2013-10-30 08:00:01 CET
2013-10-30 08:00:21 CET
REGULATED INFORMATION
Raute - Interim report (Q1 and Q3)
Raute Corporation - Interim report January 1 - September 30, 2013
Nastola, Finland, 2013-10-30 08:00 CET (GLOBE NEWSWIRE) -- RAUTE CORPORATION
INTERIM REPORT OCTOBER 30, 2013 at 9:00 a.m.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2013
- The Group's net sales, EUR 58.8 million (MEUR 67.4), declined 13 percent on
the comparison period. The order intake was EUR 41 million (MEUR 104).
- The operating profit was EUR +0.3 million (MEUR +1.9). The profit before tax
was EUR +0.4 million (MEUR +1.8).
- Earnings per share were EUR +0.07 (EUR +0.26).
- Third quarter net sales were EUR 15.6 million and operating profit was EUR
0.3 million negative. The order intake was very low at EUR 7 million.
- The order book at the end of the reporting period amounted to EUR 31 million.
- Raute issued a profit warning on September 4, 2013, due to the weakened
profit outlook. Net sales are expected to decline from 2012. The operating
profit is expected to weaken significantly from the previous year but to remain
positive.
TAPANI KIISKI, PRESIDENT AND CEO: NEW ORDERS NEEDED!
The order intake remained very low in the third quarter, which lowered our
profit outlook for the whole of 2013. The net sales for the third quarter
remained lower than we forecast already in the summer, and, consequently, our
financial result was negative.
The tentatively positive signs in the macroeconomy are yet to materialize in
our industry. Our customers' market environment is marked by duality.
Utilization rates have remained reasonably high, but the order books are
exceptionally short. In a single word, the situation could be described as
uncertain. At Raute, the situation is materializing as a fairly normal, if not
good, demand for services and small projects, with medium-sized and large
projects, however, seeming to be unable to make it through to the
decision-making and implementation phase. The total volume of new orders has
remained very low during the first nine months of the year, despite the growth
in technology services.
Our market position continues to be strong, but our order intake has not been
sufficient to fuel steady or growing net sales. At the same time, a few of our
larger projects in our order book have been moved forward. Our net sales have
thus remained low due to the volume and scheduling of the order book. Our
result is in line with our cost structure and with our expectations at such a
low level of net sales.
We are also undergoing negotiations concerning a reasonable, if not a good,
number of projects in several market areas, which has been the case throughout
the year. Despite the fact that these projects are being moved further forward,
I am confident that our order intake will take a turn for the better in the
near future. The scheduling of our order book is such that the net sales and
the operating profit for the rest of the year will depend on whether the new
orders forecast for the end of the year are realized and on the amount of
revenue generated by them for 2013.
THIRD QUARTER OF 2013
Order intake and order book
The order intake during the third quarter remained very low at EUR 7 million
(MEUR 28). Technology services accounted for EUR 5 million (MEUR 7) of the
order intake.
The order book declined during the third quarter by EUR 9 million, amounting to
EUR 31 million at the end of the period (MEUR 72).
Net sales
Third-quarter net sales were EUR 15.6 million (MEUR 29.9), down 21 percent on
the second quarter. The decrease in net sales was due to the scheduling of the
order book and the modest order intake during the previous three quarters.
Technology services accounted for 57 percent of total net sales (23%).
Result and profitability
Operating profit for the third quarter was EUR 0.3 million negative (MEUR 1.8
positive) and accounted for -2 percent (6%) of net sales. The third quarter
result was EUR 0.4 million negative (MEUR 1.2 positive), and earnings per share
were EUR -0.09 (EUR 0.31).
The result was negative due to low net sales.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1-SEPTEMBER 30, 2013
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 uncertainty related to the global economic and money-market trend is still
being upheld by the risks associated with the growing debts of certain European
countries, the future of the euro and by the fears of a slowdown in economic
growth in Asian countries. For Raute's customer industries, the market
situation has continued to be uncertain in a number of market areas, although
the customer industries' capacity utilization rates have remained good. In
North America, there are signs that the market situation is improving, although
the signs are now weaker than a few months ago. This improvement is not yet
reflected in concrete terms in the investment decisions of the plywood and LVL
industries.
Demand for wood products technology and technology services
In the third quarter of 2013, our customers' investments were focused on
relatively small machine and equipment investments and modernizations. 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 good. The demand for technology services
developed positively in North America, which has for a long period been
suffering from a difficult market situation.
Several large projects encompassing single production lines and mill-scale
deliveries that are in the planning and negotiation phase are pending.
Customers will decide on and realize these projects only once they are more
confident that demand has recovered permanently and once financing for the
projects can be arranged.
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, the order intake remained at a low level,
amounting to EUR 41 million (MEUR 104). The third quarter accounted for 18
percent of the total order intake. 31 percent of the new orders came from
Europe (28%), 26 percent from Russia (12%), 24 percent from North America (6%),
12 percent from South America (52%) and 6 percent from Asia-Pacific (2%). The
strong fluctuations in the distribution of new orders between the various
market areas are typical for project-focused business.
The order intake in technology services amounted to EUR 24 million (MEUR 20),
an increase of 20 percent on the comparison period. The growth resulted
predominantly from modernization orders.
The order book weakened during the reporting period by EUR 19 million,
amounting to EUR 31 million at the end of the period (MEUR 72).
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 its 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 58.8 million (MEUR 67.4), down
13 percent on the comparison period. The decline resulted from the low order
intake during the first nine months of the year and from the scheduling of our
order book.
Of the total net sales for the reporting period, Europe accounted for 45
percent (23%), South America for 21 percent (48%), Russia for 18 percent (17%),
North America for 11 percent (9%), and Asia-Pacific for 4 percent (4%).
Technology services' net sales grew 11 percent on the comparison period and
accounted for 40 percent (30%) of total net sales.
RESULT AND PROFITABILITY
Operating profit for the reporting period was EUR 0.3 million positive (MEUR
1.9 positive) and accounted for 1 percent of net sales (3%).
