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Raute’s Q3 earnings were already very strong, and although new order softness persists valuation also remains very low.
Raute’s EUR 46.4m Q3 revenue was soft relative to our estimate, yet the EUR 6.3m comparable EBITDA clearly topped our EUR 5.0m estimate and led already to a very high margin of 13.5%. Raute may not be able to improve much from such an earnings level in the short-term since the market remains challenging, as evidenced by the low EUR 15m new order intake in Q3. In our view smaller equipment orders nevertheless have room to gain next year as their demand has been weak for a while now.
Raute reports Q3 results on Oct 31. The company upgraded guidance as in our view especially Wood Processing margins have developed better than was previously expected.
Raute’s Q2 figures were mostly impressive even if smaller order flow remains one source of uncertainty.
Raute’s Q2 revenue and earnings were a lot higher than we estimated as performance improved thanks to the large orders received last year. Other than the impressive order book the market remains quite challenging, as reflected by the low EUR 20m Q2 order intake figure.
Raute reports Q2 results on Aug 8, after upgrading its FY ’24 guidance recently thanks to a very high order backlog.
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RAUTE CORPORATION, INVESTOR NEWS, OCTOBER 23, 2024, AT 9:00 A.M. EEST
Publication of Raute Corporation's Q3 2024 interim report and invitation to a result briefing
Raute Corporation will publish its interim report for January 1−September 30, 2024 (9 months) on Thursday, October 31, 2024, around 9:00 a.m. EEST. A result briefing in English for analysts, investors and the media will be organized on the same day October 31, 2024, at 2:00−3:00 p.m. EEST.
Venue place: Scandic Simonkenttä Hotel, Simonkatu 9, Helsinki.
Please inform of your participation in the result briefing at the latest on Tuesday, October 29, 2024, to Raute Corporation, Elina Suomalainen;
You are welcome to hear about our Q3 2024 results, other current issues, and outlook for 2024. The presentation will be made by Raute Corporation's President and CEO Mika Saariaho and CFO Ville Halttunen.
The result briefing will be recorded, and the recording is available at Raute's website www.raute.com on November 4, 2024, at the latest.
The interim report for January 1-September 30, 2024, will be available at www.raute.com on Thursday, October 31, 2024, around 9:00 a.m. EEST. The presentation material will be available at www.raute.com > Investors > Financial Information > Result Center on Thursday, October 31, 2024, at 2:00 p.m. EEST once the presentation starts.
FURTHER INFORMATION:
Mr. Ville Halttunen, CFO, tel. +358 50 3460868
DISTRIBUTION:
Main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer a full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production plant are located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
Raute Corporation, Inside information, October 22, 2024 at 8:00 a.m.
Inside information: Positive profit warning - Raute updates its guidance regarding net sales and profit
Raute updates its guidance regarding net sales and profit
New guidance for 2024:
Raute's 2024 net sales are expected to be between EUR 190-210 million and comparable EBITDA to be between EUR 17-21 million.
Previous guidance for 2024: (published on June 19, 2024):
Raute's 2024 net sales are expected to be between EUR 185-210 million and comparable EBITDA to be between EUR 13-17 million.
Rationale for the new guidance:
Raute's strong order backlog has supported the positive business development despite the continued challenging market environment. Raute's project deliveries and services business have progressed better than anticipated, which has led to positive profit development during the third quarter. Therefore, Raute raises its guidance for profit and updates its guidance on net sales for the full year.
RAUTE CORPORATION
Mika Saariaho
President and CEO
FURTHER INFORMATION:
Mika Saariaho, President and CEO, tel. +358401549393
DISTRIBUTION:
Nasdaq Helsinki Ltd, Main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production plant are located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
Raute Corporation, Stock Exchange Release, 3September2024 at 15:15 EEST
The composition of Raute's Shareholders' Nomination Board
According to the charter of the shareholders' nomination Board ("Nomination Board"), the Chairperson of the Board of Directors has requested the three largest shareholders in accordance with the situation on the last business day of August 2024 to appoint a member to the Nomination Board. The third, the fourth and the fifth largest shareholders have withdrawn from the right to nominate a member to the Nomination Board.
The following members have been appointed to Raute Corporation's Shareholders' Nomination Board:
Pekka Suominen (directly and indirectly by proxies)
Göran Sundholm
Kustaa Poutiainen (appointed by Stephen Industries Inc.)
Laura Raitio, the Chair of the Board of Directors of Raute, serves as an expert in the Nomination Board without being a member.
The term of the members of the Nomination Board ends upon the appointment of new members of the Nomination Board in 2025.
