RAISIO: SOLID RESULT

Report this content
Raisio plc, Interim Report 3 November 2009, 8:30 a.m                    
INTERIM REPORT 1 JANUARY-30 SEPTEMBER 2009                                      
RAISIO: SOLID RESULT                                                            

- Raisio's net sales from continuing operations in July-September totalled EUR 
95.5 million (Q3/2008: EUR 123.9 million).                                      
- The Group's third-quarter EBIT from continuing operations, excluding one-off 
items, was EUR 7.3 million (EUR 6.7 million), accounting for 7.7 per cent (5.4%)
of net sales.                                                                   
- Cash flow from business operations in July-September totalled EUR +21.3
million 
(EUR +36.3 million).                                                            
- Earnings per share remained unchanged from the comparison period at EUR 0.03 
(EUR 0.03).                                                                     
- Raisio's outlook for 2009 remains unchanged. 
- The divestment of the margarine business to Bunge was completed on 16 October 
2009.                                                                           

The figures for the comparison period are given in brackets in the text.        

RAISIO GROUP'S KEY FIGURES                                                      

Result from continuing operations excluding one-off items                       
--------------------------------------------------------------------------------
|                       | 7-9/2009 | 7-9/2008  | 1-9/2009 | 1-9/2008 |  2008   |
--------------------------------------------------------------------------------
| Net sales, €m         |     95.5 |     123.9 |    284.5 |    344.7 |   463.2 |
--------------------------------------------------------------------------------
| EBIT, €m              |      7.3 |       6.7 |     16.3 |     16.4 |    20.2 |
--------------------------------------------------------------------------------
|   % of net sales      |      7.7 |       5.4 |      5.7 |      4.8 |     4.4 |
--------------------------------------------------------------------------------
| Result before tax, €m |      7.0 |       6.7 |     15.6 |     16.3 |    19.8 |
--------------------------------------------------------------------------------
| Earnings per share    |     0.03 |      0.03 |     0.07 |     0.07 |    0.10 |
| (EPS), €              |          |           |          |          |         |
--------------------------------------------------------------------------------

Balance sheet                                                                   
--------------------------------------------------------------------------------
|                                  |   30.9.2009 |     30.9.2008 |        2008 |
--------------------------------------------------------------------------------
| Return on investment, %          |         6.5 |           9.7 |         8.4 |
--------------------------------------------------------------------------------
| Equity ratio, %                  |        68.4 |          77.0 |        77.9 |
--------------------------------------------------------------------------------
| Net gearing, %                   |       -23.9 |         -12.5 |       -20.8 |
--------------------------------------------------------------------------------
| Equity per share, €              |        1.80 |          1.77 |        1.79 |
--------------------------------------------------------------------------------

CEO MATTI RIHKO                                                                 

“Raisio's cumulative result for 2009 is solid and exceeds the target level of   
five per cent. As predicted, Raisio's strong brands have further strengthened in
difficult times, and the sales volumes of Benecol products have increased in    
many European markets.                                                          

The economic downturn has had the clearest impact on the demand for products    
offered by the Business to Business Division. The measures taken to enhance     
operations have not been able to fully match the decline in demand. Customers'  
confidence in Raisio Feed has been restored, however, and the company has       
already succeeded to strengthen its position in the Finnish market.             

Raisio took 2007 to be the year in which its turnaround had to succeed. We made 
quick progress to the next phase, that of profitability improvement, which      
continued through 2008 and 2009. Our performance improved rapidly, exceeding the
targets set. The divestment of the margarine business will carry us into a      
growth period, which is expected to cover the years 2010 and 2011.”             

RESULT FROM THE GROUP'S CONTINUING OPERATIONS                                   

Raisio's performance reporting corresponds to its management model in place     
after the divestment of the margarine business. The reportable Divisions are    
Brands and Business to Business. The Brands Division includes international     
brands (Benecol) and local brands, while the Business to Business Division      
encompasses the feed, malt and oil milling businesses.                          

Raisio's net sales from continuing operations in July-September totalled EUR    
95.5 million (Q3/2008: EUR 123.9 million), down 22.9 per cent on the previous   
year. The most significant impact on net sales came from the decreased volumes  
in all of the Business to Business Division's operations. The July-September net
sales of the Brands Division were EUR 43.5 million (EUR 49.1 million), those of 
the Business to Business Division EUR 54.2 million (EUR 78.7 million) and those 
of other operations EUR 0.2 million (EUR 0.3 million). In January-September, the
Group's net sales amounted to EUR 284.5 million (EUR 344.7 million), with net   
sales from outside Finland accounting for 33.7 per cent (34.4%), or EUR 96.0    
million (EUR 118.6 million), of the total.                                      

The Group's EBIT in July-September was EUR 7.3 million and, including one-off   
items, EUR 7.0 million (EUR 6.7 million). In the third quarter, Raisio          
recognised a one-off item of EUR 250,000 through profit and loss for its        
donation to the University of Turku. The third-quarter EBIT of the Brands       
Division totalled EUR 7.3 million (EUR 3.6 million) and that of the Business to 
Business Division EUR 0.3 million (EUR 4.3 million), while that of other        
operations was EUR -0.5 million and, including one-off items, EUR -0.8 million  
(EUR -1.0 million).                                                             

In January-September, the Group's EBIT was EUR 16.3 million (EUR 16.4 million)  
and, including one-off items, EUR 15.3 million (EUR 20.6 million). Raisio has   
recognised a total of EUR 1.1 million in one-off items through profit and loss  
this year. The figures for the comparison period include a one-off income item  
of EUR 4.2 million. Depreciations, allocated to operations in the income        
statement, amounted to EUR 3.6 million (EUR 4.2 million) in July-September and  
to EUR 11.5 million (EUR 12.3 million) in January-September.                    

The third-quarter pre-tax result was EUR 7.0 million and, including one-off     
items, EUR 6.8 million (EUR 6.7 million). The pre-tax result for                
January-September was EUR 15.6 million (EUR 16.3 million) and, including one-off
items, EUR 14.4 million (EUR 20.5 million). The Group's net financial items in  
July-September totalled EUR -0.3 million (EUR -0.1 million). The corresponding  
figures for January-September were EUR -0.8 million (EUR -0.2 million) and      
including one-off items EUR -0.9 million (EUR -0.2 million).                    

Raisio's post-tax result from continuing operations totalled EUR 5.2 million in 
July-September and, including one-off items, EUR 5.0 million (EUR 4.7 million). 
The post-tax result in January-September was EUR 11.2 million (EUR 10.9 million)
and, including one-off items, EUR 10.3 million (EUR 15.1 million). Earnings per 
share for July-September totalled EUR 0.03 and, including one-off items, EUR    
0.03 (EUR 0.03). In January-September, earnings per share were EUR 0.07 (EUR    
0.07) and, including one-off items, EUR 0.07 (EUR 0.10).                        

BALANCE SHEET AND FINANCIAL POSITION                                            

Raisio's balance sheet total at the end of September amounted to EUR 411.4      
million (31 December 2008: EUR 364.0 million). The increase mainly resulted from
the company raising its liquidity reserve to some EUR 120 million in the second 
quarter. Shareholders' equity totalled EUR 281.2 million (31 December 2008: EUR 
279.4 million), while equity per share at the end of September was EUR 1.80 (31 
December 2008: EUR 1.79).                                                       

Raisio's interest-bearing financial liabilities were EUR 71.1 million at the end
of September (31 December 2008: EUR 19.7 million). Net interest-bearing         
financial liabilities were EUR -67.2 million (31 December 2008: EUR -58.2       
million). The Group is net debt-free and has EUR 135 million of assets available
for investment prior to the completion of the margarine divestment. The equity  
ratio at the end of September totalled 68.4 per cent (31 December 2008: 77.9%)  
and net gearing was -23.9 per cent (31 December 2008: -20.8%). Cash flow from   
business operations was EUR +21.3 million (EUR +36.3 million) in July-September 
and EUR +27.6 million (EUR +26.2 million) in January-September. Working capital 
amounted to EUR 82.2 million at the end of the review period (31 December 2008: 
EUR 88.9 million), The company has successfully managed its working capital,    
which has decreased by approximately EUR 17 million year-over-year.             

Raisio's gross investments in July-September were EUR 3.0 million (EUR 2.5      
million) and in January-September EUR 7.0 million (EUR 22.9 million), which     
corresponds to 2.4 per cent (6.6%) of net sales. The main investment targeted   
the feed plant in the town of Raisio. Investments in the comparison period      
included the acquisition cost of Melia Ltd's shares, totalling EUR 12.7 million.

