2011-05-05 07:30:00 CEST
2011-05-05 07:30:08 CEST
REGULATED INFORMATION
Lännen Tehtaat - Interim report (Q1 and Q3)
INTERIM REPORT 1 January - 31 March 2011
LÄNNEN TEHTAAT PLC Interim Report 5 May 2011, 8.30 am
- Consolidated net sales came to EUR 84.0 (74.8) million, up by 12%.
- Operating profit was EUR 0.8 (0.9) million; there were no non-recurring items.
- Assessment of profit performance for the full year is unchanged.
The information in this Interim Report has not been audited.
Matti Karppinen, CEO:
“The Group's profit performance remained good in the first quarter of the year,
and its operating profit, excluding non-recurring items, was at the previous
year's level. Consolidated net sales were up 12% thanks to growth in the Grains
and Oilseeds business and the Seafood business.
In the first quarter our focus was especially on laying the groundwork for
measures to improve the performance of the Seafood business. Because of a
persistently unsatisfactory performance trend, a decision was made to take
action in both Finland and Norway targeting an overall cost saving of of EUR
1.4 million. Restructuring the Seafood business and turning around the
business that has been loss-making for an extended period is in fact our
primary short-term objective.”
KEY FIGURES ILLUSTRATING PERFORMANCE
EUR million
Q1 Q1 Q1-Q4
2011 2010 2010
Net sales 84.0 74.8 308.7
Operating profit, excluding non-recurring items 0.8 0.9 8.3
Profit before taxes 0.5 1.2 8.4
Profit for the period 0.2 0.8 6.5
Earnings per share, EUR 0.04 0.13 1.04
NET SALES AND PROFIT
Consolidated net sales in January-March amounted to EUR 84.0 (74.8) million, up
by about 12% year on year. Most of this growth was in the Grains and Oilseeds
business.
Operating profit was EUR 0.8 (0.9) million. There were no non-recurring items
in the first quarter, nor were there any in the same period the previous year.
The operating profit includes EUR -0.2 (-0.1) million as the share of the
profits of associated companies.
Financial income and expenses came to a total of EUR -0.4 (0.3) million. This
figure includes valuation items of EUR 0.0 (0.5) million with no cash flow
implications. Financial expenses also include EUR -0.3 (-0.2) million of Avena
Nordic Grain Group's profit as the share attributable to the Avena Nordic Grain
Oy employee shareholders.
Profit before taxes was EUR 0.5 (1.2) million. Profit for the period came to
EUR 0.2 (0.8) million, and earnings per share amounted to EUR 0.04 (0.13).
FINANCING AND BALANCE SHEET
The Group's liquidity remained good and its financial position is strong.
The first-quarter cash flow from operating activities after interest and taxes
amounted to EUR -19.8 (-15.3) million. The impact of the change in working
capital was EUR -21.2 (-15.3) million. In the first quarter, working capital
was tied up to a greater extent than a year earlier in the Grains and Oilseeds
business, where stocks were high due to new business opportunities and because
the grain export shipping programme is weighted towards the second quarter. The
amount of working capital was also higher because of the higher market prices
for grains and oilseeds than the previous year.
The net cash flow from investing activities came to EUR 6.4 (11.9) million.
Deposits and withdrawals of liquid assets into and from short-term fixed income
funds had an impact of EUR 7.0 (12.0) million on the net cash flow from
investing activities. The cash flow from financing activities came to EUR 15.0
(-0.5) million, and this included EUR 15.0 (-0.2) million in short-term loan
withdrawals and repayments. The net change in cash and cash equivalents was EUR
1.6 (-4.0) million.
