2013-08-09 07:00:02 CEST
2013-08-09 07:00:11 CEST
REGULATED INFORMATION
HKScan Oyj - Interim report (Q1 and Q3)
HKScan Group’s interim report 1 January — 30 June 2013: Mixed performance in challenging business environment
HKScan Corporation INTERIM REPORT
9 August 2013, at 08:00 am
HKScan Group's interim report 1 January — 30 June 2013:
Mixed performance in challenging business environment
* Net sales were EUR 1 214.5 (1 228.5) million in January-June, and EUR 623.7
(632.2) million in the second quarter.
* In January-June, reported EBIT was EUR 4.8 (5.7) million, comparable EBIT
excluding non-recurring items was EUR 7.9 (5.7) million, and the corresponding
EBIT margin was 0.6 (0.5) per cent. For the second quarter, reported and
comparable EBIT were EUR 5.8 (5.9) million, and the EBIT margin was 0.9 (0.9)
per cent.
* Cash flow before debt service was EUR -0.7 (2.3) million in January-June, and
EUR 20.1 (22.5) million in the second quarter.
* Profit/loss before taxes was EUR -4.8 (-8.5) million in January-June, and EUR
1.1 (-1.2) million in the second quarter.
* EPS was EUR -0.07 (-0.08) in January-June, and EUR 0.01 (0.01) in the second
quarter.
* Net financial expenses were EUR -11.4 (-16.0) million in January-June, and
EUR -5.6 (-8.0) million in the second quarter.
* Net debt was EUR 451.2 (483.4) million, and net gearing was 115.7 (126.8) per
cent in January-June.
* Outlook for 2013 (unchanged): EBIT is estimated to improve from 2012.
HKSCAN GROUP
---------------------------------------
(EUR million) Q2/2013 Q2/2012* Q1-Q2/201 Q1-Q2/2012 2012*)
) 3 *)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 623.7 632.2 1 214.5 1 228.5 2 503.1
--------------------------------------------------------------------------------
EBIT 5.8 5.9 4.8 5.7 43.1
--------------------------------------------------------------------------------
- EBIT margin, % 0.9 0.9 0.4 0.5 1.7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EBIT excluding non-recurring 5.8 5.9 7.9 5.7 36.7
items
--------------------------------------------------------------------------------
- EBIT margin, % 0.9 0.9 0.6 0.5 1.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow before debt service 20.1 22.5 -0.7 2.3 65.8
--------------------------------------------------------------------------------
Profit/loss before taxes 1.1 -1.2 -4.8 -8.5 14.3
--------------------------------------------------------------------------------
Earnings per share, EUR 0.01 0.01 -0.07 -0.08 0.30
--------------------------------------------------------------------------------
Net financial expenses -5.6 -8.0 -11.4 -16.0 -31.7
--------------------------------------------------------------------------------
Net debt 451.2 483.4 440.9
--------------------------------------------------------------------------------
Net gearing, % 115.7 126.8 109.2
--------------------------------------------------------------------------------
*) The 2012 figures have been restated in accordance with the revised IAS 19
standard for employment benefit plans and the changed reporting principle for
marketing support expenses.
GROUP OVERVIEW APRIL-JUNE 2013
Hannu Kottonen, HKScan's CEO, comments on the second quarter:
- Consumer and customer demand in Europe and also in northern Europe during
the first half of the year was lower than pig and poultry production, which
kept stock levels high and sales prices low, especially in exports. Therefore,
net sales did not quite reach the previous year's figures. Overall, the
financial performance was modest during the second quarter, though. Poland was
yet again the market area showing excellent results, and Sweden improved
compared to the previous year and the first quarter. In Finland, the Baltics
and Denmark, the second quarter was difficult.
- Pork stocks were high throughout Europe for several reasons, such as
weakened purchasing power and increased regulation, which has led to production
adjustments accelerating slaughtering and leading to a short-term increase in
the amount of meat on the market. Additionally, poor weather conditions during
spring and early summer in Europe resulted in the barbeque season starting
later and at a lower level than usual. The structural shortage of beef
continued.
- It can be expected that animal production volumes of pork and beef will
become lower, which may result in a shortage of raw material later this year
and next year.
- Consumers' growing concerns about the origin of meat and animal welfare, and
an increasing interest in health, continue to affect the European meat and food
industry. Private labels increased their share of the market as a whole, thus
impacting supply chain management.
- Raw material prices of pork and poultry stabilised or came somewhat down
towards the end of the second quarter, but beef prices stayed high. The outlook
looks positive for better crops and lower feed prices.
- In Finland, the restructuring and development programme, including production
line transfers and investments, has been progressing as planned. There were,
however, some temporary challenges in daily operations. The restructuring
actions proceeding in Sweden and Finland are to bring an annual profit
improvement of approximately EUR 15 million.
- The Group's sourcing organisation was established during the first half of
the year, and it started to deliver results by consolidating purchases. In the
animal sourcing area, closer integration with primary production has progressed
in Finland and also started in Sweden. Despite the good progress of the Group
development programme, lower sales margins have partly deteriorated the
financial performance.
- The strategy review completed in June brought some adjustments, such as the
sharpening of the Group's brand strategy, as well as the roadmap to enhance
HKScan's operational and technological footprint. Additionally the Group's
financial targets were updated and communicated in a stock exchange release on
9 August.
MARKET AREA: FINLAND
----------------------------------------
(EUR million) Q2/2013 Q2/2012* Q1-Q2/201 Q1-Q2/2012 2012*)
) 3 *)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 199.4 204.9 393.5 396.1 813.8
--------------------------------------------------------------------------------
EBIT 0.5 2.7 -0.8 5.4 18.4
--------------------------------------------------------------------------------
- EBIT margin, % 0.2 1.3 -0.2 1.4 2.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EBIT excluding non-recurring 0.5 2.7 2.3 5.4 18.4
items
--------------------------------------------------------------------------------
- EBIT margin, % 0.2 1.3 0.6 1.4 2.3
--------------------------------------------------------------------------------
*) The 2012 figures have been restated in accordance with the changed reporting
principle for marketing support expenses.