BUSINESS REVIEWS OF CONTINUING OPERATIONS                                       

Brands Division                                                                 

The third-quarter net sales of the Brands Division totalled EUR 43.5 million    
(EUR 49.1 million). Benecol net sales remained stable year-over-year, while     
sales volumes increased. The sales volumes of consumer products rose in Finland 
in July-September. Net sales in Finland decreased due to the declining sales    
volumes to HoReCa and industrial customers as a result of the economic downturn.
In January-September, the net sales of the Brands Division totalled EUR 132.1   
million (EUR 144.6 million).                                                    

The sales volumes of Raisio's main brands - Benecol, Elovena, Sunnuntai and     
Carlshamn - have developed well in the company's major market areas: Europe with
Benecol, Poland and Finland with other brands. Sweden, the Baltic countries,    
Russia and Ukraine are minor market areas for the Brands Division. Sales of     
non-dairy products are growing at an annual rate of nearly 20 per cent in Sweden
and Finland. In Sweden, the market share of non-dairy “soygurts” sold under the 
Carlshamn brand has quickly increased to 17 per cent, with sales distribution   
exceeding 70 per cent.                                                          

Strong growth continued in Benecol products' sales, with Poland, Spain and      
Greece recording double-digit growth figures. In Poland, Benecol sales reached  
an all-time record in September. Sales growth was also steep in Great Britain,  
the biggest market in Europe for cholesterol-lowering functional foods.  As for 
the new and growing Asian markets, it will still take time to create awareness  
for the Benecol brand and products. The economic downturn has not affected the  
demand for Benecol products.                                                    

Benecol products are sold in thirty countries on five continents. The use of    
plant stanol ester as a means to lower blood cholesterol level is supported by  
nearly 60 published clinical studies and 14 years of its safe use as a          
foodstuff. Benecol is a global trademark owned by Raisio, and plant stanol ester
is an ingredient patented worldwide by Raisio.                                  

Key figures for the Brands Division                                             
--------------------------------------------------------------------------------
|                       | 7-9/200 | 7-9/2008 | 1-9/2009 | 1-9/2008 |   2008    |
|                       |    9    |          |          |          |           |
--------------------------------------------------------------------------------
| Net sales, €m         |    43.5 |     49.1 |    132.1 |    144.6 |     195.4 |
--------------------------------------------------------------------------------
| International brands  |    11.0 |     11.0 |     34.5 |     33.8 |      44.3 |
| (Benecol), €m         |         |          |          |          |           |
--------------------------------------------------------------------------------
|   Local brands, €m    |    33.9 |     39.8 |    102.0 |    116.7 |     158.8 |
--------------------------------------------------------------------------------
| EBIT, €m              |     7.3 |      3.6 |     17.7 |      9.0 |      11.5 |
--------------------------------------------------------------------------------
| % of net sales        |    16.8 |      7.3 |     13.4 |      6.2 |       5.9 |
--------------------------------------------------------------------------------
| One-off items, €m     |     0.0 |      0.0 |      0.0 |      4.2 |       4.2 |
--------------------------------------------------------------------------------
| EBIT including        |     7.3 |      3.6 |     17.7 |     13.2 |      15.7 |
| one-off items, €m     |         |          |          |          |           |
--------------------------------------------------------------------------------
| Investments, €m       |     1.1 |      0.5 |      2.2 |     15.0 |      15.6 |
--------------------------------------------------------------------------------
| Net assets, €m        |       - |        - |     82.9 |     88.9 |      85.3 |
--------------------------------------------------------------------------------
                                                                                
The third-quarter EBIT of the Brands Division totalled EUR 7.3 million (EUR 3.6 
million), or 16.8 per cent (7.3%) of net sales. It was boosted year-over-year by
the volume growth in Benecol products, as well as the effective management of   
R&D expenses and sales and marketing expenses. The sales volumes of major local 
brands rose in the main market, Finland, and the service level reached nearly   
100 per cent. In January-September, the EBIT of the Brands Division totalled EUR
17.7 million (EUR 9.0 million).                                                 

Business to Business Division                                                   

The third-quarter net sales of the Business to Business Division totalled EUR   
54.2 million (EUR 78.7 million). The decrease in net sales came from the        
decrease in raw material prices being transferred to product prices and from the
decline in volumes in all businesses. In January-September, the net sales of the
Business to Business Division were EUR 159.3 million (EUR 211.8 million), down  
24.8 per cent on the previous year.                                             

The volume of cattle feeds increased year-over-year, one contributing factor    
being the confidence that customers have shown in the Ylivieska plant as a local
feed supplier. The demand for fish feed remained at a normal level, and Russian 
exports were stable. The volumes of pig and chicken feeds were down as a result 
of the overall market decreasing. The global decline in beer consumption has led
to a reduction in the net sales and price of malt. Especially exports to Russia 
have decreased from the exceptionally good comparison period. The economic      
downturn affected the global demand for vegetable oil, and Raisio adjusted its  
operations accordingly.                                                         

Raisio Feed and Valio have agreed to invest in joint research aimed at finding  
ways to reduce methane production in grass-based feeding. In the case of dairy  
cows, methane accounts for 6-7 per cent of the overall energy of a feed dose.   
The research project will be carried out as a dissertation. The goal is to      
produce reliable information on the causes of methane production and to reduce  
methane emissions.                                                              

Key figures for the Business to Business Division                               
--------------------------------------------------------------------------------
|                       | 7-9/200 | 7-9/2008 | 1-9/2009 | 1-9/2008  |   2008   |
|                       |    9    |          |          |           |          |
--------------------------------------------------------------------------------
| Net sales, €m         |    54.2 |     78.7 |    159.3 |     211.8 |    282.7 |
--------------------------------------------------------------------------------
|   Feed, €m            |    48.8 |     65.4 |    136.1 |     174.5 |    235.9 |
--------------------------------------------------------------------------------
|   Malt, €m            |     4.8 |     12.8 |     20.1 |      34.1 |     43.5 |
--------------------------------------------------------------------------------
|   Other, €m           |     0.7 |      0.7 |      3.5 |       3.9 |      4.1 |
--------------------------------------------------------------------------------
| EBIT, €m              |     0.3 |      4.3 |      1.0 |      10.3 |     12.3 |
--------------------------------------------------------------------------------
| % of net sales        |     0.6 |      5.5 |      0.6 |       4.8 |      4.3 |
--------------------------------------------------------------------------------
| One-off items, €m     |     0.0 |      0.0 |      0.0 |       0.0 |      0.0 |
--------------------------------------------------------------------------------
| EBIT including        |     0.3 |      4.3 |      1.0 |      10.3 |     12.3 |
| one-off items, €m     |         |          |          |           |          |
--------------------------------------------------------------------------------
| Investments, €m       |     1.7 |      1.7 |      4.1 |       6.5 |      9.3 |
--------------------------------------------------------------------------------
| Net assets, €m        |       - |        - |     87.7 |     100.9 |     81.7 |
--------------------------------------------------------------------------------

The third-quarter EBIT of the Business to Business Division totalled EUR 0.3    
million (EUR 4.3 million), or 0.6 per cent (5.5%) of net sales. It was down on  
the comparison period due to lower overall volumes in all operations, weaker    
crushing margins in the oil milling business and reduced unit margins in the    
malt business. As for vegetable oils, the demand for biodiesel appears slightly 
to be picking up. In January-September, the EBIT of the Business to Business    
Division was EUR 1.0 million (EUR 10.3 million).                                

The company's flexible pricing system, fast reactions and operational           
adjustments have kept the Business to Business Division's EBIT profitable in    
every quarter of this exceptionally difficult year. Having restored the         
confidence of livestock producers, Raisio has succeeded in improving its        
position in the Finnish feed market. The recovery of the feed business is linked
to the recovery of markets on the whole and to the profitability of livestock   
production.                                                                     

RESEARCH AND DEVELOPMENT                                                        

Raisio's research and development is an important part of the chain that        
introduces new products based on consumer and customer needs on the market.     
Research and development input amounted to EUR 1.3 million (EUR 1.2 million) in 
the third quarter, and to EUR 4.3 million (EUR 4.2 million) in                  
January-September, representing 1.5 per cent (1.2%) of net sales.               

MANAGEMENT AND PERSONNEL                                                        

Raisio's continuing operations employed 621 people at the end of September (31  
December 2008: 641 people), with 14.8 per cent (31 December 2008: 14.7%) of the 
staff employed outside Finland. The Brands Division had 298, the Business to    
Business Division 261 and the service functions 62 employees.                   

