Releases

Date	Subject
26.10.2023	Apetit Plc’s Business Review 1 January–30 September 2023: Operating profit increased in both businesses – sales volumes grew in Food Solutions Apetit Plc, Stock Exchange Release, 26 October 2023 at 8:30 a.m. Apetit Plc’s Business Review 1 January–30 September 2023: Operating profit increased in both businesses – sales volumes grew in Food Solutions FINANCIAL PERFORMANCE IN BRIEF July–September 2023, continuing operations) · In continuing operations comparable net sales were EUR 39.7 (45.2) million. EBITDA was EUR 4.0 (3.2) million. Operating profit was EUR 2.7 (1.7) million. · The net sales of Food Solutions were EUR 17.6 (15.2) million and operating profit EUR 2.3 (1.7) million. · The net sales of Oilseed Products were EUR 22.2 (30.3) million and operation profit EUR 1.1 (0.6) million. January–September 2023, continuing operations) · In continuing operations comparable net sales were EUR 132.9 (135.1) million. EBITDA was EUR 9.5 (4.7) million. Operating profit was EUR 5.4 (0.5) million. · The net sales of Food Solutions were EUR 53.9 (47.1) million and operating profit EUR 3.8 (2.4) million. · The net sales of Oilseed Products were EUR 79.4 (88.5) million and operating profit EUR 3.7 (-0.2) million. July–September 2023, Group, incl. discontinued operations) · The Group’s comparable net sales were EUR 39.7 (45.5) million. EBITDA was EUR 4.0 (3.4) million. Operating profit was EUR 2.7 (1.9) million. The divestment of the Grain Trade business was completed on 31 May 2022. · The net sales of Grain Trade were EUR 0.0 (3.2) million and operating profit EUR -0.0 (0.2) million. January–September 2023, Group, incl. discontinued operations) · The Group’s comparable net sales were EUR 132.9 (185.2) million. EBITDA was EUR 9.4 (8.0) million. Operating profit was EUR 5.3 (3.3) million. · The net sales of Grain Trade were EUR 0.0 (67.2) million and operating profit EUR -0.1 (2.8) million. The divestment of the Grain Trade business was completed on 31 May 2022. · The Group’s liquidity was good, and its financial position was strong. The equity ratio was 82.9 (80.6) per cent and gearing was -12.9 (-7.3) per cent. The Group’s cash flow from operating activities after interest and taxes was EUR 7.9 (21.5) million. ) Apetit’s continuing operations are Food Solutions and Oilseed Products. In addition, Apetit reports Group Functions, consisting of the expenses related to Group management, strategic projects and listing on the stock exchange, that are not allocated to the business segments. *) Grain Trade has been reported as a discontinued operation starting from the Q1/2022 Business Review. The divestment of the Grain Trade business was completed in stages during the first half of 2022. The information in this report is unaudited. The figures in brackets refer to the corresponding period in 2022, and the comparison period means the corresponding period in the previous year, unless otherwise stated. KEY FIGURES EUR million 7-9/2 7-9/2 Change 1-9/20 1-9/2022 Change 1-12/2022 023 022 23 Continuing operations Net sales 39.7 45.2 -12 % 132.9 135.1 -2 % 181.7 EBITDA 4.0 3.2 9.5 4.7 9.2 Operating profit 2.7 1.7 5.4 0.5 3.5 Share of profit of 1.4 -0.2 2.3 -0.6 0.5 associated company Sucros Profit for the period 3.5 1.0 6.3 -0.4 3.2 Earnings per share, 0.56 0.15 1.01 -0.07 0.51 EUR Investments 4.2 4.1 5.0 Group (incl. discontinued operations) Net sales 39.7 45.5 -13 % 132.9 185.2 -28 % 231.8 EBITDA 4.0 3.4 9.4 8.0 12.4 Operating profit 2.7 1.9 5.3 3.3 6.2 Profit for the period 3.5 1.1 6.3 1.7 5.2 Earnings per share, 0.56 0.17 1.01 0.27 0.83 EUR Equity per share, EUR 16.03 14.89 15.38 ROCE-% 8.3 3.2 5.7 Working capital, end 22.5 21.9 18.7 of period Net cash flow from 7.9 21.5 28.4 operating activities Equity ratio, % 82.9 80.6 81.8 Net gearing, % -12.9 -7.3 -13.2 Esa Mäki, CEO “In the third quarter, Apetit’s operating profit improved year-on-year. Both businesses improved their results. In Oilseed Products, positive profit performance was boosted by successful raw material sourcing. The operational efficiency of the bioenergy plant at the Kantvik vegetable oil milling plant has improved. In Food Solutions, positive profit performance resulted from good development in sales and price adjustments made in order to respond to the general rise in costs. We upgraded our profit guidance for 2023 for operating profit from continuing operations. Apetit expects the full-year operating profit from continuing operations to clearly improve year-on-year. In Oilseed Products, raw material sourcing has been successful throughout the year. International crush margins have been at an elevated level during the entire calendar year, and stabilisation of margins is not expected to happen during the remaining financial year. In Food Solutions, the sales have developed favourably. The impact of inflation, which has limited profit development, has successfully been moderated. The harvesting season, which is a key profit driver for Food Solutions, has progressed in a way that limits the risk during the current financial year from previous estimate. In October, we announced that we are building the new bottling line in the Kantvik vegetable oil milling plant. With this approximately EUR 4.5 million investment, we take the supply chain more firmly into our own hands. Investing in a new bottling line follows Apetit’s strategy of speeding up growth and provides opportunities for the development of products with a higher degree of processing in the vegetable oil business. On the new line, vegetable oils can be bottled in plastic and glass bottles. It is estimated that the new line will become operational during the second half of 2024. The abundant rainfall in August and September posed challenges for harvesting. Weather in the autumn can have a negative impact on the quality of root vegetable crops. Regardless, the harvest-time production of root vegetables has been fairly good as a whole. The processing of root vegetable crops will continue to the next calendar year. The volume and quality of autumn spinach crops were impaired by the abundant rainfall. We have launched several delicious new products during the autumn. Our new soup ingredients for traditional salmon soup and borsch soup introduced the Apetit brand in a new product category. These products contain soup ingredients for making a filling soup easily. Another new product of this autumn, Mashed potato with carrots, makes daily life much easier. The frozen pizza product family expanded to family-size pizzas when Superior Grande pizzas were introduced to the market. These new pizzas increase the range of Apetit’s frozen pizzas, which was renewed a year ago and received a warm welcome among consumers. The new products introduced this autumn are an excellent complement to our range of products. Apetit’s product selection is a good match for the current situation, in which consumers prefer affordably priced products. Important steps forward have been taken in the work to commercialise the rapeseed protein ingredient BlackGrain. This year’s efforts have been associated with the development of the production process. During the summer and the autumn, we have achieved desired results in process-related details, contributing to starting the commercial scale production. “More domestic plant proteins” is one of Apetit’s strategic focus areas. We have launched a project to produce Finnish pea protein. In this strategically important project, we explore, in the entire value chain, the opportunities to produce Finnish pea protein. We have many advantages here: strong value chain insight, expertise in plant-based raw materials and long-term cooperation with domestic primary production. The pea is one of our most used plant proteins worldwide, but thus far we have relied on imported raw materials. During the review period, Apetit decided to establish its own sales organisation in Sweden. The decision strengthens our position and promotes exports. Apetit’s product selection has achieved a strong foothold in the Swedish retail trade and it has grown even stronger with the expansion of the distribution channels. Export demand for peas continues to be strong. Apetit’s production facilities have gone through an energy transition and, as a result, the share of renewable energy of all energy used by the Group has grown approximately eight-fold. Wind power is now used in all production facilities. The Kantvik bioenergy plant and the Säkylä plant’s new energy solution have increased the use of domestic renewable energy. Apetit’s emission targets will be reached ahead of the planned schedule. The target set by Apetit is to reduce energy-related emissions by 75 per cent by 2025.” KEY FIGURES BY SEGMENT, CONTINUING OPERATIONS Food Solutions EUR million 7-9/2023 7-9/2022 Change 1-9/2023 1-9/2022 Change 2022 Net sales 17.6 15.2 16 % 53.9 47.1 14 % 64.2 EBITDA 3.2 2.6 6.4 4.9 7.6 Operating profit 2.3 1.7 3.8 2.4 4.2 Oilseed Products EUR million 7-9/2023 7-9/2022 Change 1-9/2023 1-9/2022 Change 2022 Net sales 22.2 30.3 -27 % 79.4 88.5 -10 % 118.2 EBITDA 1.4 1.0 4.9 1.0 3.2 Operating profit 1.1 0.6 3.7 -0.2 1.5 Group Functions EUR million 7-9/2023 7-9/2022 Change 1-9/2023 1-9/2022 Change 2022 Net sales - - - - - EBITDA -0.6 -0.4 -1.9 -1.2 -1.6 Operating profit -0.7 -0.6 -2.2 -1.7 -2.2 In addition to the reporting segments, Apetit reports Group Functions, consisting of the expenses related to Group management, strategic projects and listing on the stock exchange, that are not allocated to the business segments. KEY FIGURES BY SEGMENT, DISCONTINUED OPERATIONS Grain Trade EUR million 7-9/2023 7-9/2022 Change 1-9/2023 1-9/2022 Change 2022 Net sales - 3.2 -100 % - 67.2 -100 % 67.2 EBITDA -0.0 0.2 -0.1 3.3 3.2 Operating profit -0.0 0.2 -0.1 2.8 2.7 FINANCIAL PERFORMANCE IN JULY–SEPTEMBER, CONTINUING OPERATIONS Comparable net sales decreased by 12 per cent to EUR 39.7 (45.2) million. Net sales decreased mainly due to the high market prices of Oilseed Products in the comparison period and partly due to the normal period-to-period volume variation. In Food Solutions, net sales and sales volumes increased from the comparison period. Net sales grew in all sales channels. Sales volumes increased in retail trade, the Food service sector and exports. In Food Solutions, price adjustments were made in line with the general rise in costs. Operating profit was EUR 2.7 (1.7) million. Operating profit increased in both businesses. In Oilseed Products, positive profit performance was boosted by successful raw material sourcing and the improved operational efficiency of the bioenergy plant. In Food Solutions, profit has been improved by good development in sales and price adjustments made in order to respond to the general rise in costs. FINANCIAL PERFORMANCE IN JULY–SEPTEMBER, GROUP The Group’s liquidity was good, and its financial position was strong. The equity ratio was 82.9 (80.6) per cent, and gearing was -12.9 (-7.3) per cent. The Group’s cash flow from operating activities after interest and taxes was EUR 7.9 (21.5) million. The sale of the Grain Trade business on comparison year had a positive influence on the Group’s key figures. FINANCIAL PERFORMANCE IN JULY–SEPTEMBER, DISCONTINUED OPERATIONS In July–September, net sales amounted to EUR 0.0 (3.2) million. Operating profit was EUR -0.0 (0.2) million. The divestment of the Grain Trade business was completed in stages during the first half of 2022. SUMMARY OF JANUARY–SEPTEMBER, GROUP INCLUDING DISCONTINUED OPERATIONS Net sales amounted to EUR 132.9 (185.2) million. Operating profit was EUR 5.3 (3.3) million. Operating profit of Discontinued operations for 2022 includes EUR 2.3 million in gains on sale resulting from the sale of the Baltic and Finnish business operations. THE DIVESTMENT OF THE GRAIN TRADE BUSINESS Grain Trade has been reported as a discontinued operation starting from the Q1/2022 Business Review. The divestment of the Grain Trade business was completed in stages during the first half of 2022. Operating profit for Discontinued operations for 2022 includes EUR 2.3 million in gains on sale resulting from the sale of the Baltic and Finnish business operations. EVENTS AFTER THE END OF THE PERIOD Inside information On 11 October 2023, Apetit announced that it will invest EUR 4.5 million in a new bottling line in the Kantvik vegetable oil milling plant. On the new line to be built in the premises of the Kantvik vegetable oil milling plant’s packing section, vegetable oils can be bottled in plastic and glass bottles. It is estimated that the new line will become operational during the second half of 2024. Positive profit warning On 18 October 2023, Apetit announced that it is upgrading its profit guidance for 2023 for operating profit from continuing operations. Upgraded profit guidance for 2023: The full-year operating profit from continuing operations is expected to clearly improve year-on-year (EUR 3.5 million in 2022). Previous profit guidance for 2023: The full-year operating profit from continuing operations is expected to improve year-on-year (EUR 3.5 million in 2022). 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 second half of the year. This means that more fixed production overheads are recognized on the balance sheet in the second half of the year. Due to this accounting practice, most of the Group’s annual profit is accrued during the second half of the year. The timing of end of the harvest season can affect the comparability between financial years. The seasonal nature of profit accumulation is most marked in the Food Solutions segment and in the associated company Sucros, where production reflects the crop harvesting season. Harvesting seasons also cause seasonal variation in the amount of working capital tied up in operations. Working capital tied up in Oilseed Products is at its highest towards the end of the year and decreases to its lowest in the summer before the next harvest season. As production in the Food Solutions segment is seasonal and follows the harvest period, the working capital tied up in operations is at its highest around the turn of the year in that segment. PROFIT GUIDANCE FOR 2023 (published on 18 October 2023) The full-year operating profit from continuing operations is expected to clearly improve year-on-year (EUR 3.5 million in 2022). Apetit Plc For further information, please contact: Esa Mäki, CEO, tel. +358 10 402 2100 Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.