The profit before tax for the reporting period was EUR 0.4 million positive
(MEUR 1.8 positive). The profit for the reporting period was EUR 0.3 million
positive (MEUR 1.0 positive). Earnings per share (undiluted) were EUR +0.07
(EUR +0.26).
CASH FLOW AND BALANCE SHEET
The Group's financial position is good. At the end of the reporting period,
gearing was -41 percent (-54%) and the equity ratio 55 percent (44%). Other
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, including financial assets recognized at
fair value through profit or loss, amounted to EUR 18.0 million (MEUR 25.6) at
the end of the reporting period. Operating cash flow was EUR 5.2 million
positive (MEUR 4.8 positive). Cash flow from investment activities totaled EUR
2.0 million negative (MEUR 1.7 negative). Cash flow from financing activities
was EUR 4.7 million negative (MEUR 3.2 negative), including dividend payments
of EUR 2.0 million and debt repayments of EUR 2.7 million.
Interest-bearing liabilities amounted to EUR 8.7 million (MEUR 13.6) 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 concluded 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 15.0
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:
September 4, 2013 Raute's profit outlook for the full year 2013 weakened
September 30, 2013 Raute strengthens its Group Executive Board
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 2.0 million
(MEUR 1.6), representing 3.3 percent of net sales (2.4%).
Investments totaled EUR 2.5 million (MEUR 2.2) in the reporting period. The
majority of investments were related to productional investments at the mills
in Nastola, Finland, and in China.
PERSONNEL
At the end of the reporting period, the Group's personnel numbered 532 (496).
Group companies outside Finland accounted for 28 percent (26%) of employees.
Converted to full-time employees (“effective headcount”), the average number of
employees was 512 (476) during the reporting period.
SHARES
The number of Raute Corporation's shares at the end of the reporting period
totaled 4,004,758, of which 991,161 were series K shares (ordinary share, 20
votes/share) and 3,013,597 series A shares (1 vote/share). The shares have a
nominal value of 2 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
33.6 million (MEUR 29.3), with series K shares valued at the closing price of
series A shares on September 30, 2013, that is EUR 8.39 (EUR 7.32).
STOCK OPTION SCHEME 2010
In compliance with the authorization granted by the Annual General Meeting, the
Board of Directors issued 2,000 stock options marked with the symbol 2010 A,
2,000 stock options marked 2010 B and 2,000 stock options marked 2010 C to the
Group's key employees on September 30, 2013. At the end of the reporting
period, the Group's key personnel held altogether 80,000 of the company's
series 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. Stock options have not been exercised to subscribe for shares. More
detailed information concerning the stock option system is available on the
company's website.
SHAREHOLDERS
The number of shareholders totaled 1,682 at the beginning of the year and 1,878
at the end of the reporting period. Series K shares were held by 49 private
individuals (49) at the end of the reporting period. The Board of Directors,
the Group's President and CEO as well as the Executive Group held altogether
232,799 company shares, equaling 5.8 percent (5.6%) of the company shares and
11.2 percent (11.1%) of the votes at the end of the reporting period.
Nominee-registered shares accounted for 3.1 percent (3.3%) of the total shares.
No flagging notifications were given to the company during 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.
Raute deviates from recommendation 9 on the number, composition and competence
of the directors in that the company does not have both genders represented on
the Board. When seeking new members, the Appointments Committee was unable to
find any female candidates fulfilling the criteria set for the members of the
Board of Directors.
EXECUTIVE BOARD
On September 30, 2013, Raute has clarified the areas of responsibility for its
Executive Board and appointed two new members as of October 1, 2013.
Mika Hyysti, B.Sc. (Eng.) (48) has been appointed Group Vice President,
Technology, with responsibility for technology, products and R&D. He joined
Raute in 1990 and has previously held the positions of Automation Engineering
Manager, R&D Manager and Technology Manager, among others.
Marko Hjelt, M.Ed. (44) has been appointed Group Vice President, Human
Resources, with responsibility for human resources and competence development.
He joined Raute in 2013 as Group HR Manager. Prior to joining Raute, he worked
at Go On Yhtiöt as Head of the unit in Lahti and Hämeenlinna, Finland, and as a
Senior Consultant for Mercuri Urval.
Raute Group's Executive Board and the members' areas of responsibility as of
October 1, 2013:
Tapani Kiiski, President and CEO, Chairman - Sales
Arja Hakala, Group Vice President, Finance, CFO - Finance and administration
Marko Hjelt, Group Vice President, Human Resources - Human resources and
competence development
Mika Hyysti, Group Vice President, Technology - Technology, products and R&D
Timo Kangas, Group Vice President, Customer Care - Customer relationships and
marketing, market area EMEA
Petri Lakka, Group Vice President, Technology Services - Technology services
Petri Strengell, Group Vice President, Operations - Project deliveries and
operations.
ANNUAL GENERAL MEETING 2013
Raute Corporation's Annual General Meeting was held on April 8, 2013. A stock
exchange release on the decisions of the Annual General Meeting was published
on April 8, 2013.
DIVIDENDS FOR THE FINANCIAL YEAR 2012
The Annual General Meeting held on April 8, 2013 decided to pay a dividend of
EUR 0.50 per share for the financial year 2012. The total amount of dividends
is EUR 2.0 million, series A shares accounting for EUR 1,506,798.50 and series
K shares for EUR 495,580.50. The dividend payment date was April 18, 2013.
BOARD OF DIRECTORS AND BOARD COMMITTEES
At Raute Corporation's Annual General Meeting on April 8, 2013, Mr. Erkki
Pehu-Lehtonen was elected Chairman of the Board, Mr. Mika Mustakallio
Vice-Chairman and Mr. Joni Bask, Mr. Risto Hautamäki, Mr. Ilpo Helander and Mr.
Pekka Suominen as Board members.
