|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
![]() |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017-08-11 07:30:01 CEST 2017-08-11 07:30:01 CEST REGULATED INFORMATION Apetit Oyj - Half Year financial reportApetit Plc Half-year financial report, January–June 2017Apetit Plc, Stock Exchange Release, 11 August 2017 at 08:30 a.m.Food Solutions’ growth enabled Group’s profitability improvement – sale of seafood business sharpens strategic focus This is a summary of the half-year financial report January - June 2017. The complete report, including tables of financial information, is attached to this release and can be downloaded from the company’s website at www.apetitgroup.fi/en. April–June, continuing operations
January–June, continuing operations
April–June, Group, including discontinued operations*
January–June, Group, including discontinued operations*
* Discontinued operations: Apetit Plc has signed an agreement on selling its seafood business to the Norwegian Insula AS. In this report, the business operations to be transferred are reported as discontinued operations. The transaction is expected to be completed during the third quarter of 2017. The information has not been audited. The figures in parentheses are the equivalent figures for the same period in 2016, and the comparison period means the corresponding period of the previous year, unless otherwise stated. The profit guidance remains unchanged The Group’s full-year operational EBIT is expected to improve year-on-year (EUR 0.9 million in 2016). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Juha Vanhainen, CEO: “Our investment in new product development and renewal is generating new sales, and the favourable development is also having a positive effect on products that have been on the market for a longer time. Grocery sales continued to pick up in the first half of the year. According to our estimate, our Food Solutions business outpaced the overall development of the grocery trade. In April–June, the increase in Food Solutions’ net sales supported profitability, and the segment’s operational EBIT improved year-on-year. However, we cannot be pleased with Food Solutions’ current level of performance, and we will continue our work to increase sales and improve efficiency. In April-June, especially the sales and profitability of fresh products developed well. Despite the increase in Food Solutions’ net sales, the Group’s net sales decreased in the first half of 2017, as the sales volumes in Grain Trade and Oilseed Products were lower than in the comparison period. We can be particularly pleased that the Seafood segment’s operational EBIT improved significantly and was slightly positive in April–June. In late June, we announced that we would sell our seafood business operations in Finland, Sweden and Norway to Insula AS, a Norwegian company specialising in the processing of fish and shellfish. The transaction will enable us to allocate more resources to the implementation of our strategy, which focuses on diets with a high vegetable content. The transaction also means that the seafood business will be run by a new owner committed to developing and strengthening the business. The interest in vegetable-based and vegan foods among consumers and customers in the professional food service sector supports our strategic direction and guides our investments in product development. We will continue to implement measures to improve growth and profitability by increasing sales and improving efficiency across our operations.”
KEY FIGURES
SEGMENT COMPARISON The Apetit Group’s reporting business segments are Food Solutions, Oilseed Products, Grain Trade and Seafood.
The associated company Sucros (holding 20%) has been reported after operating profit in the income statement since the beginning of 2016. Development of net sales Continuing operations
Discontinued operations
Development of operational EBIT Continuing operations
Discontinued operations
PROFIT GUIDANCE FOR 2017 Sales in the Finnish retail sector and professional food service sector are expected to pick up in comparison to the previous year, but the price competition is expected to remain intensive. Ample supply is expected to continue to prevail in the global grains market, keeping prices and margins at a low level. This situation is not expected to change significantly before a more specific outlook is available for the new harvest season. The Group’s full-year operational EBIT is expected to improve year-on-year (EUR 0.9 million in 2016). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. With regard to profitability, favourable development will be supported by higher added value and positive sales development in Food Solutions, improved operational efficiency in Seafood and increased sales volumes in Grain Trade in comparison to the previous year. Due to the substantial effect of international grain market price fluctuations on the Group’s net sales, Apetit will not issue any estimates of its expected full-year net sales.
Further information
*************** Invitation to a briefing A briefing (in Finnish) for analysts and media representatives will be held today at 10.00 a.m. in Hotel Scandic Simonkenttä (address: Simonkatu 9, Helsinki). In the briefing Apetit Plc’s CEO Juha Vanhainen presents the January - June results of Apetit Plc and gives information about other current issues. Apetit Plc’s CFO Sami Saarnio will also be present in the briefing. The presentation material will be available on the company’s website at http://www.apetitgroup.fi/en/ after the event.
Copies to: |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|