2014-04-29 08:00:00 CEST
2014-04-29 08:00:13 CEST
REGULATED INFORMATION
Raute - Interim report (Q1 and Q3)
Raute Corporation - Interim report January 1 - March 31, 2014
Nastola, Finland, 2014-04-29 08:00 CEST (GLOBE NEWSWIRE) -- RAUTE CORPORATION
INTERIM REPORT APRIL 29, 2014 AT 9:00 A.M.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - MARCH 31, 2014
- The Group's net sales in the first quarter of the year, EUR 15.0 million
(MEUR 23.4), declined 36 percent on the comparison period.
- The operating profit was EUR -1.9 million (MEUR +0.9). The profit before
taxes was EUR -1.9 million (MEUR +1.1).
- Earnings per share were EUR -0.40 (EUR 0.21).
- The order intake was EUR 16 million (MEUR 10). The order book at the end of
the reporting period amounted to EUR 28 million (MEUR 37).
- The outlook for financial performance remains unchanged. Raute's net sales
are expected to grow in 2014 and operating profit to improve over the year
2013.
TAPANI KIISKI, PRESIDENT AND CEO: SLOW START TO 2014, TARGETS ARE THE SAME
We kicked off the year with high expectations. Our tender book and ongoing
negotiations gave us reason to be confident about opportunities for growth,
especially in Europe and Russia. I also expected to see some progress in the
first quarter in a few major projects that were under lengthy negotiations. But
that did not happen. This was partly due to the market developing more slowly
than I had predicted, but the biggest single reason is Russia's poor economic
development, which was further exacerbated by the political events stemming
from the crisis in Ukraine. Several projects, some of which were even
substantial, that our customers had planned to launch in early 2014 have now
been postponed to the future.
The volume of new orders, and as a consequence our net sales, remained very low
in the first quarter. In addition, the schedules of a few projects in our order
book have been delayed, which has hindered our accumulation of net sales during
the first quarter. Such a low level of net sales also puts our result
substantially at a loss. The new products we have designed and launched,
particularly in emerging markets, have been positively received, but their net
sales were not sufficient to offset other disappointing areas.
Despite the very poor start to the year, I believe we can reach our targeted
improvement over last year, when it comes to both net sales and profit. The
market situation in North America has improved and I believe it will continue
to do so. Projects in which we have a strong position are also under way in
Europe and Africa. And the market has not come to a complete standstill in
Russia, even though it will take some time for this sluggish period to end. I
believe that there, too, new projects will be started up, in spite of the
weakened growth prospects. In Asia, our new products are improving our
position.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1-MARCH 31, 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
quarter of 2014 has not considerably changed 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.
Demand for wood products technology and technology services
In Raute's customer base, the start-up of major projects that were in the
planning phase have again been delayed. For some projects, the concrete reason
is the uncertainty about Russia's future development in light of the situation
in Ukraine. A number of smaller projects involving single production lines and
modernizations have also been postponed. In some of these cases, as well, the
crisis in Ukraine is to blame. The investments that have been initiated mainly
involve replacing lines and projects to boost production capacity.
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 remained at a low level, amounting to
EUR 16 million (MEUR 10). 60 percent of the new orders came from Europe (51%),
19 percent from Russia (18%), 10 percent from South America (10%), 9 percent
from North America (18%) and 2 percent from Asia-Pacific (3%). The strong
fluctuations in the distribution of new orders between the various market areas
are typical for project-focused business.
Order intake in technology services amounted to EUR 7 million (MEUR 9).
The order book amounted to EUR 28 million (MEUR 37) at the end of the reporting
period.
COMPETITIVE POSITION
Raute's competitive position is 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 15.0 million (MEUR 23.4), down
36 percent compared to the first quarter of 2013. The decline resulted from the
low order intake and from the scheduling of the order book.
Of the total net sales for the reporting period, Europe accounted for 43
percent (39%), South America for 19 percent (32%), Russia for 18 percent (15%),
North America for 16 percent (9%), and Asia-Pacific for 4 percent (4%).
Technology services accounted for 47 percent (26%) of the Group's total net
sales and amounted to EUR 7 million (MEUR 6). Net sales grew 17 percent on the
comparison period, mainly due to modernizations.
RESULT AND PROFITABILITY
Operating profit for the reporting period was EUR 1.9 million negative (MEUR
+0.9) and accounted for -13 percent (+5%) of net sales. The negative operating
profit was due to low net sales.
The profit before tax for the reporting period was EUR 1.9 million negative
(MEUR +1.1). The profit for the reporting period was EUR 1.6 million negative
(MEUR +0.8). Earnings per share (undiluted) were EUR -0.40 (EUR 0.21).
