,7281 1,6331 1,6618
CLP (Chilean peso) 758,0075 628,7305 658,1306
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
Balance sheet, euros 2014 2013 2013
--------------------------------------------------------------------------------
CNY (Chinese juan) 8,4698 8,0905 8,3248
RUB (Russian rouble) 46,3779 42,8450 45,3246
CAD (Canadian dollar) 1,4589 1,3714 1,4671
USD (US dollar) 1,3658 1,3080 1,3791
SGD (Singapore dollar) 1,7047 1,6545 1,7414
CLP (Chilean peso) 751,1761 663,3357 725,0943
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
FINANCIAL DEVELOPMENT 2014 2013 2013
--------------------------------------------------------------------------------
Change in net sales, % -18,1 15,2 -17,8
Exported portion of net sales, % 92,8 96,2 94,2
Return on investment (ROI), % -8,2 6,2 7,3
Return on equity, ROE, % -9,8 5,5 5,0
Interest-bearing net liabilities, EUR million -8,1 -11,2 -6,7
Gearing, % -39,3 -49,0 -28,3
Equity ratio, % 56,6 53,1 56,6
Gross capital expenditure, EUR million 0,8 1,8 3,2
% of net sales 2,3 4,1 3,8
Research and development costs, EUR million 0,8 1,4 2,5
% of net sales 2,2 3,1 3,0
Order book, EUR million 59 40 28
Order intake, EUR million 67 34 63
--------------------------------------------------------------------------------
30.6. 30.6. 31.12.
SHARE-RELATED DATA 2014 2013 2013
--------------------------------------------------------------------------------
Earnings per share, (EPS), undiluted, EUR -0,27 0,16 0,30
Earnings per share, (EPS), diluted, EUR -0,27 0,16 0,30
Equity to share, EUR 5,14 5,71 5,89
Dividend per share, EUR - - 0,20
Dividend per profit, % - - 66,7
Effective dividend return, % - - 2,90
Repayment of equity from invested - - 0,30
non-restricted equity reserve, EUR
Development in share price (series A shares)
Lowest share price for the period, EUR 6,90 8,33 6,88
Highest share price for the period, EUR 8,60 9,33 9,33
Average share price for the period, EUR 7,62 8,78 8,49
Share price at the end of the period, EUR 8,10 8,74 6,95
Market value of capital stock
- Series K shares, EUR million* 8,0 8,7 6,9
- Series A shares, EUR million 24,4 26,3 20,9
--------------------------------------------------------------------------------
Total, EUR million 32,5 35,0 27,8
--------------------------------------------------------------------------------
*Series K shares valued at the value of series
A shares.
Trading of the company's shares (series A
shares)
Trading of shares, pcs 359 282 268 519 513 699
Trading of shares, EUR million 2,7 2,4 4,4
Number of shares
- Series K shares, ordinary shares (20 votes, 991 161 991 161 991 161
share)
- Series A shares (1 vote/share) 3 015 667 3 013 597 3 013 597
--------------------------------------------------------------------------------
Total 4 006 828 4 004 758 4 004 758
--------------------------------------------------------------------------------
Number of shares, weighted average, 1 000 pcs 4 007 4 005 4 005
Number of shares, diluted, 1 000 pcs 4 008 4 013 4 013
Number of shareholders 1 963 1 775 1 915
--------------------------------------------------------------------------------
DEVELOPMENT OF Q 3 Q 4 Q 1 Q 2 Rolling Rolling
QUARTERLY 2013 2013 2014 2014 1.7.2013 1.7.2012
RESULTS
- -
(EUR 1 000) 30.6.2014 30.6.2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 15 610 24 512 15 020 20 329 75 471 106 952
--------------------------------------------------------------------------------
Change in inventories of
finished goods
and work in -37 -672 69 263 -378 -437
progress
Other operating 102 158 25 7 293 1 352
income