In Finland, net sales in the second quarter amounted to EUR 199.4 (204.9)
million. EBIT for the period was EUR 0.5 (2.7) million.
Net sales fell short of the previous year, mainly because of the planned lower
level of campaign and seasonal activities. The overall sales volumes were lower
in the quarter than in the corresponding period in 2012. A reduced number of
campaigns was also related to production line transfers and investments
scheduled for the second quarter. Consumer demand has been shifting between
meat qualities and product categories, causing changes in the product mix.
Overall price competition in the domestic market remained high. Additionally,
export sales continued to face challenges due to the overall surplus of meat
raw material in Europe and globally. Pork procurement prices came down slightly
late July, whereas beef and poultry prices remained high.
The restructuring and development programme, including production line
transfers and investments, caused temporary challenges in daily operations. The
actions based on the programme will improve the productivity and efficiency of
the business, as well as bringing benefits from centralising operations and
technologies. In the second quarter, production rationalisation actions took
place between the Vantaa, Mikkeli and Säkylä plants. This announced
rationalisation programme will continue until the end of 2013. New investments
will be made in the Mikkeli and Eura plants. The restructuring actions are
intended to improve profit by approximately EUR 5 million annually from the end
of 2013 onwards.
MARKET AREA: BALTICS
--------------------------
(EUR million) Q2/2013 Q2/2012 Q1-Q2/2013 Q1-Q2/2012 2012
-----------------------------------------------------------------
-----------------------------------------------------------------
Net sales 43.8 46.8 85.7 87.3 176.7
-----------------------------------------------------------------
EBIT 1.3 3.1 2.1 3.8 8.9
-----------------------------------------------------------------
- EBIT margin, % 2.9 6.7 2.4 4.4 5.1
-----------------------------------------------------------------
In the Baltics, net sales in the second quarter were EUR 43.8 (46.8) million.
EBIT was EUR 1.3 (3.1) million.
The surplus in the European meat supply also put pressure on the Baltic meat
market, causing competition and shrinking the margins in sales of unprocessed
meat. This development hit especially the profitability of non-branded, away
from home and commodity products. In any event, branded sales in Baltics
developed well and spring novelties contributed favourably to sales.
The domestic demand in the market area was relatively good during the second
quarter, but increased raw material costs in primary production had a negative
impact on profit. Feed prices were high, though soya prices continued their
slowly decreasing trend. Efficiency improvement projects related to the
consolidation of poultry production at the Ranna plant continued according to
plan. The new innovative Kiev Cutlet product line was launched in late June.
Both Tallegg Yoghurt Fillet Shashlik and Rakvere Lihakombinaat Children's Grill
Sausage were awarded “the Best Meat Product in Estonia 2013” title in an annual
nationwide competition.
MARKET AREA: SWEDEN
---------------------------------------
(EUR million) Q2/2013 Q2/2012* Q1-Q2/201 Q1-Q2/2012 2012*)
) 3 *)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 241.8 262.7 470.7 506.3 1 025.7
--------------------------------------------------------------------------------
EBIT 2.0 -3.7 -0.6 -8.8 -5.9
--------------------------------------------------------------------------------
- EBIT margin, % 0.8 -1.4 -0.1 -1.7 -0.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EBIT excluding non-recurring 2.0 -3.7 -0.6 -8.8 1.5
items
--------------------------------------------------------------------------------
- EBIT margin, % 0.8 -1.4 -0.1 -1.7 0.1
--------------------------------------------------------------------------------
*) The 2012 figures have been restated in accordance with the revised IAS 19
standard for employment benefit plans and the changed reporting principle for
marketing support expenses.
In Sweden, net sales in the second quarter were EUR 241.8 (262.7) million. EBIT
was EUR 2.0 (-3.7) million. All product categories improved their performance
somewhat. The decrease in net sales was caused by discontinuing non-profitable
sales and the shortage of beef raw material.
Branded products, such as Svensk Rapsgris® (Swedish rapeseed pork), were
developed further. Sales of Pärsons cold cuts continued well, and new Pärsons
fresh chicken products were launched as planned.
Continuously low levels of beef raw material resulted in tougher competition
and higher purchase prices. As for pork, imports to Sweden continued to be
high, especially by non-Swedish actors who normally do business in the Far East
and Russia, as they currently could not export to those regions the same
volumes as earlier.
The development programme continued in Sweden during the second quarter with
result improvements. The actions within the programme aim to improve profit by
approximately EUR 10 million annually, reaching their full effect as of the
middle of 2013.
In June, additional redundancies due to operational efficiency actions were
announced, affecting around 20 persons at the Skara plant. Also in June, a new
branch organization - “Sveriges Köttföretag” (Swedish Meat Companies) - was
established with other large Swedish meat companies. The aim is to actively
take the initiative and participate in the public discussion on relevant meat
industry issues.
In May, HKScan acquired exclusive rights to Nordic Genetics' NG Hampshire
genetics, which form the basis for the well-known Swedish “Scan Piggham” pork.
MARKET AREA: DENMARK
------------------------------------------
(EUR million) Q2/2013 Q2/2012 Q1-Q2/201 Q1-Q2/2012 2012
3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 60.4 51.4 116.7 109.1 211.7
--------------------------------------------------------------------------------
EBIT 0.0 1.5 -0.1 1.7 15.4
--------------------------------------------------------------------------------
- EBIT margin, % 0.0 2.8 -0.1 1.6 7.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EBIT excluding non-recurring 0.0 1.5 -0.1 1.7 1.5
items
--------------------------------------------------------------------------------
- EBIT margin, % 0.0 2.8 -0.1 1.6 0.7
--------------------------------------------------------------------------------
For Denmark, net sales in the second quarter were EUR 60.4 (51.4) million. EBIT
was EUR 0.0 (1.5) million. Sales volumes developed well during the quarter.
Price competition remained tough, and was also visible in frozen as well as
fresh poultry products.
Both volumes and prices for poultry sourcing had a somewhat positive trend, but
animal purchase prices were still higher than in continental Europe. Sales of
fresh chicken in Sweden under the Pärsons brand started well. Even though
exports faced challenges, stock levels have decreased.