At the end of the period the Group had EUR 18.9 (2.5) million in
interest-bearing liabilities and EUR 9.3 (9.2) million in liquid assets. Net
interest-bearing liabilities totalled EUR 9.7 (-6.7) million. The consolidated
balance sheet total stood at EUR 197.7 (173.2) million and shareholders' equity
amounted to EUR 134.4 (133.4) million. The equity ratio was 68.0% (77.0%) and
gearing was 7.2% (-5.0%). Commercial papers issued for the Group's short-term
financing stood at a total value of EUR 4.0 (0.0) million at the end of the
period. The Group's liquidity is secured with committed credit facilities; a
total of EUR 15 (25) million was available in credit at the end of the first
quarter. A total of EUR 10.0 (0.0) million of credit was in use.
INVESTMENT
Investment in non-current assets during January-March totalled EUR 0.6 (0.4)
million.
PERSONNEL
The average number of personnel during January-March was 601 (596). The number
of personnel grew in the Frozen Food business and decreased in the Seafood
business.
OVERVIEW OF OPERATING SEGMENTS
Frozen Foods
EUR million Q1 Q1 Q1-Q4
2011 2010 2010
Net sales 12.6 12.8 45.1
Operating profit, excluding non-recurring items 0.3 0.3 3.4
First-quarter net sales in Frozen Foods were at the level of a year earlier.
Unlike the year before, deliveries for Easter sales occurred partly in the
second quarter, affecting comparability with the previous year.
Owing to the positive trend in frozen vegetables sales under the Apetit brand,
the sale of retail products was at the previous year's level. The hotel,
restaurant and catering sector continued its strong growth, thanks to the good
level of sales in new frozen ready meals and frozen vegetables. Sales to the
food industry and exports were down year on year.
Operating profit in the Frozen Foods business was at the level of the previous
year.
The development focus in the operation of the Frozen Foods business was on the
order/delivery process. The themes of Finnishness and ‘locally produced food,
straight from the freezer' were again emphasised in the marketing of Apetit
frozen vegetables and frozen potato products.
The number of personnel in Frozen Foods in January-March was 187 (172).
Investment during the period totalled EUR 0.2 (0.0) million.
Seafood
EUR million Q1 Q1 Q1-Q4
2011 2010 2010
Net sales 19.3 19.0 80.9
Operating profit, excluding non-recurring items -0.5 0.0 -1.8
The first-quarter net sales of the Seafood business were up by about 2% on the
figure for the same quarter a year earlier. This growth was attributable to the
Finnish Seafood business. In the Norwegian and Swedish Seafood businesses there
was a slight drop in net sales measured in euros.
Net sales in the Finnish Seafood business were boosted by the incorporation of
Myrskylän Savustamo into the Group at the start of June 2010, and by the higher
average sales prices. Factors adversely affecting net sales were the reduced
number of Kalatori service counters and the fact that all Easter sales occurred
in April this year, in contrast to the previous year.
Measured in local currencies, net sales were down by about 8% in the Norwegian
and Swedish Seafood businesses. The drop in net sales was a result of
discontinuing the sale of smoked salmon to the businesses´ key customer in
autumn 2010 and the fact that Easter sales occurred in April. The growth in
sales of minced fish products continued in the Norwegian market. The sales
growth in shellfish continued to be good in the Swedish and Finnish markets.
The first-quarter result for the Seafood business was down year on year. The
decline in profit was due to the Norwegian and Swedish Seafood business.
The result for the Finnish Seafood business was almost unchanged. Due to tight
supply, the raw material costs of salmon and rainbow trout reached a record
high in the first quarter. Price rises were introduced during the period in
order to compensate for the increased costs. With raw material prices remaining
high there will be a further need for price rises. The associated company
Taimen Group, which specialises in fish farming and fry and fingerling
production, did not have the expected positive impact on the result in the
first quarter. Lifting farmed fish from the water and gutting them was
adversely affected by the challenging ice conditions, and this temporarily
decreased Taimen's delivery performance.
