2014-10-29 08:00:01 CET
2014-10-29 08:00:10 CET
REGULATED INFORMATION
Raute - Interim report (Q1 and Q3)
Raute Corporation - Interim report January 1 - September 30, 2014
Nastola, Finland, 2014-10-29 08:00 CET (GLOBE NEWSWIRE) -- RAUTE CORPORATION
INTERIM REPORT OCTOBER 29, 2014 AT 9:00 A.M.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2014
- The Group's net sales, EUR 60.0 million (MEUR 58.8), increased 2% on the
comparison period. The order intake was EUR 89 million (MEUR 41).
- The operating profit was EUR -1.0 million (MEUR +0.3). The profit before
taxes was EUR -1.0 million (MEUR +0.4).
- Earnings per share were EUR -0.21 (EUR +0.07).
- Net sales for the third quarter were EUR 24.7 million and operating profit
was EUR 0.3 million positive. The order intake was EUR 22 million. The order
book at the end of the reporting period amounted to EUR 56 million.
- The outlook for financial performance remains unchanged. Raute's net sales
are expected to grow in 2014 and operating profit to improve from 2013.
TAPANI KIISKI, PRESIDENT AND CEO: EXPECTED RESULTS FOR THE FULL YEAR ARE BASED
ON A STRONG ORDER BOOK AND RAUTE'S PERFORMANCE TRACK RECORD
Our order intake in the third quarter was at a reasonable level, considering
the general economic situation. We received a follow-up order to the
transaction announced in June regarding the delivery of machinery for a new
softwood plywood mill in Poland, increasing the order's total value to EUR 15
million. In technology services, spare parts sales increased nearly 60 percent
over the third quarter of 2013. This is an indication of the good utilization
levels of our customers. Investment needs have been accumulating, and there are
several major projects in the planning phase. I believe that despite the
uncertain economic situation, our order intake will remain at least at a
reasonable level in the coming months.
This year, an even larger proportion of the result than I had anticipated will
be generated during the final quarter. The approval of final production line
lines for two mill-scale deliveries that are very near completion were delayed,
which resulted in net sales being carried forward to the final quarter of the
year. In spite of the raw material tests carried out during the selling
process, the behavior of new wood species in our industry-proven processes
caused some additional costs to us. The required equipment alterations have
also generated additional costs, the scale of which we were not prepared for. A
pilot-like first-time delivery project, for which we developed new technology
and which we believe holds potential for major new business in the future,
exceeded the budgeted costs in the third quarter and has had an impact on our
profit.
We do have positive news, too. The launch of our Dragon peeling lathe range in
China and other Asian markets has been successful with seven machines already
in operation. We have also managed to steer our North American operations to a
clearly profitable growth path following the recession.
We are lagging behind our targets and forecasts for this year with regard to
the growth in net sales and especially operating profit. Owing to our strong
order book and our organization's track record, I am sure that our net sales
and operating profit will increase this year. However, it requires managing our
operations successfully. I am confident that our competence and hunger for
success will see us through these challenges.
THIRD QUARTER OF 2014
Order intake and order book
Order intake during the third quarter was at a good level, totaling EUR 22
million (MEUR 7). Technology services accounted for EUR 7 million (MEUR 5) of
the order intake.
The most significant order during the third quarter was a follow-up to an order
placed by Paged Sklejka S.A. that was announced in June. The equipment to be
delivered is destined for a new softwood plywood mill being built beside the
company's plywood mill in Morag, Poland.
The order book declined during the third quarter by EUR 3 million, amounting to
EUR 56 million at the end of the period (MEUR 31).
Net sales
Third-quarter net sales amounted to EUR 24.7 million (MEUR 15.6). Net sales
increased 21 percent from the second quarter as a result of the scheduling of
the order book.
Net sales for the third quarter remained lower than expected due to the full
revenue recognition of two mill-scale projects being postponed.
Technology services accounted for 43 percent of the Group's total net sales
(57%).
Result and profitability
Operating profit for the third quarter was EUR 0.3 million positive (MEUR 0.3
negative) and accounted for 1 percent (-2%) of net sales. The profit was EUR
0.3 million positive (MEUR 0.4 negative). Earnings per share were EUR 0.06 (EUR
-0.09).
Profitability remained low with respect to net sales. This was due to
unforeseeable additional costs relating to a delivery where proven technology
is applied to a new raw material, and to budgeted costs being exceeded in a
pilot project that includes new technology.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2014
BUSINESS ENVIRONMENT
Market situation in customer industries
Raute's customers in the veneer, plywood and LVL (Laminated Veneer Lumber)
industries are engaged in the manufacture of wood products used in investment
commodities and are thus highly affected by fluctuations in construction,
housing-related consumption, international trade, and transportation.
The situation in the global economy and the financial markets during 2014 has
not changed considerably with respect to Raute or Raute's customer base.
Uncertainty and tension persisted, and the situation has even taken a turn for
the worse, with the exception of North-America. 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, and has led to downgrading of the country's credit rating. The
uncertainty caused by the prolonged crisis in Ukraine has weakened the
situation further.
Despite the unsettled market situation, the production volumes and capacity
utilization rates of Raute's customers have mainly been at a good level, and
their operations have been profitable. As a result of the above-mentioned
uncertainty, however, the order books are often short, which means the
situation is not conducive to realizing significant investments. A sign of this
has been the slow progress of major projects that are under negotiation.
Demand for wood products technology and technology services
Raute's clients have several large-scale projects in the planning phase, none
of which came to fruition as actual investment decisions during the third
quarter. Several single production line and modernization projects also have
not reached order status.
The uncertainty caused by the crisis in Ukraine has obviously caused investment
decisions to be postponed in the Russian markets, although preparations for
many investments have been actively continued. It is difficult to estimate when
the situation in the Russian markets will normalize, but it is not expected to
happen anytime soon. In other market areas, projects are being planned as
usual, in accordance with the economic situation.
Demand for maintenance and spare parts services continued at a good level. This
bears testimony to the fact that the utilization rates of Raute's customers'
production facilities remained, for the most part, good.