After the fire last year, the last production lines at the Vinderup plant were
taken into use during the first quarter. The temporary set-ups and manning
needed after the fire were removed for the most part during the second quarter.
Operations at the Padborg plant were closed down in mid-June. At the end of
June, around 100 persons were given notice at the Skovsgaard plant.
Operational efficiency improvements will continue.
The insurance cases related to the fire are still in progress. The insurance is
estimated to cover both the property damage and the loss of profit, as well as
the additional costs caused by the interruption to the business. The rebuilt
part of the plant started production in December. The rebuilding was approved
by the authorities with regard to fire protection, production premises and work
place at the end of the second quarter. However, some work is still under
construction. The accumulated posted capital expenditure related to the fire
amounted to EUR 22.9 million by the end of June 2013.
MARKET AREA: POLAND *)
--------------------------
(EUR million) Q2/2013 Q2/2012 Q1-Q2/2013 Q1-Q2/2012 2012
-----------------------------------------------------------------
-----------------------------------------------------------------
Net sales 96.0 86.9 181.5 167.3 343.7
-----------------------------------------------------------------
EBIT 5.7 4.5 11.2 7.9 15.8
-----------------------------------------------------------------
- EBIT margin, % 6.0 5.1 6.1 4.7 4,6
-----------------------------------------------------------------
*) Represents HKScan's 50% share of Sokolów.
In Poland, net sales for the second quarter totalled EUR 96.0 (86.9) million.
EBIT for the period was EUR 5.7 (4.5) million. The EBIT margin was at a very
good level, being 6.0 (5.1) per cent.
The positive development was attributable to the high recognition of the
Sokolów brand and focusing on sales of processed products. Good profit
development in the market area was also supported by low meat prices for raw
material. The weakening European economic activity will, however, have a
general impact on Poland as well as on demand and purchase volumes.
During the second quarter, investments were made in processing and packing at
the Sokolów Podlaski plant, in cooking at Czyżew and in packing at Jaroslaw.
INVESTMENTS
The Group's investments in the second quarter were EUR 9.8 (13.8) million and
divided by market area as follows:
(EUR million) Q2/2013 Q2/2012 Q1-Q2/2013 Q1-Q2/2012 2012
--------------------------------------------------------------------------------
Finland 3.4 3.2 4.5 6.5 11.8
--------------------------------------------------------------------------------
Baltics 2.1 2.3 6.1 4.7 10.5
--------------------------------------------------------------------------------
Sweden 1.3 2.1 1.9 5.0 7.4
--------------------------------------------------------------------------------
Denmark 1) 0.7 2.3 1.0 7.8 33.0
--------------------------------------------------------------------------------
Poland 2) 2.4 4.0 5.5 9.7 14.0
--------------------------------------------------------------------------------
Total 9.8 13.8 18.9 33.6 76.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-
1) The investments for full year 2012 include rebuilding the Vinderup plant.
2) HKScan's share (50%) of Sokolów
investments.
A substantial share of the investments planned and executed focused on
improvements in operational efficiency, which has been identified as a
strategic focus area.
The main investments so far during 2013 have been the following. In Finland,
transfers of production lines between the Vantaa, Mikkeli and Säkylä plants,
supported by the production line and infrastructure investment for processed
meat products in Mikkeli, as well as investments in poultry production by
installation of weighers and slicers in Eura. As for the Baltics market area,
respectively, in Estonia the consolidation of poultry production to the Ranna
plant continued, and the new Kiev Cutlet production line was taken into use in
Rakvere.
The investments in improving operational efficiency, the rationalisation of the
operational footprint and the consolidation of production are expected to
continue during 2013 and beyond.
FINANCING AND TAXES
Group interest-bearing debt at the end of June stood at EUR 483.6 (522.4)
million, of which current interest-bearing debts amounted to EUR 334.5 (187.9)
million. Negotiations concerning the refinancing of loans maturing in 2014 have
been initiated. At year end, gross interest-bearing debts were EUR 499.7
million. Net debt decreased compared to the previous year by EUR 32.2 million,
but increased from year end by EUR 10.3 million.
The Group's liquidity was good during the second quarter. Undrawn committed
credit facilities at 30 June were EUR 175.8 (176.8) million. In addition, the
Group had other undrawn overdraft and other facilities of EUR 27.7 (28.1)
million. The EUR 200 million commercial paper programme had been drawn to the
amount of EUR 134.0 (142.5) million. In the second quarter, a total amount of
EUR 5.4 million was paid as dividends for 2012.
Net financial expenses were EUR -5.6 (-8.0) million in the second quarter, and
EUR -11.4 (-16.0) million in January-June. The decrease is attributable to the
lower loan amount and lower interest level. Additionally, costs in the previous
year include one-time refinancing arrangement expenses.
Group taxes were EUR -0.7 (1.7) million in the second quarter and EUR 1.1 (4.1)
million positive in January-June.
SHARES
At the end of June, the HKScan Group's share capital stood at EUR 66 820 528.
The Group's total number of shares issued, 55 026 522, was divided into two
share series as follows: A Shares, 49 626 522 (90.19% of the total number of
shares) and K Shares, 5 400 000 (9.81%). The A Shares are quoted on the NASDAQ
OMX Helsinki. The K Shares are held by LSO Osuuskunta (4 735 000 shares) and
Sveriges Djurbönder ek.för. (665 000 shares) and are not listed. The company
held 1 053 734 A Shares as treasury shares.
HKScan's market capitalization at the end of June stood at EUR 187.8 (208.6)
million. It breaks down as follows: Series A shares had a market value of EUR
169.0 (188.1) million, and the unlisted Series K shares a calculational market
value of EUR 18.8 (20.5) million.
In January-June, a total of 3 157 677 (5 702 100) of the company's shares with
a total value of EUR 12 367 456 (28 032 244) were traded. The highest price
quoted in the period under review was EUR 4.28 (6.40), and the lowest was EUR
3.46 (3.17). The average price was EUR 3.91 (4.87). At the end of June, the
closing price was EUR 3.48 (3.79).
HKScan has in place a market-making agreement with FIM Pankkiiriliike Oy which
meets the requirements of NASDAQ OMX's Liquidity Providing (LP) operation.
