Raute Oyj — Interim / Quarterly Report 2011

Aug 9, 2011

RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - JUNE 30, 2011

RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - JUNE 30, 2011

Nastola, Finland, 2011-08-09 08:05 CEST (GLOBE NEWSWIRE) -- RAUTE CORPORATION
INTERIM REPORT AUGUST 9, 2011 AT 9:00 a.m.

RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - JUNE 30, 2011

• The Group's net sales amounted to EUR 37.8 million (MEUR 30.0), up 26% on the
  comparison year. Order intake was EUR 39 million (MEUR 34).
• Operating result amounted to EUR -0.6 million (MEUR -1.3). Result before
  taxes was EUR -0.8 million (MEUR -1.3).
• Earnings per share (undiluted) were EUR -0.19 (EUR -0.27).
• Second-quarter net sales amounted to EUR 23.1 million and the operating
  result was EUR 0.8 million. Order intake was EUR 9 million and the order book
  stood at EUR 35 million at the end of the reporting period.
• The outlook for financial performance remains unchanged. Net sales for 2011
  will see year-on-year growth and the operating result is expected to be
  positive.

TAPANI KIISKI, PRESIDENT AND CEO: UNCERTAINTY SURROUNDING THE IMPROVEMENT OF
DEMAND

Our net sales saw growth in the second quarter and were almost back to their
pre-recession level, and our operating result rose into the black. The loss we
posted for the entire first part of 2011 was only half of last year's figure.
Profitability in the second quarter was still somewhat weakened by drawn-out
project implementation. Delays in achieving production capacity for mill-scale
deliveries and any additional costs that might be incurred from them are major
risks in the project business.

The trend in the demand for wood products has remained favorable in the past
few months, except in North America, where construction is still at a very low
ebb. Thanks to the brighter market situation, the wood products industry has
stepped up its utilization rates and is more willing to invest. The rise in
capacity utilization in the wood products industry has been most clearly
evident in the demand for our technology services. During the first half of the
year, the wood products industry announced investment plans targeting to build
new capacity in South America.

In our view, uncertainty about the development of the financial markets, the
threat of a new recession, and the search for suitable financing solutions have
caused the wood products industry to deliberate longer on investment decisions,
especially in Europe and Russia. Our projects that are currently under
negotiation now once again involve greater uncertainty in terms of
implementation and scheduling. In spite of this, we expect to see a positive
trend in our order intake in the next few months, paving the way for better
profitability and a positive full-year result for 2011.

SECOND QUARTER OF 2011

Order intake and order book

Order intake during the second quarter totaled EUR 9 million (MEUR 9).
Technology services accounted for EUR 4 million (MEUR 5) of the new orders.
Order intake remained low because many of the projects that had been expected
to get the go-ahead in the second quarter were pushed back due to uncertainties
concerning market trends and financing.

The most significant new orders were for the delivery of an automated veneer
patching line and peeling line to Russia.

The order book declined by EUR 13 million during the past quarter, amounting to
EUR 35 million (MEUR 28) at the end of the reporting period.

Net sales

Second-quarter net sales amounted to EUR 23.1 million (MEUR 19.5). The brighter
market prospects of the company's customer industries increased demand, which
contributed to net sales growth.

Technology services accounted for 26 percent of total net sales (24%).

Result and profitability

The operating result for the second quarter was EUR 0.8 million positive (MEUR
0.1 positive), representing 4 percent (1%) of net sales. The second-quarter
result was EUR 0.5 million positive (MEUR 0.1 negative) and earnings per share
were EUR 0.13 (EUR -0.03).

RAUTE CORPORATION - INTERIM REPORT JANUARY 1 - JUNE 30, 2011

BUSINESS ENVIRONMENT

Market situation in customer industries

Raute's customers in the veneer, plywood, and LVL (Laminated Veneer Lumber)
industries are engaged in the manufacturing of wood products used in investment
commodities and are thus highly dependent on cyclical fluctuations in
construction, housing-related consumption, international trade, and
transportation.

During the reporting period, the market situation in Raute's customer
industries continued to improve gradually, with the exception of North America.
Outside North America, most plywood and LVL manufacturers are operating at
either good or normal utilization rates. However, in North America, the housing
market and construction have once again headed downward, and market demand for
wood products remained very muted.

Demand for wood products technology and technology services

During the reporting period, demand for wood products technology and technology
services was at a normal level in view of the market situation in the customer
industries. Demand focused on smaller projects and especially on
modernizations, as is typical now that the market is recovering.

Numerous larger projects - both individual production lines and complete mills
- have been under prolonged negotiation and planning in many market areas.
Customers will decide to go ahead with these projects only once they are
confident that the market has recovered permanently.

ORDER INTAKE AND ORDER BOOK

Raute's business consists of providing project deliveries and technology
services to the wood products industry. Project deliveries encompass complete
mills, production lines, and individual machines and equipment. Technology
services include maintenance, spare parts services, modernization, consulting,
training, and reconditioned machinery.

Order intake during the reporting period totaled EUR 39 million (MEUR 34). 59
percent of the new orders came from Russia (9%), 25 percent from Europe (22%),
7 percent from South America (3%), 7 percent from North America (15%), and 2
percent from Asia-Pacific (51%).

The most significant new order was received in January for the delivery of
plywood mill machinery valued at more than EUR 12 million to Russia. The low
order intake from Asia and South America during the reporting period can be
explained by customers' scheduling of their projects.

Technology services accounted for EUR 11 million (MEUR 8) of the order intake.

During the reporting period, the order book grew by EUR 2 million, amounting to
EUR 35 million (MEUR 28) at its end.

COMPETITIVE POSITION

Raute's competitive position is good. Raute's solutions help customers in
securing their delivery and service capabilities. In such investments, the
supplier's end-to-end expertise and extensive, wide-ranging technology offering
play a key role. The competitive edge provided by Raute is also a major draw
when customers select their cooperation partners. Furthermore, Raute's strong
financial position enhances its credibility and improves its competitive
position in the implementation of long-term investment projects.

NET SALES

Net sales for the reporting period, EUR 37.8 million (MEUR 30.0), were up 26
percent year-on-year. Demand increased in step with the brighter market
prospects of the company's customer industries, contributing to net sales
growth.

Of the total net sales for the reporting period, Russia accounted for 33
percent (49%), Asia-Pacific for 25 percent (19%), North America for 10 percent
(15%), Europe for 26 percent (13%), and South America for 6 percent (4%).

Net sales of technology services grew by 39 percent and accounted for 33
percent of total net sales (30%).