EVENTS AFTER THE REVIEW PERIOD                                                  

Divestment of the margarine business completed                                  

The divestment of Raisio's margarine business to Bunge was completed on 16      
October 2009. The acquisition price was EUR 80 million. The transaction was     
conditional on the approval of the Polish competition authorities, which was    
granted on 8 October 2009.                                                      

The transaction encompassed the margarine business in Finland and Poland. Raisio
will continue to sell margarine as a distributor of Bunge in Finland, Sweden and
Estonia. Bunge will become a new and significant Benecol partner that Raisio can
work with to develop the Benecol brand and functional foods. The Benecol brand  
and patents will remain in Raisio's ownership.                                  

Benecol products launched in Colombia                                           

Raisio's new Colombian partner, Cooperativa Colanta Limitada (Colanta), launched
a line of Benecol® products on the Colombian market under the Colanta Benecol   
brand on 21 October 2009. Products sold under the Colanta Benecol brand include 
yoghurt, cream cheese, fresh cheese and milk, and they will be prominently      
displayed by grocery retailers around the country. Colanta is one of Colombia's 
biggest dairy producers, its net sales totalling some EUR 500 million.          

The launch of Benecol products in Colombia is a major breakthrough in South     
America and an indication of Raisio's ability to expand into new markets with   
significant local partners. South America is an attractive market area for      
Benecol products, because the demand for cholesterol-lowering foods is on the   
rise. Chile, Argentina and Ecuador are other South American countries where     
Benecol products are currently available.                                       

The EU Commission approves the health claim of Benecol foods containing plant   
stanol ester                                                                    

The first health claims associated with the reduction of risk of disease        
pursuant to Article 14 were published in the Official Journal of the European   
Union on 22 October 2009. Plant stanol ester, the cholesterol-lowering          
ingredient in Benecol® products, is among the first ingredients to obtain a     
regulatory approval for the use of a disease risk reduction health claim in     
Europe. The following health claim is permitted in the marketing of Benecol     
foods containing plant stanol ester: “Plant stanol ester has been shown to      
lower/reduce blood cholesterol. High cholesterol is a risk factor in the        
development of coronary heart disease.”                                         

The Nutrition and Health Claim Regulation (EC No 1924/2006) will revolutionise  
the use of health claims in Europe. Based on the regulation, only approved      
health claims can be used to market foods. For consumers, the introduction of   
approved health claims means that it will be easier to select food products with
scientifically proven and validated effect. The approval strengthens the role of
plant stanol ester as a cholesterol-lowering food ingredient. It also underlines
that the risk of coronary heart disease can indeed be reduced through diet.     

Link to the Official Journal of the European Union, 22 October 2009:            
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:277:0003:0012:EN
:PDF                                                                            

SHARES AND SHAREHOLDERS                                                         

The number of Raisio plc's free shares that were traded on NASDAQ OMX Helsinki  
Ltd in January-September totalled 27.2 million (19.4 million). The value of     
trading was EUR 52.0 million (EUR 30.8 million), and the average price was EUR  
1.92 (EUR 1.59). The closing price on 30 September 2009 was EUR 2.50.           

A total of 0.9 million restricted shares (0.65 million) were traded in          
January-September. The value of trading was EUR 1.7 million (EUR 1.1 million),  
and the average price was EUR 1.92 (EUR 1.67). The closing price on 30 September
2009 was EUR 2.41.                                                              

On 30 September 2009, Raisio plc had a total of 37,262 registered shareholders  
(37,269 shareholders on 31 December 2008). Foreign ownership of the entire share
capital was 14.5 per cent (14.8% on 31 December 2008).                          

Raisio's market capitalisation at the end of September amounted to EUR 409.8    
million (EUR 248.6 million on 31 December 2008). Excluding the company shares   
held by the Group, the company's market capitalisation was EUR 387.3 million    
(EUR 234.8 million on 31 December 2008).                                        

At the end of the review period, Raisio plc held 8,809,080 free shares and      
201,295 restricted shares. The number of free shares held by the company        
accounts for 6.74 per cent of all free shares and the votes they represent,     
while the corresponding figure for restricted shares is 0.58 per cent. In all,  
the company shares held by the Group represent 5.46 per cent of the company's   
share capital and 1.56 per cent of overall votes.                               

The Group repurchased 3,487 restricted shares in the review period based on the 
authorisation given by the Annual General Meeting held in spring 2008. In the   
review period, it assigned 16,923 free shares to the Chairman of the Board and  
Board members as part of the compensation for managing their duties, in line    
with the decision taken by the Annual General Meeting in spring 2009. In        
addition, a total of 334,500 free shares were assigned in August as a reward for
the first earnings period of the share-based incentive scheme (financial year   
2008) to the 13 individuals covered by the scheme.                              

Raisio plc's subsidiaries do not hold any shares in the parent company. The     
Raisio Group Research Foundation holds 150,510 restricted shares, which is 0.44 
per cent of the restricted shares and the votes they represent and,             
correspondingly, 0.09 per cent of the whole share capital and 0.37 per cent of  
the votes it represents.                                                        

A share in Raisio or its subsidiary does not entitle the holder to participate  
in the Annual General Meeting.                                                  

DECISIONS MADE AT THE ANNUAL GENERAL MEETING                                    

Raisio plc's Annual General Meeting held on 26 March 2009 approved the financial
statements for the financial year 1 January-31 December 2008 and discharged the 
members of the Supervisory Board and the Board of Directors, as well as the     
Chief Executive Officer, from liability. The Annual General Meeting decided to  
distribute a dividend of EUR 0.07 per share. The dividend was paid to           
shareholders on 7 April 2009.                                                   
                                                                                
The Annual General Meeting decided to amend the Articles of Association to state
that a person who has turned 68 before the beginning of the term cannot be      
elected as a member of the Board of Directors. The amendment was entered in the 
Trade Register on 15 April 2009.                                                

The Annual General Meeting authorised the Board of Directors to decide on the   
repurchase of a maximum of 5,500,000 free shares and 1,375,000 restricted       
shares. The authorisation expires on 26 September 2010.                         

Furthermore, the Annual General Meeting authorised the Board of Directors to    
decide on share issues by (1) disposing all of the company shares and any       
repurchased shares - a maximum total of 16,460,000 shares, 1,801,500 of which   
can be restricted shares, and by (2) issuing a maximum of 16,500,000 new free   
shares against payment. The share issue authorisations will expire, at the      
latest, on 26 March 2014.                                                       

Details of the authorisations are available in the stock exchange release issued
on 12 February 2009. A stock exchange release about the decisions made by the   
Annual General Meeting was published on 26 March 2009.                          

RISKS AND SOURCES OF UNCERTAINTY IN THE NEAR FUTURE                             

Raisio's strategic path has taken the company from turnaround to profitability  
and from profitability to growth. The divestment of the margarine business will 
carry Raisio into a period of growth, which may lead to considerable changes in 
the company's structure and business in 2010 and 2011.                          

With raw material prices continuing to fluctuate, volatility control will be    
essential to Raisio's profitability in the future. The main risks in the near   
future are related to any possible changes caused by the general economic       
development in the Group's market areas. This particularly concerns the Business
to Business Division's operations.                                              

The taxation on the sales profit from the divestment of Raisio's chemicals      
business in 2004, totalling EUR 220 million, continues to be handled in court.  
Since the divestment, Raisio has considered the sales profit to be free of tax  
and has handled it accordingly in its accounting. Expert statements obtained by 
Raisio support this stance.  Most recently, the Helsinki Administrative Court   
made a resolution, in August 2008, stating that the sales profit was free of    
tax. However, the Tax Administration's Tax Recipients' Legal Services Unit filed
for leave to appeal and lodged an appeal with the Supreme Administrative Court  
in October 2008.                                                                

Risks related to Raisio's operations are described in more detail in the 2008   
financial statements and on the Group's website under Corporate Governance.     
Risks for the near future are also discussed in the division reviews of this    
interim report.                                                                 

OUTLOOK                                                                         

Raisio's original estimate of the Group's outlook for 2009 remains unchanged and
has been largely accurate.                                                      

"The volatility in quarterly results and between divisions will become more     
pronounced, but it will balance out at Group-level over the year. Even if food  
consumption and demand remain steady, the unpredictable outcome of a drawn-out  
economic crisis may reduce volumes in the short run, either directly or         
indirectly, through the food chain infrastructure. Nevertheless, any negative   
impact on results can be neutralised in a few months, and the reallocation of   
capacity will open up new opportunities for Raisio in the long term.            

