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Raute Corporation announces half yearly report

 Monday, July 25, 2022

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Raute Corporation announced half-yearly report. While the first quarter was exceptionally impressive the second quarter was heavily impacted by Russian business wind-down. Petri Strengell, Interim CEO mentioned that the second quarter result heavily impacted by Russian business wind-down, high material costs continue to hamper profitability.

“Overall demand during the quarter has remained quite high. Our sales efforts are now directed to the rest of the world as new contracts with Russian customers have not been made since early this year. Demand in EMEA region has continued on a good level, and we have also seen some additional demand as there is an increased need to produce plywood outside of Russia.”

Order intake for 2022 amounts now to EUR 75 million of which EUR 40 million have been received in the second quarter. This number does not include any major mill projects. Order intake includes EUR 2.4 million orders from Russia that were received in the beginning of the year.

The Group’s net sales amounted to EUR 70.9 million (60.2), 18% above the comparison period. EUR 16.1 million of the net sales came from revenue recognized from the Russian order book. Operating loss was EUR -16.6 million (-4.5). The result before taxes was EUR -16.5 million (-4.1). The loss was impacted by approximately EUR – 9 million from write-downs related to winding down the Russian business as well as one-time items of approximately EUR -2 million. Earnings per share were EUR -3.31 (-0.87), and diluted earnings per share EUR -3.31 (-0.87).

Net sales in the second quarter were EUR 29.6 million and operating loss was EUR -15.1 million. Order intake in the second quarter was EUR 40 million. The order book at the end of the reporting period stood at EUR 104 million (129). The order book includes EUR 16 million in orders from Russia which constitutes the remaining part of the Russian order book after the controlled wind-down of Russian agreements.

The Board of Directors now expects Raute’s 2022 operating profit to stay significantly negative and below last year’s level.

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