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Apetit Plc: Invitation to the Annual General Meeting

Apetit Plc, Stock Exchange Release on 20 February 2019 at 8:30 a.m.

Apetit Plc’s Financial Statements Release 1 January to 31 December 2018: ...

Apetit Plc, Financial Statements Release, 20 February 2019 at 8:30 a.m.

Publishing of Apetit Plc’s Financial Statements Release 2018 on 20 Februa...

Apetit Plc, Investor News, 13 February 2019 at 1:00 p.m.

Apetit Plc: Notification according to chapter 9, section 10 of the Securiti...

Apetit Plc, Stock Exchange Release, 7 February 2019 at 9:00 a.m.

Apetit recognises an impairment loss in its 2018 financial statements

Apetit Plc, Stock Exchange Release, 30 January 2019 at 3:30 p.m.

Changes in the roles and responsibilities of the members of Apetit Plc’s ...

Apetit Plc, Stock Exchange Release, 17 January 2019 at 9:30 a.m.

Apetit Plc – Managers’ Transactions

Apetit Plc, Stock Exchange Release on 7 December 2018 at 10:00 a.m.

Apetit Plc – Managers’ Transactions

Apetit Plc, Stock Exchange Release on 7 December 2018 at 10:00 a.m.

Apetit Plc – Managers’ Transactions

Apetit Plc, Stock Exchange Release on 7 December 2018 at 10:00 a.m.

Apetit Plc – Managers’ Transactions

Apetit Plc, Stock Exchange Release on 7 December 2018 at 10:00 a.m.

Apetit Plc – Managers’ Transactions

Apetit Plc, Stock Exchange Release on 7 December 2018 at 10:00 a.m.

Apetit Plc: Announcement of conveyance of own shares

Apetit Plc, Stock Exchange Release, 4 December 2018 at 9:30 a.m.

Articles

News from Apetit Group
Apetit Plc’s Business Review 1 January – 30 September 2018: Favourable ...

Since 1 January 2018, Apetit has reported its first (Q1) and third (Q3) quarter results as Business Reviews. The Half-year Financial Report (Q2) and Financial Statements Bulletin (Q4) provide more extensive reporting and contain segment information. July–September 2018 Net sales amounted to EUR 76.6 (74.4) million Operational EBITDA was EUR 3.1 (3.0) million Operational EBIT was EUR 1.7 (1.6) million January–September 2018 Net sales amounted to EUR 209.1 (225.3) million Operational EBITDA was EUR 3.2 (4.2) million Operational EBIT was EUR -1.1 (0.1) million The information is unaudited. The figures in parentheses are the equivalent figures for continuing operations for the same period in 2017, and the comparison period means the corresponding period in the previous year, unless otherwise stated. Juha Vanhainen, CEO: “Apetit seeks to lead the way in vegetable-based diets. Renewal, one of our strategic focuses, means a continuous stream of new products that interest consumers. This autumn, Apetit again introduced several new, tasty products that enable consumers to increase their consumption of vegetables and make responsible choices. We brought Finnish fish cakes made from fish caught from a lake as part of fish-stock management to the frozen food sections of retail shops. A vegan version was added to our family of spinach soup products, and a new vegetable mince product was added to our pizza selection. We also included new products in our selection for kids and new vegetable mixes in our Tuorekset product family. The Group’s net sales increased slightly due to a significant increase in the world market prices of grains. The two most recent harvest seasons have been very exceptional, and the Finnish grain crop in 2018 will be the weakest since 2000. The hot and dry summer also had a negative effect on the Finnish vegetable harvest. Food Solutions’ result continued to develop favourably due to the increased sales of not only frozen foods, but also fresh products, as well as adjustment and efficiency measures. Oilseed Products’ result remained at the comparison period’s level. Grain Trade’s profitability decreased significantly from the comparison period, due to the second consecutive weak grain crop and its effects on trading opportunities. I’m very pleased with the fact that Food Solutions’ improved performance during this quarter offset the decrease in Grain Trade’s result. The Group’s strategic focus areas are renewal, efficiency improvement and international operations. Our work to improve profitability and create future growth, even outside Finland, continues within the Group.” KEY FIGURES EUR million 7-9 2018 7-9 2017 Change 1-9 2018 1-9 2017 Change 2017 CONTINUING OPERATIONS, KEY FIGURES Net sales 76.6 74.4 3% 209.1 225.3 -7% 311.8 Operational EBITDA 3.1 3.0   3.2 4.2   6.8 Operational EBIT 1.7 1.6   -1.1 0.1   1.3 Operating profit 1.5 1.6   -2.6 -0.1   1.1 Share of profit of associated company Sucros -0.1 0.1   -1.0 -0.4   1.0 Profit for the period 1.1 2.6   -3.4 0.5   2.9 Earnings per share, EUR 0.17 0.42   -0.55 0.09   0.46 Working capital, at end of period       49.1 39.5   30.0 Investment       2.6 3.7   5.2 GROUP, KEY FIGURES incl. discontinued operations during comparison period, Seafood Equity per share, EUR       16.73 17.75   18.10 Return on capital employed R12 (ROCE), %       0.5% 2.5%   2.4% Net cash flow from operating activities       -18.7 12.2   20.0 Equity ratio       63.6% 62,6%   72.6% Gearing       12.3% 8.8%   -9.6% FINANCIAL PERFORMANCE IN JULY–SEPTEMBER Comparable net sales increased by 3 per cent to EUR 76.6 (74.4) million. Food Solutions’ net sales increased in frozen foods and slightly in fresh products. Grain Trade’s net sales improved due to a significant increase in the world market prices of grains. Oilseed Products’ net sales remained at the comparison period’s level. Operational EBIT was EUR 1.7 (1.6) million. Food Solutions’ result improved as a result of good sales in frozen foods and fresh products, as well as adjustment and efficiency measures. Grain Trade’s profitability has decreased as a result of the weak crops of 2017 and 2018. Oilseed Products’ profitability remained at the comparison period’s level. In the comparison period, an item of EUR 1.3 million related to taxes recognised as a result of the divestment of the seafood business had a positive effect on the result. FINANCIAL PERFORMANCE IN JANUARY–SEPTEMBER Comparable net sales declined by 7 per cent to EUR 209.1 (225.3) million. Food Solutions’ net sales remained at the comparison period’s level. Sales increased in frozen foods and fresh products in all sales channels. Net sales from service sales decreased due to the reduction of the sales network. Grain Trade’s net sales decreased year-on-year. Oilseed Products’ net sales remained at the comparison period’s level. Operational EBIT was EUR -1.1 (0.1) million. Food Solutions and Oilseed Products improved their results slightly from the comparison period. In Grain Trade, profitability decreased significantly, mainly due to weak harvest seasons. The Group’s liquidity was good, and its financial position is strong. The equity ratio was 63.6 (62.6) per cent, and gearing was 12.3 (8.8) per cent. Consolidated cash flow from operating activities after interest and taxes amounted to EUR -18.7 (12.2) million in January–September, due to an increase in grain stocks and a significant increase in the world market prices of grains. SEASONALITY OF OPERATIONS In accordance with the IAS 2 standard, the historical cost of inventories includes a systematically allocated portion of the fixed production overheads. With production focusing on harvest time, raw materials are mainly processed into finished products during the third and fourth quarters of the year. This means that more fixed production overheads are recognised on the balance sheet in the third and fourth quarters than during the other quarters of the year. Due to this accounting practice, most of the Group’s annual profit is accrued in the third and fourth quarters. The seasonal nature of profit accumulation is most marked in the frozen foods group of the Food Solutions segment and in the associated company Sucros, where crop-season production focuses on the fourth quarter. PROFIT GUIDANCE FOR 2018 UNCHANGED The Group’s full-year operational EBIT from continuing operations is expected to decrease from the comparison period (2017: EUR 1.3 million). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Sales volumes and the profit outlook for 2018 are burdened by the weak harvest of 2017 and the poor harvest outlook for 2018. Apetit Plc For further information, please contact: Juha Vanhainen, CEO, tel. +358 10 402 00 Attachment: Apetit Plc business review 1 january-30 september 2018   Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had an average 557 employees. Read more at www.apetitgroup.fi.

Apetit builds bioenergy plant in conjunction with its rapeseed oil milling ...

On 7 June 2018 Apetit announced that it plans to build bioenergy plant. “We are clad to be able to invest in development of our strategic businesses and the use of renewable energy. The new bioenergy plant will increase energy self-sufficiency of the plant and use of production side streams as energy source,” says CEO Juha Vanhainen. The bioenergy plant will replace the current energy solution that uses non-renewable fuels and significantly reduce the carbon dioxide emissions of the entire Group. The value of the investment is about EUR 3.7 million. The project is conditional for an environmental permit.     For further information, please contact: Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 00 Sanna Väisänen, Director, Communications and Investor Relations, Apetit Plc, tel. +358 10 4024041

Apetit Half-Year Financial Report 1 January–30 June 2018: A weak harvest ...

