LÄNNEN TEHTAAT PLC’S INTERIM REPORT, JANUARY-JUNE 2012

This is a summary of the Interim Report January - June 2012. 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.lannen.fi/en.

Second quarter (April-June):

• Consolidated net sales amounted to EUR 91.0 (93.5) million, down by 2.7 per cent.
• Operating profit, excluding non-recurring items, came to EUR 0.3 (2.1) million; non-recurring items totalled EUR -0.2 (-1.7) million.
• The profit for the quarter was EUR 0.0 (-0.2) million, and earnings per share amounted to EUR 0.01 (-0.02).

January-June:

• Consolidated net sales amounted to EUR 170.5 (177.5) million, down by 4.0 per cent.

• Operating profit, excluding non-recurring items, came to EUR -0.2 (3.0) million; non-recurring items totalled EUR -0.2 (-1.7) million.
• The profit for the period was EUR -0.6 (0.0) million, and earnings per share amounted to EUR -0.09 (0.03).

The assessment of profit performance for the full year is unchanged.

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:

“The operating profit for the first half-year, excluding non-recurring items, was down – as expected – in relation to the same period last year, when Grains and Oilseeds made a record profit. The volume of grain trade sales was slack, and vegetable oil crushing suffered from a weak refining margin. The operating profit, excluding non-recurring items, in Frozen Foods and Seafood were about the same as last year. In Other Operations, Caternet boosted net sales considerably, as expected.

“The acquisition of Caternet strengthens Lännen Tehtaat’s position as a food solutions supplier to the food service sector, and the company’s product range complements Lännen Tehtaat’s range very well. The sales growth outlook for Caternet is encouraging, as the food service sector is increasingly ordering ready-to-use washed and chopped fruit, vegetables and salads, which involve a considerable amount of work by hand.”

KEY FIGURES

ASSESSMENT OF EXPECTED FUTURE DEVELOPMENTS

Net sales for the full year are expected to show an increase on the previous year, due to the acquisition made and the achievement of organic growth. As a consequence of the more moderate profit expectation of the Grains and Oilseeds business following its record performance in 2011, the full-year operating profit, excluding non-recurring items, will be no higher than the level reached in 2011.   The profit performance in the second half of the year will be influenced substantially by the extent of activity in the grain and oilseed markets, which is difficult to assess.  

PUBLICATION DATES FOR FINANCIAL REPORTS IN 2012

Interim Report for January-September will be published on 9 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 

CEO Matti Karppinen will present Lännen Tehtaat’s first half year 2012 results to analysts and to the media in Finnish today, 15 August 2012, at 10.00 a.m. The briefing will be held at the Scandic Simonkenttä hotel in Helsinki (address: Simonkatu 9).

The presentation material will be available on the company’s website at http://www.lannen.fi/en/investor_information after the briefing. 

COPIES TO:

NASDAQ OMX Helsinki Ltd
Main media
www.lannen.fi.

Attachment:

Lännen Tehtaat plc’s Interim Report_Q2_2012