APETIT PLC FINANCIAL STATEMENTS BULLETIN FOR 2013
Apetit Plc Financial Statements Bulletin 2013, February 25th, 2014 at 8.30 a.m. This is a summary of the Financial Statements Bulletin for 2013. Complete Financial Statements Bulletin for 2013 is attached to this release and can be downloaded from the company’s website at www.apetitgroup.fi/en Apetit Plc Financial Statements Bulletin 2013, February 25th, 2014 at 8.30 a.m.
This is a summary of the Financial Statements Bulletin for 2013. Complete Financial Statements Bulletin for 2013 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 were EUR 97.3 (115.0) million, representing a decrease of 15% from 2012.
- The operating profit before non-recurring items was EUR 5.4 (5.1) million. The reported operating profit was EUR 5.1 (5.1) million.
- The result for the period was EUR 4.4 (4.0) million, and earnings per share were EUR 0.72 (0.64).
FINANCIAL YEAR (JANUARY–DECEMBER):
- Consolidated net sales for 2013 were EUR 387.3 (378.2) million, representing an increase of 2% from 2012.
- The operating profit before non-recurring items was EUR 12.2 (8.8) million. The reported operating profit was EUR 9.4 (8.5) million.
- The result for the period was EUR 9.3 (6.7) million, and earnings per share amounted to EUR 1.63 (1.07).
The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 1.00 (0.90) per share be paid for the financial year 2013.
The information in this bulletin is unaudited. The figures in parentheses refer to the corresponding period in 2012, unless otherwise stated.
Matti Karppinen, CEO:
In a challenging economic situation, the Apetit Group’s net sales and operating profit before non-recurring items increased in 2013 from the previous year. The company’s good performance was reflected in earnings per share, which increased to EUR 1.63 (1.07). In the fourth quarter, the operating profit before non-recurring items increased year-on-year, but net sales decreased, mainly because of low market prices in international grain trading. In October–December, profitability was supported by successes in frozen vegetables and frozen ready meals, and the fish product group in Norway and Sweden, as well as the favourable performance of the Other Operations segment. Our profitability continued to be unsatisfactory in the fish product group and professional food service sector sales in Finland, and we launched new restructuring measures to improve profitability in the second half of the year.
The year 2013 marked a significant period of reforms for us. In May, we changed the name of the Group from Lännen Tehtaat to Apetit Plc in line with our strong consumer brand. In addition, we launched a reorganisation project to combine our frozen foods and seafood consumer businesses and our fresh product business for the professional food service sector to create the new Food Business segment. With the new strategy in Food Business, we aim to make Apetit the first choice for a food solution that offers delicious well-being to consumers and the preferred partner for our customers in the retail and professional food service sectors. We are very enthusiastic about our new Food Business strategy and operating method. We believe that the change will offer us opportunities to improve our profitability while creating favourable conditions for growth.
KEY FIGURES
| EUR million | 10-12/ 2013 | 10-12/ 2012 | Change | 2013 | 2012 | Change |
| Net sales | 97.3 | 115.0 | -15.4% | 387.3 | 378.2 | +2.4% |
| Operating profit before non-recurring items | 5.4 | 5.1 | 12.2 | 8.8 | ||
| Operating profit | 5.1 | 5.1 | 9.4 | 8.5 | ||
| Profit before taxes | 4.5 | 4.6 | 9.3 | 7.5 | ||
| Profit for the period | 4.4 | 4.0 | 9.3 | 6.7 | ||
| Earnings per share, EUR | 0.72 | 0.64 | 1.63 | 1.07 | ||
| Shareholders’ equity per share, EUR | 22.90 | 22.37 | ||||
| Equity Ratio, % | 70.3 | 60.6 |
OUTLOOK FOR 2014
The Apetit Group seeks organic growth in its Food Business and Grains and Oilseeds business. Net sales will be affected particularly by the level of activity in the grain and oilseed markets and by changes in the price levels. Net sales for the first half of 2014 are expected to be lower than in the previous year as a result of lower market prices for grains.
The Group’s full-year operating profit before non-recurring items is not expected to exceed the previous year’s level. In the Other Operations segment, lower market prices for sugar are expected to weaken the result of the associated company Sucros. In Food Business and the Grains and Oilseeds business, the company seeks to improve profitability from 2013. The second half of the year is expected to be more significant in terms of the total result than in 2013. The operating profit before non-recurring items for the first half of the year is expected to be lower than in the previous year.
In addition, the outcome of the shareholder agreement dispute concerning Sucros may have a significant effect on the result for 2014. The decision is expected to be issued during 2014.
BOARD OF DIRECTORS’ DIVIDEND PROPOSAL
The parent company’s distributable funds stood at EUR 85,992,177.66 on 31 December 2013, of which EUR 3,021,437.67 is profit for the financial year.
The Board of Directors will propose that a dividend of EUR 1.00 per share be paid for 2013. The Board will propose that a total of EUR 6,187,576.00 be distributed in dividends and that EUR 79,804,601.66 be left in equity. The proposed dividend is 61.3% of the earnings per share.
No dividend will be paid on shares held by the company.
ANNUAL GENERAL MEETING 2014
The Annual General Meeting is planned for 26 March 2014 and will be held in Säkylä.
FINANCIAL REPORTING IN 2014
Apetit Plc’s Annual Report for 2013 – including the Board of Directors’ report, financial statements for 2013 and a separate statement on Apetit Plc’s corporate governance – will be published in the week beginning on 3 March 2014 at www.apetitgroup.fi/investors.
Apetit Plc will publish the following financial reports in 2014:
- Interim Report January-March, Tuesday 13 May 2014 at 8:30
- Interim Report January-June, Thursday 14 August 2014 at 8:30
- Interim Report January-September, Thursday 6 November 2014 at 8:30
ADDITIONAL INFORMATION
Eero Kinnunen, CFO, 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 on February 25th 2014, at 10.00-11.00 a.m. in Hotel Scandic Simonkenttä, meeting room Espa, (address: Simonkatu 9, Helsinki).In the briefing, Apetit’s CFO Eero Kinnunen presents the result of Apetit for the year 2013 and tells about the recent development of the company.
The briefing material will be available on company web pages at www.apetitgroup.fi/en on February 25th, after 8:30 a.m. and the presentation material after the briefing.
COPIES TO
NASDAQ OMX Helsinki Ltd
Main media
www.apetitgroup.fi/en
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