Raisio's main target in 2009 is to maintain its stabilised position under       
difficult circumstances. Raisio's volumes are expected to develop moderately in 
annual terms. The trend in net sales will depend on the price level of the 2009 
crop. The company's profitability will also develop moderately, and EBIT is     
predicted to account for 4-5 per cent of net sales. Cash flow from operations is
expected to be clearly positive, but to fall short of the 2008 figures."        

Raisio, 3 November 2009                                                         

RAISIO PLC                                                                      

Board of Directors                                                              


Further information:                                                            
Matti Rihko, CEO, tel. +358 400 830 727                                         
Jyrki Paappa, CFO, tel. +358 50 556 6512
Heidi Hirvonen, Communications Manager, tel. +358 50 567 3060      

Press and analyst event and teleconference                                      

A press and analyst event in Finnish will be arranged on 3 November 2009 at 1:00
p.m. Finnish time in Helsinki. It will be held at Hotel Scandic Simonkenttä, in 
the Bulsa-Freda meeting room. The address is Simonkatu 9, Helsinki.             

A teleconference in English will be held on 3 November 2009 at 3:00 p.m. Finnish
time, tel. +358 (0)9 8248 3567, PIN code 5658.                                  

The interim report has not been audited.                                        


CONDENSED FINANCIAL STATEMENTS AND NOTES                                        

INCOME STATEMENT (EUR million)                                                  

--------------------------------------------------------------------------------
|                       |  7-9/2009 | 7-9/2008 | 1-9/2009 | 1-9/2008 |    2008 |
--------------------------------------------------------------------------------
| CONTINUING            |           |          |          |          |         |
| OPERATIONS:           |           |          |          |          |         |
--------------------------------------------------------------------------------
| Net sales             |      95.5 |    123.9 |    284.5 |    344.7 |   463.2 |
--------------------------------------------------------------------------------
| Expenses              |     -77.8 |   -106.0 |   -234.2 |   -293.2 |  -394.5 |
| corresponding to      |           |          |          |          |         |
| products sold         |           |          |          |          |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross profit          |      17.7 |     17.8 |     50.3 |     51.5 |    68.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating       |     -10.7 |    -11.1 |    -35.1 |    -30.8 |   -44.3 |
| income and expenses,  |           |          |          |          |         |
| net                   |           |          |          |          |         |
--------------------------------------------------------------------------------
| EBIT                  |       7.0 |      6.7 |     15.3 |     20.6 |    24.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income      |       0.5 |      0.3 |      2.2 |      1.4 |     2.4 |
--------------------------------------------------------------------------------
| Financial expenses    |      -0.8 |     -0.5 |     -3.1 |     -1.7 |    -2.8 |
--------------------------------------------------------------------------------
| Share of result of    |       0.0 |      0.1 |      0.0 |      0.1 |     0.1 |
| associated companies  |           |          |          |          |         |
| and joint ventures    |           |          |          |          |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result before taxes   |       6.8 |      6.7 |     14.4 |     20.5 |    24.0 |
--------------------------------------------------------------------------------
| Income tax            |      -1.8 |     -2.0 |     -4.1 |     -5.4 |    -4.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result for the period |       5.0 |      4.7 |     10.3 |     15.1 |    19.5 |
| from continuing       |           |          |          |          |         |
| operations            |           |          |          |          |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| DISCONTINUED          |       1.6 |      0.6 |      2.5 |      1.3 |     2.8 |
| OPERATIONS:           |           |          |          |          |         |
| Result for the period |           |          |          |          |         |
| from discontinued     |           |          |          |          |         |
| operations            |           |          |          |          |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| RESULT FOR THE PERIOD |       6.6 |      5.3 |     12.9 |     16.4 |    22.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to:      |           |          |          |          |         |
--------------------------------------------------------------------------------
| Equity holders of the |       6.6 |      5.3 |     12.9 |     16.3 |    22.1 |
| parent company        |           |          |          |          |         |
--------------------------------------------------------------------------------
|   Minority interest   |       0.0 |      0.0 |      0.0 |      0.1 |     0.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share    |           |          |          |          |         |
| from the profit       |           |          |          |          |         |
| attributable to       |           |          |          |          |         |
| equity holders of the |           |          |          |          |         |
| parent company        |           |          |          |          |         |
--------------------------------------------------------------------------------
| CONTINUING            |           |          |          |          |         |
| OPERATIONS:           |           |          |          |          |         |
--------------------------------------------------------------------------------
| Undiluted earnings    |      0.03 |     0.03 |     0.07 |     0.10 |    0.12 |
| per share             |           |          |          |          |         |
--------------------------------------------------------------------------------
| Diluted earnings per  |      0.03 |     0.03 |     0.07 |     0.10 |    0.12 |
| share                 |           |          |          |          |         |
--------------------------------------------------------------------------------
| DISCONTINUED          |           |          |          |          |         |
| OPERATIONS:           |           |          |          |          |         |
--------------------------------------------------------------------------------
| Undiluted earnings    |      0.01 |     0.00 |     0.02 |     0.01 |    0.02 |
| per share             |           |          |          |          |         |
--------------------------------------------------------------------------------
| Diluted earnings per  |      0.01 |     0.00 |     0.02 |     0.01 |    0.02 |
| share                 |           |          |          |          |         |
--------------------------------------------------------------------------------

COMPREHENSIVE INCOME STATEMENT (EUR million)                                    

--------------------------------------------------------------------------------
|                       |  7-9/2009 | 7-9/2008 | 1-9/2009 | 1-9/2008 |    2008 |
--------------------------------------------------------------------------------
| Result for the period |       6.6 |      5.3 |     12.9 |     16.4 |    22.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive   |           |          |          |          |         |
| income items          |           |          |          |          |         |
--------------------------------------------------------------------------------
| Translation           |           |      0.0 |          |      0.1 |     0.1 |
| differences           |           |          |          |          |         |
| recognised in profit  |           |          |          |          |         |
| and loss on disposal  |           |          |          |          |         |
| of foreign operations |           |          |          |          |         |
--------------------------------------------------------------------------------
| Gains and losses      |       0.3 |      0.9 |     -0.5 |      0.7 |    -1.0 |
| arising from          |           |          |          |          |         |
| translating the       |           |          |          |          |         |
| financial statements  |           |          |          |          |         |
| of foreign operations |           |          |          |          |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comprehensive income  |       6.9 |      6.2 |     12.4 |     17.2 |    21.3 |
| for the period        |           |          |          |          |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Components of         |           |          |          |          |         |
| comprehensive income: |           |          |          |          |         |
--------------------------------------------------------------------------------
| Equity holders of the |       6.9 |      6.2 |     12.4 |     17.1 |    21.2 |
| parent company        |           |          |          |          |         |
--------------------------------------------------------------------------------
|   Minority interest   |       0.0 |      0.0 |      0.0 |      0.1 |     0.1 |
--------------------------------------------------------------------------------

BALANCE SHEET (EUR million)                                                     