CASH FLOW AND BALANCE SHEET
The Group's financial position remained good. At the end of the reporting
period, gearing was -38 percent (-24%) and the equity ratio 51 percent (50%).
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 13.6 million (MEUR 17.4)
at the end of the reporting period. Operating cash flow was EUR 1.3 million
positive (MEUR 1.4 negative). Cash flow from investment activities totaled EUR
0.3 million negative (MEUR 0.7 negative). Cash flow from financing activities
totaled EUR 0.0 million (MEUR 0.1 negative).
Interest-bearing liabilities amounted to EUR 6.0 million (MEUR 11.5) at the end
of the reporting period.
The parent company Raute Corporation has a EUR 10 million commercial paper
program, which allows the company to issue commercial papers maturing in less
than one year.
The parent company Raute Corporation is prepared for future working capital
needs and has long-term credit facility agreements with three Nordic banks
totaling EUR 23.0 million. The main covenants for the credit facility are an
equity ratio of > 30% and gearing of < 100%. Of the credit facility, EUR 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.
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 0.4 million
(MEUR 0.7), representing 2.6 percent of net sales (3.0%).
Investments totaled EUR 0.5 million (MEUR 0.8) and 3.2 percent of net sales
(3.5%) in the reporting period.
PERSONNEL
At the end of the reporting period, the Group's personnel numbered 516 (509).
Group companies outside Finland accounted for 27 percent (27%) of employees.
Converted to full-time employees (“effective headcount”), the average number of
employees was 495 (494) 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 March.
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
32.1 million (MEUR 36.2), with series K shares valued at the closing price of
series A shares on March 31, 2014, that is EUR 8.00 (EUR 9.05).
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 80,000 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 1,960
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 3.1 percent (3.4%) 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 235,979 company shares, equaling 5.9 percent (5.7%) of the
company shares and 11.3 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. The
Annual General Meeting adopted the financial statements for 2013, discharged
those accountable from liability and resolved to distribute a dividend of EUR
0.20 per share. The AGM also resolved to distribute EUR 0.30 per share as
repayment of equity from the invested non-restricted equity reserve.
The Annual General Meeting elected the company's Board of Directors for a term
that expires at the end of the Annual General Meeting of 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-Svensk, and
Mr. Pekka Suominen were elected Board members.
The authorized public accounting company PricewaterhouseCoopers was chosen as
auditor, with Authorized Public Accountant Janne Rajalahti as the principal
auditor.
The Annual General Meeting resolved that the remuneration paid to the Chairman
of the Board will continue to be EUR 40,000 and to the Vice-Chairman of the
Board and Board members EUR 20,000 for the term of office and that the Board
members' traveling expenses will be compensated in accordance with the
company's travel policy. The auditors' remuneration will be paid on the basis
of reasonable invoicing as approved by the company.
The Annual General Meeting authorized the Board of Directors to decide on the
repurchase of the company's series A shares with assets from the company's
non-restricted equity and an issue of a maximum of 400,000 of these shares.
More detailed information on the decisions of the Annual General Meeting can be
found in the stock exchange release issued on 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 AGM 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.
EVENTS AFTER THE REPORTING PERIOD
Board of Directors and Board Committees
The Board of Directors elected by Raute Corporation's Annual General Meeting on
March 31, 2014 held a constitutive meeting.
Based on the evaluation of independence, Chairman Erkki Pehu-Lehtonen and
members Joni Bask, Risto Hautamäki, Päivi Leiwo-Svensk, Mika Mustakallio, and
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.
BUSINESS RISKS
Risks in the near term continue to be 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 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 tender book and ongoing negotiations, Raute's net sales are expected to
grow in 2014 and operating profit to improve over the previous year.
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.
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1.1.-31. 1.1.-31. 1.1.-31.1
3. 3. 2.
