Raisio plc, Financial Statements Review 2013: Raisio EBIT continued to improve
Raisio plc Financial Statements Review 13 February 2014
Raisio plc, Financial Statements Review 2013
RAISIO EBIT CONTINUED TO IMPROVE
January-December 2013
- Group EBIT improved by almost 14% on the comparison year. EBIT excluding one-off items was EUR 39.3 million (EUR 34.6 million in 2012) accounting for 7.1% (5.9%) of net sales.
- Strong positive cash flow of EUR 71.8 million, Raisio is net debt free.
- Brands Division showed good profitability. EBIT excluding one-off items was 13.6% (11.3%) of net sales.
- Raisioagro generated positive EBIT: EUR 3.1 million (EUR -0.3 million excluding
one-off items). - Group net sales totalled EUR 557.6 million (EUR 584.1 million).
- Earnings per share, excluding one-off items, were EUR 0.20 (EUR 0.18).
- Dividend proposal EUR 0.13 (EUR 0.12) per share, the eighth consecutive year of growth.
October-December 2013
- Group EBIT improved by 26% on the comparison period. EBIT excluding one-off items was EUR 8.4 million (Q4/2012: EUR 6.6 million) accounting for 6.4% (4.8%) of net sales.
- Brands Division’s EBIT excluding one-off items totalled 12.9% (10.0%) per cent of net sales.
- Raisioagro’s EBIT was EUR -0.3 million (EUR -0.1 million excluding one-off items) due to the loss in the already finished production period of the oil milling business.
- Group net sales totalled EUR 131.2 million (EUR 137.5 million).
Raisio Group’s key figures excluding one-off items
| Q4/ 2013 | Q4/ 2012 | Q3/ 2013 | Q2/ 2013 | Q1/ 2013 | 2013 | 2012 | ||
| Results from continuing operations | ||||||||
| Net sales | M€ | 131.2 | 137.5 | 149.5 | 148.6 | 128.3 | 557.6 | 584.1 |
| Change in net sales | % | -4.6 | -0.9 | -7.1 | -1.3 | -4.9 | -4.5 | 5.7 |
| EBIT | M€ | 8.4 | 6.6 | 12.0 | 11.0 | 8.0 | 39.3 | 34.6 |
| EBIT | % | 6.4 | 4.8 | 8.0 | 7.4 | 6.2 | 7.1 | 5.9 |
| Depreciation and impairment | M€ | 3.7 | 4.1 | 3.7 | 3.7 | 3.9 | 14.9 | 16.6 |
| EBITDA | M€ | 12.1 | 10.8 | 15.6 | 14.7 | 11.9 | 54.3 | 51.2 |
| Net financial expenses | M€ | -0.4 | -0.4 | -0.2 | -0.8 | -0.4 | -1.8 | -2.5 |
| Earnings per share (EPS) | € | 0.05 | 0.04 | 0.06 | 0.05 | 0.04 | 0.20 | 0.18 |
| Balance sheet | ||||||||
| Equity ratio | % | - | - | - | - | - | 68.2 | 64.1 |
| Gearing | % | - | - | - | - | - | -8.6 | 4.9 |
| Net interest-bearing debt | M€ | - | - | - | - | -28.5 | 16.2 | |
| Equity per share | € | - | - | - | - | - | 2.13 | 2.10 |
| Dividend per share | € | - | - | - | - | - | 0.13* | 0.12 |
| Gross investments** | M€ | 7.8 | 17.0 | 4.0 | 3.0 | 1.7 | 16.5 | 24.6 |
| Share | ||||||||
| Market capitalisation*** | M€ | - | - | - | - | - | 683.1 | 479.3 |
| Enterprise value (EV) | M€ | - | - | - | - | - | 654.6 | 495.5 |
| EV/EBITDA | - | - | - | - | - | 12.1 | 9.7 |
* Board of Directors’ proposal to the Annual General Meeting
** Including acquisitions
*** Excluding the company shares held by the Group
Figures for the comparison period are given in brackets.
The financial statements review has not been audited.
CHIEF EXECUTIVE’S REVIEW OF 2013
“Raisio Group achieved record EBIT of almost 40 million euros in 2013. EBIT improved by about 14 per cent on the comparison year. Clear improvement in EBIT is a good achievement from the company and organisation in the challenging economic situation of Europe.
The Group's balance sheet has been kept strong with a positive cash flow of EUR 71.8 million. Raisio is a net debt free company despite our acquisitions of EUR 200 million made on a debt free basis during the growth phase. This gives us a good opportunity to continue the implementation of the growth phase in line with our strategy.
Last spring Raisio and Intellectual Ventures (IV) established a joint venture Benemilk Ltd whose operations have proceeded well as expected. Several patent applications related to the Benemilk® innovation have already been filed and further applications are under development. We have begun preliminary negotiations with potential Benemilk licensing partners.
When solving global challenges of the food and agriculture sector, Benemilk Ltd is shaping up to be a holding company widely combining IPR and technologies. The latest example of this is the patent application filed in the USA in late 2013 for an invention related to a new salmon feed, which Raisioagro is already using in its feeds for rainbow trout.”
Outlook 2014
In 2014, Raisio continues to improve its EBIT. The improvement is estimated to focus on the second half of 2014 when the ongoing streamlining projects are completed.
Raisio plc
Heidi Hirvonen
Communications and IR Manager
Tel. +358 50 567 3060
Further information:
Matti Rihko, CEO, tel. +358 400 830 727
Jyrki Paappa, CFO, tel. +358 50 556 6512
Heidi Hirvonen, Communications and IR Manager, tel. +358 50 567 3060
Event in Finnish for analysts and media will be arranged in Helsinki on 13 February 2014 starting at 2.00 p.m. Finnish time. It will be held at Hotel Scandic Simonkenttä. The address is Simonkatu 9, Helsinki.
Chief Executive’s video on 2013 in English will be made available http://www.raisio.com/www/page/8133
Release dates of Raisio’s financial reviews in 2014
- Corporate Governance Statement 2013 and Remuneration Statement 2013 will be published in week 10
- Raisio’s Annual Report 2013 will be released online during the week 11 at http://annualreport2013.raisio.com. Raisio’s Corporate Responsibility Report is part of the online Annual Report.
- The Annual General Meeting will be held on 27 March 2014.
- Interim Report for January-March will be published on 8 May 2014.
- Interim Report for January-June will be published on 12 August 2014.
- Interim Report for January-September will be published on 4 November 2014.
Raisio Group briefly
Raisio plc is an international specialist in plant-based nutrition. Raisio’s operations are divided into two divisions: Brands and Raisioagro. The Group’s key market areas are Finland, Great Britain, the Czech Republic, Russia, Ukraine, Poland, Estonia and Sweden. Raisio plc’s shares are listed on NASDAQ OMX Helsinki Ltd. In 2012, the Group's net sales totalled EUR 584 million and EBIT was EUR 35 million. The Group employs some 1,900 people. Raisio’s best-known brands are Benecol, Honey Monster, Elovena, Fox’s, Dormen, Juicee Gummee, Poppets and Benemilk.
Distribution
NASDAQ OMX
Key media
www.raisio.com