The charter of the Nomination Board is available address:
FURTHER INFORMATION:
Ville Halttunen, CFO, tel. +358 50 3460868
DISTRIBUTION:
Nasdaq Helsinki Ltd, Main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer a full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production is located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
RAUTE CORPORATION PRESS RELEASE SEPTEMBER 3, 2024, at 9.00 A.M.
Raute to initiate change negotiations on possible temporary layoffs of up to 90 days in the Analyzers and Wood Processing business units in Finland
Raute's order backlog is currently at a high level, especially thanks to large mill-sized orders received in 2023. However, Raute's market environment in 2024 has been challenging in the Analyzers and Wood Processing business units, and thus the new order intake has been at a modest level during 2024. Consequently, we estimate that towards the end of the year the workload will clearly decrease in certain parts of our delivery organization, as the timing of order backlog deliveries affects the workload in different functions of our organization in different cycles.
To adjust capacity to the temporary decrease in workload in certain parts of our delivery organization and to achieve cost savings, Raute Corporation has started change negotiations on possible temporary layoffs in the Analyzers and Wood Processing business units in Finland. The change negotiations concern all Finnish offices in Raute Corporation and Hiottu Oy. The negotiations cover a total of approximately 416 people.
The potential need for layoffs is a maximum of 90 days, and the layoffs would be implemented in the remaining months of 2024 and the first half of 2025. The extent and duration of temporary layoffs depend on the development of the new order intake in the near future and its impact on the workload of individuals and departments. Possible layoffs may affect the entire personnel within the scope of the negotiations and all personnel groups.
FURTHER INFORMATION:
Mr. Mika Saariaho, President and CEO, tel. +358 40 154 9393
DISTRIBUTION:
Main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production is located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
RAUTE CORPORATION, HALF-YEAR FINANCIAL REPORT, AUGUST 8, 2024, AT 08:45 A.M.
Raute Corporation's half-year financial report January 1-June 30, 2024: All-time high quarterly net sales with good profitability development
This is a summary of Raute's half-year financial report January 1-June 30, 2024. The complete report is attached to this release as a pdf file and is also available on the company's' website at www.raute.com.
RAUTE CORPORATION - HALF-YEAR FINANCIAL REPORT JANUARY 1-JUNE 30, 2024
April−June 2024
- Order intake was EUR 20 million (112)
- Order book was EUR 223 million (202) at the end of the reporting period
- Net sales were EUR 57.1 million (29.3)
- Comparable EBITDA was EUR 5.4 million (0.7), representing 9.4% (2.5%) of net sales
- Operating profit was EUR 3.9 million (-1.0)
- Earnings per share were EUR 0.56 (-0.15)
- Equity ratio was 48.5% (57.0%)
January−June 2024
- Order intake was EUR 56 million (179)
- Net sales were EUR 101.7 million (66.2)
- Comparable EBITDA was EUR 8.4 million (3.6), representing 8.2% (5.4%) of net sales
- Operating profit was EUR 5.4 million (-0.2)
- Earnings per share were EUR 0.76 (-0.07)
KEY FIGURES 1.4. 1.4.-30.6. 1.1.-30.6. 1.1.-30.6. 1.1.-31.12.
-30.6. 2023 2024 2023 2023
2024
Net sales, MEUR 57.1 29.3 101.7 66.2 145.4
Change in net 94.7 -0.9 53.7 -6.6 -8.2
sales, %
Comparable EBITDA, 5.4 0.7 8.4 3.6 9.3
MEUR
Comparable EBITDA, 9.4 2.5 8.24 5.4 6.4
%
Operating profit, 3.9 -1.0 5.4 -0.2 1.9
MEUR
Operating profit, 6.9 -3.5 5.3 -0.3 1.3
% of net sales
Profit for the 3.4 -0.8 4.7 -0.4 1.4
period, MEUR
Profit for the 6.0 -2.7 4.6 -0.5 0.9
period, % of net
sales
Gross capital 0.6 1.4 1.0 2.3 4.5
expenditure, MEUR
% of net sales 1.1 4.8 1.0 3.5 3.1
Research and 1.4 1.7 2.8 3.0 5.2
development costs,
MEUR
% of net sales 2.4 5.8 2.7 4.5 3.6
Order book, MEUR 223.0 202.0 266.0
Order intake, MEUR 20.0 112.0 56.0 179.0 315.0
Personnel, at the 798 757 754
end of the period
Personnel, 745 685 749
effective, on
average
Personnel, on 777 744 754
average
President and CEO Mika Saariaho: Continued solid progress in project deliveries and services
I'm pleased with our performance in the second quarter. Raute's project deliveries and Services business have progressed well, which has led to all-time high net sales realization and good profitability development.