18.10.2023	Inside information, positive profit warning: Apetit upgrades its profit guidance for 2023 for operating profit from continuing operations Apetit Plc, inside information 18 October 2023, at 9:30 a.m. Inside information, positive profit warning: Apetit upgrades its profit guidance for 2023 for operating profit from continuing operations Apetit upgrades its profit guidance for 2023 for operating profit from continuing operations. Apetit expects the full-year operating profit from continuing operations to clearly improve year-on-year (EUR 3.5 million in 2022). In Oilseed Products, raw material sourcing has been successful throughout the year. International crush margins have been at an elevated level during the entire calendar year, and stabilization of margins is not expected to happen during the remaining financial year. In Food Solutions, the sales have developed favorably. The impact of inflation, which has limited profit development, has successfully been moderated. The harvesting season, which is a key profit driver for Food Solutions, has progressed in a way that limits the risk during the current financial year from previous estimate. Upgraded profit guidance for 2023: The full-year operating profit from continuing operations is expected to clearly improve year-on-year (EUR 3.5 million in 2022). Previous profit guidance for 2023 (published 16 February 2023 and repeated 17 August 2023): The full-year operating profit from continuing operations is expected to improve year-on-year (EUR 3.5 million in 2022). Apetit Plc publishes its Business Review from 1 January–30 September 2023 on Thursday 26 October 2023. Due to the silent period, Apetit will not further comment its result before the publishing of Business Review. Apetit Plc For further information, please contact: Esa Mäki, CEO, Apetit Plc, tel. +358 10 402 2100 Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.
11.10.2023	Apetit invests EUR 4.5 million in a new bottling line in the Kantvik vegetable oil milling plant Apetit Plc, Stock Exchange Release, 11 October 2023 at 9:30 a.m. Apetit invests EUR 4.5 million in a new bottling line in the Kantvik vegetable oil milling plant Apetit is building a new bottling line for vegetable oil products in the premises of the Kantvik vegetable oil milling plant’s packing section. The value of the investment is approximately EUR 4.5 million. On the new line, vegetable oils can be bottled in plastic and glass bottles. It is estimated the new line will become operational during the second half of 2024. “Investing in a new bottling line strongly follows our strategy of speeding up organic growth. Vegetable oils are an essential part of a healthy and balanced diet. The continued growing interest of consumers in well-being and the pursuit of healthy living ensure the demand for vegetable oils remains high. A new bottling line provides opportunities for the development of products with a higher degree of processing in vegetable oil products,” says Esa Mäki, CEO of Apetit. Until now, vegetable oils sold for industrial use and the Food service sector have been packaged at the Apetit’s Kantvik vegetable oil milling plant. “With the new bottling line, we take the supply chain more firmly in our own hands and will be able to develop our product selection diversely and make stronger use of the domestic origin as part of our products. We want to increase the sales of the domestic Apetit and Neito vegetable oils in retail sales”, says Timo Huttunen, Director, Oilseed Products business of Apetit Plc. The construction work related to the investment will begin during the year 2023. The main suppliers for the new bottling line are Krones and Stora Enso. Apetit Plc For further information, please contact: Timo Huttunen, Director, Oilseed Products Business of Apetit Plc, firstname.lastname (a) apetit.fi Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.
25.09.2023	Apetit Plc: Managers’ Transactions - Lasse Aho Apetit Plc, Stock exchange release on 25 September 2023 at 2:00 p.m. Apetit Oyj - Managers' Transactions ____________________________________________ Person subject to the notification requirement Name: Lasse Aho Position: Member of the Board/Deputy member Issuer: Apetit Oyj LEI: 743700RSFZUIQYABYT14 Notification type: INITIAL NOTIFICATION Reference number: 39121/5/4 ____________________________________________ Transaction date: 2023-09-21 Venue: NASDAQ HELSINKI LTD (XHEL) Instrument type: SHARE ISIN: FI0009003503 Nature of transaction: ACQUISITION (X) Executed under portfolio or asset management Transaction details (1): Volume: 690 Unit price: 12.2 EUR Aggregated transactions (1): Volume: 690 Volume weighted average price: 12.2EUR ____________________________________________ Transaction date: 2023-09-22 Venue: NASDAQ HELSINKI LTD (XHEL) Instrument type: SHARE ISIN: FI0009003503 Nature of transaction: ACQUISITION (X) Executed under portfolio or asset management Transaction details (1): Volume: 583 Unit price: 12.2 EUR Aggregated transactions (1): Volume: 583 Volume weighted average price: 12.2EUR Apetit Plc For further information, please contact: CFO Susanna Tevä firstname.lastname (a) apetit.fi Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.
13.09.2023	Apetit Plc: Managers’ Transactions - Tero Hemmilä Apetit Plc, Stock exchange release on 13 September 2023 at 09:00 a.m. Apetit Plc: Managers’ Transactions ____________________________________________ Person subject to the notification requirement Name: Tero Hemmilä Position: Member of the Board/Deputy member Issuer: Apetit Plc LEI: 743700RSFZUIQYABYT14 Notification type: INITIAL NOTIFICATION Reference number: 37647/4/4 ____________________________________________ Transaction date: 2023-09-12 Venue: NASDAQ HELSINKI LTD (XHEL) Instrument type: SHARE ISIN: FI0009003503 Nature of transaction: ACQUISITION (X) Executed under portfolio or asset management Transaction details (1): Volume: 500 Unit price: 12,108 EUR Aggregated transactions (1): Volume: 500 Volume weighted average price: 12,108 EUR Apetit Plc For further information, please contact: CFO Susanna Tevä firstname.lastname (a) apetit.fi Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.
23.08.2023	Apetit Plc: Managers’ Transactions - Tero Hemmilä Apetit Plc, Stock exchange release on 23 August 2023 at 03:00 p.m. Apetit Plc: Managers’ Transactions ____________________________________________ Person subject to the notification requirement Name: Tero Hemmilä Position: Member of the Board/Deputy member Issuer: Apetit Plc LEI: 743700RSFZUIQYABYT14 Notification type: INITIAL NOTIFICATION Reference number: 36927/5/4 ____________________________________________ Transaction date: 2023-08-21 Venue: NASDAQ HELSINKI LTD (XHEL) Instrument type: SHARE ISIN: FI0009003503 Nature of transaction: ACQUISITION (X) Executed under portfolio or asset management Transaction details (1): Volume: 1000 Unit price: 12.32840 EUR Aggregated transactions (1): Volume: 1000 Volume weighted average price: 12.32840 EUR Apetit Plc For further information, please contact: CFO Susanna Tevä firstname.lastname (a) apetit.fi Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.
17.08.2023	Apetit Plc’s Half-Year Report 1 January–30 June 2023: Apetit’s operating profit improved year-on-year – sales volumes increased in both businesses Apetit Plc, Half-Year Report on 17 August 2023 at 08:30 a.m. Apetit Plc’s Half-Year Report 1 January–30 June 2023: Apetit’s operating profit improved year-on-year – sales volumes increased in both businesses April–June 2023, continuing operations) · In continuing operations, comparable net sales were EUR 45.0 (47.3) million. EBITDA was EUR 2.0 (0.4) million. Operating profit was EUR 0.7 (-1.0) million. Decrease in net sales was due to Oilseed Products, of which the market prices were exceptionally high in the comparison period. · The net sales of Food Solutions were EUR 16.7 (14.7) million and operating profit EUR -0.1 (-0.4) million. Sales volumes increased in all channels. Price increases made as a response to the general increase in costs influenced net sales development. · The net sales of Oilseed Products were EUR 28.5 (32.8) million and operating profit EUR 1.4 (-0.2) million. Positive profit performance was boosted by successful raw material sourcing and active pricing efforts. January–June 2023, continuing operations) · In continuing operations, comparable net sales increased by 4 per cent to EUR 93.2 (89.9) million. EBITDA was EUR 5.5 (1.5) million. Operating profit was EUR 2.7 (-1.2) million. · The net sales of Food Solutions were EUR 36.3 (31.9) million and operating profit EUR 1.5 (0.7) million. · The net sales of Oilseed Products were EUR 57.2 (58.2) million and operating profit EUR 2.7 (-0.8) million. April–June 2023, Group, incl. discontinued operations) · Net sales decreased by 31 per cent to EUR 45.0 (64.9) million. EBITDA was EUR 2.0 (2.8) million. Operating profit was EUR 0.6 (1.2) million. · The net sales of Grain Trade were EUR 0.0 (21.9) million and operating profit EUR -0.1 (2.2) million. January–June 2023, Group, incl. discontinued operations) · Net sales decreased by 33 per cent to EUR 93.2 (139.7) million. EBITDA was EUR 5.4 (4.6) million. Operating profit was EUR 2.6 (1.4) million. · The net sales of Grain Trade were EUR 0.0 (64.0) million and operating profit EUR -0.1 (2.6) million. ) Apetit’s continuing operations are Food Solutions and Oilseed Products. In addition, Apetit reports Group Functions, consisting of the expenses related to Group management, strategic projects and listing on the stock exchange, that are not allocated to the business segments. *) Grain Trade is reported as a discontinued operation starting from the Q1/2022 Business Review. The divestment of the Grain Trade business was completed in stages during the first half of 2022. The information in this report is unaudited. The figures in brackets refer to the corresponding period in 2022, and the comparison period means the corresponding period in the previous year, unless otherwise stated. PROFIT GUIDANCE FOR 2023 UNCHANGED (Published on 16 February 2023) The full-year operating profit from continuing operations is expected to improve year-on-year (EUR 3.5 million in 2022). KEY FIGURES EUR million 4-6/2 4-6/2 Change 1-6/20 1-6/2022 Change 1-12/2022 023 022 23 Continuing operations Net sales 45.0 47.3 -5 % 93.2 89.9 4 % 181.7 EBITDA 2.0 0.4 5.5 1.5 9.2 Operating profit 0.7 -1.0 2.7 -1.2 3.5 Share of profit of 0.5 -0.1 0.9 -0.4 0.5 associated company Sucros Profit for the period 0.8 -0.9 2.8 -1.4 3.2 Earnings per share, 0.14 -0.14 0.45 -0.22 0.51 EUR Investments 2.5 3.0 5.0 Group (incl. discontinued operations) Net sales 45.0 64.9 -31 % 93.2 139.7 -33 % 231.8 EBITDA 2.0 2.8 5.4 4.6 12.4 Operating profit 0.6 1.2 2.6 1.4 6.2 Profit for the period 0.8 0.9 2.8 0.6 5.2 Earnings per share, 0.14 0.14 0.45 0.09 0.83 EUR Equity per share, EUR 15.48 14.68 15.38 ROCE-% 7.7 3.8 5.7 Working capital, end 17.5 22.1 18.7 of period Net cash flow from 7.7 17.8 28.4 operating activities Equity ratio, % 85.8 82.7 81.8 Net gearing, % -15.2 -4.8 -13.2 Esa Mäki, CEO: “Apetit’s result continued to develop positively. In the second quarter, the Group’s operating profit improved year-on-year. Both businesses improved their results. In Oilseed Products, the result has been improved by successful raw material sourcing. In Food Solutions, the improvement in result was influenced by successful product launches and by the price increases, made as a response to the general increase in costs. Result for the first half of the year improved clearly year-on-year. In the second quarter, Apetit Group’s net sales decreased slightly from the comparison period. The prices of oilseed products were exceptionally high in the comparison period, and the stabilisation of market prices could be seen as a decrease in net sales. However, sales volumes increased year-on-year. In Food Solutions, sales volumes and net sales have increased in all channels. The effects of cost inflation can be seen in consumer purchasing behavior. When buying food, consumers prefer more affordable products. At the same time, traditional, easy-to-prepare dishes, such as casseroles, have again become more popular. This can also be seen as changes in the demand for Apetit’s products as demand varies between different product groups. Our product range meet the consumers’ needs well. Frozen vegetables are an easy way to eat healthy and at the same time reduce food waste. The harvest season has proceeded fairly well. The hot and dry weather in the early summer reduced the first batch of the frozen pea harvest. The pea fields