This release is a summary of Apetit’s Half-Year Financial Report for the January-June period of 2018. The complete report is attached to this release as a pdf file and it is also available on the company’s website at apetitgroup.fi/for-investors. April–June, continuing operations* Net sales from continuing operations were EUR 72.8 (76.8) million Operational EBITDA was EUR 0.1 (0.8) million Operational EBIT was EUR -1.4 (-0.5) million January–June, continuing operations* Net sales from continuing operations were EUR 132.5 (150.8) million Operational EBITDA was EUR 0.1 (1.2) million Operational EBIT was EUR -2.8 (-1.5) million Key events during the period Apetit invests EUR 9.7 million in a new patty and ball production line in Säkylä. Apetit invests EUR 3.7 million in the construction of a bioenergy plant in conjunction with the Avena Kantvik Oy rapeseed oil milling plant in Kirkkonummi. Avena Nordic Grain Oy and Viljelijän Berner joined their purchasing and sales organisations in production input and grain trade under a new operating model based on partnership. Apetit Vegepops Porkkana-mango was chosen as the Finnish Food of the Year 2018 *Continuing operations include Food Solutions, Oilseed Products and the Grain Trade.   The information has not been audited. The figures in parentheses are the equivalent figures for the same period in 2017, and the comparison period means the corresponding period in the previous year, unless otherwise stated.   REVISED (3 August 2018) PROFIT GUIDANCE FOR 2018 The Group’s full-year operational EBIT from continuing operations is expected to fall short of the 2017 level (2017: EUR 1.3 million). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Sales volumes and the profit outlook for 2018 are burdened by the weak harvest of 2017 and the poor harvest outlook of the current year. Juha Vanhainen, CEO: “Apetit has continued with the measures of the strategy announced in March 2018 in its focus areas, which are internationalisation, renewal and efficiency improvement. These measures reinforce Apetit’s position as number one in vegetables and help in building a foundation for the further development of the business. In June, we announced that we invest nearly EUR 10 million in a new patty and ball production line at our Säkylä plant. The new line will double our production capacity, meet current demand and enable us to produce new products for the Finnish and international markets. As a part of the project to improve efficiency, Apetit is building a bioenergy plant in conjunction with the Avena Kantvik Oy rapeseed oil milling plant in Kirkkonummi. The bioenergy plant will replace the current energy solution that uses non-renewable fuels and will significantly reduce the carbon dioxide emissions of the entire Group. Apetit participated in the share issue of the food business development company Foodwest which took place in May-June. Apetit’s holding in the company will promote our strategic goals to focus on product development and to renew and lead the way in vegetable-based diets. One result of the work we have done to date is the nomination of Apetit Vegepops Porkkana-mango as the Finnish Food of the Year 2018 in May. We also continued work on a project to develop a rapeseed ingredient in order to develop a new ingredient with high nutritional content for the international food market. The goals of renewal and continuous development of operations took concrete form when Apetit’s subsidiary Avena Nordic Grain Oy and Viljelijän Berner joined their purchasing and sales organisations in production input and grain trade under a new operating model based on partnership. Business will be conducted under the name Viljelijän Avena Berner and it will offer Finnish farmers a one-stop-shop for production input and grain trade services. Increasing the share of food sales abroad has proceeded according to plan. At the end of August Apetit will launch a new selection for the Swedish market called Free From which includes five patty and ball products. In Russia we are continuing work on reinforcing our position through local food product chains. As expected, the aftermath of the weak harvest of 2017 continued in the first half of 2018 and substantially lowered grain trade volumes and consolidated net sales on the comparison period. The shrinking of the Sales Services network had a negative impact on the net sales of Food Solutions.  Oilseed Products’ performance remained stable as volumes slightly grew on the comparison period. The low price of sugar on the global market led to a weaker result for the associated company Sucros. During the spring Apetit has carried out adjustment measures to improve profitability, including personnel reductions and other cost saving measures. Their combined impact in 2018 will be EUR 1.0 million and the annual total impact will be EUR 1.8 million. It is likely that the 2018 harvest season will also be significantly worse than average, as was the 2017 season, which will have a negative impact on the Group’s profit-earning capacity in the second half of the year. The Finnish grain harvest is estimated to be the weakest of the 21st century, which will limit trade opportunities especially in exports. The harvest of field vegetables is also likely to be lower than usual.”   KEY FIGURES EUR million 4-6 2018 4-6 2017 Change 1-6 2018 1-6 2017 Change 2017 Continuing operations               Net sales 72.8 76.8 -5% 132.5 150.8   -12% 311.8 Operational EBITDA 0.1 0.8   0.1 1.2   6.8 Operational EBIT -1.4 -0.5   -2.8 -1.5   1.3 Operating profit -2.7 -0.7   -4.1 -1.7   1.1 Share of profit of associated company Sucros -0.4 0.2   -0.9 -0.5   1.0 Profit for the period -2.8 -0.5   -4.5 -2.0   2.9 Earnings per share, EUR -0.45 -0.08   -0.72 -0.32   0.46 Working capital, at end of period       28.5 25.3   30.0 Investment       1.8 2.5   5.2 Group (incl. discontinued operations during comparison period)               Earnings per share, EUR -0.45 -0.27   -0.72 -0.56   -0.10 Equity per share, EUR       16.75 17.58   18.10 Return on capital employed (ROCE), %       0.9% 1.9%   2.4% Net cash flow from operating activities       -0.1 23.1   20.0 Equity ratio       76.1% 71.1%   72.6% Gearing       -4.7% -1.5%   -9.6%   NEWS CONFERENCE AND WEBCAST A news conference (in Finnish) will be held today at 10:00 a.m. at Apetit’s office, Sörnäistenkatu 1 A, Helsinki. A live webcast of the news conference can be followed via apetitgroup.fi/for-investors. The presentation material and a recording of the webcast will be available after the news conference on the company’s website. Apetit Plc Half-Year Financial Report 1 January - 30 June 2018   Apetit Plc For further information, please contact: Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 2100 Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had approximately 640 employees. Read more at apetitgroup.fi.

Apetit invests EUR 9.7 million in a new patty and ball production line in S...

"Patties and balls have been one of the most rapidly growing product group for a few years, with annual growth about 20% on the average. Prospects for continuous growth are also bright - this is supported by strong growth in consumer demand, own product development efforts and new openings in international trade," says CEO Juha Vanhainen. The new patty and ball production line doubles the production capacity and aims to meet the current demand and enables new products to be produced for domestic and international markets. In addition, it improves production efficiency in many ways. "All of our strategic focus areas, renewal, internationalization and efficiency improvement, will become visible in the investment. In addition, the investment is material locally in Säkylä and it is also a strong message on developing and further strengthening of our operations. The investment will generate work and workplaces in the production and supply chains due to increased volumes. Raw material for products are also produced ​​by local contract crowers in the area," Vanhainen continues. In the future, the investment will enable a more versatile product development in relation to e.g. product shapes, a raw material base and new flavours, and the production of entirely new types of vegetable-based products. Also, it enables better customization for different markets.

Avena and Farmer’s Berner merge their input and grain trades under a new ...

Through the new operating model, the companies are able to offer Finnish farmers a domestically-owned partner in grain and oil crops trade, as well as in the use and purchase of agricultural inputs. Both companies are experts in their field and together they are able to provide Finnish farmers with even more versatile services.  The establishment of the joint organisation does not include corporate transactions as, in the new operating model, the grain trade will be carried out on behalf of Avena and the input trade on behalf of Berner. The collaboration officially begins on 1 August 2018. “In the future, farmers can purchase agricultural equipment and handle grain trade with the same experts in accordance with the single-window concept. The new operating model combines strong expertise on input and grain trades. In this way, we are able to guarantee future supply of agricultural trade services based on strong expertise”, says Juha Vanhainen, the CEO of Apetit. “Both Berner and Avena are well-known experts in their main fields of activity. We want to offer this expertise to farmers to enable production of the best crops possible. We trust that the collaboration will give us the best possible conditions for building a reputation among Finnish farmers as a professional and reliable operator”, continues Antti Korpiniemi, the CEO of Berner. Both companies will continue their business activities according to their strategies. Avena is part of Apetit Group and Berner will continue as a Finnish family business. The merged organization comprises 30 experts in the agricultural and grain trade as well as 10 experts in the professional gardening trade. Nation-wide business will operate through many local offices and reception points. Farmer's Avena Berner’s ambition is to be the farmer’s best partner in Finland with an agile and efficient operating model. The extensive selection includes, e.g. seeds, plant protection agents, fertilizers and fuels as well as new services for measurement of agricultural operations and the quality of crops. The wide network of reception points provides good and reliable delivery points for grain and oil crops.

Apetit plans to build bioenergy plant in conjunction with its rapeseed oil ...

“In addition to reducing carbon dioxide emissions, the bioenergy plant would also significantly lower Apetit’s current energy costs as oil milling is the Group’s most energy-intensive production process,” says CEO Juha Vanhainen. The value of the investment would be about EUR 3.7 million. The plant’s planned heat output is 4.5 MW, which would cover the energy needs of own production. A secondary boiler would also be built at the same time, to enable the use of natural gas. The bioenergy plant’s primary fuels would be forest chips and recycled wood and other fibre waste from forests and fields in the area. Apetit would also be able to use vegetable oil production side streams, such as rapeseed screenings, vegetable oil sludge and, when possible, the bentonite clay used in the rapeseed oil bleaching process, in its energy production. “The bioenergy plant would enable Apetit to utilise its production side streams. The plant’s energy self-sufficiency would increase and it would no longer be dependent on other users of its side streams. The key goal is for the bioenergy plant to be part of the plant’s circular economy and resource-smart use of raw materials,” says Vanhainen. Apetit will apply for the Ministry of Economic Affairs and Employment of Finland’s investment aid that is granted for projects based on renewable energy and will also submit an environmental permit application. Apetit will decide on the investment if both applications are accepted.

