2016-08-16 07:30:01 CEST
2016-08-16 07:30:01 CEST
REGULATED INFORMATION
Apetit Oyj - Half Year financial report
Apetit Plc Half year financial report, January-June 2016
Apetit Plc, Half year financial report, 16 August 2016 at 08:30 a.m.
This is a summary of the half year financial report January - June 2016. The
complete 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.
April–June
-- Consolidated net sales amounted to EUR 106.9 (100.2) million
-- Operational EBITDA was EUR 0.4 (0.9) million
-- Operational EBIT *) was EUR -1.1 (-0.3) million
-- Profit for the period came to EUR -0.8 (-0.6) million, and earnings per
share amounted to EUR -0.13 (-0.10)
January–June
-- Consolidated net sales amounted to EUR 194.5 (191.7) million
-- Operational EBITDA was EUR 1.0 (1.1) million
-- Operational EBIT *) was EUR -2.1 (-1.9) million
-- Profit for the period came to EUR -3.0 (-2.9) million, and earnings per
share amounted to EUR -0.48 (-0.41)
The information has not been audited.The figures in parentheses are the
equivalent figures for the same period in 2015, and the comparison period means
the corresponding period of the previous year, unless stated otherwise.
The profit guidance remains unchanged. The Group’s full-year operational EBIT
is expected to improve year-on-year (EUR 2.6 million in 2015). Due to the
seasonal nature of the Group’s operations, a high proportion of the annual
profit is accrued in the second half of the year.
*) Due to the new amendments to the regulations of the European Securities and
Markets Authority (ESMA), Apetit has replaced the key figure “operating profit
excluding non‑recurring items” with the key figure “operational EBIT” as of
2016. Operational EBIT does not include restructuring expenses, any significant
impairment on goodwill or other balance-sheet items or reversal of impairment,
the profit of the associated company Sucros or other extraordinary and material
items.
Juha Vanhainen, CEO:
“In April–June the net sales of the Apetit Group grew well in all business
areas and was seven per cent higher than in the comparison period.However,
operational EBIT declined on the comparison period.I cannot be satisfied with
this result, but the good and strong continued improvement of profitability in
the Seafood segment is a significant positive aspect within the overall
situation.
The way the operational EBIT developed reveals that the clearest individual
factor is the low margins of the Grain Trade in April–June. After a quiet early
part of the year, trade volumes picked up. But due to the plentiful supply,
sales margins remained thin and the operational EBIT of the Grain Trade segment
failed to match the strong performance of the comparison period. In Food
Solutions the operating profit was negatively affected by product development
investments in the Tuorekset product family and decreased sales volumes in the
professional food service sector.
Measures taken to improve profitability in the Seafood segment are producing
results and the Operational EBIT improved substantially on the comparison
period. I am especially pleased with the good development of our Finnish
operations, which was achieved despite the fact that the price of Norwegian
salmon, a key raw material, continued to increase in the review period. The new
fish processing plant in Kuopio reached a new level of efficiency when the new
automatic filleting line came on stream in May. The efficiency boosting
measures implemented earlier in our Norwegian and Swedish operations continued
to have a positive impact in the second quarter.
The implementation of strategic projects has got off to a solid start. In
addition to the efficiency boosting programme of the Seafood segment mentioned
above, we have also completed the extension of the Kirkkonummi vegetable oil
packaging plant, which will both boost our production efficiency and enable us
to increase the proportion of more highly processed oilseed-based products in
our overall sales. In the Grain Trade we have strengthened our position in the
Baltic countries and signed key logistical agreements that will enable us to
increase volumes.
At the beginning of April, after extensive product development, Apetit started
to pilot the new “Tuorekset” vegetable concept in Finnish grocery stores. As a
result, we can now market a vegetable concept that is unique in terms of its
ease-of-use, quality and preservation characteristics, and that answers the
needs of modern consumers in a new way. The products will be launched across
Finland in mid-August. Based on the pilot stage we expect the product to
attract considerable interest among traders and consumers and make a key
contribution to the growth story of vegetable-based diets.
In accordance with our strategy, we have launched a digitalisation-based
innovation portfolio to develop completely new dining and food-related services
for the producer-to-consumer value chain. Our “Digital food services” project
gained a positive financing decision from Tekes in April, and we have got off
to a speedy start that will lead to the building of a partner network in the
autumn.”
