|
|||
2007-04-24 09:43:10 CEST 2007-04-24 09:43:10 CEST REGULATED INFORMATION Atria Yhtymä - Company AnnouncementSARDUS IN THE FIRST QUARTER OF 2007Atria Group Plc Stock Exchange Release 24 April 2007 Atria Group Plc's subsidiary AB Sardus (publ) listed on the Stockholm Stock Exchange has today published the following release. ATRIA GROUP PLC Further information: CEO Matti Tikkakoski, Atria Group Plc, tel. +358 50 2582. ATTACHEMENT: AB SARDUS (publ) release 24 April 2007 (translation from Swedish) SARDUS IN THE FIRST QUARTER OF 2007 Improved results due to good sales and margin development for several units Sardus's results for the first quarter of 2007 increased to SEK 19 million (11). The result improvement is attributable to a good sales and margin development for several units. The net turnover increased by 8% to SEK 509 million (470). The results per share before dilution amounted to SEK 1.34 (0.87). The change program at Sardus Lätta Måltider has had a positive effect as of the month of March. The Finnish food group Atria, that has made an offer for Sardus, owned 99% of the share capital on April 16. This means that a compulsory purchase procedure has begun. The positive earnings trend in the first quarter of the year mainly depends on an improved sales and margin development, first and foremost within the units Sardus Chark & Deli and Sardus Foodpartner, but also Falbygdens Ost and 3-Stjernet show a good sales development and an expense decrease. Another contributing factor to the improved results is the extensive change program at Sardus Lätta Måltider, that started during the fourth quarter of 2006 and has had an obvious effect as of the month of March. Petri Salminen was appointed new Director of this unit on April 1. 'We are very pleased to see that Sardus' new strategy and the rationalization work that we have begun at our different units are having an obvious effect. All units are developing in the right direction, with increased sales and improved results, especially within Sardus Chark & Deli and Sardus Foodpartner,' says Per Strömberg, CEO of Sardus. On February 19 the Finnish food group Atria, through their Swedish subsidiary, made an offer of SEK 115 per share for the outstanding shares in Sardus. The offer was unconditional and was recommended by the Sardus Board of Directors. As of April 16 Atria owns 99 per cent of the Sardus share capital and voting power. The share will be delisted from the Stockholm Stock Exchange on April 27. The compulsory purchase procedure for the remaining Sardus shares has begun. Helsingborg April 24 2007 AB SARDUS Per Strömberg Chief Executive Officer AB Sardus (publ.) Organisation number 556131-6711 Quoted on the OMX Nordic stock exchange list, Small Cap QUATERLY REPORT FOR JANUARY - MARCH 2007 - The net turnover increased by 8 per cent and amounted to SEK 509 million (470) - The income before tax amounted to SEK 19 million (11). - The income after tax amounted to SEK 14 million (9) - The result per share before dilution amounted to SEK 1.34 (0.87). - The result improvement for 2007 is attributable to a good sales and margin development for several units. - The ongoing change program at Sardus Lätta Måltider has had a positive effect as of the month of March. - Following their February offer Atria owned 99 per cent of the Sardus share capital and voting power on April 16. The share will be delisted on April 27. The compulsory purchase procedure has begun. The Sardus group's profit and loss statement (SEK million) 3 months Rolling 2006 2007 2006 12 months Whole year Net turnover 509 470 2,159 2,120 The cost of sold goods - 408 - 387 - 1,786 - 1,765 Gross margin 101 83 373 355 Other operating income 2 1 13 12 Sales costs - 43 - 37 - 174 - 168 Administrative expenses - 28 - 25 - 120 - 117 Operating profit 32 22 92 82 Net financial income/expense - 13 - 11 - 47 - 45 Profit/loss before tax 19 11 45 37 Tax expense - 5 - 2 - 12 - 9 Net income/loss 14 9 33 28 DEVELOPMENT AND EVENTS DURING THE FIRST QUARTER OF 2007 Turnover The net turnover for the first quarter increased by 8 per cent to SEK 509 million (470). Compared to the corresponding period the previous year the increase can be explained by the fact that Sardus Chark & Deli and Sardus Foodpartner have enjoyed a favourable sales development during the first quarter of the year. Another contributing factor to the increase is Sardus Lätta Måltiders's purchase of Peigs on April 1 2006. Earnings trend The group's income before tax for the first quarter amounted to SEK 19 million (11) and the