Raisio plc Interim Report 5 November 2015 at 8:30 a.m. Finnish time
RAISIO’S RECORD Q3 EBIT OF EUR 16.0 MILLION
July-September 2015 excluding one-off items
- The Group EBIT excluding one-off items amounted to EUR 16.0 (12.1) million, accounting for 11.9 (9.5)% of net sales.
- The Brands Division’s EBIT excluding one-off items totalled EUR 15.8 (10.8) million, accounting for 16.5 (14.2)% of net sales.
- Raisioagro’s EBIT excluding one-off items was EUR 1.3 (2.0) million, accounting for 3.3 (3.7)% of net sales.
- The Group’s net sales totalled EUR 134.5 (126.9) million.
January-September 2015 excluding one-off items
- The Group EBIT excluding one-off items amounted to EUR 39.7 (25.9) million, accounting for 10.0 (6.9)% of net sales.
- The Brands Division’s EBIT excluding one-off items totalled EUR 41.4 (25.3) million, accounting for 14.4 (11.4)% of net sales.
- Raisioagro’s EBIT excluding one-off items was EUR 2.8 (3.4) million, accounting for 2.4 (2.1)% of net sales.
- The Group’s net sales totalled EUR 398.5 (376.1) million.
Raisio Group’s key figures
| 7-9/ 2015 | 7-9/ 2014 | 1-9/ 2015 | 1-9/ 2014 | 1-12/ 2014 | ||
| Results | ||||||
| Net sales | M€ | 134.5 | 126.9 | 398.5 | 376.1 | 493.9 |
| Change in net sales | % | 5.9 | -15.1 | 6.0 | -11.8 | -11.4 |
| EBIT | M€ | 16.0 | 9.4 | 36.7 | 14.1 | 6.9 |
| EBIT, excluding one-off items | M€ | 16.0 | 12.1 | 39.7 | 25.9 | 34.8 |
| EBIT, excluding one-off items | % | 11.9 | 9.5 | 10.0 | 6.9 | 7.0 |
| Depreciation and impairment | M€ | 3.5 | 3.8 | 14.0 | 17.5 | 32.9 |
| Depreciation and impairment, excluding one-off items | 3.5 | 3.8 | 13.0 | 11.3 | 14.6 | |
| EBITDA | M€ | 19.5 | 13.2 | 50.7 | 31.5 | 39.8 |
| EBITDA, excluding one-off items | M€ | 19.5 | 15.8 | 52.7 | 37.2 | 49.5 |
| Financial items | M€ | -0.7 | -0.3 | -1.6 | -0.6 | -1.5 |
| Earnings per share (EPS) | € | 0.08 | 0.05 | 0.18 | 0.07 | 0.04 |
| Earnings per share, excluding one-off items | € | 0.08 | 0.06 | 0.20 | 0.13 | 0.18 |
| Balance sheet | ||||||
| Equity ratio | % | - | - | 60.3 | 69.8 | 60.2 |
| Gearing | % | - | - | 18.0 | 0.1 | 22.2 |
| Interest-bearing net debt | M€ | - | - | 61.7 | 0.3 | 72.2 |
| Equity per share | € | - | - | 2.18 | 2.10 | 2.07 |
| Investments* | M€ | 2.6 | 3.4 | 7.7 | 14.2 | 104.9 |
* Including acquisitions
CEO MATTI RIHKO’S REVIEW
“Raisio’s strong performance continued in the third quarter of 2015. Raisio’s EBIT of 16 million euros excluding one-off items is the company’s best ever quarterly result. At the same time, our EBIT margin excluding one-off items rose for the first time to nearly 12 per cent and return on investment excluding one-off items to 11.5 per cent. Good performance together with moderate investments and efficient management of net working capital generated a strong cash flow and further strengthened the Group's balance sheet.
The Group’s EBIT was primarily improved by the Benecol consumer product business acquired in the UK, Ireland and Belgium in November 2014. In the review period, our licensing partners also increased their Benecol products sales, particularly in Asia.
Confectionery business continued its steady performance improvement and launched new interesting products to meet changing consumer needs. The UK’s snack bar business also improved its EBIT. Particularly good sales growth was seen in healthy, natural snack bars and nibbles. In October 2015, Raisio entered into a consultation process in the UK with the personnel regarding the future of the Southall site. As alternatives, we are considering a proposal to relocate or outsource the manufacturing, whilst considering a possible site closure. In Finland, sales growth continued in Elovena snack biscuits and instant porridges.
Benemilk continued its strong efforts to internationally commercialise the licensing business and ingredient business created in 2015. However, at this point it is clear that the first licensing agreement will not be signed during 2015. We will probably have to wait at least until the summer 2016. According to the best current estimate, the first agreements in the ingredient business can be expected during this year.
In September, Raisioaqua together with its partners launched Benella Rainbow Trout to consumers, a product from Finnish fish farmers. Benella Rainbow Trout is fed on Raisioaqua’s unique feed innovation that helps reduce the strain on water systems and protect the world’s wild fish stocks. Healthy Benella has been granted the Finnish Heart Association’s Heart Symbol.”
GUIDANCE 2015
Raisio expects its EBIT to return on its long-term upward trend. Raisio estimates its net sales of 2015 to increase from last year and EBIT margin, excluding one-off items, to be significantly higher than the 7.0 per cent realised in 2014.
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
Chief Executive’s video in English will be available on Raisio’s web site at www.raisio.com .
Raisio plc
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 and Poland. Markets for cholesterol lowering Benecol products are global. Raisio plc’s shares are listed on NASDAQ OMX Helsinki Ltd. Raisio’s turnover in 2014 was EUR 494 million. The Group employs some 1,800 people. Raisio’s best-known brands are Benecol, Benemilk, Elovena Honey Monster, Fox’s and Poppets. Benemilk feeds for milk production and Benecol for cholesterol lowering are Raisio’s top innovations. For more information on Raisio go to www.raisio.com/en
Distribution NASDAQ OMX Key media www.raisio.com
