Raute Oyj
Raute Corporation – Interim report January 1 – March 31, 2015
DGAP-News: Raute Oyj 2015-04-24 / 08:00 --------------------------------------------------------------------- Nastola, Finland, 2015-04-24 08:00 CEST (GLOBE NEWSWIRE) -- RAUTE CORPORATION INTERIM REPORT APRIL 24, 2015 at 9:00 a.m. RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - MARCH 31, 2015 - The Group's first quarter net sales, EUR 24.6 million (MEUR 15.0), increased 64% on the comparison period. - Operating profit was EUR 1.2 million (MEUR -1.9). The result before taxes was EUR 1.4 million (MEUR -1.9). - Earnings per share were EUR 0.27 (EUR -0.40). - The order intake reached a record level at EUR 84 million (MEUR 16). Also the order book at the end of the reporting period came to a record-high EUR 101 million (MEUR 28). - Raute's net sales are expected to grow clearly in 2015 and operating profit is anticipated to improve clearly from 2014. TAPANI KIISKI, PRESIDENT AND CEO: WE HOLD THE KEYS TO OUR SUCCESS The order intake for the first quarter of this year set a new record for Raute. We received two major mill-scale orders during the same quarter. Also the volume of other orders was very good at EUR 23 million. It is not yet, however, safe to say, simply based on the excellent order intake, that the market outlook has greatly improved. We have worked together with our customers on the mill-scale orders for months, even for more than a year. This is simply the moment when everything has come together on both of the major projects. Based on the number of other orders, I would say that demand has picked up somewhat. I believe that the order intake will continue at a satisfactory level also in the future. Our net sales developed well at the beginning of the year. Our initial order book was strong, we received a fair amount of new orders and, above all, we succeeded in carrying out our operations according to plan, in terms of schedules, quality and costs. Our profit on the first quarter was reasonable and corresponded with the level of net sales. The year got off to a good start. Thanks to a large order intake, our order book grew to a record-high level. This presents us with a positive challenge. We need to work hard in order to fulfill all of our customer promises. Our net sales will grow clearly this year. Our order book is scheduled more evenly throughout the year than last year and extends partially into 2016. Our organization and cooperation network must, and will, be able to show what it is made of. We have demonstrated our ability to implement a high order book, most recently at the end of last year. I am therefore certain that we can live up to the challenge and that our result will improve clearly on last year. RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - MARCH 31, 2015 BUSINESS ENVIRONMENT Market situation in customer industries Raute's customers in the veneer, plywood and LVL (Laminated Veneer Lumber) industries are engaged in the manufacture of wood products used in investment commodities and are thus highly affected by fluctuations in construction, housing-related consumption, international trade, and transportation. During early 2015, the situation in the global economy and the financial markets did not change considerably with respect to Raute or Raute's customer base. Europe's economic development has strengthened slightly, despite a new escalation of the Greek financing crisis. In Russia, the ruble's exchange rate has recovered to some extent during the early part of the year but no clear economic recovery has kicked off. China's measures to strengthen its economy do not yet support the financing of investments among Raute's customers. Construction activity has remained at a low level in all market areas, including North America, where the economy in general has already taken a promising upward trend. As a result of the uncertainty, however, Raute's customers' order books have remained short, which does not make for an attractive environment for implementing investments. Demand for maintenance and spare parts services continued at a good level. This bears testimony to the fact that the utilization rates of Raute's customers' production facilities mainly remained good. Demand for wood products technology and technology services During Q1, two major capacity-generating projects proceeded to the main production machinery order phase: the construction of an LVL mill in Finland and the expansion of a veneer mill into a plywood mill in Estonia. In addition to these, several large projects are still in the planning and negotiation phase but the requirements for making the investment decisions, i.e. trust in the permanence of demand and the availability of funding, did not yet materialize. The impact of the announced projects on the markets may also defer the implementation of projects currently at the planning phase. Even though the North American economy continued to experience strong growth compared to the rest of the world, construction activity still failed to embark on a similar growth trajectory. Among Raute's customers, demand focused on smaller modernization projects and technology services, as well as on individual replacement investments. The uncertainty resulting from the crisis in Ukraine and the difficulty of securing financing due to the economic sanctions have caused investment decisions to be postponed in the Russian markets, although preparations for many investments have been actively continued. The normalization of the market situation in Russia is not expected to happen anytime soon. In South America, Raute's customers are continuing to focus on ramping up the capacity of the large plywood mill investments they have made a few years ago and no major new investment projects were started up. Replacement investments also remained at a low level. ORDER INTAKE AND ORDER BOOK Raute serves the wood products industry with a full-service concept based on service that encompasses the entire life cycle of the delivered equipment. Raute's business consists of project deliveries and technology services. Project deliveries comprise complete production machinery for new mills, production lines and individual machines and equipment. Additionally, Raute's full-service concept includes comprehensive technology services ranging from spare parts deliveries to regular maintenance and equipment modernizations, as well as consulting, training and reconditioned machinery. The first-quarter order intake amounted to EUR 84 million (MEUR 16). Of the new orders, 85 percent came from Europe (60%), 10 percent from North America (9%), 3 percent from Russia (19%), 1 percent from South America (10%) and 1 percent from Asia-Pacific (2%). The new orders included two capacity-generating mill projects to Europe. Other important orders were a drying line to the United States and an order to Finland including three composing lines. At the beginning of March, Raute received an order worth EUR 30 million for the machinery and equipment for an LVL (Laminated Veneer Lumber) production line from Stora Enso Wood Products in Finland. The LVL line will be delivered to Stora Enso's Varkaus Mill. The machinery and equipment will be manufactured at Raute's Nastola, Shanghai and Kajaani production units. The deliveries will take place at the beginning of 2016 and the production line will start up in summer 2016. At the end of March, Raute received an order worth EUR 31 million for machinery and equipment for a company called Ou Kohila Vineer, part of the Latvijas Finieris Group. The machinery and equipment will be delivered to Estonia, for the expansion of the Kohila veneer mill near Tallinn. The deliveries will begin in autumn 2015 and plywood production in Kohila will start up during spring and summer 2016. Order intake in technology services amounted to EUR 10 million (MEUR 7), increasing 50 percent on the comparison period. The