Based on the evaluation of independence, Chairman Erkki Pehu-Lehtonen and
members Joni Bask, Risto Hautamäki, Ilpo Helander, Mika Mustakallio, and Pekka
Suominen are independent of the company. The Chairman of the Board (Mr. Erkki
Pehu-Lehtonen) and two Board members (Mr. Ilpo Helander 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 2012 Board of Directors' Report and Financial Statements. The
most significant risks for Raute in the near term are related to the
development of demand and the order book after the delivery of the present
order book has taken place.
OUTLOOK FOR 2013
Raute's business operations are characterized by the sensitivity of investment
commodity demand to cyclical fluctuations in the global economy and the
financial markets.
The development of the global economy and financial markets is still facing
major uncertainty. The market situation for Raute's customer industries is
expected to remain uncertain.
However, improvement investments in the plywood industry to ensure quality and
cost competitiveness and to maintain market shares are expected to be at a
reasonable level in the near future, provided that the economic uncertainty
does not spiral into a new crisis. Several large projects encompassing single
production lines and mill-scale deliveries that are in the planning and
negotiation phase are also pending.
Thanks to its strong financial and market position and the development measures
carried out, Raute is well positioned to respond to demand once the markets
recover.
Raute issued a profit warning on September 4, 2013, due to the weakened profit
outlook. Uncertainty concerning the development of the economy has been
reflected in the investment decisions of Raute's customers and in the order
volume of new project deliveries. Net sales are expected to decline from 2012.
The operating profit is expected to weaken significantly from the previous year
but to remain positive. The operating profit will depend on whether the new
orders forecast for the end of the year are realized and on the amount of
revenue generated by them for 2013.
TABLES SECTION OF THE INTERIM REPORT
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF 1.7.-30 1.7.-30 1.1.-30 1.1.-30 1.1.-31
COMPREHENSIVE INCOME .9. .9. .9. .9. .12.
(EUR 1 000) Note 2013 2012 2013 2012 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 3,4,5 15 610 29 886 58 762 67 359 101 273
--------------------------------------------------------------------------------
Change in inventories of -37 -742 -283 -52 500
finished goods and work in
progress
Other operating income 102 61 137 167 1 423
Materials and services -7 304 -17 475 -29 189 -36 336 -55 725
Employee benefits expense 13 -5 969 -7 083 -20 030 -20 715 -28 752
Depreciation and -597 -482 -1 695 -1 478 -1 968
amortization
Other operating expenses -2 115 -2 346 -7 387 -7 039 -11 720
--------------------------------------------------------------------------------
Total operating expenses -15 984 -27 386 -58 302 -65 568 -98 165
--------------------------------------------------------------------------------
OPERATING PROFIT (LOSS) -309 1 818 315 1 907 5 031
--------------------------------------------------------------------------------
% of net sales -2 6 1 3 5
Financial income 53 130 525 518 482
Financial expenses -161 -267 -461 -612 -738
--------------------------------------------------------------------------------
PROFIT (LOSS) BEFORE TAX -417 1 680 379 1 813 4 775
--------------------------------------------------------------------------------
% of net sales -3 6 1 3 5
Income taxes 51 -451 -99 -785 -1 759
--------------------------------------------------------------------------------
PROFIT (LOSS) FOR THE PERIOD -366 1 229 280 1 028 3 016
--------------------------------------------------------------------------------
% of net sales -2 4 0 2 3
Other comprehensive income items:
Exchange differences on translating 5 7 18 38 80
foreign operations
Comprehensive income items for the 5 7 18 38 80
period, net of tax
--------------------------------------------------------------------------------
COMPREHENSIVE PROFIT (LOSS) FOR THE -361 1 236 298 1 066 3 096
PERIOD
--------------------------------------------------------------------------------
Profit (loss) for the period
attributable to
Equity holders of the Parent -366 1 229 280 1 028 3 016
company
Comprehensive profit (loss) for the
period attributable to
Equity holders of the Parent -361 1 236 298 1 066 3 096
company
Earnings per share for profit
(loss) attributable
to Equity holders of the Parent
company, EUR
Undiluted earnings per share -0,09 0,31 0,07 0,26 0,75
Diluted earnings per share -0,09 0,31 0,07 0,26 0,75
Shares, 1 000 pcs
Adjusted average number of 4 005 4 005 4 005 4 005 4 005
shares
Adjusted average number of 4 010 4 007 4 010 4 007 4 008
shares, diluted
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET 30.9. 30.9. 31.12.
(EUR 1 000) Note 2013 2012 2012
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets 8 3 892 2 493 3 204
Property, plant and equipment 8 7 966 7 976 7 892
Other financial assets 789 789 789
Non-current accounts receivables and other - 225 -
receivables
Deferred tax assets 197 857 60
--------------------------------------------------------------------------------
Total non-current assets 12 845 12 341 11 944
Current assets
Inventories 6 099 6 293 7 130
Accounts receivables and other 5 12 466 22 339 24 427
receivables
Income tax receivable 19 407 37
Cash and cash equivalents 17 964 25 628 19 548
--------------------------------------------------------------------------------
Total current assets 36 548 54 667 51 143
--------------------------------------------------------------------------------
TOTAL ASSETS 49 393 67 008 63 087
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity attributable to Equity holders of the
Parent company
Share capital 8 010 8 010 8 010
Fair value reserve and other reserves 7 000 6 836 6 862
Exchange differences 120 61 103
Retained earnings 7 164 6 149 6 150
Profit (loss) for the period 280 1 028 3 016
--------------------------------------------------------------------------------
Share of shareholders' equity that belongs to
the
owners of the Parent company 22 575 22 084 24 141
--------------------------------------------------------------------------------
Total equity 22 575 22 084 24 141
--------------------------------------------------------------------------------
Non-current liabilities
Non-current provisions 160 70 56
Deferred tax liability 359 - 174
Non-current interest-bearing liabilities 9 4 181 8 622 5 866
Pension obligations 86 92 90
--------------------------------------------------------------------------------
Total non-current liabilities 4 786 8 784 6 186
Current liabilities
Current provisions 710 1 223 1 134
Current interest-bearing liabilities 9 4 495 4 989 5 594
Current advance payments received 5 8 557 17 320 12 776
Income tax liability 41 - -
Trade payables and other liabilities 8 230 12 607 13 255
--------------------------------------------------------------------------------
Total current liabilities 22 032 36 140 32 759
Total liabilities 26 818 44 924 38 946
--------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 49 393 67 008 63 087
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.-30.9 1.1.-30.9 1.1.-31.12
. . .