ORDER INTAKE AND ORDER BOOK
Raute serves the wood products industry with a full-service concept based on
service that encompasses the entire life cycle of the delivered equipment.
Raute's business consists of project deliveries and technology services.
Project deliveries comprise complete production machinery for new mills,
production lines and individual machines and equipment. Additionally, Raute's
full-service concept includes comprehensive technology services ranging from
spare parts deliveries to regular maintenance and equipment modernizations, as
well as consulting, training and reconditioned machinery.
During the reporting period, order intake, EUR 89 million (MEUR 41), was more
than double that of the comparison period. The third quarter accounted for EUR
22 million of the order intake.
Of new orders, 67 percent came from Europe (31%), 15 percent from Russia (26%),
10 percent from North America (24%), 6 percent from South America (12%) and 2
percent from Asia-Pacific (6%). The strong fluctuations in the distribution of
new orders between the various market areas are typical for project-focused
business.
Among the new orders were two projects aimed at boosting production capacity in
Poland. A total of EUR 15 million worth of equipment will be delivered for a
new softwood plywood mill being built beside the company Paged's plywood mill
in Morag, Poland. The orders for these two projects were received in the second
and third quarters. An order worth roughly EUR 23 million for machinery and
equipment required for producing laminated veneer lumber (LVL) will be
delivered to the German company Steico's future LVL mill in Czarna Woda,
Poland.
Order intake in technology services amounted to EUR 29 million (MEUR 24), an
increase of 19 percent on the comparison period. Growth in modernizations
equaled 27 percent and in spare parts 16 percent.
The order book grew during the reporting period by EUR 28 million, amounting to
EUR 56 million at the end of the period (MEUR 31).
COMPETITIVE POSITION
Raute's competitive position has remained good. Raute's solutions help
customers in securing their delivery and service capabilities throughout the
life cycle of the equipment or service provided 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 60.0 million (MEUR 58.8), up 2
percent on the comparison period.
Of the total net sales for the reporting period, Europe accounted for 45
percent (45%), Russia for 20 percent (18%), North America for 17 percent (11%),
South America for 15 percent (21%), and Asia-Pacific for 3 percent (4%).
Technology services accounted for 44 percent (40%) and EUR 26.7 million (MEUR
23.2) of the Group's total net sales during the period. Technology services
recorded net sales growth of 15 percent on the comparison period, mainly due to
modernizations.
RESULT AND PROFITABILITY
Operating profit for the reporting period was EUR 1.0 million negative (MEUR
0.3 positive) and accounted for -2 percent of net sales (+1%). The negative
operating profit was due to unforeseen additional costs relating to a delivery
where proven technology is applied to a new raw material, and to budgeted costs
exceeding the estimate in a pilot project that includes new technology.
The profit before tax for the reporting period was EUR 1.0 million negative
(MEUR 0.4 positive). The profit for the reporting period was EUR 0.8 million
negative (MEUR 0.3 positive). Earnings per share (undiluted) were EUR -0.21
(EUR +0.07).
CASH FLOW AND BALANCE SHEET
The Group's financial position remained good. At the end of the reporting
period, gearing was -29 percent (-41%) and the equity ratio 55 percent (55%).
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 10.5 million (MEUR 18.0)
at the end of the reporting period. Operating cash flow was EUR 2.0 million
positive (MEUR 5.2 positive). Cash flow from investment activities totaled EUR
0.7 million negative (MEUR 2.0 negative). Cash flow from financing activities
was EUR 3.6 million negative (MEUR 4.7 negative), including dividend payments
and distribution of funds from non-restricted equity of EUR 2.0 million and
debt repayments of EUR 1.6 million.
Interest-bearing liabilities amounted to EUR 4.3 million (MEUR 8.7) at the end
of the reporting period.
The parent company Raute Corporation has a EUR 10 million commercial paper
program, which allows the company to issue commercial papers maturing in less
than one year.
The parent company Raute Corporation is prepared for future working capital
needs and has long-term credit facility agreements with three Nordic banks
totaling EUR 23.0 million. The main covenants for the credit facility are an
equity ratio of >30% and gearing of <100%. Of the credit facility, EUR 17
million remained unused at the end of the reporting period.
EVENTS DURING THE REPORTING PERIOD
Raute Corporation published stock exchange releases on the following events:
February 12, 2014 Long-term share-based incentive plan for Raute's upper
management for the years 2014-2018
February 25, 2014 Share subscription with Raute Corporation's 2010 A stock
options
March 31, 2014 Decisions by Raute's Annual General Meeting 2014.
June 6, 2014 Raute received an order valued at more than EUR 8 million from
Poland
June 26, 2014 Raute received an order valued at EUR 23 million from engineered
wood products company Steico.
RESEARCH AND DEVELOPMENT COSTS AND CAPITAL EXPENDITURE
Raute's goal is to be the leading technology supplier in its field, and to
invest strongly in continuous research and development, particularly in plywood
and LVL manufacturing technology and the supporting by-product handling,
automation and instrumentation applications, especially machine vision.
Research and development costs in the reporting period totaled EUR 1.2 million
(MEUR 2.0), representing 2.0 percent of net sales (3.3%).
Capital expenditure during the reporting period totaled EUR 1.1 million (MEUR
2.5) and accounted for 1.9 percent (4.3%) of net sales.
PERSONNEL
At the end of the reporting period, the Group's personnel numbered 568 (532).
The share of employees in Group companies outside Finland has increased to 32
percent (28%). The number of personnel has increased mainly in China to meet
the needs of the heavy workload in the final quarter of 2014.
Converted to full-time employees (“effective headcount”), the average number of
employees was 517 (512) during the reporting period. These numbers are affected
by the adjustment measures carried out during the first quarter in the Nastola
and Jyväskylä units in Finland, and the outsourcing of the Jyväskylä unit's
engineering functions through a business transaction at the beginning of April.
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
31.9 million (MEUR 33.6), with series K shares valued at the closing price of
series A shares on September 30, 2014, that is EUR 7.97 (EUR 8.39).