order book grew during the first quarter by EUR 57 million, amounting to a record-high EUR 101 million at the end of the period (MEUR 28). Also the portion of the order book scheduled for 2016 was unusually large considering the time of year. COMPETITIVE POSITION Raute's competitive position has remained good. Raute's solutions help customers in securing their delivery and service capabilities throughout the life cycle of the production process or part thereof supplied by Raute. In such investments, the supplier's overall expertise and extensive and diverse technology offering play a key role. The competitive edge provided by Raute is also a major draw when customers select their cooperation partners. Raute's strong financial position and long-term dedication to serving selected customer industries also enhance its credibility and improve its competitive position as a company that carries out long-term investment projects. NET SALES Net sales for the reporting period, EUR 24.6 million (MEUR 15.0), were up 64 percent on the first quarter of 2014. The growth in net sales resulted from a higher initial order book than in the comparison year and the timing of the order book. Of the total net sales for the reporting period, Europe accounted for 61 percent (43%), North America for 14 percent (16%), Russia for 10 percent (18%), South America for 10 percent (19%), and Asia-Pacific for 5 percent (4%). Technology services accounted for 41 percent (47%) of the Group's total net sales and amounted to EUR 10 million (MEUR 7). Net sales for technology services grew 40 percent on the comparison period, mainly due to modernizations and spare parts. RESULT AND PROFITABILITY Operating profit was EUR 1.2 million in the positive (MEUR 1.9 negative) and accounted for 5 percent (-13%) of net sales. The result before taxes for the reporting period was EUR 1.4 million in the positive (MEUR 1.9 negative). The result for the reporting period was EUR 1.1 million in the positive (MEUR 1.6 negative). Earnings per share (undiluted) were EUR 0.27 (EUR -0.40). CASH FLOW AND BALANCE SHEET The Group's financial position remained good. At the end of the reporting period, gearing was -44 percent (-38%) and the equity ratio 53 percent (51%). Fluctuations in balance sheet working capital items and the key figures based on them are due to differences in the timing of customer payments and the cost accumulation from project deliveries, which is typical of the project business. The Group's cash and cash equivalents amounted to EUR 13.1 million (MEUR 13.6) at the end of the reporting period. Operating cash flow was EUR 9.0 million positive (MEUR 1.3 positive). Cash flow from investment activities totaled EUR 0.4 million negative (MEUR 0.3 negative). Cash flow from financing activities totaled EUR 0.0 million (MEUR 0.0). Interest-bearing liabilities amounted to EUR 2.8 million (MEUR 6.0) at the end of the reporting period. The parent company Raute Corporation has a EUR 10 million commercial paper program, which allows the company to issue commercial papers maturing in less than one year. The parent company Raute Corporation is prepared for future working capital needs and has long-term credit facility agreements with three Nordic banks totaling EUR 23.0 million. The main covenants for the credit facility are an equity ratio of >30% and gearing of <100%. Of the credit facility, EUR 20 million remained unused at the end of the reporting period. EVENTS DURING THE REPORTING PERIOD Raute Corporation published stock exchange releases on the following events: March 5, 2015 Raute received an order worth EUR 30 million to Finland March 24, 2015 Decisions of Raute's Annual General Meeting March 25, 2015 Change in Raute's Executive Board March 25, 2015 Raute received a new order worth EUR 31 million to Estonia - Profit outlook improved March 26, 2015 Raute Corporation applies for listing of its 2010 stock options. RESEARCH AND DEVELOPMENT COSTS AND CAPITAL EXPENDITURE Raute is a leading technology supplier for the plywood and LVL industries and focuses strongly on the development of increasingly efficient, productive and environmentally friendly manufacturing technology and supporting measurement and machine vision applications. Research and development costs in the reporting period totaled EUR 0.4 million (MEUR 0.4), representing 1.8 percent of net sales (2.6%). Investments totaled EUR 0.5 million (MEUR 0.5) and 1.9 percent of net sales (3.2%) in the reporting period. PERSONNEL At the end of the reporting period, the Group's personnel numbered 595 (516). Group companies outside Finland accounted for 32 percent (27%) of employees. Converted to full-time employees ('effective headcount'), the average number of employees was 585 (495) during the reporting period. SHARES The number of Raute Corporation's shares at the end of the reporting period totaled 4,015,228, of which 991,161 were series K shares (ordinary share, 20 votes/share) and 3,024,067 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 47.4 million (MEUR 32.1), with series K shares valued at the closing price of series A shares on March 31, 2015, that is EUR 11.80 (EUR 8.00). REMUNERATION The Group has remuneration systems in place that cover the entire personnel. Option-based incentive plan 2010 At the end of the reporting period, the Group's key personnel held altogether 69,530 of the company's series 2010 A stock options, 80,000 series B stock options and 75,000 series C stock options. The subscription period for series A stock options is March 1, 2013 to March 31, 2016 and for series B stock options March 1, 2014 to March 31, 2017 and the subscription period for series C stock options is March 1, 2015 to March 31, 2018. The terms and conditions of the stock option incentive plan 2010 are available on the company's website. Share-based incentive plan 2014-2018 The Group has a valid long-term share-based incentive plan for the years 2014 to 2018 based on performance. The terms and conditions of the incentive plan 2014-2018 are available on the company's website. No share reward was paid for the earning period 2014. SHAREHOLDERS The number of shareholders totaled 1,991 at the beginning of the year and 2,054 at the end of the reporting period. Series K shares were held by 50 private individuals (47) at the end of the reporting period. Nominee-registered shares accounted for 3.2 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 233,179 company shares, equaling 5.8 percent (5.9%) of the company shares and 11.2 percent (11.3%) of the votes at the end of the reporting period. CORPORATE GOVERNANCE Raute Corporation complies with the Finnish Corporate Governance Code 2010 for listed companies issued by the Securities Market Association on June 15, 2010. EXECUTIVE BOARD Petri Lakka, Group Vice President of Raute's Technology Services, has resigned from Raute's service. Group Vice President Timo Kangas took charge of the Technology Services business on April 1, 2015. He will also continue to be in charge of customer relationships and marketing and the EMEA market area. The remainder of Petri Lakka's duties will be divided up between the other members of the Executive Board. Raute Group's Executive Board and the members' areas of responsibility as of April 1, 2015: Tapani Kiiski, President and CEO, Chairman - Sales Arja Hakala, Group Vice President, Finance, CFO - Finance and administration Marko Hjelt, Group Vice President, Human Resources - Human resources and competence development Mika Hyysti, Group Vice President, Technology - Technology, products and R&D Timo Kangas, Group Vice President, Customer Care, Technology Services - Customer relationships and marketing, technology services, market area EMEA Petri Strengell, Group Vice President, Supply Chain - Sourcing and production. ANNUAL GENERAL MEETING 2015 Raute Corporation's Annual General Meeting was held on March 24, 2015. The Annual General Meeting adopted the financial statements for 2014, discharged those accountable from liability and resolved to distribute a dividend of EUR 0.40 per share. The AGM also resolved to distribute EUR 0.20 per share as repayment of equity from the invested non-restricted equity reserve. The Annual General Meeting elected the company's Board of Directors for a term that expires at the end of the Annual General Meeting of 2016. 