Correction: APETIT PLC’S INTERIM REPORT, JANUARY-JUNE 2013
In the Interim Report on page 13 Consolidated statement of cash flows column Q1-Q2/2013 figures proceeds from and repayments of short term loans and proceeds from and repayments of long term loans were incorrect. Correct figures are proceeds from and repayments of short term loans EUR -29.9 million and proceeds from and repayments of long term loans EUR -0.8 million. The total cash flows from financing activities remain the same.
Enclosed is the corrected Interim Report in its entirety.
Apetit Plc, Interim Report, 14 August 2013 at 8.30 a.m.
This is a summary of the Interim Report January - June 2013. The complete Interim Report, including tables of financial information, is attached to this release and can be downloaded from the company’s website at www.apetitgroup.fi / en .
Second quarter (April-June):
- Consolidated net sales amounted to EUR 98.4 (91.0) million, up by about 8 per cent.
- Operating profit, excluding non-recurring items, was EUR 2.4 (0.3) million; non-recurring items totalled EUR ?0.3 (?0.2) million.
- The profit for the period was EUR 1.7 (0.0) million, and earnings per share came to EUR 0.28 (0.01).
January-June:
- Consolidated net sales amounted to EUR 198.4 (170.5) million, up by about 16 per cent.
- Operating profit, excluding non-recurring items, was EUR 3.8 (?0.2) million; non-recurring items totalled EUR ?0.5 (?0.2) million.
- The profit for the period was EUR 2.4 (-0.6) million, and earnings per share came to EUR 0.44 (?0.09).
The estimate of full-year profit performance has been updated.
The information in this Interim Report has not been audited. The figures in parentheses are the equivalent figures for the same period a year earlier, unless stated otherwise.
Matti Karppinen, CEO:
“In the first six months of 2013, net sales were up in all segments, and growth was robust especially in the Seafood business and in the Grains and Oilseeds business. Operating profit, excluding non-recurring items, was also up considerably year-on-year due to the strong result posted by the Other Operations segment. Despite the strong growth in net sales, the operating profit of the Frozen Foods, Seafood and Grains and Oilseeds businesses, excluding non-recurring items, was at the previous year’s level in each case. Earnings per share rose to EUR 0.44.
“Domestic content still appeals to consumers. In Frozen Foods, sales of the Apetit Kotimainen range were up by 13 per cent during the first six months in comparison with the same period in the previous year.
“In the second half of the year, we will continue the restructuring project, which will look at combining into an integrated entity the company’s present Finnish-based consumer businesses. By revising the structure and operating procedures of the consumer businesses, the aim is to further boost Apetit’s standing among consumers in selected product groups as their preferred food solution and to be the preferred partner for our customers. The restructuring project aims at boosting growth and enhancing profitability.”
KEY FIGURES
| EUR million | Q2 2013 | Q2 2012 | Change | Q1-Q2 2013 | Q1-Q2 2012 | Change | 2012 |
| Net sales | 98.4 | 91.0 | 8 % | 198.4 | 170.5 | 16 % | 378.2 |
| Operating profit, excluding non-recurring items | 2.4 | 0.3 | 3.8 | -0.2 | 8.8 | ||
| Operating profit | 2.1 | 0.2 | 3.3 | -0.4 | 8.5 | ||
| Profit before taxes | 1.3 | -0.1 | 2.0 | -0.8 | 7.5 | ||
| Profit for the period | 1.7 | 0.0 | 2.4 | -0.6 | 6.7 | ||
| Earnings per share, EUR | 0.28 | 0.01 | 0.44 | -0.09 | 1.07 | ||
| Shareholders’ equity per share, EUR | 21.80 | 21.15 | 22.37 | ||||
| Equity ratio, % | 73.1 | 71.3 | 60.6 |
OUTLOOK FOR 2013
Net sales for 2013 are expected to show a year-on-year increase as a result of the acquisition made in 2012 and achievement of organic growth. The Group’s net sales will be affected particularly by the level of activity in the grain and oilseed markets and by changes in the price level of grains and oilseeds.
The 2013 consolidated operating profit, excluding non-recurring items, is expected to show an improvement on the 2012 figure. The third-quarter operating profit, excluding non-recurring items, is not expected to reach the level of the exceptionally strong corresponding period in 2012, due to the more moderate profit expectations for the Grains and Oilseeds business and for the associated company Sucros.
The 2013 result could also be affected significantly by the outcome of the shareholder agreement dispute concerning Sucros, if a solution is reached during 2013.
PUBLICATION DATES FOR FINANCIAL REPORTS IN 2013
Interim Report for January-September will be published on 6 November at about 8.30 a.m.
Further information:
Matti Karppinen, CEO, tel. +358 (0)10 402 00
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Invitation to a briefing
A briefing (in Finnish) for analysts and media representatives will be held today at 10.00 a.m. in Hotel Scandic Simonkenttä (address: Simonkatu 9, Helsinki). In the briefing Apetit Plc’s CEO Matti Karppinen presents the January - June results of Apetit Plc and gives more information about current issues.
The presentation material will be available on the company’s website at http://www.apetitgroup.fi/en/ after the event.
COPIES TO: NASDAQ OMX Helsinki Ltd Main media www.apetitgroup.fi.