Launched in February, the cost-efficiency programme in the Finnish Seafood
business is aimed at making dramatic cuts in fixed costs, and in April this
progressed to the implementation phase. In order to make better use of Group
synergies it was decided to concentrate Apetit Kala Oy's sales and financial
administration functions in the Group's other units. The company's procurement,
production and logistics functions will be centralised in Kuopio. The
organisational changes will result in the loss of nine jobs in Kuopio and the
creation of a total of three jobs in Espoo and Säkylä. These changes will take
place by the end of May. The reorganisation of white-collar positions will mean
that non-recurring costs of about EUR 0.1 million will be recognised in the
second-quarter result. In connection with the cost-efficiency programme, a
decision was also made not to fill four white-collar positions that have become
vacant since the end of last year. It is estimated that annual savings of about
EUR 0.9 million will be achieved with these personnel solutions and by cutting
IT, HR and marketing expenses. The programme will take full effect at the
beginning of the second half of the year.
The first-quarter profitability of the Norwegian and Swedish Seafood businesses
was down year on year. It has been possible to pass on to sales prices only a
proportion of the strong rise in the raw material costs of shellfish occurring
since last summer, and this has caused a drop in the gross margin.
In April, Maritim Food decided to shut down its Stabburveien plant in
Fredrikstad, Norway, and concentrate the production of minced fish products and
dressings at its Råbekksvingen plant, also in Fredrikstad, in order to improve
profitability and productivity. Shutting down the Stabburveien plant will mean
the discontinuation of smoked-fish production. The changes will take place in
2011. The estimated annual performance improvement from concentrating
production is some EUR 0.5 million, and this will begin to materialise in the
third quarter of 2011. Non-recurring costs from the reorganisation of
production and the shutdown of one production plant are estimated at about EUR
1.5 million and will be recognised in the second-quarter result of the Seafood
business.
The number of personnel in the Seafood business totalled 345 (354). The
reduction in average personnel was due in part to the smaller number of
Kalatori service counters in Finland, though personnel numbers were also
boosted by the arrival of the Myrskylän Savustamo Group, which joined the Group
in summer 2010, and the launch of the Kustavi plant last autumn. The number of
personnel in the Norwegian and Swedish Seafood businesses decreased due to the
jobs lost in the autumn as a result of the adjustment measures in production.
Investment in the Seafood business totalled EUR 0.1 (0.3) million.
Grains and Oilseeds
EUR million Q1 Q1 Q1-Q4
2011 2010 2010
Net sales 51.9 43.0 181.9
Operating profit, excluding non-recurring items 2.5 2.0 7.2
First-quarter net sales in the Grains and Oilseeds business were up by 21% year
on year. This growth was a result of the higher market prices than a year
earlier. The substantial rise in grain and oilseed market prices was the result
of tighter supply and the continuing strong demand on the world market.
The first-quarter operating profit in the Grains and Oilseeds business was up
by EUR 0.5 million on the previous year's first-quarter figure. This was
attributable to the increased net sales as well as the realisation of synergy
benefits from combining the Grains and Oilseeds businesses.
In the first quarter, market conditions were affected not only by the demand
and supply situation but also the comparatively low global grain and oilseed
stocks. This kept market prices high. As the second quarter drew near, the
market started to pay increasing attention to the spring's sowing area
forecasts, weather and harvest prospects. These will have an impact on future
price levels and grain flows, and will create business opportunities in both
the current and the next crop season.
Deliveries in the Grains and Oilseeds business will continue to be high in the
second quarter, as end users in various markets cover their needs before the
new harvest.
The Grains and Oilseeds business employed 59 (59) people.
Investment in the Grains and Oilseeds business totalled EUR 0.3 (0.1) million
and focused on the packaging facility being constructed at the Kirkkonummi
vegetable oil mill. Totalling over EUR 2 million, the packaging plant
investment will be completed by the end of the year. This investment will boost
Avena's competitiveness in the market for packaged vegetable oil products.
Other Operations
EUR million Q1 Q1 Q1-Q4
2011 2010 2010
Net sales 0.5 0.4 2.6
Operating profit, excluding non-recurring items -1.5 -1.2 -0.5
The Other Operations segment comprises the service company Apetit Suomi Oy,
Group Administration, items not allocated under any of the business segments
and the associated companies Sucros Ltd and Ateriamestarit Oy. The cost impact
of the services produced by Apetit Suomi Oy is an encumbrance on the operating
result of the Group's businesses in proportion to their use of the services.