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 authorized public accounting company PricewaterhouseCoopers was chosen as auditor, with Authorized Public Accountant Janne Rajalahti as the principal auditor. The Annual General Meeting decided that the remuneration paid to the Chairman of the Board will continue to be EUR 40,000 and to the Vice-Chairman of the Board and Board members EUR 20,000 for the term of office and that the Board members' traveling expenses will be compensated in accordance with the company's travel policy. The auditors' remuneration will be paid on the basis of reasonable invoicing as approved by the company. The Annual General Meeting authorized the Board of Directors to decide on the repurchase of the company's series A shares with assets from the company's non-restricted equity and an issue of a maximum of 400,000 of these shares. More detailed information on the decisions of the Annual General Meeting can be found in the stock exchange release issued on March 24, 2015. Distribution of profits for the 2014 financial year The Annual General Meeting held on March 24, 2015 decided to pay a dividend of EUR 0.40 per share for the financial year 2014. The total amount of dividends is EUR 1.6 million, series A shares accounting for EUR 1,209,626.80 (EUR 603,133.40) and series K shares for EUR 396,464.40 (EUR 198,232.20). The dividend payment date was April 2, 2015. The Annual General Meeting on March 24, 2015 resolved, on the basis of the balance sheet adopted in respect of the financial year ended on December 31, 2014, on the repayment of assets from the invested non-restricted equity reserve in the amount of EUR 0.20 per share, i.e. a total of EUR 803,045.60 and the remainder, EUR 4,536,581.73, to be retained in equity. The date of repayment of equity was April 2, 2015. EVENTS AFTER THE REPORTING PERIOD Board of Directors and Board Committees The Board of Directors elected by Raute Corporation's Annual General Meeting on March 24, 2015 held a constitutive meeting. Based on the evaluation of independence, Chairman Mr. Erkki Pehu-Lehtonen and members Mr. Joni Bask, Mr. Risto Hautamäki, Ms. Päivi Leiwo, Mr. Mika Mustakallio, and Mr. Pekka Suominen are independent of the company. The Chairman of the Board (Mr. Erkki Pehu-Lehtonen) and two Board members (Ms. Päivi Leiwo and Mr. Risto Hautamäki) are independent of major shareholders. Raute Corporation's Board of Directors has an Appointments Committee and a Working Committee. The Appointments Committee is chaired by Mr. Erkki Pehu-Lehtonen and its members are Mr. Mika Mustakallio and Mr. Pekka Suominen. The Working Committee is chaired by Mr. Erkki Pehu-Lehtonen and its members are Mr. Mika Mustakallio and Mr. Risto Hautamäki. The Audit Committee's tasks are handled by the Board of Directors. BUSINESS RISKS Risks in the near term continue to be driven by the uncertainty relating to the global economic situation and the development of the financial markets, as well as by international political instability. During the reporting period, there were no essential changes in the business risks described in the 2014 Board of Directors' Report and Financial Statements, apart from the impact of the growth in the order book on the profit outlook. The most significant risks for Raute in the near term are related to the implementation of an extremely high order book and work load. OUTLOOK FOR 2015 Raute's financial outlook strengthened thanks to the growth in the order book to a record-high level during the first quarter. Raute's net sales are expected to grow clearly in 2015 and operating profit is anticipated to improve clearly from the previous year. TABLES SECTION OF THE INTERIM REPORT The figures for the financial year 2014 presented in the tables section of the interim report have been audited. The presented interim financial report figures have not been audited. -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1.1.-31 1.1.-31 1.1.-31 .3. .3. .12. (EUR 1 000) Note 2015 2014 2014 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- NET SALES 3,4,5 24 606 15 020 94 021 -------------------------------------------------------------------------------- Change in inventories of finished goods and 312 69 1 672 work in progress Other operating income 40 25 72 Materials and services -11 856 -7 197 -51 775 Employee benefits expense 13 -8 140 -7 164 -29 304 Depreciation and amortization -548 -465 -2 018 Other operating expenses -3 211 -2 209 -10 062 -------------------------------------------------------------------------------- Total operative expenses -23 754 -17 035 -93 160 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- OPERATING PROFIT (LOSS) 1 204 -1 920 2 605 -------------------------------------------------------------------------------- % of net sales 5 -13 3 Financial income 266 205 605 Financial expenses -112 -213 -400 -------------------------------------------------------------------------------- PROFIT (LOSS) BEFORE TAX 1 359 -1 928 2 810 -------------------------------------------------------------------------------- % of net sales 6 -13 3 Income taxes -276 345 -449 -------------------------------------------------------------------------------- PROFIT (LOSS) FOR THE PERIOD 1 083 -1 583 2 361 -------------------------------------------------------------------------------- % of net sales 4 -11 3 Other comprehensive income items: Items that will not be reclassified to profit or loss Remeasurement of defined benefit obligations - - 2 Items that may be subsequently reclassified to profit or loss Exchange differences on translating foreign 221 3 201 operations -------------------------------------------------------------------------------- Comprehensive income items for the period, net of tax 221 3 203 -------------------------------------------------------------------------------- COMPREHENSIVE PROFIT (LOSS) FOR THE PERIOD 1 304 -1 580 2 564 -------------------------------------------------------------------------------- Profit (loss) for the period attributable to Equity holders of the Parent company 1 083 -1 583 2 361 Comprehensive profit (loss) for the period attributable to Equity holders of the Parent company 1 304 -1 580 2 564 Earnings per share for profit (loss) attributable to Equity holders of the Parent company, EUR Undiluted earnings per share 0,27 -0,40 0,59 Diluted earnings per share 0,27 -0,40 0,59 Shares, 1 000 pcs Adjusted average number of shares 4 015 4 006 4 010 Adjusted average number of shares diluted 4 043 4 008 4 011 -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET 31.3. 31.3. 