(EUR 1 000) 2013 2012 2012
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Proceeds from customers 59 795 64 936 90 385
Other operating income 137 167 1 423
Payments to suppliers and employees -54 904 -59 144 -89 379
--------------------------------------------------------------------------------
Cash flow before financial items and taxes 5 028 5 959 2 429
Interest paid from operating activities -212 -275 -529
Dividends received from operating 180 118 118
activities
Interests received from operating 98 258 269
activities
Other financing items from operating 74 -431 -275
activities
Income taxes paid from operating -12 -823 -75
activities
--------------------------------------------------------------------------------
NET CASH FLOW FROM OPERATING ACTIVITIES (A) 5 157 4 807 1 938
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and -2 026 -1 749 -3 055
intangible assets
Proceeds from sale of property, plant and 37 22 160
equipment and intangible assets
--------------------------------------------------------------------------------
NET CASH FLOW FROM INVESTING ACTIVITIES (B) -1 989 -1 727 -2 895
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of current borrowings -1 100 - -
Repayments of non-current borrowings -1 625 -1 970 -4 000
Dividends paid -2 002 -1 201 -1 201
--------------------------------------------------------------------------------
NET CASH FLOW FROM FINANCING ACTIVITIES (C) -4 727 -3 172 -5 201
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS -1 559 -92 -6 159
(A+B+C)
--------------------------------------------------------------------------------
increase (+)/decrease (-)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF 19 548 25 674 25 674
THE PERIOD*
NET CHANGE IN CASH AND CASH EQUIVALENTS -1 559 -92 -6 159
EFFECTS OF EXCHANGE RATE CHANGES ON CASH -25 46 33
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF THE 17 964 25 628 19 548
PERIOD*
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS IN THE BALANCE
SHEET AT THE END OF THE PERIOD
Cash and cash equivalents 17 964 25 628 19 548
--------------------------------------------------------------------------------
TOTAL 17 964 25 628 19 548
--------------------------------------------------------------------------------
*Cash and cash equivalents comprise assets at fair value through profit and
loss, as well as cash and bank receivables, which will be due within the
following three months' period.
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
Share Invested
Share premiu non-rest Other Exchang Retain
m ricted e ed
(EUR 1 000) capita accoun equity reserv differe earnin
l t reserve es nces gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2013 8 010 0 6 498 364 103 9 166
--------------------------------------------------------------------------------
Comprehensive profit (loss) for the
period
Profit (loss) for the period - - - - - 280
Other comprehensive income
items:
Exchange differences on - - - - 18 -
translating
foreign operations
--------------------------------------------------------------------------------
Total comprehensive profit 0 0 0 0 18 280
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions - - - 138 - -
Reclassification between - - - - - -
items
Dividends paid - - - - - -2 002
--------------------------------------------------------------------------------
Total transactions with 0 0 0 138 0 -2 002
owners
--------------------------------------------------------------------------------
EQUITY at Sept. 30, 2013 8 010 0 6 498 502 120 7 444
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY (CONTINUE)
--------------------------------------------------------------------------------
To the owners
of
(EUR 1 000) the Parent TOTAL
company
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2013 24 141 24 141
--------------------------------------------------------------------------------
Comprehensive profit (loss) for the
period
Profit (loss) for the period 280 280
Other comprehensive income
items:
Exchange differences on 18 18
translating
foreign operations
--------------------------------------------------------------------------------
Total comprehensive profit 298 298
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions 138 138
Reclassification between 0 0
items
Dividends paid -2 002 -2 002
Total transactions with -1 864 -1 864
owners
--------------------------------------------------------------------------------
EQUITY at Sept. 30, 2013 22 575 22 575
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
Share Invested
Share premiu non-rest Other Exchang Retain
m ricted e ed
(EUR 1 000) capita accoun equity reserv differe earnin
l t reserve es nces gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2012 8 010 6 498 0 187 23 7 351
--------------------------------------------------------------------------------
Comprehensive profit (loss) for the
period
Profit (loss) for the period - - - - - 1 028
Other comprehensive income
items:
Exchange differences on - - - - 38 -
translating
foreign operations
--------------------------------------------------------------------------------
Total comprehensive profit 0 0 0 0 38 1 028
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions - - - 152 - -
Reclassification between - -6 498 6 498 - - -
items
Dividends paid - - - - - -1 201
--------------------------------------------------------------------------------
Total transactions with 0 -6 498 6 498 152 0 -1 201
owners
--------------------------------------------------------------------------------
EQUITY at Sept. 30, 2012 8 010 0 6 498 338 61 7 177
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY (CONTINUE)
--------------------------------------------------------------------------------
To the owners
of
(EUR 1 000) the Parent TOTAL
company
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 2012 22 069 22 069
--------------------------------------------------------------------------------
Comprehensive profit (loss) for the
period
Profit (loss) for the period 1 028 1 028
Other comprehensive income
items:
Exchange differences on 38 38
translating foreign
operations
--------------------------------------------------------------------------------
Total comprehensive profit 1 066 1 066
(loss) for the period
--------------------------------------------------------------------------------
Transactions with owners
Equity-settled share-based
transactions 152 152
Reclassification between 0 0
items
Dividends paid -1 201 -1 201
--------------------------------------------------------------------------------
Total transactions with -1 049 -1 049
owners
--------------------------------------------------------------------------------
EQUITY at Sept. 30, 2012 22 084 22 084
--------------------------------------------------------------------------------
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 October 30, 2013 reviewed the
Interim financial report for January 1 - September 30, 2013, and approved it to
be published in compliance with this release.