income after tax amounted to SEK 14 million (9). The significant increase for the whole group has taken place despite the fact that the business unit Sardus Lätta Måltider shows a smaller income compared to the first quarter of 2006 (before the purchase of Peigs April 1 2006). Consequently, the other business units show a strong earnings trend. The decrease in income for Sardus Lätta Måltider was to be expected, as the expense basis of the business unit is bigger than for the corresponding period 2006, and the obvious expected result improvement didn't occur until the month of March. This result improvement is likely to continue and to give an important improvement for the second quarter of 2007, when the business activities are expected to flourish. An extensive change program to decrease the cost level is in progress. In October 2006 there was a change at management level at Sardus Lätta Måltider, which meant that the then manager left his position while Petri Salminen was appointed new manager. He took up his duties on April 1 and has long experience of restructuring work within the food industry, with short lead times. During the transfer period, the unit has been managed by the group's Goods Flow Manager Harley Clausen. Sardus's business units Sardus Chark & Deli and Sardus Foodpartner have enjoyed a favourable sales development in the first quarter of the year. Combined with the extensive change program that started in 2006, it has led to considerable result improvements. Falbygdens Ost and 3-Stjernet show a good sales development for the first quarter of the year compared to the same period the previous year. During the first quarter of the year the income growth for these units has been propelled by an expense decrease etc. The result per share before dilution in the first quarter amounted to SEK 1.34 (0.87). EVENTS AT GROUP LEVEL Atria's purchase of Sardus On February 19 the Finnish food group Atria, through their Swedish subsidiary, made an offer of SEK 115 per share for the outstanding shares in Sardus. The offer was unconditional and was recommended by the Sardus Board of Directors. As of April 16 Atria owns 99 per cent of the Sardus share capital and voting power. The share will be delisted from the Stockholm Stock Exchange on April 27. The compulsory purchase procedure for the remaining Sardus shares has begun. AGM 2007 At Sardus's annual general meeting on April 17 2007, the proposition from the board of directors, about a dividend of SEK 1.50 per share for the financial year of 2006, was adopted. THE DEVELOPMENT OF THE BUSINESS UNITS Sardus Chark & Deli The turnover for the first quarter increased by 6% to SEK 206 million (195) and the operating profit increased to SEK 23 million (15). The turnover development is characterised by a strong sales trend for the Sardus trademark. The result improvement that began in the fourth quarter of 2006 continued in the first quarter of 2007. The selling of sliced ham etc. for sandwiches in a so-called wallet format, liver paté and brawn increased significantly. The launch of liver paté in tubes in 2006 attracted a lot of attention and led to a general increase in consumer interest for Sardus's liver paté products. Good volume development and a number of rationalization activities in order to strengthen the competitiveness within the unit have led to continuous improvements of the product margins in the first quarter, which partly have been reinvested in further marketing. 3-Stjernet The turnover for January - March increased by 4 per cent to SEK 80 million (77) and the operating profit increased to SEK 10 million (9). The turnover on the domestic market has increased mainly due to a price increase in the autumn of 2006. Production downsizing has led to lower manufacturing expenses, which also have contributed to the result improvement. Falbygdens Ost The turnover for January - March increased by 4 per cent and amounted to SEK 104 million (100), inter alia due to a steep increase in the selling of imported dessert cheese. The operating profit amounted to SEK 6 million (0) and was affected in a positive way by a stock reevaluation as well as by lower costs. Sardus Foodpartner - Big households During this quarter the turnover increased by 11 per cent and amounted to SEK 56 million (50). The sales development was favourable within all areas and especially within the Gourmet services Patés and salads. The strong volume development combined with an improved product mix contributed to an increase in operating profit to SEK 4 million (2). Sardus