Restatement for 2013 HKScan Corporation Stock Exchange

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News Desk 2018

Apr 28, 2014 at 4:15 AM

Restatement for 2013

HKScan Corporation Stock Exchange Release 28 April 2014, 11.00 AM

Restatement for 2013

As of 1 January 2014 HKScan has adopted the new IFRS 10 (Consolidated Financial Statements) and IFRS 11 (Joint arrangements) standards. This means HKScan’s results of the joint venture company in Poland and associated companies in Sweden are now recognised in a single line item in the consolidated Group operating profit (EBIT). Poland (Sokolów) is no longer reported as a separate segment in Group reporting. In addition costs incurred by of centralized Group services such as Group Technology and Operations Development are to be invoiced individual by Market Areas as of January 1, 2014. Previously these costs were reported in Group administration.

Quarterly and full-year Group and Market Area financial information for 2013 has been restated accordingly.

CONSOLIDATED INCOME STATEMENT

PUBLISHED

(EUR million)	Q1/2013	Q2/2013	Q3/2013	Q4/2013	2013

NET SALES	590.8	623.7	623.5	640.6	2 478.6
Operating income and expenses	-573.8	-599.7	-595.8	-607.2	-2 376.5
Share of associates' results	0.0	-0.3	0.1	0.2	0.0
Depreciation and amortization	-18.1	-17.9	-17.3	-18.3	-71.6
EBIT	-1.1	5.8	10.5	15.2	30.5

Financial income	1.2	1.4	1.4	2.4	6.5
Financial expenses	-7.0	-7.0	-6.7	-10.0	-30.7
Share of associates' results	0.9	0.9	0.7	0.9	3.4
PROFIT/LOSS BEFORE TAXES	-5.9	1.1	5.9	8.6	9.7

Income tax	1.8	-0.7	1.1	-2.1	0.1
PROFIT/LOSS FOR THE PERIOD	-4.1	0.4	7.0	6.6	9.8

PROFIT/LOSS FOR THE PERIOD ATTRIBUTABLE TO:
Equity holders of the parent	-4.2	0.6	6.7	5.6	8.7
Non-controlling interests	0.1	-0.1	0.3	0.9	1.1
Total	-4.1	0.4	7.0	6.6	9.8

RESTATEMENT

(EUR million)	Q1/2013	Q2/2013	Q3/2013	Q4/2013	2013

NET SALES	507.1	531.3	526.9	547.9	2 113.2
Operating income and expenses	-497.8	-515.4	-505.0	-521.3	-2 039.6
Share of associates' results	-	-	-	-	-
Depreciation and amortization	-15.7	-15.5	-14.9	-15.8	-61.9
EBIT	-6.5	0.4	7.0	10.9	11.7

Financial income	1.1	2.2	1.1	0.8	5.2
Financial expenses	-6.7	-7.4	-6.4	-8.4	-28.9
Share of associates' results	5.4	5.1	3.6	4.5	18.6
PROFIT/LOSS BEFORE TAXES	-6.7	0.3	5.3	7.7	6.7

Income tax	2.6	0.1	1.6	-1.2	3.1
PROFIT/LOSS FOR THE PERIOD	-4.1	0.4	7.0	6.6	9.8

PROFIT/LOSS FOR THE PERIOD ATTRIBUTABLE TO:
Equity holders of the parent	-4.2	0.6	6.7	5.6	8.7
Non-controlling interests	0.1	-0.1	0.3	0.9	1.1
Total	-4.1	0.4	7.0	6.6	9.8

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

PUBLISHED

(EUR million)	Q1/2013	Q2/2013	Q3/2013	Q4/2013	2013
Profit/loss for the period	-4.1	0.4	7.0	6.5	9.8

OTHER COMPREHENSIVE INCOME (after taxes):
Exchange differences on translating foreign operations	0.0	-6.4	3.3	-0.3	-3.4
Cash flow hedging	1.3	1.6	1.3	-1.3	2.8
Revaluation	0.0	0.0	0.0	0.0	0.0
Actuarian gains (losses) on defined benefit pension plans	-	-	-	1.6	1.6
TOTAL OTHER COMPREHENSIVE INCOME	1.2	-4.8	4.6	0.0	1.0

