2014-05-08 07:30:02 CEST
2014-05-08 07:30:07 CEST
REGULATED INFORMATION
Raisio - Interim report (Q1 and Q3)
Raisio’s EBIT EUR 5.4 million
Raisio plc Interim Report 8 May 2014 at 8:30 Finnish time
RAISIO'S EBIT EUR 5.4 MILLION
January-March 2014
-- The Group's net sales totalled EUR 116.7 million (Q1/2013: EUR 128.3
million).
-- The Group's EBIT excluding one-off items was EUR 5.4 million (EUR 8.0
million) accounting for 4.6% (6.2%) of net sales.
-- The Brands Division's EBIT excluding one-off items was EUR 6.4 million (EUR
9.4 million) accounting for 8.9% (12.5%) of net sales.
-- Raisioagro's EBIT totalled EUR 0.0 (-0.6) million.
-- Raisio's guidance more challenging than previously.
Raisio Group's key figures excluding one-off items
Q1/ Q1/ 2013
2014 2013
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Results
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Net sales M€ 116.7 128.3 557.6
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Change in net sales % -9.1 -4.9 -4.5
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EBIT M€ 5.4 8.0 39.3
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EBIT % 4.6 6.2 7.1
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Depreciation and impairment M€ 3.9 3.9 14.9
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EBITDA M€ 9.3 11.9 54.3
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Net financial expenses M€ -0.3 -0.4 -1.8
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Earnings per share (EPS) € 0.03 0.04 0.20
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Balance sheet
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Equity ratio % 64.7 61.9 68.2
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Gearing % -4.2 8.4 -8.6
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Net interest-bearing debt M€ -13.3 26.2 -28.5
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Equity per share € 2.00 2.00 2.13
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Gross investments M€ 4.8 1.7 16.5
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Share
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Market capitalisation* M€ 750.3 470.3 683.1
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Enterprise value (EV) M€ 737.0 496.5 654.6
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EV/EBITDA 14.3 9.5 12.1
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* Excluding the company shares held by the Group
CEO Matti Rihko's review"The Group's all-year target is to improve EBIT. However, it is clear that this
is challenging as at the year beginning, we are EUR 2.6 million behind last
year. As a whole, Raisio's EBIT was reasonable, but the situation differed from
business to business. As expected, the situation in the UK's unit of cereals
and snacks undermined the Brands Division's performance; on the one hand,
breakfast cereals suffered from strongly declining market and on the other,
technical difficulties during the snack bar production transfer impaired our
service level. However, Northern Europe and confectionery showed further
improvement, so the overall picture of the Brands Division is twofold.
In April, Raisioagro started an extensive restructuring of activities with the
aim of focusing resources on areas in which the added value created through new
business and product innovations is the highest. Raisioagro's priority areas
were defined to be, above all, cattle feeds and fish feeds. For pig and poultry
feeds, the company will examine alternatives to down scale, terminate or sell
the business as the sector is in deep transition. Statutory cooperation
negotiations related to the restructuring are expected to end by the Midsummer.
In accordance with its objective, Benemilk Ltd continues the efforts to
commercialise the innovations internationally. The company is involved in
active negotiations in several countries and continents and is already
proceeding to the NDA stage with a number of major operators. Of the companies
encountered during the Roadshow, all but one have expressed their willingness
to continue the negotiations, which shows that interest in the innovation is
strong. According to the best current estimate, it is possible that the first
Benemilk launches could be finalised at the end of 2015, since the entire
process from the agreement to the market entry of products can easily take a
year."
Guidance
Raisio's aim to continue the improvement of its EBIT seems more challenging
than expected in terms of organic growth, although the improvement was
estimated to focus on the second half of 2014 when the ongoing streamlining
projects are completed.
Previous guidance in February 2014
In 2014, Raisio continues to improve its EBIT. The improvement is estimated to
focus on the second half of 2014 when the ongoing streamlining projects are
completed.
RAISIO PLC
Heidi Hirvonen
Communications and IR Manager
Tel. +358 50 567 3060
Further information:
Matti Rihko, CEO, tel. +358 400 830 727
Jyrki Paappa, CFO, tel. +358 50 556 6512
Heidi Hirvonen, Communications and IR Manager, tel. +358 50 567 3060Chief Executive's video in English will be made available
http://www.raisio.com/www/page/8133
Raisio Group briefly
Raisio plc is an international specialist in plant-based nutrition. Raisio's
operations are divided into two divisions: Brands and Raisioagro. The Group's
key market areas are Finland, Great Britain, the Czech Republic, Russia,
Ukraine, Poland, Estonia and Sweden. Raisio plc's shares are listed on NASDAQ
OMX Helsinki Ltd. In 2013, the Group's net sales totalled EUR 558 million and
EBIT was EUR 39 million. The Group employs some 1,900 people. Raisio's
best-known brands are Benecol, Honey Monster, Elovena, Fox's, Dormen, Juicee
Gummee, Poppets and Benemilk.
Distribution
NASDAQ OMX
Key media
www.raisio.com
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