Apetit Vegepops carrot&mango wins the Finnish Food of the Year 2018 competi...

The jury of the competition described Apetit Vegepops as a totally new Finnish product innovation which combines skills and cooperation of vegetable manufacturer and ice cream factory. Vegepops is suitable to be enjoyed as a treat or as a snack, and it’s suitable for the youngest members of families as well. It’s tasty and fresh choice to increase consumption of vegetables. The jury was also delighted that Vegepops was developed by a student of food sciences as her summer job project. “The fact that Vegepops was selected the Finnish Food of the Year 2018 is a demonstration of Apetit’s know-how of vegetables refinement. As the number one in vegetables, Apetit has shown the direction for plant-based eating and put a lot of effort in research and development in last years. Apetit Vegepops is then a good example of our work to making it easier to consume and increase the consumption of vegetables. Vegepops is a new and open-minded way to bring Finnish vegetables for consumers to enjoy, says Apetit CEO Juha Vanhainen. Easy, fun and delicious Apetit Vegepops carrot&mango contains 41 percent vegetables and fruits. Froneri Finland Oy produces the product in ice cream factory in Turenki, Finland. As a vegan, gluten-free and milk-free product, Vegepops is suitable as a snack or delicacy for many different diets and situations. “It is a pleasant job for us at Apetit to make the use of vegetables easy, fun and delicious; all of which Apetit Vegepops is. Vegepops was created of our desire to offer delicacy and snack products which can benefit from our tasty and pure Finnish vegetables, says Product Group Manager Riikka Haarasilta-Suutarinen. Vegepops product family is ready for summer with a new flavor. The newcomer of product family is Vegepops carrot&raspberry, which is suitable for all the Vegepops’ friends – young and old.     For further information, please contact: Riikka Haarasilta-Suutarinen, Product Group Manager +358 10 402 4011

Apetit’s strategic focus area in internationalisation – growth in share...

International food trade has already grown over the past few years, as its share in January-March 2018 had already equalled that of the full year in 2016. Apetit’s food products that attract the most international interest are added-value products, such as vegetable patties and balls as well as peas. “Apetit has traditionally been an important operator in the international grain trade. Last year, international trade and exports made up about 64 per cent of the grain trade’s net sales, and we aim to further increase this with selected areas of supply, such as in the Baltic and the Ukraine. Apetit is also aiming to significantly increase the international share of trade in the area of food,” says Juha Vanhainen, CEO of Apetit. The sale of frozen foods in the St Petersburg region, which was launched last year, will continue as Apetit will supply its products to Lenta stores in Russia. Lenta is one of Russia’s largest retail store chains. “We are currently piloting the sale of Apetit frozen foods with Lenta in selected stores throughout Russia. We will decide on the final selection during the summer. There is a growing number of consumers in Russia who want to eat more healthily and increase their vegetable consumption,” says Vanhainen. Vegetables hugely popular in the Nordics Apetit is also working on several new projects in the Nordic countries, where there is considerable and growing interest in vegetarian foods. In the Nordic countries, demand is focused especially on vegetable patties and balls but also on more traditional frozen foods. “The vegetable trend is particularly big in Sweden, which naturally boosts demand for various vegetarian alternatives. At the moment, consumers are most interested in ‘free-from’ products. The frozen food culture is more established in Sweden than in Finland and Swedes use frozen foods much more than Finns,” says Vanhainen describing the Nordic market. Finnish food has a good international reputation, but Finnishness is not a big enough selling point on its own. “Finnish food is unpolluted and safe, but ultimately, the product’s added-value factors - flavour, appearance, mouthfeel and attractiveness of the package - are decisive. To make Finnish products interesting to international consumers, we must respond to local demand by offering modern products created for the market.” Finnish peas in demand in Italy, Sweden and Asia Apetit’s biggest export product by volume is currently the Finnish pea. Peas are exported to Italy, Sweden and Greece, and in Asia to China and Taiwan. The export of peas has recently increased dramatically. “Differences between pea varieties are important factors for consumers outside Finland. In Sweden and Italy, consumers prefer small, sweet peas, which is similar to new potatoes in Finland. Consumers in Asia eat larger and harder peas,” says Vanhainen. In the coming harvest season, Apetit will contract-grow about 4 million kilos of peas in Finland. According to Vanhainen, selecting the right varieties will make it possible to multiply the international sale of peas in the future, for example to Italy. “Apetit’s high-quality peas are popular in other countries because of their very consistent quality. As the peas are harvested and frozen very quickly they retain the flavour of freshly-picked peas. Finland’s light growing season produces peas that are very sweet and green,” says Vanhainen.   Apetit Plc For more information, please contact: Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 00 Sanna Väisänen, Director, Communications and Investor Relations, Apetit Plc, tel. +358 10 402 4041   Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had approximately 640 employees. Read more at apetitgroup.fi.

Positive trend continued in Food Solutions - Grain Trade volumes declined a...

Since 1 January 2018 Apetit has started reporting its first (Q1) and third (Q3) quarter results as Business Reviews. The Half-year Financial Report (Q2) and Financial Statements Release (Q4) will provide more extensive reporting and contain segment information. JANUARY–MARCH 2018 IN BRIEF Consolidated net sales amounted to EUR 59.7 (74.0) million. Operational EBITDA was EUR 0.0 (0.4) million. Operational EBIT was EUR -1.4 (-1.0) million. Profit for the period came to EUR -1.7 (-1.4) million, and earnings per share amounted to EUR -0.27 (-0.23). The information has not been audited. The figures in parentheses are the equivalent figures for continuing operations for the same period in 2017, and the comparison period means the corresponding period in the previous year, unless otherwise stated. Juha Vanhainen, CEO: “The key focus areas  of the strategy that was updated at the beginning of March - renewal, internationalisation and efficiency improvement - have defined activities in all the Group’s business operations during the first months of the year. We continued to be a leader in the area of vegetable-based diets by introducing to the market several new products in different product groups. We also expanded into a new product group area, which was ready-to-eat, portable snack products, by launching vegetable snacks and bowl dishes. Demand for various snacks has grown and will continue to grow significantly, as more and more people are replacing meals with snacks when they are on the move. As part of its nutrition commitments, Apetit wants to offer healthy alternatives in this product group and make it easier for people in different age groups to increase the amount of vegetables in their diet. Internationalisation progressed in line with targets, as the share of international trade in the food trade in January-March 2018 had already equalled that of the full year in 2016. Apetit has traditionally been an important operator in the international grain trade, but the company now also wants to significantly increase the share of international trade in the food trade. Apetit’s food products that attract the most international interest are added-value products, such as vegetable patties and balls, as well as peas. The Group’s net sales declined as predicted from the comparison period as a result of the weak harvest season in 2017. The weak harvest season had the greatest impact on the grain trade where sales volumes have declined temporarily also weakening the first-quarter profit. Positive profit performance continued in Food Solutions where sales of frozen and fresh foods grew strongly. In Oilseed Products, production grew slightly on the comparison period in line with the target set in the strategy. We continue our measures to improve profitability. As a result of the sale of the Seafood business we are focusing on simplifying our operations and boosting their efficiency throughout the Group. Our clear target is to ensure profitable growth.”   KEY FIGURES EUR million 1-3 2018 1-3 2017 Change 2017 CONTINUING OPERATIONS, KEY FIGURES         Net sales 59.7 74.0 -19% 311.8 Operational EBITDA 0.0 0.4   6.8 Operational EBIT -1.4 -1.0   1.3 Operating profit -1.4 -1.0   1.1 Share of profit of associated company Sucros -0.5 -0.6   1.0 Profit for the period -1.7 -1.4   2.9 Earnings per share, EUR -0.27 -0.23   0.46 Working capital, at end of period 30.2 42.2   30.0 GROUP, KEY FIGURES incl. discontinued operations during comparison period, Seafood Equity per share, EUR 17.19 18.08   18.10 Return on capital employed (ROCE), % 2.5% 1.3%   2.4% Net cash flow from operating activities -4.5 -0.5   20.0 Equity ratio, % 73.6% 62.2%   72.6% Gearing, % -5.4% 14.9%   -9.6% Investment 0.7 1.4   5.2 FINANCIAL PERFORMANCE IN REVIEW PERIOD Consolidated comparable net sales declined 19 per cent to EUR 59.7 (74.0) million. The decline in net sales resulted in full from the temporary decline in Grain Trade volumes. In contrast, in Food Solutions net sales grew considerably in both frozen foods and fresh products in all sales channels. In Oilseed Products, net sales fell slightly short of the comparison period as deliveries focused on expellers during the first quarter. Consolidated operational EBIT was EUR -1.4 (-1.0) million. In the Grain Trade, profitability was weakened by reduced volumes due to a weak harvest season. In Food Solutions, profit improved as a result of record sales in the frozen foods group. In Oilseed Products, profitability fell slightly short of the comparison period as the weak harvest season reduced the availability of Finnish raw materials. The Group’s liquidity was good, and its financial position is strong. The equity ratio was 73.6 (62.2) per cent, and gearing was -5.4 (14.9) per cent. Consolidated cash flow from operating activities after interest and taxes amounted to EUR -4.5 (-0.5) million in January-March mainly due to the increase in grain stocks. SEASONALITY OF OPERATIONS In accordance with the IAS 2 standard, the historical cost of inventories includes a systematically allocated portion of the fixed production overheads. With production focusing on harvest time, raw materials are mainly processed into finished products during the final quarter of the year. This means that more fixed production overheads are recognised on the balance sheet in the fourth quarter than during the other quarters of the year. Due to this accounting practice, most of the Group’s annual profit is accrued in the final quarter. The seasonal nature of profit accumulation is most marked in the frozen foods group of the Food Solutions segment and in the associated company Sucros, where production reflects the crop harvesting season. IFRS 15 REVENUE RECOGNITION – ADOPTION OF STANDARD Apetit is applying the IFRS 15 Revenue Recognition standard as of 1 January 2018. Adjustments based partly on volume will be recognised as an adjustment to net sales. These items were previously recognised in expenses. The change will not have an impact on the operating profit. As a result of the change, net sales will decline by about EUR 2 million per year. The updated net sales for Q1 2017 is EUR 74.0 (previously 74.6) million and the updated net sales for the full year 2017 is EUR 311.8 (314.0) million. PROFIT GUIDANCE FOR 2018 UNCHANGED The Group’s full-year operational EBIT from continuing operations is expected to improve year-on-year (EUR 1.3 million in 2017). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Sales volumes and the profit outlook for early 2018 are burdened by the weak harvest of 2017.   Apetit Plc   For further information, please contact: Juha Vanhainen, CEO, tel. +358 10 402 00 Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had approximately 640 employees. Read more at apetitgroup.fi.

