Raisio - Financial Statement Release

Raisio plc, Financial Statements 2014

Raisio plc       Financial Statements Review 12 February 2014

RAISIO PLC, FINANCIAL STATEMENTS 2014

January-December 2014

  -- Group's EBIT excluding one-off items was EUR 34.8 million (EUR 39.3 million
     in 2013) accounting for 7.0% (7.1%) of net sales.
  -- Brands Division's EBIT excluding one-off items was EUR 35.9 million (EUR
     41.4 million) accounting for 11.7% (13.6%) of net sales.
  -- Raisioagro's EBIT excluding one-off items was EUR 3.4 million (EUR 3.1
     million).
  -- Group's net sales totalled EUR 493.9 million (EUR 557.6 million). 
  -- Earnings per share, excluding one-off items, were EUR 0.18 (EUR 0.20).
  -- The Board's dividend proposal EUR 0.14 (EUR 0.13) per share. Continuous
     dividend growth since 2007.

October-December 2014

  -- Group's EBIT excluding one-off items was EUR 8.9 million (Q4/2013: EUR 8.4
     million) accounting for 7.6% (6.4%) of net sales.
  -- Brands Division's EBIT excluding one-off items was EUR 10.6 million (EUR
     10.0 million) accounting for 12.5% (12.9%) of net sales.
  -- Raisioagro's EBIT excluding one-off items was EUR 0.0 million (EUR -0.3
     million).
  -- Group net sales totalled EUR 117.8 million (EUR 131.2 million).



Raisio Group's key figures excluding one-off items

                            Q4/      Q4/     Q3/      Q2/     Q1/    2014   2013
                           2014     2013     2014    2014     2014              
--------------------------------------------------------------------------------
Results                                                                         
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Net sales             M€    117.8    131.2   126.9    132.5  116.7  493.9  557.6
--------------------------------------------------------------------------------
Change in net sales    %    -10.2     -4.6   -15.1    -10.9   -9.1  -11.4   -4.5
--------------------------------------------------------------------------------
EBIT                  M€      8.9      8.4    12.1      8.5    5.4   34.8   39.3
--------------------------------------------------------------------------------
EBIT                   %      7.6      6.4     9.5      6.4    4.6    7.0    7.1
--------------------------------------------------------------------------------
Depreciation and      M€      3.4      3.7     3.8      3.6    3.9   14.6   14.9
 impairment                                                                     
--------------------------------------------------------------------------------
EBITDA                M€     12.3     12.1    15.8     12.1    9.3   49.5   54.3
--------------------------------------------------------------------------------
Net financial         M€     -1.0     -0.4    -0.3      0.0   -0.3   -1.5   -1.8
 expenses                                                                       
--------------------------------------------------------------------------------
Earnings per share     €     0.05     0.05    0.06     0.04   0.03   0.18   0.20
 (EPS)                                                                          
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Balance sheet                                                                   
--------------------------------------------------------------------------------
Equity ratio           %        -        -       -        -      -   60.2   68.2
--------------------------------------------------------------------------------
Gearing                %        -        -       -        -      -   22.2   -8.6
--------------------------------------------------------------------------------
Net interest-bearing  M€                         -        -      -   72.2  -28.5
 debt                                                                           
--------------------------------------------------------------------------------
Equity per share       €        -        -       -        -      -   2.07   2.13
--------------------------------------------------------------------------------
Dividend per share     €        -        -       -        -      -  0.14*   0.13
--------------------------------------------------------------------------------
Gross investments**   M€     90.7      7.8     3.4      6.0    4.8  104.9   16.5
--------------------------------------------------------------------------------
Share                                                            -              
--------------------------------------------------------------------------------
Market                M€        -        -       -        -      -  656.8  683.1
 capitalisation***                                                              
--------------------------------------------------------------------------------
Enterprise value      M€        -        -       -        -      -  728.9  654.6
 (EV)                                                                           
--------------------------------------------------------------------------------
EV/EBITDA                       -        -       -        -      -   14.7   12.1
--------------------------------------------------------------------------------



* Board of Directors' proposal to the Annual General Meeting
** Including acquisitions
*** Excluding the company shares held by the Group

Figures for the comparison period are given in brackets.
The financial statements review has not been audited.