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	-2.9	-4.4	11.6	6.5	10.8

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO:
Equity holders of the parent	-3.0	-4.2	11.3	5.6	9.7
Non-controlling interests	0.1	-0.2	0.3	0.9	1.1
Total	-2.9	-4.4	11.6	6.5	10.8

RESTATED

(EUR million)	Q1/2013	Q2/2013	Q3/2013	Q4/2013	2013
Profit/loss for the period	-4.1	0.4	7.0	6.5	9.8

OTHER COMPREHENSIVE INCOME (after taxes):
Exchange differences on translating foreign operations	-0.5	-6.7	3.3	0.6	-3.4
Cash flow hedging	1.3	1.6	1.3	-1.3	2.8
Revaluation	0.0	0.0	0.0	0.0	0.0
Actuarian gains (losses) on defined benefit pension plans	-	-	-	1.6	1.6
TOTAL OTHER COMPREHENSIVE INCOME	0.7	-5.2	4.6	0.9	1.0

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	-3.4	-4.8	11.6	7.4	10.8

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO:
Equity holders of the parent	-3.5	-4.6	11.3	6.5	9.7
Non-controlling interests	0.1	-0.2	0.3	0.9	1.1
Total	-3.4	-4.8	11.6	7.4	10.8

CONSOLIDATED BALANCE SHEET

PUBLISHED

(EUR million)	31.3.2013	30.6.2013	30.9.2013	31.12.2013
ASSETS

NON-CURRENT ASSETS
Intangible assets	78.7	75.1	75.4	74.7
Goodwill	102.4	100.7	101.1	100.9
Tangible assets	497.4	482.2	482.8	478.7
Shares in associates	35.6	34.0	34.9	29.4
Trade and other receivables	6.0	4.7	5.6	3.5
Available-for-sale investments	13.2	12.5	12.7	14.1
Deferred tax asset	32.7	31.6	33.8	29.0
NON-CURRENT ASSETS	766.0	740.8	746.2	730.3

CURRENT ASSETS
Inventories	190.7	188.2	195.4	168.8
Trade and other receivables	225.2	219.8	203.9	180.8
Income tax receivable	0.3	0.4	0.5	0.2
Other financial assets	-	-	-	-
Cash and bank	28.2	32.4	38.3	74.9
CURRENT ASSETS	444.3	440.7	438.2	424.6

ASSETS	1 210.3	1 181.5	1 184.5	1 154.9

EQUITY AND LIABILITIES

EQUITY	399.7	389.8	401.1	409.0

NON-CURRENT LIABILITIES
Deferred tax liability	28.5	28.3	28.8	27.0
Non-current interest-bearing liabilities	305.5	149.0	151.3	260.1
Non-current non-interest bearing liabilities	2,0	2.1	2.2	2.4
Non-current provisions	0.1	0.1	0.1	0.1
Pension obligations	9.3	6.6	4.9	9.0
NON-CURRENT LIABILITIES	345.4	186.1	187.3	298.6

CURRENT LIABILITIES
Current interest-bearing liabilities	195.0	334.5	332.3	171.0
Trade and other payables	268.7	268.8	260.2	273.4
Income tax liability	0.9	1.4	1.7	2.0
Current provisions	0.7	0.8	1.8	0.8
CURRENT LIABILITIES	465.2	605.6	596.1	447.3

EQUITY AND LIABILITIES	1 210.3	1 181.5	1 184.5	1 154.9

RESTATEMENT

(EUR million)	31.3.2013	30.6.2013	30.9.2013	31.12.2013
ASSETS

NON-CURRENT ASSETS
Intangible assets	78.1	74.5	74.8	74.2
Goodwill	80.0	78.3	78.8	78.0
Tangible assets	430.5	418.2	417.0	411.5
Shares in associates	136.5	130.0	136.2	135.8
Trade and other receivables	5.9	4.6	5.5	3.3
Available-for-sale investments	13.1	12.4	12.6	14.1
Deferred tax asset	30.8	29.8	31.9	27.3
NON-CURRENT ASSETS	775.1	747.7	756.7	744.1

CURRENT ASSETS
Inventories	171.2	170.0	178.9	152.5
Trade and other receivables	180.8	171.2	153.7	136.9
Income tax receivable	0.3	0.4	0.6	0.1
Other financial assets	-	-	-	-
Cash and bank	26.4	30.9	36.6	68.7
CURRENT ASSETS	378.7	372.4	369.8	358.1

