Raisio - Interim report (Q1 and Q3)

Raisio’s results improved

Raisio plc      Interim Report 13 August 2013 at 8:30 Finnish time

RAISIO'S RESULTS IMPROVED

April-June 2013, continuing operations

  -- Group net sales totalled EUR 148.6 million (Q2/2012: EUR 150.6 million).
  -- Group EBIT excluding one-off items was EUR 11.0 million (Q2/2012: EUR 10.6
     million) accounting for 7.4% (7.1%) of net sales.
  -- Brands Division's profitability improved, EBIT 14.2% (12.8%) of net sales. 
  -- Raisioagro's EBIT was clearly positive. 
  -- Raisio's 2013 EBIT guidance remains unchanged. Due to the lower market
     price level of grains and oilseeds, net sales forecast has been lowered.

January-June 2013, continuing operations

  -- Group net sales totalled EUR 276.9 million (H1/2012: EUR 285.6 million).
  -- Group EBIT excluding one-off items was EUR 19.0 million (H1/2012: EUR 17.3
     million) accounting for 6.9% (6.1%) of net sales.
  -- Brands Division's profitability was good, EBIT 13.4% (12.0%) of net sales. 
  -- Raisioagro's EBIT improved more than EUR 2 million from the comparison
     period.

Raisio Group's key figures excluding one-off items

                                         4-6/   4-6/   1-6/   1-6/  1-12/
                                         2013   2012   2013   2012   2012
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Results from continuing operations                                       
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Net sales                           M€  148.6  150.6  276.9  285.6  584.1
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Change in net sales                  %   -1.3    0.1   -3.0    4.9    5.7
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EBIT                                M€   11.0   10.6   19.0   17.3   34.6
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EBIT                                 %    7.4    7.1    6.9    6.1    5.9
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Depreciation and impairment         M€    3.7    4.2    7.6    8.3   16.6
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EBITDA                              M€   14.7   14.8   26.6   25.6   51.2
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Net financial expenses              M€   -0.8   -0.6   -1.2   -0.9   -2.5
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Earnings per share (EPS)             €   0.05   0.05   0.09   0.08   0.18
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Balance sheet                                                            
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Equity ratio                         %             -   63.9   58.1   64.1
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Gearing                              %             -    8.0    2.4    4.9
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Net interest-bearing debt           M€             -   25.5    7.5   16.2
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Equity per share                     €             -   2.04   2.05   2.10
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Gross investments*                  M€    3.0    1.8    4.8    6.0   24.6
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Share                                                                    
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Market capitalisation**             M€             -  542.1  391.3  479.3
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Enterprise value (EV)               M€             -  567.6  398.8  495.5
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EV/EBITDA                                          -   10.9    8.0    9.7
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*                    Including acquisitions
**                   Excluding the company shares held by the Group

CEO Matti Rihko's review

“The second-quarter 2013 EBIT was current Raisio's all-time best quarterly
result. Improved result in the economically challenging times and rapidly
changing markets requires commitment and strong expertise from all of us at
Raisio. 

Moreover, Raisioagro's clear profit improvement was very positive. In the
extremely competitive Finnish feed and farming supplies market, this
achievement is the result of hard work. Our Benemilk feeds are well established
in the Finnish market and in the autumn, we are going to expand Benemilk's
product range and customer potential. Several international operators have also
shown interest in the Benemilk feeds. 

Co-operation between Raisio and Intellectual Ventures is proceeding well, as
expected. Our scientific co-operation during the second quarter spawned a
significant amount of inventions strengthening and further developing Benemilk
concept. We are filing patent applications for some of these inventions. After
the review period, Raisio announced that Benemilk patent process is proceeding
on schedule as certain initial Benemilk-related patent applications became
public on 1 August 2013. Benemilk Oy has filed a total of 10 new international
patent applications related to the Benemilk invention by 31 July 2013. New
patent applications will complement the already pending applications filed in
early 2012. Benemilk Oy also has plans to file further patent applications by
the end of 2013. This could potentially double the number of patent
applications.” 

EBIT guidance unchanged

Raisio continues to expect solid improvement in EBIT over 2012. In the next
harvest season, grain and oilseed price levels appear to remain at lower levels
than in the comparison year, which directly affects particularly Raisioagro's
net sales. The Group's net sales are estimated to be slightly lower than last
year. 

Guidance for 2013 given in the Financial Statements Bulletin 2012

Raisio anticipates moderate net sales growth and expects solid improvements in
EBIT over 2012. 



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 3060



A press and analyst event in Finnish will be arranged on 13 August 2013 at 2:00
p.m. Finnish time in Helsinki. It will be held at Hotel Scandic Simonkenttä, in
the Espa meeting room. The address is Simonkatu 9, Helsinki. 

CEO's video, where he sums up Raisio's second quarter, will be made available
in English 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 2012, the Group's net sales totalled EUR 584 million and
EBIT was EUR 35 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

Attachments:

raisio_interim_report_q2_2013.pdf