31.12. (EUR 1 000) Note 2015 2014 2014 -------------------------------------------------------------------------------- ASSETS Non-current assets Intangible assets 8 3 532 3 533 3 492 Property, plant and equipment 8 7 987 8 390 7 930 Other financial assets 500 500 500 Deferred tax assets 189 143 185 -------------------------------------------------------------------------------- Total non-current assets 12 209 12 566 12 107 -------------------------------------------------------------------------------- Current assets Inventories 8 521 4 869 7 855 Accounts receivables and other receivables 5 19 839 14 091 27 568 Income tax receivable - 483 684 Cash and cash equivalents 13 081 13 631 4 431 -------------------------------------------------------------------------------- Total current assets 41 441 33 074 40 539 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- TOTAL ASSETS 53 650 45 640 52 646 -------------------------------------------------------------------------------- EQUITY AND LIABILITIES Equity attributable to Equity holders of the Parent company Share capital 8 031 8 014 8 031 Fair value reserve and other reserves 5 298 5 913 6 001 Exchange differences 441 22 220 Retained earnings 8 477 7 721 7 722 Profit (loss) for the period 1 083 -1 583 2 361 -------------------------------------------------------------------------------- Share of shareholders' equity that belongs to 23 329 20 088 24 334 the owners of the Parent company -------------------------------------------------------------------------------- Total equity 23 329 20 088 24 334 -------------------------------------------------------------------------------- Non-current liabilities Non-current provisions 323 366 314 Deferred tax liability 4 88 238 Non-current interest-bearing liabilities 9 1 250 2 500 1 250 Pension obligations 2 2 2 -------------------------------------------------------------------------------- Total non-current liabilities 1 579 2 956 1 804 -------------------------------------------------------------------------------- Current liabilities Current provisions 1 927 657 2 201 Current interest-bearing liabilities 9 1 546 3 455 1 512 Current advance payments received 5 9 289 6 328 9 072 Income tax liability 472 6 67 Trade payables and other liabilities 15 508 12 149 13 656 -------------------------------------------------------------------------------- Total current liabilities 28 743 22 595 26 508 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total liabilities 30 321 25 552 28 312 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- TOTAL EQUITY AND LIABILITIES 53 650 45 640 52 646 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.-31 1.1.-31 1.1.-31 .3. .3. .12. (EUR 1 000) 2015 2014 2014 -------------------------------------------------------------------------------- CASH FLOW FROM OPERATING ACTIVITIES Proceeds from customer 29 551 14 976 89 032 Other operating income 40 25 95 Payments to suppliers and employees -21 501 -13 564 -90 193 -------------------------------------------------------------------------------- Cash flow before financial items and taxes 8 090 1 437 -1 066 Interest paid from operating activities -12 -17 -217 Dividends received from operating activities 78 75 100 Interests received from operating activities 1 1 35 Other financing items from operating activities 186 108 260 Income taxes paid from operating activities 614 -302 -969 -------------------------------------------------------------------------------- NET CASH FLOW FROM OPERATING ACTIVITIES (A) 8 956 1 301 -1 858 -------------------------------------------------------------------------------- CASH FLOW FROM INVESTING ACTIVITIES Purchase of property, plant and equipment and -427 -324 -1 461 intangible assets Proceeds from sale of property, plant and equipment 26 26 361 and intangible assets -------------------------------------------------------------------------------- NET CASH FLOW FROM INVESTING ACTIVITIES (B) -400 -299 -1 101 -------------------------------------------------------------------------------- CASH FLOW FROM FINANCING ACTIVITIES Proceeds from issue of share capital - 14 64 Repayments of current borrowings - - -2 000 Repayments of non-current borrowings - - -1 250 Dividends paid and repayment of equity - - -2 003 -------------------------------------------------------------------------------- NET CASH FLOW FROM FINANCING ACTIVITIES (C) - 14 -5 189 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- NET CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C) 8 555 1 016 -8 148 -------------------------------------------------------------------------------- increase (+)/decrease (-) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE 4 431 12 658 12 658 PERIOD* NET CHANGE IN CASH AND CASH EQUIVALENTS 8 555 1 016 -8 148 EFFECTS OF EXCHANGE RATE CHANGES ON CASH 95 -43 -79 -------------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD* 13 081 13 631 4 431 -------------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS IN THE BALANCE SHEET AT THE END OF THE PERIOD* Cash and cash equivalents 13 081 13 631 4 431 -------------------------------------------------------------------------------- TOTAL 13 081 13 631 4 431 -------------------------------------------------------------------------------- *Cash and cash equivalents comprise cash and bank receivables, which will be due within the following three months' period. -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY Share Invested Other Exchang Retain non-restricted e ed (EUR 1 000) capita equity reserve reserv differe earnin l es nces gs -------------------------------------------------------------------------------- EQUITY at Jan. 1, 2015 8 031 5 339 662 220 10 083 -------------------------------------------------------------------------------- Comprehensive profit (loss) for the period Profit (loss) for the period - - - - 1 083 Other comprehensive income items: Exchange differences on - - - 221 - translating foreign operations -------------------------------------------------------------------------------- Total comprehensive profit 0 0 0 221 1 083 (loss) for the period -------------------------------------------------------------------------------- Transactions with owners Share-options exercised - - Equity-settled share-based transactions - - 100 - - Dividends and repayment of - -803 - - -1 606 equity -------------------------------------------------------------------------------- Total transactions with owners 0 -803 100 0 -1 606 -------------------------------------------------------------------------------- EQUITY at March 31, 2015 8 031 4 536 762 441 9 560 -------------------------------------------------------------------------------- ---------------------------------------------------------------- CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (CONTINUE) To the owners of (EUR 1 000) the Parent company TOTAL ---------------------------------------------------------------- EQUITY at Jan. 1, 2015 24 334 24 334 ---------------------------------------------------------------- Comprehensive profit (loss) for the period Profit (loss) for the period 1 083 1 083 Other comprehensive income items: Exchange differences on 221 221 translating foreign operations ---------------------------------------------------------------- Total comprehensive profit 1 304 1 304 (loss) for the period ---------------------------------------------------------------- Transactions with owners Share-options exercised 0 0 Equity-settled share-based 0 transactions 100 100 Dividends and repayment of -2 409 -2 409 equity ---------------------------------------------------------------- Total transactions with owners -2 309 -2 309 ---------------------------------------------------------------- EQUITY at March 31, 2015 23 329 23 329 ---------------------------------------------------------------- -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY Share Invested Other Exchang Retain non-restricted e ed (EUR 1 000) capita equity reserve reserv differe earnin l es nces gs -------------------------------------------------------------------------------- EQUITY at Jan. 1, 2014 8 010 6 498 563 19 8 523 -------------------------------------------------------------------------------- Comprehensive profit (loss) for the period Profit (loss) for the period - - - - -1 583 Other comprehensive income items: Exchange differences on - - - 3 - translating foreign operations -------------------------------------------------------------------------------- Total comprehensive profit 0 0 0 3 -1 583 (loss) for the period -------------------------------------------------------------------------------- Transactions with owners Share-options exercised 4 9 Equity-settled share-based transactions - - 45 - - Dividends and repayment of - -1 202 - - -801 equity -------------------------------------------------------------------------------- Total transactions with owners 4 -1 193 45 0 -801 -------------------------------------------------------------------------------- EQUITY at March. 