Lännen Tehtaat - Interim report (Q1 and Q3)

LÄNNEN TEHTAAT PLC’S INTERIM REPORT, JANUARY-JUNE 2012

LÄNNEN TEHTAAT PLC, Interim Report, 15 August 2012 at 8.30 a.m.

This is a summary of the Interim Report January - June 2012. The complete
Interim Report, including tables of financial information, is attached to this
release and can be downloaded from the company's website at  www.lannen.fi/en. 

Second quarter (April-June):

  -- Consolidated net sales amounted to EUR 91.0 (93.5) million, down by 2.7 per
     cent.
  -- Operating profit, excluding non-recurring items, came to EUR 0.3 (2.1)
     million; non-recurring items totalled EUR -0.2 (-1.7) million.
  -- The profit for the quarter was EUR 0.0 (-0.2) million, and earnings per
     share amounted to EUR 0.01 (-0.02).

January-June:

  -- Consolidated net sales amounted to EUR 170.5 (177.5) million, down by 4.0
     per cent.

  -- Operating profit, excluding non-recurring items, came to EUR -0.2 (3.0)
     million; non-recurring items totalled EUR -0.2 (-1.7) million.
  -- The profit for the period was EUR -0.6 (0.0) million, and earnings per
     share amounted to EUR -0.09 (0.03).

The assessment of profit performance for the full year is unchanged.

The information in this Interim Report has not been audited. The figures in
parentheses are the equivalent figures for the same period a year earlier,
unless stated otherwise. 

Matti Karppinen, CEO:

“The operating profit for the first half-year, excluding non-recurring items,
was down - as expected - in relation to the same period last year, when Grainsand Oilseeds made a record profit. The volume of grain trade sales was slack,
and vegetable oil crushing suffered from a weak refining margin. The operating
profit, excluding non-recurring items, in Frozen Foods and Seafood were about
the same as last year. In Other Operations, Caternet boosted net sales
considerably, as expected. 

“The acquisition of Caternet strengthens Lännen Tehtaat's position as a food
solutions supplier to the food service sector, and the company's product range
complements Lännen Tehtaat's range very well. The sales growth outlook for
Caternet is encouraging, as the food service sector is increasingly ordering
ready-to-use washed and chopped fruit, vegetables and salads, which involve a
considerable amount of work by hand.” 



KEY FIGURES

EUR million                      Q2    Q2    Change  Q1-Q2  Q1-Q2  Change   2011
                                2012   2011           2012   2011               
--------------------------------------------------------------------------------
Net sales                       91.0   93.5  -2.7 %  170.5  177.5  -4.0 %  335.5
--------------------------------------------------------------------------------
Operating profit, excluding      0.3   2.1            -0.2   3.0            9.8 
 non-recurring items                                                            
--------------------------------------------------------------------------------
Operating profit                 0.2   0.4            -0.4   1.3            8.7 
--------------------------------------------------------------------------------
Profit before taxes             -0.1   -0.1           -0.8   0.4            7.5 
--------------------------------------------------------------------------------
Profit for the period            0.0   -0.2           -0.6   0.0            5.7 
--------------------------------------------------------------------------------
Earnings per share, EUR         0.01  -0.02          -0.09   0.03           0.92
--------------------------------------------------------------------------------
Shareholders' equity per                             21.19  21.28          22.06
 share, EUR                                                                     
--------------------------------------------------------------------------------
Equity ratio, %                                       71.4   78.0           74.9
--------------------------------------------------------------------------------



ASSESSMENT OF EXPECTED FUTURE DEVELOPMENTS

Net sales for the full year are expected to show an increase on the previous
year, due to the acquisition made and the achievement of organic growth. As a
consequence of the more moderate profit expectation of the Grains and Oilseeds
business following its record performance in 2011, the full-year operating
profit, excluding non-recurring items, will be no higher than the level reached
in 2011.   The profit performance in the second half of the year will be
influenced substantially by the extent of activity in the grain and oilseed
markets, which is difficult to assess. 

PUBLICATION DATES FOR FINANCIAL REPORTS IN 2012

Interim Report for January-September will be published on 9 November at about
8.30 a.m. 



Further information:

Matti Karppinen, CEO, tel. +358 (0)10 402 00

***************

Invitation to a briefing

CEO Matti Karppinen will present Lännen Tehtaat's first half year 2012 results
to analysts and to the media in Finnish today, 15 August 2012, at 10.00 a.m.
The briefing will be held at the Scandic Simonkenttä hotel in Helsinki
(address: Simonkatu 9). 

The presentation material will be available on the company's website at
http://www.lannen.fi/en/investor_information after the briefing. 



COPIES TO:

NASDAQ OMX Helsinki Ltd
Main media
www.lannen.fi.

Attachment:

Lännen Tehtaat plc's Interim Report_Q2_2012

Attachments:

Lannen_Tehtaat_Interim_Report_Q2_2012.pdf