RESULT AND PROFITABILITY

The operating result was EUR 0.6 million negative (MEUR 1.3 negative),
representing -2 percent of net sales (-4%).

The company posted a loss for the reporting period due to additional costs
incurred from the drawn-out implementation of some projects that were in the
installation phase.

The result before taxes for the reporting period was EUR 0.8 million negative
(MEUR 1.3 negative) and the result was EUR 0.7 million negative (MEUR 1.1
negative). Earnings per share (undiluted) were EUR -0.19 (EUR -0.27).

CASH FLOW AND BALANCE SHEET

The Group's financial position is good. At the end of the reporting period,
gearing was -36 percent (-75%) and the equity ratio was 50 percent (45%). Other
fluctuations in balance sheet 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 project business.

The Group's cash and cash equivalents, including financial assets recognized at
fair value through profit or loss, amounted to EUR 19.1 million (MEUR 32.8) at
the end of the reporting period. Operating cash flow was EUR -0.8 million (MEUR
+6.9). Cash flow from investment activities was EUR -0.6 million (MEUR -0.5).
Cash flow from financing activities was EUR -3.3 million (MEUR -1.1), including
dividends of EUR 1.2 million (MEUR 0.0).

At the end of the reporting period, interest-bearing liabilities amounted to
EUR 11.1 million (MEUR 16.5), of which EUR 3.3 million (MEUR 4.4) were current
interest-bearing liabilities.

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 company also has unused bilateral credit facilities totaling
EUR 10 million with two different Nordic banks.

EVENTS DURING THE REPORTING PERIOD

Raute Corporation has published stock exchange releases on the following events:

January 20, 2011 Raute received new orders valued at over EUR 12 million
from Russia.
April 13, 2011 Raute Corporation's 2011 Annual General Meeting was
held in April.

RESEARCH AND DEVELOPMENT COSTS AND CAPITAL EXPENDITURE

Raute seeks to be the leading technology supplier in its field and to invest
strongly in continuous research and development, with a special focus on
plywood and LVL manufacturing technology and automation and instrumentation
applications that support these technologies, particularly machine vision.

Research and development costs totaled EUR 0.8 million (MEUR 0.8) during the
reporting period, representing 2.1 percent of net sales (2.6%).

Investments totaled EUR 0.7 million (MEUR 1.7) during the reporting period.

PERSONNEL

At the end of the reporting period, the Group's personnel numbered 486 (522).
Group companies outside Finland accounted for 25 percent (25%) of employees.

Converted to full-time employees (“effective headcount”), the average number of
employees was 457 (423) during the reporting period.

SHARES

The number of Raute Corporation's shares at the end of the reporting period
totaled 4,004,758, of which 991,161 were series K shares (ordinary share, 20
votes/share) and 3,013,597 series A shares (1 vote/share). The shares have a
nominal value of two euro. 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
Article 3 of the Articles of Association. If a series K 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
39.3 million (MEUR 29.5), with series K shares valued at the closing price of
the series A shares on June 30, 2011, which was EUR 9.81 (EUR 7.37).

The Annual General Meeting held on April 13, 2011 authorized the company's
Board of Directors to decide on the buyback of Raute Corporation series A
shares with distributable funds and on a directed share issue. The maximum
number of shares to be repurchased and issued is 400,000. The Board of
Directors did not exercise the authorization during the reporting period.

The company did not hold any treasury shares during the reporting period.

STOCK OPTION SCHEME 2010

The Annual General Meeting held on March 31, 2010 resolved to issue a maximum
of 240,000 stock options.

In accordance with the authorization granted by the Annual General Meeting, the
Board of Directors issued a total of 75,000 stock options marked with the
symbol 2010 B to key employees of the Group on May 31, 2011. The share
subscription period with stock options 2010 B will be from March 1, 2014 to
March 31, 2017 and the subscription price will be EUR 9.83.

Earlier, on May 5, 2010, 80,000 stock options 2010 A were granted to key
employees of the Group under this stock option scheme.

The terms and conditions of the stock option scheme are available on the
company's Internet site.

SHAREHOLDERS

The number of shareholders totaled 1,787 at the beginning of the year and 1,763
at the end of the reporting period. Series K shares are held by 52 private
individuals (46). Management held 7.1 percent (7.0%) of the company's shares
and 13.3 percent (12.5%) of the votes. Nominee-registered shares accounted for
2.1 percent (2.1%) of shares.

No flagging notifications were given to the company during the reporting period.

CORPORATE GOVERNANCE

Raute Corporation complies with the Finnish Corporate Governance Code for
listed companies issued by the Securities Market Association on June 15, 2010.
Raute deviates from 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. In
the Board's view, it has a good reason to deviate from the recommendation due
to the company's ownership structure; when selecting Board members, the company
can thus meet the expectations of its major shareholders early in the
preparation phase. The main points of Raute Corporation's corporate governance
principles are presented on the company's Internet site at www.raute.com.

Raute Corporation's Corporate Governance Statement 2010 has been drawn up
separately from the Board of Directors' report and is published on the
company's Internet site.

ANNUAL GENERAL MEETING 2011

Raute Corporation's Annual General Meeting was held on April 13, 2011. The
Annual General Meeting confirmed the 2010 financial statements, granted
discharge from liability to those accountable, and decided to distribute a
dividend of EUR 0.30 per share.

The Annual General Meeting elected the Board of Directors for the term of
office ending at the next Annual General Meeting in 2012. Mr. Erkki
Pehu-Lehtonen, M.Sc. (Eng.), was elected as Chairman of the Board, Ms. Sinikka
Mustakallio, Researcher, as Vice Chair, and Mr. Risto Hautamäki, M.Sc. (Eng.),
Mr. Ilpo Helander, M.Sc. (Eng.), Mr. Mika Mustakallio, M.Sc. (Econ.), and Mr.
Pekka Suominen, M.Sc. (Econ.) as members of the Board.

The Annual General Meeting elected authorized public accounting company
PricewaterhouseCoopers Oy as auditors with Mr. Janne Rajalahti (Authorized
Public Accountant) as the principal auditor.

The Annual General Meeting decided that the Chairman of the Board will be paid
remuneration of EUR 40,000 and the Vice Chair of the Board and Board members
EUR 20,000 for the term of office, and that the Board members will be
reimbursed for their travel expenses as set out in the company's travel policy.
Compensation will be paid to the company's auditors on the basis of reasonable
invoices.

The Annual General Meeting authorized the Board of Directors to decide on the
buyback of Raute Corporation series A shares with distributable funds and on a
directed share issue of series A shares. The maximum number of shares to be
repurchased and issued is 400,000.