harvested later have yielded a harvest that is in line with expectations, in terms of both quality and quantity. For root vegetables, the growing season is still ongoing. The outlook is good, thanks to rains that came at a good time in July. For domestic spring oilseed plants, the growing season has been hampered by the hot and dry early summer. The rapeseed cultivation area has decreased year-on-year, which is not in line with our targets. As Finland is not entirely self-sufficient in oilseed plants, there is a genuine need to increase the cultivation area. In June, we announced a significant step in promoting the cultivation of domestic oilseed plants. Apetit was the driving force in the establishment of the new oilseed plant production development group, RypsiRapsi-foorumi. The forum brings together different stakeholders in the oilseed plant sector. It compiles the results of earlier research activities and produces new farming knowledge. Through this forum, we want to provide farmers with practical information and efficient methods for the cultivation of oilseed plants. The goal is to promote the cultivation of rapeseed and its profitability in Finland. The work to commercialize the rapeseed ingredient BlackGrain continues. During the first half of the year, we have focused on developing the production process. Measures to start commercial scale production are underway. BlackGrain offers the food industry a new domestic plant protein alternative that supports the implementation of the circular economy and the development of sustainable and high-quality food solutions. The use of steam produced with biogas was started in harvest-time production at the Säkylä frozen foods plant as part of the plant’s new energy solution. The new energy solution, based on renewable energy sources and heat recovery, will reduce the plant’s CO\2\ emissions by approximately 80 per cent. From now on, steam used at the Säkylä frozen foods plant is mainly produced with bioenergy. At the same time, the amount of primary energy needed decreases by approximately one third. As a result of the deployment of the new energy solution, the Group now uses mainly renewable energy sources. Already in 2022, a total of 76 per cent of the energy used by Apetit came from renewable sources. During the review period, we made a lot of progress towards our corporate responsibility programme’s goal of increasing the recyclability of packaging. Early this year, the use of recyclable plastic started in the Apetit Potato Onion product family, accounting for high sales volumes. The first frozen soups packaged in PECF-certified paperboard will be available in shops in the autumn. All frozen soups will be packaged in PEFC-certified paperboard by the end of 2024.” WEBCAST A news conference (in Finnish) will be held as a live webcast today on 17 August 2023 at 10:00 a.m. The news conference can be followed at apetit.fi/sijoittajille. The presentation material and a recording of the webcast will be available on the company’s website after the news conference. Apetit Plc Esa Mäki, CEO, Apetit Plc, tel. +358 10 402 2100 Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.
26.06.2023	Apetit Plc’s financial reporting and Annual General Meeting in 2024 Apetit Plc, Stock Exchange Release, 26 June 2023 at 12:00 p.m. Apetit Plc’s financial reporting and Annual General Meeting in 2024 Apetit Plc will publish its Financial Statements Review, Half Year Financial Review and two Business Reviews in 2024 as follows: February 15, 2024 at 8.30 a.m. - Financial Statements Review for 2023 April 26, 2024 at 8.30 a.m. - Business Review for January-March 2024 August 15, 2024 at 8.30 a.m. - Half Year Financial Review for January-June 2024 October 25, 2024 at 8.30 a.m. - Business Review for January-September 2024 The Annual Report for 2023 including the Corporate Responsibility Report will be published during the week 10, 2024. Apetit Plc’s Annual General Meeting is planned to be held on Thursday, April 11, 2024. Apetit's Board of Directors will summon the meeting at a later date. The financial reports are published in Finnish and English and will be available on the company’s web pages at apetit.fi. Apetit Plc For further information, please contact: Miika Kemilä, Communications and Sustainability Manager, 010 402 4044 Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.
12.06.2023	Apetit Plc: Managers’ Transactions - Juha Junnila Apetit Plc, Stock exchange release on 12 June 2023 at 11:35 a.m. Apetit Plc: Managers’ Transactions - Juha Junnila Apetit Oyj - Managers' Transactions ____________________________________________ Person subject to the notification requirement Name: Juha Junnila Position: Member of the Supervisory Board Issuer: Apetit Oyj LEI: 743700RSFZUIQYABYT14 Notification type: INITIAL NOTIFICATION Reference number: 33169/5/4 ____________________________________________ Transaction date: 2023-06-06 Venue: NASDAQ HELSINKI LTD (XHEL) Instrument type: SHARE ISIN: FI0009003503 Nature of transaction: ACQUISITION (X) Executed under portfolio or asset management Transaction details (1): Volume: 150 Unit price: 11.65 EUR Aggregated transactions (1): Volume: 150 Volume weighted average price: 11.65 EUR Apetit Plc For further information, please contact: CFO Susanna Tevä firstname.lastname (a) apetit.fi Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.
12.06.2023	Apetit Plc: Managers’ Transactions - Niemi-säätiö sr Apetit Plc, Stock exchange release on 12 June 2023 at 11:30 a.m. Apetit Plc: Managers’ Transactions - Niemi-säätiö sr Niemi-säätiö sr, closely associated party to a member of Apetit Plc’s Supervisory Board, has acquired a total of 30,901 Apetit Plc’s shares on 5 June 2023. Apetit Oyj - Managers' Transactions ____________________________________________ Person subject to the notification requirement Name: Niemi-säätiö sr Position: Closely associated person (X) Legal person (1):Person Discharging Managerial Responsibilities In Issuer Name: Juha Junnila Position: Member of the Supervisory Board Issuer: Apetit Oyj LEI: 743700RSFZUIQYABYT14 Notification type: AMENDMENT Reference number: 33089/5/5 Amendment comment: Väärä rooli, ilmoituksessa ”hallituksen jäsen/varajäsen”, po ”Lähipiiriin kuuluva henkilö”. ____________________________________________ Transaction date: 2023-06-05 Venue: NASDAQ HELSINKI LTD (XHEL) Instrument type: SHARE ISIN: FI0009003503 Nature of transaction: ACQUISITION (X) Executed under portfolio or asset management Transaction details (1): Volume: 30901 Unit price: 12.05 EUR Aggregated transactions (1): Volume: 30901 Volume weighted average price: 12.05 EUR Apetit Plc For further information, please contact: CFO Susanna Tevä firstname.lastname (a) apetit.fi Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.
03.05.2023	Apetit Plc: Managers’ Transactions - Ari Kulmala Apetit Plc, Stock exchange release on 3 May 2023 at 01:00 p.m. Apetit Plc: Managers’ Transactions - Ari Kulmala Apetit Oyj - Managers' Transactions ____________________________________________ Person subject to the notification requirement Name: Ari Juhani Kulmala Position: Other senior manager Issuer: Apetit Oyj LEI: 743700RSFZUIQYABYT14 Notification type: INITIAL NOTIFICATION Reference number: 30637/5/4 ____________________________________________ Transaction date: 2023-05-03 Venue: NASDAQ HELSINKI LTD (XHEL) Instrument type: SHARE ISIN: FI0009003503 Nature of transaction: DISPOSAL Transaction details (1): Volume: 2400 Unit price: 12.4 EUR Aggregated transactions (1): Volume: 2400 Volume weighted average price: 12.4 EUR Apetit Plc For further information, please contact: CFO Susanna Tevä firstname.lastname (a) apetit.fi Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.
25.04.2023	Organisational meeting of the Supervisory Board and election of the Board of Directors Apetit Plc, Stock Exchange Release, 25 April 2023 at 4:15 p.m. Organisational meeting of the Supervisory Board and election of the Board of Directors At its meeting on 25 April 2023, Apetit Plc’s Supervisory Board elected Harri Eela as its Chairman and Maisa Mikola as the Deputy Chairman. The Supervisory Board decided to elect six members to Apetit Plc's Board of Directors. Lasse Aho, Niko Simula, Annikka Hurme, Antti Korpiniemi and Kati Sulin were re-elected and Tero Hemmilä was elected as a new member as the members of the Board of Directors. Lasse Aho was appointed as the Chairman and Niko Simula as the Deputy Chairman of the Board of Directors. It was decided that the Board members will be paid an annual remuneration of EUR 23,400 and that the Chairman and Deputy Chairman will receive an annual remuneration of EUR 45,000 and EUR 27,600, respectively. The remuneration will be paid in cash monthly. It was also decided that the Chairman and members of the Board of Directors will be paid a meeting allowance of EUR 600 and EUR 400, respectively. Apetit Plc For further information, please contact: CFO Susanna Tevä firstname.lastname (a) apetit.fi Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.
25.04.2023	Apetit Plc’s Business Review 1 January–31 March 2023: Apetit’s result clearly improved – net sales grew in both businesses Apetit Plc, Stock Exchange Release, 25 April 2023 at 8:30 a.m. Apetit Plc’s Business Review 1 January–31 March 2023: Apetit’s result clearly improved – net sales grew in both businesses FINANCIAL PERFORMANCE IN BRIEF January–March 2023, continuing operations) · In continuing operations comparable net sales were EUR 48.2 (42.5) million. Operating profit was EUR 2.0 (-0.2) million. EBITDA was EUR 3.4 (1.2) million. · The net sales of Food Solutions were EUR 19.6 (17.3) million and operating profit EUR 1.6 (1.1) million. · The net sales of Oilseed Products were EUR 28.7 (25.4) million and operation profit EUR 1.3 (-0.7) million. January–March 2023, Group, incl. discontinued operations) · The Group’s comparable net sales were EUR 48.2 (74.8) million. Operating profit was EUR 2.0 (0.2) million. EBITDA was EUR 3.4 (1.8) million. · The net sales of Grain Trade were EUR 0.0 (42.1) million and operating profit EUR -0.0 (0.4) million. · The Group’s liquidity was good, and its financial position was strong. The equity ratio was 81.8 (62.7) per cent and gearing was -13.6 (23.6) per cent. The Group’s cash flow from operating activities after interest and taxes was EUR 1.5 (2.9) million. ) Apetit’s continuing operations are Food Solutions and Oilseed Products. In addition, Apetit reports Group Functions, consisting of the expenses related to Group management, strategic projects and listing on the stock exchange, that are not allocated to the business segments. *) Grain Trade is reported as a discontinued operation starting from the Q1/2022 Business Review. The divestment of the Grain Trade business was completed in stages during the first half of 2022. The information in this report is unaudited. The figures in brackets refer to the corresponding period in 2022, and the comparison period means the corresponding period in the previous year, unless otherwise stated. KEY FIGURES EUR million 1-3 1-3 1-12 2023 2022 2022 Continuing operations Net sales 48.2 42.5 13 % 181.7 EBITDA 3.4 1.2 9.2 Operating profit 2.0 -0.2 3.5 Share of profit of associated company Sucros 0.4 -0.3 0.5 Profit for the period 2.0 -0.5 3.2 Earnings per share, EUR 0.32 -0.08 0.51 Investments 1.0 0.9 5.0 Group (incl. discontinued operations) Net sales 48.2 74.8 -36 % 231.8 EBITDA 3.4 1.8 12.4 Operating profit 2.0 0.2 6.2 Profit for the period 2.0 -0.3 5.2 Earnings per share, EUR 0.32 -0.05 0.83 Equity per share, EUR 15.57 15.39 15.38 ROCE-% 7.7 1.7 5.7 Working capital, end of period 19.7 36.4 18.7 Net cash flow from operating activities 1.5 2.9 28.4 Equity ratio, % 81.8 62.7 81.8 Net gearing, % -13.6 23.6 -13.2 Esa Mäki, CEO: “The net sales and operating profit of Apetit’s continuing operations clearly grew year-on-year. In the Oilseed Products business the result rose to profitable. The result of Food Solutions also improved year-on-year. Net sales and sales volumes increased year-on-year in both businesses. In Food Solutions, sales volumes increased particularly in the Food service channel and exports. In the retail segment, volumes were slightly below than the high level seen in the comparison period. In the Oilseed Products business, market prices have levelled off from the highs seen last year. Investments in product development make sure that Apetit’s product range keeps aligned with the needs of consumers. In March, we launched new snack products in the retail channel, consisting of delicious combinations of vegetables and cheese. We also expanded our range of oven and grill vegetables by introducing a new flavour. Taste and competitive pricing remain key factors in consumers’ purchasing decisions, and we are able to respond to these expectations in our product categories. We strengthen the Apetit brand and have added our Finnish Apetit rapeseed oil to our selection in the Food service channel. Sales volumes increased year-on-year. The food service channel has continued its growth following the decline in sales caused by the COVID-19 pandemic. In the export, we have achieved strong growth in sales volumes thanks to our deliveries of peas. We have maintained our stable position among the preferred food choices of Finnish consumers. Cost inflation and the sharp increase in food prices reflect in consumer behaviour. Consumers are trying to decrease food waste and are opting for products in more affordable price categories. We will increase our cultivation area for field vegetables