31, 2014 8 014 5 305 608 22 6 139 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (CONTINUE) To the owners of (EUR 1 000) the Parent company TOTAL ---------------------------------------------------------------- EQUITY at Jan. 1, 2014 23 613 23 613 ---------------------------------------------------------------- Comprehensive profit (loss) for the period Profit (loss) for the period -1 583 -1 583 Other comprehensive income 0 0 items: Exchange differences on 3 3 translating foreign operations ---------------------------------------------------------------- Total comprehensive profit -1 580 -1 580 (loss) for the period ---------------------------------------------------------------- Transactions with owners Share-options exercised 14 14 Equity-settled share-based transactions 45 45 Dividends and repayment of -2 003 -2 003 equity ---------------------------------------------------------------- Total transactions with owners -1 945 -1 945 ---------------------------------------------------------------- EQUITY at March. 31, 2014 20 088 20 088 ---------------------------------------------------------------- NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. General information Raute Group is a globally operating technology and service company. Raute's customers are companies operating in the wood products industry that manufacture veneer, plywood and LVL. Raute's technology offering covers machinery and equipment for the entire production process. Raute's full-service concept is based on product life-cycle management. In addition to a broad range of machines and equipment, our solutions cover technology services ranging from spare parts deliveries to regular maintenance and equipment modernizations. Raute's head office is located in Nastola, Finland. Its other production plants are in the Vancouver area in Canada, in the Shanghai area in China, and in Kajaani, Finland. The company's sales network has a global reach. Raute Group's Parent company, Raute Corporation, is a Finnish public limited liability company established in accordance with Finnish law (Business ID FI01490726). Its series A shares are quoted on NASDAQ OMX Helsinki Ltd, under Industrials. Raute Corporation is domiciled in Lahti. The address of its registered office is Rautetie 2, FI-15550 Nastola, and its postal address is P.O. Box 69, FI-15551 Nastola. Raute Corporation's consolidated financial statement information is available online at www.raute.com or at the head office of the Parent company, Rautetie 2, FI-15550 Nastola, Finland. Raute Corporation's Board of Directors has on April 24, 2015 reviewed the Interim financial report for January 1 - March 31, 2015, and approved it to be published in compliance with this release. 2. Accounting principles Raute Corporation's Interim financial report for January 1 - March 31, 2015 has been prepared in accordance with standard IAS 34 Interim Financial Reporting. The Interim financial report does not contain full notes and other information presented in the financial statements, and therefore the Interim financial report should be read in conjunction with the Financial statements published for 2014. Raute Corporation's Interim financial report for January 1 - March 31, 2015 has been prepared in accordance with the International Financial Reporting Standards, IFRS, accepted for application in the EU. Preparations have complied with the IAS and IFRS standards, as well as SIC and IFRIC interpretations, effective on March 31, 2015. The notes to the Interim financial statements also comply with Finnish accounting legislation. The Interim financial report has been prepared according to the same accounting principles as those applied in the Annual financial statement for 2014, with the exception of certain new or revised standards, interpretations and amendments to existing standards which the Group has applied as of January 1, 2015. The impact of the new and revised standards has been presented in the Annual financial statements for 2014. The adoption of these standards has not had an impact on the Interim financial report. All of the figures presented in the Interim financial report are in thousand euro, unless otherwise stated. Due to the rounding of the figures in the financial statement tables, the sums of figures may deviate from the sum total presented in the table. Figures in parentheses refer to the corresponding figures in the comparison period. The preparation of Interim financial report in conformity with IFRS standards requires management to make certain critical accounting estimates and to exercise its judgment in applying the Group's accounting policies. Because the forward-looking estimates and assumptions are based on management's best knowledge at the reporting date, they comprise risks and uncertainties. The actual results may differ from these estimates. 3. Segment information Operational segment Continuing operations of Raute Group belong to the wood products technology segment. Due to Raute's business model, operational nature and administrative structure, the operational segment to be reported as wood products technology segment is comprised of the whole Group and the information on the segment is consistent with that of the Group. Segment reporting follows the principles of presentation of the consolidated financial statements. ---------------------------------------------------------------------------- 31.3. 31.3. 31.12. Wood products technology 2015 2014 2014 ---------------------------------------------------------------------------- Net sales 24 606 15 020 94 021 Operating profit (loss) 1 204 -1 920 2 605 Assets 53 650 45 640 52 646 Liabilities 30 321 25 552 28 312 Capital expenditure 476 478 1 675 -------------------------------------------------------------------------------- Assets of the wood products technology 31.3. 31.3. 31.12. segment by geographical location 2015 % 2014 % 2014 % -------------------------------------------------------------------------------- Finland 42 165 79 39 950 88 41 532 79 North America 5 072 9 2 214 5 5 222 10 China 5 042 9 2 371 5 4 672 9 Russia 959 2 827 2 886 2 South America 220 0 160 0 192 0 Other 192 0 118 0 141 0 -------------------------------------------------------------------------------- TOTAL 53 650 100 45 640 100 52 646 100 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Capital expenditure of the wood products 31.3. 31.3. 31.12. technology segment by geographical 2015 % 2014 % 2014 % location -------------------------------------------------------------------------------- Finland 441 93 451 94 1 402 84 China 25 5 18 4 139 8 North America 10 2 5 1 118 7 Russia - - - - 2 0 South America - - 1 0 3 0 Other - - 3 1 12 1 -------------------------------------------------------------------------------- TOTAL 476 100 478 100 1 675 100 -------------------------------------------------------------------------------- 4. Net sales The main part of the net sales is comprised of project deliveries related to wood products technology and modernizations in technology services, which are treated as long-term projects. The rest of the net sales is comprised of technology services provided to the wood products industry such as spare parts and maintenance services as well as services provided to the development of customers' business. Project deliveries and modernizations related to technology services include both product and service sales, making it impossible to give a reliable presentation of the breakdown of the Group's net sales into purely product and service sales. Large delivery projects can temporarily increase the shares of various customers of the Group's net sales to more than ten percent. At the end of the period, the Group had two customers (2), whose customized share of the Group's net sales temporarily exceeded ten percent. The total share of these customers was 31 percent. -------------------------------------------------------------------------------- 1.1.