The market environment remained challenging as many of our customers continued to be in a wait-and-see mode in relation to making firm investment decisions. As a result, our order intake was still rather modest, with the exception of the Services business as a bright spot. However, our strong order book provides a good buffer in the current uncertain business environment.
In the second quarter, comparable EBITDA developed above our expectations and was EUR 5.4 million, representing a margin of 9.4%. The result highlights the improved efficiency of our operations as we made solid progress in project deliveries and achieved all-time high quarterly net sales. Consequently, in June we raised our guidance for net sales and comparable EBITDA for 2024.
The Wood Processing business continued to improve its performance by making good progress in the project deliveries of mill-sized orders won last year. The Services business also performed well, supported by relatively good order intake. In addition, our performance-based service concept, where we take full maintenance responsibility for the customer's production machinery, is gaining traction. The Analyzers business managed to return to a profit after a loss-making first quarter. We continue to believe in the potential of our Analyzers business supported by new innovations coming to market.
The recent performance demonstrates that we are making good progress towards our long-term financial targets. The profitability of our existing orderbook is improving and we have the capabilities to deliver large projects successfully. Digitalization and increasing sustainability and resource efficiency focus continues to create new opportunities for Raute in the wider engineered wood products segments. Overall, we are in a good position to continue implementing Raute's growth strategy.
BUSINESS ENVIRONMENT
The end-user market uncertainty in engineered wood products continued in the first half of 2024. Some weak signals of a slowly improving market sentiment can be seen. The demand for both hardwood and softwood plywood has stabilized or even somewhat improved during the period. However, the pricing of the end products continues to be under pressure. The demand for LVL has remained more stable over the cycles.
While inflation has stabilized, the high interest rates, the overall economic uncertainty and geopolitical instability have slowed down the demand for the traditional end-product consuming industries such as construction and commercial vehicle production. The EU actions to stop the import of illegal Russian birch plywood with clearly lower prices to European market have helped the European birch plywood producers.
The impact of the low end-product demand is clearly visible in Raute's customers' investment activity, which is geared towards improving their production efficiency by preventive maintenance activities supported by our expert services and site audits. We have also seen increasing interest among our customers to invest in those manufacturing technologies which enable higher automation levels and savings in manpower. In addition, there continues to be interest among our customers in strategic investments to increase their production capacity over the economic cycles.
The highlight of the first half for Raute was the EUR 20 million order for a greenfield veneer mill machinery from AmberBirch in Latvia. Apart from the AmberBirch order, Raute's order intake mainly comprised service and modernization projects.
GUIDANCE STATEMENT FOR 2024 (updated on June 19, 2024)
Raute's 2024 net sales are expected to be between EUR 185-210 million and comparable EBITDA between EUR 13-17 million.
Rationale for the new guidance
Raute's strong order backlog has supported the positive business development despite the continued challenging market environment. Raute's project deliveries and Services business have progressed better than anticipated, which led to positive net sales and profit development during the second quarter. Therefore, Raute raised its guidance for both net sales and profit for the full year.
Previous guidance statement
Raute's 2024 net sales are expected to be between EUR 170-195 million and comparable EBITDA between EUR 10-14 million.
RAUTE CORPORATION
Board of Directors
BRIEFING
A briefing is organized for analysts, investors, and the media on August 8, 2024, at 2:00 p.m. at Scandic Simonkenttä Hotel, Simonkatu 9, Helsinki, Finland. The report is presented by President and CEO Mika Saariaho and CFO Ville Halttunen. The presentation language is Finnish. The event can also be followed online via Teams. Link will be sent to those who have registered by email; registrations at
NEXT INTERIM REPORT:
Raute Corporation's interim report January 1-September 30, 2024, will be published on Thursday, October 31, 2024.
FURTHER INFORMATION:
Mr. Mika Saariaho, President and CEO, tel. +358 40 154 9393
Mr. Ville Halttunen, CFO, tel. +358 50 3460868
DISTRIBUTION:
Nasdaq Helsinki Ltd, Main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer a full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production plant are located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
RAUTE CORPORATION, INVESTOR NEWS, JULY 31, 2024, AT 10:00 A.M.
Publication of Raute Corporation's Half-year financial report 2024 and invitation to a briefing
Raute Corporation will publish its half-year financial report for January 1−June 30, 2024 (6 months) on Thursday, August 8, 2024, at about 9 a.m. A briefing for analysts, investors and the media will be organized on the same day August 8, 2024, at 2:00−3:00 p.m.
Venue place: Scandic Simonkenttä Hotel, Simonkatu 9, Helsinki.