(EUR 1 000) Note 2014 2013 2013
--------------------------------------------------------------------------------
NET SALES 3,4,5 15 020 23 386 83 274
--------------------------------------------------------------------------------
Change in inventories of finished goods 69 364 -954
and work in progress
Other operating income 25 20 295
Materials and services -7 197 -12 979 -40 711
Employee benefits expense 13 -7 164 -6 871 -27 417
Depreciation and amortization -465 -479 -2 174
Other operating expenses -2 209 -2 532 -10 485
--------------------------------------------------------------------------------
Total operating expenses -17 035 -22 862 -80 787
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OPERATING PROFIT (LOSS) -1 920 909 1 828
--------------------------------------------------------------------------------
% of net sales -13 4 2
Financial income 205 400 735
Financial expenses -213 -224 -974
--------------------------------------------------------------------------------
PROFIT (LOSS) BEFORE TAX -1 928 1 085 1 589
--------------------------------------------------------------------------------
% of net sales -13 5 2
Income taxes 345 -246 -394
--------------------------------------------------------------------------------
PROFIT (LOSS) FOR THE PERIOD -1 583 839 1 196
--------------------------------------------------------------------------------
% of net sales -11 4 1
Other comprehensive income items:
Items that will not be reclassified to
profit or loss
Remeasurement of defined benefit obligations - - 84
Items that may be subsequently
reclassified to profit or loss
Exchange differences on translating foreign 3 -6 -83
operations
--------------------------------------------------------------------------------
Comprehensive income items for the period, net of 3 -6 -1
tax
--------------------------------------------------------------------------------
COMPREHENSIVE PROFIT (LOSS) FOR THE PERIOD -1 580 833 1 196
--------------------------------------------------------------------------------
Profit (loss) for the period attributable to
Equity holders of the Parent company -1 583 839 1 196
Comprehensive profit (loss) for the period
attributable to
Equity holders of the Parent company -1 580 833 1 196
Earnings per share for profit (loss) attributable
to Equity holders of the Parent company, EUR
Undiluted earnings per share -0,40 0,21 0,30
Diluted earnings per share -0,40 0,21 0,30
Shares, 1 000 pcs
Adjusted average number of shares 4 006 4 005 4 005
Adjusted average number of shares diluted 4 008 4 017 4 013
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET 31.3. 31.3. 31.12.
(EUR 1 000) Note 2014 2013 2013
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets 8 3 533 3 580 3 574
Property, plant and equipment 8 8 390 7 864 8 396
Other financial assets 500 789 500
Deferred tax assets 143 - 96
--------------------------------------------------------------------------------
Total non-current assets 12 566 12 233 12 565
Current assets
Inventories 4 869 6 430 5 047
Accounts receivables and other receivables 5 14 091 24 002 18 329
Income tax receivable 483 31 183
Cash and cash equivalents 13 631 17 386 12 658
--------------------------------------------------------------------------------
Total current assets 33 074 47 850 36 218
--------------------------------------------------------------------------------
TOTAL ASSETS 45 640 60 083 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 reserves 5 913 6 863 7 061
Exchange differences 22 236 20
Retained earnings 7 721 9 065 7 327
Profit (loss) for the period -1 583 839 1 196
--------------------------------------------------------------------------------
Share of shareholders' equity that belongs to the 20 088 25 013 23 613
owners of the Parent company
--------------------------------------------------------------------------------
Total equity 20 088 25 013 23 613
--------------------------------------------------------------------------------
Non-current liabilities
Non-current provisions 366 155 460
Deferred tax liability 88 242 423
Non-current interest-bearing liabilities 9 2 500 5 972 2 500
Pension obligations 2 89 4
--------------------------------------------------------------------------------
Total non-current liabilities 2 956 6 457 3 387
Current liabilities
Current provisions 657 1 121 775
Current interest-bearing liabilities 9 3 455 5 498 3 481
Current advance payments received 5 6 328 9 814 7 099
Income tax liability 6 109 3
Trade payables and other liabilities 12 149 12 071 10 425
--------------------------------------------------------------------------------
Total current liabilities 22 595 28 613 21 783
--------------------------------------------------------------------------------
Total liabilities 25 552 35 070 25 170
--------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 45 640 60 083 48 783
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.-31.3. 1.1.-31.3. 1.1.-31.12.