in the upcoming growing season. The number of hectares used for the cultivation of field vegetables by our contract growers will increase particularly for peas, potatoes and carrots. Our contract growing volume for Finnish field vegetables during the upcoming harvest season will be well over 30 million kilograms, using the Responsible Farming method we have developed at Apetit. Our Räpi experimental farm is continuing to develop cultivation methods. In accordance with our strategy, we will focus on promoting the cultivation of domestic pulses during the upcoming harvest season. In addition to peas, the Räpi farm grows chickpeas, among other crops, and the area under cultivation will again grow substantially when compared to the previous year. We were among the signatories to the Carbon Action cooperation network’s statement published in April with the aim of supporting sustainable cultivation methods and promoting regenerative agriculture. Promoting regenerative agriculture can produce benefits for waterways, the environment and farmers. The Räpi experimental farm will cultivate rapeseed in the upcoming harvest season. During this spring, we have made highly visible efforts to promote domestic rapeseed cultivation. In our campaign, which is known as Kaikki kotiinpäin in Finnish, we have sought to remind audiences of the significance of rapeseed with regard to self-sufficiency, as well as their favourable characteristics in crop rotation. The concerns about the declining cultivation areas of domestic rapeseed are real: according to the 2023 cultivation area forecast of the Finnish Cereal Committee VYR, the area under cultivation for spring rapeseed – which is the most popular oilseed plant in Finland – will decline substantially this season. We hope that farmers will include rapeseed in their cultivation plans. Apetit is a stable buyer of domestic oilseed plants and we want to significantly increase the number of Finnish oilseed products. The new energy solution at the Säkylä frozen foods plant will be deployed during the summer. The energy solution is primarily based on renewable energy sources and heat recovery, and it represents an important step in reducing the climate impacts arising from our energy consumption. During the first months of the year, we conducted a survey** on Finnish consumers’ habits and perceptions concerning frozen vegetables. The results indicate that we are on the right path in many respects. A majority of the respondents felt that frozen foods make it easier to include vegetables in their diet. According to the survey, frozen vegetables are perceived as a very sustainable choice. Frozen vegetables enable anyone to reduce food waste and increase the share of domestic vegetables on their plate all year round.” VYR: https://www.vyr.fi/fin/ajankohtaista/uutiset/2023/03/kylvoalaennuste-2023 * The survey sample consisted of 1,000 Finnish consumers between the ages of 18 and 75 who buy frozen vegetables at least a few times a year. Further information and more detailed results are available on Apetit’s website (https://apetit.fi/uutinen/?id=E5F514C79F3F5D90&category=d24de9f9) (in Finnish). KEY FIGURES BY SEGMENT, CONTINUING OPERATIONS Food Solutions EUR million 1-3/2023 1-3/2022 Change 2022 Net sales 19.6 17.3 14 % 64.2 EBITDA 2.5 1.9 7.6 Operating profit 1.6 1.1 4.2 Oilseed Products EUR million 1-3/2023 1-3/2022 Change 2022 Net sales 28.7 25.4 13 % 118.2 EBITDA 1.7 -0.3 3.2 Operating profit 1.3 -0.7 1.5 Group Functions EUR million 1-3/2023 1-3/2022 Change 2022 Net sales - - - EBITDA -0.8 -0.5 -1.6 Operating profit -0.9 -0.6 -2.2 In addition to the reporting segments, Apetit reports Group Functions, consisting of the expenses related to Group management, strategic projects and listing on the stock exchange, that are not allocated to the business segments. KEY FIGURES BY SEGMENT, DISCONTINUED OPERATIONS Grain Trade EUR million 1-3/2023 1-3/2022 Change 2022 Net sales - 42.1 -100 % 67.2 EBITDA -0.0 0.6 3.2 Operating profit -0.0 0.4 2.7 FINANCIAL PERFORMANCE IN JANUARY–MARCH, CONTINUING OPERATIONS Comparable net sales amounted to EUR 48.2 (42.5) million. Net sales increased clearly in both businesses. In Food Solutions, sales volumes were higher than in the comparison period. Sales volumes grew particularly in exports and the Food service channel. Sales volumes in the retail segment declined slightly from the high level seen in the comparison period. Gradual increases to selling prices were continued in all sales channels during the first months of the year to correspond to the increased costs. In Oilseed Products, sales volumes were higher than in the comparison period. In Oilseed Products, raw material prices have levelled off from the highs of last year. Operating profit was EUR 2.0 (-0.2) million. Profit improved in both businesses. In Food Solutions, profit was improved by the gradual price increases made after the comparison period, as well as increased sales volumes and the improved efficiency of production. In Oilseed Products, profit was improved by the succeeding in raw material procurement and sales. The operational efficiency of the bioenergy plant at the vegetable oil milling plant has improved. FINANCIAL PERFORMANCE IN JANUARY–MARCH, GROUP The Group’s liquidity was good, and its financial position was strong. The equity ratio was 81.8 (62.7) per cent, and gearing was -13.6 (23.6) per cent. The Group’s cash flow from operating activities after interest and taxes was EUR 1.5 (2.9) million. The sale of the Grain Trade business had a positive influence on the Group’s key figures. FINANCIAL PERFORMANCE IN JANUARY–MARCH, DISCONTINUED OPERATIONS In January–March, net sales amounted to EUR 0.0 (42.1) million. Operating profit was EUR -0.0 (0.4) million. The divestment of the Grain Trade business was completed in stages during the first half of 2022. THE DIVESTMENT OF THE GRAIN TRADE BUSINESS Grain Trade is reported as a discontinued operation starting from the Q1/2022 Business Review. The divestment of the Grain Trade business was completed in stages during the first half of 2022. Operating profit for Discontinued operations for 2022 includes EUR 2.3 million in gains on sale resulting from the sale of the Baltic and Finnish business operations. EVENTS AFTER THE END OF THE PERIOD The Group had no material events after the end of the period. 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 second half of the year. This means that more fixed production overheads are recognized on the balance sheet in the second half of the year. Due to this accounting practice, most of the Group’s annual profit is accrued during the second half of the year. The timing of end of the harvest season can affect the comparability between financial years. The seasonal nature of profit accumulation is most marked in the Food Solutions segment and in the associated company Sucros, where production reflects the crop harvesting season. Harvesting seasons also cause seasonal variation in the amount of working capital tied up in operations. Working capital tied up in Oilseed Products is at its highest towards the end of the year and decreases to its lowest in the summer before the next harvest season. As production in the Food Solutions segment is seasonal and follows the harvest period, the working capital tied up in operations is at its highest around the turn of the year in that segment. PROFIT GUIDANCE FOR 2023 UNCHANGED (published on 16 February 2023) The full-year operating profit from continuing operations is expected to improve year-on-year (EUR 3.5 million in 2022). Apetit Plc For further information, please contact: Esa Mäki, CEO, tel. +358 10 402 2100 Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.
13.04.2023	Decisions by the Annual General Meeting of Apetit Plc Apetit Plc, Stock exchange release, 13 April 2023 at 5:15 p.m. Decisions by the Annual General Meeting of Apetit Plc Apetit Plc’s Annual General Meeting was held on 13 April 2023 in Säkylä. At the beginning of the meeting 2,719 shareholders representing 4,269,804 shares and votes were represented at the meeting. The Annual General Meeting approved the parent company's and consolidated financial statements for the financial year 1 January - 31 December 2022 and discharged the members of the Supervisory Board and the Board of Directors and the CEO from liability. The Annual General Meeting decided to adopt the Remuneration Report for 2022 for the governing bodies. According to the Companies Act, the decision is advisory. The Remuneration Report is available on the company’s website at apetit.fi/en/corporate-governance/remuneration/. DIVIDEND The Annual General Meeting decided according to the Board of Director’s proposal that a dividend of EUR 0.50 per share will be paid for the financial year 2022. The dividend will be paid to shareholders who are registered in the company’s share-holder register maintained by Euroclear Finland Ltd on the record date of 17 April 2023. The dividend is paid 25 April 2023. No dividend will be paid on shares held by the company. THE NUMBER OF THE MEMBERS OF THE SUPERVISORY BOARD, THE ELECTION OF THE MEMBERS OF THE SUPERVISORY BOARD AND THE MEMBERS OF THE SUPERVISORY BOARD'S NOMINATION COMMITTEE AND REMUNERATION The Annual General Meeting voted of the number of the members of the Supervisory Board. The Annual General Meeting decided that the Supervisory Board will have 16 members elected by the Annual General Meeting. 5 persons were appointed as re-elected to replace members of the Supervisory Board completing their term and 2 persons were elected as new members. Jaakko Halkilahti, Maisa Mikola, Petri Rakkolainen, Olli Saaristo and Mauno Ylinen were re-elected to the Supervisory Board. Juha Junnila and Samu Pere were elected as a new members to the Supervisory Board. According to the shareholders’ proposal Henrika Vikman was re-elected as the member of the Supervisory Board's Nomination Committee and Nicolas Berner was elected as a new member of the Supervisory Board's Nomination Committee. The Annual General Meeting decided according to the shareholders’ proposal that the monthly fee paid to the Supervisory Board’s chairman is EUR 1,000, and to the deputy chairman EUR 665. The meeting allowance paid to the members of the Supervisory Board and the members of the Supervisory Board´s Nomination Committee is EUR 300. In addition, compensation for travelling expenses are paid in accordance with the general travel rules of Apetit Plc. THE ELECTION OF THE AUDITORS AND REMUNERATION According to the Board of Director’s proposal two auditors were elected for the company. According to the Board of Director’s proposal Ernst & Young Oy, authorized public accountants, with Erika Grönlund, APA as the auditor with principal responsibility and Osmo Valovirta, APA were re-elected as auditors. The auditors were elected until the end of the 2024 Annual General Meeting. The auditors’ fees are paid according to an invoice approved by the company. AUTHORIZING THE BOARD OF DIRECTORS TO DECIDE ON THE REPURCHASE OF COMPANY’S OWN SHARES According to the Board of Director’s proposal the Annual General Meeting decided to authorize the Board of Directors to decide on the repurchase of a maximum of 80,000 (eighty thousand) of the company’s own shares using the unrestricted equity of the company representing about 1,27 per cent of all the shares in the company. The authorization includes the right to accept company’s own shares as a pledge. The authorization is valid until the closing of the Annual General Meeting 2024, however no longer than until 31 May 2024. The authorization replaces the earlier authorization for repurchasing the Company’s shares given on 5 May 2022. The minutes of the Annual General Meeting will be available on the company’s website, apetit.fi/en, on 27 April 2023 at the latest. Apetit Plc For further information, please contact: CFO Susanna Tevä firstname.lastname (a) apetit.fi Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.
16.03.2023	Apetit Plc: Subscription of shares in a directed share issue Apetit Plc, Stock exchange release, 16 March 2023 at 01.30 p.m. Apetit Plc: Subscription of shares in a directed share issue On 15 February 2023, Apetit Plc’s Board of Directors has decided on a directed share issue against payment for personal investments in accordance with the long-term matching share plan 2023–2025 for key employees. A stock exchange release on the establishment and key terms of the programme was published on 22 February 2023. Based on the directed share issue against payment related to the matching share plan, employees subscribed for a total of 10,000 shares in the company (APETIT). The fair value of the shares at the time of the conveyance was determined in public trading arranged by NASDAQ Helsinki Ltd based on the weighted average price on 13 March 2023. The shares were conveyed to the subscribers on 15 March 2023. The shares subscribed for in the issue were treasury shares held by Apetit Plc. After the issue, Apetit Plc holds 63,268 treasury shares. The conveyance of the shares is based on the authorisation granted to the Board of Directors by the Annual General Meeting on 5 May 2022. On the basis of the authorisation, the Board of Directors may decide on issuing shares in one or more tranches. On the basis of the authorisation, a maximum of 600,000 new or treasury shares may be issued. Apetit Plc For further information, please contact: CFO Susanna Tevä firstname.lastname (a) apetit.fi Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