Lätta Måltider For January - March the turnover increased by 29 per cent, mainly due to the purchase of Peigs, and amounted to SEK 75 million (58). The operating profit was SEK -9 million (-4). In 2006 the business unit was in a build-up phase with a strong growth. After the purchase of Peigs there was a production and distribution restructuring in the second quarter of 2006. Prioritizing of delivery accuracy during this period, in combination with a strong growth, led to an unsustainable cost level. In the fourth quarter of 2006 powerful measures were taken to rectify the high cost structure, showing clear results as of March 2007. FINANCING AND LIQUIDITY The group's liquid assets amounted to SEK 37 million (40) on March 31 2007. In addition there is an unused credit of SEK 256 million (545). In the first quarter the cash flow from the current business activities amounted to SEK 13 million (-21). The net financial income/expense amounted to SEK -13 million (-11). INVESTMENTS The group's total investments during the first quarter of the year amounted to SEK 9 million (10). NUMBER OF OUTSTANDING SHARES No new shares have been issued during this period. The number of outstanding shares therefore amounts to 10,107,875. ACCOUNTING POLICIES This interim statement for the group has been drawn up in accordance with the IAS 34 Interim Statements and the Swedish Financial Accounting Standards Council recommendation RR 31 Interim Statements for groups. As of January 1 2007 the accounting policy for the accounting of turnover-related activity expenses at Sardus Lätta Måltider has been modified. The policy was introduced retroactively with a recalculation of the figures for the comparative year. For the first quarter of 2006 the change of policy has meant that the net turnover and the selling expenses have decreased by SEK 3 million and for the whole of 2006 there is a decrease of SEK 15 million. As of January 1 2007 distribution costs are classified as Cost of goods sold. Previously, they were classified as Selling expenses. The figures for the comparative year have been recalculated. For the first quarter of 2006 the change of policy has meant that the selling expenses have decreased by SEK 12 million and SEK 48 million respectively for the whole of 2006. The cost of goods sold has increased by the corresponding amount. The changes of policy affect the gross profit/loss but have no effect on the operating profit, the income before tax, the income after tax or equity capital. As for the rest, the group's accounting policies remain unchanged compared to the ones applied for the annual report of 2006. Helsingborg April 24 2007 AB Sardus (publ.) The Board of Directors For further information, please contact: CEO Per Strömberg, mobile phone +46 (0)70-385 11 91 Financial Director Sven Lindskog, mobile phone +46 (0)70-335 52 45. INTERIM REPORT JANUARY-MARCH 2007 Sardus Group - Statement of Income (MSEK) 3 months Running 2006 2007 2006 12 months Whole year Net sales 509 470 2 159 2 120 Cost of goods sold -408 -387 -1 786 -1 765 Gross profit/loss 101 83 373 355 Other operating income 2 1 13 12 Selling expenses -43 -37 -174 -168 Administrative expenses -28 -25 -120 -117 Operating profit/loss 32 22 92 82 Net financial income/expense -13 -11 -47 -45 Profit before tax 19 11 45 37 Tax expense -5 -2 -12 -9 Net income 14 9 33 28 Earnings per Share 3 months Running 2006 2007 2006 12 months Whole year Number of shares(millions) 10,1 10,1 10,1 10,1 Number of shares after dilution (millions) 10,2 10,2 10,2 10,1 Earnings per share, SEK 1,34 0,87 3,20 2,74 Earnings per share after dilution (SEK) 1,33 0,87 3,18 2,73 Sardus Group - Balance Sheet (MSEK) 07 03 31 06 12 31 06 03 31 Assets Intangible assets 429 426 428 Tangible assets 501 501 507 Financial assets 9 5 3 Fixed assets 939 932 938 Inventories 239 236 224 Receivables 287 273 253 Cash 37 55 40 Current assets 563 564 517 Total assets 1 502 1 496 1 455 Equity and liabilities Equity capital 393 374 391 Subordinated loan 240 259 249 Long-term interest-bearing liabilities 510 503 469 Other long-term liabilities 87 86 101 Short-term interest-bearing liabilities 6 7 6 Other short-term liabilities 266 267 239 Total Equity and liabilities 1 502 1 496 1 455 Change of Equity Capital (MSEK) 07 03 31 06 12 31 06 03 31 Equity capital at the start of the period according to adopted balance sheet 374 378 378 Translation differences 4 -10 -1 Change of statutory reserve 1 7 4 Total wealth change accounted for directly against equity capital, excluding transactions with the