Lännen Tehtaat plc’s Interim Report, January-September 2012

This is a summary of the Interim Report for the third quarter of 2012. Complete Interim Report January-September 2012 is attached to this release and can be downloaded from the company’s website at www.lannen.fi.

July - September:

  • Consolidated net sales amounted to EUR 92.7 (77.6) million, up by 20 per cent.
  • Operating profit, excluding non-recurring items, was EUR 3.9 (2.3) million; non-recurring items totalled EUR ‑0.1 (0.0) million.
  • The profit for the quarter was EUR 3.3 (1.3) million, and earnings per share amounted to EUR 0.52 (0.20).

January - September:

  • Net sales amounted to EUR 263.2 (255.1) million, up by 3 per cent.
  • Operating profit, excluding non-recurring items, was EUR 3.7 (5.3) million; non-recurring items totalled EUR ‑0.3 (‑1.7) million.
  • The profit for the period was EUR 2.7 (1.2) million, and earnings per share amounted to EUR 0.43 (0.23).

The assessment of profit performance for the full year is unchanged. The full-year operating profit, excluding non-recurring items, is forecast to be no higher than the level reached in 2011. The fourth-quarter operating profit, excluding non-recurring items, is expected to be higher than the previous year’s level. 

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:

“Net sales for the third quarter were up by one-fifth compared with the corresponding period last year. The growth occurred in all business operations. The operating profit, excluding non-recurring items, was also clearly better than in the corresponding period last year. In the third quarter, especially the associated company Sucros posted a good result, which was influenced by good market conditions and larger-than-normal sugar export deals executed during the quarter. In the Seafood business, we have expedited the fresh fish supply chain from water to table. The new logistics chain for fresh fish adopted in June has been welcomed, and it has substantially increased sales of fresh salmon products. In Frozen Foods, the success of the Kotimaiset product range has continued.   

The process of integrating Caternet Finland Oy, which was acquired in the spring, has proceeded according to plan under the new management, and measures have been implemented in the company to improve earnings capacity. The company’s sales organisation has also been renewed. From beginning of 2013, Caternet will be responsible for the sale of Apetit Kala’s and Apetit Pakaste’s products to the professional kitchen sector. Due to the change, the product range offered by Caternet will expand substantially and Caternet’s position as a partner of the professional kitchen sector will be further reinforced. Another objective is to increase sales of fish and frozen products to professional kitchen sector customers.”

KEY FIGURES 

EUR million  
Q3
2012
 
Q3
2011
 
Change
 
Q1-Q3
2012
 
Q1-Q3
2011
Change 2011
Net sales 92.7 77.6 19.5 % 263.2 255.1 3.2 % 335.5
Operating profit, excluding non-recurring items 3.9 2.3   3.7 5.3    
 
 
9.8
Operating profit 3.8 2.3   3.4 3.6   8.7
Profit before taxes 3.8 2.0   3.0 2.4   7.5
Profit for the period 3.3 1.3   2.7 1.2   5.7
Earnings per share, EUR 0.52 0.20   0.43 0.23   0.92
Shareholders’ equity per share, EUR       21.74 21.40    
 
22.06
Equity ratio, %       55.9 71.8   74.9

 

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 fourth-quarter operating profit, excluding non-recurring items, is expected to be higher than the previous year’s level.

PUBLICATION OF FINANCIAL REPORTS IN 2013

Financial Statements Bulletin for 2012 will be published on 14 February 2013 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 third quarter 2012 results to analysts and to the media (in Finnish) today, 9 November 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 www.lannen.fi/en/investor_information after the event.

 

COPIES TO:

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