Raisio Plc stops all exports to Russia and withdraws financial guidance for 2022
Stock Exchange Release, March 3, 2022
We strongly condemn the Russian military attack to Ukraine. Hence Raisio has stopped all exports to Russia.
Raisio Plc does not have own industrial activity on the Russian or Ukrainian markets. War in Ukraine causes significant uncertainty regarding company's net sales and profitability development in 2022. Due to the geopolitical instability the prices of important grain based raw materials have risen dramatically. In addition to the unforeseen cost effects the situation affects also availability of grain based raw materials.
Raisio Plc has stopped all exports to Russia. This will result in a reduction of approximately 15% of company's sales. Raisio’s exports to Russia has consisted of consumer packed foods as well as fish feed. Most of the turnover generated in Russia has come from the fish feed exports, produced by Raisio’s business unit Raisioaqua. Approximately 65% of Raisioaqua’s production has been exported to the northwest Russia. Raisioaqua’s production is significant also for the Finnish fish farming industry and for national security of supply. As this decision has broad overall implications we need to consider very carefully what the implications will be for this business area.
Therefore the Board of Directors of Raisio Plc has decided to withdraw the Company’s financial guidance for 2022. Due to the uncertainties, the Board is not in a position to give a new guidance at this moment.
Earlier guidance from February 9, 2022:
In 2022, Raisio estimates that net sales will increase by 5% (net sales in 2021: EUR 246.4 million). Our strategy-based growth investments place pressure on our relative profitability in comparison to the previous financial year.
Further information:
Pekka Kuusniemi, CEO, tel. +358 50 537 3883
Mika Saarinen, CFO, tel. +358 40 072 6808
RAISIO PLC
Raisio’s purpose is to make food which is good for Health, Heart and Earth. Our growth drivers and focus areas are Benecol® and plant stanol ester solutions, plant based foods, branded oat products for consumers and oat as raw material for industry. Our strong brands include for example, Benecol®, Beanit®, Elovena®, Sunnuntai®, Torino® and Benella®. In our products the focus is on well-being, health, good taste and responsibility. Raisio's values − courage, fairness and drive − guide us towards our targets. Raisio’s shares are listed on Nasdaq Helsinki Ltd. In 2021, the Group’s net sales totaled EUR 246 million and comparable EBIT was EUR 22 million. Raisio employs about 400 people. www.raisio.com.