Date

Subject

26.10.2023

Apetit Plc’s Business Review 1 January–30 September 2023: Operating profit increased in both businesses – sales volumes grew in Food Solutions

Apetit Plc, Stock Exchange Release, 26 October 2023 at 8:30 a.m.

Apetit Plc’s Business Review 1 January–30 September 2023: Operating profit increased in both businesses – sales volumes grew in Food Solutions

FINANCIAL PERFORMANCE IN BRIEF

July–September 2023, continuing operations*)

· In continuing operations comparable net sales were EUR 39.7 (45.2) million. EBITDA was EUR 4.0 (3.2) million. Operating profit was EUR 2.7 (1.7) million.
· The net sales of Food Solutions were EUR 17.6 (15.2) million and operating profit EUR 2.3 (1.7) million.
· The net sales of Oilseed Products were EUR 22.2 (30.3) million and operation profit EUR 1.1 (0.6) million.

January–September 2023, continuing operations*)

· In continuing operations comparable net sales were EUR 132.9 (135.1) million. EBITDA was EUR 9.5 (4.7) million. Operating profit was EUR 5.4 (0.5) million.
· The net sales of Food Solutions were EUR 53.9 (47.1) million and operating profit EUR 3.8 (2.4) million.
· The net sales of Oilseed Products were EUR 79.4 (88.5) million and operating profit EUR 3.7 (-0.2) million.

July–September 2023, Group, incl. discontinued operations**)

· The Group’s comparable net sales were EUR 39.7 (45.5) million. EBITDA was EUR 4.0 (3.4) million. Operating profit was EUR 2.7 (1.9) million. The divestment of the Grain Trade business was completed on 31 May 2022.
· The net sales of Grain Trade were EUR 0.0 (3.2) million and operating profit EUR -0.0 (0.2) million.

January–September 2023, Group, incl. discontinued operations**)

· The Group’s comparable net sales were EUR 132.9 (185.2) million. EBITDA was EUR 9.4 (8.0) million. Operating profit was EUR 5.3 (3.3) million.
· The net sales of Grain Trade were EUR 0.0 (67.2) million and operating profit EUR -0.1 (2.8) million. The divestment of the Grain Trade business was completed on 31 May 2022.
· The Group’s liquidity was good, and its financial position was strong. The equity ratio was 82.9 (80.6) per cent and gearing was -12.9 (-7.3) per cent. The Group’s cash flow from operating activities after interest and taxes was EUR 7.9 (21.5) million.

*) Apetit’s continuing operations are Food Solutions and Oilseed Products. In addition, Apetit reports Group Functions, consisting of the expenses related to Group management, strategic projects and listing on the stock exchange, that are not allocated to the business segments.

**) Grain Trade has been reported as a discontinued operation starting from the Q1/2022 Business Review. The divestment of the Grain Trade business was completed in stages during the first half of 2022.

The information in this report is unaudited. The figures in brackets refer to the corresponding period in 2022, and the comparison period means the corresponding period in the previous year, unless otherwise stated.

KEY FIGURES

EUR million 7-9/2 7-9/2 Change 1-9/20 1-9/2022 Change 1-12/2022
023 022 23
Continuing operations
Net sales 39.7 45.2 -12 % 132.9 135.1 -2 % 181.7
EBITDA 4.0 3.2 9.5 4.7 9.2
Operating profit 2.7 1.7 5.4 0.5 3.5
Share of profit of 1.4 -0.2 2.3 -0.6 0.5
associated company
Sucros
Profit for the period 3.5 1.0 6.3 -0.4 3.2
Earnings per share, 0.56 0.15 1.01 -0.07 0.51
EUR
Investments 4.2 4.1 5.0

Group (incl.
discontinued
operations)
Net sales 39.7 45.5 -13 % 132.9 185.2 -28 % 231.8
EBITDA 4.0 3.4 9.4 8.0 12.4
Operating profit 2.7 1.9 5.3 3.3 6.2
Profit for the period 3.5 1.1 6.3 1.7 5.2
Earnings per share, 0.56 0.17 1.01 0.27 0.83
EUR
Equity per share, EUR 16.03 14.89 15.38
ROCE-% 8.3 3.2 5.7
Working capital, end 22.5 21.9 18.7
of period
Net cash flow from 7.9 21.5 28.4
operating activities
Equity ratio, % 82.9 80.6 81.8
Net gearing, % -12.9 -7.3 -13.2

Esa Mäki, CEO

“In the third quarter, Apetit’s operating profit improved year-on-year. Both businesses improved their results. In Oilseed Products, positive profit performance was boosted by successful raw material sourcing. The operational efficiency of the bioenergy plant at the Kantvik vegetable oil milling plant has improved. In Food Solutions, positive profit performance resulted from good development in sales and price adjustments made in order to respond to the general rise in costs.

We upgraded our profit guidance for 2023 for operating profit from continuing operations. Apetit expects the full-year operating profit from continuing operations to clearly improve year-on-year. In Oilseed Products, raw material sourcing has been successful throughout the year. International crush margins have been at an elevated level during the entire calendar year, and stabilisation of margins is not expected to happen during the remaining financial year. In Food Solutions, the sales have developed favourably. The impact of inflation, which has limited profit development, has successfully been moderated. The harvesting season, which is a key profit driver for Food Solutions, has progressed in a way that limits the risk during the current financial year from previous estimate.

In October, we announced that we are building the new bottling line in the Kantvik vegetable oil milling plant. With this approximately EUR 4.5 million investment, we take the supply chain more firmly into our own hands. Investing in a new bottling line follows Apetit’s strategy of speeding up growth and provides opportunities for the development of products with a higher degree of processing in the vegetable oil business. On the new line, vegetable oils can be bottled in plastic and glass bottles. It is estimated that the new line will become operational during the second half of 2024.

The abundant rainfall in August and September posed challenges for harvesting. Weather in the autumn can have a negative impact on the quality of root vegetable crops. Regardless, the harvest-time production of root vegetables has been fairly good as a whole. The processing of root vegetable crops will continue to the next calendar year. The volume and quality of autumn spinach crops were impaired by the abundant rainfall.

We have launched several delicious new products during the autumn. Our new soup ingredients for traditional salmon soup and borsch soup introduced the Apetit brand in a new product category. These products contain soup ingredients for making a filling soup easily. Another new product of this autumn, Mashed potato with carrots, makes daily life much easier. The frozen pizza product family expanded to family-size pizzas when Superior Grande pizzas were introduced to the market. These new pizzas increase the range of Apetit’s frozen pizzas, which was renewed a year ago and received a warm welcome among consumers. The new products introduced this autumn are an excellent complement to our range of products. Apetit’s product selection is a good match for the current situation, in which consumers prefer affordably priced products.

Important steps forward have been taken in the work to commercialise the rapeseed protein ingredient BlackGrain. This year’s efforts have been associated with the development of the production process. During the summer and the autumn, we have achieved desired results in process-related details, contributing to starting the commercial scale production. “More domestic plant proteins” is one of Apetit’s strategic focus areas.

We have launched a project to produce Finnish pea protein. In this strategically important project, we explore, in the entire value chain, the opportunities to produce Finnish pea protein. We have many advantages here: strong value chain insight, expertise in plant-based raw materials and long-term cooperation with domestic primary production. The pea is one of our most used plant proteins worldwide, but thus far we have relied on imported raw materials.

During the review period, Apetit decided to establish its own sales organisation in Sweden. The decision strengthens our position and promotes exports. Apetit’s product selection has achieved a strong foothold in the Swedish retail trade and it has grown even stronger with the expansion of the distribution channels. Export demand for peas continues to be strong.

Apetit’s production facilities have gone through an energy transition and, as a result, the share of renewable energy of all energy used by the Group has grown approximately eight-fold. Wind power is now used in all production facilities. The Kantvik bioenergy plant and the Säkylä plant’s new energy solution have increased the use of domestic renewable energy. Apetit’s emission targets will be reached ahead of the planned schedule. The target set by Apetit is to reduce energy-related emissions by 75 per cent by 2025.”

KEY FIGURES BY SEGMENT, CONTINUING OPERATIONS

Food Solutions

EUR million 7-9/2023 7-9/2022 Change 1-9/2023 1-9/2022 Change 2022
Net sales 17.6 15.2 16 % 53.9 47.1 14 % 64.2
EBITDA 3.2 2.6 6.4 4.9 7.6
Operating profit 2.3 1.7 3.8 2.4 4.2

Oilseed Products

EUR million 7-9/2023 7-9/2022 Change 1-9/2023 1-9/2022 Change 2022
Net sales 22.2 30.3 -27 % 79.4 88.5 -10 % 118.2
EBITDA 1.4 1.0 4.9 1.0 3.2
Operating profit 1.1 0.6 3.7 -0.2 1.5

Group Functions

EUR million 7-9/2023 7-9/2022 Change 1-9/2023 1-9/2022 Change 2022
Net sales - - - - -
EBITDA -0.6 -0.4 -1.9 -1.2 -1.6
Operating profit -0.7 -0.6 -2.2 -1.7 -2.2

In addition to the reporting segments, Apetit reports Group Functions, consisting of the expenses related to Group management, strategic projects and listing on the stock exchange, that are not allocated to the business segments.

KEY FIGURES BY SEGMENT, DISCONTINUED OPERATIONS

Grain Trade

EUR million 7-9/2023 7-9/2022 Change 1-9/2023 1-9/2022 Change 2022
Net sales - 3.2 -100 % - 67.2 -100 % 67.2
EBITDA -0.0 0.2 -0.1 3.3 3.2
Operating profit -0.0 0.2 -0.1 2.8 2.7

FINANCIAL PERFORMANCE IN JULY–SEPTEMBER, CONTINUING OPERATIONS

Comparable net sales decreased by 12 per cent to EUR 39.7 (45.2) million. Net sales decreased mainly due to the high market prices of Oilseed Products in the comparison period and partly due to the normal period-to-period volume variation.

In Food Solutions, net sales and sales volumes increased from the comparison period. Net sales grew in all sales channels. Sales volumes increased in retail trade, the Food service sector and exports. In Food Solutions, price adjustments were made in line with the general rise in costs.

Operating profit was EUR 2.7 (1.7) million. Operating profit increased in both businesses. In Oilseed Products, positive profit performance was boosted by successful raw material sourcing and the improved operational efficiency of the bioenergy plant. In Food Solutions, profit has been improved by good development in sales and price adjustments made in order to respond to the general rise in costs.

FINANCIAL PERFORMANCE IN JULY–SEPTEMBER, GROUP

The Group’s liquidity was good, and its financial position was strong. The equity ratio was 82.9 (80.6) per cent, and gearing was -12.9 (-7.3) per cent. The Group’s cash flow from operating activities after interest and taxes was EUR 7.9 (21.5) million. The sale of the Grain Trade business on comparison year had a positive influence on the Group’s key figures.

FINANCIAL PERFORMANCE IN JULY–SEPTEMBER, DISCONTINUED OPERATIONS

In July–September, net sales amounted to EUR 0.0 (3.2) million. Operating profit was EUR -0.0 (0.2) million. The divestment of the Grain Trade business was completed in stages during the first half of 2022.

SUMMARY OF JANUARY–SEPTEMBER, GROUP INCLUDING DISCONTINUED OPERATIONS

Net sales amounted to EUR 132.9 (185.2) million. Operating profit was EUR 5.3 (3.3) million. Operating profit of Discontinued operations for 2022 includes EUR 2.3 million in gains on sale resulting from the sale of the Baltic and Finnish business operations.

THE DIVESTMENT OF THE GRAIN TRADE BUSINESS

Grain Trade has been reported as a discontinued operation starting from the Q1/2022 Business Review. The divestment of the Grain Trade business was completed in stages during the first half of 2022. Operating profit for Discontinued operations for 2022 includes EUR 2.3 million in gains on sale resulting from the sale of the Baltic and Finnish business operations.

EVENTS AFTER THE END OF THE PERIOD

Inside information
On 11 October 2023, Apetit announced that it will invest EUR 4.5 million in a new bottling line in the Kantvik vegetable oil milling plant. On the new line to be built in the premises of the Kantvik vegetable oil milling plant’s packing section, vegetable oils can be bottled in plastic and glass bottles. It is estimated that the new line will become operational during the second half of 2024.

