Raisio plc Interim Report 9 November 2016 at 8:30 a.m. Finnish time
RAISIO’S COMPARABLE EBIT EUR 14.0 MILLION
July-September 2016
- Raisio Group’s comparable EBIT amounted to EUR 14.0 (16.0) million, accounting for 13.6 (11.9)% of net sales.
- Brands Division’s comparable EBIT totalled EUR 11.1 (15.8) million, accounting for 16.2 (16.5)% of net sales.
- Raisioagro’s EBIT was EUR 2.3 (1.3) million, accounting for 6.1 (3.3)% of net sales.
- Group’s net sales totalled EUR 102.8 (134.5) million.
- Cash flow from business operations was EUR 16.3 (17.5) million.
- Raisio specifies its outlook for 2016; EBIT is estimated to exceed the 2015 level at comparable exchange rates while comparable reported EBIT is expected to reach around EUR 50 million due to uncertainty related to the development of the pound.
January-September 2016
- Raisio Group’s comparable EBIT amounted to EUR 38.7 (39.7) million, accounting for 11.3 (10.0)% of net sales.
- Brands Division’s comparable EBIT totalled EUR 36.7 (41.4) million, accounting for 14.9 (14.4)% of net sales.
- Raisioagro’s EBIT was EUR 3.7 (2.8) million, accounting for 3.6 (2.4)% of net sales.
- Group’s net sales totalled EUR 340.9 (398.5) million.
CEO Matti Rihko: Raisio continues to focus on more profitable businesses
“The Group’s comparable EBIT of EUR 14 million was Raisio’s third best quarterly results ever. What makes this good performance particularly significant is that the weakening of the pound alone had a negative impact of over one million euros on Raisio’s EBIT. At comparable exchange rates, Raisio is cumulatively ahead of last year.
In the UK, sales volume of Benecol products continued to increase, which is a strong performance in the largest market of Benecol products, particularly bearing in mind that Benecol gained market shares from its competitors. Demand for healthy and ecological snacks is showing strong growth. Sales in Elovena products increased by over 10 per cent. Elovena’s success shows Raisio’s ability to anticipate future trends and to launch products that meet customer needs. The portfolio and sales of Raisio’s own confectionery brands have grown successfully over the years with new products and packaging options although the growth levelled off during the third quarter.
Raisioagro improved its EBIT by almost 70 per cent to EUR 2.3 million and was able to further reduce its net working capital. Profitability improved particularly through enhanced business operations, but also as a result of the innovations supporting sustainable development, such as Benemilk and Benella. Even in the milk crisis, Benemilk has been able to keep its 7 per cent market share. Sales in Benella are growing strongly and creating a new kind of cooperation concept throughout the chain, from fish farms to supermarket fish counters.”
Raisio Group’s key figures
| 7-9/ 2016 | 7-9/ 2015 | 1-9/ 2016 | 1-9/ 2015 | 2015 | ||
| Result | ||||||
| Net sales | M€ | 102.8 | 134.5 | 340.9 | 398.5 | 521.2 |
| Change in net sales | % | -23.5 | 5.9 | -14.4 | 6.0 | 5.5 |
| EBIT | M€ | 13.9 | 16.0 | 17.4 | 36.7 | 42.4 |
| EBIT-% | % | 13.6 | 11.9 | 5.1 | 9.2 | 8.1 |
| Items affecting comparability | M€ | 0.1 | 0.0 | 21.2 | 2.9 | 9.2 |
| Comparable EBIT | M€ | 14.0 | 16.0 | 38.7 | 39.7 | 51.7 |
| Comparable EBIT-% | % | 13.6 | 11.9 | 11.3 | 10.0 | 9.9 |
| - Depreciations | M€ | -2.6 | -3.5 | -8.7 | -10.7 | -14.1 |
| - Impairment | M€ | 0.5 | 0.0 | -16.5 | -3.3 | -7.0 |
| Depreciations and impairment, in total | M€ | -2.1 | -3.5 | -25.1 | -14.0 | -21.1 |
| Items affecting comparable depreciations and impairment | M€ | -0.5 | 0.0 | 16.5 | 1.0 | 4.7 |
| Comparable depreciations and impairment | M€ | -2.6 | -3.5 | -8.7 | -13.0 | -16.5 |
| EBITDA | M€ | 16.0 | 19.5 | 42.6 | 50.7 | 63.6 |
| Items affecting comparable EBITDA | M€ | 0.6 | 0.0 | 4.8 | 2.0 | 4.6 |
| Comparable EBITDA | M€ | 16.6 | 19.5 | 47.3 | 52.7 | 68.1 |
| Financial items | M€ | -0.5 | -0.7 | -2.4 | -1.6 | -2.5 |
| Earnings per share (EPS) | € | 0.07 | 0.08 | 0.06 | 0.18 | 0.22 |
| Comparable earnings per share (EPS) | € | 0.07 | 0.08 | 0.19 | 0.20 | 0.26 |
| Balance sheet | ||||||
| Equity ratio | % | - | - | 63.1 | 60.3 | 62.3 |
| Gearing | % | - | - | 13.1 | 18.0 | 12.1 |
| Net interest-bearing debt | M€ | - | - | 39.8 | 61.7 | 42.2 |
| Equity per share | € | - | - | 1.93 | 2.18 | 2.23 |
| Investments | M€ | 5.1 | 2.6 | 13.4 | 7.7 | 11.0 |
OUTLOOK FOR 2016 SPECIFIED
Raisio specifies its outlook for 2016; EBIT is estimated to exceed the 2015 level at comparable exchange rates while comparable reported EBIT is expected to reach around EUR 50 million due to uncertainty related to the development of the pound.
Previous outlook specified on 10 August 2016
Despite the weakened visibility and difficult market conditions, Raisio expects its comparable EBIT to improve in 2016.
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.
The interim report has not been audited.
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 Helsinki Ltd. In 2015, the Group's net sales totalled EUR 521 million and EBIT was EUR 51.7 million excluding one-off items. The Group employs some 1,400 people. Raisio’s best-known brands are Benecol, Benemilk, Elovena, 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 Key media www.raisio.com