A stock exchange release detailing the decisions of the Annual General Meeting
was published on April 13, 2011.

DIVIDENDS FOR THE 2010 FINANCIAL YEAR

The Annual General Meeting held on April 13, 2011 decided to pay a dividend of
EUR 0.30 per share for the financial year. The dividends amounted to a total of
EUR 1.2 million, of which series A shares accounted for EUR 904,079.10 (EUR 0)
and series K shares EUR 297,348.30 (EUR 0). The dividend payout date was April
27, 2011.

BOARD OF DIRECTORS AND BOARD COMMITTEES

At the Annual General Meeting held on April 13, 2011, Mr. Erkki Pehu-Lehtonen,
M.Sc. (Eng.), was elected as Chairman of the Board of Directors, Ms. Sinikka
Mustakallio, Researcher, as Vice Chair, and Mr. Risto Hautamäki, M.Sc. (Eng.),
Mr. Ilpo Helander, M.Sc. (Eng.), Mr. Mika Mustakallio, M.Sc. (Econ.), and Mr.
Pekka Suominen, M.Sc. (Econ.) as members of the Board.

Based on the evaluation of independence, Mr. Erkki Pehu-Lehtonen (Chairman) and
Mr. Risto Hautamäki, Mr. Ilpo Helander, Mr. Mika Mustakallio, and Mr. Pekka
Suominen (members) are independent of the company. Ms. Sinikka Mustakallio
(Vice Chair), who chaired Raute's Supervisory Board from 1996 to 1998 and has
acted as a member of the Board since 1998, is dependent on the company. The
Chairman of the Board (Mr. Erkki Pehu-Lehtonen) and two Board members (Mr. Ilpo
Helander and Mr. Risto Hautamäki) are independent of major shareholders.

Raute Corporation's Board of Directors has an Appointments Committee and a
Working Committee. The Appointments Committee is chaired by Mr. Erkki
Pehu-Lehtonen and its members are Ms. Sinikka 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
Ms. Sinikka Mustakallio and Mr. Risto Hautamäki. The Audit Committee's tasks
are handled by the Board of Directors.

BUSINESS RISKS

Risks in the near term continue to be driven by the global economic situation
and uncertainty concerning its development. Threats related to the indebtedness
of certain European countries and the United States have led to mounting
nervousness about the trends in the global economy and financial markets.
During the reporting period, there have been no essential changes in the
business risks described in the 2010 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.

OUTLOOK FOR 2011

Raute's business operations are characterized by the sensitivity of investment
demand to cyclical fluctuations in the global economy and the financial
markets.

The outlook for the world economy and financial markets and their permanent
recovery from the financial crisis remains fraught with uncertainty despite
favorable development in many markets. The market situation for Raute's
customer industries is expected to remain somewhat uncertain. Demand for wood
products has not yet permanently recovered to its pre-recession level. That
said, concerns about the continuation and strength of recovery have increased
in recent months due to the threats posed by the indebtedness of several
European countries and the United States.

Demand for investments and services in the wood products industry is not
expected to see a permanent recovery to its pre-recession level in the near
future. However, upgrade investments in the plywood industry to ensure quality
and maintain market shares will probably continue to increase. Production line
and mill-scale investment projects are being planned in several market areas.
Their implementation and timing will depend on how financing is arranged for
customer projects in some market areas and whether the market situation for
wood products continues to develop favorably.

Thanks to its strong financial and market position and the development measures
it has carried out, Raute is well poised to respond to growing demand once the
markets recover. The implemented adaptation measures have led to a lighter cost
structure and business is now more profitable than before, even in a difficult
market situation.

Raute's profit outlook for 2011 remains unchanged. As a result of the order
book and projects under negotiation, net sales for 2011 will increase from the
previous year. The operating result is expected to be positive.