STOCK OPTION SCHEME 2010
At the end of the reporting period, the Group's key personnel held altogether
69,530 of the company's 2010 A series stock options, 80,000 series B stock
options and 75,000 series C stock options. The subscription period for series A
stock options began on March 1, 2013 and for series B stock options on March 1,
2014. During the period under review, a total of 10,470 new series A shares
were subscribed for under the series A stock option rights. 2,070 of these have
been entered in the Trade Register. 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 1,958
at the end of the reporting period. Series K shares were held by 47 private
individuals (49) at the end of the reporting period. Nominee-registered shares
accounted for 3.2 percent (3.1%) of shares. The company did not receive any
flagging notifications during the reporting period.
The Board of Directors, the President and CEO as well as the Executive Board
held altogether 234,679 company shares, equaling 5.9 percent (5.8%) of the
company shares and 11.2 percent (11.2%) of the votes at the end of the
reporting period.
CORPORATE GOVERNANCE
Raute Corporation complies with the Finnish Corporate Governance Code 2010 for
listed companies issued by the Securities Market Association on June 15, 2010.
Raute deviates from the Code's recommendation 22 on appointing members to the
Appointments Committee in that one member to the Committee is elected from
outside the Board of Directors, as per the company's Administrative
Instructions, from among the representatives of major shareholders who have
significant voting rights. The Board views this exception as justified, taking
into consideration the company's ownership structure and the possibility to
consider the expectations of major shareholders as early as in the preparation
phase of selecting members of the Board of Directors.
ANNUAL GENERAL MEETING 2014
Raute Corporation's Annual General Meeting was held on March 31, 2014. A stock
exchange release on the decisions of the Annual General Meeting was published
on March 31, 2014.
DISTRIBUTION OF PROFITS FOR THE 2013 FINANCIAL YEAR
The Annual General Meeting held on March 31, 2014 decided to pay a dividend of
EUR 0.20 per share for the financial year 2013. The total amount of dividends
is EUR 0.8 million, with series A shares accounting for EUR 603,133.40 (EUR
1,506,798.50) and series K shares for EUR 198,232.20 (EUR 495,580.50). The
dividend payment date was April 10, 2014.
The Annual General Meeting on March 31, 2014 resolved, on the basis of the
balance sheet adopted in respect of the financial year ended on 31 December
2013, on the repayment of assets from the invested non-restricted equity
reserve in the amount of EUR 0.30 per share, i.e. a total of EUR 1,202,048.40
and the remainder, EUR 5,296,293.40, to be retained in equity. The date of
repayment of equity was April 10, 2014.
BOARD OF DIRECTORS AND BOARD COMMITTEES
At the AGM on March 31, 2014 Mr. Erkki Pehu-Lehtonen was elected Chairman of
the Board, Mr. Mika Mustakallio Vice-Chair, and Mr. Joni Bask, Mr. Risto
Hautamäki, Ms. Päivi Leiwo, and Mr. Pekka Suominen were elected Board members.
The Board of Directors' term of office will continue until the 2015 Annual
General Meeting.
Based on the evaluation of independence, Chairman Mr. Erkki Pehu-Lehtonen and
members Mr. Joni Bask, Mr. Risto Hautamäki, Ms. Päivi Leiwo, Mr. Mika
Mustakallio, and Mr. Pekka Suominen are independent of the company. The
Chairman of the Board (Mr. Erkki Pehu-Lehtonen) and two Board members (Ms.
Päivi Leiwo and Mr. Risto Hautamäki) are independent of major shareholders.
Raute Corporation's Board of Directors has an Appointments Committee and a
Working Committee. The Appointments Committee is chaired by Mr. Erkki
Pehu-Lehtonen and its members are Mr. Mika Mustakallio and Mr. Ville Korhonen,
who was elected by the major shareholders from amongst their number. The
Working Committee is chaired by Mr. Erkki Pehu-Lehtonen and its members are Mr.
Mika Mustakallio and Mr. Risto Hautamäki. The Audit Committee's tasks are
handled by the Board of Directors.
AUDITOR
At the Annual General Meeting on March 31, 2014, the authorized public
accounting company PricewaterhouseCoopers was chosen as auditor, with
Authorized Public Accountant Janne Rajalahti as the principal auditor.
BUSINESS RISKS
Risks in the near term are driven by the global economic situation and the
uncertainty concerning the development of the financial markets. During the
reporting period, there were no essential changes in the business risks
described in the 2013 Board of Directors' Report and Financial Statements.
The most significant risks for Raute in the near term are related to the
development of net sales and profitability. The heavy workload at the end of
the year in all of Raute's manufacturing units as a result of the scheduling of
the order book will increase cost, scheduling and quality risks. The continuing
crisis in Ukraine and the downgrading of Russia's credit rating have
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 financial
markets.
No changes have occurred in Raute's profit outlook for the whole of 2014. Based
on the order book and ongoing negotiations, Raute's net sales are expected to
grow in 2014 and operating profit to improve 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.