2. Accounting principles
Raute Corporation's Interim financial report for January 1 - September 30, 2013
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 2012.
Raute Corporation's Interim financial report for January 1 - September 30, 2013
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 September 30, 2013. 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 2012, with
the exception of certain new or revised standards, interpretations and
amendments to existing standards which the Group has applied as of January 1,
2013.The impact of the new and revised standards has been presented in the
Annual financial statements for 2012. 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.
-------------------------------------------------
30.9. 30.9. 31.12.
Wood products technology 2013 2012 2012
-------------------------------------------------
Net sales 58 762 67 359 101 273
Operating profit (loss) 315 1 907 5 031
Assets 49 393 67 008 63 087
Liabilities 26 818 44 924 38 946
Capital expenditure 2 536 2 240 3 529
--------------------------------------------------------------------------------
Assets of the wood products technology 30.9. 30.9. 31.12.
segment by geographical location 2013 % 2012 % 2012 %
--------------------------------------------------------------------------------
Finland 42 288 86 58 796 88 53 631 85
China 3 355 7 2 874 4 4 406 7
North America 2 177 4 3 627 5 3 437 5
Russia 1 288 3 1 349 2 1 257 2
South America 183 0 207 0 199 0
Other 101 0 155 0 158 0
--------------------------------------------------------------------------------
TOTAL 49 393 100 67 008 100 63 087 100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Capital expenditure of the wood products 30.9. 30.9. 31.12.
technology segment by geographical 2013 % 2012 % 2012 %
location
--------------------------------------------------------------------------------
Finland 1 836 72 2 194 98 2 980 84
China 676 27 36 2 517 15
North America 16 1 6 0 6 0
Russia 3 0 1 0 1 0
South America 1 0 1 0 22 1
Other 4 0 2 0 2 0
--------------------------------------------------------------------------------
TOTAL 2 536 100 2 240 100 3 529 100
--------------------------------------------------------------------------------
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 33 percent.
----------------------------------------------------------------------------
1.1.-30.9. 1.1.-30.9. 1.1.-31.12.
Net sales by market area 2013 % 2012 % 2012 %
----------------------------------------------------------------------------
EMEA (Europe and Africa) 26 366 45 15 179 23 22 179 22
LAM (South America) 12 574 21 32 629 48 52 588 52
CIS (Russia) 10 828 18 11 212 17 14 454 14
NAM (North America) 6 720 11 5 946 9 8 469 8
APAC (Asia-Pacific) 2 275 4 2 392 4 3 583 4
----------------------------------------------------------------------------
TOTAL 58 762 100 67 359 100 101 273 100
----------------------------------------------------------------------------
Finland accounted for 5 percent (7 %) of net sales.
--------------------------------------------------------------------------------
5. Long-term projects 30.9. 30.9. 31.12.
2013 2012 2012
--------------------------------------------------------------------------------
Net sales
Net sales by percentage of completion 46 443 56 258 85 267
Other net sales 12 319 11 101 16 006
--------------------------------------------------------------------------------
TOTAL 58 762 67 359 101 273
--------------------------------------------------------------------------------
Project revenues entered as income from currently
undelivered
long-term projects recognized by percentage of 110 667 66 414 89 601
completion
Amount of long-term project revenues not yet entered 26 042 70 515 49 040
as income (order book)
Projects for which the value by percentage of
completion exceeds
advance payments invoiced
- aggregate amount of costs incurred and recognized 64 444 46 494 64 872
profits less recognized losses
- advance payments received 58 236 31 422 48 372
--------------------------------------------------------------------------------
Gross amount due from customers 6 208 15 072 16 499
--------------------------------------------------------------------------------
Projects for which advance payments invoiced exceed
the value by
percentage of completion
- aggregate amount of costs incurred and recognized 46 223 19 994 27 890
profits less recognized losses
- advance payments received 53 041 37 107 40 394
--------------------------------------------------------------------------------
Gross amount due to customers 6 818 17 113 12 504
--------------------------------------------------------------------------------
Specification of combined asset and liability items
Advance payments paid 357 624 1 021
--------------------------------------------------------------------------------
Advance payments received included in inventories in 357 624 1 021
the balance sheet
--------------------------------------------------------------------------------
Advance payments in the balance sheet 8 557 17 320 12 776
--------------------------------------------------------------------------------
6. Number of personnel, persons 30.9. 30.9. 31.12.
2013 2012 2012
--------------------------------------------------------------------------------
Effective, on average 512 476 480
In books, on average 519 484 488
In books, at the end of period 532 496 503
- of which personnel working abroad 149 129 132
--------------------------------------------------------------------------------
7. Research and development costs 30.9. 30.9. 31.12.
2013 2012 2012
--------------------------------------------------------------------------------
Research and development costs for the period 1 956 1 606 2 516
Amortization of previously capitalized development 376 99 126
costs
Development costs recognized as an asset in the -543 -534 -1 024
balance sheet
Research and development costs entered as expense 1 789 1 171 1 618
for the period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8. Changes in Intangible assets and in Property, 30.9. 30.9. 31.12.