Net sales from the sale of services in the Other Operations segment were at the
previous year's level. The operating profit includes EUR -0.2 (-0.1) million as
the share of the profit of associated companies.
Investment in Other Operations totalled EUR 0.0 (0.0) million.
DECISIONS OF THE ANNUAL GENERAL MEETING
Lännen Tehtaat plc's Annual General Meeting was held in Säkylä on 31 March
2011. The Annual General Meeting adopted the parent company's financial
statements and the consolidated financial statements, and discharged the
members of the Board of Directors and of the Supervisory Board and the Chief
Executive Officer from liability for the financial year 2010.
Dividend distribution
The AGM decided to distribute a dividend of EUR 0.90 per share, in accordance
with the Board's proposal. The dividend was paid on 12 April 2011.
Authorisations to issue shares
The Board of Directors has been authorised by the Annual General Meeting to
decide on issuing new shares and transferring Lännen Tehtaat plc shares held by
the company, and to do this in one or more lots as a share issue with a total
of no more than 761,757 shares. The share issue authorisation covers all Lännen
Tehtaat plc shares in the company's possession, i.e. 130,000 shares. The
maximum number of new shares that can be issued is 631,757.
The subscription price for each new share shall be at least the share's nominal
value, or EUR 2. The transfer price for Lännen Tehtaat plc shares held by the
company must be at least the current value of the share at the time of
transfer, determined by the price quoted in public trading held by NASDAQ OMX
Helsinki Ltd, but when implementing share-based incentive plans shares can also
be issued without consideration.
The authorisation concerns the right to deviate from the shareholders'
pre-emptive subscription right (targeted issue) if the company has an important
financial reason to do so, such as developing the company's capital structure,
financing and implementing corporate acquisitions or other arrangements, or
implementing a share-based incentive plan. This authorisation also includes the
right to offer shares instead of money, also against capital consideration in
kind or otherwise under certain conditions or by using right of set-off; and
the right to decide on the share subscription price and other terms and
circumstances concerning the share issue.
The authorisation is valid until the next AGM. The authorisation revoked the
earlier authorisation to issue shares, given on 30 March 2010.
SHARES AND TRADING
The number of Lännen Tehtaat plc shares traded on the stock exchange during
January-March was 176,545 (294,715), representing 2.8% (4.7%) of the total
number of shares. The highest share price quoted was EUR 18.80 (18.51) and the
lowest EUR 17.50 (15.51). The average price of shares traded was EUR 17.95
(17.23). The share turnover for the period was EUR 3.2 (5.1) million. At the
end of March, the market capitalisation totalled EUR 118.6 (107.4) million.
At the close of the first quarter, the company had in its possession a total of
130,000 of its own shares acquired during previous years, with a combined
nominal value of EUR 0.26 million. These shares represent 2.1% of the company's
total number of shares and of the total number of votes.
FLAGGING ANNOUNCEMENTS
No flagging announcements were made during the first quarter.
CORPORATE ADMINISTRATION AND AUDITORS
At its organisational meeting on 14 April 2011, Lännen Tehtaat plc's
Supervisory Board elected Timo Miettinen chairman of the Supervisory Board and
Marja-Liisa Mikola-Luoto deputy chairman.
The Supervisory Board elected the following as members of the company's Board
of Directors: Heikki Halkilahti, Aappo Kontu, Matti Lappalainen, Hannu Simula,
Jorma J. Takanen and Helena Walldén. Matti Lappalainen was elected chairman of
the Board of Directors and Hannu Simula was elected deputy chairman.
Hannu Pellinen, APA, and PricewaterhouseCoopers Oy Authorized Public
Accountants, with Tomi Moisio, APA CPFA as responsible auditor, were appointed
as auditors for Lännen Tehtaat plc by the Annual General Meeting on 31 March
2011.