-31.3. 1.1.-31.3. 1.1.-31.12. Net sales by market area 2015 % 2014 % 2014 % -------------------------------------------------------------------------------- EMEA (Europe and Africa) 14 897 61 6 310 43 48 737 52 NAM (North America) 3 358 14 2 469 16 13 167 14 CIS (Russia) 2 576 10 2 755 18 16 813 18 LAM (South America) 2 531 10 2 841 19 12 689 13 APAC (Asia-Pacific) 1 245 5 645 4 2 616 3 -------------------------------------------------------------------------------- TOTAL 24 606 100 15 020 100 94 021 100 -------------------------------------------------------------------------------- Finland accounted for 9 percent (9 %) of net sales. -------------------------------------------------------------------------------- 31.3. 31.3. 31.12. 5. Long-term projects 2015 2014 2014 -------------------------------------------------------------------------------- Net sales Net sales by percentage of completion 19 165 10 186 74 413 Other net sales 5 441 4 834 19 608 -------------------------------------------------------------------------------- TOTAL 24 606 15 020 94 021 -------------------------------------------------------------------------------- Project revenues entered as income from currently undelivered long-term projects recognized by percentage of 70 030 89 996 71 178 completion Amount of long-term project revenues not yet entered 99 970 28 228 42 001 as income (order book) Projects for which the value by percentage of completion exceeds advance payments invoiced - aggregate amount of costs incurred and recognized 58 928 54 616 51 832 profits less recognized losses - advance payments received 47 421 47 395 33 709 -------------------------------------------------------------------------------- Gross amount due from customers 11 507 7 221 18 123 -------------------------------------------------------------------------------- Projects for which advance payments invoiced exceed the value by percentage of completion - aggregate amount of costs incurred and recognized 11 060 35 381 19 233 profits less recognized losses - advance payments received 19 754 40 644 27 153 -------------------------------------------------------------------------------- Gross amount due to customers 8 694 5 263 7 920 -------------------------------------------------------------------------------- Advance payments included in the current liabilities in the balance sheet Gross amount due to customers 8 694 5 263 7 920 Other advance payments received, not under 595 1 065 1 152 percentage of completion -------------------------------------------------------------------------------- Total 9 289 6 328 9 072 -------------------------------------------------------------------------------- Specification of combined asset and liability items Advance payments paid 642 70 891 -------------------------------------------------------------------------------- Advance payments included in inventories in the 642 70 891 balance sheet -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 31.3. 31.3. 31.12. 6. Number of personnel, persons 2015 2014 2014 -------------------------------------------------------------------------------- Effective, on average 585 495 530 In books, on average 592 520 545 In books, at the end of the period 595 516 587 - of which personnel working abroad 190 141 193 -------------------------------------------------------------------------------- 31.3. 31.3. 31.12. 7. Research and development costs 2015 2014 2014 -------------------------------------------------------------------------------- Research and development costs for period -438 -387 -1 767 Amortization of previously capitalized development -70 -21 -239 costs Development costs recognized as an asset in the 57 62 292 balance sheet -------------------------------------------------------------------------------- Research and development costs entered as expense -451 -346 -1 714 for the period -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 8. Changes in Intangible assets and in Property, 31.3. 31.3. 31.12. plant and equipment 2015 2014 2014 -------------------------------------------------------------------------------- Intangible assets Carrying amount at the beginning of the period 13 826 13 372 13 372 Exchange rate differences 90 -18 65 Additions 74 84 497 Reclassification between items 102 -116 -109 -------------------------------------------------------------------------------- Carrying amount at the end of the period 14 092 13 322 13 826 -------------------------------------------------------------------------------- Accumulated depreciation and amortization at the -10 334 -9 799 -9 799 beginning of the period Exchange rate differences -50 10 -34 Accumulated depreciation and amortization of - 116 129 disposals and reclassifications Depreciation and amortization for the period -176 -116 -630 -------------------------------------------------------------------------------- Accumulated depreciation and amortization at the end -10 560 -9 789 -10 334 of the period -------------------------------------------------------------------------------- Book value of Intangible assets, at the beginning of 3 492 3 574 3 574 the period Book value of Intangible assets, at the end of the 3 532 3 533 3 492 period Property, plant and equipment Carrying amount at the beginning of the period 43 944 42 670 42 670 Exchange rate differences 391 -319 451 Additions 402 394 1 178 Disposals -14 -4 -324 Reclassification between items -102 -8 -31 -------------------------------------------------------------------------------- Carrying amount at the end of the period 44 621 42 733 43 944 -------------------------------------------------------------------------------- Accumulated depreciation and amortization at the -36 014 -34 274 -34 274 beginning of the period Exchange rate differences -248 271 -356 Accumulated depreciation and amortization of - 8 9 disposals and reclassifications Depreciation and amortization for the period -372 -349 -1 394 -------------------------------------------------------------------------------- Accumulated depreciation and amortization at the end -36 633 -34 343 -36 014 of the period -------------------------------------------------------------------------------- Book value of Property, plant and equipment, at the 7 930 8 396 8 396 beginning of the period Book value of Property, plant and equipment, at the 7 987 8 390 7 930 end of the period -------------------------------------------------------------------------------- 31.3. 31.3. 31.12. 9. Interest-bearing liabilities 2015 2014 2014 -------------------------------------------------------------------------------- Non-current interest-bearing liabilities recognized 1 250 2 500 1 250 at amortized cost Current interest-bearing liabilities 1 546 3 455 1 512 -------------------------------------------------------------------------------- TOTAL 2 796 5 955 2 762 -------------------------------------------------------------------------------- Maturities of the interest-bearing financial liabilities at March 31, 2015 Financial liability Current Non-curr Total ent -------------------------------------------------------------------------------- Loans from financial institutions 1 546 1 250 2 796 -------------------------------------------------------------------------------- Total 1 546 1 250 2 796 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 31.3. 31.3. 31.12. 