plant and equipment 2013 2012 2012
--------------------------------------------------------------------------------
Intangible assets
Carrying amount at the beginning of the period 14 019 12 448 12 447
Exchange rate differences 1 9 7
Additions 1 323 1 399 2 198
Reclassifications between items -1 770 -678 -634
--------------------------------------------------------------------------------
Carrying amount at the end of the period 13 573 13 179 14 019
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -10 815 -11 015 -11 014
beginning of the period
Exchange rate differences 0 -7 -5
Accumulated depreciation and amortization of 1 791 679 679
disposals and reclassifications
Depreciation and amortization for the period -656 -343 -474
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -9 680 -10 686 -10 815
of the period
--------------------------------------------------------------------------------
Book value of Intangible assets, at the beginning of 3 204 1 433 1 433
the period
Book value of Intangible assets, at the end of the 3 892 2 493 3 204
period
Property, plant and equipment
Carrying amount at the beginning of the period 41 673 44 463 44 463
Exchange rate differences -501 503 88
Additions 1 213 841 1 331
Disposals -30 -7 -370
Reclassifications between items -21 -3 814 -3 839
--------------------------------------------------------------------------------
Carrying amount at the end of the period 42 334 41 986 41 673
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -33 782 -36 236 -36 236
beginning of the period
Exchange rate differences 453 -450 -70
Accumulated depreciation and amortization of - 3 812 4 019
disposals and reclassifications
Depreciation and amortization for the period -1 039 -1 135 -1 494
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -34 367 -34 010 -33 782
of the period
--------------------------------------------------------------------------------
Book value of Property, plant and equipment,
at the beginning of the period 7 892 8 227 8 226
Book value of Property, plant and equipment,
at the end of the period 7 966 7 976 7 892
--------------------------------------------------------------------------------
9. Interest-bearing liabilities 30.9. 30.9. 31.12.
2013 2012 2012
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities recognized 4 181 8 622 5 866
at amortized cost
Current interest-bearing liabilities 4 495 4 989 5 594
TOTAL 8 676 13 611 11 461
--------------------------------------------------------------------------------
Maturities of the interest-bearing financial
liabilities at September 30, 2013
Financial liability Current Non-curr Total
ent
--------------------------------------------------------------------------------
Pension loans (TYEL) 1 000 - 1 000
Loans from financial institutions 3 495 4 181 7 676
--------------------------------------------------------------------------------
Total 4 495 4 181 8 676
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10. Pledged assets and contingent liabilities 30.9. 30.9. 31.12.
2013 2012 2012
--------------------------------------------------------------------------------
On behalf of the Parent company
Business mortgages 2 700 - -
Loans from financial institutions 7 431 10 512 9 117
Business mortgages 7 375 6 700 6 700
Pension loans (TYEL) 1 000 3 000 2 000
Business mortgages 300 900 600
Credit insurance agreements 700 2 100 1 400
Other liabilities - 100 100
Real estate mortgages - 101 101
Mortgage agreements on behalf of subsidiaries
Loans from financial institutions 245 246 244
Other obligations 65 - -
Business mortgages 310 200 244
Commercial bank guarantees on behalf of the Parent 3 722 37 975 39 600
company and subsidiaries
Other own obligations
Rental liabilities maturing within one year 841 861 868
Rental liabilities maturing in one to five years 2 413 2 653 2 682
Rental liabilities maturing more than five years 268 670 519
--------------------------------------------------------------------------------
Total 3 522 4 184 4 069
--------------------------------------------------------------------------------
11. Related party transactions
No loans are granted to the company's management. On September 30, 2013, the
Parent Company Raute Corporation had loan receivables from its subsidiary Raute
Service LLC EUR 355 thousand (EUR 355 thousand) and from Raute Canada Ltd. EUR
884 thousand (EUR 1 774 thousand).
No pledges have been given or other commitments made on behalf of the company's
management and shareholders.
-----------------------------------------------------------------------------
12. Derivatives 30.9. 30.9. 31.12.
2013 2012 2012
-----------------------------------------------------------------------------
Nominal values of forward contracts in foreign currency
Economic hedging
- Related to financing 1 386 1 802 2 093
- Related to the hedging of net sales 4 423 4 844 1 763
Fair values of forward contracts in foreign currency
Economic hedging
- Related to financing 9 -21 -8
- Related to the hedging of net sales -12 0 18
Interest rate and currency swap agreements
- Nominal value 3 056 5 298 4 117
- Fair value -20 28 -4
13. Share-based payments
The fair value of the options granted according to the 2010 stock option plan
is recognized as an expense in the income statement during the earning period
of the options. An expense of EUR 138 thousand (EUR 152 thousand) was
recognized for the options to the income statement during the period.
14. Dividend distribution
Raute Corporations' Annual General Meeting held on April 8, 2013, decided,
according to the Board of Directors' proposal, to distribute a dividend of EUR
0,50 per share to be paid for series A and K shares, a total of EUR 2 002
thousand. The dividend payment date was April 18, 2013.
15. Financial assets and liabilities that are measured at fair value
At the end of the reporting period September 30, 2013, 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 2012. There were no
transfers between the hierarchy levels 1 and 2 during the reporting period.
------------------------------------------------------------
16. Exchange rates used
1.1.-30.9. 1.1.-30.9. 1.1.-31.12.
------------------------------------------------------------
Income statement, euros 2013 2012 2012
------------------------------------------------------------
CNY (Chinese juan) 8,1240 8,1103 8,1096
RUB (Russian rouble) 41,6592 39,7964 39,9238
CAD (Canadian dollar) 1,3485 1,2845 1,2848
USD (US dollar) 1,3172 1,2817 1,2856
SGD (Singapore dollar) 1,6487 1,6129 1,6062
CLP (Chilean peso) 643,0765 626,5112 624,7032
------------------------------------------------------------
30.9. 30.9. 31.12.
Balance sheet, euros 2013 2012 2012
------------------------------------------------------------
CNY (Chinese juan) 8,1690 8,1272 8,1809
RUB (Russian rouble) 43,8240 40,1400 40,3295
CAD (Canadian dollar) 1,3912 1,2684 1,3137
USD (US dollar) 1,3505 1,2930 1,3194
SGD (Singapore dollar) 1,6961 1,5848 1,6111
CLP (Chilean peso) 672,7827 608,9378 625,1146
--------------------------------------------------------------------------------
FINANCIAL DEVELOPMENT 30.9. 30.9. 31.12.