TABLES SECTION OF THE INTERIM REPORT

The figures for the financial year 2010 presented in the figures
section of the interim financial report have been audited.
The interim figures presented in the interim
financial report have not been audited.
CONSOLIDATE Note 1.4.-30.6. 1.4.-30.6. 1.1.-30.6 1.1.-30.6.
1.1.-31.1
D STATEMENT .
2.
OF
COMPREHESIV 2011 2010 2011 2010
2010
E INCOME
(EUR 1
000)
NET SALES 3, 4, 5 23 136 19 546 37 763 29 982 62
867
Other 68 120 100 139 4
580
operating
income
Change in
inventorie
s of
finished
goods and 723 -87 818 -419
351
work in
progress
Materials -13 891 -10 612 -20 958 -14 283 -32
679
and
services
Expenses 15 -6 137 -6 211 -12 184 -11 598 -23
467
from
employee
benefits
Depreciatio -538 -459 -1 080 -1 096 -2
250
n and
amortizati
on
Other -2 547 -2 194 -5 087 -4 011 -8
091
operating
expenses
Total -23 113 -19 476 -39 310 -30 989 -66
487
operating
expenses
OPERATING 814 103 -629 -1 287 1
311
PROFIT
% of net 4 1 -2 -4
2
sales
Financial 313 185 523 561
728
income
Financial -362 -256 -680 -600
-917
expenses
PROFIT 764 33 -785 -1 327 1
122
(LOSS)
BEFORE TAX
% of net 3 0 -2 -4
2
sales
Income 7 -244 -156 40 253
36
taxes
PROFIT 520 -123 -745 -1 074 1
158
(LOSS) FOR
THE PERIOD
% of net 2 -1 -2 -4
2
sales
Other
comprehens
ive income
items:
Exchange differences on -2 -37 -37 -48
-20
translating foreign
operations
Cash flow - 16 - 8
-19
hedging
Income tax - -4 - -2
5
related to
cash flow
hedges
Comprehensi
ve income
items for
the period, -2 -25 -37 -42
-34
net of tax
COMPREHENSIVE PROFIT 518 -149 -782 -1 116 1
124
(LOSS) FOR THE PERIOD
Profit
(loss) for
the period
attributab
le to
Equity 520 -123 -745 -1 074 1
158
holders of
the Parent
company
Comprehensi
ve profit
(loss) for
the period
attributabl
e to
Equity 518 -149 -782 -1 116 1
124
holders of
the Parent
company
Earnings per share for
profit (loss)
attributable
to Equity
holders of
the Parent
company,
EUR
Undiluted 0,13 -0,03 -0,19 -0,27
0,29
earnings
per share
Diluted 0,13 -0,03 -0,19 -0,27
0,29
earnings
per share
Shares, 1
000 pcs
Adjusted 4 005 4 005 4 005 4 005 4
005
average
number of
shares
Adjusted 4 012 4 055 4 012 4 030 4
005
average
number of
shares
diluted
CONSOLIDATE Note 30.6. 30.6. 31.12.
D BALANCE
SHEET
(EUR 1 000) 2011 2010 2010
ASSETS
Non-current
assets
Intangible 9 1 102 1 585 1 341
assets
Property, 9 8 338 9 301 8 913
plant and
equipment
Other 789 487 497
financial
assets
Receivables 567 - -
Deferred 1 565 1 977 1 849
tax assets
Total 12 362 13 350 12 599
Current
assets
Inventories 6 014 4 883 4 574
Accounts 5 15 113 11 692 11 770
receivable
s and other
receivable
s
Cash and 19 084 32 834 24 090
cash
equivalent
s
Total 40 211 49 409 40 435
Non-current - 1 038 -
assets
classified as held
for sale
Total - 1 038 -
TOTAL 52 573 63 796 53 034
ASSETS
SHAREHOLDER
S' EQUITY
AND
LIABILITIE
S
Equity
attributab
le to
Equity
holders
of the
Parent
company
Share 8 010 8 010 8 010
capital
Share 6 498 6 498 6 498
premium
Other 15 83 312 36
reserves
Exchange -2 7 35
difference
s
Retained 8 447 8 196 8 490
earnings
Profit -745 -1 074 1 158
(loss) for
the period
Share of
shareholde
rs' equity
that
belongs
to the 22 290 21 948 24 227
owners of
the Parent
company
Total 22 290 21 948 24 227
shareholde
rs' equity
Non-current
liabilitie
s
Provisions 36 58 57
Deferred - 262 337
tax
liabilitie
s
Non-current 11 7 768 12 253 10 000
interest-b
earing
liabilitie
s
Total 7 804 12 573 10 394
Current
liabilitie
s
Provisions 898 1 017 612
Pension 94 131 91
obligation
s
Current 11 3 315 4 215 4 439
interest-b
earing
liabilitie
s
Advance 5 7 559 14 624 5 243
payments
received
Trade and 10 613 9 289 8 028
other
payables
Total 22 479 29 275 18 413
Total 30 283 41 848 28 807
liabilitie
s
TOTAL SHAREHOLDERS' 52 573 63 796 53 034
EQUITY AND LIABILITIES
CONSOLIDATE 1.1.-30.6. 1.1.-30.6. 1.1.-31.1
D STATEMENT 2.
OF CASH
FLOWS
(EUR 1 000) 2011 2010 2010
CASH FLOW
FROM
OPERATING
ACTIVITIES
Proceeds 37 253 36 122 57 338
from sales
Proceeds 37 100 121
from other
operating
income
Payments of -37 933 -28 681 -63 416
operating
expenses
Cash flow -643 7 541 -5 958
before
financial
items and
taxes
Interests and other -274 -761 -650
operating financial
expenses paid
Interests 85 35 394
and other
income
received
Dividends 42 87 118
received
Income -38 8 -18
taxes paid
NET CASH FLOW FROM -828 6 908 -6 114
OPERATING ACTIVITIES
(A)
CASH FLOW
FROM
INVESTING
ACTIVITIES
Capital -447 -1 484 -2 067
expenditur
e in
tangible
and
intangible
assets
Purchases - -1 -11
of
assets-for
-sale as
investment
s
Purchase of -293 - -
investment
s
Proceeds from sale of 93 990 6 448
tangible and
intangible assets
NET CASH FLOW FROM -646 -495 4 370
INVESTING ACTIVITIES
(B)
CASH FLOW
FROM
FINANCING
ACTIVITIES
Decrease of 1 000 1 000 2 000
non-curren
t and
current
receivable
s
Repayments -115 -100 -228
of current
borrowings
Increase of 6 000 - -
non-curren
t
borrowings
Repayments -9 000 -2 000 -4 088
of
non-curren
t
borrowings
Dividends -1 201 - -
paid
NET CASH FLOW FROM -3 317 -1 099 -2 316
FINANCING ACTIVITIES
(C)
NET CHANGE IN CASH AND -4 791 5 314 -4 060
CASH EQUIVALENTS
(A+B+C)
increase
(+)/decrea
se (-)
CASH AND CASH
EQUIVALENTS AT THE
BEGINNING
OF THE 24 090 27 900 27 900
PERIOD*
EFFECTS OF -216 -380 251
EXCHANGE
RATE
CHANGES ON
CASH
CASH AND
CASH
EQUIVALENT
S AT THE
END
OF THE 19 084 32 834 24 090
PERIOD*
CASH AND CASH
EQUIVALENTS IN THE
BALANCE
SHEET AT
THE END OF
THE PERIOD
Cash and 19 084 32 834 24 090
cash
equivalent
s
TOTAL 19 084 32 834 24 090
*Cash and cash equivalents comprise trading assets as well
as cash and bank receivables,
which will be due within the
following three months' period.
CONSOLIDATED STATEMENT OF CHANGES
IN SHAREHOLDERS' EQUITY
Share Share Other Exchange Retained
(EUR 1 000) capital premium reserves rate earnings
diff.
EQUITY Jan. 8 010 6 498 36 35 9 648
1, 2011
Profit - - - - -745
(loss) for
the period
Comprehensi
ve profit
(loss) for
the
period:
Exchange
difference
s on
translatin
g
foreign - - - -37 -
operations
Cash flow - - - - -
hedging,
net of tax
Total
comprehens
ive profit
(loss)
for the 0 0 0 -37 -745
period
Dividends - - - - -1 201
Equity-sett - - 47 - -
led
share-base
d
transactio
ns
EQUITY June 8 010 6 498 83 -2 7 701