10. Pledged assets and contingent liabilities 2015 2014 2014 -------------------------------------------------------------------------------- On behalf of the Parent company Business mortgages 6 771 3 638 7 011 Loans from financial institutions 2 500 5 721 2 500 Business mortgages 2 500 5 750 2 500 Mortgage agreements on behalf of subsidiaries Loans from financial institutions 296 234 262 Other obligations 433 378 227 Business mortgages 729 611 489 Commercial bank guarantees on behalf of the Parent 15 434 1 739 13 999 company and subsidiaries Other own obligations Rental liabilities maturing within one year 828 742 717 Rental liabilities maturing in one to five years 1 886 2 131 1 674 Rental liabilities maturing more than five years - 129 13 -------------------------------------------------------------------------------- Total 2 714 3 002 2 404 -------------------------------------------------------------------------------- 11. Related party transactions No loans are granted to the company's management. On March 31, 2015, the Parent Company Raute Corporation had no loan receivables from its subsidiaries. No pledges have been given or other commitments made on behalf of the company's management and shareholders. ----------------------------------------------------------------------------- 31.3. 31.3. 31.12. 12. Derivatives 2015 2014 2014 ----------------------------------------------------------------------------- Nominal values of forward contracts in foreign currency Economic hedging - Related to financing 252 525 348 - Related to the hedging of net sales 4 258 2 198 2 785 Fair values of forward contracts in foreign currency Economic hedging - Related to financing -48 -11 -7 - Related to the hedging of net sales -156 -39 -136 Interest rate and currency swap agreements - Nominal value - 1 982 - - Fair value - -69 - 13. Share-based payments An expense of EUR 12 thousand (EUR 45 thousand) was recognized for the options to the income statement during the interim period. No shares were subscribed during the period. During the interim period, no share rewards were delivered based on the long-term share-based incentive program 2014-2018 directed to the top management. An expense of EUR 88 thousand was recognized for the share rewards to the income statement during the interim period. 14. Dividend distribution and repayment of equity Raute Corporation's Annual General Meeting held on March 24, 2015, decided, according to the Board of Directors' proposal, to distribute a dividend of EUR 0,40 per share to be paid for series A and K shares, a total of EUR 1 606 thousand. The dividend payment date was April 2, 2015. Raute Corporation's Annual General Meeting held on March 24, 2015, decided, according to the Board of Directors' proposal, to distribute a repayment of equity EUR 0,20 per share to be paid for series A and K shares, a total of EUR 803 thousand. The payment date was April 2, 2015. 15. Financial assets and liabilities that are measured at fair value At the end of the reporting period March 31, 2015, the fair value of the financial assets categorized at fair value on hierarchy level 3 was EUR 500 thousand. The methods of fair value determination correspond the valuation principles presented in the Annual financial statements for 2014. There were no transfers between the hierarchy levels 1 and 2 during the reporting period. -------------------------------------------------------------------------------- 16. Exchange rates used -------------------------------------------------------------------------------- 1.1.-31.3 1.1.-31.3 1.1.-31.12 . . . Income statement, euros 2015 2014 2014 -------------------------------------------------------------------------------- CNY (Chinese juan) 7,0284 8,3587 8,1883 RUB (Russian rouble) 71,0867 48,0778 51,0113 CAD (Canadian dollar) 1,3966 1,5110 1,4669 USD (US dollar) 1,1270 1,3697 1,3288 SGD (Singapore dollar) 1,5280 1,7381 1,6831 CLP (Chilean peso) 703,1988 756,2665 756,9608 -------------------------------------------------------------------------------- 31.3. 31.3. 31.12. Balance sheet, euros 2015 2014 2014 -------------------------------------------------------------------------------- CNY (Chinese juan) 6,7623 8,5332 7,6330 RUB (Russian rouble) 62,4400 48,7800 72,3370 CAD (Canadian dollar) 1,3738 1,5225 1,4063 USD (US dollar) 1,0759 1,3788 1,2141 SGD (Singapore dollar) 1,4774 1,7366 1,6058 CLP (Chilean peso) 681,2526 778,4266 756,4665 -------------------------------------------------------------------------------- FINANCIAL DEVELOPMENT 31.3. 31.3. 31.12. 2015 2014 2014 -------------------------------------------------------------------------------- Change in net sales, % 63,8 -35,8 12,9 Exported portion of net sales, % 91,4 91,5 94,3 Return on investment (ROI), % 19,4 -25,6 10,9 Return on equity, ROE, % 18,2 -29,0 9,8 Interest-bearing net liabilities, EUR million -10,3 -7,7 -1,7 Gearing, % -44,1 -38,2 -6,9 Equity ratio, % 52,6 51,1 55,8 Gross capital expenditure, EUR million 0,5 0,5 1,7 % of net sales 1,9 3,2 1,8 Research and development costs, EUR million 0,4 0,4 1,8 % of net sales 1,8 2,6 1,9 Order book, EUR million 101 28 44 Order intake, EUR million 84 16 112 -------------------------------------------------------------------------------- SHARE-RELATED DATA 31.3. 31.3. 31.12. 2015 2014 2014 -------------------------------------------------------------------------------- Earnings per share, (EPS), undiluted, EUR 0,27 -0,40 0,59 Earnings per share, (EPS), diluted, EUR 0,27 -0,40 0,59 Equity to share, EUR 5,81 5,01 6,06 Dividend per share, EUR - - 0,40 Dividend per profit, % - - 68,0 Effective dividend return, % - - 5,50 Repayment of equity from invested - - 0,20 non-restricted equity reserve, EUR Development in share price (series A shares) Lowest share price for the period, EUR 7,17 6,90 6,90 Highest share price for the period, EUR 13,59 8,22 8,60 Average share price for the period, EUR 10,62 7,68 7,69 Share price at the end of the period, EUR 11,80 8,00 7,30 Market value of capital stock - Series K shares, EUR million* 11,7 7,9 7,2 - Series A shares, EUR million 35,7 24,1 22,1 -------------------------------------------------------------------------------- Total, EUR million 47,4 32,1 29,3 -------------------------------------------------------------------------------- *Series K shares valued at the value of series A shares. Trading of the company's shares (series A shares) Trading of shares, pcs 438 872 197 150 593 682 Trading of shares, EUR million 4,7 1,5 4,6 Number of shares - Series K shares, ordinary shares (20 votes, 991 161 991 161 991 161 share) - Series A shares (1 vote/share) 3 024 067 3 015 667 3 024 067 -------------------------------------------------------------------------------- Total 4 015 228 4 006 828 4 015 228 -------------------------------------------------------------------------------- Number of shares, weighted average, 1 000 pcs 4 015 4 006 4 009 Number of shares, diluted, 1 000 pcs 4 043 4 008 4 015 Number of shareholders 2 054 1 960 1 991 -------------------------------------------------------------------------------- DEVELOPMENT OF Q 2 Q 3 Q 4 Q 1 Rolling Rolling QUARTERLY 2014 2014 2014 2015 1.4.2014 1.4.2013 RESULTS (EUR 1 000) - - 31.3.2015 31.3.2014 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- NET SALES 20 329 24 693 33 978 24 606 103 607 74 908 -------------------------------------------------------------------------------- Change in inventories of finished goods and work in 263 631 710 312 1 916 -1 251 progress Other operating 7 67 -28 40 87 301 income Materials and -10 154 -14 850 -19 574 -11 856 -56 434 -34 928 services Employee -7 000 -7 117 -8 023 -8 140 -30 280 -27 710 benefits expense Depreciation -476 -554 -524 -548 -2 101 -2 160 and amortization Other operating -2 338 -2 562 -2 953 -3 211 -11 064 -10 163 expenses -------------------------------------------------------------------------------- Total operating -19 967 -25 083 -31 075 -23 754 -99 879 -74 961 expenses -------------------------------------------------------------------------------- OPERATING 632 308 3 585 1 204 5 730 -1 002 PROFIT (LOSS) -------------------------------------------------------------------------------- % of net sales 3 1 11 5 6 -1 Financial 65 92 