Raute Corporation to withdraw its financial guidance for 2022

RAUTE CORPORATION INSIDE INFORMATION 2 MARCH 2022 at 3:15 p.m.


RAUTE CORPORATION TO WITHDRAW ITS FINANCIAL GUIDANCE FOR 2022

The sanctions and financial transaction restrictions resulting from Russia’s military actions in Ukraine are causing significant uncertainty in Raute’s business operations in Russia.

As reported earlier, Raute’s order book at the beginning of 2022 was EUR 158 million and the order intake for 2021 was EUR 203 million. Of the new orders received in 2021, 39% came from Russia.

Raute Corporation’s Board of Directors has decided to withdraw the 2022 financial guidance released on February 11, 2022. Due to the uncertain situation, the Board of Directors will not present new guidance for 2022 at the present time.

The earlier financial guidance, published in the financial statements release on February 11, 2022: “Raute’s net sales are expected to grow in 2022 and operating profit to improve from 2021.”

Raute’s Q1 interim report for January–March 2022 will be published on April 29, 2022

RAUTE CORPORATION
Tapani Kiiski
President and CEO

FURTHER INFORMATION:
Mr. Tapani Kiiski, President and CEO, tel. +358 400 814 148

Ms. Tarja Järvinen, Executive Vice President, CFO, tel. +358 40 658 3562

DISTRIBUTION:
Nasdaq Helsinki Ltd, main media, www.raute.com

RAUTE IN BRIEF:

Raute is a technology and service company that operates worldwide. Raute’s customers are companies operating in the wood products industry that manufacture veneer, plywood, LVL (Laminated Veneer Lumber) and sawn timber. Its technology offering covers the entire production process for veneer, plywood and LVL and special measurement equipment for sawn timber. As a supplier of mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Additionally, Raute’s full-service concept includes technology services ranging from spare parts deliveries to regular maintenance and equipment modernizations. Raute’s head office is located in Lahti, Finland. The company’s other production plants are located in Kajaani, Finland, the Vancouver area of Canada, the Shanghai/Changzhou area of China and in Pullman, Washington, USA. Raute’s net sales in 2021 were EUR 142.2 million. The Group’s headcount at the end of 2021 was 802. More information about the company can be found at www.raute.com.