Apetit Plc's Financial Statements and Corporate Governance Statement 2017 p...

The published reports contain the Board of Directors’ report, the consolidated and parent company financial statements, the auditor’s report, the statement by the Supervisory Board, Apetit Plc’s Corporate Governance Statement as well as Annual and Corporate Responsibility Report. Download here: Apetit 2017 For further information, please contact: Sanna Väisänen, Director, Communications and IR, tel. +358 10 402 4041

Apetit further specifies its strategic goals – its focus areas are renewa...

Its focus areas are renewal, internationalisation and efficiency improvement. Apetit seeks to lead the way in vegetable-based food solutions and be the best-known brand specialising in vegetable-based diets in Finland. According to studies, consumers want to increase their use of vegetables, and the demand for vegetable-based proteins continues to grow strongly. Healthiness, sustainability, organic foods and well-being are also continuing to grow as trends. In addition, consumers appreciate ease of use in their hectic lives. “The trends in eating firmly support Apetit and our chosen strategy. We are continuing the work that we started in the previous strategy period to strengthen our position as the leader in vegetable-based food solutions. Thanks to our hard work, bold strategic choices and continuous renewal, Apetit is now number one in its field,” says Juha Vanhainen, CEO of Apetit. “With the vegetable trend continuing to grow, we have systematically increased our investment in research and development, which is reflected in the significant increase in the number of new products, as well as our determined expansion into new product groups. International food trade has also increased. In the strategy work that we have now completed, we have shifted our focus towards younger target groups, and we will launch new products that meet their needs and wishes.” To increase the use of vegetables among consumers, Apetit has launched the Kasvimaani.fi online service and the Njam mobile app for recipe recommendations. The company has also renewed its Avenakauppa.fi online service for growers. “We have now taken the first steps in digital services and the international food trade. Our goal is for these measures to significantly support the development of Apetit’s business operations over the long term,” says Vanhainen. Apetit’s strategic focus areas for 2018–2020 Apetit is focusing on continuous renewal by increasing product and service development and on stronger internationalisation by increasing international food trade and mapping potential areas of supply in grain trade while strengthening its presence in the Baltics as well as on efficiency improvement in all of its business operations. Apetit’s financial targets for 2020: At least to double operational EBITDA (2017: EUR 6.8 million in continuing operations) Operational return on capital employed (ROCE%) > 8% (2017: 2.4%) The achievement of these strategic targets is based on customary crop development, systematic operational efficiency improvement, innovative and timely product launches and the development of international food trade. The company is open to corporate transactions that are in line with its strategy. Updated dividend policy The aim of the Board of Directors of Apetit Plc is that the company’s shares should provide shareholders with a good return on investment and retain their value. The company will distribute at least 50% of the profit for the financial year in dividends. Strategic focuses of the business areas for 2018–2020: The Food Solutions business seeks to grow profitably and more rapidly than the market in Finland. Its strategic focus areas are: The strong renewal of frozen foods and fresh products and the development of spearhead products for the international markets Supporting and increasing the consumption of vegetables among children and young people A clear improvement in profitability A sustainable value chain as a stronger competitive factor The Oilseed Products business seeks to improve profitability and create higher added value. Its strategic focus areas are: Improving the efficiency of oil milling operations Further developing the cultivation of rapeseed in Finland New innovations and their rapid commercialisation Developing self-sufficiency in vegetable-based proteins in Finland The Grain Trade business seeks to increase its trading volumes in its main areas of supply and to efficiently manage its working capital. Its strategic focus areas are: Increasing its market share in the area of supply consisting of the Baltic countries Creating strong value chain partnerships in Finland Developing the most highly advanced digital services that support logistics and the grain trade Studying potential areas of supply   Apetit Plc Juha Vanhainen     Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and expeller meal from rapeseed, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 314 million and it had 557 employees. Read more at apetitgroup.fi.

Apetit Plc’s Financial Statements Bulletin 1 January – 31 December 2017

October–December, continuing operations • Net sales from continuing operations were EUR 87.1 (80.4) million • Operational EBITDA was EUR 2.7 (2.0) million • Operational EBIT was EUR 1.2 (0.6) million • The profit for the period was EUR 2.3 (1.9) million, and earnings per share amounted to EUR 0.38 (0.31) January–December, continuing operations • Net sales from continuing operations were EUR 314.0 (312.0) million • Operational EBITDA was EUR 6.8 (5.8) million • Operational EBIT was EUR 1.3 (0.8) million • Profit for the period came to EUR 2.9 (2.0) million, and earnings per share amounted to EUR 0.46 (0.33) October–December, the Group, including discontinued operations* • Consolidated net sales amounted to EUR 91.6 (100.1) million • Operational EBIT was EUR 1.3 (1.6) million • Profit for the period came to EUR 2.4 (2.4) million, and earnings per share amounted to EUR 0.38 (0.38). January–December, the Group, including discontinued operations* • Consolidated net sales amounted to EUR 368.1 (386.5) million • Operational EBIT was EUR 1.7 (0.9) million • Profit for the period came to EUR -0.6 (1.2) million, and earnings per share amounted to EUR -0.10 (0.19) The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 0.70 per share be paid. * Discontinued operations: On 29 June 2017, Apetit Plc signed an agreement on selling its seafood business to the Norwegian Insula AS. The transaction was completed on 31 October 2017. In this financial statements bulletin, the transferred business is reported as a discontinued operation. Consolidated net sales and profit for 2017 include the seafood business from January to October. The figures for 2017 and 2016 are audited. The quarterly figures are unaudited. The figures in parentheses are the equivalent figures for the same period in 2016, and the comparison period means the corresponding period in the previous year, unless otherwise stated. Juha Vanhainen, CEO: “In 2017, Apetit established its position as the leading Finnish brand in vegetable-based food solutions. Its improved awareness is supported by the fact that the company introduced new products at a record pace and expanded into new product groups. Sales of existing products also increased. In 2017, the weather remained cool throughout the growing season. The end of the growing season was marked by exceptionally heavy rain, which delayed and hindered the harvesting of grains, oilseeds and root vegetables. The oilseed harvest in Finland was markedly smaller than in the previous year. The challenges of the harvest season also reduced grain trade export volumes significantly. The availability of Finnish field vegetables has been limited to some extent. As a result of this, it has been necessary to replace Finnish field vegetables with more expensive imported vegetables or limit the production of certain products, particularly products containing Finnish carrots. Despite the difficult harvest season, Apetit was able to improve its operational EBIT and net sales in continuing operations. The turnaround in the Food Solutions business was particularly pleasing. It was supported mainly by the increased sales of frozen and fresh products. Exports also increased in comparison with the previous year, with growth in the total exports of Food Solutions. In December, Apetit announced that it would start exporting to Russia and deliver various frozen products to the St Petersburg region. The successful work to improve the efficiency of working capital management continued in 2017. The Group’s working capital tied up in operations decreased by EUR 22.5 million during the financial year. As a result of the more efficient management of working capital and the divestment of the seafood business, the Group was debt-free at the end of the year. Its balance sheet structure creates favourable conditions for investments and potential business arrangements that are in line with its strategy. Apetit’s strategy to specialise and lead the way in vegetable-based food solutions is also supported by the divestment of its fish processing business. The business was sold to Insula AS in Finland, Norway and Sweden. The transaction was completed at the end of October. In 2018, we will continue to invest in sales and product development in line with our strategy. The prevailing food trends support our goals: consumers are increasingly appreciating well-being, good taste and ease of use. High vegetable content, organic products and Finnish origin are also primary considerations when consumers are making purchasing decisions.” KEY FIGURES EUR million 10-12 2017 10-12 2016 Change 1-12 2017 1-12 2016 Change Continuing operations             Net sales 87.1 80.4 8 % 314.0 312.0   1 % Operational EBITDA 2.7 2,0   6.8 5,8   Operational EBIT 1.2 0.6   1.3 0.8   Operating profit 1.2 0.6   1.1 0.8   Share of profit of associated company Sucros 1.4 1.5   1.0 0.7   Profit for the period 2.3 1.9   2.9 2.0   Earnings per share, EUR 0.38 0.31   0.46 0.33   Working capital, at the end of the year       30.0 52,9   Group (including discontinued operations)             Net sales 91.6 100.1 -8 % 368.1 386.5 -5 % Operational EBIT 1.3 1.6   1.7 0.9   Operating profit 1.2 1.2   -2.5 0.6   Profit for the period 2.4 2.4   -0.6 1.2   Earnings per share, EUR 0.38 0.38   -0.10 0.19   Equity per share, EUR       18.10 19.00   Operational return on capital employed (ROCE), %       2.4 % 1.2 %   Net cash flow from operating activities       20.0 21.9   Equity ratio       72.6 % 64.1 %   Gearing       -9.6 % 12.4 %   Investments       5.9 9.7   PROFIT GUIDANCE FOR 2018 The Group’s full-year operational EBIT from continuing operations is expected to improve year-on-year (EUR 1.3 million in 2017). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Sales volumes and the profit outlook for early 2018 are burdened by the weak harvest of 2017. BOARD OF DIRECTORS’ DIVIDEND PROPOSAL On 31 December 2017, the parent company’s distributable funds totalled EUR 62,596,445.91, of which EUR 838,688.75 is profit for the financial year. The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 0.70 per share be paid. The Board of Directors will propose that a total of EUR 4,344,305.00 be distributed in dividends and that EUR 58,252,140.91 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 the Board deems that the company’s solvency will not be jeopardised by the proposed distribution of dividends. No dividend will be paid on shares held by the company. ANNUAL GENERAL MEETING The Annual General Meeting will be held in Säkylä on Tuesday 27 March 2018. PUBLISHING OF THE ANNUAL REPORT Apetit Plc’s Annual Report for 2017 – including the Board of Directors’ report, the financial statements for 2017, a corporate responsibility report and a separate statement on Apetit Plc’s corporate governance – will be published in the week beginning 5 March 2018 on the company’s website at www.apetitgroup.fi. INVITATION TO A BRIEFING A briefing (in Finnish) for analysts and media will be held today at 10:00 a.m. in Hotel Scandic Simonkenttä, meeting room Espa (address: Simonkatu 9, Helsinki). In the briefing CEO Juha Vanhainen presents Financial Statements Bulletin. The presentation material will be also published on company web pages after the event.   Apetit Plc Juha Vanhainen   For further information, please contact: Juha Vanhainen, CEO, tel. +358 10 402 00   Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and expeller meal from rapeseed, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 314 million and it had 557 employees. Read more at apetitgroup.fi.   Apetit Plc Financial Statements Bulletin 1 January - 31 December 2017 Presentation