Positive profit warning
On 18 October 2023, Apetit announced that it is upgrading its profit guidance for 2023 for operating profit from continuing operations. Upgraded profit guidance for 2023: The full-year operating profit from continuing operations is expected to clearly improve year-on-year (EUR 3.5 million in 2022). Previous profit guidance for 2023: The full-year operating profit from continuing operations is expected to improve year-on-year (EUR 3.5 million in 2022).

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 second half of the year. This means that more fixed production overheads are recognized on the balance sheet in the second half of the year. Due to this accounting practice, most of the Group’s annual profit is accrued during the second half of the year. The timing of end of the harvest season can affect the comparability between financial years. The seasonal nature of profit accumulation is most marked in the Food Solutions segment and in the associated company Sucros, where production reflects the crop harvesting season.

Harvesting seasons also cause seasonal variation in the amount of working capital tied up in operations. Working capital tied up in Oilseed Products is at its highest towards the end of the year and decreases to its lowest in the summer before the next harvest season. As production in the Food Solutions segment is seasonal and follows the harvest period, the working capital tied up in operations is at its highest around the turn of the year in that segment.

PROFIT GUIDANCE FOR 2023 (published on 18 October 2023)

The full-year operating profit from continuing operations is expected to clearly improve year-on-year (EUR 3.5 million in 2022).

Apetit Plc
For further information, please contact:
Esa Mäki, CEO, tel. +358 10 402 2100
Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

18.10.2023

Inside information, positive profit warning: Apetit upgrades its profit guidance for 2023 for operating profit from continuing operations

Apetit Plc, inside information 18 October 2023, at 9:30 a.m.

Inside information, positive profit warning: Apetit upgrades its profit guidance for 2023 for operating profit from continuing operations

Apetit upgrades its profit guidance for 2023 for operating profit from continuing operations. Apetit expects the full-year operating profit from continuing operations to clearly improve year-on-year (EUR 3.5 million in 2022).

In Oilseed Products, raw material sourcing has been successful throughout the year. International crush margins have been at an elevated level during the entire calendar year, and stabilization of margins is not expected to happen during the remaining financial year.

In Food Solutions, the sales have developed favorably. The impact of inflation, which has limited profit development, has successfully been moderated. The harvesting season, which is a key profit driver for Food Solutions, has progressed in a way that limits the risk during the current financial year from previous estimate.

Upgraded profit guidance for 2023:

The full-year operating profit from continuing operations is expected to clearly improve year-on-year (EUR 3.5 million in 2022).

Previous profit guidance for 2023 (published 16 February 2023 and repeated 17 August 2023):

The full-year operating profit from continuing operations is expected to improve year-on-year (EUR 3.5 million in 2022).

Apetit Plc publishes its Business Review from 1 January–30 September 2023 on Thursday 26 October 2023. Due to the silent period, Apetit will not further comment its result before the publishing of Business Review.

Apetit Plc

For further information, please contact:

Esa Mäki, CEO, Apetit Plc, tel. +358 10 402 2100

Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

11.10.2023

Apetit invests EUR 4.5 million in a new bottling line in the Kantvik vegetable oil milling plant

Apetit Plc, Stock Exchange Release, 11 October 2023 at 9:30 a.m.

Apetit invests EUR 4.5 million in a new bottling line in the Kantvik vegetable oil milling plant

Apetit is building a new bottling line for vegetable oil products in the premises of the Kantvik vegetable oil milling plant’s packing section. The value of the investment is approximately EUR 4.5 million. On the new line, vegetable oils can be bottled in plastic and glass bottles. It is estimated the new line will become operational during the second half of 2024.

“Investing in a new bottling line strongly follows our strategy of speeding up organic growth. Vegetable oils are an essential part of a healthy and balanced diet. The continued growing interest of consumers in well-being and the pursuit of healthy living ensure the demand for vegetable oils remains high. A new bottling line provides opportunities for the development of products with a higher degree of processing in vegetable oil products,” says Esa Mäki, CEO of Apetit.

Until now, vegetable oils sold for industrial use and the Food service sector have been packaged at the Apetit’s Kantvik vegetable oil milling plant.

“With the new bottling line, we take the supply chain more firmly in our own hands and will be able to develop our product selection diversely and make stronger use of the domestic origin as part of our products. We want to increase the sales of the domestic Apetit and Neito vegetable oils in retail sales”, says Timo Huttunen, Director, Oilseed Products business of Apetit Plc.

The construction work related to the investment will begin during the year 2023. The main suppliers for the new bottling line are Krones and Stora Enso.

Apetit Plc

For further information, please contact: Timo Huttunen, Director, Oilseed Products Business of Apetit Plc, firstname.lastname (a) apetit.fi
Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

25.09.2023

Apetit Plc: Managers’ Transactions - Lasse Aho

Apetit Plc, Stock exchange release on 25 September 2023 at 2:00 p.m.

Apetit Oyj - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Lasse Aho

Position: Member of the Board/Deputy member

Issuer: Apetit Oyj

LEI: 743700RSFZUIQYABYT14

Notification type: INITIAL NOTIFICATION

Reference number: 39121/5/4

____________________________________________

Transaction date: 2023-09-21

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI0009003503

Nature of transaction: ACQUISITION

(X) Executed under portfolio or asset management

Transaction details

(1): Volume: 690 Unit price: 12.2 EUR

Aggregated transactions (1):

Volume: 690 Volume weighted average price: 12.2EUR

____________________________________________

Transaction date: 2023-09-22

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI0009003503

Nature of transaction: ACQUISITION

(X) Executed under portfolio or asset management

Transaction details

(1): Volume: 583 Unit price: 12.2 EUR

Aggregated transactions (1):

Volume: 583 Volume weighted average price: 12.2EUR

Apetit Plc

For further information, please contact:

CFO Susanna Tevä

firstname.lastname (a) apetit.fi

Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

13.09.2023

Apetit Plc: Managers’ Transactions - Tero Hemmilä

Apetit Plc, Stock exchange release on 13 September 2023 at 09:00 a.m.

Apetit Plc: Managers’ Transactions

____________________________________________

Person subject to the notification requirement

Name: Tero Hemmilä

Position: Member of the Board/Deputy member

Issuer: Apetit Plc

LEI: 743700RSFZUIQYABYT14

Notification type: INITIAL NOTIFICATION

Reference number: 37647/4/4

____________________________________________

Transaction date: 2023-09-12

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI0009003503

Nature of transaction: ACQUISITION

(X) Executed under portfolio or asset management

Transaction details

(1): Volume: 500 Unit price: 12,108 EUR

Aggregated transactions (1):

Volume: 500 Volume weighted average price: 12,108 EUR

Apetit Plc

For further information, please contact:

CFO Susanna Tevä

firstname.lastname (a) apetit.fi

Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

23.08.2023

Apetit Plc: Managers’ Transactions - Tero Hemmilä

Apetit Plc, Stock exchange release on 23 August 2023 at 03:00 p.m.

Apetit Plc: Managers’ Transactions

____________________________________________

Person subject to the notification requirement

Name: Tero Hemmilä

Position: Member of the Board/Deputy member

Issuer: Apetit Plc

LEI: 743700RSFZUIQYABYT14

Notification type: INITIAL NOTIFICATION

Reference number: 36927/5/4

____________________________________________

Transaction date: 2023-08-21

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI0009003503

Nature of transaction: ACQUISITION

(X) Executed under portfolio or asset management

Transaction details

(1): Volume: 1000 Unit price: 12.32840 EUR

Aggregated transactions (1):

Volume: 1000 Volume weighted average price: 12.32840 EUR

Apetit Plc

For further information, please contact:

CFO Susanna Tevä

firstname.lastname (a) apetit.fi

Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

17.08.2023

Apetit Plc’s Half-Year Report 1 January–30 June 2023: Apetit’s operating profit improved year-on-year – sales volumes increased in both businesses

Apetit Plc, Half-Year Report on 17 August 2023 at 08:30 a.m.

Apetit Plc’s Half-Year Report 1 January–30 June 2023: Apetit’s operating profit improved year-on-year – sales volumes increased in both businesses

April–June 2023, continuing operations*)

· In continuing operations, comparable net sales were EUR 45.0 (47.3) million. EBITDA was EUR 2.0 (0.4) million. Operating profit was EUR 0.7 (-1.0) million. Decrease in net sales was due to Oilseed Products, of which the market prices were exceptionally high in the comparison period.
· The net sales of Food Solutions were EUR 16.7 (14.7) million and operating profit EUR -0.1 (-0.4) million. Sales volumes increased in all channels. Price increases made as a response to the general increase in costs influenced net sales development.
· The net sales of Oilseed Products were EUR 28.5 (32.8) million and operating profit EUR 1.4 (-0.2) million. Positive profit performance was boosted by successful raw material sourcing and active pricing efforts.

January–June 2023, continuing operations*)

· In continuing operations, comparable net sales increased by 4 per cent to EUR 93.2 (89.9) million. EBITDA was EUR 5.5 (1.5) million. Operating profit was EUR 2.7 (-1.2) million.
· The net sales of Food Solutions were EUR 36.3 (31.9) million and operating profit EUR 1.5 (0.7) million.
· The net sales of Oilseed Products were EUR 57.2 (58.2) million and operating profit EUR 2.7 (-0.8) million.

April–June 2023, Group, incl. discontinued operations**)

· Net sales decreased by 31 per cent to EUR 45.0 (64.9) million. EBITDA was EUR 2.0 (2.8) million. Operating profit was EUR 0.6 (1.2) million.
· The net sales of Grain Trade were EUR 0.0 (21.9) million and operating profit EUR -0.1 (2.2) million.

January–June 2023, Group, incl. discontinued operations**)

· Net sales decreased by 33 per cent to EUR 93.2 (139.7) million. EBITDA was EUR 5.4 (4.6) million. Operating profit was EUR 2.6 (1.4) million.
· The net sales of Grain Trade were EUR 0.0 (64.0) million and operating profit EUR -0.1 (2.6) million.

*) Apetit’s continuing operations are Food Solutions and Oilseed Products. In addition, Apetit reports Group Functions, consisting of the expenses related to Group management, strategic projects and listing on the stock exchange, that are not allocated to the business segments.

**) Grain Trade is reported as a discontinued operation starting from the Q1/2022 Business Review. The divestment of the Grain Trade business was completed in stages during the first half of 2022.

The information in this report is unaudited. The figures in brackets refer to the corresponding period in 2022, and the comparison period means the corresponding period in the previous year, unless otherwise stated.

PROFIT GUIDANCE FOR 2023 UNCHANGED

(Published on 16 February 2023)

The full-year operating profit from continuing operations is expected to improve year-on-year (EUR 3.5 million in 2022).

KEY FIGURES

EUR million 4-6/2 4-6/2 Change 1-6/20 1-6/2022 Change 1-12/2022
023 022 23
Continuing operations
Net sales 45.0 47.3 -5 % 93.2 89.9 4 % 181.7
EBITDA 2.0 0.4 5.5 1.5 9.2
Operating profit 0.7 -1.0 2.7 -1.2 3.5
Share of profit of 0.5 -0.1 0.9 -0.4 0.5
associated company
Sucros
Profit for the period 0.8 -0.9 2.8 -1.4 3.2
Earnings per share, 0.14 -0.14 0.45 -0.22 0.51
EUR
Investments 2.5 3.0 5.0
Group (incl.
discontinued
operations)
Net sales 45.0 64.9 -31 % 93.2 139.7 -33 % 231.8
EBITDA 2.0 2.8 5.4 4.6 12.4
Operating profit 0.6 1.2 2.6 1.4 6.2
Profit for the period 0.8 0.9 2.8 0.6 5.2
Earnings per share, 0.14 0.14 0.45 0.09 0.83
EUR
Equity per share, EUR 15.48 14.68 15.38
ROCE-% 7.7 3.8 5.7
Working capital, end 17.5 22.1 18.7
of period
Net cash flow from 7.7 17.8 28.4
operating activities
Equity ratio, % 85.8 82.7 81.8
Net gearing, % -15.2 -4.8 -13.2

Esa Mäki, CEO:

“Apetit’s result continued to develop positively. In the second quarter, the Group’s operating profit improved year-on-year. Both businesses improved their results. In Oilseed Products, the result has been improved by successful raw material sourcing. In Food Solutions, the improvement in result was influenced by successful product launches and by the price increases, made as a response to the general increase in costs. Result for the first half of the year improved clearly year-on-year.

