According to the preliminary, unaudited information Raute Group’s net sales for 2021 were Euro 142 million, compared to Euro 115 million in 2020. Operating profit will be Euro 2.2 million negative (2020: Euro 1.9 million negative). Previously the company has estimated net sales for 2021 to increase and operating profit to improve compared to 2020.
IFRS Interpretations Committee, IFRIC gave in April 2021 an agenda decision on bookkeeping practices of configuration and tailoring costs of cloud-based IT systems. Raute has analyzed this decision’s impacts on the ongoing process and IT system renewal project. This IT system is cloud based. As a conclusion of this analysis Raute will book as expenses Euro 2.9 million of costs that were earlier capitalized. Euro 2.0 million of that concerns 2021 and Euro 0.9 million retroactively to year 2020.
Further, in early December, Raute was forced to halt the operations of its main production plant due to a Covid-19 cluster. Due to an ongoing industrial action, it was not possible to use overtime to compensate for the resulting loss of production. The industrial action impeded production during the busiest time of year in other ways, too. In 4Q the delays caused by problems in the availability of raw materials and components reduced net sales, and increased prices weakened the result.
Raute will publish its financial statements release for 2021, as planned, on Friday February 11, 2022.
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.
