2015-08-12 07:30:00 CEST
2015-08-12 07:30:04 CEST
REGULATED INFORMATION
Apetit Oyj - Interim report (Q1 and Q3)
Apetit Plc Interim Report, January-June 2015
Apetit Plc, Interim Report, 12 August 2015 at 08:30 am
his is a summary of the Interim Report January - June 2015. The complete
Interim 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.
Second quarter (April-June)
-- Consolidated net sales were up on the previous year and amounted to EUR
100.2 (98.1) million.
-- Operating profit excluding non-recurring items was lower than a year
earlier and came to EUR -0.7 (0.7) million.
-- The reported operating result was EUR 0.0 (0.6) million.
-- The profit for the period was EUR -0.6 (0.1) million, and earnings per
share amounted to EUR -0.10 (0.02).
January-June
-- Consolidated net sales were up on the previous year and amounted to EUR
191.7 (187.0) million.
-- Operating profit excluding non-recurring items was lower than a year
earlier and came to EUR -3.0 (0.4) million.
-- The reported operating profit before non-recurring items was EUR -2.2
(-0.1) million.
-- The profit for the period was EUR -2.9 (-1.1) million, and earnings per
share amounted to EUR -0.41 (-0.12).
Assessment of profit performance for the full year is unchanged. The Group's
full-year operating profit excluding non-recurring items is expected to fall
short of the previous year's level.
The information in this Interim Report has not been audited. The figures in
parentheses are the equivalent figures for the same period in 2014, and the
comparison period means the corresponding period of the previous year, unless
stated otherwise.
Juha Vanhainen, CEO:
“The Apetit Group's net sales grew slightly in April-June but the operating
profit excluding non-recurring items was lower than in the comparison period.
The weakened profitability of the Food Business and especially its fish and
fresh product groups had an adverse effect on the consolidated operating
profit, which excluding non-recurring items was negative. Finland's poor
economic situation has reduced sales in the retail and restaurant sectors and
shifted consumer demand to products of a lower price and with less added value.
The market price level of sugar was low, as was expected, turning the
associated company profit of Sucros, which is part of the Other Operations
segment, negative. The April-June period was successful for the Grains and
Oilseeds Business, where the large delivery volumes in the grain trade and the
high profitability of oilseed products led to an improvement in the segment
operating profit, excluding non-recurring items, on the previous year.
I've spent my first few months studying the Group's operations, finances and
stakeholders in order to understand the challenges and opportunities that we
have. In the Food Business we are strengthening our competitiveness and
enhancing our customer and consumer orientation in a changing operating
environment. One of the first steps is to strengthen the segment's management,
and to this end we have appointed Anu Ora as Director of the Food Business. She
has considerable experience and strong credentials in the Finnish retail trade
and strategic business development.
In the late summer we began the planning of Apetit's new strategy and will
during the process define the methods with which we can ensure the Group's
profitability, operating efficiency and continuous customer and consumer
oriented renewal in a changing operating environment. I am looking forward to
the strategy collaboration work within our organisation.
In the Food Business Apetit has many strengths based on quality, products and
domestic origin. Our product categories are a strong favourite of those who
appreciate delicious wellbeing. At the same time the continued difficult market
situation in the Finnish food sector and the poor profitability in the fish and
fresh product segments are significant challenges to which we must respond with
determination. The long-term profitability programmes under way in the Food
Business's fish and fresh products groups will continue throughout 2015 as
planned, and we will adjust the measures taken if necessary.
In the Grains and Oilseeds Business our market position is strong and our
profitability is solid. We will continue to strengthen our business in the
Baltic Sea region and Finland. The expansion of the Inkoo grain terminal will
be inaugurated this month and we will enjoy the benefits of the new grain
export capacity during this harvest season. In the autumn we will launch a
project to expand the packaging plant at the Kirkkonummi vegetable oil milling
plant in response to the increased demand for vegetable oil products. Both
projects support the profitable growth of the Grains and Oilseeds Business”.
KEY FIGURES
EUR million Q2/201 Q2/201 Change Q1-Q2/ Q1-Q2/ Change Q1-Q4/
5 4 2015 2014 2014
--------------------------------------------------------------------------------
Net sales 100.2 98.1 +2% 191.7 187.0 +3% 384.7
--------------------------------------------------------------------------------
Operating profit before -0.7 0.7 -3.0 0.4 7.3
non- recurring items
--------------------------------------------------------------------------------
Operating profit 0.0 0.6 -2.2 -0.1 -5.9
--------------------------------------------------------------------------------
Profit before taxes -0.3 0.0 -2.6 -1.0 -8.1
--------------------------------------------------------------------------------
Profit for the period -0.6 0.1 -2.9 -1.1 -8.7
--------------------------------------------------------------------------------
Profit for the period -1.3 0.1 -3.6 -0.7 3.7
excluding non-recurring
items
--------------------------------------------------------------------------------
Earnings per share, EUR -0.10 0.02 -0.41 -0.12 -1.29
--------------------------------------------------------------------------------
Earnings per share -0.21 0.03 -0.52 -0.06 0.72
excluding non-recurring
items, EUR
--------------------------------------------------------------------------------
Equity per share, EUR 19.70 21.71 20.70
--------------------------------------------------------------------------------
Equity ratio, % 75.8 76.7 69.7
--------------------------------------------------------------------------------
Net cash flow from 14.1 28.7 18.1
operating activities
--------------------------------------------------------------------------------
OUTLOOK FOR 2015
The Group's full-year operating profit excluding non-recurring items is
expected to fall short of the previous year's level.
Owing to the extremely challenging situation in the sugar market, the
associated company Sucros, which is part of the Other Operations segment, is
anticipated to make a loss this year.
In Finland, the market situation in the food sector is expected to remain
challenging, which is estimated to affect the profitability of the Food
Business in 2015 more than was earlier projected. The aim of the long-term
profitability programmes in the Food Business is to improve profitability and
competitiveness. The impact of these programmes on the operating profit is
expected to be felt in stages during the year as the measures are implemented.
In the Grains and Oilseeds Business, no major change is expected in the
prospects for profitability in 2015 compared with the previous year.
Due to the substantial effect of international grain market price fluctuations
on the entire Group's net sales, Apetit will not issue any estimates of the
expected full-year net sales.
Further information
Juha Vanhainen, CEO, tel. +358 (0)10 402 00
Eero Kinnunen, CFO, tel. +358 (0)10 402 4025
***************
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 Eero Kinnunen and forthcoming Director of the Food Business
Anu Ora (as of 17 August, 2015) 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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