Please inform of your participation in the briefing at the latest on Tuesday, August 6, 2024, to Raute Corporation, Elina Suomalainen
You are welcome to hear about our H1 2024 results, other current issues, and outlook for 2024. The presentation will be made by Raute Corporation's President and CEO Mika Saariaho and CFO Ville Halttunen. The presentation will be held in Finnish.
The briefing will be recorded, and the recording is available at Raute's website www.raute.com on August 12, 2024, at the latest.
The half-year financial report for January 1-June 30, 2024, will be available at www.raute.com on Thursday, August 8, 2024, at about 9:00 a.m. The presentation material will be available at www.raute.com > Investors > Financial Information > Result Center on Thursday, August 8, 2024, at 2:00 p.m. once the presentation starts.
FURTHER INFORMATION:
Mr. Ville Halttunen, CFO, tel. +358 50 3460868
DISTRIBUTION:
Main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer a full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production plant are located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
Raute Corporation, Inside information June 19, 2024, at 08:30 EEST
Inside information: Positive profit warning - Raute updates its guidance regarding net sales and profit
Raute updates its guidance regarding net sales and profit.
New guidance for 2024:
Raute's 2024 net sales are expected to be between EUR 185 - 210 million and comparable EBITDA to be between EUR 13 - 17 million.
Previous guidance for 2023: (published on February 15, 2024):
Raute's 2024 net sales are expected to be between EUR 170 - 195 million and comparable EBITDA to be between EUR 10 - 14 million.
Rationale for the new guidance:
Raute's strong order backlog has supported the positive business development despite the continued challenging market environment. Raute's project deliveries and services business have progressed better than anticipated, which has led to positive net sales and profit development during the second quarter. Therefore, Raute raises its guidance for both net sales and profit for the full year.
RAUTE CORPORATION
Mika Saariaho
President and CEO
FURTHER INFORMATION:
Mika Saariaho, President and CEO, tel. +358401549393
DISTRIBUTION:
Nasdaq Helsinki Ltd, Main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production plant are located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
Raute Corporation, Manager's transactions, May 7, 2024, at 9:00 a.m.
Raute Corporation - Manager's transactions - Halttunen Ville
____________________________________________
Person subject to the notification requirement
Name: Ville Halttunen
Position: Chief Financial Officer
Issuer: Raute Oyj
LEI: 743700G00629V99PE435
Notification type: INITIAL NOTIFICATION
Reference number: 61671/4/4
____________________________________________
Transaction date: 2024-05-06
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI0009004741
Nature of transaction: ACQUISITION
Transaction details
(1): Volume: 458 Unit price: 10.8 EUR
(2): Volume: 162 Unit price: 10.75 EUR
Aggregated transactions (2):
Volume: 620 Volume weighted average price: 10.78694 EUR
FURTHER INFORMATION:
Mr. Ville Halttunen, CFO, tel. +358 50 3460868
DISTRIBUTION:
Nasdaq Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production is located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
Raute Corporation, Manager's transactions, May 7, 2024, at 9:00 a.m.
Raute Corporation - Manager's transactions - Saariaho Mika
____________________________________________
Person subject to the notification requirement
Name: Saariaho, Mika Petteri
Position: Chief Executive Officer
Issuer: Raute Oyj
LEI: 743700G00629V99PE435
Notification type: INITIAL NOTIFICATION
Reference number: 61803/5/4
____________________________________________
Transaction date: 2024-05-06
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI0009004741
Nature of transaction: ACQUISITION
Transaction details
(1): Volume: 511 Unit price: 10.75 EUR
(2): Volume: 190 Unit price: 10.75 EUR
(3): Volume: 499 Unit price: 10.75 EUR
(4): Volume: 26 Unit price: 11.1 EUR
(5): Volume: 167 Unit price: 11.2 EUR
(6): Volume: 212 Unit price: 11.25 EUR
(7): Volume: 350 Unit price: 11.25 EUR
(8): Volume: 231 Unit price: 11.25 EUR
Aggregated transactions (8):
Volume: 2186 Volume weighted average price: 10.96992 EUR
FURTHER INFORMATION:
Mr. Ville Halttunen, CFO, tel. +358 50 3460868
DISTRIBUTION:
Nasdaq Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production is located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
RAUTE CORPORATION, INSIDER INFORMATION, 3.5.2024 AT 9:15 A.M.
The Board of Directors of Raute Corporation has decided to establish an Audit Committee and a People Committee.
Raute Corporation's Board of Directors has decided to establish an Audit Committee and a People Committee to support the work of the Board of Directors. In appointing the members of the committees, the Board of Directors has considered the expertise and experience required for the task.