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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 2014 2013 2014 2013 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 3,4,5 24 693 15 610 60 042 58 762 83 274
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Change in inventories of 631 -37 962 -283 -954
finished goods and work in
progress
Other operating income 67 102 100 137 295
Materials and services -14 850 -7 304 -32 201 -29 189 -40 711
Employee benefits expense 13 -7 117 -5 969 -21 281 -20 030 -27 417
Depreciation and -554 -597 -1 494 -1 695 -2 174
amortization
Other operating expenses -2 562 -2 115 -7 109 -7 387 -10 485
--------------------------------------------------------------------------------
Total operative expenses -25 083 -15 984 -62 085 -58 302 -80 787
--------------------------------------------------------------------------------
OPERATING PROFIT (LOSS) 308 -309 -980 315 1 828
--------------------------------------------------------------------------------
% of net sales 1 -2 -2 1 2
Financial income 92 53 362 525 735
Financial expenses -128 -161 -398 -461 -974
--------------------------------------------------------------------------------
PROFIT (LOSS) BEFORE TAX 273 -417 -1 016 379 1 589
--------------------------------------------------------------------------------
% of net sales 1 -3 -2 1 2
Income taxes -22 51 184 -99 -394
--------------------------------------------------------------------------------
PROFIT (LOSS) FOR THE PERIOD 251 -366 -832 280 1 196
--------------------------------------------------------------------------------
% of net sales 1 -2 -1 0 1
Other comprehensive income
items:
Items that will not be reclassified
to profit or loss
Remeasurement of defined - - 2 - 84
benefit obligations
Items that may be
subsequently reclassified
to profit or loss
Exchange differences on translating 50 5 43 18 -83
foreign operations
--------------------------------------------------------------------------------
Comprehensive income items for the 50 5 45 18 1
period, net of tax
--------------------------------------------------------------------------------
COMPREHENSIVE PROFIT (LOSS) FOR THE 301 -361 -787 298 1 196
PERIOD
--------------------------------------------------------------------------------
Profit (loss) for the period
attributable to
Equity holders of the Parent 251 -366 -832 280 1 196
company
Comprehensive profit (loss) for the period
attributable to
Equity holders of the Parent 301 -361 -787 298 1 196
company
Earnings per share for profit
(loss) attributable
to Equity holders of the Parent
company, EUR
Undiluted earnings per share 0,06 -0,09 -0,21 0,07 0,30
Diluted earnings per share 0,06 -0,09 -0,21 0,07 0,30
Shares, 1 000 pcs
Adjusted average number of 4 007 4 005 4 007 4 005 4 005
shares
Adjusted average number of 4 008 4 010 4 008 4 010 4 013
shares diluted
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET 30.9. 30.9. 31.12.
(EUR 1 000) Note 2014 2013 2013
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets 8 3 545 3 892 3 574
Property, plant and equipment 8 7 853 7 966 8 396
Other financial assets 500 789 500
Deferred tax assets 26 197 96
--------------------------------------------------------------------------------
Total non-current assets 11 924 12 845 12 565
--------------------------------------------------------------------------------
Current assets
Inventories 7 008 6 099 5 047
Accounts receivables and other receivables 5 19 117 12 466 18 329
Income tax receivable 1 130 19 183
Cash and cash equivalents 10 469 17 964 12 658
--------------------------------------------------------------------------------
Total current assets 37 724 36 548 36 218
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL ASSETS 49 648 49 393 48 783
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity attributable to Equity holders of the
Parent company
Share capital 8 014 8 010 8 010
Share issue 17 - -
Fair value reserve and other reserves 5 983 7 000 7 061
Exchange differences 62 120 20
Retained earnings 7 721 7 164 7 327
Profit (loss) for the period -832 280 1 196
--------------------------------------------------------------------------------
Share of shareholders' equity that belongs to the 20 965 22 575 23 613
owners of the Parent company
--------------------------------------------------------------------------------
Total equity 20 965 22 575 23 613
--------------------------------------------------------------------------------
Non-current liabilities
Non-current provisions 314 160 460
Deferred tax liability 137 359 423
Non-current interest-bearing liabilities 9 1 875 4 181 2 500
Pension obligations 2 86 4
--------------------------------------------------------------------------------
Total non-current liabilities 2 327 4 786 3 387
--------------------------------------------------------------------------------
Current liabilities
Current provisions 963 710 775
Current interest-bearing liabilities 9 2 467 4 495 3 481
Current advance payments received 5 11 422 8 557 7 099
Income tax liability 7 41 3
Trade payables and other liabilities 11 497 8 230 10 425
--------------------------------------------------------------------------------
Total current liabilities 26 356 22 032 21 783
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities 28 683 26 818 25 170
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 49 648 49 393 48 783
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.-30. 1.1.-30. 1.1.-31.
9. 9. 12.
(EUR 1 000) 2014 2013 2013
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Proceeds from customer 61 171 59 795 76 836
Other operating income 100 137 295
Payments to suppliers and employees -58 283 -54 904 -73 187
--------------------------------------------------------------------------------
Cash flow before financial items and taxes 2 989 5 028 3 944
Interest paid from operating activities -134 -212 -364
Dividends received from operating activities 100 180 180
Interests received from operating activities 4 98 122
Other financing items from operating activities -25 74 153
Income taxes paid from operating activities -943 -12 -329
--------------------------------------------------------------------------------
NET CASH FLOW FROM OPERATING ACTIVITIES (A) 1 990 5 157 3 704
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and -984 -2 026 -3 226
intangible assets
Proceeds from sale of property, plant and 321 37 53
equipment and intangible assets
Purchase of investments - - -3
--------------------------------------------------------------------------------
NET CASH FLOW FROM INVESTING ACTIVITIES (B) -663 -1 989 -3 176
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of share capital 64 - -
Repayments of current borrowings - -1 100 -2 100
Repayments of non-current borrowings -1 625 -1 625 -3 250
Dividends paid and repayment of equity -2 003 -2 002 -2 002
--------------------------------------------------------------------------------
NET CASH FLOW FROM FINANCING ACTIVITIES (C) -3 564 -4 727 -7 352
--------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C) -2 237 -1 559 -6 825
--------------------------------------------------------------------------------
increase (+)/decrease (-)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE 12 658 19 548 19 548
PERIOD*
NET CHANGE IN CASH AND CASH EQUIVALENTS -2 237 -1 559 -6 825