(EUR 1 000) 2014 2013 2013
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Proceeds from customer 14 976 18 518 76 836
Other operating income 25 20 295
Payments to suppliers and employees -13 564 -20 300 -73 187
--------------------------------------------------------------------------------
Cash flow before financial items and 1 437 -1 762 3 944
taxes
Interest paid from operating activities -17 -5 -364
Dividends received from operating 75 126 180
activities
Interests received from operating 1 90 122
activities
Other financing items from operating 108 124 153
activities
Income taxes paid from operating -302 -1 -329
activities
--------------------------------------------------------------------------------
NET CASH FLOW FROM OPERATING ACTIVITIES 1 301 -1 428 3 704
(A)
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and -324 -672 -3 226
equipment and intangible assets
Proceeds from sale of property, plant 26 12 53
and equipment and intangible assets
Purchase of investments - - -3
--------------------------------------------------------------------------------
NET CASH FLOW FROM INVESTING ACTIVITIES -299 -661 -3 176
(B)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of share capital 14 - -
Repayments of current borrowings - -100 -2 100
Repayments of non-current borrowings - - -3 250
Dividends paid - - -2 002
--------------------------------------------------------------------------------
NET CASH FLOW FROM FINANCING ACTIVITIES 14 -100 -7 352
(C)
--------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS 1 016 -2 188 -6 825
(A+B+C)
--------------------------------------------------------------------------------
increase (+)/decrease (-)
CASH AND CASH EQUIVALENTS AT THE 12 658 19 548 19 548
BEGINNING OF THE PERIOD*
NET CHANGE IN CASH AND CASH EQUIVALENTS 1 016 -2 188 -6 825
EFFECTS OF EXCHANGE RATE CHANGES ON CASH -43 27 -66
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF 13 631 17 386 12 658
THE PERIOD*
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS IN THE BALANCE
SHEET AT THE END OF THE PERIOD*
Cash and cash equivalents 13 631 17 386 12 658
--------------------------------------------------------------------------------
TOTAL 13 631 17 386 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 Retain non-restricted e ed
(EUR 1 000) capita equity reserve reserv differe earnin
l es nces gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2014 8 010 6 498 563 19 8 523
--------------------------------------------------------------------------------
Comprehensive profit (loss) for the
period
Profit (loss) for the period - - - - -1 583
Other comprehensive income
items:
Exchange differences on - - - 3 -
translating foreign operations
--------------------------------------------------------------------------------
Total comprehensive profit 0 0 0 3 -1 583
(loss) for the period
Transactions with owners
Share options exercised 4 9 - - -
Equity-settled share-based
transactions - - 45 - -
Dividends and repayment of - -1 202 - - -801
equity
Total transactions with owners 4 -1 193 45 0 -801
--------------------------------------------------------------------------------
EQUITY at March 31, 2014 8 014 5 305 608 22 6 139
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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 -1 583 -1 583
Other comprehensive income
items:
Exchange differences on 3 3
translating foreign operations
--------------------------------------------------------------------------------
Total comprehensive profit -1 580 -1 580
(loss) for the period
Transactions with owners
Share options exercised 14 14
Equity-settled share-based
transactions 45 45
Dividends and repayment of -2 003 -2 003
equity
--------------------------------------------------------------------------------
Total transactions with owners -1 945 -1 945
--------------------------------------------------------------------------------
EQUITY at March 31, 2014 20 088 20 088
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
Share Invested Other Exchang Retain
non-restricted e ed
(EUR 1 000) capita equity reserve reserv differe earnin
l es nces gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2013 8 010 6 498 364 103 9 166
--------------------------------------------------------------------------------
Comprehensive profit (loss) for the
period
Profit (loss) for the period - - - - 839
Other comprehensive income
items:
Exchange differences on - - - -6 -
translating foreign operations
--------------------------------------------------------------------------------
Total comprehensive profit 0 0 0 -6 839
(loss) for the period
Transactions with owners
Share options exercised - - - - -
Equity-settled share-based
transactions - - 39 - -
Dividends and repayment of - - - - -
equity
--------------------------------------------------------------------------------
Total transactions with owners 0 0 39 0 0
--------------------------------------------------------------------------------
EQUITY at March 31, 2013 8 010 6 498 403 97 10 005
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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 839 839
Other comprehensive income
items:
Exchange differences on -6 -6
translating foreign operations
--------------------------------------------------------------------------------
Total comprehensive profit 833 833
(loss) for the period
Transactions with owners
Share options exercised - -
Equity-settled share-based
transactions 39 39
Dividends and repayment of - -
equity
--------------------------------------------------------------------------------
Total transactions with owners 39 39
--------------------------------------------------------------------------------
EQUITY at March 31, 2013 25 013 25 013
--------------------------------------------------------------------------------
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 April 29, 2014 reviewed the
Interim financial report for January 1 - March 31, 2014, and approved it to be
published in compliance with this release.
2. Accounting principles
Raute Corporation's Interim financial report for January 1 - March 31, 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 - March 31, 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 March 31, 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.
----------------------------------------------------------------------------
31.3. 31.3. 31.12.