At its constitutive meeting, the Board of Directors elected Mikko Kettunen as the Chair of the Audit Committee and Jenni Virnes, Joni Bask and Julius Manni were elected as members of the Audit Committee.
Laura Raitio was elected as a Chair of the People Committee and Ari Harmaala and Ari Piik as members of the People Committee.
The Board of Directors has also assessed the independence of its members. Joni Bask is assessed to be dependent on the company after more than 10 years on the Board of Directors, but he is independent of the company's significant shareholders. All other members of the Board of Directors are independent of the company and of the company's significant shareholders.
- monitor and evaluate the company's financial reporting system,
- monitor and evaluate the effectiveness of the company's internal control and audit and risk management systems,
- monitor and assess how contracts, agreements and other legal transactions concluded between the company and its related parties meet the requirements of ordinary course of business and market conditions,
- to monitor and evaluate the independence of the auditor and, in particular, the provision of non-audit services by the auditor,
- assess compliance with laws, regulations and company policies, and
- carry out other tasks for which the Board of Directors has granted the Committee authority.
- Preparation of the remuneration policy and remuneration report,
- Preparation of matters related to the appointment, dismissal, remuneration, pension, benefits and other material terms and conditions of employment of the CEO and other members of the Executive Board,
- Preparation of matters concerning Raute's long- and short-term incentive plans.
- Assessing the remuneration of the CEO and the Executive Board and ensuring the appropriateness of the total remuneration packages,
- Monitor the succession planning of the Executive Board
FURTHER INFORMATION:
Laura Raitio, Chair of Board of Directors tel. +358 50 386 0004
DISTRIBUTION:
Nasdaq Helsinki Ltd, Main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production plant are located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
RAUTE CORPORATION, INTERIM REPORT, MAY 3, 2024, AT 09:00 A.M.
Raute Corporation's interim report January 1-March 31, 2024: Good progress in project deliveries in challenging market environment
This is a summary of Raute's Interim financial report January 1-March 31, 2024. The complete report is attached to this release as a pdf file and is also available on the company's' website at www.raute.com.
RAUTE CORPORATION - INTERIM REPORT JANUARY 1-MARCH 31, 2024
January−March 2024
- Order intake was EUR 36 million (67)
- Order book was EUR 259 million (121) at the end of the reporting period
- Net sales were EUR 44.7 million (36.8)
- Comparable EBITDA was EUR 3.0 million (2.8), representing 6.7% (7.7) of net sales
- Operating profit was EUR 1.5 million (0.9)
- Earnings per share were EUR 0.20 (0.10)
- Equity ratio was 49.7% (41.4)
KEY FIGURES 1.1.-31.3.2024 1.1.-31.3.2023 1.1. -31.12.2023
Net sales, MEUR 44.7 36.8 145.4
Change in net 21.4 -4.5 -8.2
sales, %
Comparable EBITDA, 3.0 2.8 9.3
MEUR
Comparable EBITDA, 6.7 7.7 6.4
%
Operating profit, 1.5 0.9 1.9
MEUR
Operating profit, 3.3 2.3 1.3
% of net sales
Profit for the 1.3 0.8 1.4
period, MEUR
Profit for the 2.8 2.2 0.9
period, % of net
sales
Gross capital 0.4 0.9 4.5
expenditure, MEUR
% of net sales 0.9 2.4 3.1
Research and 1.4 1.3 5.2
development costs,
MEUR
% of net sales 3.2 3.5 3.6
Order book, MEUR 259 121 266
Order intake, MEUR 36 67 315
Personnel, at the 775 733 754
end of the period
Personnel, 772 707 749
effective, on
average
Personnel, on 770 751 754
average
President and CEO Mika Saariaho: Solid start for the year in Wood Processing and Services business units
We had a good start to the year with solid progress in project deliveries supported by our all-time high order book. However, the market environment remained uncertain as many of our customers were in a wait-and-see mode in relation to making firm investment decisions.
In the first quarter, comparable EBITDA developed in line with our expectations and was EUR 3.0 million, representing a margin of 6.7%. The result indicates improved efficiency of the underlying operations while considering that the comparison figure was positively impacted by the release of provisions related to the wind-down of the Russian operations.
I am particularly pleased with the performance of the Services business unit, where we have also developed a concept for performance-based maintenance offering. In the first quarter, we announced an agreement with Paged Group of Estonia. It is an excellent example of this concept, where we take full maintenance responsibility for the customer's production machinery, including spare parts, small upgrades, and process improvement work, to support the customer in ensuring optimized production.
