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1 Annual Report 2019 Raute’S Reports 2019 2 0 1 9 1 ANNUAL REPORT 2019 RAUTE’S REPORTS 2019 Annual Report 2019 This report describes Raute’s operating environment, TABLE OF strategy, solutions and corporate responsibility in 2019. CONTENTS Financial Statements 2019 This report includes Raute’s Financial Statements for 2019 CREATING Highlights in 2019 4 as well as information about Raute’s shares and shareholders. 2019 in numbers 6 Review by the President and CEO 8 Corporate Governance Statement 2019 VALUE IN Value chain 10 This report describes Raute’s corporate governance and Operating environment and trends 12 internal control and risk management principles related to Strategy and strategy implementation 16 financial reporting process as well as procedures for insider FOREST Raute’s solutions 19 management and auditing. Personnel 26 Corporate responsibility 32 Non-financial Information Statement 2019 ASSETS Board of Directors 40 This report presents information concerning Raute’s environmental, Group Executive Board 42 social and employee matters, respect for human rights, as well as Financial review 44 anti-corruption and bribery. Further information for shareholders 48 Remuneration Statement and Remuneration Report 2019 This report illustrates Raute’s remuneration principles and the remuneration paid to Raute’s Board of Directors and Group’s Executive Board in 2019. 2 ANNUAL REPORT 2019 ANNUAL REPORT 2019 3 HIGHLIGHTS IN 2019 GROWING BUSINESS IN RUSSIA AND ASIA Raute is a leading technology and service supplier in the wood products sector. We are a global market leader in the plywood and LVL industry. More than half of the LVL manufactured in the world is produced on manufacturing machines delivered by Raute. Raute participates in the wood-processing value chain by creating value in forest assets. We are building our future on a sustainable foundation by continuously developing advanced and resource-efficient solutions to meet the changing customer needs. March 28, 2019 June 19, 2019 September 30, 2019 ENTERED INTO A CONTRACT WITH OPENING A SERVICE CENTER ENTERED INTO A CONTRACT WITH PLYTERRA IN RUSSIA IN KIROV, RUSSIA SEGEZHA GROUP IN RUSSIA Raute expanded its cooperation with Plyterra by Kirov Service Center, Raute’s second Service Center Raute received an order for the machinery and providing veneer drying and patching lines as well as in Russia, was opened to ensure Raute’s capability to equipment engineering of the production process for 151 778 10 1.45 plywood lay-up and overlaying lines to Plyterra’s birch meet its customers’ needs better and serve the Kirov an entire birch plywood mill owned by Segezha Group plywood mill located in Umet, Zubovo-Polyanskiy region plywood mills more effectively by offering in Galich, Kostroma region in Russia. The value of the NET SALES EMPLOYEES OPERATING DIVIDEND* region in Mordovia. The value of the order was over shorter delivery times for spare part deliveries and order was some EUR 58 million, making it the biggest EUR 12 million. local services. single order in Raute’s history. EUR million at the end of 2019 COUNTRIES EUR May 25, 2019 August 28, 2019 December 31, 2019 2018 | 181 MEUR 2018 | 772 2018 | 10 2018 | EUR 1.40 DELIVERING AN LVL LINE TO AOMORI STRENGTHENING THE STRATEGY SAFETY FIRST PLYWOOD IN JAPAN IMPLEMENTATION AND RENEWING THE GROUP’S MANAGEMENT STRUCTURE Continuously improving work safety is one of the key Raute delivered an LVL line to Aomori Plywood in points in Raute’s corporate responsibility agenda. In 2019, Japan. The extensive contract covers the delivery and Raute renewed its management structure and the Executive Raute’s LTIF* developed positively, reaching a figure of 13.6 installation of veneer analyzers, two lay-up lines, a Board’s areas of responsibility to better meet the requirements (23.7). Raute’s site in Nastola achieved its longest period pre-press and an LVL hot pressing line including billet for implementing the Group’s strategy, growth targets and ever, 223 days, without lost time injuries. handling. different customer needs. *Board’s proposal 4 ANNUAL REPORT 2019 * Lost Time Injury Frequency, i.e. lost-time injuries per million hours worked ANNUAL REPORT 2019 5 In 2019, Raute’s net sales were EUR 151.3 million (EUR 181.0 million in the record-breaking comparison year of 2018). At the same time, Raute’s operating profit was EUR 8.5 million 2019 IN NUMBERS (EUR 14.9 million) and order intake EUR 148 million (EUR 167 million). Order intake and order book Headcount at the end of the period, in books EUR million 200 % 1000 160 800 Asia-Pacific area 6 South America 8 Europe 14 North America 12 120 Russia 60 600 % 80 400 % 40 200 Asia-Pacific area 10.9 South America 0.6 Europe 67.1 North America 17.4 * EMEA = Europa, the Middle East and Africa ** CIS = Commonwealth of Independent States 0 Technology services 34 15 16 17 18 19 0 *** APAC = Asia Pacific Project deliveries 66 15 16 17 18 19 Russia 4.0 Order intake M€ Order book M€ RAUTE Sales agent Net sales and operating profit EUR million % 200 10 % DIVIDEND PROPOSAL 160 8 NET SALES OPERATING PROFIT ORDER INTAKE ORDER BOOK Asia-Pacific area 8 South America 9 EUR million EUR million EUR million EUR million 120 6 Europe 34 North America 18 Russia 31 EUR 1.45 / SHARE 80 4 The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 1.45 (EUR 1.40) per share be paid for the financial year 2019. 