SEASONALITY OF OPERATIONS
In accordance with the IAS 2 standard, the historical cost of inventories
includes a systematically allocated portion of the fixed production overheads.
In production that focuses on seasonal crops, raw materials are processed into
finished products mainly during the final quarter of the year, which means that
the inventory volumes and their balance-sheet values are at their highest at
the end of the year. Since the entry of the fixed production overheads included
in the historical cost as an expense item is deferred until the time of sale,
most of the Group's annual profit is accrued in the final quarter. The seasonal
nature of operations is most marked in Frozen Foods and in the associated
company Sucros, due to the link between production and the crop harvesting
season.
In the Seafood business, the sales of Apetit Kala Oy and Myrskylän Savustamo Oy
peak at weekends and on holidays. A significant proportion of the entire year's
profit in the Seafood business depends on the success of the Christmas season.
Due to the growing season for fish, only a small amount of the profit
accumulated for the Taimen Group, which reports as an associated company,
normally accrues during the summer months. As Easter can take place in either
the first or the second quarter, this can affect the comparability of net sales
and profit in the Frozen Foods and Seafood businesses between different years.
Net sales in the Grains and Oilseeds business vary from one year and quarter to
the next to a greater extent than in the other businesses, being dependent on
the demand and supply situation and on the price levels domestically and on
other markets.
SHORT-TERM RISKS AND UNCERTAINTIES
The most significant short-term risks for the Lännen Tehtaat Group concern the
following: the management of raw material price changes and currency risks;
availability of raw materials; the impact of seafood price rises on consumer
demand; the impact of the rise in energy prices; the implementation of the
cost-efficiency programme in the Finnish Seafood business; the change in the
production plant structure of the Norwegian company; the solvency of customers
and the delivery performance of suppliers and service providers; changes in the
Group's business sectors and customerships; and corporate acquisitions and the
subsequent integration processes.
SIGNIFICANT EVENTS SINCE THE END OF THE REVIEW PERIOD
In regard to implementation of the cost-efficiency programme in the Finnish
Seafood business, decisions concerning the white-collar employees of Apetit
Kala were made in April and are discussed more thoroughly in the overview of
operating segments, under Seafood.
Concerning the Norwegian Seafood business, it was also decided in April to shut
down one of the two Maritim Food production plants in Fredrikstad. The impact
of this decision is discussed in the overview of operating segments, under
Seafood.
ASSESSMENT OF PROBABLE FUTURE DEVELOPMENT
The Group's net sales will be affected particularly by the level of activity in
grain and oilseed markets and by changes in the price level of grains and
oilseeds.
Thanks to the measures taken to develop the Seafood business, and the positive
delivery prospects in the Grains and Oilseeds business for the short term, the
second quarter operating profit, excluding non-recurring items, is expected to
be better than the previous year's level.
The profit performance in the second half of the year will be influenced
substantially by the extent of activity in the grain and oilseed markets, which
at this stage of the year is still difficult to assess. Thanks to the measures
taken to develop the Group's different businesses, and thanks to the corporate
acquisitions made in 2010, the full-year operating profit, excluding
non-recurring items, is expected to be better than the previous year's level.
Profit accrual is expected to be weighted heavily towards the latter part of
the year, as in 2010.