Wood products technology 2014 2013 2013
----------------------------------------------------------------------------
Net sales 15 020 23 386 83 274
Operating profit (loss) -1 920 909 1 828
Assets 45 640 60 083 48 783
Liabilities 25 552 35 070 25 170
Capital expenditure 478 813 3 188
--------------------------------------------------------------------------------
Assets of the wood products technology 31.3. 31.3. 31.12.
segment by geographical location 2014 % 2013 % 2013 %
--------------------------------------------------------------------------------
Finland 39 950 88 52 101 87 40 492 83
China 2 371 5 3 761 6 2 926 6
North America 2 214 5 2 681 4 3 914 8
Russia 827 2 1 204 2 1 114 2
South America 160 0 217 0 198 0
Other 118 0 119 0 140 0
--------------------------------------------------------------------------------
TOTAL 45 640 100 60 083 100 48 783 100
--------------------------------------------------------------------------------
Capital expenditure of the wood products 31.3. 31.3. 31.12.
technology segment by geographical 2014 % 2013 % 2013 %
location
--------------------------------------------------------------------------------
Finland 451 94 641 79 2 324 73
China 18 4 172 21 837 26
North America 5 1 - - 15 0
Russia - - - - 3 0
South America 1 0 - - 1 0
Other 3 1 - - 8 0
--------------------------------------------------------------------------------
TOTAL 478 100 813 100 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 (3), whose customized share of the Group's
net sales temporarily exceeded ten percent. The total share of these customers
was 22 percent.
--------------------------------------------------------------------------------
1.1.-31.3. 1.1.-31.3. 1.1.-31.12.
Net sales by market area 2014 % 2013 % 2013 %
--------------------------------------------------------------------------------
EMEA (Europe and Africa) 6 310 43 9 143 39 33 697 40
LAM (South America) 2 841 19 7 598 32 18 020 22
CIS (Russia) 2 755 18 3 589 15 16 291 19
NAM (North America) 2 469 16 2 159 9 11 432 14
APAC (Asia-Pacific) 645 4 896 4 3 834 5
--------------------------------------------------------------------------------
TOTAL 15 020 100 23 386 100 83 274 100
Finland accounted for 9 percent (2 %) of
net sales.
--------------------------------------------------------------------------------
5. Long-term projects 31.3. 31.3. 31.12.
2014 2013 2013
--------------------------------------------------------------------------------
Net sales
Net sales by percentage of completion 10 186 19 853 66 214
Other net sales 4 834 3 533 17 060
--------------------------------------------------------------------------------
TOTAL 15 020 23 386 83 274
Project revenues entered as income from currently
undelivered
long-term projects recognized by percentage of 89 996 95 042 86 534
completion
Amount of long-term project revenues not yet entered 28 228 35 762 27 770
as income (order book)
Projects for which the value by percentage of
completion exceeds
advance payments invoiced
- aggregate amount of costs incurred and recognized 54 616 60 354 65 872
profits less recognized losses
- advance payments received 47 395 44 413 53 619
--------------------------------------------------------------------------------
Gross amount due from customers 7 221 15 941 12 253
Projects for which advance payments invoiced exceed
the value by
percentage of completion
- aggregate amount of costs incurred and recognized 35 381 34 688 20 467
profits less recognized losses
- advance payments received 40 644 43 963 26 953
--------------------------------------------------------------------------------
Gross amount due to customers 5 263 9 275 6 486
Specification of combined asset and liability items
Advance payments paid 70 299 101
--------------------------------------------------------------------------------
Advance payments received included in inventories in 70 299 101
the balance sheet
Advance payments in the balance sheet 6 328 9 814 7 099
--------------------------------------------------------------------------------
6. Number of personnel, persons 31.3. 31.3. 31.12.
2014 2013 2013
--------------------------------------------------------------------------------
Effective, on average 495 494 515
In books, on average 520 505 522
In books, at the end of the period 516 509 534
- of which personnel working abroad 141 135 148
--------------------------------------------------------------------------------
7. Research and development costs 31.3. 31.3. 31.12.
2014 2013 2013
--------------------------------------------------------------------------------
Research and development costs for period 387 696 2 523
Amortization of previously capitalized development 21 56 405
costs
Development costs recognized as an asset in the -62 -192 -615
balance sheet
--------------------------------------------------------------------------------
Research and development costs entered as expense 346 559 2 313
for the period
--------------------------------------------------------------------------------
8. Changes in Intangible assets and in Property, 31.3. 31.3. 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 -18 9 -10
Additions 84 360 1 552
Reclassification between items -116 157 -2 188
--------------------------------------------------------------------------------
Carrying amount at the end of the period 13 322 14 546 13 372
Accumulated depreciation and amortization at the -9 799 -10 815 -10 815
beginning of the period
Exchange rate differences 10 -5 7
Accumulated depreciation and amortization of 116 - 1 791
disposals and reclassifications
Depreciation and amortization for the period -116 -146 -782
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -9 789 -10 966 -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 3 533 3 580 3 574
