Apetit Oyj - Interim report (Q1 and Q3)

APETIT PLC’S INTERIM REPORT, JANUARY-SEPTEMBER 2013

Apetit Plc    Interim Report   6 November 2013 at 08.30 am

This is a summary of the Interim Report January - September 2013. 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.apetitgroup.fi/en. 

Third quarter (July-September):

  -- Consolidated net sales amounted to EUR 91.6 (92.7) million, down by about 1
     per cent.
  -- Operating profit, excluding non-recurring items, was EUR 3.1 (3.9) million;
     reported operating profit was EUR 1.0 (3.8) million.
  -- The non-recurring items included in the reported operating profit were EUR
     -2.1 (-0.1) million, including a EUR -2.0 million impairment with no cash
     flow implications carried out in the Finnish Seafood business on the basis
     of goodwill impairment testing.
  -- Financial income includes a EUR 2.2 million reduction, with no cash flow
     implications, of the debt related to the redemption obligation in Apetit
     Kala's minority holding.
  -- The profit for the period was EUR 2.5 (3.3) million, and earnings per share
     came to EUR 0.48 (0.52).

January-September:

  -- Consolidated net sales amounted to EUR 290.0 (263.2) million, up by about
     10 per cent.
  -- Operating profit, excluding non-recurring items, was EUR 6.8 (3.7) million;
     reported operating profit was EUR 4.3 (3.4) million.
  -- The non-recurring items included in the reported operating profit were EUR
     ‑2.5 (-0.3) million.
  -- The profit for the period was EUR 4.9 (2.7) million, and earnings per share
     amounted to EUR 0.91 (0.43).

The outlook for the year 2013 is unchanged.

The information in this Interim Report has not been audited. The figures in
parentheses are the equivalent figures for the same period in 2012, unless
stated otherwise. 

Matti Karppinen, CEO:

“The Group's third-quarter operating profit, excluding non-recurring items,
performed as expected and was lower than it was in the corresponding period of
2012. Net sales were about the same as the previous year. The January-September
operating profit, excluding non-recurring items, showed a year-on-year
improvement, especially due to the good result posted by Frozen Foods and the
Other Operations segment. Despite the expected sales growth, the third-quarter
operating profit, excluding non-recurring items, for the Seafood business was
weak, and we will continue to implement efficiency improving measures. We
updated our outlook regarding the future cash flow of the Finnish Seafood
business based on the revitalising measures and objectives prepared for the
strategy period, and we carried out a EUR 2.0 million impairment during the
period on the basis of goodwill impairment testing. 

“Consumers value domestic food, and this is reflected in purchasing behaviour.
In Frozen Foods, sales of the Apetit Kotimainen range continued to grow, and
increased 9 per cent from the beginning of the year compared with the previous
year. Seafood products have been complemented by new products from the Apetit
Kotimainen range. 

“We have made progress in the restructuring project, which looks at combining
into an integrated entity the company's present Finnish-based consumer
businesses. By revising the structure and operating procedures of the consumer
businesses, the aim is to further boost Apetit's standing among consumers in
selected product groups as their preferred, healthy and responsible domestic
food solution and to be the preferred partner for our customers in the retail
and professional food service sectors. The restructuring project aims at
boosting growth and enhancing profitability.” 

Key Figures

------------------------------------------------------------------------
EUR million               Q3    Q3   Change  Q1-Q3  Q1-Q3  Change   2012
                         2013  2012           2013   2012               
Net sales                91.6  92.7   - 1%   290.0  263.2  + 10 %  378.2
Operating profit,         3.1   3.9           6.8    3.7            8.8 
excluding non-recurring                                                 
items                                                                   
Operating profit          1.0   3.8           4.3    3.4            8.5 
Profit before taxes       2.7   3.8           4.7    3.0            7.5 
Profit for the period     2.5   3.3           4.9    2.7            6.7 
Earnings per share, EUR  0.48  0.52           0.91   0.43           1.07
Shareholders' equity                         22.19  21.40          22.37
per share, EUR                                                          
Equity Ratio, %                               67.4   55.8           60.6
------------------------------------------------------------------------


Outlook for 2013

Net sales for 2013 are expected to show a year-on-year increase as a result of
the Caternet acquisition made in 2012 and achievement of organic growth. The
Group's net sales will be affected particularly by the level of activity in the
grain and oilseed markets and by changes in the price level of grains and
oilseeds. 

The 2013 consolidated operating profit, excluding non-recurring items, is
expected to show an improvement on the 2012 figure especially due to the good
profitability of the Frozen Foods business and the good result posted by the
Other Operations segment. 

A decision in the shareholder agreement dispute regarding Sucros is expected to
be received in 2014. This will not affect the profit for the 2013 financial
year, with the exception of non-recurring expert costs. 

Further information:

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



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

Invitation to a briefing

A briefing (in Finnish) for analysts and media representatives will be held
today at 10.00 a.m. in Hotel Scandic Simonkenttä (address: Simonkatu 9,
Helsinki). In the briefing Apetit Plc's CEO Matti Karppinen presents the
January - September results of Apetit Plc and gives more information about
current issues. 

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



COPIES TO:

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

Attachments:

Apetit_Q3_2013_INTERIM_REPORT_ 6. 11.2013.pdf