2013 2012 2012
--------------------------------------------------------------------------------
Change in net sales, % -12,8 13,7 36,3
Exported portion of net sales, % 94,8 92,9 93,9
Return on investment (ROI), % 3,1 8,8 15,0
Return on equity, ROE, % 1,6 6,2 13,1
Interest-bearing net liabilities, EUR million -9,3 -12,0 -8,1
Gearing, % -41,1 -54,4 -33,5
Equity ratio, % 55,3 44,4 48,0
Gross capital expenditure, EUR million 2,5 2,2 3,5
% of net sales 4,3 3,3 3,5
Research and development costs, EUR million 2,0 1,6 2,5
% of net sales 3,3 2,4 2,5
Order book, EUR million 31 72 50
Order intake, EUR million 41 104 116
--------------------------------------------------------------------------------
SHARE-RELATED DATA 30.9. 30.9. 31.12.
2013 2012 2012
--------------------------------------------------------------------------------
Earnings per share, (EPS), undiluted, EUR 0,07 0,26 0,75
Earnings per share, (EPS), diluted, EUR 0,07 0,26 0,75
Equity to share, EUR 5,64 5,51 6,03
Dividend per share, EUR - - 0,50
Dividend per profit, % - - 66,40
Effective dividend return, % - - 5,60
Development in share price (series A shares)
Lowest share price for the period, EUR 7,99 6,18 6,18
Highest share price for the period, EUR 9,33 9,24 9,24
Average share price for the period, EUR 8,28 8,28 8,22
Share price at the end of the period, EUR 8,39 7,32 9,00
Market value of capital stock
- Series K shares, EUR million** 8,3 7,3 8,9
- Series A shares, EUR million 25,3 22,1 27,1
--------------------------------------------------------------------------------
Total, EUR million 33,6 29,3 36,0
--------------------------------------------------------------------------------
**Series K shares valued at the value of series
A shares.
Trading of the company's shares (series A
shares)
Trading of shares, pcs 381 117 232 047 302 096
Trading of shares, EUR million 3,3 1,9 2,4
Number of shares
- Series K shares, ordinary shares (20 votes, 991 161 991 161 991 161
share)
- Series A shares (1 vote/share) 3 013 597 3 013 597 3 013 597
--------------------------------------------------------------------------------
Total 4 004 758 4 004 758 4 004 758
--------------------------------------------------------------------------------
Number of shares, weighted average, 1000 pcs 4 005 4 005 4 005
Number of shares, diluted, 1 000 pcs 4 010 4 006 4 008
Number of shareholders 1 878 1 652 1 682
--------------------------------------------------------------------------------
DEVELOPMENT OF Q 4 Q 1 Q 2 Q 3 Rolling Rolling
QUARTERLY RESULTS 2012 2013 2013 2013 1.10.2012 1.10.2011
(EUR 1 000) - -
30.9.2013 30.9.2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 33 914 23 386 19 766 15 610 92 676 82 293
--------------------------------------------------------------------------------
Change in inventories
of finished
goods and work in 551 364 -610 -37 269 -1 277
progress
Other operating income 1 256 20 15 102 1 393 190
Materials and services -19 388 -12 979 -8 906 -7 304 -48 578 -41 897
Employee benefits -8 038 -6 871 -7 190 -5 969 -28 068 -27 152
expense
Depreciation and -491 -479 -619 -597 -2 186 -1 996
amortization
Other operating -4 680 -2 532 -2 740 -2 115 -12 067 -9 376
expenses
--------------------------------------------------------------------------------
Total operating -32 597 -22 862 -19 456 -15 984 -90 899 -80 421
expenses
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OPERATING PROFIT 3 125 909 -286 -309 3 439 786
(LOSS)
--------------------------------------------------------------------------------
% of net sales 9 4 -1 -2 4 1
Financial income -37 400 72 53 488 458
Financial expenses -126 -224 -75 -161 -586 -622
--------------------------------------------------------------------------------
PROFIT (LOSS) BEFORE 2 962 1 085 -289 -417 3 341 622
TAX
--------------------------------------------------------------------------------
% of net sales 9 5 -1 -3 4 1
Income taxes -973 -246 96 51 -1 073 -615
--------------------------------------------------------------------------------
PROFIT (LOSS) FOR THE 1 989 839 -193 -366 2 268 8
PERIOD
--------------------------------------------------------------------------------
% of net sales 6 4 -1 -2 2 0
Attributable to
Equity holders of the 1 989 839 -193 -366 2 268 8
Parent company
Earnings per share,
EUR
Undiluted earnings per 0,50 0,21 -0,05 -0,09 0,57 0,00
share
Diluted earnings per 0,50 0,21 -0,05 -0,09 0,57 0,00
share
Shares, 1 000 pcs
Adjusted average 4 005 4 005 4 005 4 005 4 005 4 005
number of shares
Adjusted average
number of shares,
diluted 4 008 4 017 4 013 4 010 4 010 4 007
--------------------------------------------------------------------------------
20 LARGEST SHAREHOLDERS AT SEPTEMBER 30,
2013
Number Number Total % of Total % of
of series number total number voting
series
By number of shares K A shares of shares of of votes rights
shares shares
--------------------------------------------------------------------------------
1. Sundholm Göran - 624 398 624 398 15,6 624 398 2,7
2. Mandatum Life - 181 900 181 900 4,5 181 900 0,8
Unit-Linked
3. Mustakallio Kari 60 480 56 093 116 573 2,9 1 265 693 5,5
Pauli
4. Laakkonen Mikko - 115 349 115 349 2,9 115 349 0,5
5. Suominen Pekka 48 000 62 429 110 429 2,8 1 022 429 4,5
6. Suominen Tiina 48 000 62 316 110 316 2,8 1 022 316 4,5
Sini-Maria
7. Siivonen Osku 50 640 53 539 104 179 2,6 1 066 339 4,7
Pekka
8. Kirmo Kaisa 50 280 41 826 92 106 2,3 1 047 426 4,6
Marketta
9. Mustakallio Mika 57 580 29 270 86 850 2,2 1 180 870 5,2
