2011-11-04 07:00:28 CET
2011-11-04 07:01:33 CET
REGULATED INFORMATION
HKScan Oyj - Interim report (Q1 and Q3)
HKSCAN GROUP'S INTERIM REPORT 1 January - 30 September 2011
UPTURN IN HKSCAN'S PROFITABILTY COMPARED WITH EARLY PART OF THE YEAR
* The HKScan Group's net sales in the first nine months of the year grew to EUR
1 841.4 million (EUR 1 518.3 million). Growth in net sales was 21%.
* Group EBIT for the first nine months of the year came in at EUR 22.1 million
(EUR 32.3 m).
* The protracted difficulties in the pork business began to ease in the second
half of the period under review.
* HKScan's sales in the consumer market strengthened further. The Group's
market positions were stable, in some parts on the rise.
* The company reaffirms its guidance given in the Q2 interim report. The
Group's full-year EBIT is expected to fall short of 2010 levels.
HKSCAN GROUP
(EUR million)
Q3/2011 Q3/2010 Q1-Q3/11 Q1-Q3/10 2010
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Net sales 618.1 532.4 1 841.4 1 518.3 2 113.9
-----------------------------------------------------------------------
EBIT 14.0 18.8 22.1 32.3 48.0
-----------------------------------------------------------------------
- EBIT margin, % 2.3 3.5 1.2 2.1 2.3
-----------------------------------------------------------------------
Profit/loss before taxes 5.6 16.5 2.2 25.3 36.5
-----------------------------------------------------------------------
Earnings per share, EUR 0.09 0.24 0.05 0.37 0.52
-----------------------------------------------------------------------
JULY-SEPTEMBER 2011
- The Group's net sales grew in the third quarter of the year by 16.2% and were
EUR 618.1 million (EUR 532.4 m).
- EBIT came in at EUR 14.0 million (EUR 18.8 m).
- In Finland, profitability improved clearly compared with the early part of
the year. EBIT stood at EUR 4.8 million (EUR 6.8 m).
- In Sweden, EBIT was EUR 5.4 million (EUR 6.6 m). EBIT from operations was
better than last year, when non-recurring items for the comparison year are
taken into account.
- In Denmark, profitability fell short of the targets and EBIT was EUR -1.3
million. In Denmark, performance in the period was eroded by the business
development programme.
- In the Baltics, EBIT rose substantially to EUR 3.4 million (EUR 2.5 m).
- In Poland, business developed according to plan and EBIT came in at EUR 3.4
million (EUR 4.3 m).
CEO MATTI PERKONOJA:
“HKScan's third quarter in 2011 went as planned and the Group's profitability
strengthened after a difficult start to the year. In spite of the uncertainties
relating to trends in the global economy in the near future, consumer demand
for the company's products has remained stable. The wide range of the Group's
product offering balances sales volumes in economic downturns too.
By far the most challenging part of HKScan's operations is control of the
pork-based business, especially in the Group's main market areas. Hardest hit
during the past year by the challenges of overproduction in Europe and low
price levels in international export markets has been production within the
sphere of international competition.
Recovery of the pork export market in the Far East during the autumn and the
positive development in profitability it achieved will be reflected in HKScan's
performance in the next few months.
In Finland, the ongoing transfer of pork production to more controlled and
longer-term contract production will facilitate significantly management of the
business, control of sales volumes and streamlining of operations.
The difficulty in forecasting price trends of the main cost items in meat
production, feed and energy, will continue.
The basis in the development of the production chains and products of HKScan's
business units is formed by the expectations of the various consumer groups:
overall quality and taste of products, product safety, transparency of
operations and welfare of production animals and the environment.
Consumer trends becoming stronger: local aspects, organic aspects and
deliciousness, are based on the aforementioned expectations. The HKScan Group
develops its overall service and product offering on the basis of these
consumer expectations.”
MARKET AREA: FINLAND
(EUR million)
Q3/2011 Q3/2010 Q1-Q3/11 Q1-Q3/10 2010
-------------------------------------------------------------
-------------------------------------------------------------
Net sales 199.0 179.0 594.9 520.3 718.5
-------------------------------------------------------------
EBIT 4.8 6.8 4.9 6.0 10.7
-------------------------------------------------------------
- EBIT margin, % 2.4 3.8 0.8 1.2 1.5
-------------------------------------------------------------
In Finland, net sales grew by 11.2% and in the third quarter totalled EUR 199.0
million (EUR 179.0 m). Of growth in net sales, approximately half was due to
Järvi-Suomen Portti Oy's merger with the Group at the beginning of the year.
EBIT in the quarter came in at EUR 4.8 million, (EUR 6.8 m).
The profitability of the business continued to be modest due to the protracted
challenges in pork production and low sales prices in the domestic and export
markets. Production management has been streamlined, prices have been
increased, and the export markets are gradually recovering.
Consumer demand for HK Rapeseed Pork, launched in February, has remained
excellent. With the success of rapeseed pork, consumption of Finnish pork has
risen to a new level. The total consumption of pork in Finland has grown by
about five percent during the current year (TNS Gallup, Meat Barometer).
Commercial success in Finland during the summer was good, and HK Ruokatalo's
share of the total market grew.
HK Ruokatalo's productivity programme has proceeded according to plan. During
the past quarter, pork cutting activities have been concentrated in the Forssa
production plant.
In the autumn, Järvi-Suomen Portti Oy strengthened its development programme
for the near future in which the efficiency of the production plant located in
Tikkala in the town of Mikkeli will be improved, functions will be reorganized
and overlaps between the functions of HKScan Finland and Järvi-Suomen Portti
will be dismantled. The most significant operational change in the near future
will be the transfer of the logistics operations in Mikkeli to HK Ruokatalo's
plant in Vantaa early in 2012. The annual overall benefit of the efficiency
programme is estimated to be approximately EUR 2 million.