The Wood Processing business also improved its performance by making good progress in the project deliveries of the mill-sized orders won last year. Meanwhile, Analyzers had a disappointing quarter due to the timing and delays of some deliveries. On the Group level, our costs were at a more normalized level after being elevated in the last quarter of 2023.
The political strikes in Finland had an impact on the operations of our main production site in Lahti. With good preparations we were able to mitigate the impacts of the strikes for the most part. However, there still was some negative impact on net sales and profitability.
Order intake in the first quarter was rather modest, excluding the mill-sized order received from Latvia's AmberBirch, and mainly consisted of service and modernization projects. Nevertheless, we can be very happy to have received yet another complete mill-sized order. This continues to demonstrate our strong offering and the continuous customer interest in these solutions over the business cycle, driven by sustainability needs.
Given our nearly record-high order book, we are in a good position to continue implementing Raute's growth strategy. We believe that Raute has a unique opportunity to capture new business opportunities in engineered wood product segments by combining our offering into innovative production solutions, powered by data and digital tools. In line with our newly announced values, we aim to Show the Way - Drive Change for positive development in our industry together with our customers. We will do this together as one team with our dedicated and skilled personnel.
BUSINESS ENVIRONMENT
The market uncertainty continued in January-March 2024. Although some weak signals of a slowly improving market sentiment might be seen, especially the demand for both hardwood and softwood plywood was at a modest level and pricing under pressure. The demand for LVL has remained more stable. This was reflected in the demand for Raute's customers' products.
While inflation has stabilized, the high interest rates and the overall economic uncertainty have slowed down the demand for the traditional end-product consuming industries such as construction and commercial vehicle production. Also, illegal Russian birch plywood with clearly lower prices entering the European market despite the sanctions affects the European birch plywood producers.
The impact of the lower end-product demand is clearly visible in Raute's customers' investment activity, which is mainly focusing on keeping the existing production facilities running. While this supports Raute's after-sales business, it clearly has a negative impact on the demand for new production lines and modernizations.
The highlight of the first quarter for Raute was the EUR 20 million order for a greenfield veneer mill machinery from AmberBirch in Latvia. This is again a good example of a long-term Raute customer investing in increasing their production capacity over the economic cycles.
GUIDANCE STATEMENT FOR 2024
Raute reiterates its guidance statement for 2024. Raute's 2024 net sales are expected to be between EUR 170-195 million and comparable EBITDA between EUR 10-14 million.
RAUTE CORPORATION
Board of Directors
BRIEFING
A briefing is organized for analysts, investors, and the media on May 3, 2024, at 2:00 p.m. at Scandic Simonkenttä Hotel, Simonkatu 9, Helsinki, Finland. The report is presented by President and CEO Mika Saariaho and CFO Ville Halttunen. The presentation language is Finnish. The event can also be followed online via Teams. Link will be sent to those who have registered by email; registrations at
NEXT INTERIM REPORT:
Raute Corporation's half-year financial report January 1-June 30, 2024, will be published on Thursday August 8, 2024.
FURTHER INFORMATION:
Mr. Mika Saariaho, President and CEO, tel. +358 40 154 9393
Mr. Ville Halttunen, CFO, tel. +358 50 3460868
DISTRIBUTION:
Nasdaq Helsinki Ltd, Main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer a full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production plant are located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
RAUTE CORPORATION, INVESTOR NEWS, 26 APRIL 2024, AT 10:00 A.M.
Publication of Raute Corporation's Q1 2024 Interim Report and invitation to a briefing
Raute Corporation will publish its Interim Report for January 1−March 31, 2024 (3 months) on Friday, May 3, 2024, at about 9 a.m. A briefing for analysts, investors and the media will be organized on the same day May 3, 2024, at 2:00−3:00 p.m.
Venue place: Scandic Simonkenttä Hotel, Simonkatu 9, Helsinki.
Please inform of your participation in the briefing at the latest on Tuesday, April 30, 2024, to Raute Corporation, Elina Suomalainen
You are welcome to hear about our Q1/2024 result, other current issues, and outlook for 2024. The presentation will be made by Raute Corporation's President and CEO Mika Saariaho and CFO Ville Halttunen. The presentation will be held in Finnish.
The briefing will be recorded, and the recording will be available at Raute's website www.raute.com on Tuesday, May 7, 2024, at the latest.
The Interim Report for January 1-March 31, 2024, will be available at www.raute.com on Friday, May 3, 2024, at about 9:00 a.m. The presentation material will be available at www.raute.com > Investors > Financial Information > Result Center on Friday, May 3, 2024, at 2:00 p.m. once the presentation starts.