CONSOLIDATED INCOME STATEMENT
EUR million Jan- March Jan- March Jan -
Dec
2011 2010 2010
Net sales 84.0 74.8 308.7
Other operating income 0.2 0.4 1.4
Operating expenses -81.7 -72.8 -299.4
Depreciation -1.4 -1.3 -5.3
Impairments 0.0 0.0 -0.1
Share of profits of associated companies -0.2 -0.1 3.0
Operating profit 0.8 0.9 8.3
Financial income and expenses -0.4 0.3 0.1
Profit before taxes 0.5 1.2 8.4
Income taxes -0.3 -0.4 -1.9
Profit for the period 0.2 0.8 6.5
Attributable to
Equity holders of the parent 0.3 0.8 6.5
Non-controlling interests -0.1 - -
Basic and diluted earnings per share,
calculated of the
profit attributable to the shareholders
of the parent
company, EUR 0.04 0.13 1.04
STATEMENT OF COMPREHENSIVE INCOME
EUR million Jan- March Jan- March Jan -
Dec
2011 2010 2010
Profit for the period 0.3 0.8 6.5
Other comprehensive income
Cash flow hedges 1.0 -0.3 1.1
Taxes related to cash flow hedges -0.3 0.1 -0.3
Translation differences 0.0 0.5 0.8
Total comprehensive income 1.0 1.1 8.1
Attributable to
Equity holders of the parent 1.1 1.1 8.1
Non-controlling interests -0.1 - -
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
EUR million 31 March 31 March 31 Dec
2011 2010 2010
ASSETS
Non-current assets
Intangible assets 5.7 5.6 6.0
Goodwill 8.7 7.1 8.6
Tangible assets 36.4 37.4 37.0
Investment in associated companies 33.8 24.0 33.9
Available-for-sale investments 0.1 0.1 0.1
Receivables 0.5 1.9 0.7
Deferred tax assets 1.3 0.9 1.4
Non-current assets total 86.4 76.9 87.5
Current assets
Inventories 66.8 40.8 55.0
Receivables 35.1 46.3 34.5
Income tax receivable 0.1 0.1 0.2
Financial assets at fair value through 0.1 5.3 7.1
profits
Cash and cash equivalents 9.2 3.9 7.5
Current assets total 111.3 96.3 104.4
Total assets 197.7 173.2 191.9
EUR million 31 March 31 March 31 Dec
2011 2010 2010
EQUITY AND LIABILITIES
Equity attributable to the equity holders 131.8 133.4 136.2
of the parent
Non-controlling interests 2.6 - 2.7
Total equity 134.4 133.4 138.9
Non-current liabilities
Deferred tax liabilities 4.0 3.7 4.4
Long-term financial liabilities 2.1 2.0 2.1
Non-current provisions 0.0 0.2 0.0
Other non-current liabilities 4.6 0.0 4.6
Non-current liabilities total 10.7 6.0 11.1
Current liabilities
Short-term financial liabilities 16.8 0.4 1.8
Income tax payable 1.5 1.9 1.0
Trade payables and other liabilities 34.2 31.6 39.1
Current liabilities total 52.5 33.9 41.9
Total liabilities 63.3 39.9 53.0
Total equity and liabilities 197.7 173.2 191.9
CONSOLIDATED STATEMENT OF CASH FLOWS
EUR million Jan- March Jan- March Jan -
Dec
2011 2010 2010
Net profit for the period 0.2 0.8 6.5
Adjustments. total 1.5 -0.1 4.9
Change in net working capital -21.2 -15.3 -7.4
Interests paid -0.1 -0.7 -1.1
Interests received 0.0 0.1 0.3
Taxes paid -0.2 -0.1 -2.6
Net cash flow from operating activities -19.8 -15.3 0.6
Investments in tangible and intangible -0.6 -0.4 -3.1
assets
Proceeds from sales of tangible and 0.0 0.4 0.5
intangible assets
Acquisition of associated companies - - -8.1
Transactions with non-controlling - - 2.7
interests
Purchases of other investments - - -32.9
Proceeds from sales of other investments 7.0 12.0 43.0
Dividends received from investing - - 1.5
activities
Net cash flow from investing activities 6.4 11.9 3.5
Proceeds from/repayments of short-term 15.0 -0.2 0.6
loans
Proceeds from/repayments of long-term - -0.3 -0.3
loans
Payment of financial lease liabilities - 0.0 0.0
Dividends paid - - -4.7
Cash flows from financing activities 15.0 -0.5 -4.4
Net change in cash and cash equivalents 1.6 -4.0 -0.3
Cash and cash equivalents at the 7.5 7.9 7.9
beginning of the period
Cash and cash equivalents at the end of 9.2 3.9 7.5
the period
Purchases of other investments and
proceeds from
sales of other investments are cash flows
related
to short-term fixed income funds.
