2016-11-03 07:30:02 CET
2016-11-03 07:30:02 CET
REGULATED INFORMATION
Apetit Oyj - Interim report (Q1 and Q3)
Apetit Plc Interim Report, January-September 2016
Apetit Plc, Interim Report, 3 November, 2016 at 08:30 a.m.
This is a summary of the Interim Report January - September 2016. 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.
Operational EBIT was unsatisfactory – Seafood's performance continued to improve
Third quarter (July–September)
-- Consolidated net sales amounted to EUR 91.9 (75.3) million
-- Operational EBITDA was EUR 3.1 (2.9) million
-- Operational EBIT*) was EUR 1.4 (1.8) million
-- Profit for the period came to EUR 1.8 (-4.0) million, and earnings per
share amounted to EUR 0.29 (-0.64)
January–September
-- Consolidated net sales amounted to EUR 286.4 (267.0) million
-- Operational EBITDA was EUR 4.1 (4.0) million
-- Operational EBIT*) was EUR -0.7 (-0.1) million
-- Profit for the period came to EUR -1.2 (-6.8) million, and earnings per
share amounted to EUR -0.19 (-1.05)
The information has not been audited.The figures in parentheses are the
equivalent figures for the same period in 2015, and the comparison period means
the corresponding period of the previous year, unless stated otherwise.
The profit guidance was changed on 19 October 2016. The Group’s operational
EBIT* for the full year is estimated to be positive but to fall short of the
comparison year’s level (2015: EUR 2.6 million). Due to the seasonal nature of
the Group’s operations, most of the annual profit is accrued in the second half
of the year.
*) Due to the new amendments to the regulations of the European Securities and
Markets Authority (ESMA), Apetit has replaced the key figure “operating profit
excluding non-recurring items” with the key figure “operational EBIT” as of
2016. Operational EBIT does not include restructuring expenses, any significant
impairment on goodwill or other balance-sheet items or reversal of impairment,
the profit of the associated company Sucros or other extraordinary and material
items.
Juha Vanhainen, CEO:
“When examined on the basis of operations, there were ups and downs in the
Apetit Group’s performance in July–September. From the perspective of the
company’s strategic development, I can see that by focusing on renewal we are
going in the right direction. Unfortunately, based on our clarified outlook for
the rest of the year, we do not expect to achieve an actual turnaround in
results this year.
I am pleased with the continued good performance of the Seafood segment.
Improvements in operational efficiency have boosted the profitability of
operations, even though the volume has been reduced by the higher raw material
prices of Norwegian salmon. The efficiency boosting investments and
improvements in processes carried out in Kuopio have achieved the expected
results.
The vegetable oil packaging plant extension that was opened in June quickly
enabled to increase the share of packaged vegetable oil products in net sales.
As a result, we were able to increase delivery volumes of packaged products,
particularly to the export markets, in this quarter.
During the year, we have faced difficulties on the international grain market.
The grain prices and margins, which have remained low, weakened profit also in
July–September despite increased sales volumes. The volume of grain crops in
the latest crop year is lower than the previous year in our area of supply,
while crops in the rest of the world have correspondingly grown. This will also
affect the market dynamics during the remainder of the year.
The Food Solutions segment has not yet achieved a turnaround in profitability.
Sales in frozen foods have improved. The Tuorekset product family that was
launched in August is helping us to generate new growth in in retail stores’
fruit and vegetable sections. However, sales volumes of fresh products to
professional food service sector customers have not performed as anticipated so
our aim is to improve operating efficiency and our market share.
From the perspective of renewal and growth, our strategy implementation has
proceeded as planned. We have increased resources in product development and
boosted the organisation’s speed of renewal. I am expecting these efforts to
produce results and to increase Apetit's market position in the future.”