ANNUAL GENERAL MEETING AND BOARD OF DIRECTORS' AUTHORIZATIONS
The Annual General Meeting of HKScan Corporation was held on 24 April 2013 in
Turku. The resolutions of the AGM, including authorisations given to the Board,
are reported in full in a stock release the same day. The Board has not
exercised the authorisations given by the AGM.
The AGM re-elected the current Board members, Juha Kylämäki, Niels Borup, Teija
Andersen, Gunilla Aschan, Tero Hemmilä and Henrik Treschow for a further term
of office. Mikko Nikula and Per Nilsson were elected as deputy members. At the
organisational meeting after the AGM, the Board re-elected Juha Kylämäki as
Chairman and Niels Borup as Vice Chairman.
PERSONNEL
In January-June, HKScan, excluding Sokolów in Poland, had an average of 7 664
(8 257) personnel.
The personnel decreased in Finland, the Baltics and Sweden due to the on-going
efficiency programmes.
The average number of personnel in each market area was as follows:
Q1-Q2/2013 Q1-Q2/2012 2012
--------------------------------------
Finland 2 720 2 832 2 794
--------------------------------------
Baltics 1 673 1 783 1 742
--------------------------------------
Sweden 2 365 2 761 2 428
--------------------------------------
Denmark 886 881 872
--------------------------------------
Total 7 644 8 257 7 836
--------------------------------------
In addition, during the period the Sokolów Group employed an average of 6 334
(6 166) persons, and in 2012 the average number of personnel was 6 310.
Division of personnel by market area at the end of June was as follows:
30.6.2013 30.6.2012 31.12.2012
-----------------------------------------
Finland 3 107 3 254 2 592
-----------------------------------------
Baltics 1 657 1 787 1 700
-----------------------------------------
Sweden 2 464 3 115 2 339
-----------------------------------------
Denmark 872 883 893
-----------------------------------------
Total 8 100 9 039 7 524
-----------------------------------------
Additionally, the Sokolów Group had 6 317 (6 491) employees at the end of the
period under review, and 6 491 employees at the end of 2012.
CLAIM BY OY PRIMULA AB'S BANKCRUPTY ESTATE
According to a stock exchange release on 7 September 2012, HKScan Corporation
and HK Ruokatalo Oy were notified that Oy Primula Ab's bankruptcy estate has
submitted an action for damages to the District Court of Finland Proper
concerning the companies. The claim amounts to about EUR 16.3 million, plus
claims related to interest and legal process costs.
HKScan and HK Ruokatalo find the action to be unjustified, and the companies
have disputed the claim in its entirety in the pending trial. Therefore, the
action did not give raise to any provisions in the consolidated financial
statements.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
The most significant uncertainty factors in the HKScan Group's business are
connected — through price increases for feed raw material in particular and
other production inputs related to primary production — to price development
and the availability of local meat raw material, as well as to the adequacy of
increases in the sales prices for the products in relation to cost development.
The risks of animal diseases in the food industry's raw meat supplies or
eventual international or regional food scandals impacting the overall
consumption outlook can never be fully excluded.
EVENTS AFTER THE REPORTING PERIOD
In a stock exchange release published on 2 July, HKScan introduced the first
steps of the sharpened brand strategy of the Group: company names will be
harmonised, and country-of-origin promises were reaffirmed for its key brands
in Finland and Sweden, among other things. The Group additionally announced
that it will increase in the volume of meat raw material sourced from its own
slaughterhouses in its home markets.
On 9 August, HKScan issued a stock exchange release on the updated financial
targets as follows: an EBIT (operating profit) of more than 4%, return on
capital employed greater than 12%, and net gearing less than 100%. The dividend
policy of at least 30% of net profit remains unchanged.
OUTLOOK FOR 2013
The Group keeps unchanged the outlook given in the financial statements
bulletin on 15 February 2013: Group EBIT for the entire year is estimated to
improve from 2012.
CONSOLIDATED INTERIM REPORT 1 JANUARY - 30 JUNE
2013
CONSOLIDATED INCOME
STATEMENT
(EUR million) Note Q2/2013 Q2/2012 Q1-Q2/20 Q1-Q2/201 2 012
13 2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 623.7 632.2 1 214.5 1 228.5 2 503.1
--------------------------------------------------------------------------------
Operating income and 1. -599.7 -602.6 -1 173.5 -1 180.8 -2 374.1
expenses
--------------------------------------------------------------------------------
Share of associates' -0.3 -0.2 -0.3 -0.3 -0.1
results
--------------------------------------------------------------------------------
Depreciation and 1. -17.9 -23.5 -36.0 -41.7 -85.9
amortization
--------------------------------------------------------------------------------
EBIT 5.8 5.9 4.8 5.7 43.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 1.4 1.5 2.7 3.4 5.4
--------------------------------------------------------------------------------
Financial expenses -7.0 -9.5 -14.0 -19.3 -37.1
--------------------------------------------------------------------------------
Share of associates' 0.9 0.9 1.8 1.7 3.0
results
------------------------------------------------
PROFIT/LOSS BEFORE TAXES 1.1 -1.2 -4.8 -8.5 14.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income tax -0.7 1.7 1.1 4.1 3.4
--------------------------------------------------------------------------------
PROFIT/LOSS FOR THE 0.4 0.4 -3.7 -4.4 17.7
PERIOD
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PROFIT/LOSS FOR THE PERIOD
ATTRIBUTABLE TO:
--------------------------------------------------------------------------------
Equity holders of the 0.6 0.3 -3.6 -4.5 16.4
parent
--------------------------------------------------------------------------------
Non-controlling interests -0.1 0.1 -0.1 0.0 1.3
--------------------------------------------------------------------------------
Total 0.4 0.4 -3.7 -4.4 17.7
--------------------------------------------------------------------------------
Earnings per share calculated on profit attributable to equity holders of the
parent:
--------------------------------------------------------------------------------
-
EPS, undiluted, continuing 0.01 0.01 -0.07 -0.08 0.30
operations, EUR/share
--------------------------------------------------------------------------------
EPS, diluted, continuing 0.01 0.01 -0.07 -0.08 0.30
operations, EUR/share
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
---------------------------------------------------------------------------
(EUR million) Q2/201 Q2/201 Q1-Q2/20 Q1-Q2/20 2012
3 2 13 12
--------------------------------------------------------------------------------
Profit/loss for the period 0.4 0.4 -3.7 -4.4 17.7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OTHER COMPREHENSIVE INCOME (after
taxes):
--------------------------------------------------------------------------------
