Raisio plc Financial statement release 13 February 2017
RAISIO PLC, FINANCIAL STATEMENTS BULLETIN 2016
January-December 2016
- Raisio Group’s comparable EBIT amounted to EUR 50.7 (51.7) million, accounting for 11.6 (9.9)% of net sales.
- Brands Division’s comparable EBIT totalled EUR 50.5 (55.4) million, accounting for 15.8 (14.4)% of net sales.
- Raisioagro’s comparable EBIT was EUR 3.7 (2.8) million, accounting for 2.9 (1.9)% of net sales.
- The Group’s net sales totalled EUR 436.3 (521.2) million.
- The Board’s dividend proposal is EUR 0.17 (0.16) per share.
October-December 2016
- Raisio Group’s comparable EBIT amounted to EUR 12.0 (12.0) million, accounting for 12.6 (9.8)% of net sales.
- Brands Division’s comparable EBIT totalled EUR 13.8 (13.9) million, accounting for 18.9 (14.3)% of net sales.
- Raisioagro’s comparable EBIT totalled EUR 0.0 (0.0) million.
- The Group’s net sales totalled EUR 95.4 (122.7) million.
CEO’S REVIEW FOR 2016
“I would like to thank Raisio’s employees for their dedication and work well done. The first few weeks as Raisio’s CEO have clearly shown me the key resources that affect Raisio's success: professional and determined personnel, active partnerships with the customers, consumer- and customer-oriented approach and healthy products supporting sustainable development.
Raisio’s Board of Directors has initiated strategy work which, once completed in May 2017, shows clearly the company's direction. One key theme is to turn the Brands Division’s net sales decline back to growth path. In order to carry out Raisio’s objectives, strengthen the brands and ensure business growth, we need expertise, ideas, commitment and open cooperation of all Raisio employees. With determined and target-oriented work, we can ensure Raisio’s future success and continue to create value for our shareholders.
Raisio’s Board of Directors will propose the Annual General Meeting a dividend of 17 cents per share for 2016. If the proposal is approved by the Meeting, Raisio has increased its dividend for ten consecutive years.
Raisio’s comparable EBIT of EUR 50.7 million was a good performance in a situation where the exchange rate changes of the British pound had a negative impact of almost EUR 3 million on our EBIT and some EUR 20 million on net sales. With comparable exchange rates, Raisio would have reached clearly better comparable EBIT than in 2015. Raisio’s relative profitability and comparable return on investment continued to clearly improve with the structural changes and enhanced operations completed during the year.
Benecol’s market share strengthened in the UK, which is by far the largest market for Benecol products. Elovena products continued to show good growth in Finland.
The performance of the Czech confectionery business remained strong and in the UK, Nimbus, a producer of inclusions and toppings, also continued to perform well. As a result of production challenges at the Leicester plant, the result of the UK’s confectionery business was down from the comparison period.
Over the last few years, Raisioagro has carried out changes resulting in wide range of value-added products and services, and in improved operational efficiency and business profitability.”
RAISIO GROUP’S KEY FIGURES
| Q4/ 2016 | Q4/ 2015 | Q3/ 2016 | Q2/ 2016 | Q1/ 2016 | 2016 | 2015 | ||
| Result | ||||||||
| Net sales | M€ | 95.4 | 122.7 | 102.8 | 124.1 | 114.0 | 436.3 | 521.2 |
| Change in net sales | % | -22.3 | 4.2 | -23.5 | -12.3 | -6.9 | -16.3 | 5.5 |
| EBIT | M€ | 11.5 | 5.7 | 13.9 | -6.2 | 9.7 | 28.9 | 42.4 |
| EBIT | % | 12.1 | 4.7 | 13.6 | -5.0 | 8.5 | 6.6 | 8.1 |
| Items affecting comparability | M€ | 0.5 | 6.3 | 0.1 | 21.2 | 0.0 | 21.8 | 9.2 |
| Comparable EBIT | M€ | 12.0 | 12.0 | 14.0 | 15.0 | 9.7 | 50.7 | 51.7 |
| Comparable EBIT | % | 12.6 | 9.8 | 13.6 | 12.1 | 8.5 | 11.6 | 9.9 |
| -Depreciations | M€ | -2.6 | -2.5 | -2.6 | -3.1 | -3.1 | -11.3 | -14.1 |
| -Impairment | M€ | 0.3 | -4.7 | 0.5 | -17.0 | 0.0 | -16.1 | -7.0 |
| Depreciations and impairment, in total | M€ | -2.3 | -7.1 | -2.1 | -20.0 | -3.1 | -27.4 | -21.1 |
| Items affecting comparable depreciations and impairment | M€ | -0.3 | 3.7 | -0.5 | 17.0 | 0.0 | 16.1 | 4.7 |
| Comparable depreciations and impairment | M€ | -2.6 | -3.5 | -2.6 | -3.1 | -3.1 | -11.3 | -16.5 |
| EBITDA | M€ | 13.8 | 12.8 | 16.0 | 13.9 | 12.7 | 56.3 | 63.6 |
| Items affecting comparable EBITDA | M€ | 0.9 | 2.6 | 0.6 | 4.2 | 0.0 | 5.7 | 4.6 |
| Comparable EBITDA | M€ | 14.6 | 15.4 | 16.6 | 18.1 | 12.7 | 62.0 | 68.1 |
| Financial items | M€ | 0.2 | -1.0 | -0.5 | -0.9 | -0.9 | -2.2 | -2.5 |
| Earnings per share (EPS) | € | 0.06 | 0.04 | 0.07 | -0.05 | 0.05 | 0.12 | 0.22 |
| Comparable earnings per share (EPS) | € | 0.06 | 0.06 | 0.07 | 0.07 | 0.05 | 0.25 | 0.26 |
| Balance sheet | ||||||||
| Equity ratio | % | - | - | - | - | - | 66.8 | 62.3 |
| Gearing | % | - | - | - | - | - | 8.5 | 12.1 |
| Net interest-bearing debt | M€ | - | - | - | - | - | 26.7 | 42.2 |
| Equity per share | € | - | - | - | - | - | 1.99 | 2.23 |
| Dividend per share | € | - | - | - | - | - | 0.17* | 0.16 |
| Investments | M€ | 5.0 | 3.3 | 5.1 | 4.3 | 4.0 | 18.3 | 11.0 |
* Board of Directors’ proposal to the Annual General Meeting
GUIDANCE FOR 2017
In 2017, Raisio will invest in brands, product concepts, sales and marketing and in the enhancement of its operations. This will pave the way for future growth and success. Raisio estimates its comparable EBIT for 2017 to fall slightly short of comparable EBIT for 2016. Exchange rates will continue to significantly affect Raisio’s EBIT.
RAISIO PLC
Heidi Hirvonen Communications and IR Manager tel. +358 50 567 3060
Further information: Jarmo Puputti, CEO, tel. +358 50 352 8740 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’s financial reports in 2017
- Raisio’s Online Annual Report 2016 will be published in week 10 at www.raisio.com
- Financial report for January-March on 10 May 2017
- Half-Year Financial Report for January-June on 9 August 2017
- Financial report for January-September on 8 November 2017
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 2016, the Group's net sales totalled EUR 436,3 million and comparable EBIT was EUR 50.7 million. 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