Apetit Plc Interim Report, January–September 2017

July-September, continuing operations The net sales of continuing operations were EUR 75.0 (77.8) million. Operational EBITDA was EUR 3.2 (2.8) million. Operational EBIT was EUR 1.8 (1.6) million. The profit for the period was EUR 2.7 (2.1) million, and earnings per share amounted to EUR 0.44 (0.34). January-September, continuing operations: The net sales of continuing operations were EUR 226.9 (231.6) million. Operational EBITDA was EUR 4.7 (4.2) million. Operational EBIT was EUR 0.7 (0.7) million. The profit for the period was EUR 1.0 (0.5) million, and earnings per share amounted to EUR 0.16 (0.08). July-September, Group, including discontinued operations* Consolidated net sales amounted to EUR 89.9 (91.9) million. Operational EBIT was EUR 1.9 (1.4) million. The profit for the period was EUR 0.5 (1.8) million, and earnings per share amounted to EUR 0.09 (0.29). January–September, Group, including discontinued operations* Consolidated net sales amounted to EUR 276.2 (286.4) million. Operational EBIT was EUR 0.4 (-0.7) million. The profit for the period was EUR -3.0 (-1.2) million, and earnings per share amounted to EUR -0.48 (-0.19).   * Discontinued operations: On 29 June 2017, Apetit Plc signed an agreement on selling its seafood business to the Norwegian company Insula AS. The transaction was completed as of 1 November 2017. The transferred business is reported as discontinued operations in this interim report. The information has not been audited. The figures in parentheses are the equivalent figures for the same period in 2016, and comparison period means the corresponding period of the previous year, unless otherwise stated. The profit guidance remains unchanged. The Group’s full-year operational EBIT is expected to improve year-on-year (EUR 0.9 million in 2016). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year.   Juha Vanhainen, CEO: “The Apetit Group continued to focus strongly on vegetable-based food solutions. The sales of frozen and fresh products increased and profitability improved. We have solidified our position in the minds of consumers and retailers as a forerunner in vegetable-based eating. We continued to invest in product development in order to delight consumers and retailers with new products more frequently. Customers’ expectations evolve and we seek to respond to these expectations proactively. In the summer we launched an organic programme, the goal of which is to substantially increase the proportion of organic products in our range in the coming years. During this harvest season, we brought our first Finnish organic products to stores and professional kitchens. We will increase research and development into organic products at our experimental farm and offer our knowledge on new farming methods to our contract growers who are interested in this information. This way we can ensure that we also have organic alternatives of high-quality produce available for our products and at the same time we can support the competitiveness of Finnish primary production. The July-September operational EBIT improved year-on-year, boosted by Food Solutions. We have succeeded in making the sales of frozen products grow, ensuring the product group’s profitability. In fresh products we continued to change our operating model from direct retailer to professional kitchens to partner serving the retail trade and professional kitchens and as a result we achieved new, profitable net sales. In Grain Trade and Oilseed Products the delay in the domestic harvest reduced volumes in Finland, but the results were at a satisfactory level considering the challenging harvest conditions.  The sales of the fish processing business to Insula AS in Finland, Norway and Sweden, announced at the end of June, was completed at the end of October. Insula AS, the new owner of the seafood business, is a growing company with a strong position in its sector that offers new growth and development opportunities for both our transferring staff and for our customers. According to a consumer survey that we commissioned in July, a third of Finns have increased their consumption of vegetables in the past year and more than half intend to continue increasing their consumption. This delights us at Apetit and inspires us to go forward. We actively renew our products and procedures to retain our position as number one in vegetables and to strengthen our position as our customers’ first choice.”   KEY FIGURES EUR million 7-9 2017 7-9 2016 Change 1-9 2017 1-9 2016 Change 2016 Rolling 12 m Continuing operations                 Net sales 75.0 77.8 -4 % 226.9 231.6 -2 % 312.0 307.2 Operational EBITDA 3.2 2.8   4.7 4.2   6.3 6.8 Operational EBIT 1.8 1.6   0.7 0.7   1.5 1.5 Operating profit 1.8 1.6   0.5 0.7   1.5 1.3 Share of profit of associated company Sucros 0.1 -0.1   -0.4 -0.7   0.7 1.1 Profit for the period 2.7 2.1   1.0 0.5   2.5 3.1 Earnings per share, EUR 0.44 0.34   0.16 0.08   0.41 0.49 Working capital       39.5 49.7   43.9 40.1 Group (incl. discontinued operations)                 Net sales 89.9 91.9 -2 % 276.2 286.4 -4 % 386.5 376.8 Operational EBIT 1.9 1.4   0.4 -0.7   0.9 2.0 Operating profit -0.7 1.4   -3.8 -0.7   0.6 -2.5 Profit for the period 0.5 1.8   -3.0 -1.2   1.2 -0.6 Earnings per share, EUR 0.09 0.29   -0.48 -0.19   0.19 -0.10 Equity per share, EUR       17.75 18.70   19.00   Return on capital employed (ROCE), %             1.2% 2.5% Net cash flow from operating activities       12.2 14.5   21.9   Equity ratio       62.6% 64.3%   64.1%   Gearing       8.8% 17.3%   12.4%   Investment       4.4 7.9   9.7     SEGMENT COMPARISON The Apetit Group’s reporting business segments are Food Solutions, Oilseed Products, Grain Trade and Seafood. Food Solutions comprises the frozen foods group, fresh products group and service sales. The Oilseed Products business includes the processing and sale of vegetable oils and expeller meals. The Grain Trade business comprises the Finnish and international trade in grains, oilseeds, pulses and feed raw-materials. The Seafood segment’s operations in Finland, Sweden and Norway were transferred to discontinued operations following a corporate transaction announced on 29 June 2017.   The associated company Sucros (holding 20%) has been reported after operating profit in the income statement since the beginning of 2016.   Development of net sales Continuing operations Net sales, EUR mill. 7-9 2017 7-9 2016 Change 1-9 2017 1-9 2016 Change 2016 Rolling 12 m Food Solutions 23.6 22.8 +3% 74.9 72.1 +4% 97.8 100.6 Oilseed Products 16.5 17.6 -6% 49.6 52.3 -5% 68.2 65.5 Grain Trade 41.1 38.9 +6% 113.5 119.9 -5% 159.7 153.3 Intra-segment net sales -6.2 -1.5   -11.2 -12.7   -13.7 -12.1 Total 75.0 77.8 -4% 226.9 231.6 -2% 312.0 307.2   Discontinued operations Net sales, EUR mill. 7-9 2017 7-9 2016 Change 1-9 2017 1-9 2016 Change 2016 Rolling 12 m Seafood 17.6 20.5 -14% 58.0 63.7 -9% 87.8 82.1 Intra-segment net sales -2.5 -4.6   -8.3 -8.9   -12.6 -12.6 Total 15.1 15.8 -5% 49.7 54.8 -9% 75.2 69.5   Development of operational EBIT Continuing operations OPERATIONAL EBIT, EUR million 7-9 2017 7-9 2016 1-9 2017 1-9 2016 2016 Rolling 12 m Food Solutions 0.7 0.2 -1.7 -2.5 -2.6 -1.8 Oilseed Products 0.5 0.8 1.4 2.1 2.7 2.0 Grain Trade 0.6 0.6 0.9 1.1 1.4 1.2 Total 1.8 1.6 0.7 0.7 1.5 1.5   Discontinued operations OPERATIONAL EBIT, EUR million 7-9 2017 7-9 2016 1-9 2017 1-9 2016 2016 Rolling 12 m Seafood 0.1 -0.2 -0.3 -1.4 -0.6 0.5   PROFIT GUIDANCE FOR 2017 Sales in the Finnish retail sector and professional food service sector are expected to pick up in comparison to the previous year, but the price competition is expected to remain intensive. Ample supply is expected to continue to prevail in the global grains market, keeping prices and margins at a low level. This situation is not expected to change significantly during the rest of the year. The Group’s full-year operational EBIT is expected to improve year-on-year (EUR 0.9 million in 2016). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. With regard to profitability, favourable development will be supported by higher added value and positive sales development in Food Solutions and improved operational efficiency in Seafood segment. Due to the substantial effect of international grain market price fluctuations on the Group’s net sales, Apetit will not issue any estimates of its expected full-year net sales.   Interim report Q3/2017 Presentation