FURTHER INFORMATION:
Mr. Ville Halttunen, CFO, tel. +358 50 3460868
DISTRIBUTION:
Main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer a full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production plant are located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
RAUTE CORPORATION STOCK EXCHANGE RELEASE 4 APRIL 2024 AT 9.30 P.M.
DECISIONS OF RAUTE CORPORATION'S ANNUAL GENERAL MEETING 2024
Raute Corporation's Annual General Meeting was held in Lahti on 4 April 2024. The Annual General Meeting adopted the Financial Statements, approved the Remuneration Report and Remuneration Policy for Governing Bodies, and discharged the members of the Board of Directors and President and CEO from liability for the financial year 1 January to 31 December 2023.
Resolution on the use of the profit shown on the balance sheet and the distribution of dividend
The Annual General Meeting decided according to the proposal of the Board of Directors that a dividend of EUR0.10 per share will be distributed for the financial year 1 January to 31 December 2023. The dividend will be distributed to shareholders who, on the record date for dividend distribution, 8 April 2024, are registered in the shareholders' register of the company maintained by Euroclear FinlandOy. The dividend will be paid on 18 April 2024.
Resolution on the number and remuneration of the members of the Board of Directors
The number of members of the Board of Directors was resolved to be seven (7).
The Annual General Meeting decided that the remuneration to the Chair of the Board continues to be EUR 48,000 and to the Vice-Chair of the Board and Board members EUR 24,000 for the term of office. Reimbursement of expenses will be paid in accordance with the company's current travel policy.
If the Board of Directors were to establish separate Board committees, the following remuneration was decided for committee work:
- Meeting fee for committee work to the Chair of the Audit Committee EUR 1000 per meeting,
- The meeting fee for the chair of other possible committees and committee members is EUR 500 per meeting.
Election of the members of the Board of Directors
The Annual General Meeting elected the Board of Directors for the next term of office ending at the end of the Annual General Meeting in 2025. The Annual General Meeting elected Laura Raitio, Licentiate of Science (Technology), as the Chair of the Board of Directors andJoni Bask, M.Sc.(Tech.), as the Vice-Chair of the Board of Directors and Ari Harmaala, Engineer (Construction Technology), Ari Piik, B.Sc.(Econ.), Mikko Kettunen, M.Sc. (Econ.), Julius Manni, M.Sc. (Econ.) and Jenni Virnes, M.Sc. (Eng.) as members of the Board of Directors.
Election and remuneration of the auditor
The Annual General Meeting elected audit firm PricewaterhouseCoopersOy as the company's auditor, with Authorized Public Accountant (KHT) Mikko Nieminen as the principal auditor. It was resolved to pay the auditor's remuneration in accordance with an invoice approved by the company.
Election and remuneration of the sustainability auditor
The Annual General Meeting elected Authorized Sustainability Auditors PricewaterhouseCoopers Oy as the company's sustainability auditor with Authorized Sustainability Auditor (KRT) Mikko Nieminen as the sustainability auditor with principal responsibility. It was resolved to pay the sustainability auditor's remuneration in accordance with an invoice approved by the company.
Authorizing the Board of Directors to resolve on the acquisition of own shares
The Annual General Meeting decided to authorize the Board to resolve on the repurchase of a maximum of 600,000 of Raute Corporation's shares using assets from the company's non-restricted equity, which would lead to a decrease in the company's distributable funds.
The authorization entitles the Board to acquire the company's shares to be used for the development of the company's capital structure, as consideration for funding or carrying out any acquisitions or other arrangements, or to be otherwise disposed of or cancelled.
The purchase consideration paid for shares purchased by virtue of the authorization shall be based on the price of the company's share in public trading such that the minimum price of acquired shares is the lowest market price quoted in public trading during the term of validity of the authorization and, correspondingly, the maximum price is the highest market price quoted in public trading during the term of validity of the authorization.
The authorization includes the right to acquire shares in a directed manner, i.e., not in proportion to the holdings of the shareholders. A directed repurchase of the company's own shares can take place, for example, by acquiring shares in public trading on markets where, according to the regulations, the company is permitted to engage in the trade of its own shares. Repurchasing shares in public trading as mentioned above, or otherwise in a directed manner, requires that the company has a weighty financial reason to do so.
The Board of Directors is authorized to decide on other terms and conditions related to share repurchases.
This authorization shall replace the authorization granted by the Annual General Meeting of 30 March 2023, and is effective until the end of the next Annual General Meeting, or at the most for 18months following the decision of the Annual General Meeting.