Exchange differences on translating -6.4 -0.4 -6.4 3.6 7.6
foreign operations
--------------------------------------------------------------------------------
Cash flow hedging 1.6 -0.9 2.8 -0.4 0.2
--------------------------------------------------------------------------------
Revaluation - 0.0 - 0.2 0.0
--------------------------------------------------------------------------------
Actuarial gains or losses - - - - 1.2
--------------------------------------------------------------------------------
TOTAL OTHER COMPREHENSIVE INCOME -4.8 -1.3 -3.6 3.4 8.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR THE -4.4 -0.9 -7.3 -1.0 26.6
PERIOD
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD ATTRIBUTABLE TO:
--------------------------------------------------------------------------------
Equity holders of the parent -4.2 -1.0 -7.2 -1.1 25.2
--------------------------------------------------------------------------------
Non-controlling interests -0.2 0.1 -0.1 0.1 1.4
--------------------------------------------------------------------------------
Total -4.4 -0.9 -7.3 -1.0 26.7
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
(EUR million) Note 30.6.2013 30.6.2012 31.12.2012
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT ASSETS
--------------------------------------------------------------------------------
Intangible assets 2. 75.1 77.0 77.7
--------------------------------------------------------------------------------
Goodwill 3. 100.7 101.6 101.5
--------------------------------------------------------------------------------
Tangible assets 4. 482.2 513.0 504.6
--------------------------------------------------------------------------------
Shares in associates 34.0 30.2 34.7
--------------------------------------------------------------------------------
Trade and other receivables 4.7 5.4 6.0
--------------------------------------------------------------------------------
Available-for-sale investments 12.5 13.4 12.9
--------------------------------------------------------------------------------
Deferred tax asset 31.6 31.0 28.9
--------------------------------------------------------------------------------
NON-CURRENT ASSETS 740.8 771.5 766.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------
Inventories 5. 188.2 183.8 176.3
--------------------------------------------------------------------------------
Trade and other receivables 219.8 234.0 216.5
--------------------------------------------------------------------------------
Income tax receivable 0.4 2.3 0.9
--------------------------------------------------------------------------------
Other financial assets - 0.4 -
--------------------------------------------------------------------------------
Cash and bank 32.4 38.7 58.9
--------------------------------------------------------------------------------
CURRENT ASSETS 440.7 459.2 452.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS 1 181.5 1 230.8 1 218.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY
--------------------------------------------------------------------------------
Share capital 6. 66.8 66.8 66.8
--------------------------------------------------------------------------------
Share premium reserve 73.4 73.4 73.4
--------------------------------------------------------------------------------
Treasury shares 0.0 0.0 0.0
--------------------------------------------------------------------------------
Fair value reserve and other reserves 163.2 154.6 155.0
--------------------------------------------------------------------------------
Translation differences -1.0 1.6 5.5
--------------------------------------------------------------------------------
Retained earnings 79.5 73.4 93.7
--------------------------------------------------------------------------------
Equity attributable to equity holders of 381.9 369.8 394.4
the parent
--------------------------------------------------------------------------------
Non-controlling interests 8.0 11.4 8.6
--------------------------------------------------------------------------------
EQUITY 389.8 381.2 403.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
--------------------------------------------------------------------------------
Deferred tax liability 28.3 30.3 27.6
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 149.0 334.6 312.9
--------------------------------------------------------------------------------
Non-current non-interest bearing 2.1 2.3 2.0
liabilities
--------------------------------------------------------------------------------
Non-current provisions 0.1 0.1 0.1
--------------------------------------------------------------------------------
Pension obligations 6.6 13.3 10.4
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES 186.1 380.6 352.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT LIABILITIES
--------------------------------------------------------------------------------
Current interest-bearing liabilities 334.5 187.9 186.8
--------------------------------------------------------------------------------
Trade and other payables 268.8 280.0 275.0
--------------------------------------------------------------------------------
Income tax liability 1.4 0.4 0.5
--------------------------------------------------------------------------------
Current provisions 0.8 0.7 0.7
--------------------------------------------------------------------------------
CURRENT LIABILITIES 605.6 468.9 463.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES 1 181.5 1 230.8 1 218.9
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN CONSOLIDATED EQUITY
(EUR 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
million)
--------------------------------------------------------------------------------
EQUITY AT 66.8 73.4 -13.7 143.5 25.2 5.5 0.0 93.7 394.4 8.6 403.0
1.1.2013
--------------------------------------------------------------------------------
Result for - - - - - - - -3.6 -3.6 -0.1 -3.7
the
financial
period
--------------------------------------------------------------------------------
Other
comprehensi
ve
income (+)
/
expense (-)
--------------------------------------------------------------------------------
Transl. - - - - - -6.4 - - -6.4 - -6.4
diff.
--------------------------------------------------------------------------------
Cash flow - - 2.8 - - - - - 2.8 - 2.8
hedging
--------------------------------------------------------------------------------
Revaluat. - - - - -- - - - 0.0 - 0.0
--------------------------------------------------------------------------------
Actuarial - - - - - - - - 0.0 - 0.0
gains
or losses
--------------------------------------------------------------------------------
Total - - 2.8 - - -6.4 - -3.6 -7.2 -0.1 -7.3
compreh.
income for
the
period
--------------------------------------------------------------------------------
Direct - - - - - - - 0.1 0.1 - 0.1
recognit.
in
retained
earnings
--------------------------------------------------------------------------------
Transfers - - - - 5.3 - - -5.3 0.0 - 0.0
between
items
--------------------------------------------------------------------------------
Dividend - - - - - - - -5.4 -5.4 -0.5 -5.9
distribut.
