Apetit Oyj - Interim report (Q1 and Q3)

APETIT PLC’S INTERIM REPORT, JANUARY-MARCH 2014

Apetit Plc, Interim Report,13 May 2014 at 08.30 am

This is a summary of the Interim Report January - March 2014. 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. 

FIRST QUARTER (JANUARY-MARCH)

  -- Consolidated net sales in the first quarter amounted to EUR 88.9 (100.0)
     million, down 11 per cent on the same quarter in 2013.
  -- Operating profit excluding non-recurring items came to EUR -0.2 (1.3)
     million, and the reported operating profit was EUR -0.7 (1.2) million.
  -- Profit for the period was EUR -1.2 (0.7) million, and earnings per share
     amounted to EUR ‑0.14 (0.16).
  -- The company's estimate of its full-year profit performance for 2014 has
     been updated.

The information in this Interim Report has not been audited. The figures in
parentheses are the equivalent figures for the same period in 2013 and the
comparison period means the corresponding quarter of the previous year, unless
stated otherwise. 

Veijo Meriläinen, CEO:"Net sales and the operating profit excluding non-recurring items for the first
quarter were down on the previous year's figures. The operating profit
excluding non-recurring items was unsatisfactory, with a year-on-year decline.
In the Grains and Oilseeds Business there was an improvement in profitability
as a result of our focused efforts on oilseed product raw material purchasing,
highly refined vegetable oils and our Finnish vegetable oil products. In Food
Business, the profitability of our fish product group and fresh product group
in Finland was poor and suffered from a year-on-year decrease in sales. The
result for the associated company Sucros, which is part of Other Operations,
was adversely affected by the declining market price of sugar and by the
exceptionally large post adjustment items for transfer prices in the period. 

During the first quarter we launched profitability improvement programmes in
fish product group and fresh product group, and took the decision to introduce
one-off savings measures in Finland in 2014 in the form of temporary lay-offs
of white-collar personnel and other savings in overheads. 

Our chosen strategic goals will support Apetit's success in the current market
conditions too.  The goal in the Food Business is to achieve a significant
improvement in profitability, strengthen the Apetit brand and significantly
increase its share of the food eaten by Finnish consumers. In the Food Business
we aim to ensure that the Apetit brand is the preferred food solution for
consumers who value wellbeing.In the Grains and Oilseeds Business, we want to
lead the way in grain trading in the Baltic region and to be an innovator in
edible oils."



KEY FIGURES

EUR million                                       Q1/    Q1/   Change   2013
                                                  2014   2013               
----------------------------------------------------------------------------
Net sales                                         88.9  100.0   -11%   387.3
Operating profit, excluding non-recurring items   -0.2   1.3            12.2
Operating profit                                  -0.7   1.2            9.4 
Profit before taxes                               -1.0   0.7            9.3 
Profit for the period                             -1.2   0.7            9.3 
Earnings per share, EUR                          -0.14   0.16           1.63
Shareholders' equity per share, EUR              21.77  21.60          22.90
Equity Ratio, %                                   69.5   63.3           70.3
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OUTLOOK FOR 2014

The Apetit Group is aiming to achieve organic growth in its Food Business and
Grains and Oilseeds Business. The Group's net sales will be affected
particularly by the level of activity in the grain and oilseed markets and by
changes in the price level of grains and oilseeds. Net sales for the first half
of 2014 are expected to be lower than in the previous year as a result of lower
market prices for grains. 

The company's estimate of its full-year profit performance for 2014 has been
updated. On 25 February 2014, Apetit stated in its financial statements
bulletin that the Group's full-year operating profit excluding non-recurring
items is not expected to exceed the previous year's level. The company's new
assessment is that the Group's full-year operating profit excluding
non-recurring items is expected to fall short of the previous year's level. 

In the Other Operations segment, lower market prices for sugar are expected to
weaken the result for the associated company Sucros. In the Food Business and
the Grains and Oilseeds Business, the company is seeking an improvement in
profitability from the figures for 2013. The second half of the year is
expected to be more significant in terms of the total result than in 2013. The
operating profit before non-recurring items for the first half of the year is
expected to be lower than in the previous year. 

In addition, the outcome of the shareholder agreement dispute concerning Sucros
may have a significant effect on the result for 2014. The decision is expected
to be issued during 2014. 

PUBLICATION DATES FOR FINANCIAL REPORTS

Interim reports for 2014 will be published as follows: January - June on 14
August at 8.30 am, and January - September on 6 November at 8.30 am. 

FURTHER INFORMATION

Veijo Meriläinen, CEO, tel. +358 (0)10 402 00



***************

INVITATION TO 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 Veijo Meriläinen presents the
January - March results of Apetit Plc and gives more information about current
issues. 

The presentation material will be available on the company's website at  
http://www.apetitgroup.fi/en/ after the event. 

COPIES TO

NASDAQ OMX Helsinki Ltd
Main media
www.apetitgroup.fi

Attachments:

Apetit_Q1_2014_interim_report_ENG_FINAL.pdf