CHIEF EXECUTIVE'S REVIEW FOR 2014

“At Raisio, the year 2014 was twofold. Weak performance at the beginning of the
year was exceptional but we were able to correct the situation quickly during
the second half of 2014. In the last two quarters, Raisio reached higher EBIT
than in the comparative periods, which shows that we are back on improving
trend. Raisio is one of the few Finnish companies that have been able to
improve profitability from the comparison period in almost every quarter for
the past eight years. 

The Benecol business acquisition from the affiliates of Johnson & Johnson
completed in November 2014 was a good and important deal for Raisio.
Furthermore, EV/EBITDA multiple was in line with the target level Raisio has
set on acquisitions. The Benecol business acquisition in the UK, Ireland and
Belgium as well as the amended US-related agreement strongly support the growth
strategy of Raisio's branded business.  In terms of Benecol products, Raisio's
long-term strategic goal is to enhance competitiveness in the existing markets,
to expand into new markets as well as to innovate new products. Through the
arrangement now completed, we have an opportunity to develop the Benecol
business on our own terms, for the first time since 1997. 

In December, Raisio renewed the Brands Division's organisation to better meet
the objectives set for the Group's growth phase concerning, for example,
improvement of profitability and organic growth. We aim to make clearly better
use of the synergies between our branded operations and to enable growth.
Cereals and Snacks businesses in the UK and Northern Europe have been combined
into a single entity, which allows us to use the best expertise available to
tackle thechallenges related to the UK's cereal business. In addition, all
Benecol businesses have been combined into one entity, which enhances
innovation and improves results. 

Raisioagro has completed an extensive reorganisation of activities with a focus
on cattle and fish feeds, grain trade and online store.  Raisioagro aims to be
the leading operator in the agricultural sectors where success is based on
feeding and plant cultivation expertise and on innovations. Innovations
improving the effectiveness and profitability in agriculture and fish farming
are in the core of Raisioagro's new strategy. 

The international commercialisation of Benemilk is proceeding as planned. We
continue our commercial negotiations with several partner candidates in Asia,
Europe, Oceania and North America. Some of the partners have conducted their
own production tests and commissioned feeding trials from external research
institutes, which has extended negotiations as the analysis of results of each
test easily takes several months. According to the best current estimate, the
first Benemilk launches could take place already 2015.” 

OUTLOOK 2015

Raisio expects its EBIT to return on its long-term upward trend.



Raisio plc

Heidi Hirvonen
Communications and IR Manager
Tel. +358 50 567 3060



Further information:
Matti Rihko, CEO, tel. +358 400 830 727
Antti Elevuori, CFO, tel. +358 40 560 4148
Heidi Hirvonen, Communications and IR Manager, tel. +358 50 567 3060



Release dates of Raisio's financial reviews in 2015

  -- Raisio's Annual Report 2014 will be released online during the week 11 at
     http://annualreport2014.raisio.com/
  -- Raisio will publish Corporate Responsibility Report, which is part of the
     online Annual Report.
  -- The Annual General Meeting will be held on 26 March 2015.
  -- Interim Report for January-March will be published on 7 May 2015.
  -- Interim Report for January-June will be published on 11 August 2015.
  -- Interim Report for January-September will be published on 5 November 2015.





Raisio Group briefly

Raisio plc is an international specialist in plant-based nutrition. Raisio's
operations are divided into two divisions: Brands and Raisioagro. The Group's
key market areas are Finland, Great Britain, the Czech Republic, Russia,
Ukraine, Poland, Estonia and Sweden. Raisio plc's shares are listed on NASDAQ
OMX Helsinki Ltd. In 2014, the Group's net sales totalled EUR 494 million and
EBIT was EUR 35 million. The Group employs some 1,900 people. Raisio's
best-known brands are Benecol, Honey Monster, Elovena, Fox's, Dormen, Juicee
Gummee, Poppets and Benemilk. 





Distribution
NASDAQ OMX
Key media
www.raisio.com

Bifogade filer:

raisio_financial_statements_review_2014.pdf