INTERIM REPORT
January 1-March 31, 2024
RAUTE CORPORATION - INTERIM REPORT JANUARY 1-MARCH 31, 2024
Good progress in project deliveries in challenging market environment
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)
CEO'S REVIEW: 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 deliv- eries. 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.
Mika Saariaho
President & CEO
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.
JANUARY-MARCH 2024
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 for 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.
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FINANCIAL PERFORMANCE
Order intake and order book
The total order intake was EUR 36 million (67) and included an order worth EUR 20 million from AmberBirch of Latvia for the technology delivery of a birch veneer production plant expansion.
The order book decreased slightly by EUR 7 million from the previous quarter and was close to a record-high level at EUR 259 million (121) at the end of the period.
Order intake is composed of 77% (16%) from Europe, 11% (4%) from North America, 5% (2%) from Asia-Pacific and 7% (78%) from South America. Strong fluctuation in the distribution of new orders between the various markets and quarters is typical for a project-focused business. Services had a relatively strong order intake during the quarter.
Net sales
Net sales amounted to EUR 44.7 million (36.8), showing an increase of 21.4% from the comparison period. This was driven by the good progress in project deliveries in the Wood Processing business unit and higher demand in the Services business unit. The political strikes had some negative impact on net sales.
Sales increased by 30.8% in Wood Processing and 19.0% in Services, while decreasing by 29.7% in Analyzers.
Europe accounted for 39% (48) of net sales, North America for 25% (27), South America for 32% (4), Asia-Pacific for 3% (7) and Russia for 1% (15). Russia's share of sales is based on the adjustments from renegotiations with customers and the limits set by the sanctions.
Result and profitability
Comparable EBITDA was EUR 3.0 million (2.8) and comparable EBITDA margin was 6.7% (7.7%). 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. The political strikes had some negative impact on profitability.
Comparable EBITDA improved in Wood Processing and Ser- vices, but declined in Analyzers.
EBITDA was EUR 2.9 million (2.0). Items affecting comparability (IACs) in EBITDA totaled EUR -0.1 million (-0.8).
The operating profit was EUR 1.5 million (0.9).
The result before taxes was EUR 1.6 million (0.8). The result for the reporting period was EUR 1.3 million (0.4) and earnings per share were EUR 0.20 (0.10).
BUSINESS UNIT REVIEWS
Wood Processing
EUR million | Q1/2024 | Q1/2023 | Change % | 2023 |
Net sales | 32.0 | 24.4 | 30.8 | 92.4 |
Comparable | ||||
EBITDA | 1.2 | 1.1 | 11.4 | -0.5 |
Comparable | ||||
EBITDA, % | 3.8 | 4.5 | -0.5 |
Q1/2024 compared with Q1/2023
Net sales increased by 30.8% to EUR 32.0 million (24.4). The increase was driven by the good progress in the deliveries of the mill-sized projects announced in 2023.
Comparable EBITDA amounted to EUR 1.2 million (1.1). The result indicates improved efficiency of the underlying operations while taking into account that the comparison figure was positively impacted by the release of provisions related to the wind-down of the Russian operations. The political strikes in Finland had some negative impact on sales and profitability.
Services | ||||
EUR million | Q1/2024 | Q1/2023 | Change % | 2023 |
Net sales | 9.8 | 8.3 | 19.0 | 33.0 |
Comparable | ||||
EBITDA | 1.9 | 1.0 | 80.5 | 4.9 |
Comparable | ||||
EBITDA % | 19.2 | 12.6 | 14.7 |
Q1/2024 compared with Q1/2023
Net sales increased by 19.0% to EUR 9.8 million (8.3). The demand for Raute's services was at a good level, although the overall market sentiment remained mixed.
Comparable EBITDA was EUR 1.9 million (1.0). Profitability was positively impacted by the increased sales.