period
Property, plant and equipment
Carrying amount at the beginning of the period 42 670 41 673 41 673
Exchange rate differences -319 89 -947
Additions 394 453 1 634
Disposals -4 -2 -44
Reclassification between items -8 -214 354
--------------------------------------------------------------------------------
Carrying amount at the end of the period 42 733 41 999 42 670
Accumulated depreciation and amortization at the -34 274 -33 782 -33 782
beginning of the period
Exchange rate differences 271 -77 857
Accumulated depreciation and amortization of 8 56 44
disposals and reclassifications
Depreciation and amortization for the period -349 -333 -1 392
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -34 343 -34 135 -34 274
of the period
Book value of Property, plant and equipment, at the 8 396 7 892 7 892
beginning of the period
Book value of Property, plant and equipment, at the 8 390 7 864 8 396
end of the period
--------------------------------------------------------------------------------
9. Interest-bearing liabilities 31.3. 31.3. 31.12.
2014 2013 2013
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities recognized 2 500 5 972 2 500
at amortized cost
Current interest-bearing liabilities 3 455 5 498 3 481
--------------------------------------------------------------------------------
TOTAL 5 955 11 470 5 981
Maturities of the interest-bearing financial liabilities at
March 31, 2014
Financial liability Current Non-curr Total
ent
--------------------------------------------------------------------------------
Non-current loans from financial institutions, 3 455 2 500 5 955
interest-bearing
--------------------------------------------------------------------------------
Total 3 455 2 500 5 955
--------------------------------------------------------------------------------
10. Pledged assets and contingent liabilities 31.3. 31.3. 31.12.
2014 2013 2013
--------------------------------------------------------------------------------
On behalf of the Parent company
Business mortgages 3 638 - 3 946
Loans from financial institutions 5 721 9 222 5 741
Business mortgages 5 750 6 700 5 750
Pension loans (TYEL) - 2 000 -
Business mortgages - 600 -
Credit insurance agreements - 1 400 -
Mortgage agreements on behalf of subsidiaries
Loans from financial institutions 234 248 240
Other obligations 378 - 64
Business mortgages 611 248 304
Commercial bank guarantees on behalf of the Parent 1 739 33 492 1 484
company and subsidiaries
Other own obligations
Rental liabilities maturing within one year 742 783 845
Rental liabilities maturing in one to five years 2 131 2 516 2 398
Rental liabilities maturing more than five years 129 356 185
--------------------------------------------------------------------------------
Total 3 002 3 655 3 428
11. Related party transactions
No loans are granted to the company's management. On March 31, 2014, the Parent
Company Raute Corporation had loan receivables from its subsidiary Raute
Service LLC EUR 355 thousand (EUR 355 thousand), Raute Shanghai Machinery Co.,
Ltd EUR 550 thousand and from Raute Canada Ltd. EUR 328 thousand (EUR 576
thousand).
No pledges have been given or other commitments made on behalf of the company's
management and shareholders.
-----------------------------------------------------------------------------
12. Derivatives 31.3. 31.3. 31.12.
2014 2013 2013
-----------------------------------------------------------------------------
Nominal values of forward contracts in foreign currency
Economic hedging
- Related to financing 525 1 162 1 311
- Related to the hedging of net sales 2 198 479 2 967
Fair values of forward contracts in foreign currency
Economic hedging
- Related to financing -11 -44 -3
- Related to the hedging of net sales -39 9 24
Interest rate and currency swap agreements
- Nominal value 1 982 4 222 1 991
- Fair value -69 99 -42
13. Share-based payments
An expense of EUR 45 thousand (EUR 39 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 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 March 31, 2014, the fair value of the
financial assets categorized at fair value on hierarchy level 3 was EUR 789
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.-31.3 1.1.-31.3 1.1.-31.12
. . .
Income statement, euros 2014 2013 2013
--------------------------------------------------------------------------------
CNY (Chinese juan) 8,3587 8,2193 8,1655
RUB (Russian rouble) 48,0778 40,1507 42,3248
CAD (Canadian dollar) 1,5110 1,3317 1,3685
USD (US dollar) 1,3697 1,3204 1,3282
SGD (Singapore dollar) 1,7381 1,6345 1,6618
CLP (Chilean peso) 756,2665 623,5035 658,1306
--------------------------------------------------------------------------------
31.3. 31.3. 31.12.
Balance sheet, euros 2014 2013 2013
--------------------------------------------------------------------------------
CNY (Chinese juan) 8,5332 8,0599 8,3248
RUB (Russian rouble) 48,7800 39,7617 45,3246
CAD (Canadian dollar) 1,5225 1,3021 1,4671
USD (US dollar) 1,3788 1,2805 1,3791
SGD (Singapore dollar) 1,7366 1,5900 1,7414
CLP (Chilean peso) 778,4266 612,2572 725,0943
--------------------------------------------------------------------------------
FINANCIAL DEVELOPMENT 31.3. 31.3. 31.12.