GROUP-LEVEL KEY FIGURES
EUR million Q2 Q2 Change Q1-Q2 Q1-Q2 Change 2015 Rollin
2016 2015 2016 2015 g 12 m
--------------------------------------------------------------------------------
Net sales 106.9 100.2 +7% 194.5 191.7 +1% 380.8 383.5
Operational EBITDA 0.4 0.9 1.0 1.1 8.5 8.5
Operational EBIT -1.1 -0.3 -2.1 -1.9 2.6 2.4
Operating profit -1.1 0.4 -2.1 -1.2 -1.0 -1.9
Share of profit of 0.4 -0.4 -0.7 -1.0 -1.0 -0.6
associated company
Sucros
Profit for the period -0.8 -0.6 -3.0 -2.9 -4.6 -4.7
Earnings per share, -0.13 -0.10 -0.48 -0.41 -0.69 -0.77
EUR
Equity per share, EUR 18.35 19.70 19.53
Working capital 46.1 32.0 69.6 53.4
Return on capital 1.2% 1.4%
employed, (ROCE %)
Net cash flow from 22.7 14.1 -17.1
operating activities
Equity ratio 67.8% 75.8% 61.1%
Gearing 9.3% -6.7% 19.0%
Investment 6.5 4.9 9.1
--------------------------------------------------------------------------------
SEGMENT COMPARISON
Since the beginning of 2016, the new reporting business segments have been Food
Solutions, Oilseed Products, Grain Trade and Seafood.
-- The Food Solutions business comprises the frozen foods group and fresh
products group, as well as service sales.
-- The Oilseed Products business includes the processing and sale of vegetable
oils and expeller meals.
-- The Grain Trade business comprises Finnish and international trade in
grains, oilseeds and feed raw-materials.
-- The Seafood business comprises the operations of the fish products group in
Finland, Sweden and Norway.
The associated company Sucros (20% holding) has been reported after operating
profit in the income statement as of the beginning of 2016 and Group
Administration costs have been allocated equally between the segments.
NET SALES Q2 Q2 Change Q1-Q2 Q1-Q2 Change 2015 Rolling
2016 2015 2016 2015 12 m
--------------------------------------------------------------------------------
Food Solutions 24.3 23.8 +2% 49.3 47.7 +3% 95.8 97.4
Oilseed Products 18.2 15.5 +18% 34.7 31.5 +10% 61.3 64.5
Grain Trade 50.2 45.2 +11% 81.1 83.1 -3% 170.5 168.4
Seafood 22.7 20.5 +11% 43.2 41.3 +5% 82.9 84.8
Intra-segment net -8.5 -4.7 -13.8 -11.9 -29.6 -31.6
sales
Total 106.9 100.2 +7% 194.5 191.7 +1% 380.8 383.5
--------------------------------------------------------------------------------
OPERATIONAL EBIT Q2 Q2 Q1-Q2 Q1-Q2 2015 Rolling
2016 2015 2016 2015 12 m
---------------------------------------------------------
Food Solutions -1.6 -1.3 -2.8 -2.2 -0.1 -0.7
---------------------------------------------------------
Oilseed Products 0.7 0.8 1.4 1.5 2.7 2.6
---------------------------------------------------------
Grain Trade 0.1 1.4 0.5 1.9 3.8 2.4
---------------------------------------------------------
Seafood -0.3 -1.2 -1.2 -3.0 -3.8 -1.9
---------------------------------------------------------
Total -1.1 -0.3 -2.1 -1.9 2.6 2.4
---------------------------------------------------------
OUTLOOK FOR 2016
In Finland, the market situation in the retail sector is expected to remain
challenging. The growth outlook of the Finnish economy is weak. Prices on the
international grain market are anticipated to remain at a relatively low level
due to ample grain stores, at least during the first part of the new harvest
season.
The Group’s full-year operational EBIT is expected to improve year-on-year
(2015: EUR 2.6 million). Due to the seasonal nature of the Group’s operations,
a high proportion of the annual profit is accrued in the second half of the
year. The improvement of the Seafood segment’s profitability supports the
improvement of the Group’s operational EBIT in the comparison period.
Due to the significant effect of international grain market price fluctuations
on the entire Group’s net sales, Apetit will not issue any estimates of the
expected full-year net sales.
Further information
Juha Vanhainen, CEO, tel. +358 (0)10 402 00
Eero Kinnunen, CFO, tel. +358 (0)10 402 4025
***************
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 Juha Vanhainen presents the January
- June results of Apetit Plc and gives information about other current issues.
Apetit Plc’s CFO Eero Kinnunen will also be present in the briefing.
The presentation material will be available on the company’s website at
http://www.apetitgroup.fi/en/ after the event.
Copies to:
Nasdaq Helsinki
Main media
www.apetitgroup.fi
© 2024 Nasdaq, Inc. All Rights Reserved |