Analyzers | ||||
EUR million | Q1/2024 | Q1/2023 | Change % | 2023 |
Net sales | 2.9 | 4.1 | -29.7 | 20.0 |
Comparable | ||||
EBITDA | -0.1 | 0.7 | - | 4.9 |
Comparable | ||||
EBITDA % | -3.4 | 17.0 | 23.4 |
Q1/2024 compared with Q1/2023
Net sales decreased by 29.7% to EUR 2.9 million (4.1). The decline in sales was partly due to the timing of revenue recognition as well as some delays in certain project deliveries.
Comparable EBITDA was EUR -0.1 million (0.7). The decrease in profitability was due to lower sales.
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CASH FLOW AND FINANCING
Operating cash flow in January−March 2024 was EUR -6.8 (8.6) million. Cash flow was negatively impacted by a change in net working capital, while the comparison period was positively impacted by a change in networking capital. Cash flow from investment activities totaled EUR -0.4(-1.1) million, and cash flow from financing activities was EUR -0.4(-7.1) million. Cash and cash equivalents amounted to EUR 40.5 (8.1) million at the end of the reporting period.
The Group's financial position has improved against last year. At the end of the reporting period, gearing was -86.8%(-3.7%) and the equity ratio was 49.7% (41.4%). During the second quarter of 2023, Raute raised net new equity of EUR 15.5 million in the form of a directed share issue, rights issue and convertible junior loans.
Interest-bearing net liabilities amounted to EUR -34.3 million (-0.9) at the end of the reporting period.
The company has a credit facility of EUR 5 million. At the end of the reporting period, the new facility was not in use.
Capital expenditure
Capital expenditure during the period totaled EUR 0.4 million (0.9) and accounted for 0.9% (2.4%) of net sales.
EVENTS DURING REPORTING PERIOD
Raute signs a full scope service agreement with Paged Eesti
On February 2, 2024, Raute Corporation announced a service agreement with Paged Eesti OÜ, Estonia, part of Paged Group.
Under the contract, Raute will take full maintenance responsibility for the production machinery including consumables, spare parts, and small upgrades. Paged Eesti's maintenance team of 19 people is transferred to Raute's services team.
Founded over 90 years ago, Paged is one of the five largest plywood manufacturers and a significant producer of wooden chairs in the European Union.
Raute receives a EUR 20 million order from Latvia
On February 20, 2024, Raute announced an order worth EUR 20 million from AmberBirch SIA of Latvia for the technology delivery of a birch veneer production plant expansion.
The order for Raute's technology includes all main production processes of veneer production: a log handling line, veneer peeling line, and veneer drying and grading line, visual and moisture analyzers with an extensive service package and MillSIGHTS MIS -software. The lines are of the latest, most automated R7-Series technologies. Engineering work for the plant is already ongoing, and the ordered machinery and equipment will be delivered between the end of 2024 and the beginning of 2025.
RESEARCH AND DEVELOPMENT COSTS
Raute is a leading technology supplier for the plywood and LVL industries and focuses strongly on the development of increasingly efficient, productive, safe, and environmentally friendly manufacturing technology and supporting measurement and machine vision applications. New opportunities provided by digitalization are also an essential part of the R&D activities.
In January-March 2024, the Group's research and development costs amounted to EUR 1.4 million (1.3), representing 3.2% of net sales (3.5%).
PERSONNEL AND OCCUPATIONAL SAFETY
At the end of the reporting period, the Group's headcount was 775 (733). Personnel outside of Finland accounted for 31.1% (30.2%) of all employees. In full-time-equivalent terms, the average number of employees during the reporting period was 772 (707).
Occupational safety continues to be the focus of the man- agement, and safety-related metrics have demonstrated a longer-term downward trend. In January-March 2024, there were 1 (4) lost-time injury. The accident frequency (LTIF) (rolling 12 months) was 5.7, decreasing from the 2023 level of 7.9. Raute has an ongoing global multi-year safety program to take the company's safety culture and performance to the next level.
CHANGES IN THE EXECUTIVE BOARD
On January 26, 2024, Markus Sirviö was appointed Executive Vice President, Analyzers business unit. His predecessor Jani Roivainen was appointed Executive Vice President, Wood Processing business unit as of January 1, 2024.