company's owners 5 -3 3 Period profit/loss 14 28 9 Total wealth change, excluding transactions with the company's owners 19 25 12 Dividend - -30 - New share issue - 1 1 Capital carried forward 393 374 391 Sardus Group - Net Sales and Operating Profit/loss per Business Unit (MSEK) 3 months Running 2006 Net sales 2007 2006 12 months Whole year Sardus Chark & Deli 206 195 826 815 Sardus Lätta Måltider 75 58 369 352 Sardus Foodpartner 56 50 221 215 3-Stjernet 80 77 322 319 Falbygdens Ost 104 100 468 464 Group in co-operation -12 -10 -47 -45 Group total 509 470 2 159 2 120 3 months Running 2006 Operating profit/loss 2007 2006 12 months Whole year Sardus Chark & Deli 23 15 68 60 Sardus Lätta Måltider -9 -4 -47 -42 Sardus Foodpartner 4 2 15 13 3-Stjernet 10 9 43 42 Falbygdens Ost 6 - 28 22 Group in co-operation -2 - -15 -13 Group total 32 22 92 82 Cash Flow Statement (MSEK) 2007 2006 2006 3 months 3 months Whole year Profit before tax 19 11 37 Depreciation 18 17 77 Other non-cash relevant itmes - - 2 Paid tax -19 -12 -28 Change of operating capital -5 -37 -63 Cash flow from running operation 13 -21 25 Investment in fixed assets -9 -10 -64 Fixed assets sales - - 5 Acquisition of subsidiary company - - -6 Raised loanes/amortization -22 -14 40 Dividend - - -30 New share issue - 1 1 Cash change -18 -44 -29 Cash at the start of the period 55 84 84 Cash at the end of the period 37 40 55 Key Ratios 3 months Running Whole year 2007 2006 12 months 2006 Turnover, MSEK 509 470 2 159 2 120 Operating profit/loss, MSEK 32 22 92 82 Profit margin, % 6,2 4,7 4,3 3,9 Average capital employed, MSEK 1 100 1 054 1 094 1 060 Return on capital employed, % 11,6 8,4 8,4 7,7 Genomsnittligt eget kapital, Mkr 383 385 392 376 Return on equity capital, % 14,6 9,4 8,4 7,4 Equity ratio, % 26 27 26 25 Debt/equity ratio, times 1,8 1,7 1,8 1,9 Interest coverage ratio, times 2,5 2,0 2,0 1,8 Number of outstanding shares (millions) 10,1 10,1 10,1 10,1 Number of own shares (millions) 0,0 0,0 0,0 0,0 Average number of own shares (millions) 0,0 0,0 0,0 0,0 Average number of shares (millions) 10,1 10,1 10,1 10,1 Number of shares after dilution (millions) 10,2 10,2 10,2 10,1 Earnings per share, SEK 1,34 0,87 3,20 2,74 Earnings per share after dilution, SEK 1,33 0,87 3,18 2,73 Net worth per share 38,9 38,7 38,9 37,0 Gross investments, excluding acquisitions, MSEK 9 10 63 64 Depreciation of fixed assets, MSEK 16 15 65 64 Depreciation of intangible fixed assets, MSEK 2 2 11 11 Number of employees 976 932 976 1 044 This interim report has not been audited by the company's accountants. Financial information 2007 Due to the delisting of the Sardus share from the Stockholm Stock Exchange on April 27 2007, no more interim reports are likely to be published. Sardus is one of Sweden's leading producers of sandwich toppings and light meals, and a leading supplier of frozen foods to the catering trade. The products are marketed under strong, well-established brands. Sardus Chark & Deli is the name of new business unit that has emerged through the fusion of Pastejköket and Charkdelikatesser. Sardus Chark & Deli is the strongest player in its segment, with well-known products as Arbogapastej, Lönnebergaskinka, Onsalakorv, Norrbodakorv, Charkdelikatesser, Gea's blodpudding, Eliassons guldkassler and Pastejköket. Sardus Chark & Deli is the market leader in products as liver paste, smoked sausages, brawn, and blood pudding. Sardus Lätta Måltider is a recently started business unit that focuses on fast food customers. It offers a large assortment of light ready-cooked meals in a wide range of outlets, from supermarkets to conventient stores and service stations. Sardus Foodpartner is one of the leading suppliers of frosen food to the large-scale household market. Gourmet Service provides sandwiches, salads and dressings, souces, as well as salmon and seafood patés. Sardus Foodpartner was founded in 1984. 3-STJERNET is one of Denmark's leading suppliers of meat toppings for sandwiches, such as salami. About 30% is aimed at the export market. The company was founded in 1950. Falbygdens Ost is a leading cheese processing company in Sweden. The company specializes in its own extra matured quality cheese, that is marketed under well-established brands, like Morfars Brännvinsost, S:t Olofs Herrgårds, Birger Jarl, and "1878". The company was founded 1878. AB Sardus * Drottninggatan 14 * 252 21 Helsingborg * Sweden * Tel +46 42-38 14 00 Fax 042-38 14 11 * info@sardus.se * www.sardus.se DISTRIBUTION Helsinki Stock Exchange Principal media www.atria.fi |
|||
|