244 266 667 540 income Financial -58 -128 -2 -112 -300 -962 expenses -------------------------------------------------------------------------------- PROFIT (LOSS) 639 273 3 826 1 359 6 097 -1 424 BEFORE TAX -------------------------------------------------------------------------------- % of net sales 3 1 11 6 6 -2 Income taxes -139 -22 -633 -276 -1 070 198 -------------------------------------------------------------------------------- PROFIT (LOSS) 500 251 3 193 1 083 5 027 -1 226 FOR THE PERIOD -------------------------------------------------------------------------------- % of net sales 2 1 9 4 5 -2 Attributable to Equity holders 500 251 3 193 1 083 5 027 -1 226 of the Parent company Earnings per share, EUR Undiluted 0,12 0,06 0,80 0,27 1,25 -0,31 earnings per share Diluted 0,12 0,06 0,80 0,27 1,25 -0,31 earnings per share Shares, 1 000 pcs Adjusted 4 007 4 007 4 015 4015 4 015 4 006 average number of shares Adjusted average number of shares diluted 4 008 4 008 4 017 4043 4 043 4 008 -------------------------------------------------------------------------------- FINANCIAL Q 2 Q 3 Q 4 Q 1 Rolling Rolling DEVELOPMENT QUARTERLY 2014 2014 2014 2015 1.4.2014 1.4.2013 - - 31.3.2015 31.3.2014 -------------------------------------------------------------------------------- Order intake 51 22 23 84 180 69 during the period, EUR million Order book at 59 56 44 101 101 28 the end of the period, EUR million -------------------------------------------------------------------------------- 20 LARGEST SHAREHOLDERS AT MARCH 31, Total % of Total % of 2015 number total number voting By number of Number of Number of of shares shares of votes rights shares series K series A shares shares -------------------------------------------------------------------------------- 1. Sundholm - 624 398 624 398 15,6 624 398 2,7 Göran Wilhelm 2. Mandatum - 181 900 181 900 4,5 181 900 0,8 Life Unit-Linked 3. Laakkonen - 119 919 119 919 3,0 119 919 0,5 Mikko 4. Suominen 48 000 62 429 110 429 2,8 1 022 429 4,5 Pekka 5. Suominen 48 000 62 316 110 316 2,7 1 022 316 4,5 Tiina Sini-Maria 6. Siivonen 50 640 53 539 104 179 2,6 1 066 339 4,7 Osku Pekka 7. Kirmo Kaisa 55 680 48 341 104 021 2,6 1 161 941 5,1 Marketta 8. Mustakallio 57 580 29 270 86 850 2,2 1 180 870 5,2 Mika Tapani 9. Relander - 85 000 85 000 2,1 85 000 0,4 Harald 10. Keskiaho 33 600 51 116 84 716 2,1 723 116 3,2 Kaija Leena 11. Särkijärvi 60 480 22 009 82 489 2,1 1 231 609 5,4 Riitta 12. Mustakallio 60 480 500 60 980 1,5 1 210 100 5,3 Kari Pauli 13. Mustakallio 43 240 16 047 59 287 1,5 880 847 3,9 Marja Helena 14. Särkijärvi 12 000 43 256 55 256 1,4 283 256 1,2 Timo 15. 12 000 43 256 55 256 1,4 283 256 1,2 Särkijärvi-Mar tinez Anu Riitta 16. Mustakallio 53 240 - 53 240 1,3 1 064 800 4,7 Ulla Sinikka 17. Suominen 24 960 27 964 52 924 1,3 527 164 2,3 Jukka Matias 18. Keskinäinen - 51 950 51 950 1,3 51 950 0,2 työeläkevakuut usyhtiö Varma 19. Suominen 48 000 - 48 000 1,2 960 000 4,2 Jussi 20. Keskiaho 24 780 21 500 46 280 1,2 517 100 2,3 Marjaana -------------------------------------------------------------------------------- TOTAL 632 680 1 544 710 2 177 390 54,2 14 198 310 62,1 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total % of Total % of number total number voting By number of Number of Number of of shares shares of votes rights votes series K series A shares shares -------------------------------------------------------------------------------- 1. Särkijärvi 60 480 22 009 82 489 2,1 1 231 609 5,4 Riitta 2. Mustakallio 60 480 500 60 980 1,5 1 210 100 5,3 Kari Pauli 3. Mustakallio 57 580 29 270 86 850 2,2 1 180 870 5,2 Mika Tapani 4. Kirmo Kaisa 55 680 48 341 104 021 2,6 1 161 941 5,1 Marketta 5. Siivonen 50 640 53 539 104 179 2,6 1 066 339 4,7 Osku Pekka 6. Mustakallio 53 240 - 53 240 1,3 1 064 800 4,7 Ulla Sinikka 7. Suominen 48 000 62 429 110 429 2,8 1 022 429 4,5 Pekka 8. Suominen 48 000 62 316 110 316 2,7 1 022 316 4,5 Tiina Sini-Maria 9. Suominen 48 000 - 48 000 1,2 960 000 4,2 Jussi 10. Mustakallio 43 240 16 047 59 287 1,5 880 847 3,9 Marja Helena 11. Mustakallio 42 240 - 42 240 1,1 844 800 3,7 Risto Knut kuolinpesä 12. Keskiaho 33 600 51 116 84 716 2,1 723 116 3,2 Kaija Leena 13. Sundholm - 624 398 624 398 15,6 624 398 2,7 Göran Wilhelm 14. Keskiaho 29 680 - 29 680 0,7 593 600 2,6 Vesa Heikki 15. Keskiaho 27 880 6 991 34 871 0,9 564 591 2,5 Juha-Pekka 16. Kirmo Lasse 27 645 9 621 37 266 0,9 562 521 2,5 17. Suominen 24 960 27 964 52 924 1,3 527 164 2,3 Jukka Matias 18. Keskiaho 24 780 21 500 46 280 1,2 517 100 2,3 Marjaana 19. Kultanen 22 405 8 031 30 436 0,8 456 131 2,0 Leea Annikka 20. Molander 20 160 - 20 160 0,5 403 200 1,8 Sole -------------------------------------------------------------------------------- TOTAL 778 690 1 044 072 1 822 762 45,4 16 617 872 72,7 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- MANAGEMENT'S AND PUBLIC INSIDERS' SHAREHOLDING AND NOMINEE-REGISTERED SHARES Number of Number Total % of Total % of series K of number total number of total shares series A of shares votes voting shares shares rights -------------------------------------------------------------------------------- Management's and Public insiders' holding at March 31, 2015 -------------------------------------------------------------------------------- The Board of 122 830 110 349 233 179 5,8 2 566 949 11,2 Directors, The Group's President and CEO and Executive Board* -------------------------------------------------------------------------------- TOTAL 122 830 110 349 233 179 5,8 2 566 949 11,2 -------------------------------------------------------------------------------- *The figures include the holdings of their own, minor children and control entities. -------------------------------------------------------------------------------- Nominee-registered - 127 531 127 531 3,2 127 531 0,6 shares at March 31, 2015 -------------------------------------------------------------------------------- RAUTE CORPORATION Board of Directors BRIEFING ON APRIL 24, 2015 AT 2 P.M.: A briefing will be organized for analysts, investors and the media on April 24, 2015 at 2 p.m. at Scandic Simonkenttä Hotel, Roba cabinet, Simonkatu 9, Helsinki. The interim report will be presented by Mr. Tapani Kiiski, President and CEO, and Ms. Arja Hakala, CFO. NEXT INTERIM REPORT: Raute Corporation's interim report January 1-June 30, 2015 will be published on Tuesday, July 28, 2015. FURTHER INFORMATION: Mr. Tapani Kiiski, President and CEO, Raute Corporation, tel. +358 3 829 3500, mobile phone +358 400 814 148 Ms. Arja Hakala, CFO, Raute Corporation, tel. +358 3 829 3293, mobile phone +358 400 710 387 DISTRIBUTION: NASDAQ OMX Helsinki Ltd, main media, www.raute.com RAUTE IN BRIEF: Raute is a technology and service company that operates worldwide. Raute's customers are companies operating in the wood products industry that manufacture veneer, plywood and LVL (Laminated Veneer Lumber). The technology offering covers machinery and equipment for the entire production process. As a supplier of mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Additionally, Raute's full-service concept includes technology services ranging from spare parts deliveries to regular maintenance and equipment modernizations. Raute's head office is located in Nastola, Finland. Its other production plants are in the Vancouver area of Canada, in the Shanghai area of China, and in Kajaani, Finland. Raute's net sales in 2014 were EUR 94.0 million. The Group's headcount at the end of 2014 was 587. More information about the company can be found at www.raute.com. News Source: NASDAQ OMX --------------------------------------------------------------------- 2015-04-24 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Raute Oyj Finland ISIN: FI0009004741 End of News DGAP News-Service --------------------------------------------------------------------- 348091 2015-04-24
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