30, 2011
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY (continue)
To the owners
of the Parent EQUITY
(EUR 1 000) company TOTAL
EQUITY Jan. 24 227 24 227
1, 2011
Profit -745 -745
(loss) for
the period
Comprehensi
ve profit
(loss) for
the
period:
Exchange
difference
s on
translatin
g
foreign -37 -37
operations
Cash flow - -
hedging,
net of tax
Total
comprehens
ive profit
(loss)
for the -782 -782
period
Dividends -1 201 -1 201
Equity-sett 47 47
led
share-base
d
transactio
ns
EQUITY June 22 290 22 290
30, 2011
CONSOLIDATED STATEMENT OF CHANGES
IN SHAREHOLDERS' EQUITY
Share Share Other Exchange Retained
(EUR 1 000) capital premium funds rate earnings
diff.
EQUITY Jan. 8 010 6 498 294 55 8 196
1, 2010
Profit - - - - -1 074
(loss) for
the period
Comprehensi
ve profit
(loss) for
the
period:
Exchange
difference
s on
translatin
g
foreign - - - -48 -
operations
Cash flow - - 6 - -
hedging,
net of tax
Total
comprehens
ive profit
(loss)
for the 0 0 6 -48 -1 074
period
Dividends - - - - -
Equity-sett - - 12 - -
led
share-base
d
transactio
ns
EQUITY June 8 010 6 498 312 7 7 122
30, 2010
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY (continue)
To the owners
of the Parent EQUITY
(EUR 1 000) company TOTAL
EQUITY Jan. 23 053 23 053
1, 2010
Profit -1 074 -1 074
(loss) for
the period
Comprehensi
ve profit
(loss) for
the
period:
Exchange
difference
s on
translatin
g
foreign -48 -48
operations
Cash flow 6 6
hedging,
net of tax
Total
comprehens
ive profit
(loss)
for the -1 116 -1 116
period
Dividends - -
Equity-sett 12 12
led
share-base
d
transactio
ns
EQUITY June 21 948 21 948
30, 2010
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
1. General
informatio
n
Raute Group is a globally operating technology corporation which
manufactures complete mills,
production lines and single machines for the veneer, plywood and LVL
industries.
Raute's technology offering
covers the customers' entire production process, ranging from raw material
processing to the finishing and
packaging of end products. Additionally, Raute's full service concept includes
technology services, such as
maintenance, spare parts services, equipment modernization, consulting,
training and sales of reconditioned machinery. The Group has
production units in Finland, Canada and China. The company's sales
network has a global reach.
Raute Group's Parent company is a Finnish public limited liability company,
Raute
Corporation,
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, Finland.
The address of its registered office is Rautetie 2, FI-15550 Nastola,
Finland, and its postal address is P. O. Box 69, FI-15551
Nastola, Finland.
The Consolidated financial statements are 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 August 9, 2011 reviewed the
Group's
Interim financial report for
January 1 - June 30, 2011, and approved the Interim financial report for
January 1
- June 30, 2011 to be published
in compliance with this
release.
2.
Accounting
principles
Raute Corporation's Interim financial report January 1 - June 30, 2011 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. Therefore, the Interim
financial report should be read
in conjunction with the Financial
statements published for 2010.
Raute Corporation's Interim financial report for January 1 - June 30, 2011 has
been prepared applying the accounting
principles described in the Annual financial statements for 2010 and the
following
new and amended standards and
interpretations which have taken
effect on January 1, 2011 or
later:
- IAS 24 Related Party
Disclosures, revised
- IAS 32 Classification
of Rights Issues,
amendment
- IFRIC 19 Extinguishing Financial
Liabilities with Equity
Instruments
- IFRIC 14 Prepayments of a Minimum Funding
Requirement, amendment
- Annual Improvements to standards
and interpretations.
The new standards, amendments and interpretations do not have any significant
impact on the Group's
Interim
financial
report.
All the monetary figures presented in the Interim financial report are in
thousand
euros, unless otherwise stated.
Due to the rounding of the figures in the Interim 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 financial statements according to international financial
reporting standards requires
management to use estimates and assumptions. In addition, the management must
exercise its judgement in
selecting and applying the accounting policies of the Interim financial report.
These estimates and assumptions
affect the assets and liabilities in the Group's balance sheet, the disclosure
ofcommitments and possible assets
in the consolidated financial statements, and income and
expenses for the period. Actual results may differ from
the estimates.
3. Segment
informatio
n
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.
30.6. 30.6. 31.12.
Wood 2011 2010 2010
products
technology
Net sales 37 763 29 982 62 867
Operating -629 -1 287 1 311
profit
Assets 52 573 63 796 53 034
Liabilities 30 283 41 848 28 807
Capital 668 1 684 2 224
expenditur
e
Assets of 30.6. 30.6. 31.12.
the wood
products
technology
segment by 2011 % 2010 % 2010
%
geographic
al location
Finland 46 652 89 56 363 88 44 006
83
North 2 868 5 4 522 7 3 730
7
America
China 1 521 3 1 665 4 4 129
8
Russia 1 240 2 976 2 880
2
South 149 0 138 0 160
0
America
Others 143 0 132 0 129
0
TOTAL 52 573 100 63 796 100 53 034
100
Capital 30.6. 30.6. 31.12.
expenditur
e of the
wood
products
technology 2011 % 2010 % 2010
%
segment by
geographic
al location
Finland 656 98 214 13 590
27
North 3 0 1 445 86 1 606
72
America
China 6 1 5 0 7
0
Russia - - - - -
-
South 1 0 20 1 21
1
America
Others 1 0 - - -
-
TOTAL 668 100 1 684 100 2 224
100
4. Net
sales
The main part of the net sales is comprised of project deliveries related to
wood
products technology that are
treated as long-term projects. The rest of the net sales is comprised of
technology services provided to the
wood products industry (spare parts, maintenance and modernization
services as well as services provided
to the development of
customers' business).
A significant part of the Group's net sales (project deliveries and
modernization
in technology services) includes
both product and service sales. Breakdown of the Group's net sales into