2014 2013 2013
--------------------------------------------------------------------------------
Change in net sales, % -35,8 54,8 -17,8
Exported portion of net sales, % 91,5 97,6 94,2
Return on investment (ROI), % -25,6 14,7 7,3
Return on equity, ROE, % -29,0 13,7 5,0
Interest-bearing net liabilities, EUR million -7,7 -5,9 -6,7
Gearing, % -38,2 -23,7 -28,3
Equity ratio, % 51,1 49,8 56,6
Gross capital expenditure, EUR million 0,5 0,8 3,2
% of net sales 3,2 3,5 3,8
Research and development costs, EUR million 0,4 0,7 2,5
% of net sales 2,6 3,0 3,0
Order book, EUR million 28 37 28
Order intake, EUR million 16 10 63
--------------------------------------------------------------------------------
SHARE-RELATED DATA 31.3. 31.3. 31.12.
2014 2013 2013
--------------------------------------------------------------------------------
Earnings per share, (EPS), undiluted, EUR -0,40 0,21 0,30
Earnings per share, (EPS), diluted, EUR -0,40 0,21 0,30
Equity to share, EUR 5,01 6,25 5,90
Dividend per share, EUR - - 0,20
Dividend per profit, % - - 66,70
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 8,52 6,88
Highest share price for the period, EUR 8,22 9,33 9,33
Average share price for the period, EUR 7,68 9,06 8,49
Share price at the end of the period, EUR 8,00 9,05 6,95
Market value of capital stock
- Series K shares, EUR million* 7,9 9,0 6,9
- Series A shares, EUR million 24,1 27,3 20,9
--------------------------------------------------------------------------------
Total, EUR million 32,1 36,2 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 197 150 111 296 513 699
Trading of shares, EUR million 1,5 1,0 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 4 006 4 005 4 005
Number of shares, diluted, 1 000 pcs 4 008 4 017 4 013
Number of shareholders 1 960 1 723 1 915
--------------------------------------------------------------------------------
Q 2 Q 3 Q 4 Q 1 Rolling Rolling
DEVELOPMENT OF 2013 2013 2013 2014 1.4.2013 1.4.2012
QUARTERLY RESULTS - -
(EUR 1 000) 31.3.2014 31.3.2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 19 766 15 610 24 512 15 020 74 908 109 551
--------------------------------------------------------------------------------
Change in inventories of
finished
goods and work in -610 -37 -672 69 -1 251 400
progress
Other operating 15 102 158 25 301 1 396
income
Materials and -8 906 -7 304 -11 521 -7 197 -34 928 -61 899
services
Employee benefits -7 190 -5 969 -7 387 -7 164 -27 710 -28 989
expense
Depreciation and -619 -597 -479 -465 -2 160 -1 947
amortization
Other operating -2 740 -2 115 -3 098 -2 209 -10 163 -12 025
expenses
--------------------------------------------------------------------------------
Total operating -19 456 -15 984 -22 486 -17 035 -74 961 -104 859
expenses
--------------------------------------------------------------------------------
OPERATING PROFIT -286 -309 1 513 -1 920 -1 002 6 489
(LOSS)
--------------------------------------------------------------------------------
% of net sales -1 -2 6 -13 -1 6
Financial income 72 53 210 205 540 674
Financial -75 -161 -513 -213 -962 -767
expenses
--------------------------------------------------------------------------------
PROFIT (LOSS) -289 -417 1 210 -1 928 -1 424 6 396
BEFORE TAX
--------------------------------------------------------------------------------
% of net sales -1 -3 5 -13 -2 6
Income taxes 96 51 -294 345 198 -2 076
--------------------------------------------------------------------------------
PROFIT (LOSS) FOR -193 -366 916 -1 583 -1 226 4 319
THE PERIOD
--------------------------------------------------------------------------------
% of net sales -1 -2 4 -11 -2 4
Attributable to
Equity holders of -193 -366 916 -1 583 -1 226 4 319
the Parent
company
Earnings per
share, EUR
Undiluted -0,05 -0,09 0,23 -0,40 -0,31 1,08
earnings per
share
Diluted earnings -0,05 -0,09 0,23 -0,40 -0,31 1,08
per share
Shares, 1 000 pcs
Adjusted average 4 005 4 005 4 005 4 005 4 006 4 005
number of shares
Adjusted average
number of shares
diluted 4 013 4 010 4 013 4 008 4 008 4 017
--------------------------------------------------------------------------------
Q 2 Q 3 Q 4 Q 1 Rolling Rolling
2013 2013 2013 2014 1.4.2013 1.4.2012
FINANCIAL - -
DEVELOPMENT
QUARTERLY 31.3.2014 31.3.2013
--------------------------------------------------------------------------------
Order intake 24 7 22 16 69 65
during the
period, EUR
million
Order book at the 40 31 28 28 28 37
end of the
period, EUR
million