40 2 % 151 8.5 148 88 0 0 15 16 17 18 19 2018 | 181 MEUR 2018 | 14.9 MEUR 2018 | 167 MEUR 2018 | 95 MEUR Technology services 43 Net Sales M€ Operating profit % Project deliveries 57 6 ANNUAL REPORT 2019 ANNUAL REPORT 2019 7 REVIEW BY THE PRESIDENT AND CEO EUR 58 million, making it the biggest single machinery are recyclable and the carbon stored order in Raute’s history. In the emerging in wood products has positive climate impacts. A YEAR OF CHANGE markets, we received orders from new Increasing the use of sustainably produced customers in Asia and South America. wood in construction, for example, is among Raute is a leading technology and service supplier in the veneer- the most important means of achieving global based wood products sector. The year 2019 brought big changes In 2019, the demand for our maintenance climate targets. services remained at a good level and in spare both to our customers as well as to us as a company. parts we had a record-breaking year, which is Continuously improving work safety is one of an indication of the good capacity utilization the key points in our corporate responsibility In 2019, uncertainty in the global economy in the growing markets. These companies have rates of our customers’ production plants. agenda. In 2019, Raute’s LTIF indicator (Lost and in our customers’ markets increased. Many a different way of operating. Their priorities Time Injury Frequency, i.e. lost-time injuries per of our traditional customers were still digesting in terms of investments’ size, technology, The year 2019 also marks a year when we saw million hours worked) continued to decrease, major investments made in the past few years. quality and scope of services differ from the the tangible benefits of our acquisition of the reaching a figure of 13.6. As a result, our demand focused on major new more traditional players. In order to meet the US-based Metriguard Inc., the world leader in capacity projects, minor improvements, as well requirements of these new customers, we have high-speed strength grading technology for Well positioned for 2020 as services. Mid-sized projects accounted for to constantly develop our product and service lumber and veneer. In 2019, the company’s Year 2019 was a year of change for Raute. In 2019, we signed a low share of demand, which made it more offering and the way we do business. products and services were fully integrated And the change will continue. Our challenge difficult to forecast order intake and caused into Raute’s offering. This resulted in several will be to reposition ourselves to the new larger variations in our order intake volumes. Renewing management structure important product and service launches at the market situation. In 2020, we want to finalize the biggest single Meeting our new customers’ requirements Ligna fair in Hannover in May, as well as the first the implementation of the new management We started the year with a strong order was one the reasons why we renewed our orders and deliveries of such integrated systems. structure, maintain and strengthen our leading order in Raute’s book and high hopes to continue the strong management structure in 2019. The new position in our traditionally strong markets development we had enjoyed for the past several structure strengthens the implementation Embracing the opportunities as well as strengthen our standing in the history, worth some years. The market change and unexpected of our strategy, supports us in achieving our of digitalization emerging mar kets. I believe we are in a good challenges with some deliveries, caused by the growth targets and helps us in meeting the Raute is the leading technology supplier in position to do all this. EUR 58 million previous year’s record-high work load, made different customer needs. After the renewal, the wood products sector, and digital us fall short of our expectation and targets in our business is divided into four areas based solutions play a crucial role in our strategy. I would like to express my sincerest thanks terms of revenue and profits. However, we can on different customer needs: Power market, Our offering includes for example digital for the past year to Raute’s customers for be satisfied with the strong development of our Growth market, Basic services and Metrix.
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