purely product and service sales
cannot be presented
reliably.
At the end of the reporting period, the Group had two (2) customers, whose
share
of the Group's net sales
temporarily exceeded 10 percent due
to the nature of project business.
Net sales 1.1.-30.6. 1.1.-30.6. 1.1.-31.12.
by market 2011 % 2010 % 2010
%
area
Russia 12 545 33 14 554 49 18 627
30
Asia-Pacifi 9 514 25 5 684 19 18 442
29
c
Finland 5 101 14 1 404 5 5 094
8
Rest of 4 450 12 2 531 8 8 805
14
Europe
North 3 811 10 4 515 15 9 551
15
America
South 2 244 6 1 294 4 2 212
4
America
Others 98 0 - - 136
0
TOTAL 37 763 100 29 982 100 62 867
100
5. 30.6. 30.6.
31.12.
Long-term
projects
2011 2010
2010
Net sales
Net sales 31 638 25 029 51
860
by
percentage
of
completion
Other net 6 125 4 953 11
007
sales
TOTAL 37 763 29 982 62
867
Project revenues entered as income
from currently undelivered
long-term projects 53 852 38 601 50
784
recognized by
percentage of
completion
Amount of long-term project 32 902 26 098 31
799
revenues not yet entered as income
(order book)
Specification of
combined asset and
liability items
Advance 531 145
147
payments
paid
Advance payments received included 531 145
147
in inventories in the balance
sheet
Accrued income corresponding to 59 646 40 635 51
200
revenues by percentage of
completion
Advance payments -51 610 -35 442 -46
490
received from project
customers
Project receivables 8 036 5 193 4
710
included in current
assets in the balance
sheet
Advance 7 559 14 624 5
243
payments
in the
balance
sheet
6. Number 30.6. 30.6.
31.12.
of
personnel,
persons
2011 2010
2010
Effective, 457 423
438
on average
In books, 482 517
512
on average
In books, 486 522
495
at the end
of period
- of which 120 128
129
personnel
working
abroad
7. Income
taxes
The taxes in the consolidated income statement include the taxes corresponding
to
the Group companies' taxable
profit for the financial period as well as tax adjustments for the previous
years
and the change in deferred taxes.
Current tax based on the taxable income is calculated on taxable income using
the
tax rate in force in each country.
Deferred tax receivables are recognized to the extent that it is
probable that taxable profits will be available
against which temporary
differences can be
utilized.
8. Research and 30.6. 30.6.
31.12.
development costs
2011 2010
2010
Research and 781 780 1
849
development costs for
the period
Amortization of 148 191
395
previously capitalized
development costs
Development costs - -17
-41
recognized as an asset
in the balance sheet
Research and development costs 928 953 2
203
entered as expenses for the period
9. Changes in 30.6. 30.6.
31.12.
Intangible assets and
in Property,
plant and 2011 2010
2010
equipment
Intangible
assets
Carrying amount at the beginning of 11 759 11 462 11
462
the period
Exchange -15 46
71
rate
difference
s
Additions 64 55
151
Other 23 57
75
reclassifi
cations
between
items
Carrying 11 830 11 620 11
759
amount at
the end of
the period
Accumulated depreciation and -10 418 -9 630 -9
631
amortization at the beginning of
the period
Exchange 9 -24
-16
rate
difference
s
Depreciatio -319 -380
-771
n for the
period
Accumulated depreciation and -10 729 -10 035 -10
418
amortization at the end of the
period
Book value of intangible assets, at 1 341 1 831 1
831
the beginning of the period
Book value of 1 102 1 585 1
341
intangible assets, at
the end of the period
Property, plant and
equipment
Carrying 43 714 42 022 42
022
amount at
the
beginning
of the
period
Exchange -546 1 772 1
696
rate
difference
s
Additions 310 1 627 2
060
Disposals -31 -952 -1
989
Other -23 -1 091
-75
reclassifi
cations
between
items
Carrying 43 424 43 378 43
714
amount at
the end of
the period
Accumulated depreciation and -34 800 -31 755 -31
755
amortization at the beginning of
the period
Exchange 474 -1 593 -1
568
rate
difference
s
Depreciatio -758 -728 -1
478
n for the
period
Accumulated depreciation and -35 085 -34 076 -34
801
amortization at the end of the
period
Book value of Property, plant and equipment, at 8 913 10 267 10
267
the beginning of the period
Book value of Property, plant and 8 338 9 301 8
913
equipment, at the end of the
period
10. Related party
transactions
Raute Group's related parties consist of Board members, President and CEO,
Presidents of the subsidiaries and
Raute Corporation's Sickness Fund. Based on the authorization given by the
Annual
General Meeting 2010,
the Board of Directors of Raute Corporation has granted stock options to the
management. The main items of
the terms and conditions of the stock option system granted during the
financial
year 2010 have been presented
in the annual financial statement 2010. The main items of the terms and
conditions
of the stock option system
granted during the reporting period 2011 and the impact of all granted option
systems on the profit (loss) for
the reporting period, have been presented in the note number 15. Group
management's other employee
benefits are presented in the
annual financial statement.
11. Interest-bearing 30.6. 30.6.
31.12.
liabilities
2011 2010
2010
Non-current interest-bearing 7 767 12 253 10
000
liabilities recognized at
amortized cost
Current 3 315 4 215 4
439
interest-bearing
liabilities
TOTAL 11 082 16 469 14
439
Maturities, non-current
and current
liabilities total
Financial Under 1 1 - 5 years
liability year
Pension 2 000 3 000
loans
(TyEL)
Loans from 1 000 4 768
financial
institutio
ns
Other loans 315 -
Total 3 315 7 768
During the reporting period, Raute Corporation drew out a financial institution
loan in the amount of
SEK 52.9 million. The interest rate and currency risks of the interest-bearing
currency-denominated loan
are hedged with an interest rate
and currency swap agreement.
12. Other 30.6. 30.6.
31.12.
lease
liabilitie
s
Group as 2011 2010
2010
lessee
Minimum rents paid on
the basis of other
non-cancell
able
leases:
- Within 551 568
547
one year
- After the period of 1 051 1 071 1
157
more than one and less
than five years
- More than 610 778
701
five years
TOTAL 2 212 2 418 2
406
The Group has rented in a part of office and production premises. The rental
agreements are made
for the time being or for the fixed-term.