--------------------------------------------------------------------------------
20 LARGEST Number Number of Total % of Total % of
SHAREHOLDERS AT of series number total number voting
March 31, 2014 series
By number of K A shares of shares of of votes rights
shares shares shares
--------------------------------------------------------------------------------
1. Sundholm, - 624 398 624 398 15,6 624 398 2,7
Göran
2. Mandatum Life - 181 900 181 900 4,5 181 900 0,8
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, Osku 50 640 53 539 104 179 2,6 1 066 339 4,7
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, - 78 000 78 000 1,9 78 000 0,3
Harald
12. Mustakallio, 60 480 2 895 63 375 1,6 1 212 495 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-Marti
nez, 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. Mustakallio, 47 420 4 594 52 014 1,3 952 994 4,2
Kai Henrik
19. Keskinäinen - 51 950 51 950 1,3 51 950 0,2
työeläkevakuutus
yhtiö Varma
20. - 49 573 49 573 1,2 49 573 0,2
Sjoitusrahasto
Nordea Suomi
Small Cap
--------------------------------------------------------------------------------
Total 607 320 1 572 772 2 180 092 54,4 13 719 172 60,1
--------------------------------------------------------------------------------
Number Number of Total % of Total % of
of series number total number voting
series
By number of K A shares of shares of of votes rights
votes shares shares
--------------------------------------------------------------------------------
1. Särkijärvi, 60 480 22 009 82 489 2,1 1 231 609 5,4
Anna Riitta
2. Mustakallio, 60 480 2 895 63 375 1,6 1 212 495 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, Osku 50 640 53 539 104 179 2,6 1 066 339 4,7
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. Mustakallio, 47 420 4 594 52 014 1,3 952 994 4,2
Kai Henrik
11. Mustakallio, 43 240 16 047 59 287 1,5 880 847 3,9
Marja Helena
12. Mustakallio, 42 240 - 42 240 1,1 844 800 3,7
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, Lasse 27 645 9 621 37 266 0,9 562 521 2,5
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 1 051 561 1 857 511 46,4 17 170 561 75,2
--------------------------------------------------------------------------------
MANAGEMENTS' AND PUBLIC INSIDERS' SHAREHOLDING AND
NOMINEE-REGISTERED SHARES Number Number Total Total % of
of of number % of number voting
series series total
K shares A shares of shares of votes rights
shares
--------------------------------------------------------------------------------
Management's holding
at March 31, 2014
The Board of
Directors, The
Group's President
and CEO and Executive 122 880 113 099 235 979 5,9 2 570 699 11,3
Board
--------------------------------------------------------------------------------
Public insiders' 122 880 113 099 235 979 5,9 2 570 699 11,3
holding at March.
31, 2014
--------------------------------------------------------------------------------
The figures include the holdings of their
own, minor children and control
entities.
--------------------------------------------------------------------------------
Nominee-registered - 125 609 125 609 3,1 125 609 0,5
shares at March 31,
2014
--------------------------------------------------------------------------------
RAUTE CORPORATION
Board of Directors
BRIEFING ON APRIL 29, 2014 AT 2 P.M.:
A briefing will be held for analysts, investors and the media on April 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 Mrs. Arja Hakala, CFO.
NEXT INTERIM REPORT:
Raute Corporation's interim report January 1-June 30, 2014 will be published on
Tuesday, July 29, 2014.
FURTHER INFORMATION:
Mr. Tapani Kiiski, President and CEO, Raute Corporation, tel. +358 3 829 3560,
mobile +358 400 814 148
Mrs. Arja Hakala, CFO, Raute Corporation, tel. +358 3 829 3293, mobile +358 400
710 387
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF:
Raute is a technology and service company that operates worldwide. Raute's
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL (Laminated Veneer Lumber). The technology
offering covers machinery and equipment for the entire production process. As a
supplier of mill-scale projects Raute is a global market leader both in the
plywood and LVL industries. Additionally, Raute's full-service concept includes
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 number of personnel at the end of 2013 was 534.
More information about the company can be found at www.raute.com.
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