In the second quarter, Apetit Group’s net sales decreased slightly from the comparison period. The prices of oilseed products were exceptionally high in the comparison period, and the stabilisation of market prices could be seen as a decrease in net sales. However, sales volumes increased year-on-year. In Food Solutions, sales volumes and net sales have increased in all channels.

The effects of cost inflation can be seen in consumer purchasing behavior. When buying food, consumers prefer more affordable products. At the same time, traditional, easy-to-prepare dishes, such as casseroles, have again become more popular. This can also be seen as changes in the demand for Apetit’s products as demand varies between different product groups. Our product range meet the consumers’ needs well. Frozen vegetables are an easy way to eat healthy and at the same time reduce food waste.

The harvest season has proceeded fairly well. The hot and dry weather in the early summer reduced the first batch of the frozen pea harvest. The pea fields harvested later have yielded a harvest that is in line with expectations, in terms of both quality and quantity. For root vegetables, the growing season is still ongoing. The outlook is good, thanks to rains that came at a good time in July.

For domestic spring oilseed plants, the growing season has been hampered by the hot and dry early summer. The rapeseed cultivation area has decreased year-on-year, which is not in line with our targets. As Finland is not entirely self-sufficient in oilseed plants, there is a genuine need to increase the cultivation area.

In June, we announced a significant step in promoting the cultivation of domestic oilseed plants. Apetit was the driving force in the establishment of the new oilseed plant production development group, RypsiRapsi-foorumi. The forum brings together different stakeholders in the oilseed plant sector. It compiles the results of earlier research activities and produces new farming knowledge. Through this forum, we want to provide farmers with practical information and efficient methods for the cultivation of oilseed plants. The goal is to promote the cultivation of rapeseed and its profitability in Finland.

The work to commercialize the rapeseed ingredient BlackGrain continues. During the first half of the year, we have focused on developing the production process. Measures to start commercial scale production are underway. BlackGrain offers the food industry a new domestic plant protein alternative that supports the implementation of the circular economy and the development of sustainable and high-quality food solutions.

The use of steam produced with biogas was started in harvest-time production at the Säkylä frozen foods plant as part of the plant’s new energy solution. The new energy solution, based on renewable energy sources and heat recovery, will reduce the plant’s CO\2\ emissions by approximately 80 per cent. From now on, steam used at the Säkylä frozen foods plant is mainly produced with bioenergy. At the same time, the amount of primary energy needed decreases by approximately one third. As a result of the deployment of the new energy solution, the Group now uses mainly renewable energy sources. Already in 2022, a total of 76 per cent of the energy used by Apetit came from renewable sources.

During the review period, we made a lot of progress towards our corporate responsibility programme’s goal of increasing the recyclability of packaging. Early this year, the use of recyclable plastic started in the Apetit Potato Onion product family, accounting for high sales volumes. The first frozen soups packaged in PECF-certified paperboard will be available in shops in the autumn. All frozen soups will be packaged in PEFC-certified paperboard by the end of 2024.”

WEBCAST

A news conference (in Finnish) will be held as a live webcast today on 17 August 2023 at 10:00 a.m. The news conference can be followed at apetit.fi/sijoittajille. The presentation material and a recording of the webcast will be available on the company’s website after the news conference.

Apetit Plc

Esa Mäki, CEO, Apetit Plc, tel. +358 10 402 2100

Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

26.06.2023

Apetit Plc’s financial reporting and Annual General Meeting in 2024

Apetit Plc, Stock Exchange Release, 26 June 2023 at 12:00 p.m.

Apetit Plc’s financial reporting and Annual General Meeting in 2024
Apetit Plc will publish its Financial Statements Review, Half Year Financial Review and two Business Reviews in 2024 as follows:

February 15, 2024 at 8.30 a.m. - Financial Statements Review for 2023

April 26, 2024 at 8.30 a.m. - Business Review for January-March 2024

August 15, 2024 at 8.30 a.m. - Half Year Financial Review for January-June 2024

October 25, 2024 at 8.30 a.m. - Business Review for January-September 2024
The Annual Report for 2023 including the Corporate Responsibility Report will be published during the week 10, 2024.

Apetit Plc’s Annual General Meeting is planned to be held on Thursday, April 11, 2024. Apetit's Board of Directors will summon the meeting at a later date.

The financial reports are published in Finnish and English and will be available on the company’s web pages at apetit.fi.
Apetit Plc
For further information, please contact:

Miika Kemilä, Communications and Sustainability Manager, 010 402 4044

Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

12.06.2023

Apetit Plc: Managers’ Transactions - Juha Junnila

Apetit Plc, Stock exchange release on 12 June 2023 at 11:35 a.m.

Apetit Plc: Managers’ Transactions - Juha Junnila

Apetit Oyj - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Juha Junnila

Position: Member of the Supervisory Board

Issuer: Apetit Oyj

LEI: 743700RSFZUIQYABYT14

Notification type: INITIAL NOTIFICATION

Reference number: 33169/5/4

____________________________________________

Transaction date: 2023-06-06

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI0009003503

Nature of transaction: ACQUISITION

(X) Executed under portfolio or asset management

Transaction details

(1): Volume: 150 Unit price: 11.65 EUR

Aggregated transactions (1):

Volume: 150 Volume weighted average price: 11.65 EUR

Apetit Plc

For further information, please contact:

CFO Susanna Tevä

firstname.lastname (a) apetit.fi

Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

12.06.2023

Apetit Plc: Managers’ Transactions - Niemi-säätiö sr

Apetit Plc, Stock exchange release on 12 June 2023 at 11:30 a.m.

Apetit Plc: Managers’ Transactions - Niemi-säätiö sr

Niemi-säätiö sr, closely associated party to a member of Apetit Plc’s Supervisory Board, has acquired a total of 30,901 Apetit Plc’s shares on 5 June 2023.

Apetit Oyj - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Niemi-säätiö sr

Position: Closely associated person

(X) Legal person (1):Person Discharging Managerial Responsibilities In Issuer

Name: Juha Junnila

Position: Member of the Supervisory Board

Issuer: Apetit Oyj

LEI: 743700RSFZUIQYABYT14

Notification type: AMENDMENT

Reference number: 33089/5/5

Amendment comment:

Väärä rooli, ilmoituksessa ”hallituksen jäsen/varajäsen”, po ”Lähipiiriin kuuluva henkilö”.

____________________________________________

Transaction date: 2023-06-05

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI0009003503

Nature of transaction: ACQUISITION

(X) Executed under portfolio or asset management

Transaction details

(1): Volume: 30901 Unit price: 12.05 EUR

Aggregated transactions (1):

Volume: 30901 Volume weighted average price: 12.05 EUR

Apetit Plc

For further information, please contact:

CFO Susanna Tevä

firstname.lastname (a) apetit.fi

Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

03.05.2023

Apetit Plc: Managers’ Transactions - Ari Kulmala

Apetit Plc, Stock exchange release on 3 May 2023 at 01:00 p.m.

Apetit Plc: Managers’ Transactions - Ari Kulmala

Apetit Oyj - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Ari Juhani Kulmala

Position: Other senior manager

Issuer: Apetit Oyj

LEI: 743700RSFZUIQYABYT14

Notification type: INITIAL NOTIFICATION

Reference number: 30637/5/4

____________________________________________

Transaction date: 2023-05-03

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI0009003503

Nature of transaction: DISPOSAL

Transaction details

(1): Volume: 2400 Unit price: 12.4 EUR

Aggregated transactions (1):

Volume: 2400 Volume weighted average price: 12.4 EUR

Apetit Plc

For further information, please contact:

CFO Susanna Tevä

firstname.lastname (a) apetit.fi

Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

25.04.2023

Organisational meeting of the Supervisory Board and election of the Board of Directors

Apetit Plc, Stock Exchange Release, 25 April 2023 at 4:15 p.m.

Organisational meeting of the Supervisory Board and election of the Board of Directors

At its meeting on 25 April 2023, Apetit Plc’s Supervisory Board elected Harri Eela as its Chairman and Maisa Mikola as the Deputy Chairman.

The Supervisory Board decided to elect six members to Apetit Plc's Board of Directors. Lasse Aho, Niko Simula, Annikka Hurme, Antti Korpiniemi and Kati Sulin were re-elected and Tero Hemmilä was elected as a new member as the members of the Board of Directors. Lasse Aho was appointed as the Chairman and Niko Simula as the Deputy Chairman of the Board of Directors.

It was decided that the Board members will be paid an annual remuneration of EUR 23,400 and that the Chairman and Deputy Chairman will receive an annual remuneration of EUR 45,000 and EUR 27,600, respectively. The remuneration will be paid in cash monthly. It was also decided that the Chairman and members of the Board of Directors will be paid a meeting allowance of EUR 600 and EUR 400, respectively.

Apetit Plc

For further information, please contact:

CFO Susanna Tevä

firstname.lastname (a) apetit.fi

Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

25.04.2023

Apetit Plc’s Business Review 1 January–31 March 2023: Apetit’s result clearly improved – net sales grew in both businesses

Apetit Plc, Stock Exchange Release, 25 April 2023 at 8:30 a.m.

Apetit Plc’s Business Review 1 January–31 March 2023: Apetit’s result clearly improved – net sales grew in both businesses

FINANCIAL PERFORMANCE IN BRIEF

January–March 2023, continuing operations*)

· In continuing operations comparable net sales were EUR 48.2 (42.5) million. Operating profit was EUR 2.0 (-0.2) million. EBITDA was EUR 3.4 (1.2) million.
· The net sales of Food Solutions were EUR 19.6 (17.3) million and operating profit EUR 1.6 (1.1) million.
· The net sales of Oilseed Products were EUR 28.7 (25.4) million and operation profit EUR 1.3 (-0.7) million.

January–March 2023, Group, incl. discontinued operations**)

· The Group’s comparable net sales were EUR 48.2 (74.8) million. Operating profit was EUR 2.0 (0.2) million. EBITDA was EUR 3.4 (1.8) million.
· The net sales of Grain Trade were EUR 0.0 (42.1) million and operating profit EUR -0.0 (0.4) million.
· The Group’s liquidity was good, and its financial position was strong. The equity ratio was 81.8 (62.7) per cent and gearing was -13.6 (23.6) per cent. The Group’s cash flow from operating activities after interest and taxes was EUR 1.5 (2.9) million.

*) Apetit’s continuing operations are Food Solutions and Oilseed Products. In addition, Apetit reports Group Functions, consisting of the expenses related to Group management, strategic projects and listing on the stock exchange, that are not allocated to the business segments.

**) Grain Trade is reported as a discontinued operation starting from the Q1/2022 Business Review. The divestment of the Grain Trade business was completed in stages during the first half of 2022.

The information in this report is unaudited. The figures in brackets refer to the corresponding period in 2022, and the comparison period means the corresponding period in the previous year, unless otherwise stated.

KEY FIGURES

EUR million 1-3 1-3 1-12
2023 2022 2022
Continuing operations
Net sales 48.2 42.5 13 % 181.7
EBITDA 3.4 1.2 9.2
Operating profit 2.0 -0.2 3.5
Share of profit of associated company Sucros 0.4 -0.3 0.5
Profit for the period 2.0 -0.5 3.2
Earnings per share, EUR 0.32 -0.08 0.51
Investments 1.0 0.9 5.0
Group (incl. discontinued operations)
Net sales 48.2 74.8 -36 % 231.8
EBITDA 3.4 1.8 12.4
Operating profit 2.0 0.2 6.2
Profit for the period 2.0 -0.3 5.2
Earnings per share, EUR 0.32 -0.05 0.83
Equity per share, EUR 15.57 15.39 15.38
ROCE-% 7.7 1.7 5.7
Working capital, end of period 19.7 36.4 18.7
Net cash flow from operating activities 1.5 2.9 28.4
Equity ratio, % 81.8 62.7 81.8
Net gearing, % -13.6 23.6 -13.2

Esa Mäki, CEO:

“The net sales and operating profit of Apetit’s continuing operations clearly grew year-on-year. In the Oilseed Products business the result rose to profitable. The result of Food Solutions also improved year-on-year.

Net sales and sales volumes increased year-on-year in both businesses. In Food Solutions, sales volumes increased particularly in the Food service channel and exports. In the retail segment, volumes were slightly below than the high level seen in the comparison period. In the Oilseed Products business, market prices have levelled off from the highs seen last year.

