Apetit Plc's Interim Report January-March 2013

This is a summary of the Interim Report for the first quarter of 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.

• Consolidated net sales amounted to EUR 100.0 (79.4) million, up by 26 per cent.
• Operating profit, excluding non-recurring items, was EUR 1.3 (-0.5) million; non-recurring items totalled EUR -0.2 (-0.1) million.
• Earnings per share came to EUR 0.16 (-0.09). 
• The Annual General Meeting of 26 March 2013 decided to change the company’s name to Apetit Plc. The name was entered in the Trade Register on 7 May 2013. 

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.

KEY FIGURES 

Matti Karppinen, CEO:

“The Annual General Meeting took the decision to change the Group’s name, and this is now our first day as Apetit Plc. Our new name reflects our current businesses much better and will also support efforts to strengthen our position now and in the coming years.

“The net sales of the Apetit Group grew strongly during the first quarter in comparison with last year. The Group’s first-quarter operating profit, excluding non-recurring items, was also significantly better. All businesses except for Seafood improved their operating profit, excluding non-recurring items. Seafood’s result was disappointing, and was down of the previous year’s first-quarter figure. Seafood’s profitability is at an unsatisfactory level and we have begun steps to improve its financial performance.   

“We have also decided to launch a 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 as their preferred food solution and to be the preferred partner for our customers. This will require raising the consumer and customer orientation of our business to quite a new level.

“The company has previously combined businesses successfully, when it brought together the components of the Grains and Oilseeds business. The current plan of combining Apetit Pakaste, the Finnish Seafood business, Caternet Finland and the support functions for these is a natural step forward in the company’s drive to improve profitability and strengthen its growth prospects. The new business structure is expected to be ready by the end of 2013,” says Matti Karppinen. 

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. 

As a result of growth and the development measures undertaken in the Group’s businesses, the 2013 consolidated operating profit, excluding non-recurring items, is expected to improve on the 2012 figure. The profit improvement is expected to be strongest in the first six months of the year. The accrual of Apetit Plc’s annual profit is typically weighted towards the end of the year, due to the nature of operations in the Frozen Foods business, the Seafood business and the associated company Sucros. 

The 2013 result could also be affected significantly by the outcome of the shareholder agreement dispute concerning Sucros, which is expected to be announced in the second half of 2013.  

PUBLICATION DATES FOR FINANCIAL REPORTS IN 2013

The following Interim Reports will be published during 2013: January-June on 14 August at about 8.30 a.m. and January-September 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 11.00 a.m. in Hotel Scandic Simonkenttä, meeting room Mansku, (address: Simonkatu 9, Helsinki).

In the briefing Apetit Plc’s CEO Matti Karppinen presents the first quarter results of Apetit Plc, tells about the new name of the group and gives more information about the restructuring project.  

The presentation material will be available on the company’s website at http://www.apetitgroup.fi after the event.

COPIES TO:

NASDAQ OMX Helsinki Ltd
Main media
www.apetitgroup.fi