EFFECTS OF EXCHANGE RATE CHANGES ON CASH 49 -25 -66
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF THE 10 469 17 964 12 658
PERIOD*
--------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS IN THE BALANCE
SHEET AT THE END OF THE PERIOD*
Cash and cash equivalents 10 469 17 964 12 658
--------------------------------------------------------------------------------
TOTAL 10 469 17 964 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 Share Invested Other Exchan Retain
non-restri ge ed
cted
(EUR 1 000) capita issue equity reserv differ earnin TOTAL
l reserve es ences gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 8 010 0 6 498 563 19 8 523 23 613
2014
--------------------------------------------------------------------------------
Comprehensive profit
(loss) for the
period
Profit (loss) for the - - - - - -832 -832
period
Other comprehensive
income items:
Exchange differences - - - - 43 - 43
on translating
foreign operations
--------------------------------------------------------------------------------
Total comprehensive 0 0 0 0 43 -832 -789
profit (loss) for
the period
--------------------------------------------------------------------------------
Transactions with
owners
Share-options 4 17 43 - - - 64
exercised
Equity-settled
share-based
transactions - - - 81 - - 81
Dividends and - - -1 202 - - -801 -2 003
repayment of equity
--------------------------------------------------------------------------------
Total transactions 4 17 -1 159 81 0 -801 -1 859
with owners
--------------------------------------------------------------------------------
EQUITY at Sept 30, 8 014 17 5 339 644 62 6 890 20 965
2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
Share Share Invested Other Exchan Retain
non-restri ge ed
cted
(EUR 1 000) capita issue equity reserv differ earnin TOTAL
l reserve es ences gs
--------------------------------------------------------------------------------
EQUITY at Jan. 1, 8 010 0 6 498 364 103 9 166 24 141
2013
--------------------------------------------------------------------------------
Comprehensive profit
(loss) for the
period
Profit (loss) for the - - - - - 280 280
period
Other comprehensive
income items:
Exchange differences - - - - 18 - 18
on translating
foreign operations
--------------------------------------------------------------------------------
Total comprehensive 0 0 0 0 18 280 298
profit (loss) for
the period
--------------------------------------------------------------------------------
Transactions with
owners
Share-options - - - - - - 0
exercised
Equity-settled
share-based
transactions - - - 138 - - 138
Dividends and - - - - - -2 002 -2 002
repayment of equity
--------------------------------------------------------------------------------
Total transactions 0 0 0 138 0 -2 002 -1 864
with owners
--------------------------------------------------------------------------------
EQUITY at Sept. 30, 8 010 0 6 498 502 120 7 444 22 575
2013
--------------------------------------------------------------------------------
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 establishedin accordance with Finnish law (Business ID
FI01490726). Its series A shares are quoted on NASDAQ OMXHelsinki 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 29, 2014 reviewed the
Interim financial report for January 1 -September 30, 2014, and approved it to
be published in compliance with this release.
2. Accounting principles
Raute Corporation's Interim financial report for January 1 - September 30, 2014
has been prepared in accordance with standard IAS 34 Interim Financial
Reporting. The Interim financial report does not contain full notes and other
information presented in the financial statements, and therefore the Interim
financial report should be read in conjunction with the Financial statements
published for 2013.
Raute Corporation's Interim financial report for January 1 - September 30, 2014
has been prepared in accordance with the International Financial Reporting
Standards, IFRS, accepted for application in the EU. Preparations have complied
with the IAS and IFRS standards, as well as SIC and IFRIC interpretations,
effective on September 30, 2014. The notes to the Interim financial statements
also comply with Finnish accounting legislation. The presented Interim
financial report figures have not been audited.
The Interim financial report has been prepared according to the same
accounting principles as those applied in the Annual financial statement for
2013, with the exception of certain new or revised standards, interpretations
and amendments to existing standards which the Group has applied as of January
1, 2014. The impact of the new and revised standards has been presented in the
Annual financial statements for 2013. The adoption of these standards has not
had an impact on the Interim financial report.
All of the figures presented in the Interim financial report are in thousand
euro, unless otherwise stated. Due to the rounding of the figures in the
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 2014 2013 2013
----------------------------------------------------------------------------
Net sales 60 042 58 762 83 274
Operating profit (loss) -980 315 1 828
Assets 49 648 49 393 48 783
Liabilities 28 683 26 818 25 170
Capital expenditure 1 134 2 536 3 188
--------------------------------------------------------------------------------
Assets of the wood products technology 30.9. 30.9. 31.12.
segment by geographical location 2014 % 2013 % 2013 %
--------------------------------------------------------------------------------
Finland 39 253 79 42 288 86 40 492 83
China 5 245 11 3 355 7 2 926 6
North America 3 415 7 2 177 4 3 914 8
Russia 1 398 3 1 288 3 1 114 2
South America 169 0 183 0 198 0
Other 170 0 101 0 140 0
--------------------------------------------------------------------------------
TOTAL 49 648 100 49 393 100 48 783 100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Capital expenditure of the wood products 30.9. 30.9. 31.12.
technology segment by geographical 2014 % 2013 % 2013 %
location
--------------------------------------------------------------------------------
Finland 973 86 1 836 72 2 324 73
China 96 8 676 27 837 26
North America 56 5 16 1 15 0
Russia 3 0 3 0 3 0
South America 2 0 1 0 1 0
Other 4 0 4 0 8 0
--------------------------------------------------------------------------------
TOTAL 1 134 100 2 536 100 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 one customer (2), whose customized share of the Group's
net sales temporarily was 13 percent.
--------------------------------------------------------------------------------
1.1.-30.9. 1.1.-30.9. 1.1.-31.12.
Net sales by market area 2014 % 2013 % 2013 %
--------------------------------------------------------------------------------
EMEA (Europe and Africa) 26 951 45 26 366 45 33 697 40
CIS (Russia) 12 212 20 10 828 18 16 291 19
NAM (North America) 9 817 17 6 720 11 11 432 14
LAM (South America) 9 153 15 12 574 21 18 020 22
APAC (Asia-Pacific) 1 910 3 2 275 4 3 834 5
--------------------------------------------------------------------------------
TOTAL 60 042 100 58 762 100 83 274 100
--------------------------------------------------------------------------------
Finland accounted for 7 percent (5 %) of
net sales.
--------------------------------------------------------------------------------
30.9. 30.9. 31.12.