The agreements made for the fixed-term include an option to extend the rental
period after the date of
initial
expiration
.
13. Pledged assets and
contingent liabilities
Raute Group has non-current credit regulation agreements worth EUR 10
million (MEUR 10) of which
EUR 8 million (MEUR 7) were unused on June 30, 2011. The unused credit
limit is secured by a
EUR 3 million business
mortgage.
Raute Corporation has a EUR 10 million (MEUR 10) domestic commercial paper
program, which allows
it to issue commercial papers maturing in less than one year. The
program is arranged by Nordea Bank
Finland
Plc.
30.6. 30.6.
31.12.
2011 2010
2010
Pledged assets on
behalf of the Parent
company
Loans from 5 768 -
-
financial
institutio
ns
- Business 3 500 -
-
mortgages
Pension 5 000 16 000 14
000
loans
(TyEL)
- Business 1 500 4 700 6
700
mortgages
- Pledged - 2 000 1
000
assets
- Credit 3 500 4 900 4
900
insurance
agreements
Other loans 100 100
100
- Real 101 134
134
estate
mortgages
Commercial bank guarantees on
behalf of the Parent
company and 12 426 28 235 10
154
subsidiari
es
Mortgage
agreements
on behalf
of
subsidiari
es
Loans from 215 216
227
financial
institutio
ns
- Business 200 200
200
mortgages
- Counter - - 3
100
guarantees
Other lease 2 212 2 418 2
406
liabilitie
s
Loans and guarantees on
behalf of the related
party
No loans are granted to the
company's management.
No pledges have been given or other commitments made on behalf of the
company's management and shareholders.
14. Currency 30.6. 30.6.
31.12.
derivatives and
hedging instruments
2011 2010
2010
Currency derivatives
are used for hedging
purposes.
Nominal values of
forward contracts in
foreign currency
Economic
hedging
- Related 6 548 2 172
189
to
financing
- Related 137 542
283
to hedging
of net
sales
Hedge
accounting
- Related - 1 465
-
to the
hedging of
net sales
Fair values of forward
contracts in foreign
currency
Economic
hedging
- Related -4 26
-
to
financing
- Related 2 -11
2
to the
hedging of
net sales
Hedge
accounting
- Related - 7
-
to the
hedging of
net sales
Interest
rate swap
- Nominal 5 924 -
-
value
- Fair -78 -
-
value
15.
Share-base
d payments
The fair value of the options granted according to the 2010 stock option plan
is
recognized as an expense in
the income statement during the earning period of the options. The options
granted
during the financial year
2010 are measured at fair value at their grant date May 5, 2010. Based on the
authorization given by the
Annual General Meeting, the Board of Directors of Raute Corporation has granted
75,000 stock options
marked with symbol 2010 B to the Group's key persons during the reporting
period.
The granted options
have been valued at fair value upon
the grant date May 31, 2011.
The conditions of the
option system are:
Arrangement Stock
option
Grant date May 31,
2011
Options 75,000 pcs
granted
Subscriptio EUR 9.83
n price
Share price EUR 10.50
at the
grant date
Exercise 3 years
period
Subscriptio March 1, 2014 to March 31, 2017
n period
Settlement Shares
An expense of EUR 47 thousand was recognized for the options in the
income statement during the
reporting
period.
16.
Exchange
rate used
1.1.-30.6 1.1.-30.6.
1.1.-31.1
.
2.
Income 2011 2010
2010
statement,
euros
USD (US 1,4031 1,3285
1,3268
dollar)
CAD 1,3703 1,3737
1,3665
(Canadian
dollar)
SGD 1,7654 1,8556
1,8080
(Singapore
dollar)
CLP 666,7786 696,0297
675,8537
(Chilean
peso)
RUB 40,1449 39,9227
40,2780
(Russian
rouble)
CNY 9,1760 9,0678
8,9805
(Chinese
juan)
30.6. 30.6.
31.12.
Balance 2011 2010
2010
sheet,
euros
USD (US 1,4453 1,2271
1,3362
dollar)
CAD 1,3951 1,2890
1,3322
(Canadian
dollar)
SGD 1,7761 1,7160
1,7136
(Singapore
dollar)
CLP 675,7233 655,0369
626,1104
(Chilean
peso)
RUB 40,4000 38,2820
40,8200
(Russian
rouble)
CNY 9,3187 8,3245
8,7873
(Chinese
juan)
GROUP KEY 1.1.-30.6 1.1.-30.6.
1.1.-31.1
RATIOS .
2.
2011 2010
2010
Return on investment -0,6 -3,6
5,1
(ROI), %
Return on -6,4 -9,5
4,9
equity
(ROE), %
Gearing, % -35,9 -74,6
-39,8
Equity 49,5 44,6
50,7
ratio, %
Order book, 35 28
33
EUR
million
Order 39 34
72
intake,
EUR
million
Exported portion of net 86,5 95,3
91,9
sales, %
Change in 26,0 43,2
71,6
net sales,
%
Gross capital 0,7 1,7
2,2
expenditure, EUR
million
% of net 1,8 5,6
3,5
sales
Research and 0,8 0,8
1,8
development costs, EUR
million
% of net 2,1 2,6
2,9
sales
Earnings per share
(EPS), EUR
- undiluted -0,19 -0,27
0,29
- diluted -0,19 -0,27
0,29
Equity to 5,57 5,48
6,05
share, EUR
Dividend per share - -
0,30
series K shares, EUR
Dividend per share - -
0,30
series A shares, EUR
Dividend - -
103,8
per
profit, %
Effective - -
3,1
dividend
return, %
Share price at the end 9,81 7,37
9,70
of the financial year,
EUR
Number of
shares
- weighted average, 1 4 005 4 005 4
005
000 pcs
- diluted, 4 012 4 030 4
005
1 000 pcs
Calculation
of key
ratios
Return on Profit before tax + financial
investment expenses
(ROI), % =
---------------------------------------------------------- x 100
----------------------
Shareholders' equity + interest-bearing financial
liabilities (average
of the
period)
Return on Profit/loss for the
equity period
(ROE), % =
--------------------------------------------- x 100
---------------------------------
Shareholders' equity (average of the period)
Interest-be Interest-bearing liabilities ./. (cash and cash
aring net equivalents + financial
liabilitie
s =
assets at fair value through
profit or loss)
Equity Shareholders' equity
ratio, % =
---------------------------------- x 100
----------------------------------
Balance Sheet total ./. advances
received
Earnings Profit for the period
per share,
undiluted,
euros = ----------------------------------------------------------
-----------------------
Equity issue-adjusted average number of shares during the
period
Earnings Diluted profit for the
per share, period
diluted,
euros = ---------------------------------------------
------------------------------------
Diluted equity issue-adjusted average number
of shares
Share of shareholders' equity belonging to
the owners
Equity to of the Parent company
share,
euros =
---------------------------------------------
-----------------------------------
Undiluted number of shares at the end of the