Raute Group's Executive Board and the members' areas of responsibility on March 31, 2024:
Mika Saariaho, President and CEO;
Jani Roivainen, Executive Vice President, Wood Processing - Wood Processing business unit;
Markus Sirviö, Executive Vice President, Analyzers - Analyzers business unit;
Kurt Bossuyt, Executive Vice President, Services - Services business unit;
Jari Myyryläinen, Chief Commercial Officer (CCO) - Sales & marketing, commercial excellence;
Tarja Moilanen, Chief People Officer (CPO) - Human resources, people development, health & safety;
Ville Halttunen, Chief Financial Officer (CFO) - Finance, ICT, IR, ESG, other business support
STRATEGY AND FINANCIAL TARGETS
Raute - Making Wood Matter
Raute aims to grow its Services concept and strengthen its offering in Analyzers and Wood Processing with innovative production solutions and models, as well as data and digital tools in the global market for veneer, plywood and LVL production technologies.
Our aim is to accelerate growth by expanding Raute's portfolio into new wood products segments, especially through digital and analytical solutions and new service concepts. Our commitment is to lead the industry towards a more sustainable future in engineered wood products.
We have integrated sustainability as a fundamental aspect into our operations, balancing economic, social, and environmental considerations in our decision-making processes. Our unwavering principles of safety, ethical conduct, and diversity and inclusion guide us on our journey to generate growth for all
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our stakeholders with high ESG standards and deliver a lasting positive impact on nature and society.
Raute's new financial targets for 2028 aligned with the strategy are:
- Net sales 250 MEUR including both organic and inorgan- ic growth
- Services and Analyzers relative share of net sales 40% of the Group
- Comparable EBITDA margin 12% on average over cycle
- Capital structure: Equity ratio over 40%
Raute aims to pay a stable and sustainable dividend over different market conditions.
SHARES AND SHARE CAPITAL
Raute Corporation's shares are listed on Nasdaq Helsinki Ltd. The trading code is RAUTE. All shares carry one vote and have equal voting rights in General Meetings.
On March 31, 2024, Raute's share capital amounted to EUR
8.3 million and the total number of shares totaled 6,122,679 (6,122,679 on December 31, 2023).
The number of shareholders totaled 6,382 at the end of the reporting period (6,275 on December 31, 2023). On March 31, 2024, Raute and its subsidiaries held 92,252 (0) own shares for reward purposes, corresponding to 1.5% of all outstanding shares.
Share trading
Share trading volume in January−March 2024 totaled 197,665 shares, corresponding to EUR 2.1 million. The highest trading price was EUR 11.80 and the lowest was EUR 9.88. The closing price at the end of the review period was EUR 10.25, and the market value based on the closing price was approximately EUR 62.8 million.
Share-based incentive plans
Raute has long-termshare-based incentive plans based on performance.
On February 15, 2024, Raute's Board of Directors decided on the commencement of a long-term incentive plan for the Group's senior management and selected key persons. The decision includes a Performance Share Plan ("PSP") as the main structure and a restricted Share Plan ("RSP") as a complementary structure.
ANNUAL GENERAL MEETING 2024 (held after the reporting period on April 4, 2024)
Raute Corporation's Annual General Meeting was held in Lahti on April 4, 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 January 1-December 31, 2023.