--------------------------------------------------------------------------------
|                                       |  30.9.2009 |  30.9.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| ASSETS                                |            |            |            |
--------------------------------------------------------------------------------
| Non-current assets                    |            |            |            |
--------------------------------------------------------------------------------
|   Intangible assets                   |        7.9 |       10.4 |       10.0 |
--------------------------------------------------------------------------------
|   Goodwill                            |        0.0 |        1.4 |        1.2 |
--------------------------------------------------------------------------------
|   Property, plant and equipment       |       99.1 |      127.1 |      124.2 |
--------------------------------------------------------------------------------
| Shares in associated companies and    |        0.8 |        0.8 |        0.7 |
| joint ventures                        |            |            |            |
--------------------------------------------------------------------------------
|   Financial assets available for sale |        0.6 |        0.6 |        0.6 |
--------------------------------------------------------------------------------
|   Receivables                         |        0.3 |        1.1 |        0.6 |
--------------------------------------------------------------------------------
|   Deferred tax assets                 |        7.4 |       11.4 |        7.9 |
--------------------------------------------------------------------------------
| Total non-current assets              |      116.0 |      152.7 |      145.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets                        |            |            |            |
--------------------------------------------------------------------------------
|   Inventories                         |       65.3 |       86.0 |       73.3 |
--------------------------------------------------------------------------------
| Accounts receivables and other        |       55.3 |       72.0 |       66.0 |
| receivables                           |            |            |            |
--------------------------------------------------------------------------------
| Financial assets at fair value        |       97.7 |       41.9 |       66.8 |
| through profit or loss                |            |            |            |
--------------------------------------------------------------------------------
|   Cash in hand and at banks           |       37.4 |        6.9 |       12.8 |
--------------------------------------------------------------------------------
| Total current assets                  |      255.7 |      206.7 |      218.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets available for sale |       39.7 |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets                          |      411.4 |      359.5 |      364.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES                |            |            |            |
--------------------------------------------------------------------------------
| Equity attributable to equity holders |            |            |            |
| of the parent company                 |            |            |            |
--------------------------------------------------------------------------------
|   Share capital                       |       27.8 |       27.8 |       27.8 |
--------------------------------------------------------------------------------
|   Own shares                          |      -18.5 |      -18.2 |      -19.3 |
--------------------------------------------------------------------------------
| Other equity attributable to equity   |      271.9 |      266.8 |      271.0 |
| holders of the parent company         |            |            |            |
--------------------------------------------------------------------------------
| Equity attributable to equity holders |      281.2 |      276.4 |      279.4 |
| of the parent company                 |            |            |            |
--------------------------------------------------------------------------------
|   Minority interest                   |        0.0 |        0.0 |        0.0 |
--------------------------------------------------------------------------------
| Total equity                          |      281.2 |      276.4 |      279.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities               |            |            |            |
--------------------------------------------------------------------------------
|   Deferred tax liabilities            |        7.7 |        9.1 |        7.4 |
--------------------------------------------------------------------------------
|   Pension liabilities                 |        0.2 |        0.2 |        0.2 |
--------------------------------------------------------------------------------
|   Non-current financial liabilities   |       55.7 |       10.0 |       14.3 |
--------------------------------------------------------------------------------
|   Other non-current liabilities       |        0.0 |        0.1 |        0.1 |
--------------------------------------------------------------------------------
| Total non-current liabilities         |       63.6 |       19.4 |       22.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities                   |            |            |            |
--------------------------------------------------------------------------------
| Accounts payable and other            |       44.5 |       57.9 |       55.6 |
| liabilities                           |            |            |            |
--------------------------------------------------------------------------------
|   Reserves                            |        0.9 |        1.1 |        1.1 |
--------------------------------------------------------------------------------
| Financial liabilities at fair value   |        0.3 |        0.6 |        0.4 |
| through profit or loss                |            |            |            |
--------------------------------------------------------------------------------
|   Current financial liabilities       |       14.7 |        4.0 |        5.5 |
--------------------------------------------------------------------------------
| Total current liabilities             |       60.3 |       63.7 |       62.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Debts related to non-current assets   |        6.2 |            |            |
| held for sale                         |            |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total liabilities                     |      130.1 |       83.1 |       84.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity and liabilities          |      411.4 |      359.5 |      364.0 |
--------------------------------------------------------------------------------

CHANGES IN GROUP EQUITY (EUR million)                                           

--------------------------------------------------------------------------------
|             | Shar | Sha | Res |  Own | Tran | Retai | Total | Minor | Total |
|             |    e |  re | erv | shar | slat |   ned |       |   ity | equit |
|             | capi | pre |   e |   es |  ion | earni |       | inter |     y |
|             |  tal | miu | fun |      | diff |   ngs |       |   est |       |
|             |      |   m |   d |      | eren |       |       |       |       |
|             |      | res |     |      |  ces |       |       |       |       |
|             |      | erv |     |      |      |       |       |       |       |
|             |      |   e |     |      |      |       |       |       |       |
--------------------------------------------------------------------------------
| Equity on   | 27.8 | 2.9 | 88. | -17. | -2.3 | 167.0 | 266.1 |  12.7 | 278.8 |
| 31.12.2007  |      |     |   6 |    9 |      |       |       |       |       |
--------------------------------------------------------------------------------
| Comprehensi |    - |   - |   - |    - |  0.8 |  16.2 |  17.1 |   0.1 |  17.2 |
| ve income   |      |     |     |      |      |       |       |       |       |
| for the     |      |     |     |      |      |       |       |       |       |
| period      |      |     |     |      |      |       |       |       |       |
--------------------------------------------------------------------------------
| Dividends   |    - |   - |   - |    - |    - |  -6.3 |  -6.3 |     - |  -6.3 |
--------------------------------------------------------------------------------
| Repurchase  |    - |   - |   - | -0.5 |    - |     - |  -0.5 |     - |  -0.5 |
| of own      |      |     |     |      |      |       |       |       |       |
| shares      |      |     |     |      |      |       |       |       |       |
--------------------------------------------------------------------------------
| Share-based |    - |   - |   - |  0.2 |    - |   0.0 |   0.2 |     - |   0.2 |
| payment     |      |     |     |      |      |       |       |       |       |
--------------------------------------------------------------------------------
| Squeeze-out |    - |   - |   - |    - |    - |  -0.2 |  -0.2 | -12.8 | -13.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity on   | 27.8 | 2.9 | 88. | -18. | -1.5 | 176.8 | 276.4 |   0.0 | 276.4 |
| 30.9.2008   |      |     |   6 |    2 |      |       |       |       |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity on   | 27.8 | 2.9 | 88. | -19. | -3.2 | 182.7 | 279.4 |   0.0 | 279.4 |
| 31.12.2008  |      |     |   6 |    3 |      |       |       |       |       |
--------------------------------------------------------------------------------
| Comprehensi |    - |   - |   - |    - | -0.4 |  12.9 |  12.4 |   0.0 |  12.4 |
| ve income   |      |     |     |      |      |       |       |       |       |
| for the     |      |     |     |      |      |       |       |       |       |
| period      |      |     |     |      |      |       |       |       |       |
--------------------------------------------------------------------------------
| Dividends   |    - |   - |   - |    - |    - | -10.9 | -10.9 |     - | -10.9 |
--------------------------------------------------------------------------------
| Repurchase  |    - |   - |   - |  0.0 |    - |     - |   0.0 |     - |   0.0 |
| of own      |      |     |     |      |      |       |       |       |       |
| shares      |      |     |     |      |      |       |       |       |       |
--------------------------------------------------------------------------------
| Share-based |    - |   - |   - |  0.9 |    - |  -0.6 |   0.3 |     - |   0.3 |
| payment     |      |     |     |      |      |       |       |       |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity on   | 27.8 | 2.9 | 88. | -18. | -3.6 | 184.1 | 281.2 |   0.0 | 281.2 |
| 30.9.2009   |      |     |   6 |    5 |      |       |       |       |       |
--------------------------------------------------------------------------------

CASH FLOW STATEMENT (EUR million)                                               

--------------------------------------------------------------------------------
|                                         |  1-9/2009 |   1-9/2008 |      2008 |
--------------------------------------------------------------------------------
| EBIT                                    |      18.4 |       22.5 |      28.3 |
--------------------------------------------------------------------------------
|   Adjustments to EBIT                   |      12.6 |       10.1 |      16.6 |
--------------------------------------------------------------------------------
| Cash flow before change in working      |      31.0 |       32.7 |      44.8 |
| capital                                 |           |            |           |
--------------------------------------------------------------------------------
|   Change in current receivables         |      -0.4 |       -7.2 |      -0.7 |
--------------------------------------------------------------------------------
|   Change in inventories                 |       1.2 |        5.9 |      18.1 |
--------------------------------------------------------------------------------
| Change in current non-interest-bearing  |      -4.5 |       -3.1 |      -5.7 |
| liabilities                             |           |            |           |
--------------------------------------------------------------------------------
| Total change in working capital         |      -3.7 |       -4.5 |      11.7 |
--------------------------------------------------------------------------------
| Financial items and taxes               |       0.3 |       -2.0 |      -3.8 |
--------------------------------------------------------------------------------
| Cash flow from business operations      |      27.6 |       26.2 |      52.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments                             |      -7.2 |      -13.2 |     -17.1 |
--------------------------------------------------------------------------------
| Divestment of subsidiaries              |       0.0 |        0.1 |       0.1 |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries             |       0.0 |       -8.0 |      -8.0 |
--------------------------------------------------------------------------------
| Proceeds from sale of fixed assets      |       0.0 |        1.3 |       1.3 |
--------------------------------------------------------------------------------
| Loans granted                           |       0.0 |       -1.9 |      -1.9 |
--------------------------------------------------------------------------------
| Repayment of loan receivables           |       0.3 |        1.7 |       1.8 |
--------------------------------------------------------------------------------
| Cash flow from investments              |      -6.9 |      -20.0 |     -23.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in non-current loans             |      51.0 |        8.7 |      15.7 |
--------------------------------------------------------------------------------
| Change in current loans                 |      -0.7 |       -3.3 |      -3.2 |
--------------------------------------------------------------------------------
| Repurchase of own shares                |       0.0 |       -0.5 |      -1.6 |
--------------------------------------------------------------------------------
| Dividend paid to equity holders of the  |     -10.8 |       -6.2 |      -6.3 |
| parent company                          |           |            |           |
--------------------------------------------------------------------------------
| Cash flow from financial operations     |      39.5 |       -1.3 |       4.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Adjustment to translation difference    |       0.3 |        0.1 |       0.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in liquid funds                  |      60.5 |        5.0 |      33.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liquid funds at the beginning of the    |      77.9 |       43.6 |      43.6 |
| period                                  |           |            |           |
--------------------------------------------------------------------------------
| Impact of change in market value on     |      -0.1 |       -0.1 |       0.4 |
| liquid funds                            |           |            |           |
--------------------------------------------------------------------------------
| Liquid funds at period-end              |     138.3 |       48.5 |      77.9 |
--------------------------------------------------------------------------------