Authorizing the Board of Directors to resolve on a share issue and the issuance of special rights entitling to shares
The Annual General Meeting decided to authorize the Board to resolve on an issue of Raute Corporation's shares and the issuance of special rights entitling to shares referred to in chapter10, section1 of the Finnish Companies Act in one or several instalments. The Board of Directors is authorized to resolve on all conditions of the share issue or the issuance of special rights, including the recipients and the sum of possible consideration to be paid.
The Board of Directors may, by virtue of the authorization, resolve to issue either new shares or treasury shares held by the company. The aggregate maximum number of shares that can be issued is 600,000 shares. Any shares to be issued based on special rights entitling to shares are included in the above-mentioned aggregate number of shares.
The authorization includes the right to deviate from the shareholders' pre-emptive rights, provided that the company has a weighty financial reason to do so. A directed share issue may be without payment only if a weighty financial reason exists in terms of the company, while considering the interests of all the shareholders. The authorization can be used, with the restrictions presented above to fund or carry out acquisitions or other arrangements or for other purposes decided by the Board of Directors.
The authorization is effective until the end of the next Annual General Meeting, or at the most for 18months following the resolution of the Annual General Meeting.
Minutes of the Annual General Meeting
The Minutes of the Annual General Meeting are available on Raute Corporation's website at www.raute.com > Investors > Corporate Governance > Annual General Meeting > Annual General Meeting 2024 at the latest on 18 April 2024.
FURTHER INFORMATION:
Mika Saariaho, President and CEO, mobile number +358 40154 9393
Ville Halttunen, CFO, mobile number +358 50 346 0868
DISTRIBUTION:
Nasdaq Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production is located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
Raute Corporation, Managers' transactions, April 3, 2024, at 3:00 p.m.
Raute Corporation - Managers' transactions - Myyryläinen Jari
____________________________________________
Person subject to the notification requirement
Name: Myyryläinen, Jari
Position: Other senior manager
Issuer: Raute Corporation
LEI: 743700G00629V99PE435
Notification type: INITIAL NOTIFICATION
Reference number: 743700G00629V99PE435_20240402111118_3
____________________________________________
Transaction date: 2024-04-02
Venue not applicable
Instrument type: SHARE
ISIN: FI0009004741
Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE
Transaction details
(1): Volume: 106 Unit price: 0.00 EUR
Aggregated transactions
(1): Volume: 106 Volume weighted average price: 0.00 EUR
FURTHER INFORMATION:
Mr. Ville Halttunen, CFO, tel. +358 50 3460868
DISTRIBUTION:
Nasdaq Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production is located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
Raute Corporation, Managers' transactions, April 3, 2024, at 3:00 p.m.
Raute Corporation - Managers' transactions - Roivainen Jani
____________________________________________
Person subject to the notification requirement
Name: Roivainen, Jani
Position: Other senior manager
Issuer: Raute Corporation
LEI: 743700G00629V99PE435
Notification type: INITIAL NOTIFICATION
Reference number: 743700G00629V99PE435_20240402111118_4
____________________________________________
Transaction date: 2024-04-02
Venue not applicable
Instrument type: SHARE
ISIN: FI0009004741
Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE
Transaction details
(1): Volume: 232 Unit price: 0.00 EUR
Aggregated transactions
(1): Volume: 232 Volume weighted average price: 0.00 EUR
FURTHER INFORMATION:
Mr. Ville Halttunen, CFO, tel. +358 50 3460868
DISTRIBUTION:
Nasdaq Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production is located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
| Shareholders | Date | % of Shares | % of Votes |
|---|---|---|---|
| Sundholm Göran Wilhelm | 30.06.2024 | 12.4% | 12.4% |
| Laakkonen Mikko Kalervo | 30.06.2024 | 2.8% | 2.8% |
| eQ Finland Investment Fund | 30.06.2024 | 2.2% | 2.2% |
| Mandatum Life Insurance Company Ltd. | 30.06.2024 | 2.2% | 2.2% |
| Stephen Industries Inc Oy | 30.06.2024 | 2.1% | 2.1% |
| Suominen Pekka Matias | 30.06.2024 | 1.9% | 1.9% |
| Siivonen Osku Pekka | 30.06.2024 | 1.8% | 1.8% |
| eQ Nordic Small Cap Mutual Fund | 30.06.2024 | 1.7% | 1.7% |
| Kirmo Kaisa Marketta | 30.06.2024 | 1.7% | 1.7% |
| Mustakallio Mika Tapani | 30.06.2024 | 1.7% | 1.7% |
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Company Facts
Guidance
Raute’s 2024 revenue is expected to be between EUR 190-210m and comparable EBITDA in the range of EUR 17-21m
Financial targets
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