Raisio’s EBIT improved
5/8/2012 1:30 AM EST
Raisio
Interim report
Raisio’s EBIT improved
Raisio plc Interim Report 8 May 2012 at 8:30 Finnish time
RAISIO’S EBIT IMPROVED
January-March 2012, continuing operations excluding one-off items
-- Net sales growth 11%, net sales EUR 135.0 million (Q1/2011: EUR 121.7
million)
-- EBIT EUR 6.6 million (Q1/2011: EUR 6.1 million) accounting for 4.9% (5.0%)
of net sales
-- Good profitability for the Brands Division, EBIT 11.1% (8.0%) of net sales
-- Raisioagro’s EBIT negative due to market conditions in feed protein
operations
Raisio Group’s key figures
Q1/ 2012 Q1/ 2011 2011
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Results from continuing operations
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Net sales M€ 135.0 121.7 552.6
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Change in net sales % 10.9 46.7 30.5
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EBIT M€ 6.6 6.1* 31.8*
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EBIT % 4.9 5.0* 5.8*
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Depreciation and impairment M€ 4.1 3.9 17.0
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EBITDA M€ 10.8 10.0* 48.8*
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Net financial expenses M€ -0.3 -0.1* -1.5*
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Earnings per share (EPS) € 0.03 0.03* 0.16*
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Earnings per share (EPS), diluted € 0.03 0.03* 0.16*
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Balance sheet
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Equity ratio % 57.2 56.7 60.2
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Gearing % 0.4 16.5 -7.5
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Net interest-bearing debt M€ 1.4 50.7 -24.8
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Equity per share € 2.05 1.95 2.13
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Gross investments M€ 4.1** 65.5** 71.2**
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Share
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Market capitalisation*** M€ 383.3 411.3 372.3
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Enterprise value (EV) M€ 384.7 451.8 347.5
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EV/EBITDA 7.8 12.3 7.1
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* Excluding one-off items
** Including acquisitions
*** Excluding the company shares held by the Group
Chief Executive’s review
“Raisio showed continued growth as expected in the first quarter of 2012. In
the Brands Division, our determined work led to clearly improved profitability
and increased net sales. The most significant profitability improvement was
seen in our Western European food operations, or in the companies that have
become part of Raisio through acquisition. Benecol’s profitability remained at
its ordinary good level. Good performance of the Brands Division shows that we
have chosen the right path. In challenging market conditions and rapidly
changing markets, we have been able to improve our results and to develop our
operations as the forerunner of the sector.
As a Group with a strong balance sheet, we are in a good place to continue the
implementation of our growth phase also through acquisitions. In the review
period, the Group’s food operations in Poland expanded in line with objectives
as we acquired Sulma’s pasta and grits operations. The acquisition enables
Raisio’s growth as well as the expansion of our product range in Poland.
Raisioagro now has the first quarter behind with its new structure and service
concept. Customers have well received Raisioagro’s new competitive service
concept. This provides a good foundation for cooperation with our customers and
for further development of services. As expected, the profitability of feed
protein operations continued weak. The oil seed crushing industry is struggling
with profitability issues across Europe.
Over the last few years, Raisio has grown to become an attractive partner, and
we are widely cooperating with major Finnish companies at the leading edge to
develop green economy solutions that are also economically viable. Raisio has
versatile expertise that can also be used when developing future solutions for
food production and for sustainable use of natural resources. Bioeconomy is an
opportunity also for Raisio.”
Guidance
Raisio continues the implementation of its growth strategy both organically and
through acquisitions. We expect EBIT to further improve annually.
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 5566 512
Heidi Hirvonen, Communications and IR Manager, tel. +358 50 567 3060
Events:
A press and analyst event in Finnish will be arranged in Helsinki on Tuesday 8
May 2012 starting at 1.30 p.m. Finnish time. It will be held at Hotel Scandic
Simonkenttä, in the Pavilion meeting room. The address is Simonkatu 9,
Helsinki.
A teleconference in English will be held on 8 May 2012 at 3.30 p.m. Finnish
time.
Participants are requested to call the number +358 (0)9 8248 3782, PIN code
32582.