GROUP-LEVEL KEY FIGURES
EUR million Q3 Q3 Change Q1–Q3 Q1–Q3 Change 2015 Rollin
2016 2015 2016 2015 g 12 m
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Net sales 91.9 75.3 +22 % 286.4 267.0 +7 % 380.8 400.2
Operational EBITDA 3.1 2.9 4.1 4.0 8.5 8.6
Operational EBIT 1.4 1.8 -0.7 -0.1 2.6 2.0
Operating profit 1.4 -2.5 -0.7 -3.7 -1.0 2.0
Share of profit of -0.1 -0.3 -0.7 -1.4 -1.0 -0.3
associated company
Sucros
Profit for the 1.8 -4.0 -1.2 -6.8 -4.6 1.0
period
Earnings per share, 0.29 -0.64 -0.19 -1.05 -0.69 0.17
EUR
Equity per share, 18.70 19.07 19.53
EUR
Working capital 56.3 57.1 69.6 58.3
Return on capital 1.2 % 1.2 %
employed, (ROCE %)
Net cash flow from 14.5 -8.4 -17.1
operating
activities
Equity ratio 64.3 % 60.2 % 61.1 %
Gearing 17.3 % 13.0 % 19.0 %
Investment 7.9 7.1 9.1
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SEGMENT COMPARISON
The Apetit Group’s reporting business segments are Food Solutions, Oilseed
Products, Grain Trade and Seafood.
-- The Food Solutions business comprises the frozen foods group and fresh
products group, as well as service sales.
-- The Oilseed Products business includes the processing and sale of vegetable
oils and expeller meals.
-- The Grain Trade business comprises Finnish and international trade in
grains, oilseeds and feed raw-materials.
-- The Seafood business comprises the operations of the fish products group in
Finland, Sweden and Norway.
The associated company Sucros (20% holding) has been reported after operating
profit in the income statement as of the beginning of 2016 and Group
Administration costs have been allocated equally between the segments.
NET SALES Q3 Q3 Change Q1–Q3 Q1–Q3 Change 2015 Rolling
2016 2015 2016 2015 12 m
--------------------------------------------------------------------------------
Food Solutions 22.8 22.8 0 % 72.1 70.5 2 % 95.8 97.5
Oilseed Products 17.6 14.8 19 % 52.3 46.3 13 % 61.3 67.3
Grain Trade 38.9 28.3 37 % 119.9 111.4 8 % 170.5 178.9
Seafood 20.4 20.4 0 % 63.7 61.7 3 % 82.9 84.9
Intra-segment net -7.8 -11.0 -21.6 -22.9 -29.6 -28.4
sales
Total 91.9 75.3 22 % 286.4 267.0 7 % 380.8 400.2
--------------------------------------------------------------------------------
Operational EBIT Q3 Q3 Q1–Q3 Q1–Q3 2015 Rolling
2016 2015 2016 2015 12 m
---------------------------------------------------------
Food Solutions 0.2 0.3 -2.5 -1.9 -0.1 -0.8
Oilseed Products 0.8 0.9 2.1 2.4 2.7 2.5
Grain Trade 0.6 0.7 1.1 2.6 3.8 2.3
Seafood -0.2 -0.1 -1.4 -3.2 -3.8 -2.0
Total 1.4 1.8 -0.7 -0.1 2.6 2.0
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PROFIT GUIDANCE FOR 2016
The profit guidance was amended with a stock exchange release published on 19
October 2016.
The Group’s operational EBIT* for the full year is estimated to be positive but
to fall short of the comparison year’s level (2015: EUR 2.6 million).Due to the
seasonal nature of the Group’s operations, most of the annual profit is accrued
in the second half of the year.
The new harvest season has clarified the Grain Trade segment’s outlook for the
remaining part of the year.Supply is plentiful, which is expected to keep the
price level and margins in international grain markets at a low level.
The profitability of the Food Solutions segment has not improved as
expected.The outlook for the remainder of the year is weakened by
lower-than-expected volume of fresh product sales to the professional food
service sector.
The improved operating efficiency of the Seafood segment is estimated to
continue to support the improvement of the segment’s profitability in the
remaining part of 2016.
The Oilseed Products segment’s outlook for the rest of 2016 is estimated to be
stable.
Further information:
Juha Vanhainen, CEO, tel. +358 (0)10 402 00
Sami Saarnio, CFO, tel. +358 (0)10 402 00
***************
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
- September 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.
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