NOTES TO THE INTERIM REPORT                                                     

This interim report has been prepared in compliance with IAS 34 Interim         
Financial Reporting according to the same accounting principles used in         
financial statements 2008. The Group adopted the following IFRSs or amendments  
to them on 1 January 2009:                                                      

Revised IAS 1, Presentation of Financial Statements: Amendments have been made  
to the presentation of the income statement and the statement of changes in     
equity.                                                                         

IFRS 8, Operating Segments, states that segment information must be based on    
internal reporting submitted to management and on the principles followed in    
reporting. Since Raisio's segment information is already based on internal      
reports submitted to management, the new standard has not caused any changes to 
segment reporting.                                                              

IAS 23, Borrowing Costs: The amended standard requires that the acquisition cost
of an asset that meets the conditions shall include borrowing costs incurred    
from the acquisition, construction or production of the asset in question.      

The adopted standards have not affected the Group's results.                    

When preparing the financial statements, management must make estimates and     
assumptions that affect the reported assets and liabilities, income and         
expenses. Actual figures may differ from these estimates.                       

The interim review is shown in EUR millions.                                    

SEGMENT INFORMATION                                                             

Raisio has modified its segment reporting in conjunction with its Q2 2009       
reporting to match its management model in place after the divestment of the    
margarine business. The new reportable segments are Brands and Business to      
Business. The Brands segment includes Benecol and local brands, and the reported
figures are those of the Benecol business and of the Northern and Eastern       
European operations, which belonged to the former Food Division. The Business to
Business segment corresponds to the former Feed & Malt segment, and includes the
feed, malt and oil milling businesses.                                          

The figures for Raisio Polska Foods Sp, formerly part of the Food Division, are 
reported under discontinued operations. An agreement on the divestment of the   
margarine business was signed with Bunge in May. The deal was concluded on 16   
October 2009.                                                                   

The figures for previous periods presented in this interim report have been     
adjusted accordingly.                                                           

NET SALES BY SEGMENT (EUR million)                                              

--------------------------------------------------------------------------------
|                              |   7-9/ |   7-9/ |    1-9/ |    1-9/ |    2008 |
|                              |   2009 |   2008 |    2009 |    2008 |         |
--------------------------------------------------------------------------------
| Brands                       |   43.5 |   49.1 |   132.1 |   144.6 |   195.4 |
--------------------------------------------------------------------------------
| Business to Business         |   54.2 |   78.7 |   159.3 |   211.8 |   282.7 |
--------------------------------------------------------------------------------
| Other operations             |    0.2 |    0.3 |     0.7 |     0.7 |     1.0 |
--------------------------------------------------------------------------------
| Interdivisional net sales    |   -2.4 |   -4.2 |    -7.5 |   -12.5 |   -16.0 |
--------------------------------------------------------------------------------
| Total net sales              |   95.5 |  123.9 |   284.5 |   344.7 |   463.2 |
--------------------------------------------------------------------------------

EBIT BY SEGMENT (EUR million)                                                   

--------------------------------------------------------------------------------
|                              |   7-9/ |    7-9/ |   1-9/ |    1-9/ |    2008 |
|                              |   2009 |    2008 |   2009 |    2008 |         |
--------------------------------------------------------------------------------
| Brands                       |    7.3 |     3.6 |   17.7 |    13.2 |    15.7 |
--------------------------------------------------------------------------------
| Business to Business         |    0.3 |     4.3 |    1.0 |    10.3 |    12.3 |
--------------------------------------------------------------------------------
| Other operations             |   -0.8 |    -1.0 |   -3.5 |    -2.5 |    -3.4 |
--------------------------------------------------------------------------------
| Eliminations                 |    0.2 |    -0.3 |    0.1 |    -0.3 |    -0.2 |
--------------------------------------------------------------------------------
| Total EBIT                   |    7.0 |     6.7 |   15.3 |    20.6 |    24.4 |
--------------------------------------------------------------------------------

NET ASSETS BY SEGMENT (EUR million)                                             

--------------------------------------------------------------------------------
|                                      |   30.9.2009 |  30.9.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| Brands                               |        82.9 |       88.9 |       85.3 |
--------------------------------------------------------------------------------
| Business to Business                 |        87.7 |      100.9 |       81.7 |
--------------------------------------------------------------------------------
| Other operations, assets held for    |       110.7 |       86.6 |      112.4 |
| sale and unallocated items           |             |            |            |
--------------------------------------------------------------------------------
| Total net assets                     |       281.2 |      276.4 |      279.4 |
--------------------------------------------------------------------------------

INVESTMENTS BY SEGMENT (EUR million)                                            

--------------------------------------------------------------------------------
|                              |   7-9/ |    7-9/ |   1-9/ |    1-9/ |    2008 |
|                              |   2009 |    2008 |   2009 |    2008 |         |
--------------------------------------------------------------------------------
| Brands                       |    1.1 |     0.5 |    2.2 |    15.0 |    15.6 |
--------------------------------------------------------------------------------
| Business to Business         |    1.7 |     1.7 |    4.1 |     6.5 |     9.3 |
--------------------------------------------------------------------------------
| Other operations             |    0.3 |     0.3 |    0.7 |     1.4 |     1.9 |
--------------------------------------------------------------------------------
| Eliminations                 |    0.0 |     0.0 |    0.0 |     0.0 |     0.0 |
--------------------------------------------------------------------------------
| Total investments            |    3.0 |     2.5 |    7.0 |    22.9 |    26.9 |
--------------------------------------------------------------------------------

NET SALES BY MARKET AREA (EUR million)                                          

--------------------------------------------------------------------------------
|                              |   7-9/ |    7-9/ |   1-9/ |    1-9/ |    2008 |
|                              |   2009 |    2008 |   2009 |    2008 |         |
--------------------------------------------------------------------------------
| Finland                      |   62.1 |    76.8 |  188.5 |   226.0 |   301.0 |
--------------------------------------------------------------------------------
| ROW                          |   33.4 |    47.1 |   96.0 |   118.6 |   162.2 |
--------------------------------------------------------------------------------
| Total                        |   95.5 |   123.9 |  284.5 |   344.7 |   463.2 |
--------------------------------------------------------------------------------


DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE                    

Discontinued operations                                                         

On 14 May 2009, Raisio announced it had signed an agreement on the divestment of
its margarine business to Bunge. In this interim report, the assets and         
liabilities of the divested business are presented separately on the balance    
sheet as assets and liabilities held for sale. The result of Raisio Polska Food 
Sp's margarine business has been transferred to discontinued operations in the  
income statement. The result of the Finnish margarine business is still reported
under continuing operations, since Raisio will continue to sell margarines in   
Finland, Sweden and Estonia as a partner of Bunge. The divestment was concluded 
on 16 October 2009.                                                             

Raisio has also decided to sell OOO Raisio Nutrition's facilities in Russia and 
has reported them under assets held for sale on the balance sheet of this       
interim report.                                                                 