STATEMENT OF CHANGES
IN
SHAREHOLDERS' EQUITY
A = Shareholders'
equity at 1 January
B = Dividend
distribution
C = Transactions
with NCI
D = Other changes
E = Total
comprehensive
income
F = Shareholders'
equity at 31 March
January - March 2011
EUR million A B C D E F
Share capital 12.6 - - - - 12.6
Share premium 23.4 - - - - 23.4
account
Net unrealised gains -0.8 - - - 0.8 -0.1
Other reserves 7.2 - - - 0.0 7.2
Own shares -1.8 - - - - -1.8
Translation 0.3 - - - 0.0 0.3
differences
Retained earnings 95.3 -5.6 - 0.0 0.3 90.0
Attributable to 136. -5.6 0.0 0.0 1.0 131.8
equity holders of 2
the parent
Non-controlling 2.7 - - - -0.1 2.6
interests (NCI)
Total equity 138. -5.6 0.0 0.0 0.9 134.4
9
January - March 2010
EUR million A B C D E F
Share capital 12.6 - - - - 12.6
Share premium 23.4 - - - - 23.4
account
Net unrealised gains 0.0 - - - -0.2 -0.2
Other reserves 7.2 - - - 0.0 7.2
Own shares -1.8 - - - - -1.8
Translation -0.5 - - - 0.5 0.0
differences
Retained earnings 96.5 -4.7 - -0.2 0.8 92.1
Attributable to 137. -4.7 - -0.2 1.1 133.4
equity holders of 3
the parent
Non-controlling - - - - - -
interests (NCI)
Total equity 137. -4.7 - -0.2 1.1 133.4
3
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The Interim Report has been prepared in accordance with IAS 34,
Interim Financial
Reporting. The accounting policies adopted are consistent with those
of the Group's annual financial statements for the year ended
31 December 2010. New standards and interpretations adopted in 2011
had
no significant effects on this Interim Report.
SEGMENT
INFORMATION
Operating
segments,
January -
March 2011
EUR million Froze Seafood Grains and Other Total
n
Foods Oilseeds Operations
Total segment 12.6 19.3 51.9 0.5 84.4
sales
Intra-group - 0.0 0.0 -0.4 -0.4
sales
Net sales 12.6 19.3 51.9 0.1 84.0
Share of profits
of associated
companies
included in
operating
profit - 0.0 - -0.2 -0.2
Operating profit 0.3 -0.5 2.5 -1.5 0.8
Gross
investments in
non-current
assets 0.2 0.1 0.3 0.0 0.6
Corporate
acquisitions
and other
share purchases - - - - -
Depreciations 0.5 0.5 0.2 0.2 1.4
Impairments - 0.0 - - 0.0
Personnel 187 345 59 11 601
Operating
segments.