MARKET AREA: SWEDEN
(EUR million)
Q3/2011 Q3/2010 Q1-Q3/11 Q1-Q3/10 2010
-------------------------------------------------------------
-------------------------------------------------------------
Net sales 254.7 249.8 770.1 722.1 997.1
-------------------------------------------------------------
EBIT 5.4 6.6 9.7 12.3 20.4
-------------------------------------------------------------
- EBIT margin, % 2.1 2.6 1.3 1.7 2.0
-------------------------------------------------------------
In Sweden, net sales grew by one percent and in the third quarter totalled EUR
254.7 million (EUR 249.8 m) and EBIT EUR 5.4 million (EUR 6.6 m). Net sales in
krona were at the same level as the previous year. EBIT from operations was
better than last year, when non-recurring items for the comparison year in the
net amount of EUR +3.3 million are taken into account.
Growth of the grocery business in Sweden has come to standstill and stores have
strongly increased the share of own-brands in their ranges. In spite of this,
Scan AB's barbecue season was successful.
In November, Scan AB will launch in Sweden a product range based on imported
meat raw material under the Hansa brand. The aim is to provide an alternative
to stores' own brands. Meat for Hansa can be imported, taking into account the
HKScan Group's meat balance sheet, price level and exchange rates, from other
areas within the Group too.
Only Swedish meat will be sold under the Scan brand, in the future too. In
developing the brand, there has been strong focus recently on responsibility
and local aspects which are based on Swedish primary production.
The competitiveness of production based on Swedish meat raw material is still
poor. Scarcity in the supply of Swedish beef and pork continues to place
pressure on the purchase prices of local raw material. On the other hand, the
strong krona has contributed to an increase in the volumes of imported raw
material. Imported beef accounts for more than 50 percent of total consumption.
With respect to the primary production of pork, production volumes are
continuing to fall.
The implementation of the beef cutting line investment in Linköping, which was
part of Scan's efficiency programme, was completed in the third quarter.
MARKET AREA: DENMARK
(EUR million)
Q3/2011 Q3/2010 Q1-Q3/11 Q1-Q3/10 2010
--------------------------------------------------------------
--------------------------------------------------------------
Net sales 60.4 - 173.8 - 21.8*)
--------------------------------------------------------------
EBIT -1.3 - -2.4 - -0.0*)
--------------------------------------------------------------
- EBIT margin, % -2.2 - -1.4 - 0.0*)
--------------------------------------------------------------
*) Rose Poultry A/S has been merged with the HKScan Group since 29 November
2010.
In Denmark, Rose Poultry's net sales in the third quarter amounted to EUR 60.4
million. EBIT was EUR -1.3 million. Rose Poultry has in the period under review
implemented a business development programme which has given rise to additional
costs in the company's operations.
With respect to product sales prices, the price of chicken leg quarters,
especially, has been poor both in the EU market and in the Middle East, which
is important for Rose Poultry. Low export prices have weakened Rose Poultry's
overall profitability. In Denmark, as in HKScan's other market areas, broiler
feed and consequently producer prices rose in the early part of the year.
The measures to centralize and increase the efficiency of Rose Poultry's
operations have continued at the plants in Vinderup and Skovsgaard.
Discontinuation of poultry slaughtering at the Padborg facility reduced the
number of employees in the company by 50.
In line with its strategy, Rose Poultry is developing a fresh product range in
its home market in Denmark and, in particular, in Sweden. During the period
under review, the company launched in Denmark, among other products, fresh
minced broiler meat. In the Swedish market, Rose Poultry has made a significant
opening with exports of fresh corn-fed broilers. Organic broiler, which is part
of Rose Poultry's product range has been received positively in the market.
MARKET AREA: BALTICS
(EUR million)
Q3/2011 Q3/2010 Q1-Q3/11 Q1-Q3/10 2010
-------------------------------------------------------------
-------------------------------------------------------------
Net sales 44.9 42.3 128.3 118.4 160.4
-------------------------------------------------------------
EBIT 3.4 2.5 7.0 6.9 8.7
-------------------------------------------------------------
- EBIT margin, % 7.6 6.0 5.4 5.8 5.4
-------------------------------------------------------------
In the Baltics, net sales grew by 7.1% and in the third quarter was EUR 44.9
million (EUR 42.3 m) and EBIT to EUR 3.4 million (EUR 2.5 m). The merger of AS
Jelgavas Galas Kombinats with the Group on 1 July 2010 has contributed to the
cumulative growth in net sales.
Sales of Rakvere's and especially of Tallegg's summer season products succeeded
well. In the Baltics, consumption of cheaper poultry products is growing
strongly, while consumption of higher-priced pork − and beef - has fallen
somewhat.
In order to be able to meet growing demand, the poultry company Tallegg has
developed its products and modernized its production processes and lines.
In the Baltics, recovery of the economy and escalating inflation has increased
the prices of raw materials and other inputs. Pressure to raise personnel costs
too continues. Despite these challenges, business operations in the Baltics
have adjusted to the prevailing market situation well.
MARKET AREA: POLAND
(EUR million)
*) Q3/2011 Q3/2010 Q1-Q3/11 Q1-Q3/10 2010
-------------------------------------------------------------
-------------------------------------------------------------
Net sales 77.5 76.9 225.0 206.8 279.3
-------------------------------------------------------------
EBIT 3.4 4.3 9.2 12.5 15.5
-------------------------------------------------------------
- EBIT margin, % 4.4 5.6 4.1 6.1 5.6
-------------------------------------------------------------
*) The figures refer to HKScan's share (50%) of the Sokolów Group's figures.
In Poland, Sokolów's net sales in the third quarter were EUR 77.5 million, at
the level of the comparison period (EUR 76.9 m,) and EBIT EUR 3.4 million (EUR
4.3 m).
Deterioration of the profitability of pork in Poland has continued because of
the growth in production costs. Transferring rises in costs to consumers poses
a challenge. The worst hit by the situation have been small and medium-sized
companies specializing in slaughter and meat cutting. Larger companies have
coped with the situation better and Sokolów's sales improved as planned, both
in modern and in traditional retail chains.