Antti Snellman takes charge of the grain trade and oilseeds business

  [caption id="attachment_1987" align="aligncenter" width="640"] Kaija Viljanen passed the baton of Avena’s management to Antti Snellman on 1 September 2017[/caption] Antti Snellman joined Apetit at the beginning of June from Altia, where he headed the Starch and Feed business unit, which is a part of the Industrial Services business, from 2010. He also headed the distillery and starch and feed production unit in Koskenkorva, which is a part of the Supply Chain business, from 2011. Prior to his career in Altia, Snellman held several demanding positions in industry and international trade. Antti Snellman is prepared to further develop Avena as a Finnish player in the global market, one that is committed to developing the entire value chain. “I take on the responsibility for our operations and customers with a great deal of enthusiasm and vision, but also with humility. I’m privileged to join the knowledgeable and dedicated team at Apetit and Avena Nordic Grain Oy,” Snellman says. “The determined efforts of my predecessor, Kaija Viljanen, in the field of Finnish agriculture, oilseed cultivation and processing as well as the international grain trade provide a solid foundation for building a successful future in cooperation with our customers, growers and personnel. We will accelerate the development of industry-leading services, growth of grain trade volumes, and creation of greater further processing potential for Finnish rapeseed. Kaija Viljanen feels confident about Avena’s future, and about Finnish primary production and the food industry in general “At Avena, our goal has always been to provide our growers and grain buyers with the best service and expertise. As a Finnish company, we have also recognised our responsibility for developing the industry as a whole, and supporting the Finnish agricultural sector in the grain trade and oilseed processing. Avena will continue to invest in developing its industry-leading services and oilseed products. I’m confident that under Antti Snellman’s leadership, Avena will continue to strengthen its position as a renewal-focused, service-oriented and knowledgeable partner for customers and growers in this changing world,” Viljanen says. Avena is part of the Apetit Group Avena Nordic Grain Oy, which is responsible for Apetit Plc’s Grain Trade and Oilseeds business, is Finland’s leading trader in grains, oilseeds, pulses and feedstuffs, and is a manufacturer and supplier of vegetable oils and pressed products.  Avena’s main market is the European Union, but it also trades in many other markets. The company’s principal location in Finland is Helsinki, but it also operates in other Vaasa, Pori, Salo, Kirkkonummi, Loimaa, Hämeenlinna, Kouvola and Porvoo.  Its oil milling plant is located in Kirkkonummi. Avena is a local partner for Finnish farmers. It provides professional services to farmers in all matters related to the grain and oilseed trade. Apetit, a Finnish food company with its roots firmly in primary food production, aims to be the leader in the vegetable-based food supply chain. Apetit produces delicious fresh and frozen vegetable products that provide convenient wellbeing. Apetit also produces high-quality vegetable oils and animal feed from rapeseed and participates in the grain trade in the Finnish and international markets. Apetit Plc’s share is listed on Nasdaq Helsinki. Apetit’s net sales in 2016 amounted to EUR 387 million and its average number of employees was 729.

Apetit Plc Half-year financial report, January–June 2017

This is a summary of the half-year financial report January - June 2017. The complete report, including tables of financial information, is attached to this release and can be downloaded from the company’s website at www.apetitgroup.fi/en. April–June, continuing operations The net sales of continuing operations were EUR 77,3 (85,9) million. Operational EBITDA was EUR 1.0 (0.4) million. Operational EBIT was EUR -0.4 (-0.8) million. The profit for the period was EUR -0.4 (-0.3) million, and earnings per share were EUR -0.07 (-0.05). January–June, continuing operations The net sales of continuing operations were EUR 151,9 (153,8) million. Operational EBITDA was EUR 1.6 (1.4) million. Operational EBIT was EUR -1.1 (-0.9) million. The profit for the period was EUR -1.7 (-1.6) million, and earnings per share were EUR -0.27 (‑0.26). April–June, Group, including discontinued operations* Group’s consolidated net sales were EUR 94.3 (106.9) million. Operational EBIT was EUR -0.2 (-1.1) million. The profit for the period was EUR -1.7 (-0.8) million, and earnings per share were EUR -0.27 (‑0.13). January–June, Group, including discontinued operations* Group’s consolidated net sales were EUR 186.2 (194.5) million Operational EBIT was EUR -1.5 (-2.1) million. The profit for the period was EUR -3.5 (-3.0) million, and earnings per share were EUR -0.56 (‑0.48). * Discontinued operations: Apetit Plc has signed an agreement on selling its seafood business to the Norwegian Insula AS. In this report, the business operations to be transferred are reported as discontinued operations. The transaction is expected to be completed during the third quarter of 2017. The information has not been audited. The figures in parentheses are the equivalent figures for the same period in 2016, and the comparison period means the corresponding period of the previous year, unless otherwise stated. The profit guidance remains unchanged The Group’s full-year operational EBIT is expected to improve year-on-year (EUR 0.9 million in 2016). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Juha Vanhainen, CEO:  “Our investment in new product development and renewal is generating new sales, and the favourable development is also having a positive effect on products that have been on the market for a longer time. Grocery sales continued to pick up in the first half of the year. According to our estimate, our Food Solutions business outpaced the overall development of the grocery trade. In April–June, the increase in Food Solutions’ net sales supported profitability, and the segment’s operational EBIT improved year-on-year. However, we cannot be pleased with Food Solutions’ current level of performance, and we will continue our work to increase sales and improve efficiency. In April-June, especially the sales and profitability of fresh products developed well. Despite the increase in Food Solutions’ net sales, the Group’s net sales decreased in the first half of 2017, as the sales volumes in Grain Trade and Oilseed Products were lower than in the comparison period. We can be particularly pleased that the Seafood segment’s operational EBIT improved significantly and was slightly positive in April–June. In late June, we announced that we would sell our seafood business operations in Finland, Sweden and Norway to Insula AS, a Norwegian company specialising in the processing of fish and shellfish. The transaction will enable us to allocate more resources to the implementation of our strategy, which focuses on diets with a high vegetable content. The transaction also means that the seafood business will be run by a new owner committed to developing and strengthening the business. The interest in vegetable-based and vegan foods among consumers and customers in the professional food service sector supports our strategic direction and guides our investments in product development. We will continue to implement measures to improve growth and profitability by increasing sales and improving efficiency across our operations.”   KEY FIGURES EUR million Q2 2017 Q2 2016 Change Q1-Q2 2017 Q1-Q2 2016 Change 2016 Rolling 12 m CONTINUING OPERATIONS                 Net sales 77.3 85.9 -10% 151.9 153.8 -1% 312.0 310.0 Operational EBITDA 1.0 0.4   1.6 1.4   6.4 6.5 Operational EBIT -0.4 -0.8   -1.1 -0.9   1.5 1.3 Operating profit -0.5 -0.8   -1.3 -0.9   1.5 1.1 Share of profit of associated company Sucros 0.2 0.4   -0.5 -0.7   0.7 0.9 Profit for the period -0.4 -0.3   -1.7 -1.6   2.5 2.5 Earnings per share, EUR -0.07 -0.05   -0.27 -0.26   0.41 0.40 Working capital       25.3 38.5   43.9 39.9 GROUP  (incl. discontinued operations)                 Net sales 94.3 106.9   186.2 194.5   386.5 378.3 Operational EBIT -0.2 -1.1   -1.5 -2.1   0.9 1.2 Operating profit -1.8 -1.1   -3.1 -2.1   0.6 -0.4 Profit for the period -1.7 -0.8   -3.5 -3.0   1.2 0.7 Earnings per share, EUR -0.27 -0.13   -0.56 -0.48   0.19 0.11 Equity per share, EUR       17.58 18.35   19.00   Return on capital employed (ROCE), %             1.2% 1.9% Net cash flow from operating activities       23.1 22.7   21.9   Equity ratio       71.1% 67.8%   64.1%   Gearing       -1.5% 9.3%   12.4%   Investment       2.9 6.5   9.7     SEGMENT COMPARISON The Apetit Group’s reporting business segments are Food Solutions, Oilseed Products, Grain Trade and Seafood. Food Solutions comprises the frozen foods group, fresh products group and service sales. The Oilseed Products business includes the processing and sale of vegetable oils and expeller meals. The Grain Trade business comprises the Finnish and international trade in grains, oilseeds, pulses and feed raw-materials. The Seafood segment’s operations in Finland, Sweden and Norway were transferred to discontinued operations following a corporate transaction announced on 29 June 2017. The associated company Sucros (holding 20%) has been reported after operating profit in the income statement since the beginning of 2016. Development of net sales Continuing operations NET SALES, EUR million Q2 2017 Q2 2016 Change Q1-Q2 2017 Q1-Q2 2016 Change 2016 Rolling 12 m Food Solutions 25.6 24.3 +6% 51.4 49.3 +4% 97.8 99.9 Oilseed Products 16.3 18.2 -10% 33.1 34.7 -5% 68.2 66.6 Grain Trade 39.4 50.2 -22% 72.4 81.1 -11% 159.7 151.1 Intra-segment net sales -4.0 -6.8   -5.0 -11.2   -13.7 -7.5 Total 77.3 85.9 -10% 151.9 153.8 -1% 312.0 310. 0 Discontinued operations NET SALES, EUR million Q2 2017 Q2 2016 Change Q1-Q2 2017 Q1-Q2 2016 Change 2016 Rolling 12 m Seafood 20.1 22.7 -11% 40.4 43.2 -7% 87.8 85.0 Intra-segment net sales -2.8 -1.9   -5.8 -4.3   -12.6 -14.1 Total 17.3 20.8   34.6 39.0   75.2 70.9   Development of operational EBIT Continuing operations OPERATIONAL EBIT, EUR million Q2 2017 Q2 2016 Q1-Q2 2017 Q1-Q2 2016 2016 Rolling 12 m Food Solutions -1.2 -1.6 -2.4 -2.8 -2.6 -2.2 Oilseed Products 0.7 0.7 0.9 1.4 2.7 2.3 Grain Trade 0.2 0.1 0.4 0.5 1.4 1.2 Total -0.4 -0.8 -1.1 -0.9 1.5 1.3   Discontinued operations OPERATIONAL EBIT, EUR million Q2 2017 Q2 2016 Q1-Q2 2017 Q1-Q2 2016 2016 Rolling 12 m Seafood 0.1 -0.3 -0.4 -1.2 -0.6 0.2   PROFIT GUIDANCE FOR 2017 Sales in the Finnish retail sector and professional food service sector are expected to pick up in comparison to the previous year, but the price competition is expected to remain intensive. Ample supply is expected to continue to prevail in the global grains market, keeping prices and margins at a low level. This situation is not expected to change significantly before a more specific outlook is available for the new harvest season. The Group’s full-year operational EBIT is expected to improve year-on-year (EUR 0.9 million in 2016). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. With regard to profitability, favourable development will be supported by higher added value and positive sales development in Food Solutions, improved operational efficiency in Seafood and increased sales volumes in Grain Trade in comparison to the previous year. Due to the substantial effect of international grain market price fluctuations on the Group’s net sales, Apetit will not issue any estimates of its expected full-year net sales.    Further information Juha Vanhainen, CEO, tel. +358 (0)10 402 00 Attachments: Half-year financial report 2017 Presentation