ASSETS	1 153.8	1 120.2	1 126.5	1 102.2

EQUITY AND LIABILITIES

EQUITY	400.3	389.6	401.4	409.0

NON-CURRENT LIABILITIES
Deferred tax liability	28.4	28.3	28.8	26.9
Non-current interest-bearing liabilities	291.0	135.1	136.8	245.1
Non-current non-interest bearing liabilities	1.2	1.4	1.2	1.1
Non-current provisions	0.1	0.1	0.1	0.1
Pension obligations	8.7	6.1	4.4	8.4
NON-CURRENT LIABILITIES	329.4	170.8	171.2	281.6

CURRENT LIABILITIES
Current interest-bearing liabilities	184.7	320.0	319.6	159.3
Trade and other payables	239.4	239.6	233.3	252.2
Income tax liability	0.0	0.0	0.0	0.1
Current provisions	-	-	1.0	0.0
CURRENT LIABILITIES	424.2	559.7	553.9	411.6

EQUITY AND LIABILITIES	1 153.8	1 120.2	1 126.5	1 102.2

CASH FLOW STATEMENT

PUBLISHED

(EUR million)	Q1/2013	Q1-Q2/2013	Q1-Q3/2013	2013
Operating activities
Cash flow from operating activities	-12.7	16.7	45.7	151.3
Financial items and taxes	-7.8	-8.0	-14.3	-20.1
Net cash flow from operating activities	-20.5	8.7	31.4	131.2

Investments
Gross investments in property, plant and equipment	-9.1	-18.9	-35.0	-57.6
Disposals of property, plant and equipment	0.4	1.4	3.6	11.0
Shares in associates purchased	0.0	0.0	0.0	-1.2
Shares in associates sold	0.4	0.4	0.4	1.1
Loan receivables borrowings and repayments	0.2	0.4	0.4	0.6
Net cash flow from investing activities	-8.2	-16.7	-30.6	-46.0

Cash flow before financing activities	-28.7	-8.0	0.8	85.2

Financing activities
Current borrowings raised	15.0	29.2	37.4	12.9
Current borrowings repaid	-6.2	-28.6	-39.9	-195.5
Non-current borrowings raised	0.1	0.8	0.8	130.8
Non-current borrowings repaid	-9.9	-10.1	-10.3	-11.3
Dividends paid	-0.1	-6.0	-6.0	-5.9

Net cash flow from financing activities	-1.0	-14.8	-18.0	-69.0

Change in cash and cash equivalents	-29.7	-22.8	-17.2	16.2

RESTATEMENT

(EUR million)	Q1/2013	Q1-Q2/2013	Q1-Q3/2013	2013
Operating activities
Cash flow from operating activities	-21.5	6.8	24.9	122.6
Financial items and taxes	-4.1	-1.6	-7.4	-11.8
Net cash flow from operating activities	-25.6	5.2	17.5	110.8

Investments
Gross investments in property, plant and equipment	-6.9	-15.8	-32.8	-46.8
Disposals of property, plant and equipment	0.2	2.8	8.2	10.7
Shares in associates purchased	0.0	0.0	0.0	-1.2
Shares in associates sold	0.4	0.4	0.4	1.1
Loan receivables borrowings and repayments	0.2	0.4	0.4	0.6
Net cash flow from investing activities	-6.1	-12.2	-23.7	-35.6

Cash flow before financing activities	-31.6	-7.0	-6.1	75.3

Financing activities
Current borrowings raised	-366.3	-361.2	-340.7	9.9
Current borrowings repaid	369.6	350.5	333.6	-196.1
Non-current borrowings raised	-0.1	0.7	0.7	130.8
Non-current borrowings repaid	-0.1	-0.3	-0.4	-0.5
Dividends paid	-0.1	-6.0	-6.0	-5.9