--------------------------------------------------------------------------------
|                                            | 1-9/2009 |  1-9/2008 |     2008 |
--------------------------------------------------------------------------------
| Result for the discontinued operations     |          |           |          |
--------------------------------------------------------------------------------
|   Income from ordinary operations          |     31.2 |      37.8 |     48.6 |
--------------------------------------------------------------------------------
|   Expenses                                 |    -28.2 |     -36.2 |    -45.1 |
--------------------------------------------------------------------------------
|   Result before taxes                      |      2.9 |       1.6 |      3.5 |
--------------------------------------------------------------------------------
|   Taxes                                    |     -0.4 |      -0.3 |     -0.7 |
--------------------------------------------------------------------------------
|   Result after taxes                       |      2.5 |       1.3 |      2.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow for the discontinued operations  |          |           |          |
--------------------------------------------------------------------------------
|   Cash flow from business operations       |      2.9 |       4.0 |      5.4 |
--------------------------------------------------------------------------------
|   Cash flow from investments               |      0.0 |       0.7 |      0.7 |
--------------------------------------------------------------------------------
|   Cash flow from financial operations      |     -0.9 |      -3.7 |     -4.3 |
--------------------------------------------------------------------------------
|   Total cash flow                          |      1.9 |       1.0 |      1.8 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
|                                            | 1-9/2009 |           |          |
--------------------------------------------------------------------------------
| Assets held for sale:                      |          |           |          |
--------------------------------------------------------------------------------
|   Intangible assets                        |      0.4 |           |          |
--------------------------------------------------------------------------------
|   Goodwill                                 |      1.1 |           |          |
--------------------------------------------------------------------------------
|   Tangible assets                          |     21.7 |           |          |
--------------------------------------------------------------------------------
|   Deferred tax assets                      |      0.5 |           |          |
--------------------------------------------------------------------------------
|   Inventories                              |      6.7 |           |          |
--------------------------------------------------------------------------------
| Accounts receivables and other receivables |      6.1 |           |          |
--------------------------------------------------------------------------------
|   Cash in hand and at banks                |      3.2 |           |          |
--------------------------------------------------------------------------------
|   Total assets                             |     39.7 |           |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities held for sale:                 |          |           |          |
--------------------------------------------------------------------------------
|   Interest-bearing liabilities             |      0.7 |           |          |
--------------------------------------------------------------------------------
|   Accounts payable and other liabilities   |      5.5 |           |          |
--------------------------------------------------------------------------------
|   Total liabilities                        |      6.2 |           |          |
--------------------------------------------------------------------------------

TANGIBLE ASSETS                                                                 

--------------------------------------------------------------------------------
|                                      |   30.9.2009 |  30.9.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| Acquisition cost at the beginning of |       417.1 |      430.2 |      430.2 |
| the period                           |             |            |            |
--------------------------------------------------------------------------------
| Conversion differences               |        -1.6 |        1.6 |       -1.8 |
--------------------------------------------------------------------------------
| Increase                             |         6.7 |       10.6 |       14.2 |
--------------------------------------------------------------------------------
| Decrease                             |        -0.7 |      -14.6 |      -25.6 |
--------------------------------------------------------------------------------
| Reclassifications between items      |         0.0 |        0.0 |        0.0 |
--------------------------------------------------------------------------------
| Operations held for sale             |       -94.5 |            |            |
--------------------------------------------------------------------------------
| Acquisition cost at period-end       |       326.9 |      427.7 |      417.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated depreciation and         |       292.8 |      302.3 |      302.3 |
| write-downs at the beginning of the  |             |            |            |
| period                               |             |            |            |
--------------------------------------------------------------------------------
| Conversion difference                |        -1.1 |        1.0 |       -1.0 |
--------------------------------------------------------------------------------
| Decrease and transfers               |        -0.8 |      -13.9 |      -24.7 |
--------------------------------------------------------------------------------
| Depreciation for the period          |         9.6 |       11.1 |       14.9 |
--------------------------------------------------------------------------------
| Write-downs                          |         0.1 |        0.0 |        1.3 |
--------------------------------------------------------------------------------
| Operations held for sale             |       -72.8 |            |            |
--------------------------------------------------------------------------------
| Accumulated depreciation and         |       227.8 |      300.6 |      292.8 |
| write-downs at period-end            |             |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value at period-end             |        99.1 |      127.1 |      124.2 |
--------------------------------------------------------------------------------

RESERVES                                                                        

--------------------------------------------------------------------------------
|                                    |   30.9.2009 |   30.9.2008 |  31.12.2008 |
--------------------------------------------------------------------------------
| At the beginning of the period     |         1.1 |         1.9 |         1.9 |
--------------------------------------------------------------------------------
| Increase in provisions             |         0.0 |         0.0 |         0.0 |
--------------------------------------------------------------------------------
| Provisions used                    |        -0.2 |        -0.8 |        -0.8 |
--------------------------------------------------------------------------------
| At period-end                      |         0.9 |         1.1 |         1.1 |
--------------------------------------------------------------------------------

BUSINESS ACTIVITIES INVOLVING INSIDERS                                          

--------------------------------------------------------------------------------
|                                     |   30.9.2009 | 30.9.2008 |   31.12.2008 |
--------------------------------------------------------------------------------
| Sales to associated companies and   |         9.0 |      10.3 |         13.6 |
| joint ventures                      |             |           |              |
--------------------------------------------------------------------------------
| Purchases from associated companies |         0.1 |       0.1 |          0.1 |
| and joint ventures                  |             |           |              |
--------------------------------------------------------------------------------
| Sales to key employees in           |         0.2 |       0.0 |          1.1 |
| management                          |             |           |              |
--------------------------------------------------------------------------------
| Purchases from key employees in     |         0.6 |       0.8 |          0.9 |
| management                          |             |           |              |
--------------------------------------------------------------------------------
| Short-term receivables from         |         1.6 |       2.1 |          1.4 |
| associated companies and joint      |             |           |              |
| ventures                            |             |           |              |
--------------------------------------------------------------------------------
| Liabilities to associated companies |         0.2 |       0.2 |          0.2 |
| and joint ventures                  |             |           |              |
--------------------------------------------------------------------------------

CONTINGENT LIABILITIES (EUR million)                                            

--------------------------------------------------------------------------------
|                                     |   30.9.2009 | 30.9.2008 |   31.12.2008 |
--------------------------------------------------------------------------------
| Contingent off-balance sheet        |             |           |              |
| liabilities                         |             |           |              |
--------------------------------------------------------------------------------
|   Non-cancelable other leases       |             |           |              |
--------------------------------------------------------------------------------
|     Minimum lease payments          |         1.3 |       1.7 |          1.8 |
--------------------------------------------------------------------------------
| Contingent liabilities for the      |         0.2 |       0.0 |          0.0 |
| company                             |             |           |              |
--------------------------------------------------------------------------------
|   Contingent liabilities for others |             |           |              |
--------------------------------------------------------------------------------
|     Guarantees                      |         0.0 |       0.0 |          0.0 |
--------------------------------------------------------------------------------
| Other liabilities                   |         1.6 |       2.2 |          1.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Commitment to investment payments   |         0.6 |       2.0 |          0.8 |
--------------------------------------------------------------------------------

DERIVATIVE CONTRACTS (EUR million)                                              

--------------------------------------------------------------------------------
|                                    |   30.9.2009 |    30.9.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| Nominal values of derivative       |             |              |            |
| contracts                          |             |              |            |
--------------------------------------------------------------------------------
|   Raw material futures             |         0.0 |          0.9 |        0.0 |
--------------------------------------------------------------------------------
|   Currency forward contracts       |        10.9 |         23.8 |       28.9 |
--------------------------------------------------------------------------------
|   Interest rate swaps              |         8.9 |         10.0 |       10.0 |
--------------------------------------------------------------------------------

QUARTERLY PERFORMANCE (EUR million)                                             