Sokolów's two largest investments and development projects were the cold cuts
plant Sokolów Podlaski, which will increase the annual volume of cold cuts
production to 36 million kilos, and the beef slaughtering line in Tarnów.
CAPITAL EXPENDITURE AND FINANCE
The Group's gross investments in the third quarter of 2011 totalled EUR 9.1
million (EUR 15.2 m). Gross investments in the first nine months of 2011
totalled EUR 41.5 million (EUR 52.2 m) and were divided among
production-related investment in the market areas as follows: Finland EUR 12.3
million (EUR 16.5 m), Sweden EUR 6.7 million (EUR 17.2 m), Denmark EUR 4.3
million (EUR - m) and the Baltics EUR 8.5 million (EUR 12.4 m). HKScan's share
of Sokolów investments in Poland was EUR 9.7 million (EUR 6.1 m).
In Finland, the most important investments concerned increases in capacity at
the Forssa and Eura production facilities. In Sweden, the main investments were
development of the processes at Kristianstad and Linköping. In Denmark, the
investments involved the integration of Rose Poultry and modernization of the
production lines. In the Baltics, the main investments continued to involve the
modernizations carried out on the production lines at Rakvere to secure
manufacturing capacity and the programme for restructuring production at
Tallegg. In Poland, the most important investment projects were improvement of
the Sokolów Podlaski production facility and the beef slaughtering line at the
Tarnów plant.
The Group's interest-bearing debt at the end of September stood at EUR 506.9
million (EUR 458.8 m). The growth in debt from the corresponding period a year
earlier (Q3/2010) is attributable mainly to the Rose Poultry deal executed in
November 2010. Gross interest-bearing debt at the turn of the year was EUR
514.2 million. The decrease in debt since the turn of the year is partly
notional due to the weakening of the Swedish krona and the Polish zloty.
Due to rising monetary rates and the increase in total loans, net financial
expenses have risen considerably compared with the previous year, totalling in
January-September EUR 21.9 million (EUR 9.3 m). Untapped committed credit
facilities at 30 September 2011 stood at EUR 178.0 million (EUR 214.6 m). In
addition, the Group had other untapped overdraft and other facilities of EUR
31.8 million (EUR 27.1 m). The EUR 100 million commercial paper programme had
been drawn in the amount of EUR 73.0 million (EUR 17.0 m).
At the end of the period under review, the equity ratio was 33.3 percent
(35.8%). The equity ratio at the turn of the year was 34.0 percent.
TREASURY SHARES
At 30 September 2011, HKScan held a total of 53 734 of its A Shares. These had
a market value of EUR 0.25 million (EUR 4.62 each) and accounted for 0.10% of
all shares and 0.03% of all votes. No dividend is paid on treasury shares.
RESOLUTIONS PASSED BY ANNUAL GENERAL MEETING
HKScan Corporation's Annual General Meeting on 27 April 2011 adopted the parent
company's and consolidated financial statements and discharged the members of
the Board of Directors and the CEO from liability for 2010. It was resolved
that the company pay a dividend of EUR 0.22 per share for 2010 in accordance
with the proposal of the Board of Directors.
In departure from the recommendation of the Board of Directors, the Annual
General Meeting resolved, on the proposal of HKScan's largest shareholder, LSO
Osuuskunta, that the number of members of the company's Board of Directors be
six (6). Juha Kylämäki, Niels Borup, Matti Karppinen, Tero Hemmilä and Otto
Ramel were, in accordance with the proposal of the Board, re-elected to a new
term and, in accordance with the proposal of LSO Osuuskunta, Henrik Treschow
was elected as a new member. At the organization meeting held immediately
following the AGM, the Board re-elected Juha Kylämäki as chairman and Niels
Borup as deputy chairman.
The Annual General Meeting resolved to elect Authorized Public Accountants
PricewaterhouseCoopers Oy, with APA Johan Kronberg as principal auditor, and
APA Petri Palmroth to serve as auditors as well as APA Mika Kaarisalo and APA
Jari Viljanen to serve as deputy auditors until the end of the next Annual
General Meeting.
BOARD OF DIRECTORS' EXISTING AUTHORIZATIONS
(1) The Annual General Meeting authorized the Board to resolve on acquiring
and/or accepting as pledge the company's Series A shares as follows:
The number of Series A shares to be acquired and/or accepted as pledge shall
not exceed 2 500 000, equal to approximately 4.5% of all shares and roughly
5.0% of Series A shares in the company.
Treasury shares may under the authorization only be acquired using unrestricted
equity, which means that acquisitions will reduce the company's funds available
for distribution of profit. Treasury shares may be purchased for a price quoted
in public trading on the purchase day or for a price otherwise determined by
the market.
Shares can be acquired on the basis of the authorization to strengthen the
company's capital structure. In addition, shares can be acquired under the
authorization to fund or implement corporate acquisitions or other arrangements
or otherwise transferred or cancelled.
The Board of Directors shall resolve upon the method of purchase. Among other
means, derivatives may be utilized in purchasing the shares. The shares may be
purchased in a proportion other than that of the shares held by the
shareholders (directed purchase). A directed acquisition of treasury shares can
only be executed for reasons of weighty financial consequence to the company
and the authorization cannot be exercised in violation of the principle of
shareholder equality. This authorization is valid until 30 June 2012.
This authorization cancels the authorization granted to the Board by the Annual
General Meeting of 23 April 2010 to resolve on acquiring the company's own A
Shares.
(2) The Annual General Meeting authorized the Board of Directors to resolve on
an issue of shares, option rights as well as other special rights entitling to
shares as referred to in Chapter 10:1 of the Limited Liability Companies Act as
follows:
This authorization concerns the issue of Series A shares. The Board was
authorized to decide on the number of shares to be issued. However, no more
than 2 500 000 Series A shares may be issued under this authorization. The
maximum number under the authorization equals approximately 4.5% percent of the
company's total registered shares and approximately 5.0% percent of total
Series A shares.