5. Long-term projects 2014 2013 2013
--------------------------------------------------------------------------------
Net sales
Net sales by percentage of completion 44 063 46 443 66 214
Other net sales 15 979 12 319 17 060
--------------------------------------------------------------------------------
TOTAL 60 042 58 762 83 274
--------------------------------------------------------------------------------
Project revenues entered as income from currently
undelivered
long-term projects recognized by percentage of 107 926 110 667 86 534
completion
Amount of long-term project revenues not yet entered 55 228 26 042 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 71 669 64 444 65 872
profits less recognized losses
- advance payments received 60 034 58 236 53 619
--------------------------------------------------------------------------------
Gross amount due from customers 11 635 6 208 12 253
--------------------------------------------------------------------------------
Projects for which advance payments invoiced exceed
the value by
percentage of completion
- aggregate amount of costs incurred and recognized 36 030 46 223 20 467
profits less recognized losses
- advance payments received 46 645 53 041 26 953
--------------------------------------------------------------------------------
Gross amount due to customers 10 615 6 818 6 486
--------------------------------------------------------------------------------
Specification of combined asset and liability items
Advance payments paid 768 357 101
--------------------------------------------------------------------------------
Advance payments received included in inventories in 768 357 101
the balance sheet
--------------------------------------------------------------------------------
Advance payments in the balance sheet 11 422 8 557 7 099
--------------------------------------------------------------------------------
30.9. 30.9. 31.12.
6. Number of personnel, persons 2014 2013 2013
--------------------------------------------------------------------------------
Effective, on average 517 512 515
In books, on average 534 519 522
In books, at the end of the period 568 532 534
- of which personnel working abroad 183 149 148
--------------------------------------------------------------------------------
30.9. 30.9. 31.12.
7. Research and development costs 2014 2013 2013
--------------------------------------------------------------------------------
Research and development costs for the period 1 209 1 956 2 523
Amortization of previously capitalized development 156 376 405
costs
Development costs recognized as an asset in the -227 -543 -615
balance sheet
--------------------------------------------------------------------------------
Research and development costs entered as expense for 1 138 1 789 2 313
the period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8. Changes in Intangible assets and in Property, 30.9. 30.9. 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 37 1 -10
Additions 382 1 323 1 552
Reclassification between items -104 -1 770 -2 188
--------------------------------------------------------------------------------
Carrying amount at the end of the period 13 687 13 573 13 372
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -9 799 -10 815 -10 815
beginning of the period
Exchange rate differences -23 0 7
Accumulated depreciation and amortization of 125 1 791 1 791
disposals and reclassifications
Depreciation and amortization for the period -445 -656 -782
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -10 142 -9 680 -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 3 545 3 892 3 574
period
Property, plant and equipment
Carrying amount at the beginning of the period 42 670 41 673 41 673
Exchange rate differences 410 -501 -947
Additions 752 1 213 1 634
Disposals -288 -30 -44
Reclassification between items -31 -21 354
--------------------------------------------------------------------------------
Carrying amount at the end of the period 43 513 42 334 42 670
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the -34 274 -33 782 -33 782
beginning of the period
Exchange rate differences -346 453 857
Accumulated depreciation and amortization of 9 - 44
disposals and reclassifications
Depreciation and amortization for the period -1 049 -1 039 -1 392
--------------------------------------------------------------------------------
Accumulated depreciation and amortization at the end -35 660 -34 367 -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 7 853 7 966 8 396
end of the period
--------------------------------------------------------------------------------
30.9. 30.9. 31.12.
9. Interest-bearing liabilities 2014 2013 2013
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities recognized 1 875 4 181 2 500
at amortized cost
Current interest-bearing liabilities 2 467 4 495 3 481
--------------------------------------------------------------------------------
TOTAL 4 342 8 676 5 981
--------------------------------------------------------------------------------
Maturities of the interest-bearing financial liabilities at
September 30, 2014
Financial liability Current Non-curr Total
ent
--------------------------------------------------------------------------------
Loans from financial institutions 2 467 1 875 4 342
--------------------------------------------------------------------------------
Total 2 467 1 875 4 342
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
30.9. 30.9. 31.12.
10. Pledged assets and contingent liabilities 2014 2013 2013
--------------------------------------------------------------------------------
On behalf of the Parent company
Business mortgages 3 620 2 700 3 946
Loans from financial institutions 4 089 7 431 5 741
Business mortgages 4 125 7 375 5 750
Pension loans (TYEL) - 1 000 -
Business mortgages - 300 -
Credit insurance agreements - 700 -
Mortgage agreements on behalf of subsidiaries
Loans from financial institutions 253 245 240
Other obligations 2 002 65 64
Business mortgages 2 255 310 304
Commercial bank guarantees on behalf of the Parent 11 571 3 722 1 484
company and subsidiaries
Other own obligations
Rental liabilities maturing within one year 593 841 845
Rental liabilities maturing in one to five years 1 768 2 413 2 398
Rental liabilities maturing more than five years 52 268 185
--------------------------------------------------------------------------------
Total 2 413 3 522 3 428
--------------------------------------------------------------------------------
11. Related party transactions
No loans are granted to the company's management. On September 30, 2014, the
Parent Company Raute Corporation had loan receivables from its subsidiary Raute
Service LLC EUR 355 thousand (EUR 355 thousand) and Raute Shanghai Machinery
Co., Ltd EUR 550 thousand.
No pledges have been given or other commitments made on behalf of the company's
management and shareholders.
-----------------------------------------------------------------------------
30.9. 30.9. 31.12.
12. Derivatives 2014 2013 2013
-----------------------------------------------------------------------------
Nominal values of forward contracts in foreign currency
Economic hedging
- Related to financing 506 1 386 1 311
- Related to the hedging of net sales 4 296 4 422 2 967
Fair values of forward contracts in foreign currency
Economic hedging
- Related to financing -5 9 -3
- Related to the hedging of net sales -34 -12 24
Interest rate and currency swap agreements
- Nominal value 964 3 056 1 991
- Fair value -51 -20 -42
13. Share-based payments
An expense of EUR 81 thousand (EUR 138 thousand) was recognized for the options
to the income statement during the interim period. During the period a total of
10 thousand series A shares were subscribed for under the stock options rights.
2 thousand of these shares have been entered in the Trade Register. 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 September 30, 2014, the fair value of the
financial assets categorized at fair value on hierarchy level 3 was EUR 500
thousand. The methods of fair value determination correspond the valuation
principles presented in the Annual financial statements for 2013. There were no
transfers between the hierarchy levels 1 and 2 during the reporting period.
------------------------------------------------------------
16. Exchange rates used
------------------------------------------------------------
1.1.-30.9. 1.1.-30.9. 1.1.-31.12.
