Financial Statements 1 January 31 December 2016

Transcription

1 Financial Statements 1 January 31 December February 2017 Tapani Kiiski, toimitusjohtaja

2 Business environment Uncertain direction of global economy and financing markets. Construction activity at a low level in all market areas. Customers order books are short. Market situation for wood products not attaractive in terms of implementation of investments. Only a few machine, production line and modernization projects started up. Despite the general market situation, strategic investment decisions for new plywood and LVL capacity in Europe and Russia. Demand for maintenance and spare parts at a good level. Utilization rates in plywood and LVL industries are good. Business environment Market areas EMEA In Poland, a new LVL production line investment In Finland, replacement investment of a LVL line In Finland and Estonia, investments of birch veneer and plywood production lines. CIS A birch plywood mill project after several quiet years. NAM Housing construction still below forecasts Ivestments in modernizations of softwood plywood capacity. LAM Investments at a low level. APAC In Southeast Asia, raw material availability and low demand limit the development of plywood production and investments. In Australia and New Zealand, favorable market situation for wood products, however, no significant investments. In China, no investments in western plywood technology. 2

3 in brief 3 MEUR Q Q Net sales 36,0 39,5 Operating result 4,3 2,8 Order intake - Project deliveries - Technology services Order book - Change Q4 +4 MEUR Net sales 113,1 127,3 Operating result 8,6 8,1 Order intake - Project deliveries - Technology services Order book Q4 Order intake MEUR42 at a good level - Major new orders MEUR 19 related to a plywood mill to be set up in Estonia - Fourth quarter good also in technology services, MEUR 14. Net sales up more than 50% from the third quarter. Operating profit at a good level, 11.9% of net sales Record-high amount of new orders, MEUR 162. Raute won competition in all new-capacity generating projects. Net sales down11 % due to order intake focusing on the sumemr end and autumn. Operating profit improved up to 7,6 % on net sales. Technology services up 8%. Order book at a record level MEUR 106 at the end of the year. Exceptional high portion scheduled for the year 2018.

4 Tuloslaskelma, tase ja tunnusluvut Income statement, MEUR Net sales 113,1 127,3 Operating profit 8,6 8,1 Financial income and expenses -0,3-0,0 Profit before tax 8,2 8,1 Income tax -1,5-1,4 Profit for the period 6,7 6,7 Balance sheet, MEUR Intangible assets 1,4 1,6 Property, plant and equipment 9,6 8,5 Other non-current assets 0,9 0,7 Inventories 9,7 9,6 Accounts receivables and other receivables 24,5 34,8 Cash and cash equivalents 23,8 6,5 Tunnusluvut Total assets 69,8 61,8 Earning per share, undiluted, EUR 1,60 1,65 Operating cash flow, MEUR 21,2 7,5 Return on investment (ROI), % 25,3 28,5 Gearing, % -60,3-16,8 Return on equity, % 60,4 58,5 Personnel, in books Equity 34,2 29,7 Non-current liabilities 0,7 0,7 Advance payments received 13,1 11,0 Current liabilities 21,8 20,3 Total equity and liabilities 69,8 61,8 4

5 Order intake MEUR Q1 Q2 Q3 Q4 Technology services 27 % Project deliveries, LVL 18 % South America North 2 % America 11 % Russia 27 % Project deliveries, Plywood 55 % Asia-Pacific 3 % Europe 57 % 5

6 MEUR Order book Q1 Q2 Q3 Q

7 Net sales Technology services 38 % Project deliveries, LVL 21 % ME UR Q1 Q2 Q3 Q Project deliveries, Plywood 41 % North America 15 % South America 3% Asia-Pacific 5 % Europe 60 % 0 Russia 17 % 7

8 MEUR Net sales development, Project deliveries and Technology services Project deliveries/industry Technology services Plywood LVL

9 Net sales development, Market areas MEUR EMEA CIS APAC NAM LAM

10 2016 by market area Order intake Net sales South America 2% Russia 27% South America 3% Russia 17% Asia-Pacific 5 % Europe 57% Europe 60% Asia- Pacific 3 % North America 11% North America 15% 10

11 Operating profit Earnings per share Operating profit MEUR 10,0 8,0 6,0 4,0 2, Earnings per share EUR 2,00 1,50 1,00 0,50 Earnings per share Dididend Repayment of equipty 0,0 0,00 * -2,0-0,50 *Board of Directors proposal to the Annual General Meeting to be held on 28 March

12 Investing in the future MEUR Capital expenditure Capital expenditure of net sales, % R&D expenditure R&D costs R&D expenditure of net sales, % 7,0 6% 6,0 5% 5,0 4% 4,0 3% 3,0 2,0 2% 1,0 1% 0,0 0% 9

13 Return on investment (ROI) Return on equity (ROE) Return on investment (ROI) Return on equity (ROE) 30% 25% 20% 15% 10% 5% 30% 25% 20% 15% 10% 5% 0% 0% 14

14 Equity ratio Gearing Equity ratio 70% 60% 50% 40% 30% 20% 10% Gearing 0% -10% -20% -30% -40% -50% -60% 0% -70% 15

15 Henkilöstö 700 Personnel, average Effective headcount, average

16 Shareholders Number of shareholders Ownership at Dec. 3, Management 5,9 % Companies 3,2 % Nominee-registered 2,1 % Institutions 7,6 % Households 81,1 %

17 Market cap Market cap, MEUR Share price, EUR 18,0 Share price at the end of the period, EUR Average share price for the period, EUR 16, , ,2 14,0 14, ,1 12, ,0 9, ,0 27,8 29,3 8,0 6,0 6,95 7, ,0 10 2,0 0 0,0 Series K shares valued at the value of series A shares. 18

18 Business environment Development of global economy and financing market contiues uncertain. Improvements investments in plywood industry to improve quality and cost-efficiency at a normal level. Also new capacity generating projects pending. Outlook 2017 Raute Raute s ability to meet the demand is good strong financing and market position implemented development measures. Good opening order book net sales are expected to grow and operating profit is anticipated to improve from the year 2016.

19 Contacts Tapani Kiiski President and CEO Arja Hakala CFO Follow us LinkedIn: Raute Oyj Youtube: Facebook: Raute Corporation