The Board is authorized to resolve upon all the terms and conditions of the
issue of shares and other special rights entitling to shares. The authorization
to issue shares covers the issuing of new shares as well as the transfer of the
company's treasury shares. The issue of shares and other special rights
entitling to shares may be implemented as a directed issue. This authorization
is valid until 30 June 2012.
The authorization cancels the authorization granted to the Board by the Annual
General Meeting of 23 April 2010 on resolving on an issue of shares, option
rights as well as other special rights entitling to shares.
The authorization concerning the issue of shares and other special rights
entitling to shares was granted to provide the company's Board with flexibility
in deciding on capital market transactions necessary to the company, e.g. to
secure its financing needs or to execute mergers and acquisitions. A directed
share issue can only be executed for reasons of weighty financial consequence
to the company and the authorization cannot be exercised in violation of the
principle of shareholder equality.
EMPLOYEES
In the first nine months of 2011, HKScan had an average workforce of 8 520
employees (7 429 in Q1-Q3/2010).
The increase in employees was due to the restructuring arrangements in 2010.
The Danish company, Rose Poultry A/S, and the Latvian company, Jelgavas Galas
Kombinats A/S, joined the Group in the latter part of 2010 and Järvi-Suomen
Portti Oy early in 2011. The comparison figures from Q1-Q3/2010 are therefore
exclusive of the numbers of employees in these three companies.
The average number of employees in each market area was as follows:
Q1-Q3/2011 Q1-Q3/2010
-------------------------------
Finland 2 796 2 505
-------------------------------
Sweden 2 937 3 063
-------------------------------
Denmark 890 -
-------------------------------
Baltics 1 897 1 861
-------------------------------
Sokolów employed an average of 6 193 (5 665) persons.
Analysis of employees by country at 30 September is as follows:
30.9.2011 30.9.2010
-------------------------------------
Finland 32.4% 31.7%
-------------------------------------
Sweden 31.3% 38.3%
-------------------------------------
Estonia 19.7% 21.5%
-------------------------------------
Denmark 11.2% 0.6%
-------------------------------------
Latvia 2.8% 4.1%
-------------------------------------
Poland (Scan) 1.9% 2.9%
-------------------------------------
Other countries 0.7% 0.9%
-------------------------------------
Additionally, the Sokolów Group had 6 352 (6 004) employees at the end of the
period under review.
RISKS AND UNCERTAINTY FACTORS IN THE NEAR FUTURE
The most significant uncertainty factors in the HKScan Group's business involve
price trends of raw materials and availability, especially with respect to
Finnish and Swedish pork and to Danish poultry meat. Market area-specific
uncertainty factors have to do with the success of the business development
programmes in Finland and Sweden and the integration of the Rose Poultry
acquisition in Denmark.
Challenges in the global economic situation will continue. Major fluctuation in
the Group's central currencies and the higher price of money may affect the
Group's competitiveness, net sales, earnings and balance sheet. Changes in
demand attributable to the financial situation such as, for example, growing
unemployment, may occur in the Group's market areas or its export markets.
These may affect the Group's net sales and earnings.
Any unforeseeable authorities procedures may affect the company's business in
its export markets.
The possibility of animal diseases can never be fully excluded in the food
industry's raw meat supplies.
FUTURE OUTLOOK
Consumer demand for meat is expected to remain steady in the Group's domestic
markets. The decentralized structure of HKScan's business in different product
groups and geographical areas, and the ongoing efficiency and development
programmes will provide the foundation for stronger development of the Group's
competitiveness and profitability.
The difficult global market situation for pork is easing in the Group's main
market areas. On the other hand, changes in the costs of inputs can still be
forecast only for the near future. The protracted profitability crisis in the
pork business will change most permanently the structures and production
volumes of the entire supply chain. The company will improve profitability of
the business in question by raising selling prices and through the controlled
adjustment of procurement volumes.
The Group's full-year EBIT is expected to fall short of 2010 levels.
The process of selecting a new CEO is progressing as planned and more
information will be given in near future.
CONSOLIDATED FINANCIAL STATEMENTS 1 JANUARY - 30 SEPTEMBER 2011
CONSOLIDATED INCOME STATEMENT
(EUR million)
Note Q3/201 Q3/201 Q1-Q3/1 Q1-Q3/1 2010
1 0 1 0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 618.1 532.4 1 841.4 1 518.3 2 113.9
--------------------------------------------------------------------------------
Operating income and expenses 1. -586.6 -497.7 -1 -1 -2
765.9 441.7 006.2
--------------------------------------------------------------------------------
Share of associates' results 0.2 0.3 0.6 1.1 1.8
--------------------------------------------------------------------------------
Depreciation and impairment -17.7 -16.2 -54.0 -45.3 -61.5
--------------------------------------------------------------------------------
EBIT 14.0 18.8 22.1 32.3 48.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 2.0 2.0 5.5 5.5 8.1
--------------------------------------------------------------------------------
Financial expenses -11.0 -5.1 -27.4 -14.8 -21.9
--------------------------------------------------------------------------------
Share of associates' results 0.6 0.8 2.0 2.3 2.2
--------------------------------------------------------------------------------
PROFIT/LOSS BEFORE TAXES 5.6 16.5 2.2 25.3 36.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income tax -0.1 -2.7 1.7 -3.3 -5.7
--------------------------------------------------------------------------------
PROFIT/LOSS FOR THE PERIOD 5.6 13.8 3.9 22.0 30.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PROFIT/LOSS FOR THE PERIOD
ATTRIBUTABLE TO:
--------------------------------------------------------------------------------
Equity holders of the parent 5.2 12.9 2.6 19.9 27.9
--------------------------------------------------------------------------------
Non-controlling interests 0.4 0.9 1.3 2.1 2.9
--------------------------------------------------------------------------------
Total 5.6 13.8 3.9 22.0 30.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share calculated on profit attributable to equity holders of the
parent:
EPS, undiluted, continuing operations, EUR/share 0.09 0.24 0.05 0.37 0.52
------------------------------------------------------------------------------
EPS, diluted, continuing operations, EUR/share 0.09 0.24 0.05 0.37 0.52
------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1 JANUARY - 30 SEPTEMBER
(EUR million)
Q3/201 Q3/201 Q1-Q3/ Q1-Q3/ 2010
1 0 11 10
--------------------------------------------------------------------------------
Profit/loss for the period 5.6 13.8 3.9 22.0 30.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OTHER COMPREHENSIVE INCOME (after taxes):
--------------------------------------------------------------------------------
Exchange differences on translating -4.3 5.5 -6.0 12.5 13.5
foreign operations