--------------------------------------------------------------------------------
EQUITY AT 66.8 73.4 -10.9 143.5 30.5 -1.0 0.0 79.5 381.9 8.0 389.8
30.6.2013
--------------------------------------------------------------------------------
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
--------------------------------------------------------------------------------
EQUITY AT 66.8 73.4 -13.9 143.5 23.5 -1.9 0.0 88.7 380.0 12.2 392.2
1.1.2012
--------------------------------------------------------------------------------
Result for - - - - - - - -4.5 -4.5 0.0 -4.4
the
financial
period
--------------------------------------------------------------------------------
Other
comprehensi
ve
income (+)
/
expense (-)
--------------------------------------------------------------------------------
Transl. - - - - - 3.6 - - 3.6 0.1 3.6
diff.
--------------------------------------------------------------------------------
Cash flow - - -0.4 - - - - - -0.4 - -0.4
hedging
--------------------------------------------------------------------------------
Revaluat. - - - - 0.2 - - - 0.2 - 0.2
--------------------------------------------------------------------------------
Actuarial - - - - - - - - 0.0 - 0.0
gains or
losses
--------------------------------------------------------------------------------
Total - - -0.4 - 0.2 3.6 - -4.5 -1.1 0.1 -1.0
compreh.
income for
the
period
--------------------------------------------------------------------------------
Direct - - - - - - - 0.2 0.2 - 0.2
recognit.
in
retained
earnings
--------------------------------------------------------------------------------
Transfers - - - - 1.6 - - -1.6 0.0 - 0.0
between
items
--------------------------------------------------------------------------------
Dividend - - - - - - - -9.3 -9.3 -0.9 -10.2
distribut.
--------------------------------------------------------------------------------
EQUITY AT 66.8 73.4 -14.2 143.5 25.3 1.6 0.0 73.5 369.8 11.4 381.2
30.6.2012
--------------------------------------------------------------------------------
COLUMNS: 1. Share capital, 2. Share premium reserve, 3. Revaluation reserve, 4.
Reserve for invested unrestricted equity (RIUE), 5. Other reserves, 6.
Translation differences, 7. Treasury shares, 8. Retained earnings, 9. Equity
holders of the parent, 10. Non-controlling interests, 11. Total
CASH FLOW STATEMENT
(EUR million) Q1-Q2/201 Q1-Q2/201 2012
3 2
--------------------------------------------------------------------------------
Operating activities
--------------------------------------------------------------------------------
Cash flow from operating activities 16.7 36.4 140.5
--------------------------------------------------------------------------------
Financial items and taxes -8.0 -22.2 -33.7
--------------------------------------------------------------------------------
Net cash flow from operating activities 8.7 14.2 106.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Investments
-----------------------------
Gross investments in property, plant and equipment -18.9 -32.7 -76.9
--------------------------------------------------------------------------------
Disposals of property, plant and equipment 1.4 0.8 1.5
--------------------------------------------------------------------------------
Investments in subsidiary - - -
--------------------------------------------------------------------------------
Shares in associates purchased - -0.1 -0.2
--------------------------------------------------------------------------------
Shares in associates sold 0.4 0.6 3.9
--------------------------------------------------------------------------------
Loans granted -0.2 -0.4 -1.9
--------------------------------------------------------------------------------
Repayments of loans receivable 0.6 0.3 0.5
--------------------------------------------------------------------------------
Net cash flow from investing activities -16.7 -31.5 -73.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow before financing activities -8.0 -17.3 33.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financing activities
--------------------------------------------------------------------------------
Current borrowings raised 29.2 43.8 25.5
--------------------------------------------------------------------------------
Current borrowings repaid -28.6 -26.8 -52.7
--------------------------------------------------------------------------------
Non-current borrowings raised 0.8 103.6 125.0
--------------------------------------------------------------------------------
Non-current borrowings repaid -10.1 -102.5 -102.7
--------------------------------------------------------------------------------
Dividends paid -6.0 -9.9 -9.9
--------------------------------------------------------------------------------
Repurchase of own shares - - -8.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net cash flow from financing activities -14.8 8.1 -22.7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in cash and cash equivalents -22.8 -9.1 11.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at 1.1. 58.9 48.4 48.4
--------------------------------------------------------------------------------
Effect of changes in exchange rates on cash and -3.7 -0.2 -0.6
cash equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at 30.6. 32.4 39.0 58.9
--------------------------------------------------------------------------------
FINANCIAL INDICATORS
30.6.2013 30.6.2012 31.12.2012
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Earnings per share (EPS), undiluted, EUR -0.07 -0.08 0.30
-----------------------------------------------------------------------------
Earnings per share (EPS), diluted, EUR -0.07 -0.08 0.30
-----------------------------------------------------------------------------
Equity per share, EUR 7.08 6.73 7.31
-----------------------------------------------------------------------------
Equity ratio, % 33.0 31.0 33.1
-----------------------------------------------------------------------------
Adjusted average number of shares, mill. 54.0 55.0 54.6
-----------------------------------------------------------------------------
Gross capital expenditure on PPE, EUR mill. 18.9 33.6 76.6
-----------------------------------------------------------------------------
Employees, end of month average 7 644 8 257 7 836
-----------------------------------------------------------------------------
NOTES TO THE CONSOLIDATED INTERIM REPORT
ACCOUNTING POLICIES
HKScan Corporation's interim report for 1 January - 30 June 2013 has been
prepared in compliance with IAS 34 Interim Financial Reporting standards. The
same accounting principles have been applied in the interim report as in the
annual financial statements for 2012, with the exception of the revised IAS 19
Employee Benefits standard (effective as of 1 January 2013). In addition, the
Group has changed the accounting principles for marketing support. The Group's
financial reporting in 2013 will be in line with these changes. The quarterly
Group and market area information for 2012 has been restated accordingly. Due
to the rounding of the figures to the nearest million euros in the interim
report, some totals may not agree with the sum of their constituent parts.
These accounting principles are explained in the financial statements for 2012.
The interim report is unaudited.
