This is a summary of the Interim Report January - September 2013. 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.
Third quarter (July-September):
- Consolidated net sales amounted to EUR 91.6 (92.7) million, down by about 1 per cent.
- Operating profit, excluding non-recurring items, was EUR 3.1 (3.9) million; reported operating profit was EUR 1.0 (3.8) million.
- The non-recurring items included in the reported operating profit were EUR -2.1 (-0.1) million, including a EUR -2.0 million impairment with no cash flow implications carried out in the Finnish Seafood business on the basis of goodwill impairment testing.
- Financial income includes a EUR 2.2 million reduction, with no cash flow implications, of the debt related to the redemption obligation in Apetit Kala’s minority holding.
- The profit for the period was EUR 2.5 (3.3) million, and earnings per share came to EUR 0.48 (0.52).
January-September:
- Consolidated net sales amounted to EUR 290.0 (263.2) million, up by about 10 per cent.
- Operating profit, excluding non-recurring items, was EUR 6.8 (3.7) million; reported operating profit was EUR 4.3 (3.4) million.
- The non-recurring items included in the reported operating profit were EUR ?2.5 (-0.3) million.
- The profit for the period was EUR 4.9 (2.7) million, and earnings per share amounted to EUR 0.91 (0.43).
The outlook for the year 2013 is unchanged.
The information in this Interim Report has not been audited. The figures in parentheses are the equivalent figures for the same period in 2012, unless stated otherwise.
Matti Karppinen, CEO:
“The Group’s third-quarter operating profit, excluding non-recurring items, performed as expected and was lower than it was in the corresponding period of 2012. Net sales were about the same as the previous year. The January-September operating profit, excluding non-recurring items, showed a year-on-year improvement, especially due to the good result posted by Frozen Foods and the Other Operations segment. Despite the expected sales growth, the third-quarter operating profit, excluding non-recurring items, for the Seafood business was weak, and we will continue to implement efficiency improving measures. We updated our outlook regarding the future cash flow of the Finnish Seafood business based on the revitalising measures and objectives prepared for the strategy period, and we carried out a EUR 2.0 million impairment during the period on the basis of goodwill impairment testing.
“Consumers value domestic food, and this is reflected in purchasing behaviour. In Frozen Foods, sales of the Apetit Kotimainen range continued to grow, and increased 9 per cent from the beginning of the year compared with the previous year. Seafood products have been complemented by new products from the Apetit Kotimainen range.
“We have made progress in the restructuring project, which looks at combining into an integrated entity the company’s present Finnish-based consumer businesses. By revising the structure and operating procedures of the consumer businesses, the aim is to further boost Apetit’s standing among consumers in selected product groups as their preferred, healthy and responsible domestic food solution and to be the preferred partner for our customers in the retail and professional food service sectors. The restructuring project aims at boosting growth and enhancing profitability.”
Key Figures
| EUR million | Q3 2013 | Q3 2012 | Change | Q1-Q3 2013 | Q1-Q3 2012 | Change | 2012 |
| Net sales | 91.6 | 92.7 | - 1% | 290.0 | 263.2 | + 10 % | 378.2 |
| Operating profit, excluding non-recurring items | 3.1 | 3.9 | 6.8 | 3.7 | 8.8 | ||
| Operating profit | 1.0 | 3.8 | 4.3 | 3.4 | 8.5 | ||
| Profit before taxes | 2.7 | 3.8 | 4.7 | 3.0 | 7.5 | ||
| Profit for the period | 2.5 | 3.3 | 4.9 | 2.7 | 6.7 | ||
| Earnings per share, EUR | 0.48 | 0.52 | 0.91 | 0.43 | 1.07 | ||
| Shareholders' equity per share, EUR | 22.19 | 21.40 | 22.37 | ||||
| Equity Ratio, % | 67.4 | 55.8 | 60.6 |
Outlook for 2013
Net sales for 2013 are expected to show a year-on-year increase as a result of the Caternet acquisition made in 2012 and achievement of organic growth. 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.
The 2013 consolidated operating profit, excluding non-recurring items, is expected to show an improvement on the 2012 figure especially due to the good profitability of the Frozen Foods business and the good result posted by the Other Operations segment.
A decision in the shareholder agreement dispute regarding Sucros is expected to be received in 2014. This will not affect the profit for the 2013 financial year, with the exception of non-recurring expert costs.
Further information:
Matti Karppinen, CEO, tel. +358 (0)10 402 00
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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 Matti Karppinen presents the January - September 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.