Wellbeing from vegetables
Apetit to eliminate bottlenecks in the organic food sector – launching a...

The consumer demand for organic food is increasing rapidly.* However, there is a shortage of raw material supply: in spite of the growing market, half of Finnish farmers are not interested in moving into organic farming. This is revealed by the organic farming survey commissioned by Apetit. As a food company specialising in vegetables, Apetit believes in growth of the organic food sector and takes a strategic step by establishing a development programme for organic farming. With its programme, Apetit aims to develop organic farming methods in order to facilitate farmers’ changeover to organic farming and consequently to take organic farming to a whole new level. To develop organic farming, Apetit’s Räpi experimental farm in Köyliö begins to study and develop organic farming as part of Apetit’s proprietary Vastuuviljely (Responsible farming) method. Some of the fields of the experimental farm are turned into fields supporting organic farming. Practical farming problems as obstacles to the organic leap The survey commissioned by Apetit in August 2017 revealed that farmers’ general interest in organic farming has increased from the previous year. Nearly one in four of the farmers responding to Apetit’s survey is interested in moving into organic farming. Nevertheless, for a farmer it is a question of livelihood and often also personal investment and risk. As obstacles to starting organic farming, the farmers list concrete farming problems, such as weed management, insufficiency of know-how or laborious bureaucracy related to organic farming. The farmers also demand that food industry and commerce commit to purchasing organic raw materials and that they receive practical assistance and instructions on succeeding in organic farming. "Our development programme offers help to farmers who wish to move into or towards organic farming. The goal of the programme is to increase the efficiency of organic farming and boost the crops it yields as well as to tackle various challenges related to moving over to organic farming. With this programme, we clear the way for organic vegetables to enter stores in the form of Apetit’s products. We hope that our commitment gives farmers some security", says Anu Ora, Vice President at Apetit. Ora talked about this topic at the organic food event Luomuelintarvikepäivät on 5 October 2017. Apetit introduces to organic farming a similar contract farming model as is used in ordinary farming. Farmers commit to meeting the high quality requirements of the Vastuuviljely (Responsible farming) method in organic farming, too, and in return, they have the security that their crops will be bought in the season. The first Finnish organic frozen products to stores As the first company to do so, Apetit brought Finnish organic frozen vegetables to the stores this autumn. The very first products featuring Finnish organic vegetables were Organic Spinach and Organic Peas. In November, two new favourites will be launched: Apetit Organic Potato & Soup Vegetables and Kotimainen Organic Potato and Onion Mix. “In some areas in Finland, the demand for organic food already exceeds the supply. We believe strongly in growth of the organic food sector in Finland as well as in its export prospects. For the export potential to be realised, the entire food industry and commerce would need to commit to the productisation and sales of organic products. Promoting organic food is recorded in the Government Programme and what is needed now is concrete action. Apetit wants to be a trailblazer in this respect,” Ora says. Product information Apetit Kotimainen Organic Spinach 150 g and Apetit Kotimainen Organic Peas 200 g. The Apetit organic vegetables have been grown at the Vanhakartano organic farm in Köyliö. * In a year (July 2015–June 2016), the sales of organic food increased by 12%. During that period, the retail sales of organic products amounted to approximately EUR 250 million. (Estimate by Pro Luomu on the basis of information collected from retailer groups.) During the same period, the sales of daily consumer goods only increased by 0.3%. (Sales data from the Finnish Grocery Trade Association member companies.) Key survey results A total of 68% of the Finnish farmers who took the recent survey believe that the demand for organic food is increasing among consumers. Furthermore, 44% of them believe that organic farming will become a significant agricultural activity in the future, whereas 25% disagreed on this statement and 30% could not or did not want to express their view on this matter. Of those already involved in organic farming, 49% feel that organic farming is economically more profitable than ordinary farming. Organic food has the potential to become a significant export asset for Finland, believe 46% of Finnish farmers. A total of 48% think that organic farming is a more environmentally friendly way of operating. When questioned about obstacles to starting organic farming, 54% name the difficulty of weed management as the main obstacle, 29% feel that their own know-how is insufficient and 26% think that the bureaucracy related to organic farming is too heavy. When inquired what would facilitate the changeover to organic farming, 43% of the farmers demand that food industry and commerce commit to purchasing organic raw materials over the long term, 42% need practical assistance and 41% demand support during the transition period from ordinary farming to organic farming. When presented with the statement that organic farming is not economically sensible in Finland, 29% of the respondents agreed with the statement, 31% disagreed and 39% could not or did not want to express their view on this matter. One in four responding farmers who are already involved in organic farming believe that organic food will become a permanent trend among consumers.   ** Apetit had TNS Kantar Agri conduct a survey targeted at Finnish farmers of grain, vegetable, fruit, berries and oilseeds. The survey period was 17–30 August 2017. In the analysis phase, the respondent sample was weighted so that it is representative of the Finnish farm structure in terms of the farm size and organic status. The survey’s margin of error is approximately +/-6 percentage points for the entire sample. N=247 responses.

