Huhtamäki Oyj - Half Year financial report

Huhtamäki Oyj's Interim Report January 1 - June 30, 2013: Stable net sales and EBIT

HUHTAMÄKI OYJ STOCK EXCHANGE RELEASE 19.7.2013 AT 08:30

- Earnings improvement maintained in the Foodservice Europe-Asia-Oceania segment
- Continued solid performance in the Molded Fiber segment
- Despite net sales growth earnings declined in the North America segment due to
inventory reductions and higher investment costs
- Declining net sales and earnings in the Films segment due to weak demand of
industrial films
- EPS declined as a result of higher financial and tax expenses

Key figures - excluding non-recurring items

 EUR million     H1 2013 H1 2012 Q2 2013 Q2 2012                        FY 2012
-------------------------------------------------------------------------------


 Net sales       1,187.3 1,161.3   618.9   614.5                        2,321.2

 EBIT*              86.4    83.9    49.2    49.6                          163.5

 EBIT margin*, %     7.3     7.2     7.9     8.1                            7.0

 EPS*, EUR          0.58    0.62    0.34    0.38                           1.19

 ROI*, %            12.3    11.0                                           12.6

 ROE*, %            15.0    12.9                                           15.8

 Free cash flow      5.8    23.8    27.2    34.7                          102.6

 Net debt          460.2   480.0                                          405.9

 Gearing            0.58    0.61                                           0.50

 * Excluding EUR -7.3 million non-recurring items (NRI) in Q2 2013 and H1
 2013.


 Key figures - reported

 EUR million    H1 2013 H1 2012 Q2 2013 Q2 2012 FY 2012
-------------------------------------------------------


 Net sales      1,187.3 1,161.3   618.9   614.5 2,321.2

 EBIT              79.1    83.9    41.9    49.6   163.5

 EBIT margin, %     6.7     7.2     6.8     8.1     7.0

 EPS, EUR          0.51    0.62    0.27    0.38    1.19

 ROI, %            11.7    11.0                    12.6

 ROE, %            14.1    12.9                    15.8

 Free cash flow     5.8    23.8    27.2    34.7   102.6

 Net debt         460.2   480.0                   405.9

 Gearing           0.58    0.61                    0.50


Overview
The  Group's  trading  conditions  remained  relatively stable despite continued
general  economic uncertainty and  customer cautiousness. The  Group's net sales
grew  by EUR  26 million (equaling  2%) and were  EUR 1,187 million  (EUR 1,161
million).  Excluding the adverse  currency translation impact,  net sales growth
was  EUR  41 million  (equaling  3%). During  the  second  quarter  all business
segments  except  Films  reported  positive  organic  growth. Comparable organic
growth was strongest in the Molded Fiber business segment.

The  Group's earnings before interest  and taxes (EBIT), excluding non-recurring
items  (NRI) of EUR 7 million,  were EUR 86 million (EUR  84 million) and in the
second  quarter EUR 49 million  (EUR 50 million). The  reported EBIT was EUR 79
million  (EUR  84 million)  and  in  the  second quarter EUR 42 million (EUR 50
million).  Earnings development continued strong in the Foodservice Europe-Asia-
Oceania  business  segment.  In  the  North  America  business  segment earnings
declined despite net sales growth.

The Group's free cash flow was EUR 6 million (EUR 24 million) and for the second
quarter  EUR 27 million (EUR 35 million).  Return on investment (ROI), excluding
non-recurring  items, was  12.3% (11.0%) and  return on  equity (ROE), excluding
non-recurring items, was 15.0% (12.9%).

Further  efficiency  improving  measures  to  improve the competitiveness of the
Foodservice   Europe-Asia-Oceania   business  segment  were  announced  on  June
13, 2013, in  addition to  measures initiated  in the  segment during  the first
quarter. The North American investments in foodservice disposables capabilities,
announced during the first quarter, progressed according to plan.

Outlook for 2013
The  Group's trading conditions are expected  to remain relatively stable during
2013. The  good financial position and ability  to generate a positive cash flow
will  enable  the  Group  to  further  address  profitable growth opportunities.
Capital  expenditure is expected to be above EUR 100 million. A significant part
of   the  investments  is  due  to  the  increases  in  foodservice  disposables
capabilities within the North America segment.

Financial Reporting Schedule in 2013
Huhtamaki will publish the interim report for January 1 - September 30, 2013 on
October 25.

This  is a summary of Huhtamaki's  Interim Report January 1 - June 30, 2013. The
complete report is attached to this release and is also available at the company
website at www.huhtamaki.com.

For further information, please contact:
Jukka Moisio, CEO, tel. +358 10 686 7801

HUHTAMÄKI OYJ
Group Communications

Huhtamaki Group is a leading manufacturer of consumer and specialty packaging
with 2012 net sales totaling EUR 2.3 billion. Foodservice and consumer goods
markets are served by approximately 14,400 people in 64 manufacturing units and
several sales offices in 31 countries. The parent company, Huhtamäki Oyj, has
its head office in Espoo, Finland and its share is quoted on NASDAQ OMX Helsinki
Ltd. Additional information is available at www.huhtamaki.com.


[HUG#1717470]

Attachments:

Huhtamäki Oyj Interim Report January 1 - June 30, 2013.pdf