Raute Oyj
Raute Corporation – Interim report January 1 – September 30, 2014
DGAP-News: Raute Oyj 29.10.2014 / 08:00 --------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- 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. News Source: NASDAQ OMX --------------------------------------------------------------------- 29.10.2014 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 --------------------------------------------------------------------- 293844 29.10.2014
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