Resolution on the use of the profit shown on the balance sheet and the distribution of dividend
In accordance with the Board of Directors' proposal, the Annual General Meeting decided that a dividend of EUR 0.10 per share be distributed for the financial year January 1-December 31, 2023. The dividend will be distributed to shareholders who, on the record date of dividend distribution, April 8, 2024, are registered in the shareholders' register of the company maintained by Euroclear Finland Oy. The dividend was paid on April 18, 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 1,000 per meeting,
- The meeting fee for the chairs of other possible commit- tees 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, Joni Bask, M.Sc. (Tech.), as the Vice-Chair of the Board of Directors, and Ari Harmaala, Engineer (Con- struction 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 Pricewater- houseCoopers Oy as the company's auditor, with Authorized Public Accountant (KHT) Mikko Nieminen as the principal au- ditor. It was resolved that the auditor's remuneration be paid 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 that the sustainability auditor's remuneration be paid 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 compa- ny's shares to be used for the development of the company's capital structure, as consideration for funding or carrying out
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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 so that the minimum price of the acquired shares is the lowest market price quoted in public trading during the term of validity of the authorization and, correspondingly, so that 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 on March 30, 2023, and is effective until the end of the next Annual General Meeting, or for no more than 18 months 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 chapter 10, section 1 of the Finnish Companies Act in one or several in- stalments. 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 a 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 share- holders' 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 for no more than 18 months following the resolution of the Annual General Meeting.
EVENTS AFTER THE REPORTING PERIOD
Charges pressed against a member of the Board of Directors of Raute in a Ramirent Oyj related matter
On April 3, 2024, Raute announced that the public prosecutor has decided to press charges related to suspected securities markets offences against Laura Raitio, who is a member of the Board at Raute Corporation. Charges have been pressed against several people. Laura Raitio was a member of the Board of Directors at Ramirent Oyj during the period referred to in the charges, in 2019. According to the information that Raute has received, Laura Raitio denies the accusation of the prosecutor.
The matter does not relate to Raute, and the charges do not have an effect on the work of the Raute Board of Directors. The company monitors the progress of the proceedings and revisits the topic when the outcome of the proceedings has been determined at the latest.
KEY BUSINESS RISKS
Changes in the global economy and financial markets may have a negative impact on Raute's operations, performance, financial position, and sources of capital.
Raute is subject to geopolitical and macroeconomic con- ditions, where significant cost fluctuations and increasing
interest rates may give cause to economic downturn. Such a downturn would likely impact Raute's operations and reduce the underlying demand.
The bulk of Raute's business operations consists of project deliveries, which expose the company to risks caused by customer -specific customized solutions related to each custom- er's end product, production methods or raw materials. At the quotation and negotiation phase, the company takes risks relating to the promised performance and estimates of implementation costs. Other risks for Raute are related to the price inflation and availability of raw materials, components, and freight. Also, union strikes pose a short-term risk for Raute.
Raute's business and products can be affected directly or indirectly by legislation or other regulation such as sanctions. It is also possible that Raute is subject to litigation. At the end of 2023, Raute terminated all remaining Russian project agreements. Currently, Raute is in the process of closing its subsidiary Raute Service LLC. However, Raute is still vulnerable to changes in regulation, sanctions, and financial transactions, which may extend the closing process.
Raute is implementing a new company-wide ERP system, which has a direct impact on Raute's daily operations and financial management. The ERP system has been implemented in Finland. Delays in the roll-out of the system or possible challenges in migrating data to new ERP systems could result in cost overruns for the ERP system implementation, as well as disruptions in the customer delivery projects, also resulting in deteriorating customer relationships.
The company's IT systems may be affected by malfunc- tions, outages, failures, or cyber security attacks. These can lead to significant disruptions in the company's business, have a material adverse effect on its reputation, and cause unexpected costs.
Raute's investments in the product development of new technologies are significant and involve the risk that a given project will not lead to a technologically or commercially acceptable solution.
Raute has a strategy and related financial targets that aim for significant growth and profitability improvement by 2028. The company faces the risk that the execution of the strategy is
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not successful within the set timeline or that the set targets cannot be met.
The most significant financing risks in the Group's business operations are default risks and currency risks related to coun- terparties. The Group is also exposed to liquidity, refinancing, interest rate and price risks.
RAUTE CORPORATION
Board of Directors
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CONSOLIDATED STATEMENT OF INCOME
Raute Corporation's Board of Directors has approved this interim report for January 1-March 31, 2024 to be published.
The figures for the financial year 2023 presented in the figures section of the Interim financial report have been audited. The presented interim financial report figures have not been audited.
