Half-year report January 1 June 30, 2017

Transcription

1 Half-year report January 1 June 30, 2017 August 1, 2017 Tapani Kiiski, President and CEO

2 Business environment No changes in general picture uncertain direction of global economy and financing markets continues construction activity continues at a low level. Enquiry activity at a good level in different sized projects. Demand for maintenance and spare parts services remained good utilization rates of customers mills at a good level. Several mill-scale projects at the planning and negotiation phase. Business environment Raute Total order intake in the second quarter, MEUR 29, continued at a good level, without any major mill projectus biggest single orders in Q2 were for peeling lines in France and Italy lengthy negotiated modernization deals in Q2 Technology services grew 33% during the first half of the year. MEUR Order intake - Project deliveries - Technology services Q

3 MEUR Net sales - Project deliveries - Technology services Growth-% - Project deliveries - Technology services Q ,2 23,5 11, ,8 49,7 22, ,7 35,2 18, EBIT 1,4 4,1 2, in brief Raute Net sales (+34%) and EBIT (+41%) up. Second-quarter relative profitability was influenced by investments in the start-up of the new Metriguard business, additional investments aimed at the Chinese market, and investments in sales and marketing. Order book continues strong, part of the order book scheduled for EBIT, % 4,0 5,7 5,4 Order book - Change

4 Income statement, Balance sheet and Key figures Income statement, MEUR Net sales 71,8 53,7 113,1 EBIT 4,1 2,9 8,6 Financial expenses, net 0,1-0,1-0,3 Profit before tax 4,2 2,8 8,2 Income tax -1,2-0,6-1,5 Profit for the period 3,0 2,1 6,7 Key figures Earnings per share (EPS), EUR 0,71 0,51 1,60 Operating cash flow, MEUR -15,1-5,4 21,2 Return on investment (ROI), % 23,0 17,6 25,3 Gearing, % 8,9 16,6-60,3 Equity ratio, % 57,6 59,2 60,4 Personnel, in books at the end of the period Balance sheet, MEUR Goodwill 1,0 - - Other intangible assets 2,8 1,4 1,4 Property, plant and equipment 9,0 9,3 9,6 Other non-current assets 0,6 0,7 0,9 Inventories 11,7 9,6 9,7 Accounts receivables and other receivables 43,6 34,1 24,5 Cash and cash equivalents 3,1 1,6 23,8 Total assets 71,9 56,6 69,8 Equity 32,8 29,4 34,2 Non-current liabilities 0,7 0,6 0,7 Advance payments received 15,0 7,0 13,1 Current liabilities 23,4 19,6 21,8 Total equity and liabilities 71,9 56,6 69,8 4

5 Order intake MEUR Q1 Q2 Q3 Q4 Technology services 48 % Project deliveries 52 % South America North 9 % America 17 % Asia-Pacific 1 % Europe 56 % Russia 17 % 5

6 MEUR Order book Q1 Q2 Q3 Q

7 Net sales MEUR Q1 Q2 Q3 Q Technology services 31 % South America 4% North America 12 % Asia-Pacific 2 % Project deliveries 69 % Europe 49 % Russia 33 % 7

8 Operating profit Earnings per share EBIT MEUR 10, Earnings per share EUR 2,00 Earnings per share Dividend Return on equity 8,0 6,0 1,50 4,0 1,00 2,0 0,0 0,50-2, ,

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

10 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% %

11 Equity ratio Gearing Equity ratio 70% 60% 50% 40% 30% 20% 10% Gearing) 10% 0% -10% -20% -30% -40% -50% -60% 0% %

12 Personnel 800 Personnel, average Effective headcount, average

13 Shareholders Number of shareholders Ownership at 30 June Management 5,9 % Companies 3,0 % Nominee-registered 2,7 % Institutions 7,3 % Households 81,0 %

14 Market cap Market cap, MEUR Share price, EUR ,8 25,0 Share price at the end of the period, EUR Average share price for the period, EUR 22, , ,1 70,2 15,0 14,12 16, ,8 29,3 10,0 6,95 7, , , Series K shares valued at the value of series A shares. 15

15 Outlook 2017 Business environment Development of global economy and financing market continues uncertain. Active demand mill and individual machine line investment projects under planning improvement investments in 2017 at a reasonable level demand for technology services continues strong. Raute Raute s net sales in 2017 are expected to clearly grow and operating profit to clearly improve from 2016 strong order book order intake continued active demand. 16

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