Materials and -7 304 -11 521 -7 197 -10 154 -36 175 -58 749
services
Employee -5 969 -7 387 -7 164 -7 000 -27 520 -29 182
benefits
expense
Depreciation -597 -479 -465 -476 -2 016 -2 071
and
amortization
Other operating -2 115 -3 098 -2 209 -2 338 -9 760 -12 299
expenses
--------------------------------------------------------------------------------
Total operating -15 984 -22 486 -17 035 -19 967 -75 471 -102 300
expenses
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OPERATING -309 1 513 -1 920 632 -84 5 566
PROFIT (LOSS)
--------------------------------------------------------------------------------
% of net sales -2 6 -13 3 0 5
Financial 53 210 205 65 532 565
income
Financial -161 -513 -213 -58 -944 -692
expenses
--------------------------------------------------------------------------------
PROFIT (LOSS) -417 1 210 -1 928 639 -496 5 438
BEFORE TAX
--------------------------------------------------------------------------------
% of net sales -3 5 -13 3 -1 5
Income taxes 51 -294 345 -139 -37 -1 575
--------------------------------------------------------------------------------
PROFIT (LOSS) -366 916 -1 583 500 -533 3 863
FOR THE PERIOD
--------------------------------------------------------------------------------
% of net sales -2 4 -11 2 -1 4
Attributable to
Equity holders -366 916 -1 583 500 -533 3 863
of the Parent
company
Earnings per
share, EUR
Undiluted -0,09 0,23 -0,40 0,12 -0,13 0,96
earnings per
share
Diluted -0,09 0,23 -0,40 0,12 -0,13 0,96
earnings per
share
Shares, 1 000
pcs
Adjusted 4 005 4 005 4 005 4 007 4 007 4 005
average number
of shares
Adjusted
average number
of shares
diluted 4 010 4 013 4 008 4 008 4 008 4 013
--------------------------------------------------------------------------------
Q 3 Q 4 Q 1 Q 2 Rolling Rolling
2013 2013 2014 2014 1.7.2013 1.7.2012
- -
FINANCIAL 30.6.2014 30.6.2013
DEVELOPMENT
QUARTERLY
--------------------------------------------------------------------------------
Order intake 7 22 16 51 96 74
during the
period, EUR
million
Order book at 31 28 28 59 59 40
the end of the
period, EUR
million
--------------------------------------------------------------------------------
20 LARGEST SHAREHOLDERS AT Total % of Total % of
JUNE 30, 2014 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 15,6 624 398 2,7
Göran
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 2,8 1 022 429 4,5
Pekka
5. Suominen, 48 000 62 316 110 316 2,8 1 022 316 4,5
Tiina
Sini-Maria
6. Siivonen, 50 640 53 539 104 179 2,6 1 066 339 4,7
Osku Pekka
7. Kirmo, Kaisa 55 680 48 341 104 021 2,6 1 161 941 5,1
Marketta
8. Mustakallio, 57 580 29 270 86 850 2,2 1 180 870 5,2
Mika Tapani
9. Keskiaho, 33 600 51 116 84 716 2,1 723 116 3,2
Kaija Leena
10. Särkijärvi, 60 480 22 009 82 489 2,1 1 231 609 5,4
Anna Riitta
11. Relander, - 80 000 80 000 2,0 80 000 0,4
Harald
12. 60 480 1 000 61 480 1,5 1 210 600 5,3
Mustakallio,
Kari Pauli
13. 43 240 16 047 59 287 1,5 880 847 3,9
Mustakallio,
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. 53 240 - 53 240 1,3 1 064 800 4,7
Mustakallio,
Ulla Sinikka
17. Suominen, 24 960 27 964 52 924 1,3 527 164 2,3
Jukka Matias
18. 47 420 4 594 52 014 1,3 952 994 4,2
Mustakallio,
Kai Henrik
kuolinpesä
19. Keskinäinen - 51 950 51 950 1,3 51 950 0,2
työeläkevakuut
usyhtiö Varma
20. - 49 573 49 573 1,2 49 573 0,2
Sjoitusrahasto
Nordea Suomi
Small Cap
--------------------------------------------------------------------------------
TOTAL 607 320 1 572 877 2 180 197 54,4 13 719 277 60,1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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 2,1 1 231 609 5,4