--------------------------------------------------------------------------------
Available-for-sale investments 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
Cash flow hedging -4.5 0.0 -3.5 -3.9 1.8
--------------------------------------------------------------------------------
Revaluation 0.1 0.0 0.1 0.0 0.0
--------------------------------------------------------------------------------
TOTAL OTHER COMPREHENSIVE INCOME -8.7 5.5 -9.4 8.6 15.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -3.1 19.3 -5.5 30.7 46.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
ATTRIBUTABLE TO:
--------------------------------------------------------------------------------
Equity holders of the parent -3.5 18.1 -6.6 28.0 42.6
--------------------------------------------------------------------------------
Non-controlling interests 0.5 1.2 1.1 2.7 3.5
--------------------------------------------------------------------------------
Total -3.1 19.3 -5.5 30.7 46.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
(EUR million)
Note 30.9.201 30.9.201 31.12.201
1 0 0
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT ASSETS
--------------------------------------------------------------------------------
Intangible assets 2. 74.7 71.4 77.1
--------------------------------------------------------------------------------
Goodwill 3. 99.7 95.4 100.4
--------------------------------------------------------------------------------
Tangible assets 4. 513.2 490.0 537.8
--------------------------------------------------------------------------------
Shares in associates 28.6 25.8 27.0
--------------------------------------------------------------------------------
Trade and other receivables 29.7 23.0 25.3
--------------------------------------------------------------------------------
Available-for-sale investments 12.1 11.8 13.1
--------------------------------------------------------------------------------
Deferred tax asset 17.0 13.3 14.4
--------------------------------------------------------------------------------
NON-CURRENT ASSETS 775.1 730.6 795.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------
Inventories 5. 180.2 145.2 159.9
--------------------------------------------------------------------------------
Trade and other receivables 238.5 220.7 240.6
--------------------------------------------------------------------------------
Income tax receivable 4.0 3.3 0.3
--------------------------------------------------------------------------------
Other financial assets 0.3 2.2 3.9
--------------------------------------------------------------------------------
Cash and cash equivalents 48.4 58.7 69.5
--------------------------------------------------------------------------------
CURRENT ASSETS 471.4 430.1 474.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS 1 246.5 1 160.7 1 269.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY
--------------------------------------------------------------------------------
Share capital 6. 66.8 66.8 66.8
--------------------------------------------------------------------------------
Share premium reserve 73.3 74.2 73.4
--------------------------------------------------------------------------------
Treasury shares -0.0 -0.0 -0.0
--------------------------------------------------------------------------------
Fair value reserve and other reserves 155.7 144.5 154.4
--------------------------------------------------------------------------------
Translation differences -5.0 -1.4 0.6
--------------------------------------------------------------------------------
Retained earnings 111.5 120.6 124.4
--------------------------------------------------------------------------------
Equity attributable to equity holders of 402.2 404.6 419.6
the parent
--------------------------------------------------------------------------------
Non-controlling interests 11.3 10.4 11.1
--------------------------------------------------------------------------------
EQUITY 413.5 415.1 430.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
--------------------------------------------------------------------------------
Deferred tax liability 37.5 33.6 38.9
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 397.9 357.7 361.2
--------------------------------------------------------------------------------
Non-current non-interest bearing 12.4 4.8 12.4
liabilities
--------------------------------------------------------------------------------
Non-current provisions 1.0 3.0 2.4
--------------------------------------------------------------------------------
Pension obligations 2.9 3.1 3.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES 451.8 402.2 418.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT LIABILITIES
--------------------------------------------------------------------------------
Current interest-bearing liabilities 109.0 101.1 153.0
--------------------------------------------------------------------------------
Trade and other payables 269.5 235.3 262.5
--------------------------------------------------------------------------------
Income tax liability 2.1 3.8 2.7
--------------------------------------------------------------------------------
Current provisions 0.7 3.3 2.3
--------------------------------------------------------------------------------
CURRENT LIABILITIES 381.2 343.5 420.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES 1 246.5 1 160.7 1 269.2
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN CONSOLIDATED EQUITY
(EUR million)
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
12.
--------------------------------------------------------------------------------
-
EQUITY 66.8 73.4 -6.5 143.5 0.0 17.4 0.6 0.0 124.4 419.6 11.1
430.6
AT
1.1.2
011
--------------------------------------------------------------------------------
-
Result 2.6 2.6 1.3
3.9
for
the
finan
cial
year
--------------------------------------------------------------------------------
-
Transl -0.1 -1.4 -5.6 1.3 -5.9 -0.1
-6.0
ation
diffe
rences
--------------------------------------------------------------------------------
-
Availa 0.0
0.0
ble-fo
r-sale
inves
tments
--------------------------------------------------------------------------------
-
Cash -3.5 -3.5
-3.5
flow
hedgi
ng
--------------------------------------------------------------------------------
-
Revalu 0.1 0.1
0.1
ation
--------------------------------------------------------------------------------
-
Total 0.0 -0.1 -3.5 0.0 0.0 -1.3 -5.6 0.0 3.9 -6.6 1.1
-5.5
compr
ehensi
ve
incom
e for
the
perio
d
--------------------------------------------------------------------------------
-
Other
chang
e
--------------------------------------------------------------------------------
-
Direct 1.4 1.4
1.4
recogn
ition
in
retai
ned
earni
ngs
--------------------------------------------------------------------------------
-
Transf 6.2 -6.2 0.0
0.0
ers
betwe
en
items
--------------------------------------------------------------------------------
- Share 0.0
0.0
issue
--------------------------------------------------------------------------------
-
Purcha 0.0
0.0
se of
treas
ury
share
s
--------------------------------------------------------------------------------
-
Increa 0.0
0.0
se in
holdi
ngs in
subsi
diarie
s
--------------------------------------------------------------------------------
-
Divide -12.1 -12.1 -0.9
-13.0
nd
distr
ibutio
n
--------------------------------------------------------------------------------
-
EQUITY 66.8 73.3 -10.0 143.5 0.0 22.2 -5.0 0.0 111.5 402.2 11.3
413.5
AT
30.9.