January -
March 2010
EUR million Froze Seafood Grains and Other Total
n
Foods Oilseeds Operations
Total segment 12.8 19.0 43.0 0.4 75.2
sales
Intra-group 0.0 0.0 0.0 -0.3 -0.3
sales
Net sales 12.7 19.0 43.0 0.1 74.8
Share of profits
of associated
companies
included in
operating
profit - - - -0.1 -0.1
Operating profit 0.3 -0.0 2.0 -1.2 0.9
Gross
investments in
non-current
assets 0.0 0.3 0.1 0.0 0.4
Corporate
acquisitions
and other
share purchases - - - - -
Depreciations 0.5 0.5 0.2 0.2 1.3
Impairments - 0.0 - - 0.0
Personnel 172 354 59 11 596
Operating
segments,
January -
December 2010
EUR million Froze Seafood Grains and Other Total
n
Foods Oilseeds Operations
Total segment 45.1 80.9 181.9 2.6 310.5
sales
Intra-group 0.0 0.0 0.0 -1.7 -1.8
sales
Net sales 45.1 80.9 181.9 0.9 308.7
Share of profits
of associated
companies
included in
operating
profit - 0.6 - 2.4 3.0
Operating profit 3.4 -1.8 7.2 -0.5 8.3
Gross
investments in
non-current
assets 1.2 1.1 0.7 0.2 3.1
Corporate
acquisitions
and other
share purchases - 10.5 - - 10.5
Depreciations 2.2 1.9 0.7 0.6 5.3
Impairments - 0.1 - - 0.1
Personnel 199 351 61 10 621
KEY INDICATORS
31 March 31 March 31 Dec
2011 2010 2010
Shareholders' equity per share, EUR 21.30 21.56 22.01
Equity ratio, % 68.0 77.0 72.4
Gearing, % 7.2 -5.0 -7.7
Gross investments in non-current 0.6 0.4 3.1
assets, EUR million
Corporate acquisitions and other
share purchases,
EUR million - - 10.5
Average number of personnel 601 596 621
Average number of shares, 1,000 pcs 6 188 6 188 6 188
The key figures in this Interim
Report are
calculated with same accounting
principles than
presented in the 2010 annual
financial statements.
CONTINGENT LIABILITIES, CONTINGENT
ASSETS
AND OTHER COMMITMENTS
EUR million 31 March 31 March 31 Dec
2011 2010 2010
Mortgages given for debts
Real estate mortgages 2.8 2.3 2.8
Guarantees 15.5 6.1 12.1
Non-cancellable other leases,
minimum lease payments
Real estate leases 5.6 4.5 5.9
Other leases 0.5 0.8 0.7
DERIVATIVE INSTRUMENTS
Outstanding nominal values of
derivate instruments
Forward currency contracts 7.8 2.8 6.6
Commodity derivative instruments 10.1 6.2 13.9
CONTINGENT ASSETS
The present value of proceeds from
the sale of
shares in the joint entry account 0.7 0.7 0.7
INVESTMENT COMMITMENTS
Frozen Foods 0.8
Grains and Oilseeds 1.7
OTHER COMMITMENTS
Based on the shareholder agreements
on the ownership
arrangement between Apetit Kala Oy
and Taimen Oy,
once certain terms and conditions
are met the contracting
parties are entitled to terminate
the cross ownership
at fair value.
The liability in any termination of
ownership will, on the
basis of IAS 32 be recognised under
non-current liabilities.
The receivable arising in
connection with this may not,
under IFRS rules, be recognised.
CHANGES IN TANGIBLE ASSETS
EUR million 31 March 31 March 31 Dec
2011 2010 2010
Book value at the beginning of the 37.0 37.9 37.9
period
Additions 0.6 0.3 2.6
Additions through acquisitions - - 0.7
Disposals 0.0 0.0 -0.3
Depreciations and impairments -1.2 -1.1 -4.4
Other changes 0.0 0.3 0.5
Book value at the end of the period 36.4 37.4 37.0
TRANSACTIONS WITH ASSOCIATED
COMPANIES
AND JOINT VENTURES
EUR million Jan- March Jan- March Jan - Dec
2011 2010 2010
Sales to associated companies 0.1 0.1 1.1
Sales to joint ventures 2.2 2.2 7.3
Purchases from associated companies 3.2 0.6 6.6
Long-term receivables from - 1.5 -
associated companies
Long-term receivables from joint 0.1 0.1 0.1
ventures
Trade receivables and other
receivables from
associated companies 1.5 1.5 1.6
Trade receivables and other
receivables from
joint ventures 1.0 0.9 0.7
Trade payables and other
liabilities to associated
companies 0.7 0.0 0.4
LÄNNEN TEHTAAT PLC
Board of Directors
Further information: CEO Matti Karppinen, tel. +358 40 8448 692
COPIES TO:
NASDAQ OMX Helsinki Ltd
Main media
www.lannen.fi
© 2024 Nasdaq, Inc. All Rights Reserved |