Anna Riitta
2. Mustakallio, 60 480 1 000 61 480 1,5 1 210 600 5,3
Kari Pauli
3. Mustakallio, 57 580 29 270 86 850 2,2 1 180 870 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 2,8 1 022 429 4,5
Pekka
8. Suominen, 48 000 62 316 110 316 2,8 1 022 316 4,5
Tiina
Sini-Maria
9. Suominen, 48 000 - 48 000 1,2 960 000 4,2
Jussi
10. 47 420 4 594 52 014 1,3 952 994 4,2
Mustakallio,
Kai Henrik
kuolinpesä
11. 43 240 16 047 59 287 1,5 880 847 3,9
Mustakallio,
Marja Helena
12. 42 240 0 42 240 1,1 844 800 3,7
Mustakallio,
Risto Knut
kuolinpesä
13. Keskiaho, 33 600 51 116 84 716 2,1 723 116 3,2
Kaija Leena
14. Sundholm, - 624 398 624 398 15,6 624 398 2,7
Göran
15. Keskiaho, 29 680 - 29 680 0,7 593 600 2,6
Vesa Heikki
16. Keskiaho, 27 880 7 491 35 371 0,9 565 091 2,5
Juha-Pekka
17. Kirmo, 27 645 9 621 37 266 0,9 562 521 2,5
Lasse
18. Suominen, 24 960 27 964 52 924 1,3 527 164 2,3
Jukka Matias
19. Keskiaho, 24 780 21 500 46 280 1,2 517 100 2,3
Marjaana
20. Kultanen, 22 405 8 031 30 436 0,8 456 131 2,0
Leea Annikka
--------------------------------------------------------------------------------
TOTAL 805 950 1 049 666 1 855 616 46,3 17 168 666 75,2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MANAGEMENTS' 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,
2014
--------------------------------------------------------------------------------
The Board of 122 830 112 099 234 929 5,9 2 568 699 11,2
Directors, The
Group's President
and CEO and
Executive Board
--------------------------------------------------------------------------------
TOTAL 122 830 112 099 234 929 5,9 2 568 699 11,2
--------------------------------------------------------------------------------
The figures include the holdings of their own,
minor children and control entities.
--------------------------------------------------------------------------------
Nominee-registered - 126 727 126 727 3,2 126 727 0,6
shares at June 30,
2014
--------------------------------------------------------------------------------
RAUTE CORPORATION
Board of Directors
PRESS CONFERENCE ON JULY 29, 2014 AT 2 P.M.:
A briefing will be organized for analysts, investors and the media on July 29,
2014 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 January 1-September 30, 2014 will be
published on Wednesday, October 29, 2014.
FURTHER INFORMATION:
Mr. Tapani Kiiski, President and CEO, Raute Corporation, tel. +358 3 829 3560,
mobile +358 400 814 148
Ms. Arja Hakala, CFO, Raute Corporation, tel. +358 3 829 3293, mobile +358 400
710 387
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF:
Raute is a technology and service company that operates worldwide. Raute's
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL (Laminated Veneer Lumber). The technology
offering covers machinery and equipment for the entire production process. As a
supplier of mill-scale projects, Raute is a global market leader both in the
plywood and LVL industries. Additionally, Raute's full-service concept includes
technology services ranging from spare parts deliveries to regular maintenance
and equipment modernizations. Raute's head office is located in Nastola,
Finland. Its other production plants are in the Vancouver area of Canada, in
the Shanghai area of China, and in Kajaani, Finland. Raute's net sales in 2013
were EUR 83.3 million. The Group's headcount at the end of 2013 was 534.
More information about the company can be found at www.raute.com.
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