2011
--------------------------------------------------------------------------------
-
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
12.
--------------------------------------------------------------------------------
--
EQUITY 66.8 74.2 -8.4 143.5 0.0 14.6 -13.1 0.0 111.6 389.3 9.4
398.7
AT
1.1.2
010
--------------------------------------------------------------------------------
--
--------------------------------------------------------------------------------
--
Result 19.9 19.9 2.2
22.0
for
the
finan
cial
year
--------------------------------------------------------------------------------
--
Transl -0.1 0.1 -0.5 11.7 0.7 11.9 0.5
12.4
ation
diffe
rences
--------------------------------------------------------------------------------
--
Availa 0.0 0.0
0.0
ble-fo
r-sale
inves
tments
--------------------------------------------------------------------------------
--
Cash -3.9 -3.9
-3.9
flow
hedgi
ng
--------------------------------------------------------------------------------
--
Total -0.1 -3.8 -0.5 11.7 20.6 28.0 2.7
30.6
compr
ehensi
ve
incom
e for
the
perio
d
--------------------------------------------------------------------------------
--
Share- 0.1 0.1
0.1
based
compe
nsatio
n
expen
se
--------------------------------------------------------------------------------
--
Other -1.0 -1.0 0.0
-1.0
chang
e
--------------------------------------------------------------------------------
--
Direct 0.1 0.1 -0.2
-0.1
recog
nition
in
retai
ned
earni
ngs
--------------------------------------------------------------------------------
--
Transf 0.0
0.0
ers
betwe
en
items
--------------------------------------------------------------------------------
--
Share 0.0
0.0
issue
--------------------------------------------------------------------------------
--
Purcha 0.0
0.0
se of
treas
ury
share
s
--------------------------------------------------------------------------------
--
Increa 0.0 0.0 -0.1
-0.1
se in
holdi
ngs in
subsi
diarie
s
--------------------------------------------------------------------------------
--
Divide -11.9 -11.9 -1.4
-13.2
nd
distr
ibutio
n
--------------------------------------------------------------------------------
--
EQUITY 66.8 74.2 -12.2 143.5 0.0 13.1 -1.4 0.0 120.6 404.6 10.4
415.1
AT
30.9.
2010
--------------------------------------------------------------------------------
--
COLUMNS: 1. Share capital, 2. Share premium reserve, 3. Revaluation reserve, 4.
Reserve for invested unrestricted equity (RIUE), 5. Other equity item, 6. Other
reserves, 7. Translation differences, 8. Treasury shares, 9. Retained earnings,
10. Equity holders of the parent, 11. Non-controlling interests, 12. Total
CASH FLOW STATEMENT
(EUR million)
Q1-Q3/201 Q1-Q3/201 2010
1 0
--------------------------------------------------------------------------------
Operating activities
--------------------------------------------------------------------------------
EBIT 22.1 32.3 48.0
--------------------------------------------------------------------------------
Adjustments to EBIT -0.2 -7.8 -4.6
--------------------------------------------------------------------------------
Depreciation and amortization 54.0 45.3 61.5
--------------------------------------------------------------------------------
Change in provisions -3.0 -6.1 -7.9
--------------------------------------------------------------------------------
Change in net working capital -21.1 -29.0 -3.7
--------------------------------------------------------------------------------
Financial income 4.2 5.5 8.1
--------------------------------------------------------------------------------
Financial expenses -25.5 -14.8 -21.9
--------------------------------------------------------------------------------
Taxes -2.9 -3.3 -5.7
--------------------------------------------------------------------------------
Net cash flow from operating activities 27.6 22.1 73.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Investing activities
--------------------------------------------------------------------------------
Gross investments in property, plant and equipment -40.1 -50.8 -73.6
--------------------------------------------------------------------------------
Disposals of property, plant and equipment 1.3 8.0 7.0
--------------------------------------------------------------------------------
Investments in subsidiary -1.3 -25.2
--------------------------------------------------------------------------------
Shares in associates purchased -0.2 -1.7 -1.6
--------------------------------------------------------------------------------
Shares in associates sold 0.2 1.3
--------------------------------------------------------------------------------
Loans granted -1.5 -1.3 -1.0
--------------------------------------------------------------------------------
Repayments of loans receivable 1.2 1.1 1.2
--------------------------------------------------------------------------------
Net cash flow from investing activities -39.3 -45.8 -91.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow before financing activities -11.7 -23.7 -18.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financing activities
--------------------------------------------------------------------------------
Current borrowings raised 35.7 110.3 169.9
--------------------------------------------------------------------------------
Current borrowings repaid -82.1 -98.8 -159.1
--------------------------------------------------------------------------------
Non-current borrowings raised 125.9 33.3 45.2
--------------------------------------------------------------------------------
Non-current borrowings repaid -77.8 -27.8 -33.0
--------------------------------------------------------------------------------
Dividends paid -12.1 -11.9 -11.9
--------------------------------------------------------------------------------
Purchase of treasury shares 0.0 -0.0
--------------------------------------------------------------------------------
Net cash flow from financing activities -10.5 5.1 11.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in cash and cash equivalents -22.2 -18.6 -7.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at 1.1. 73.4 75.9 75.9
--------------------------------------------------------------------------------
Effect of changes in exchange rates on cash and -2.4 3.6 4.5
cash equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at 30.9. 48.7 60.9 73.4
--------------------------------------------------------------------------------
FINANCIAL INDICATORS
30.9.2011 30.9.2010 31.12.2010
--------------------------------------------------------------
--------------------------------------------------------------
EPS, undiluted, EUR 0.05 0.37 0.52
--------------------------------------------------------------
EPS, diluted, EUR 0.05 0.37 0.52
--------------------------------------------------------------
Equity per share, 30.9., EUR 7.32 7.50 7.63
--------------------------------------------------------------
Equity ratio, % 33.3 35.8 34.0
--------------------------------------------------------------
Adjusted average
--------------------------------------------------------------
number of shares, mill. 55.0 54.0 54.0
--------------------------------------------------------------
Gross capital expenditure
--------------------------------------------------------------
on PPE, EUR million 41.5 52.2 70.7
--------------------------------------------------------------
Employees, end of month
--------------------------------------------------------------
average 8 520 7 429 7 491
--------------------------------------------------------------
NOTES TO THE GROUP'S INTERIM REPORT
ACCOUNTING POLICIES
HKScan Corporation's interim report for 1 January - 30 September 2011 has been
prepared in compliance with IAS 34 Interim Financial Reporting. The same
accounting principles have been applied in the interim report as in the annual
financial statements for 2010. 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 2010.