CONSOLIDATED STATEMENT OF INCOME | |
EUR 1 000 | Note 1.1.-31.3.20241.1.-31.3.20231.1.-31.12.2023 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR 1 000 | 1.1.-31.3.20241.1.-31.3.20231.1.-31.12.2023 |
NET SALES | 4 | 44 684 | 36 815 | 145 416 |
Change in inventories of finished | ||||
goods and work in progress | 478 | -984 | -1 143 | |
Other operating income | 11 | 229 | 641 | |
Materials and services | -22 963 | -15 371 | -63 029 | |
Employee benefits expense | -14 122 | -13 509 | -52 246 | |
Depreciation and amortization | -1 401 | -1 140 | -4 917 | |
Other operating expenses | -5 221 | -5 183 | -22 860 |
RESULT FOR THE PERIOD
Other comprehensive income items
Items that will not be reclassified to profit or loss
Changes in the fair value of financial assets att fair value through other comprehensive income
Items that may be subsequently reclassified to profit or loss
1 266 | 446 | 1 350 |
- | - | -260 |
Total operating expenses | -43 707 | -35 203 | -143 052 |
OPERATING RESULT | 1 466 | 856 | 1 863 |
Financial income | 437 | 344 | 940 |
Financial expenses | -287 | -411 | -1 008 |
Financial expenses net | 151 | -67 | -67 |
RESULT BEFORE TAX | 1 617 | 789 | 1 795 |
Income taxes | -351 | -343 | -445 |
RESULT FOR THE PERIOD | 1 266 | 446 | 1 350 |
Result for the period attributable to | |||
Equity holders of the Parent company | 1 266 | 446 | 1 350 |
Earnings per share for profit | |||
attributable to Equity holders of the | |||
Parent company EUR | |||
Undiluted earnings per share | 0.20 | 0.10 | 0.22 |
Diluted earnings per share | 0.19 | 0.10 | 0.22 |
Hedging reserve hedge accounting | -302 | 54 | 19 |
Exchange differences on translating | |||
foreign operations | 102 | 55 | -398 |
Income taxes related to these items | - | - | - |
Comprehensive income items for the | |||
period net of tax | -200 | 109 | -639 |
COMPREHENSIVE RESULT FOR THE | |||
PERIOD | 1 066 | 555 | 711 |
Comprehensive profit for the period | |||
attributable to | |||
Equity holders of the Parent company | 1 066 | 555 | 711 |
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CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET | ||||
EUR 1 000 | Note | 31.3.2024 | 31.3.2023 | 31.12.2023 |
ASSETS | ||||
Non-current assets | ||||
Goodwill | 6 | 1 714 | 1 714 | 1 714 |
Other intangible assets | 7, 8 | 10 793 | 10 007 | 11 035 |
Property plant and equipment | 7, 8 | 9 331 | 10 580 | 9 600 |
Right of use assets | 6 077 | 7 070 | 6 482 | |
Other financial assets | 829 | 999 | 753 | |
Deferred tax assets | 5 562 | 4 616 | 5 566 | |
Total non-current assets | 34 306 | 34 985 | 35 151 | |
Current assets | ||||
Inventories | 26 506 | 15 573 | 26 369 | |
Accounts receivables and other receivables | 34 159 | 37 918 | 25 779 | |
Income tax receivable | 6 | 16 | 1 | |
Cash and cash equivalents | 40 510 | 8 077 | 48 105 | |
Total current assets | 101 182 | 61 584 | 100 254 | |
TOTAL ASSETS | 135 488 | 96 569 | 135 405 |
CONSOLIDATED BALANCE SHEET | |||
EUR 1 000 | 31.3.2024 | 31.3.2023 | 31.12.2023 |
EQUITY AND LIABILITIES | |||
Equity attributable to Equity holders of the | |||
Parent company | |||
Share capital | 8 256 | 8 256 | 8 256 |
Own shares | -907 | - | -950 |
Fair value reserve and other reserves | 19 293 | 6 854 | 19 526 |
Exchange differences | 643 | 994 | 541 |