ANALYSIS BY SEGMENT
Net sales and EBIT by market area
------------------------------------
(EUR million) Q2/2013 Q2/2012 Q1-Q2/2013 Q1-Q2/2012 2012
-----------------------------------------------------------------------------
NET SALES
-----------------------------------------------------------------------------
- Finland 199.4 204.9 393.5 396.1 813.8
-----------------------------------------------------------------------------
- Baltics 43.8 46.8 85.7 87.3 176.7
-----------------------------------------------------------------------------
- Sweden 241.8 262.7 470.7 506.3 1 025.7
-----------------------------------------------------------------------------
- Denmark 60.4 51.4 116.7 109.1 211.7
-----------------------------------------------------------------------------
- Poland 96.0 86.9 181.5 167.3 343.7
-----------------------------------------------------------------------------
- Between segments -17.7 -20.5 -33.7 -37.6 -68.5
-----------------------------------------------------------------------------
Group total 623.7 632.2 1 214.5 1 228.5 2 503.1
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
EBIT
-----------------------------------------------------------------------------
- Finland 0.5 2.7 -0.8 5.4 18.4
-----------------------------------------------------------------------------
- Baltics 1.3 3.1 2.1 3.8 8.9
-----------------------------------------------------------------------------
- Sweden 2.0 -3.7 -0.6 -8.8 -5.9
-----------------------------------------------------------------------------
- Denmark 0.0 1.5 -0.1 1.7 15.4
-----------------------------------------------------------------------------
- Poland 5.7 4.5 11.2 7.9 15.8
-----------------------------------------------------------------------------
- Between segments - - - - -
-----------------------------------------------------------------------------
Segments total 9.5 8.0 11.7 10.1 52.5
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Group administration costs -3.6 -2.1 -6.9 -4.3 -9.5
-----------------------------------------------------------------------------
Group total 5.8 5.9 4.8 5.7 43.1
-----------------------------------------------------------------------------
NOTES TO THE INCOME STATEMENT
1. NON-RECURRING ITEMS
(EUR million) Q2/2013 Q2/2012 Q1- Q1- 2012
Q2/2013 Q2/2012
-------------------------------------------------------------------------------
Restructuring redundancy expenses, - - -2.1 - -
Finland 1)
-------------------------------------------------------------------------------
Restructuring expenses for - - -1.0 - -
production setup, Finland 1)
-------------------------------------------------------------------------------
Restructuring redundancy expenses, - - - - -4.0
Sweden 1)
-------------------------------------------------------------------------------
Restructuring expenses for closed - - - - -3.4
operations, Sweden 1)
-------------------------------------------------------------------------------
Property insurance compensation, - 5.4 - 5.4 19.3
Denmark 1)
-------------------------------------------------------------------------------
Impairment of fixed assets destroyed - -5.4 - -5.4 -5.5
in the fire, Denmark 2)
-------------------------------------------------------------------------------
Non-recurring items Total - 0.0 -3.1 0.0 6.4
-------------------------------------------------------------------------------
1) Included in the Income Statement in the item ”Operating income and expenses”
2) Included in the Income Statement in the item ”Depreciation and amortization”
NOTES TO THE STATEMENT OF FINANCIAL POSITION
2. CHANGES IN INTANGIBLE ASSETS
(EUR million) Q1-Q2/2013 Q1-Q2/2012 2012
---------------------------------------------------------------------
Carrying amount at beginning of period 77.7 76.6 76.6
---------------------------------------------------------------------
Translation differences -1.5 1.0 2.5
---------------------------------------------------------------------
Increase 0.5 0.6 1.9
---------------------------------------------------------------------
Increase (acquisitions) - - -
---------------------------------------------------------------------
Decrease 0.0 0.0 -0.2
---------------------------------------------------------------------
Depreciation and impairment -1.8 -2.1 -4.5
---------------------------------------------------------------------
Transfer to other balance sheet item 0.1 0.9 1.4
---------------------------------------------------------------------
Carrying amount at end of period 75.1 77.0 77.7
---------------------------------------------------------------------
3. CHANGES IN GOODWILL
(EUR million) Q1-Q2/2013 Q1-Q2/2012 2012
---------------------------------------------------------------------
Carrying amount at beginning of period 101.5 101.0 101.0
---------------------------------------------------------------------
Translation differences -0.8 0.6 1.3
---------------------------------------------------------------------
Increase - - -
---------------------------------------------------------------------
Increase (acquisitions) - - -
---------------------------------------------------------------------
Decrease - - -0.9
---------------------------------------------------------------------
Depreciation and impairment - - -
---------------------------------------------------------------------
Transfer to other balance sheet item - - -
---------------------------------------------------------------------
Carrying amount at end of period 100.7 101.6 101.5
---------------------------------------------------------------------
4. CHANGES IN PROPERTY, PLANT AND EQUIPMENT
(EUR million) Q1-Q2/2013 Q1-Q2/2012 2012
---------------------------------------------------------------------
Carrying amount at beginning of period 504.6 516.5 516.5
---------------------------------------------------------------------
Translation differences -6.5 6.3 10.8
---------------------------------------------------------------------
Increase 19.7 31.7 72.7
---------------------------------------------------------------------
Increase (acquisitions) 0.0 -0.1 -
---------------------------------------------------------------------
Decrease -1.4 -0.5 -11.5
---------------------------------------------------------------------
Depreciation and impairment -34.1 -40.0 -82.5
---------------------------------------------------------------------
Transfer to other balance sheet item -0.1 -0.9 -1.4
---------------------------------------------------------------------
Carrying amount at end of period 482.2 513.0 504.6
---------------------------------------------------------------------
5. INVENTORIES
(EUR million) Q1-Q2/2013 Q1-Q2/2012 2012
---------------------------------------------------------------------
Materials and supplies 103.2 81.7 82.6
---------------------------------------------------------------------
Unfinished products 12.1 11.9 13.3
---------------------------------------------------------------------
Finished products 51.8 70.7 55.7
---------------------------------------------------------------------
Goods 0.0 0.0 0.0
---------------------------------------------------------------------
Other inventories 7.6 7.9 7.7
---------------------------------------------------------------------
Prepayments for inventories 0.7 3.2 8.0
---------------------------------------------------------------------
Live animals, IFRS 41 12.7 8.4 9.0
---------------------------------------------------------------------
Total inventories 188.2 183.8 176.3
---------------------------------------------------------------------
6. NOTES TO EQUITY
Share capital Number of Share Share Reserve for Treasu Total
and share outstanding capit premium invested ry
premium shares al reserve unrestricted
reserve equity
--------------------------------------------------------------------------------
1.1.2013 53 972 788 66.8 72.9 143.5 0.0 283.1
--------------------------------------------------------------------------------