As of 1 January 2011, the Group has adopted the following new IFRS standards
and interpretations:
− Change to IAS 32, Financial Instruments: Presentation - Classification of
Rights Issues (effective from 1 February 2010 or the succeeding financial
periods). The change applies to the accounting treatment (classification) for
the issue of shares, options and warrants outside the issuer's functional
currency. The amendments have no impact on consolidated reporting.
- IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments
(effective from 1 July 2010 or the succeeding financial periods). The
interpretation clarifies accounting where an entity renegotiates the terms of a
financial liability and, as a result, issues its own equity instruments to the
creditor to settle all or a part of the financial liability. The amendments
have no impact on consolidated reporting.
- Amendments to IFRIC 14 interpretation, Prepayment of Minimum Funding
Requirement (effective from 1 January 2011 or the succeeding financial
periods). The amendment is aimed at correcting the unintended consequence of
IFRIC 14 IAS 19 − The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction. After the amendments, entities are
permitted to recognize as an asset some voluntary prepayments for minimum
funding contributions. The amendments have no impact on consolidated reporting.
- Revised IAS 24, Related Party Disclosures (effective from 1 January 2011 or
the succeeding financial periods). The revised standard clarifies the
definition of a related party and simplifies the disclosure requirements for
government-related entities.
ANALYSIS BY SEGMENT (EUR million)
Net sales and EBIT by main market area
Q3/2011 Q3/2010 Q1-Q3/11 Q1-Q3/10 2010
-------------------------------------------------------------------------
NET SALES
-------------------------------------------------------------------------
- Finland 199.0 179.0 594.9 520.3 718.5
-------------------------------------------------------------------------
- Sweden 254.7 249.8 770.1 722.1 997.1
-------------------------------------------------------------------------
− Denmark 60.4 173.8 21.8
-------------------------------------------------------------------------
- Baltics 44.9 42.3 128.3 118.4 160.4
-------------------------------------------------------------------------
- Poland 77.5 76.9 225.0 206.8 279.3
-------------------------------------------------------------------------
- Between segments -18.3 -15.7 -50.7 -49.3 -63.3
-------------------------------------------------------------------------
Group total 618.1 532.4 1 841.4 1 518.3 2 113.9
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EBIT
-------------------------------------------------------------------------
- Finland 4.8 6.8 4.9 6.0 10.7
-------------------------------------------------------------------------
- Sweden 5.4 6.6 9.7 12.3 20.4
-------------------------------------------------------------------------
− Denmark -1.3 -2.4 -0.0
-------------------------------------------------------------------------
- Baltics 3.4 2.5 7.0 6.9 8.7
-------------------------------------------------------------------------
- Poland 3.4 4.3 9.2 12.5 15.5
-------------------------------------------------------------------------
- Between segments 0.0 0.0 0.0 0.0 -
-------------------------------------------------------------------------
Segments total 15.7 20.2 28.4 37.8 55.2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Group administration costs -1.7 -1.5 -6.3 *)-5.4 *)-7.2
-------------------------------------------------------------------------
Group total 14.0 18.8 22.1 32.3 48.0
-------------------------------------------------------------------------
*) Includes EUR 0.9 million in soil decontamination expenses on sold land
recognized in Q2.
NOTES TO THE INCOME STATEMENT
1. NON-RECURRING ITEMS
(EUR million)
Q1-Q3/2011 Q1-Q3/2010 2010
---------------------------------------------------------------------------
Soil decontamination expense on sold land *) - -0.9
---------------------------------------------------------------------------
Gains on disposal of production facilities *) - 7.9
---------------------------------------------------------------------------
Total non-recurring items - 7.0
---------------------------------------------------------------------------
*) Included in the income statement in the item “Operating income and expenses”.
