Apetit Plc financial statements bulletin 2015
Apetit Plc,Financial Statements Bulletin 2015, February 17th, 2016 at 8:30 a.m. This is a summary of the Financial Statements Bulletin for 2015. Complete Financial Statements Bulletin for 2015 is attached to this release and can be downloaded from the company’s website at www.apetitgroup.fi/en Apetit Plc,Financial Statements Bulletin 2015, February 17th, 2016 at 8:30 a.m.
This is a summary of the Financial Statements Bulletin for 2015. Complete Financial Statements Bulletin for 2015 is attached to this release and can be downloaded from the company’s website at www.apetitgroup.fi/en
Fourth quarter (October–December):
- Consolidated net sales amounted to EUR 113.8 (120.8) million, down by 6 per cent.
- The operating profit excluding non-recurring items was EUR 3.1 (5.3) million; there were no non-recurring items.
- The profit for the period was EUR 2.2 (3.4) million, and earnings per share were EUR 0.36 (0.57).
Financial year (January–December):
- Consolidated net sales amounted to EUR 380.8 (384.7) million, down by 1 per cent.
- The operating profit excluding non-recurring items was EUR 1.6 (7.3) million.
- The reported operating profit was EUR -2.0 (-5.9) million, and non-recurring items totaled
EUR -3.6 (-13.2) million. - The profit for the period was EUR -4.6 (-8.7) million, and earnings per share were
EUR -0.69 (-1.29).
The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 0.70 per share be paid.
The figures for 2015 and 2014 are audited. The quarterly figures are unaudited. The figures in parentheses are the equivalent figures for the same period in 2014, and the comparison period means the corresponding period of the previous year, unless otherwise stated.
Juha Vanhainen, CEO:
“The Apetit Group’s fourth-quarter net sales decreased year-on-year. Net sales in the Food Business decreased as a result of the market situation in Finland, which continued to be challenging. The operating profit excluding non-recurring items decreased year-on-year. The most significant adverse factor was a decline in the result for the associated company Sucros compared to the corresponding period of the previous year.
The Apetit Group’s full-year operating profit was supported by a good result in the Grains and Oilseeds Business. The operating profit excluding non-recurring items for the Grains and Oilseeds Business was at the previous year’s level. The negative result for the associated company Sucros had a significant effect on the Group’s full-year operating profit excluding non-recurring items. The operating result for the Food Business picked up during the second half of the year after a sluggish first half, and its result in the second half of the year was at the previous year’s level.
The long-term profitability programmes in the Food Business were completed. In the final phase, we made investment decisions associated with process efficiency improvement at our plants in Kuopio and Helsinki. The profitability programmes aim at savings of EUR 4.5 million in operating costs. This target is expected to be achieved in 2016.
The strategy work that the Apetit Group started in August 2015 will be completed on schedule. Many people from different parts of our organisation have participated in the various phases of this work. This has increased interaction between business operations and facilitated effective strategy implementation in a changing operating environment. We will announce our strategic targets and focus areas for the entire Group and its business operations at the beginning of March.”
KEY FIGURES
| EUR million | Q4 2015 | Q4 2014 | Change | 2015 | 2014 | Change |
| Net sales | 113.8 | 120.8 | - 6 % | 380.8 | 384.7 | - 1 % |
| Operating profit excluding non-recurring items | 3.1 | 5.3 | 1.6 | 7.3 | ||
| Operating profit | 3.1 | 5.3 | -2.0 | -5.9 | ||
| Profit before taxes | 2.8 | 4.1 | -3.5 | -8.1 | ||
| Profit for the period | 2.2 | 3.4 | -4.6 | -8.7 | ||
| Profit for the period excluding non-recurring items | 2.2 | 3.4 | -1.0 | 3.7 | ||
| Earnings per share, EUR | 0.36 | 0.57 | -0.69 | -1.29 | ||
| Earnings per share excluding non-recurring items, EUR | 0.36 | 0.57 | -0.11 | 0.72 | ||
| Equity per share, EUR | 19.53 | 20.70 | ||||
| Equity ratio, % | 61.1 | 69.7 | ||||
| Gearing, % | 19.0 | -1.3 | ||||
| Net cash flow from operating activities | -17.1 | 18.1 | ||||
| Net working capital | 69.6 | 47.7 |
OUTLOOK FOR 2016
The market situation in the Finnish retail sector is expected to continue to be challenging. The outlook for the Finnish economy is weak. The outlook for the grains and oilseeds market is estimated to be stable.
The Group’s full-year operational EBIT* is expected to improve year-on-year (EUR 2.6 million in 2015). Due to the seasonal nature of the Group’s operations, a high proportion of the annual profit is accrued in the second half of the year.
Positive profitability performance will be supported by improved cost-efficiency in the Food Business compared to the previous year and by the renewal of the product selection and increased processing value.
Due to the substantial effect of international grain market price fluctuations on the entire Group’s net sales, Apetit will not issue any estimates of the expected full-year net sales.
* Due to the forthcoming amendments to the regulations of the European Securities and Markets Authority (ESMA), Apetit will replace the key figure “operating profit excluding non-recurring items” with the key figure “operational EBIT” as of 2016. The operational EBIT does not include restructuring expenses, any significant impairment on goodwill or other balance sheet items or reversal of impairment, the profit of the associated company Sucros or other extraordinary and material items.
BOARD OF DIRECTORS’ DIVIDEND PROPOSAL
The aim of the Board of Directors of Apetit Plc is to ensure that the company’s shares provide shareholders with a good return on investment and retain their value. In line with its policy, the company distributes in dividends at least 40 per cent of the profit for the financial year attributable to shareholders of the parent company.
On 31 December 2015, the parent company’s distributable funds stood at EUR 67,285,239.77 after the deduction of the loss for the period, which was EUR 1,741,846.59.
The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 0.70 per share be paid. The Board will propose that a total of EUR 4,336,700.90 be distributed in dividends and that EUR 62,948,538.87 be left in equity. No significant changes have taken place in the financial standing of the company since the end of the financial year. The company’s liquidity is good and, in the view of the Board, will not be jeopardised by the proposed distribution of dividends.
No dividend will be paid on shares held by the company.
ANNUAL GENERAL MEETING 2016
The Annual General Meeting will be held in Säkylä on Wednesday, 31 March 2016.
PUBLICATION OF ANNUAL REPORT AND Q1/2016 INTERIM REPORT
Apetit Plc’s Annual Report for 2015 – including the Board of Directors’ report, financial statements for 2015 and a separate statement on Apetit Plc’s corporate governance – will be published in the week beginning on 7 March 2016 at www.apetitgroup.fi/investors.
The company will publish its interim report for January–March 2016 on Thursday, 12 May 2016 at 8.30 a.m.
Further information
Juha Vanhainen, CEO, tel. +358 (0)10 402 00
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Invitation to a briefing
A briefing (in Finnish) for analysts and media representatives will be held today at 10.00 a.m. in Hotel Scandic Simonkenttä (address: Simonkatu 9, Helsinki). In the briefing Apetit Plc’s CEO Juha Vanhainen presents the financial statements bulletin for 2015 of Apetit Plc and gives more information about current issues.
The presentation material will be available on the company’s website at http://www.apetitgroup.fi/en/ after the event.
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