Raisio plc Interim Report 13 August 2013 at 8:30 Finnish time
RAISIO’S RESULTS IMPROVED
April-June 2013, continuing operations
- Group net sales totalled EUR 148.6 million (Q2/2012: EUR 150.6 million).
- Group EBIT excluding one-off items was EUR 11.0 million (Q2/2012: EUR 10.6 million) accounting for 7.4% (7.1%) of net sales.
- Brands Division’s profitability improved, EBIT 14.2% (12.8%) of net sales.
- Raisioagro’s EBIT was clearly positive.
- Raisio’s 2013 EBIT guidance remains unchanged. Due to the lower market price level of grains and oilseeds, net sales forecast has been lowered.
January-June 2013, continuing operations
- Group net sales totalled EUR 276.9 million (H1/2012: EUR 285.6 million).
- Group EBIT excluding one-off items was EUR 19.0 million (H1/2012: EUR 17.3 million) accounting for 6.9% (6.1%) of net sales.
- Brands Division’s profitability was good, EBIT 13.4% (12.0%) of net sales.
- Raisioagro’s EBIT improved more than EUR 2 million from the comparison period.
Raisio Group’s key figures excluding one-off items
| 4-6/ 2013 | 4-6/ 2012 | 1-6/ 2013 | 1-6/ 2012 | 1-12/ 2012 | ||
| Results from continuing operations | ||||||
| Net sales | M€ | 148.6 | 150.6 | 276.9 | 285.6 | 584.1 |
| Change in net sales | % | -1.3 | 0.1 | -3.0 | 4.9 | 5.7 |
| EBIT | M€ | 11.0 | 10.6 | 19.0 | 17.3 | 34.6 |
| EBIT | % | 7.4 | 7.1 | 6.9 | 6.1 | 5.9 |
| Depreciation and impairment | M€ | 3.7 | 4.2 | 7.6 | 8.3 | 16.6 |
| EBITDA | M€ | 14.7 | 14.8 | 26.6 | 25.6 | 51.2 |
| Net financial expenses | M€ | -0.8 | -0.6 | -1.2 | -0.9 | -2.5 |
| Earnings per share (EPS) | € | 0.05 | 0.05 | 0.09 | 0.08 | 0.18 |
| Balance sheet | ||||||
| Equity ratio | % | - | 63.9 | 58.1 | 64.1 | |
| Gearing | % | - | 8.0 | 2.4 | 4.9 | |
| Net interest-bearing debt | M€ | - | 25.5 | 7.5 | 16.2 | |
| Equity per share | € | - | 2.04 | 2.05 | 2.10 | |
| Gross investments* | M€ | 3.0 | 1.8 | 4.8 | 6.0 | 24.6 |
| Share | ||||||
| Market capitalisation** | M€ | - | 542.1 | 391.3 | 479.3 | |
| Enterprise value (EV) | M€ | - | 567.6 | 398.8 | 495.5 | |
| EV/EBITDA | - | 10.9 | 8.0 | 9.7 |
* Including acquisitions ** Excluding the company shares held by the Group
CEO Matti Rihko’s review
“The second-quarter 2013 EBIT was current Raisio's all-time best quarterly result. Improved result in the economically challenging times and rapidly changing markets requires commitment and strong expertise from all of us at Raisio.
Moreover, Raisioagro’s clear profit improvement was very positive. In the extremely competitive Finnish feed and farming supplies market, this achievement is the result of hard work. Our Benemilk feeds are well established in the Finnish market and in the autumn, we are going to expand Benemilk’s product range and customer potential. Several international operators have also shown interest in the Benemilk feeds.
Co-operation between Raisio and Intellectual Ventures is proceeding well, as expected. Our scientific co-operation during the second quarter spawned a significant amount of inventions strengthening and further developing Benemilk concept. We are filing patent applications for some of these inventions. After the review period, Raisio announced that Benemilk patent process is proceeding on schedule as certain initial Benemilk-related patent applications became public on 1 August 2013. Benemilk Oy has filed a total of 10 new international patent applications related to the Benemilk invention by 31 July 2013. New patent applications will complement the already pending applications filed in early 2012. Benemilk Oy also has plans to file further patent applications by the end of 2013. This could potentially double the number of patent applications.”
EBIT guidance unchanged
Raisio continues to expect solid improvement in EBIT over 2012. In the next harvest season, grain and oilseed price levels appear to remain at lower levels than in the comparison year, which directly affects particularly Raisioagro’s net sales. The Group’s net sales are estimated to be slightly lower than last year.
Guidance for 2013 given in the Financial Statements Bulletin 2012
Raisio anticipates moderate net sales growth and expects solid improvements in EBIT over 2012.
RAISIO PLC
Heidi Hirvonen Communications and IR Manager Tel. +358 50 567 3060
Further information: Matti Rihko, CEO, tel. +358 400 830 727 Jyrki Paappa, CFO, tel. +358 50 556 6512 Heidi Hirvonen, Communications and IR Manager, tel. +358 50 567 3060
A press and analyst event in Finnish will be arranged on 13 August 2013 at 2:00 p.m. Finnish time in Helsinki. It will be held at Hotel Scandic Simonkenttä, in the Espa meeting room. The address is Simonkatu 9, Helsinki.
CEO’s video, where he sums up Raisio’s second quarter, will be made available in English http://www.raisio.com/www/page/8133
Raisio Group briefly
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, Ukraine, Poland, Estonia and Sweden. Raisio plc’s shares are listed on NASDAQ OMX Helsinki Ltd. In 2012, the Group's net sales totalled EUR 584 million and EBIT was EUR 35 million. The Group employs some 1,900 people. Raisio’s best-known brands are Benecol, Honey Monster, Elovena, Fox’s, Dormen, Juicee Gummee, Poppets and Benemilk.
Distribution NASDAQ OMX Key media www.raisio.com