30.6.2013 53 972 788 66.8 72.9 143.5 0.0 283.1
--------------------------------------------------------------------------------
DERIVATIVE INSTRUMENT LIABILITIES
(EUR million) 30.6.2013 30.6.2012 31.12.2012
---------------------------------------------------------------------------
Nominal values of derivative instruments
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Foreign exchange derivatives 56.5 95.5 67.3
---------------------------------------------------------------------------
Interest rate derivatives 271.7 285.2 275.3
---------------------------------------------------------------------------
Electricity derivatives 10.5 11.0 10.7
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Fair values of derivative instruments
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Foreign exchange derivatives 0.9 -1.3 -1.1
---------------------------------------------------------------------------
Interest rate derivatives -18.8 -23.2 -24.9
---------------------------------------------------------------------------
Electricity derivatives -2.0 -1.4 -1.3
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
CONSOLIDATED OTHER CONTINGENT LIABILITIES
---------------------------------------------------------------------------
(EUR million)
--------------------------------------------------------------------------- 30.6.2013 30.6.2012 31.12.2012
---------------------------------------------------------------------------
Debts secured by
---------------------------------------------------------------------------
pledges or mortgages
---------------------------------------------------------------------------
- loans from financial institutions 347.0 367.9 370.3
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Given as security
---------------------------------------------------------------------------
- real estate mortgages 68.7 76.0 74.6
---------------------------------------------------------------------------
- pledges 5.1 5.1 5.2
---------------------------------------------------------------------------
- floating charges 15.9 23.5 16.7
---------------------------------------------------------------------------
---------------------------------------------------------------------------
For associates
---------------------------------------------------------------------------
- guarantees 7.5 5.1 7.5
---------------------------------------------------------------------------
---------------------------------------------------------------------------
For others
---------------------------------------------------------------------------
- guarantees and pledges 11.9 13.4 12.9
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Other contingencies
---------------------------------------------------------------------------
Leasing commitments 20.8 23.9 21.8
---------------------------------------------------------------------------
Rent liabilities 51.5 57.9 58.0
---------------------------------------------------------------------------
Other commitments 7.2 7.8 7.8
---------------------------------------------------------------------------
The parent company has pledged the shares of its subsidiaries, HK Ruokatalo Oy
and Scan AB, as security for its loans.
THE FAIR VALUE DETERMINATION PRINCIPLES APPLIED BY THE GROUP ON FINANCIAL
INSTRUMENTS MEASURED AT FAIR VALUE
Derivatives
The fair values of currency derivatives are determined by using the market
prices for contracts of equal duration at the reporting date. The fair values
of interest rate swaps are determined using the net present value method
supported by the market interest rates at the reporting date. The fair value of
commodity derivatives are determined by using publicly quoted market prices.
FAIR VALUE HIERARCHY FOR FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE
30.6.2013 Level 1 Level 2 Level 3
--------------------------------------------------------------------------------
Assets measured at fair value
--------------------------------------------------------------------------------
Financial assets recognised at fair value
--------------------------------------------------------------------------------
through profit or loss
--------------------------------------------------------------------------------
- Trading securities - - - -
--------------------------------------------------------------------------------
- Trading derivatives
--------------------------------------------------------------------------------
- Interest rate swaps 0.1 0.0 0.1 0.0
--------------------------------------------------------------------------------
- Foreign exchange derivatives 0.9 0.0 0.9 0.0
--------------------------------------------------------------------------------
- Commodity derivatives 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
Available-for-sale financial assets
--------------------------------------------------------------------------------
- Investments in shares 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total 1.0 0.0 1.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liabilities measured at fair value
--------------------------------------------------------------------------------
Financial liabilities recognised at fair
value
--------------------------------------------------------------------------------
through profit or loss
--------------------------------------------------------------------------------
-Trading derivatives
--------------------------------------------------------------------------------
- Interest rate swaps -18.9 0.0 -18.9 0.0
--------------------------------------------------------------------------------
of which subject to cash flow hedging -14.2 0.0 -14.2 0.0
--------------------------------------------------------------------------------
- Foreign exchange derivatives 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
of which subject to net investment hedging - - - -
--------------------------------------------------------------------------------
- Commodity derivatives -2.0 0.0 -2.0 0.0
--------------------------------------------------------------------------------
of which subject to cash flow hedging -2.0 0.0 -2.0 0.0
--------------------------------------------------------------------------------
Total -20.9 0.0 -20.9 0.0
--------------------------------------------------------------------------------
BUSINESS TRANSACTIONS WITH RELATED PARTIES
-------------------------------------------
(EUR million) Q1-Q2/2013 Q1-Q2/2012 2012
------------------------------------------------------------
Sales to associates 53.7 43.7 99.9
------------------------------------------------------------
Purchases from associates 24.5 19.7 54.9
------------------------------------------------------------
Trade and other receivables 3.1 3.7 3.2
------------------------------------------------------------
Trade and other payables 2.7 9.3 3.5
------------------------------------------------------------
NEXT FINANCIAL REPORT
The HKScan Group's interim report for January−September 2013 will be published
on 6 November 2013.
Vantaa. 9 August 2013
HKScan Corporation
Board of Directors
Further information is available from HKScan Corporation's CEO, Hannu Kottonen
and CFO, Tuomo Valkonen. Please leave any messages for them to call with
Communications Manager Elina Hollo, tel. +358 40 570 4030 or +358 10 570 2133.
HKScan is one of the leading food companies in northern Europe, with home
markets in Finland, Sweden, Denmark, the Baltic countries and Poland. HKScan
manufactures, sells and markets pork and beef, poultry products, processed
meats and convenience foods under strong brand names. Its customers are the
retail, food service, industrial and export sectors. In 2012, it had net sales
of EUR 2.5 billion and some 11 000 employees.
DISTRIBUTION:
NASDAQ OMX Helsinki
Main media
www.hkscan.com
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