Retained earnings | 7 938 | 6 956 | 6 678 |
Result for the financial year | 1 266 | 446 | 1 350 |
Total equity attributable to Equity holders of the | |||
Parent company | 36 489 | 23 508 | 35 401 |
Convertible junior loan | 3 000 | - | 3 000 |
Total equity | 39 489 | 23 508 | 38 401 |
Non-current liabilities | |||
Deferred tax liability | 0 | 32 | 33 |
Lease liability | 4 951 | 5 998 | 5 334 |
Provisions | 501 | 210 | 563 |
Total non-current liabilities | 5 452 | 6 239 | 5 930 |
Current liabilities
Provisions Lease liability
Current advance payments received Income tax liability
Trade payables and other liabilities
Total current liabilities
Total liabilities
1 419 | 2 353 | 1 783 |
1 270 | 1 199 | 1 289 |
56 026 | 39 734 | 58 860 |
2 193 | 1 049 | 1 974 |
29 640 | 22 488 | 27 168 |
90 548 | 66 822 | 91 074 |
96 000 | 73 061 | 97 004 |
TOTAL EQUITY AND LIABILITIES | 135 488 | 96 569 | 135 405 |
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CONSOLIDATED STATEMENT OF CASH FLOWS
CONSOLIDATED STATEMENT OF CASH FLOWS | |||
EUR 1 000 | 1.1.-31.3.2024 | 1.1.-31.3.2023 | 1.1.-31.12.2023 |
CASH FLOW FROM OPERATING ACTIVITIES
Proceeds from customers
Payments to suppliers and employees
Cash flow before financial items and taxes
Interest paid from operating activities Dividends received from operating activities Interest received from operating activities Other financing items from operating activities Income taxes paid from operating activities
Net cash flow from operating activities (A)
38 040 | 42 301 | 179 455 |
-44 491 | -33 539 | -141 980 |
-6 451 | 8 762 | 37 475 |
-6 | -56 | -75 |
14 | 20 | 416 |
409 | 29 | 823 |
-590 | -130 | -554 |
-131 | -47 | 543 |
-6 755 | 8 578 | 38 628 |
CASH FLOW FROM INVESTING ACTIVITIES | ||||||
Purchase of property plant and equipment and | ||||||
intangible assets | -424 | -1097 | -4 486 | |||
Proceeds from sale of property plant and equipment and | ||||||
intangible assets | - | 16 | 60 | |||
Net cash flow from investing activities (B) | -424 | -1 081 | -4 426 | |||
CASH FLOW FROM FINANCING ACTIVITIES | ||||||
Directed share issue and rights issue | - | - | 13 944 | |||
Convertible junior loan | - | - | 3 000 | |||
Expenses for share issues and junior loan | -90 | - | -1631 | |||
Repurchase of own shares | - | - | -950 | |||
Repayments of current borrowings | - | -6729 | -6 729 | |||
Repayments of lease liability | -309 | -323 | -1 284 | |||
Dividends paid | - | - | - | |||
Net cash flow from financing activities (C) | -399 | -7 052 | 6 350 | |||
Net change in cash and cash equivalents (A+B+C) | -7 578 | 445 | 40 552 | |||
increase (+)/decrease (-) | ||||||
Cash and cash equivalents at the beginning of the | ||||||
reporting period | 48 105 | 7 618 | 7 618 | |||
Net change in cash and cash equivalents | -7 578 | 445 | 40 552 | |||
Effects of exchange rate changes on cash | -17 | 14 | -65 | |||
Cash and cash equivalents at the end of the period | 40 510 | 8 077 | 48 105 | |||
*Cash and cash equivalents comprise cash and bank receivables which will be due within the following three months' period. | ||||||
INTERIM REPORT JANUARY 1-MARCH 31, 2024 | MAY 3, 2024 | 10 | |||||
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Raute Oyj published this content on 03 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2024 06:38:08 UTC.