Tapani
10. Keskiaho Kaija 33 600 51 116 84 716 2,1 723 116 3,2
Leena
11. Särkijärvi Anna 60 480 22 009 82 489 2,1 1 231 609 5,4
Riitta
12. Relander Harald - 75 000 75 000 1,9 75 000 0,3
13. Sijoitusrahasto - 74 596 74 596 1,9 74 596 0,3
Alfred Berg Small
Cap Finland
14. Mustakallio Ulla 53 240 9 862 63 102 1,6 1 074 662 4,7
Sinikka
15. Mustakallio Marja 43 240 16 047 59 287 1,5 880 847 3,9
Helena
16. Särkijärvi Timo 12 000 43 256 55 256 1,4 283 256 1,2
17. 12 000 43 256 55 256 1,4 283 256 1,2
Särkijärvi-Martinez
Anu Riitta
18. Suominen Jukka 24 960 27 964 52 924 1,3 527 164 2,3
Matias
19. Mustakallio Kai 47 420 4 594 52 014 1,3 952 994 4,2
Henrik
20. Keskinäinen - 51 950 51 950 1,3 51 950 0,2
työeläkevakuutusyhti
ö Varma
--------------------------------------------------------------------------------
Total 601 920 1 646 770 2 248 690 56,2 13 685 170 59,9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number Number Total % of Total % of
of series number total number voting
series
By number of votes K A shares of shares of of votes rights
shares shares
--------------------------------------------------------------------------------
1. Mustakallio Kari 60 480 56 093 116 573 2,9 1 265 693 5,5
Pauli
2. Särkijärvi Anna 60 480 22 009 82 489 2,1 1 231 609 5,4
Riitta
3. Mustakallio Mika 57 580 29 270 86 850 2,2 1 180 870 5,2
Tapani
4. Mustakallio Ulla 53 240 9 862 63 102 1,6 1 074 662 4,7
Sinikka
5. Siivonen Osku 50 640 53 539 104 179 2,6 1 066 339 4,7
Pekka
6. Kirmo Kaisa 50 280 41 826 92 106 2,3 1 047 426 4,6
Marketta
7. Suominen Pekka 48 000 62 429 110 429 2,8 1 022 429 4,5
8. Suominen Tiina 48 000 62 316 110 316 2,8 1 022 316 4,5
Sini-Maria
9. Suominen Jussi 48 000 - 48 000 1,2 960 000 4,2
10. Mustakallio Kai 47 420 4 594 52 014 1,3 952 994 4,2
Henrik
11. Mustakallio Marja 43 240 16 047 59 287 1,5 880 847 3,9
Helena
12. Mustakallio Risto 42 240 - 42 240 1,1 844 800 3,7
Knut kuolinpesä
13. Keskiaho Kaija 33 600 51 116 84 716 2,1 723 116 3,2
Leena
14. Sundholm Göran - 624 398 624 398 15,6 624 398 2,7
15. Kirmo Lasse 30 000 4 683 34 683 0,9 604 683 2,6
16. Keskiaho 27 880 7 491 35 371 0,9 565 091 2,5
Juha-Pekka
17. Suominen Jukka 24 960 27 964 52 924 1,3 527 164 2,3
Matias
18. Keskiaho Marjaana 24 780 21 500 46 280 1,2 517 100 2,3
19. Kultanen Leea 22 405 8 031 30 436 0,8 456 131 2,0
Annikka
20. Molander Sole 20 160 - 20 160 0,5 403 200 1,8
--------------------------------------------------------------------------------
Total 793 385 1 103 168 1 896 553 47,4 16 970 868 74,3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MANAGEMENTS' AND PUBLIC INSIDERS' SHAREHOLDING AND
NOMINEE-REGISTERED SHARES
Number of Number of Total % of Total % of
series K series A number of total number of voting
shares shares shares shares votes rights
--------------------------------------------------------------------------------
Manage
ment's
holdi
ng at
Sept.
30,
2013
The 122 880 109 899 232 779 5,8 2 567 499 11,2
Board
of
Direc
tors,
The
Group
's
Presi
dent
and
CEO
and
Execu
tive
Board
--------------------------------------------------------------------------------
Public 122 880 109 899 232 779 5,8 2 567 499 11,2
insid
ers'
holdi
ng at
Sept.
30,
2013
--------------------------------------------------------------------------------
The figures include the holdings of their own,
minor children and control entities.
--------------------------------------------------------------------------------
Nomine - 125 360 125 360 3,1 125 360 0,5
e-regi
stered
share
s at
Sept.
30,
2013
--------------------------------------------------------------------------------
RAUTE CORPORATION
Board of Directors
BRIEFING ON OCTOBER 30, 2013 AT 2 P.M.:
A briefing will be held for analysts, investors and the media on Wednesday
October 30, 2013 at 2 p.m. at Scandic Simonkenttä Hotel, Tapiola cabinet,
Simonkatu 9, Helsinki. The interim report will be presented by Mr. Tapani
Kiiski, President and CEO, and Ms. Arja Hakala, CFO.
FINANCIAL RELEASES IN 2014:
Raute Corporation will publish a release of its financial statements for 2013
on Thursday February 13, 2014.
Raute's interim reports will be published as follows:
- January - March on Tuesday April 29, 2014
- January - June on Tuesday July 29, 2014
- January - September on Wednesday October 29, 2014.
Raute Corporation's Annual general meeting is scheduled to be held in Lahti on
Monday March 31, 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, +358 3 829 3293, mobile phone +358 400
710 387
DISTRIBUTION: NASDAQ OMX Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF:
Raute is a technology and service company that operates worldwide. Raute's
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL (Laminated Veneer Lumber). The technology
offering covers machinery and equipment for the entire production process. As a
supplier of mill-scale projects Raute is a global market leader both in the
plywood and LVL industries. Additionally, Raute's full-service concept includes
technology services ranging from spare parts deliveries to regular maintenance
and equipment modernizations. Raute's head office is located in Nastola,
Finland. Its other production plants are in the Vancouver area of Canada, in
the Shanghai area of China, and in Kajaani, Finland. Raute's net sales in 2012
were EUR 101.3 million. The Group's headcount at the end of 2012 was 503.
More information about the company can be found at www.raute.com.
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