period
Dividend Distributed dividend for the
per share, financial year
euros =
----------------------------------------------------------
----------------------
Undiluted number of shares at the end of the financial
year
Dividend Dividend per share
per
profit, %
=
---------------------- x 100
----------------------
-----------
Earnings per share
Effective Dividend per share
dividend
return, %
=
--------------------------------------------- x 100
----------------------------------
Closing share price at the end of the
financial year
Price/earni Closing share price at the end of
ngs ratio the period
(P/E
ratio) =
----------------------
----------------------
--------------
Earnings per share
Trend in share turnover, in volume
and percentage figures (series A
shares)=
The trend in turnover of shares is given as the number of shares
traded during the
period and as the percentage of the average undiluted
number of
traded shares relative to issued share stock during the
period.
Market Undiluted number of shares at the end of the period (series A +
value of series K shares) x
capital
stock =
closing price of the share on the last day of
the period
Gearing, % Interest-bearing net financial
= liabilities
---------------------- x 100
----------------------
------------------
Shareholders' equity
DEVELOPMENT Q 2 Q 1 Q 4 Q 3 Rolling
Rolling
OF
QUARTERLY 2011 2011 2010 2010 1.7.2010
1.7.2009
RESULTS
(EUR 1 000) -
-
30.6.2011
30.6.2010
NET SALES 23 136 14 627 13 396 19 490 70 648 45
690
Other 68 32 10 4 431 4 541
152
operating
income
Change in inventories
of finished
goods and 723 95 815 -45 1 588
-12
work in
progress
Materials -13 891 -7 067 -7 395 -11 001 -39 355 -20
994
and
services
Expenses -6 137 -6 047 -6 418 -5 450 -24 053 -22
127
from
employee
benefits
Depreciatio -538 -542 -574 -580 -2 234 -2
426
n and
amortizati
on
Other -2 547 -2 540 -2 166 -1 913 -9 166 -7
168
operating
expenses
Total -23 113 -16 196 -16 554 -18 944 -74 807 -52
716
operating
expenses
OPERATING 814 -1 442 -2 333 4 932 1 971 -6
886
PROFIT
% of net 4 -10 -17 25 3
-15
sales
Financial 313 211 266 -98 691
676
income
Financial -362 -318 -338 21 -996
-910
expenses
PROFIT 764 -1 550 -2 406 4 855 1 665 -7
120
(LOSS)
BEFORE TAX
% of net 3 -11 -18 25 2
-16
sales
Income -244 285 538 -755 -177 1
341
taxes
PROFIT 520 -1 265 -1 868 4 100 1 488 -5
779
(LOSS) FOR
THE PERIOD
% of net 2 -9 -14 21 2
-13
sales
Attributabl
e to
Equity 520 -1 265 -1 868 4 100 1 488 -5
779
holders of
the Parent
company
Earnings
per share,
EUR
Undiluted 0,13 -0,32 -0,47 1,02
earnings
per share
Diluted 0,13 -0,32 -0,47 1,02
earnings
per share
Shares, 1
000 pcs
Adjusted 4 005 4 005 4 005 4 005
average
number of
shares
Adjusted 4 012 4 014 4 005 4 005
average
number of
shares,
diluted
LARGEST Number of Number of
SHAREHOLDE
RS AT
JUNE 30, series K series A
2011
shares shares
Total
(20 votes (1 vote
number
per share) per of
shares
share)
1. Sundholm - 601 433 601
433
Göran
2. Suominen 48 000 74 759 122
759
Jussi
Matias
3. 60 480 59 500 119
980
Mustakalli
o Kari
Pauli
4. Suominen 48 000 62 429 110
429
Pekka
5. Suominen 48 000 62 316 110
316
Tiina
Sini-Maria
6. - 107 587 107
587
Sijoitusra
hasto
Alfred
Berg Small
Cap
Finland
7. Siivonen 50 640 53 539 104
179
Osku Pekka
8. Mandatum - 96 900 96
900
Henkivakuu
tusosakeyht
iö
9. Kirmo 50 280 41 826 92
106
Kaisa
Marketta
10. Lisboa - 85 000 85
000
De Castro
Palacios
Hietala M
11. 33 600 51 116 84
716
Keskiaho
Kaija
Leena
12. 49 180 34 670 83
850
Mustakalli
o Mika
Tapani
13. 60 480 22 009 82
489
Särkijärvi
Anna
Riitta
14. 47 240 30 862 78
102
Mustakalli
o Ulla
Sinikka
15. - 65 000 65
000
Relander
Harald
Bertel
16. 43 240 18 162 61
402
Mustakalli
o Marja
Helena
17. 12 000 43 256 55
256
Särkijärvi
-Martinez
Anu Riitta
18. 12 000 43 256 55
256
Särkijärvi
Timo
19. Kirmo 30 000 24 110 54
110
Lasse
20. 24 960 27 964 52
924
Suominen
Jukka
Matias
TOTAL 618 100 1 605 694 2 223
794
Share of 62,4 53,3
55,5
total
amount of
shares, %
Share of 62,4 53,3
61,2
total
voting
rights, %
Nominee-reg 85 994 85
994
istered
Other 373 061 1 321 899 1 694
960
shareholde
rs
TOTAL 991 161 3 013 587 4 004
748
MANAGEMENT' 144 470 141 049 285
519
S
SHAREHOLDI
NG
Share of 14,6 4,7
7,1
total
amount of
shares, %
Share of 14,6 4,7
13,3
total
voting
rights, %
SHARE 30.6. 30.6.
31.12.
INFORMATIO
N
2011 2010
2010
Number of
shares
- Series K shares, 991 161 991 161 991
161
ordinary shares (20
votes/share)
- Series A shares (1 3 013 597 3 013 597 3 013
597
vote/share)
Total 4 004 758 4 004 758 4 004
758
Trading of the
company's shares
(series A shares)
Trading of 185 108 356 761 646
052
shares,
pcs
Trading of shares, EUR 1,9 2,8
5,2
million
Share price of the
series A shares
At the end of the 9,81 7,37
9,70
period, EUR
Highest price during 11,55 9,34
10,10
the period, EUR
Lowest price during the 9,07 7,24
7,24
period, EUR
Average price during 10,41 7,88
8,21
the period, EUR
Market value of capital
stock
- Series K shares, EUR 9,7 7,3
9,6
million*
- Series A shares, EUR 29,6 22,2
29,2
million
Total, EUR 39,3 29,5
38,8
million
*Series K shares valued at the value of series
A shares at the end of reporting period.
RAUTE CORPORATION
Board of
Directors
BRIEFING ON AUGUST 9, 2011 AT 2
P.M.:
A briefing for analysts, investors and the media will be organized on
August 9, 2011 at 2 p.m. at Scandic
Simonkenttä Hotel, Roba cabinet, Simonkatu 9, Helsinki. The interim report will
be
presented by Mr. Tapani Kiiski,
President and CEO, and
Mrs. Arja Hakala, CFO.
NEXT INTERIM REPORT:
Raute Corporation's interim report January 1 - September 30, 2011 will
be published on Tuesday,
November 1,
2011.
FURTHER INFORMATION:
Mr. Tapani Kiiski, President and CEO, Raute Corporation, tel. +358 3 829 3560,
mobile +358 400 814 148
Mrs. Arja Hakala, CFO, Raute Corporation, tel. +358 3 829
3293, mobile +358 400 710 387
DISTRIBUTIO
N:
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 services ranging from repairs and 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 2010 were EUR 62.9 million. The
number of personnel
at the end of 2010 was 495. More information on the company can be
found at www.raute.com.

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