Income statement, euros 2014 2013 2013
------------------------------------------------------------
CNY (Chinese juan) 8,3579 8,1240 8,1655
RUB (Russian rouble) 48,0390 41,6592 42,3248
CAD (Canadian dollar) 1,4829 1,3485 1,3685
USD (US dollar) 1,3554 1,3172 1,3282
SGD (Singapore dollar) 1,7047 1,6487 1,6618
CLP (Chilean peso) 760,1944 643,0765 658,1306
------------------------------------------------------------
30.9. 30.9. 31.12.
Balance sheet, euros 2014 2013 2013
------------------------------------------------------------
CNY (Chinese juan) 7,9207 8,1690 8,3248
RUB (Russian rouble) 49,7653 43,8240 45,3246
CAD (Canadian dollar) 1,4058 1,3912 1,4671
USD (US dollar) 1,2583 1,3505 1,3791
SGD (Singapore dollar) 1,6063 1,6961 1,7414
CLP (Chilean peso) 766,4816 672,7827 725,0943
--------------------------------------------------------------------------------
FINANCIAL DEVELOPMENT 30.9. 30.9. 31.12. 2014 2013 2013
--------------------------------------------------------------------------------
Change in net sales, % 2,2 -12,8 -17,8
Exported portion of net sales, % 92,8 94,8 94,2
Return on investment (ROI), % -3,9 3,1 7,3
Return on equity, ROE, % -5,0 1,6 5,0
Interest-bearing net liabilities, EUR million -6,1 -9,3 -6,7
Gearing, % -29,2 -41,1 -28,3
Equity ratio, % 54,8 55,3 56,6
Gross capital expenditure, EUR million 1,1 2,5 3,2
% of net sales 1,9 4,3 3,8
Research and development costs, EUR million 1,2 2,0 2,5
% of net sales 2,0 3,3 3,0
Order book, EUR million 56 31 28
Order intake, EUR million 89 41 63
--------------------------------------------------------------------------------
SHARE-RELATED DATA 30.9. 30.9. 31.12.
2014 2013 2013
--------------------------------------------------------------------------------
Earnings per share, (EPS), undiluted, EUR -0,21 0,07 0,30
Earnings per share, (EPS), diluted, EUR -0,21 0,07 0,30
Equity to share, EUR 5,23 5,64 5,90
Dividend per share, EUR - - 0,20
Dividend per profit, % - - 66,7
Effective dividend return, % - - 2,90
Repayment of equity from invested - - 0,30
non-restricted equity reserve, EUR
Development in share price (series A shares)
Lowest share price for the period, EUR 6,90 7,99 6,88
Highest share price for the period, EUR 8,60 9,33 9,33
Average share price for the period, EUR 7,75 8,28 8,49
Share price at the end of the period, EUR 7,97 8,39 6,95
Market value of capital stock
- Series K shares, EUR million* 7,9 8,3 6,9
- Series A shares, EUR million 24,0 25,3 20,9
--------------------------------------------------------------------------------
Total, EUR million 31,9 33,6 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 465 532 381 117 513 699
Trading of shares, EUR million 3,6 3,3 4,4
Number of shares
- Series K shares, ordinary shares (20 votes, 991 161 991 161 991 161
share)
- Series A shares (1 vote/share) 3 015 667 3 013 597 3 013 597
--------------------------------------------------------------------------------
Total 4 006 828 4 004 758 4 004 758
--------------------------------------------------------------------------------
Number of shares, weighted average, 1 000 pcs 4 007 4 005 4 005
Number of shares, diluted, 1 000 pcs 4 008 4 010 4 013
Number of shareholders 1 958 1 878 1 915
--------------------------------------------------------------------------------
DEVELOPMENT OF Q 4 Q 1 Q 2 Q 3 Rolling Rolling
QUARTERLY RESULTS 2013 2014 2014 2014 1.10.2013 1.10.2012
(EUR 1 000) - -
30.9.2014 30.9.2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 24 512 15 020 20 329 24 693 84 554 92 676
--------------------------------------------------------------------------------
Change in inventories
of finished goods and
work in progress -672 69 263 631 290 269
Other operating income 158 25 7 67 258 1 393
Materials and services -11 521 -7 197 -10 154 -14 850 -43 722 -48 578
Employee benefits -7 387 -7 164 -7 000 -7 117 -28 668 -28 068
expense
Depreciation and -479 -465 -476 -554 -1 973 -2 186
amortization
Other operating -3 098 -2 209 -2 338 -2 562 -10 207 -12 067
expenses
--------------------------------------------------------------------------------
Total operating -22 486 -17 035 -19 967 -25 083 -84 571 -90 899
expenses
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OPERATING PROFIT 1 513 -1 920 632 308 533 3 439
(LOSS)
--------------------------------------------------------------------------------
% of net sales 6 -13 3 1 1 4
Financial income 210 205 65 92 572 488
Financial expenses -513 -213 -58 -128 -911 -586
--------------------------------------------------------------------------------
PROFIT (LOSS) BEFORE 1 210 -1 928 639 273 194 3 341
TAX
--------------------------------------------------------------------------------
% of net sales 5 -13 3 1 0 4
Income taxes -294 345 -139 -22 -110 -1 073
--------------------------------------------------------------------------------
PROFIT (LOSS) FOR THE 916 -1 583 500 251 84 2 268
PERIOD
--------------------------------------------------------------------------------
% of net sales 4 -11 2 1 0 2
Attributable to
Equity holders of the 916 -1 583 500 251 84 2 268
Parent company
Earnings per share,
EUR
Undiluted earnings per 0,23 -0,40 0,12 0,06 0,02 0,57
share
Diluted earnings per 0,23 -0,40 0,12 0,06 0,02 0,57
share
Shares, 1 000 pcs
Adjusted average 4 005 4 005 4 007 4 007 4 007 4 005
number of shares
Adjusted average
number of shares
diluted 4 013 4 008 4 008 4 008 4 008 4 010
--------------------------------------------------------------------------------
FINANCIAL DEVELOPMENT Q 4 Q 1 Q 2 Q 3 Rolling Rolling
QUARTERLY
2013 2014 2014 2014 1.7.2013 1.7.2012
- -
30.9.2014 30.9.2013
--------------------------------------------------------------------------------
Order intake during 22 16 51 22 111 53
the period, EUR
million
Order book at the end 28 28 59 56 56 31