NOTES TO THE STATEMENT OF FINANCIAL POSITION
2. CHANGES IN INTANGIBLE ASSETS
(EUR million)
Q1-Q3/2011 Q1-Q3/2010 2010
--------------------------------------------------------------------
Carrying amount at beginning of period 77.1 65.7 65.7
--------------------------------------------------------------------
Translation differences 0.1 7.1 8.1
--------------------------------------------------------------------
Increase 1.8 0.6 1.2
--------------------------------------------------------------------
Increase (acquisitions) 0.0 0.0 4.2
--------------------------------------------------------------------
Decrease -0.7 -0.1 -0.2
--------------------------------------------------------------------
Depreciation and impairment -2.9 -2.4 -3.5
--------------------------------------------------------------------
Transfer to other balance sheet item -0.5 0.5 1.5
--------------------------------------------------------------------
Carrying amount at end of period 74.7 71.4 77.1
--------------------------------------------------------------------
3. CHANGES IN GOODWILL
(EUR million)
Q1-Q3/2011 Q1-Q3/2010 2010
---------------------------------------------------------------------
Carrying amount at beginning of period 100.4 88.2 88.2
---------------------------------------------------------------------
Translation differences -1.1 4.1 4.2
---------------------------------------------------------------------
Increase 0.4 0.0 1.3
---------------------------------------------------------------------
Increase (acquisitions) 0.0 3.1 6.8
---------------------------------------------------------------------
Decrease 0.0 0.0 0.0
---------------------------------------------------------------------
Depreciation and impairment 0.0 0.0 0.0
---------------------------------------------------------------------
Transfer to other balance sheet item 0.0 0.0 0.0
---------------------------------------------------------------------
Carrying amount at end of period 99.7 95.4 100.4
---------------------------------------------------------------------
4. CHANGES IN PROPERTY, PLANT AND EQUIPMENT
(EUR million)
Q1-Q3/2011 Q1-Q3/2010 2010
---------------------------------------------------------------------
Carrying amount at beginning of period 537.8 469.1 469.1
---------------------------------------------------------------------
Translation differences -10.3 15.6 17.4
---------------------------------------------------------------------
Increase 37.5 48.2 71.6
---------------------------------------------------------------------
Increase (acquisitions) 1.1 6.0 43.0
---------------------------------------------------------------------
Decrease -1.0 -4.4 -2.4
---------------------------------------------------------------------
Depreciation and impairment -50.1 -44.0 -59.5
---------------------------------------------------------------------
Transfer to other balance sheet item -1.7 -0.5 -1.5
---------------------------------------------------------------------
Carrying amount at end of period 513.2 490.0 537.8
---------------------------------------------------------------------
5. INVENTORIES
(EUR million)
Q1-Q3/2011 Q1-Q3/2010 2010
----------------------------------------------------------
Materials and supplies 91.5 89.4 88.8
----------------------------------------------------------
Unfinished products 9.7 8.9 8.8
----------------------------------------------------------
Finished products 60.4 31.6 45.7
----------------------------------------------------------
Goods 0.0 0.2 0.0
----------------------------------------------------------
Other inventories 7.9 4.0 6.2
----------------------------------------------------------
Prepayments for inventories 2.4 3.3 2.6
----------------------------------------------------------
Live animals, IFRS 41 8.3 7.7 7.6
----------------------------------------------------------
Total inventories 180.2 145.2 159.9
----------------------------------------------------------
6. NOTES TO EQUITY
Share capital Number of Share Share RIUE Treasury Tot.
and share outstanding capital premium shares
share premium shares reserve
reserve
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1.1.2011 54 972 788 66.8 72.9 151.1 0.0 290.8
--------------------------------------------------------------------------------
30.9.2011 54 972 788 66.8 72.9 151.1 0.0 290.8
--------------------------------------------------------------------------------
RIUE = Reserve for invested unrestricted equity
DERIVATIVE INSTRUMENT LIABILITIES
(EUR million)
30.9.2011 30.9.2010 31.12.2010
--------------------------------------------------------------------------
Derivative instrument liabilities
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Nominal values of derivative instruments
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Foreign exchange derivatives 76.5 101.8 149.9
--------------------------------------------------------------------------
Interest rate derivatives 265.4 210.6 247.0
--------------------------------------------------------------------------
Electricity derivatives 10.5 9.9 10.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Fair values of derivative instruments
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Foreign exchange derivatives 3.6 0.1 -0.3
--------------------------------------------------------------------------
Interest rate derivatives -18.9 -17.3 -16.8
--------------------------------------------------------------------------
Electricity derivatives 0.0 0.1 2.2
--------------------------------------------------------------------------
CONSOLIDATED OTHER CONTINGENT LIABILITIES
(EUR million)
30.9.2011 30.9.2010 31.12.2010
---------------------------------------------------------------------
Debts secured by
---------------------------------------------------------------------
pledges or mortgages
---------------------------------------------------------------------
- loans from financial institutions 32.1 32.7 56.1
---------------------------------------------------------------------
---------------------------------------------------------------------
Given as security
---------------------------------------------------------------------
- real estate mortgages 58.6 60.0 48.9
---------------------------------------------------------------------
- pledges 5.9 26.0 20.8
---------------------------------------------------------------------
- floating charges 44.7 18.8 47.3
---------------------------------------------------------------------
---------------------------------------------------------------------
For associates
---------------------------------------------------------------------
- guarantees 5.3 5.1 5.3
---------------------------------------------------------------------
---------------------------------------------------------------------
For others
---------------------------------------------------------------------
- guarantees and pledges 14.0 11.7 13.8
---------------------------------------------------------------------
---------------------------------------------------------------------
Other contingencies
---------------------------------------------------------------------
Leasing commitments 25.6 21.8 25.5
---------------------------------------------------------------------
Rent liabilities 57.9 41.3 56.3
---------------------------------------------------------------------
Other commitments 19.1 6.4 6.5
---------------------------------------------------------------------
BUSINESS TRANSACTIONS WITH RELATED PARTIES
(EUR million)
Q1-Q3/2011 Q1-Q3/2010 2010
---------------------------------------------------------
Sales to associates 45.7 25.5 40.4
---------------------------------------------------------
Purchases from associates 36.9 21.9 35.1
---------------------------------------------------------
Trade and other receivables 3.6 1.7 1.8
---------------------------------------------------------
Trade and other payables 8.0 7.8 8.8
---------------------------------------------------------
The figures presented in the interim report are unaudited.
Vantaa, 4 November 2011
HKScan Corporation
Board of Directors
Further information is available from CEO Matti Perkonoja. Please leave any
messages for him to call with Marjukka Hujanen on +358 (0)10 570 6218.
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 several well-known local brand names. Its
customers are retail, the HoReCa sector, industry and export customers. HKScan
is active in nine countries and has some 11 000 employees. It had net sales of
EUR 2.1 billion in 2010.
DISTRIBUTION:
NASDAQ OMX Helsinki
Main media
www.hkscan.com
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