Net cash flow from financing activities	3.1	-16.3	-12.7	-61.8

Change in cash and cash equivalents	-28.6	-23.3	-18.9	13.5

ANALYSIS BY SEGMENT

Net sales and EBIT by Market Area, PUBLISHED

(EUR million)	Q1/2013	Q2/2013	Q3/2013	Q4/2013	2013
NET SALES
- Finland	194.2	199.4	200.4	210.1	804.1
- Baltics	41.9	43.8	44.7	44.7	175.1
- Sweden	228.9	241.8	238.8	255.8	965.3
- Denmark	56.3	60.4	56.7	52.6	226.1
- Poland	85.5	96.0	99.2	94.3	375.1
- Between segments	-15.9	-17.7	-16.3	-17.0	-67.0
Group total	590.8	623.7	623.5	640.6	2 478.6

EBIT
- Finland	-1.3	0.5	2.0	1.6	2.8
- Baltics	0.8	1.3	4.2	2.1	8.4
- Sweden	-2.6	2.0	5.2	3.5	8.1
- Denmark	-0.1	0.0	-1.4	6.4	4.9
- Poland	5.4	5.7	3.3	4.3	18.8
- Between segments	-	-	-	-	-
Segments total	2.2	9.5	13.4	17.9	43.0

Group administration costs	-3.3	-3.6	-2.9	-2.7	-12.5
Group total	-1.1	5.8	10.5	15.2	30.5

Net sales and EBIT by Market Area, RESTATEMENT

(EUR million)	Q1/2013	Q2/2013	Q3/2013	Q4/2013	2013
NET SALES
- Finland	194.1	199.4	200.4	210.1	804.1
- Baltics	41.8	43.8	44.7	44.7	175.1
- Sweden	229.2	242.1	239.0	256.2	966.5
- Denmark	56.2	60.2	56.5	52.3	225.3
- Poland
- Between segments	-14.3	-14.2	-13.7	-15.5	-57.7
Group total	507.1	531.3	526.9	547.9	2 113.2

EBIT
- Finland	-1,2	0.6	2.1	1.7	3.2
- Baltics	0,6	1.1	4.1	1.9	7.7
- Sweden	-2,9	2.2	5.1	3.5	8.0
- Denmark	-0,3	-0.5	-2.0	6.4	3.6
- Poland	-	-	-	-	-
- Between segments	-	-	-	-	-
Segments total	-3,7	3.5	9.3	13.5	22.5

Group administration costs	-2,8	-3.0	-2.3	-2.6	-10.7
Group total	-6,5	0.4	7.0	10.9	11.7

KEY FIGURES

PUBLISHED

	Q1/2013	Q1-Q2/2013	Q1-Q3/2013	2013
EPS, EUR	-0.08	-0.07	0.06	0.16
Cash flow before debt service (mEUR)	-20.9	-0.7	13.8	103.4
Cash Flow Before Financing Activities (mEUR)	-28.7	-8.0	0.8	84.6
Return on capital employed (ROCE) before taxes, %	5.8	6.0	5.5	4.4
Net debt (mEUR)	472.2	451.2	445.3	355.7
Net gearing %	118.0	115.7	111.0	87.0
Equity ratio %	33.0	33.0	33.9	35.4

RESTATEMENT

	Q1/2013	Q1-Q2/2013	Q1-Q3/2013	2013
EPS, EUR	-0.08	-0.07	0.06	0.16
Cash flow before debt service (mEUR)	-27.2	-5.6	0.6	86.8
Cash Flow Before Financing Activities (mEUR)	-31.8	-7.4	-6.6	74.7
Return on capital employed (ROCE) before taxes, %				4.0
Net debt (mEUR)	448.7	423.7	419.3	335.3
Net gearing %	112.1	108.8	104.5	82.0
Equity ratio %	34.7	34.8	35.6	37.1

HKScan Corporation

Hannu Kottonen CEO

For further information: CFO Tuomo Valkonen, HKScan Corporation. Kindly submit a call-back request to Marjukka Hujanen, firstname.surname@hkscan.com tel. +358 10 570 6218

HKScan is the leading Nordic meat expert. We produce, market and sell high-quality, responsibly-produced pork, beef, poultry and lamb products, processed meats and convenience foods under strong brand names. Our customers are the retail, food service, industrial and export sectors, and our home markets comprise Finland, Sweden, Denmark, the Baltics and Poland. We export to close to 50 countries. In 2013, HKScan had net sales of EUR 2.5 billion and some 11 000 employees.

DISTRIBUTION: Nasdaq OMX, Helsinki Main media www.hkscan.com

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