of the period, EUR
million
--------------------------------------------------------------------------------
20 LARGEST Number Number of Total % of Total % of
SHAREHOLDERS AT of number total number voting
SEPTEMBER 30, 2014
By number of shares series K series A of shares shares 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. Laakkonen Mikko - 119 919 119 919 3,0 119 919 0,5
4. Suominen Pekka 48 000 62 429 110 429 2,8 1 022 429 4,5
5. Suominen Tiina 48 000 62 316 110 316 2,8 1 022 316 4,5
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 Mika 57 580 29 270 86 850 2,2 1 180 870 5,2
Tapani
9. Relander Harald - 85 000 85 000 2,1 85 000 0,4
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. Mustakallio Kari 60 480 500 60 980 1,5 1 210 100 5,3
Pauli
13. Mustakallio 43 240 16 047 59 287 1,5 880 847 3,9
Marja Helena
14. Särkijärvi Timo 12 000 43 256 55 256 1,4 283 256 1,2
15. 12 000 43 256 55 256 1,4 283 256 1,2
Särkijärvi-Martinez
Anu Riitta
16. Mustakallio Ulla 53 240 - 53 240 1,3 1 064 800 4,7
Sinikka
17. Suominen Jukka 24 960 27 964 52 924 1,3 527 164 2,3
Matias
18. Mustakallio Kai 47 420 4 594 52 014 1,3 952 994 4,2
Henrik kuolinpesä
19. Keskinäinen - 51 950 51 950 1,3 51 950 0,2
työeläkevakuutusyht
iö Varma
20. Sijoitusrahasto - 48 773 48 773 1,2 48 773 0,2
Nordea Suomi Small
Cap
--------------------------------------------------------------------------------
TOTAL 607 320 1 576 577 2 183 897 54,5 13 722 977 60,1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number Number of Total % of Total % of
of number total number voting
By number of votes series K series A of shares shares of votes rights
shares shares
--------------------------------------------------------------------------------
1. Särkijärvi Anna 60 480 22 009 82 489 2,1 1 231 609 5,4
Riitta
2. Mustakallio Kari 60 480 500 60 980 1,5 1 210 100 5,3
Pauli
3. Mustakallio Mika 57 580 29 270 86 850 2,2 1 180 870 5,2
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 Ulla 53 240 - 53 240 1,3 1 064 800 4,7
Sinikka
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 kuolinpesä
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 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. Keskiaho Vesa 29 680 - 29 680 0,7 593 600 2,6
Heikki
16. Keskiaho 27 880 6 991 34 871 0,9 564 591 2,5
Juha-Pekka
17. Kirmo Lasse 27 645 9 621 37 266 0,9 562 521 2,5
18. Suominen Jukka 24 960 27 964 52 924 1,3 527 164 2,3
Matias
19. Keskiaho 24 780 21 500 46 280 1,2 517 100 2,3
Marjaana
20. Kultanen Leea 22 405 8 031 30 436 0,8 456 131 2,0
Annikka
--------------------------------------------------------------------------------
TOTAL 805 950 1 048 666 1 854 616 46,3 17 167 666 75,2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MANAGEMENTS' AND PUBLIC INSIDERS' SHAREHOLDING AND
NOMINEE-REGISTERED SHARES
Number Number Total % of Total % of
of of number total number of total
series K series A of sahres votes voting
shares shares shares rights
--------------------------------------------------------------------------------
Management's and Public
insiders' holding at September
30, 2014
The Board of 122 830 111 849 234 679 5,9 2 568 449 11,2
Directors, The
Group's President and
CEO and Executive
Board
--------------------------------------------------------------------------------
TOTAL 122 830 111 849 234 679 5,9 2 568 449 11,2
--------------------------------------------------------------------------------
The figures include
the holdings of their
own, minor children
and control entities.
--------------------------------------------------------------------------------
Nominee-registered 0 126 316 126 316 3,2 126 316 0,6
shares at September
30, 2014
--------------------------------------------------------------------------------
RAUTE CORPORATION
Board of Directors
PRESS CONFERENCE ON OCTOBER 29, 2014 AT 2 P.M.:
A briefing will be organized for analysts, investors and the media on October
29, 2014 at 2 p.m. at Scandic Simonkenttä Hotel, Roba cabinet, Simonkatu 9,
Helsinki. The interim report will be presented by Mr. Tapani Kiiski, President
and CEO, and Ms. Arja Hakala, CFO.
FINANCIAL RELEASES IN 2015:
Raute Corporation will publish a release on its financial statements for 2014
on Thursday February 12, 2015.
Raute's interim reports will be published as follows:
- January-March on Friday, April 24, 2015
- January-June on Tuesday, July 28, 2015
- January-September on Friday, October 30, 2015
Raute Corporation's Annual General Meeting is scheduled to be held in Lahti on
Tuesday, March 24, 2015.
FURTHER INFORMATION:
Mr. Tapani Kiiski, President and CEO, Raute Corporation, tel. +358 3 829 3560,
mobile phone +358 400 814 148
Ms. Arja Hakala, CFO, Raute Corporation, tel. +358 3 829 3293, mobile phone
+358 400 710 387
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF:
Raute is a technology and service company that operates worldwide. Raute's
customers are companies operating in the wood products industry that
manufacture veneer, plywood and LVL (Laminated Veneer Lumber). The technology
offering covers machinery and equipment for the entire production process. As a
supplier of mill-scale projects, Raute is a global market leader both in the
plywood and LVL industries. Additionally, Raute's full-service concept includes
technology services ranging from spare parts deliveries to regular maintenance
and equipment modernizations. Raute's head office is located in Nastola,
Finland. Its other production plants are in the Vancouver area of Canada, in
the Shanghai area of China, and in Kajaani, Finland. Raute's net sales in 2013
were EUR 83.3 million. The Group's headcount at the end of 2013 was 534.
More information about the company can be found at www.raute.com.
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