--------------------------------------------------------------------------------
|                      | 7-9/ |  4-6/ |  1-3/ | 10-12/ |  7-9/ |  4-6/ |  1-3/ |
|                      | 2009 |  2009 |  2009 |   2008 |  2008 |  2008 |  2008 |
--------------------------------------------------------------------------------
| Net sales by segment |      |       |       |        |       |       |       |
--------------------------------------------------------------------------------
| Brands               | 43.5 |  44.2 |  44.5 |   50.8 |  49.1 |  46.7 |  48.7 |
--------------------------------------------------------------------------------
| Business to Business | 54.2 |  55.8 |  49.3 |   70.8 |  78.7 |  68.9 |  64.3 |
--------------------------------------------------------------------------------
| Other operations     |  0.2 |   0.2 |   0.2 |    0.3 |   0.3 |   0.2 |   0.2 |
--------------------------------------------------------------------------------
| Interdivisional net  | -2.4 |  -2.4 |  -2.7 |   -3.5 |  -4.2 |  -4.3 |  -4.0 |
| sales                |      |       |       |        |       |       |       |
--------------------------------------------------------------------------------
| Total net sales      | 95.5 |  97.8 |  91.2 |  118.5 | 123.9 | 111.6 | 109.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBIT by segment      |      |       |       |        |       |       |       |
--------------------------------------------------------------------------------
| Brands               |  7.3 |   4.6 |   5.8 |    2.5 |   3.6 |   2.1 |   7.5 |
--------------------------------------------------------------------------------
| Business to Business |  0.3 |   0.6 |   0.1 |    2.0 |   4.3 |   4.2 |   1.7 |
--------------------------------------------------------------------------------
| Other operations     | -0.8 |  -1.6 |  -1.1 |   -0.9 |  -1.0 |  -0.7 |  -0.8 |
--------------------------------------------------------------------------------
| Eliminations         |  0.2 |   0.2 |  -0.3 |    0.2 |  -0.3 |   0.3 |  -0.4 |
--------------------------------------------------------------------------------
| Total EBIT           |  7.0 |   3.7 |   4.5 |    3.8 |   6.7 |   5.9 |   8.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income and | -0.3 |  -0.3 |  -0.3 |   -0.2 |  -0.1 |  -0.1 |   0.0 |
| expenses, net        |      |       |       |        |       |       |       |
--------------------------------------------------------------------------------
| Share of result of   |  0.0 |   0.0 |   0.0 |    0.0 |   0.1 |   0.0 |   0.0 |
| associated companies |      |       |       |        |       |       |       |
--------------------------------------------------------------------------------
| Result before taxes  |  6.8 |   3.4 |   4.2 |    3.5 |   6.7 |   5.8 |   8.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax           | -1.8 |  -1.0 |  -1.4 |    0.8 |  -2.0 |  -2.3 |  -1.1 |
--------------------------------------------------------------------------------
| Result for the       |  5.0 |   2.5 |   2.9 |    4.3 |   4.7 |   3.5 |   6.9 |
| period from          |      |       |       |        |       |       |       |
| continuing           |      |       |       |        |       |       |       |
| operations           |      |       |       |        |       |       |       |
--------------------------------------------------------------------------------

KEY INDICATORS                                                                  

--------------------------------------------------------------------------------
|                                        | 30.9.2009 | 30.9.2008 |  31.12.2008 |
--------------------------------------------------------------------------------
| Net sales, EURm                        |     284.5 |     344.7 |       463.2 |
--------------------------------------------------------------------------------
|   change, %                            |     -17.5 |      20.9 |        19.7 |
--------------------------------------------------------------------------------
| EBIT, EURm                             |      15.3 |      20.6 |        24.4 |
--------------------------------------------------------------------------------
|   % of net sales                       |       5.4 |       6.0 |         5.3 |
--------------------------------------------------------------------------------
| Result before taxes, EURm              |      14.4 |      20.5 |        24.0 |
--------------------------------------------------------------------------------
|   % of net sales                       |       5.1 |       5.9 |         5.2 |
--------------------------------------------------------------------------------
| Return on equity, ROE, %               |       4.9 |       7.3 |         7.0 |
--------------------------------------------------------------------------------
| Return on investment, ROI, %           |       6.5 |       9.7 |         8.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest-bearing financial liabilities |      71.1 |      14.0 |        19.7 |
| at period-end, EURm                    |           |           |             |
--------------------------------------------------------------------------------
| Net interest-bearing financial         |     -67.2 |     -34.5 |       -58.2 |
| liabilities at period-end, EURm        |           |           |             |
--------------------------------------------------------------------------------
| Equity ratio, %                        |      68.4 |      77.0 |        77.9 |
--------------------------------------------------------------------------------
| Net gearing, %                         |     -23.9 |     -12.5 |       -20.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross investments, EURm                |       7.0 |      22.9 |        26.9 |
--------------------------------------------------------------------------------
|   % of net sales                       |       2.4 |       6.6 |         5.8 |
--------------------------------------------------------------------------------
| Depreciation, EURm                     |      11.5 |      12.3 |        16.8 |
--------------------------------------------------------------------------------
| R & D expenses, EURm                   |       4.3 |       4.2 |         5.8 |
--------------------------------------------------------------------------------
|   % of net sales                       |       1.5 |       1.2 |         1.3 |
--------------------------------------------------------------------------------
| Average personnel                      |       633 |       741 |         719 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings/share from continuing         |      0.07 |      0.10 |        0.12 |
| operations, EUR                        |           |           |             |
--------------------------------------------------------------------------------
| Cash flow from operations/share, EUR   |      0.18 |      0.17 |        0.34 |
--------------------------------------------------------------------------------
| Equity/share, EUR                      |      1.80 |      1.77 |        1.79 |
--------------------------------------------------------------------------------
| Average number of shares during the    |           |           |             |
| period, in 1,000s*)                    |           |           |             |
--------------------------------------------------------------------------------
|   Free shares                          |   121 590 |   122 488 |     122 310 |
--------------------------------------------------------------------------------
|   Restricted shares                    |    34 273 |    34 299 |      34 294 |
--------------------------------------------------------------------------------
|   Total                                |   155 863 |   156 786 |     156 605 |
--------------------------------------------------------------------------------
| Average numer of shares at period-end, |           |           |             |
| in 1,000s*)                            |           |           |             |
--------------------------------------------------------------------------------
|   Free shares                          |   121 866 |   122 255 |     121 516 |
--------------------------------------------------------------------------------
|   Restricted shares                    |    34 273 |    34 290 |      34 276 |
--------------------------------------------------------------------------------
|   Total                                |   156 139 |   156 545 |     155 793 |
--------------------------------------------------------------------------------
| Market capitalisation of shares at     |           |           |             |
| period-end, EURm*)                     |           |           |             |
--------------------------------------------------------------------------------
|   Free shares                          |     304.7 |     193.2 |       178.6 |
--------------------------------------------------------------------------------
|   Restricted shares                    |      82.6 |      58.0 |        56.2 |
--------------------------------------------------------------------------------
|   Total                                |     387.3 |     251.1 |       234.8 |
--------------------------------------------------------------------------------
*) Number of shares without own shares                                          

CALCULATION OF INDICATORS                                                       

--------------------------------------------------------------------------------
| Return on equity (ROE), % | Result before taxes - income taxes*)             |
|                           | -------------------------------------------  x   |
|                           | 100                                              |
|                           | Shareholders' equity (average over the period)   |
--------------------------------------------------------------------------------
| Return on investment      | Result before taxes + financial expenses*)       |
| (ROI), %                  | -------------------------------------------  x   |
|                           | 100                                              |
|                           | Shareholders' equity + interest-bearing          |
|                           | financial liabilities (average over the period)  |
--------------------------------------------------------------------------------
| Equity ratio, %           | Shareholders' equity                             |
|                           | ------------------------------------------- x    |
|                           | 100                                              |
|                           | Balance sheet total - advances received          |
--------------------------------------------------------------------------------
| Net interest-bearing      | Interest-bearing financial liabilities - liquid  |
| financial liabilities     | assets and financial assets recorded at fair     |
|                           | value in the income statement                    |
--------------------------------------------------------------------------------
| Net gearing, %            | Net interest-bearing financial liabilities       |
|                           | -----------------------------------------  x 100 |
|                           | Shareholders' equity                             |
--------------------------------------------------------------------------------
| Earnings per share*)      | Result for the year of parent company            |
|                           | shareholders                                     |
|                           | ------------------------------------------------ |
|                           | Average number of shares for the year, adjusted  |
|                           | for share issue                                  |
--------------------------------------------------------------------------------
| Cash flow from business   | Cash flow from business operations               |
| operations per share      | ------------------------------------------------ |
|                           | Average number of shares for the year, adjusted  |
|                           | for share issue                                  |
--------------------------------------------------------------------------------
| Shareholders' equity per  | Equity of parent company shareholders            |
| share                     | ------------------------------------------------ |
|                           | Number of shares at period-end adjusted for      |
|                           | share issue                                      |
--------------------------------------------------------------------------------
| Market capitalisation     | Closing price, adjusted for issue x number of    |
|                           | shares without own shares at the end of the      |
|                           | period                                           |
--------------------------------------------------------------------------------

*)The calculation of key indicators uses continuing operations result

Subscribe