Räpi experimental farm - a pioneer in cultivation expertise in satakunta

The operations began in 1954 as an experimental farm for Länsi-Suomen Sokeritehdas Oy and they have continued uninterrupted to the present day, with Räpi serving as an experimental farm for Lännen Tehtaat and Apetit. Today, as one of only a few company-owned experimental farms in Finland, it contributes to the development of agricultural expertise in Satakunta. Throughout its history, the Räpi experimental farm has served as a channel through which new plant varieties and cultivation methods enter the Satakunta region. The cultivation methods, plant varieties and focus areas of research have changed over the years. The experimental activities began with experiments related to sugar beet varieties and cultivation methods. They were later expanded to cover many other outdoor crops when Lännen Tehtaat began the contract growing and production of a wide range of frozen vegetables in Säkylä. The research done at Räpi is aimed at anticipating future trends in outdoor crop cultivation. For example, all the plant varieties and cultivation methods selected for use in Apetit’s contract growing are tested at Räpi before their broader implementation. This season, the farm has tested plant varieties, fertiliser use and cultivation methods for peas, swede, parsnip, carrot, spinach, celeriac, sugar beet and other crops. EXPERIMENTATION PROMOTES VEGETABLE QUALITY AND SUSTAINABLE GROWING During the past decade, the research and experimentation at Räpi has been particularly focused on developing a cultivation method that supports a sustainable and environmentally friendly farming ecosystem. The most recently-developed cultivation methods are based on using plant protection measures only when necessary and only to a limited extent. Biological and mechanical solutions are prioritised. Pest control solutions can include, for example, nets that cover crops, and information on pest life cycles and their natural enemies. Similarly, biodegradable covering materials and mechanical uprooting can be used to control weeds. THE DELICIOUS TASTE OF APETIT FROZEN VEGETABLES COMES FROM EXPERT FARMING AND SUPERIOR VARIETIES   The Räpi experimental farm is constantly testing new varieties to find those with the best flavour, texture, nutritional quality and suitability for freezing for use in Apetit products. Apetit’s product development also guides choices related to plant varieties and contract growing. The popularity of Apetit Kotimainen, a product range focused on vegetables grown in Finland, supports introduction of new varieties to contract growing in Finland. A HUB FOR DEVELOPING FINNISH INTEGRATED PRODUCTION EXPERTISE   The results of the research at Räpi experimental farm are used in the development of the Apetit responsible farming method to which all of Apetit’s contract growers are committed. The responsible farming method is used to manage plant-specific cultivation instructions, quality and product safety, and other factors. For example, plant protection measures are only used when necessary and with due consideration. The Räpi experimental farm plays a key role in Apetit’s Responsible Farming method.  The Räpi farm has contributed significantly to development of the Finnish IP (Integrated Production) method. In 2011–2013, it participated in the Varjellen Viljelty project by updating new plant-specific cultivation instructions in response to consumer expectations and regulatory standards.   The Räpi experimental farm cooperates closely with the Pyhäjärvi Institute, Natural Resources Institute Finland, Åbo Akademi University, the Sugar Beet Research Centre of Finland and growers in the Satakunta region. The new knowledge and expertise developed at Räpi is transferred to Apetit’s approximately 100 contract growers in many ways. Those include the Experimental Farm Days event, which promotes the success of agriculture as a livelihood throughout Satakunta. Experimental activities in Räpi in summer 2017: Pea Broad bean Soybean Carrot Swede Turnip Celeriac Spinach Yellow beet, chioggia beet, red beet Chinese cabbage, cauliflower, kale, Savoy cabbage Potato The effect of rapeseed extract on weeds (fallow and swede field) Sugar beet for the Sugar Beet Research Centre of Finland   ROOTS ON LALLI MANOR LANDS The written history of the Räpi experimental farm began in 1156, when it was part of Lalli Manor.  In 1812, the Kepola country manor was separated from Lalli Manor. More than a century later, in 1917, the Kepola country manor was split into three parts and divided between the owner’s sons. The youngest son, Albert, stayed on as landlord of one of the three parts, which was subsequently named Räpi. After the war, the family’s youngest son, Jaakko Rauanheimo, became the new landlord of the Räpi estate. He held this position until 1954, when he sold the farm to Länsi-Suomen Sokeritehdas Oy, which had been established in Säkylä in the early 1950s.

Fish cakes from roach – a sensible approach!

The development of Järvikalapihvit fish cakes stemmed from finding the right networks and the desire for diverse use of Finnish fish. This led to ecological and delicious fish cakes produced locally from fish caught in Lake Pyhäjärvi. For the time being, the product is only sold to the professional food service sector. The wishes of demanding food professionals and their customers were taken into account in developing the fish cakes. Professional kitchens place a high priority on products being suitable to a wide range of customers, and on good nutritional value. The fish cakes made with lake fish contain no lactose, gluten or soy. They contain high quantities of omega 3 fatty acids and vitamin D. Roach is a low-fat, high-protein fish. Although roach and small perch are often considered low-value fish, they were given due respect as a raw material in the development of Järvikalapihvit fish cakes. “We didn’t want to mask the characteristic flavour of these fish, so we developed a straightforward flavour that combines salt, pepper, cream and butter with the taste of the fish itself,” says Hanna Pere, Marketing Manager at Apetit Ammattilaiset. This delicious and environmentally friendly product contributes to more efficient use of Finland’s fish stocks, and offers a different seafood option for food service companies. AN ECOLOGICAL CHOICE The eutrophication of Lake Pyhäjärvi in Säkylä has long been worsened by its large populations of roach and small perch. Both species feed on plankton, which helps reduce the lake’s nutrient load. Lower levels of plankton lead to more algae growth in particular. Local fishermen have managed the fish stock of Lake Pyhäjärvi by catching lower value fish to curb eutrophication and maintain the healthy balance of the lake’s fish population. In the past, fish caught as part of fish stock management were primarily used as animal feed in the fur trade, or thrown away due to the lack of the right kind of value chain to use them as food. This changed when Järvikalaa Nam, a Pyhäjärvi Institute project focussing on the use of lake fish as food, combined the product development efforts of Apetit Ruoka Oy and Jouni Aaltonen, the entrepreneur behind the Kolvaan Kala company. The roach and small perch caught as part of fish stock management are processed into a paste that is then used to produce fish cakes at Apetit’s Säkylä production facility on the shore of Lake Pyhäjärvi.

How peas make their way from field to freezer

Apetit’s frozen peas are frozen within two hours of being shelled. This tight schedule is made possible by the pea fields being close to Apetit’s frozen food production facility in Säkylä. In addition, the entire process is carefully timed. When planning the harvesting of peas, the sowing of different pea varieties is taken into account to ensure uninterrupted harvesting of ripe peas in the summer. The entire summer harvest must not ripen at exactly the same time, so sowing is planned in accordance with the production plant’s freezing capacity. Ripening of the peas and the start of harvesting and shelling is monitored closely and precisely down to the hour. UNIQUE IN FINLAND To plan and predict the start of the pea harvest, Apetit uses Finland’s only tenderometer, an instrument for measuring the hardness of peas. Pea samples are collected from all the plots, and the timing of harvesting is predicted with the help of tenderometer readings. The pea harvesters used by Apetit are also unique in Finland. Manufactured by the UK-based company PMC, they weigh a whopping 25 tonnes each. Apetit owns three pea harvesters, with the newest one having been purchased in 2012. Apetit bought its first self-propelled pea harvester in 1979. HARVESTERS SEPARATE PEAS FROM THEIR PODS The speed at which the harvester moves during shelling is important, as the speed determines the quantity of pea mass and the speed of the threshing drum. The drum and the beaters inside it spin the stalks, opening the pods and moving the peas to the harvester’s hopper. The peas are then transferred to tractors and lorries for transportation to Säkylä for freezing. QUICK AND GENTLE FREEZING Thanks to the detailed harvesting schedule and short distances, the peas go from field to freezer in two hours. This ensures the superior flavour and texture of Finnish frozen peas, and creates a taste of summer in the midst of winter. Gentle blanching and quick freezing in an air blast freezer ensure that the peas have a long shelf life and high nutritional content. The facility produces 10 tonnes of frozen peas per hour. Taking the washing of the production line into account, the daily pea production capacity is 200 tonnes. OUR PEAS ARE RESPONSIBLY GROWN All our pea growers are committed to Apetit’s responsible growing practices, which are based on integrating several different perspectives on improving cultivation and vegetable quality as well as managing environmental impact.  Under Apetit’s responsible growing practices, contract growers use appropriate vegetable-specific and plot-specific cultivation methods to prevent the proliferation of pests and weeds. They also improve crop yields and vegetable quality using methods that are as environmentally friendly as possible, and that cause minimal disturbance to the cultivation ecosystem. Apetit’s range of frozen pea products was expanded in summer 2017 after the first organic crops were harvested.

Räpi experimental farm conducts tests on the characteristics of plant vari...

There are around 1,000 parcels of land currently in use at Apetit’s Räpi experimental farm to study the differences between different varieties of plants used by Apetit, as well as new vegetables to add to the product range. Among the most interesting focuses of new research are broad beans and soybeans. “With broad bean and soybean, our aim is to study the potential of growing new plant protein sources in our region,” says purchasing manager Timo Kaila. In addition to exploring these new frontiers, Räpi farm is also active in studying the characteristics and cultivation requirements of other plants, such as different varieties of peas and carrots. Many of the 1,000 parcels of land in use at Räpi are devoted to sugar beet experiments carried out by Apetit for Sucros. Apetit is set to launch organic products in shops this autumn. Räpi experimental farm is also taking steps related to organic farming. One block of the fields at the form has been assigned to organic farming. “It takes about two years to get a field ready to be formally approved for organic cultivation. During this time, we are growing different varieties in this field to maintain good soil quality. Starting organic farming is a major process that takes a lot of work,” Kaila explains. The results of the research at the Räpi experimental farm are used in developing the Apetit Responsible Farming method, which all of Apetit’s contract growers are committed to applying. The Responsible Farming method is used to manage, among other things, plant-specific cultivation instructions, quality and product safety. For example, plant protection measures are only employed when necessary and with due consideration. The Räpi experimental farm plays a key role in Apetit’s Responsible Farming method. Having been in operation for more than 60 years, Räpi is now one of only a few company-owned experimental farms in Finland.  


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