Investments in product development make sure that Apetit’s product range keeps aligned with the needs of consumers. In March, we launched new snack products in the retail channel, consisting of delicious combinations of vegetables and cheese. We also expanded our range of oven and grill vegetables by introducing a new flavour. Taste and competitive pricing remain key factors in consumers’ purchasing decisions, and we are able to respond to these expectations in our product categories. We strengthen the Apetit brand and have added our Finnish Apetit rapeseed oil to our selection in the Food service channel.

Sales volumes increased year-on-year. The food service channel has continued its growth following the decline in sales caused by the COVID-19 pandemic. In the export, we have achieved strong growth in sales volumes thanks to our deliveries of peas. We have maintained our stable position among the preferred food choices of Finnish consumers. Cost inflation and the sharp increase in food prices reflect in consumer behaviour. Consumers are trying to decrease food waste and are opting for products in more affordable price categories.

We will increase our cultivation area for field vegetables in the upcoming growing season. The number of hectares used for the cultivation of field vegetables by our contract growers will increase particularly for peas, potatoes and carrots. Our contract growing volume for Finnish field vegetables during the upcoming harvest season will be well over 30 million kilograms, using the Responsible Farming method we have developed at Apetit.

Our Räpi experimental farm is continuing to develop cultivation methods. In accordance with our strategy, we will focus on promoting the cultivation of domestic pulses during the upcoming harvest season. In addition to peas, the Räpi farm grows chickpeas, among other crops, and the area under cultivation will again grow substantially when compared to the previous year. We were among the signatories to the Carbon Action cooperation network’s statement published in April with the aim of supporting sustainable cultivation methods and promoting regenerative agriculture. Promoting regenerative agriculture can produce benefits for waterways, the environment and farmers. The Räpi experimental farm will cultivate rapeseed in the upcoming harvest season.

During this spring, we have made highly visible efforts to promote domestic rapeseed cultivation. In our campaign, which is known as Kaikki kotiinpäin in Finnish, we have sought to remind audiences of the significance of rapeseed with regard to self-sufficiency, as well as their favourable characteristics in crop rotation. The concerns about the declining cultivation areas of domestic rapeseed are real: according to the 2023 cultivation area forecast* of the Finnish Cereal Committee VYR, the area under cultivation for spring rapeseed – which is the most popular oilseed plant in Finland – will decline substantially this season. We hope that farmers will include rapeseed in their cultivation plans. Apetit is a stable buyer of domestic oilseed plants and we want to significantly increase the number of Finnish oilseed products.

The new energy solution at the Säkylä frozen foods plant will be deployed during the summer. The energy solution is primarily based on renewable energy sources and heat recovery, and it represents an important step in reducing the climate impacts arising from our energy consumption.

During the first months of the year, we conducted a survey** on Finnish consumers’ habits and perceptions concerning frozen vegetables. The results indicate that we are on the right path in many respects. A majority of the respondents felt that frozen foods make it easier to include vegetables in their diet. According to the survey, frozen vegetables are perceived as a very sustainable choice. Frozen vegetables enable anyone to reduce food waste and increase the share of domestic vegetables on their plate all year round.”
*VYR: https://www.vyr.fi/fin/ajankohtaista/uutiset/2023/03/kylvoalaennuste-2023
** The survey sample consisted of 1,000 Finnish consumers between the ages of 18 and 75 who buy frozen vegetables at least a few times a year. Further information and more detailed results are available on Apetit’s website (https://apetit.fi/uutinen/?id=E5F514C79F3F5D90&category=d24de9f9) (in Finnish).

KEY FIGURES BY SEGMENT, CONTINUING OPERATIONS

Food Solutions

EUR million 1-3/2023 1-3/2022 Change 2022
Net sales 19.6 17.3 14 % 64.2
EBITDA 2.5 1.9 7.6
Operating profit 1.6 1.1 4.2

Oilseed Products

EUR million 1-3/2023 1-3/2022 Change 2022
Net sales 28.7 25.4 13 % 118.2
EBITDA 1.7 -0.3 3.2
Operating profit 1.3 -0.7 1.5

Group Functions

EUR million 1-3/2023 1-3/2022 Change 2022
Net sales - - -
EBITDA -0.8 -0.5 -1.6
Operating profit -0.9 -0.6 -2.2

In addition to the reporting segments, Apetit reports Group Functions, consisting of the expenses related to Group management, strategic projects and listing on the stock exchange, that are not allocated to the business segments.

KEY FIGURES BY SEGMENT, DISCONTINUED OPERATIONS

Grain Trade

EUR million 1-3/2023 1-3/2022 Change 2022
Net sales - 42.1 -100 % 67.2
EBITDA -0.0 0.6 3.2
Operating profit -0.0 0.4 2.7

FINANCIAL PERFORMANCE IN JANUARY–MARCH, CONTINUING OPERATIONS

Comparable net sales amounted to EUR 48.2 (42.5) million. Net sales increased clearly in both businesses. In Food Solutions, sales volumes were higher than in the comparison period. Sales volumes grew particularly in exports and the Food service channel. Sales volumes in the retail segment declined slightly from the high level seen in the comparison period. Gradual increases to selling prices were continued in all sales channels during the first months of the year to correspond to the increased costs. In Oilseed Products, sales volumes were higher than in the comparison period. In Oilseed Products, raw material prices have levelled off from the highs of last year.

Operating profit was EUR 2.0 (-0.2) million. Profit improved in both businesses. In Food Solutions, profit was improved by the gradual price increases made after the comparison period, as well as increased sales volumes and the improved efficiency of production. In Oilseed Products, profit was improved by the succeeding in raw material procurement and sales. The operational efficiency of the bioenergy plant at the vegetable oil milling plant has improved.

FINANCIAL PERFORMANCE IN JANUARY–MARCH, GROUP

The Group’s liquidity was good, and its financial position was strong. The equity ratio was 81.8 (62.7) per cent, and gearing was -13.6 (23.6) per cent. The Group’s cash flow from operating activities after interest and taxes was EUR 1.5 (2.9) million. The sale of the Grain Trade business had a positive influence on the Group’s key figures.

FINANCIAL PERFORMANCE IN JANUARY–MARCH, DISCONTINUED OPERATIONS

In January–March, net sales amounted to EUR 0.0 (42.1) million. Operating profit was EUR -0.0 (0.4) million. The divestment of the Grain Trade business was completed in stages during the first half of 2022.

THE DIVESTMENT OF THE GRAIN TRADE BUSINESS

Grain Trade is reported as a discontinued operation starting from the Q1/2022 Business Review. The divestment of the Grain Trade business was completed in stages during the first half of 2022.

Operating profit for Discontinued operations for 2022 includes EUR 2.3 million in gains on sale resulting from the sale of the Baltic and Finnish business operations.

EVENTS AFTER THE END OF THE PERIOD

The Group had no material events after the end of the period.

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 second half of the year. This means that more fixed production overheads are recognized on the balance sheet in the second half of the year. Due to this accounting practice, most of the Group’s annual profit is accrued during the second half of the year. The timing of end of the harvest season can affect the comparability between financial years. The seasonal nature of profit accumulation is most marked in the Food Solutions segment and in the associated company Sucros, where production reflects the crop harvesting season.

Harvesting seasons also cause seasonal variation in the amount of working capital tied up in operations. Working capital tied up in Oilseed Products is at its highest towards the end of the year and decreases to its lowest in the summer before the next harvest season. As production in the Food Solutions segment is seasonal and follows the harvest period, the working capital tied up in operations is at its highest around the turn of the year in that segment.

PROFIT GUIDANCE FOR 2023 UNCHANGED
(published on 16 February 2023)

The full-year operating profit from continuing operations is expected to improve year-on-year (EUR 3.5 million in 2022).

Apetit Plc

For further information, please contact:
Esa Mäki, CEO, tel. +358 10 402 2100
Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

13.04.2023

Decisions by the Annual General Meeting of Apetit Plc

Apetit Plc, Stock exchange release, 13 April 2023 at 5:15 p.m.

Decisions by the Annual General Meeting of Apetit Plc

Apetit Plc’s Annual General Meeting was held on 13 April 2023 in Säkylä. At the beginning of the meeting 2,719 shareholders representing 4,269,804 shares and votes were represented at the meeting.

The Annual General Meeting approved the parent company's and consolidated financial statements for the financial year 1 January - 31 December 2022 and discharged the members of the Supervisory Board and the Board of Directors and the CEO from liability.

The Annual General Meeting decided to adopt the Remuneration Report for 2022 for the governing bodies. According to the Companies Act, the decision is advisory. The Remuneration Report is available on the company’s website at apetit.fi/en/corporate-governance/remuneration/.

DIVIDEND

The Annual General Meeting decided according to the Board of Director’s proposal that a dividend of EUR 0.50 per share will be paid for the financial year 2022. The dividend will be paid to shareholders who are registered in the company’s share-holder register maintained by Euroclear Finland Ltd on the record date of 17 April 2023. The dividend is paid 25 April 2023. No dividend will be paid on shares held by the company.

THE NUMBER OF THE MEMBERS OF THE SUPERVISORY BOARD, THE ELECTION OF THE MEMBERS OF THE SUPERVISORY BOARD AND THE MEMBERS OF THE SUPERVISORY BOARD'S NOMINATION COMMITTEE AND REMUNERATION

The Annual General Meeting voted of the number of the members of the Supervisory Board. The Annual General Meeting decided that the Supervisory Board will have 16 members elected by the Annual General Meeting.

5 persons were appointed as re-elected to replace members of the Supervisory Board completing their term and 2 persons were elected as new members. Jaakko Halkilahti, Maisa Mikola, Petri Rakkolainen, Olli Saaristo and Mauno Ylinen were re-elected to the Supervisory Board. Juha Junnila and Samu Pere were elected as a new members to the Supervisory Board.

According to the shareholders’ proposal Henrika Vikman was re-elected as the member of the Supervisory Board's Nomination Committee and Nicolas Berner was elected as a new member of the Supervisory Board's Nomination Committee.

The Annual General Meeting decided according to the shareholders’ proposal that the monthly fee paid to the Supervisory Board’s chairman is EUR 1,000, and to the deputy chairman EUR 665. The meeting allowance paid to the members of the Supervisory Board and the members of the Supervisory Board´s Nomination Committee is EUR 300. In addition, compensation for travelling expenses are paid in accordance with the general travel rules of Apetit Plc.

THE ELECTION OF THE AUDITORS AND REMUNERATION

According to the Board of Director’s proposal two auditors were elected for the company. According to the Board of Director’s proposal Ernst & Young Oy, authorized public accountants, with Erika Grönlund, APA as the auditor with principal responsibility and Osmo Valovirta, APA were re-elected as auditors. The auditors were elected until the end of the 2024 Annual General Meeting.

The auditors’ fees are paid according to an invoice approved by the company.

AUTHORIZING THE BOARD OF DIRECTORS TO DECIDE ON THE REPURCHASE OF COMPANY’S OWN SHARES

According to the Board of Director’s proposal the Annual General Meeting decided to authorize the Board of Directors to decide on the repurchase of a maximum of 80,000 (eighty thousand) of the company’s own shares using the unrestricted equity of the company representing about 1,27 per cent of all the shares in the company. The authorization includes the right to accept company’s own shares as a pledge.

The authorization is valid until the closing of the Annual General Meeting 2024, however no longer than until 31 May 2024. The authorization replaces the earlier authorization for repurchasing the Company’s shares given on 5 May 2022.

The minutes of the Annual General Meeting will be available on the company’s website, apetit.fi/en, on 27 April 2023 at the latest.

Apetit Plc

For further information, please contact:

CFO Susanna Tevä

firstname.lastname (a) apetit.fi

Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

16.03.2023

Apetit Plc: Subscription of shares in a directed share issue

Apetit Plc, Stock exchange release, 16 March 2023 at 01.30 p.m.

Apetit Plc: Subscription of shares in a directed share issue

On 15 February 2023, Apetit Plc’s Board of Directors has decided on a directed share issue against payment for personal investments in accordance with the long-term matching share plan 2023–2025 for key employees. A stock exchange release on the establishment and key terms of the programme was published on 22 February 2023.

Based on the directed share issue against payment related to the matching share plan, employees subscribed for a total of 10,000 shares in the company (APETIT). The fair value of the shares at the time of the conveyance was determined in public trading arranged by NASDAQ Helsinki Ltd based on the weighted average price on 13 March 2023. The shares were conveyed to the subscribers on 15 March 2023. The shares subscribed for in the issue were treasury shares held by Apetit Plc. After the issue, Apetit Plc holds 63,268 treasury shares.

The conveyance of the shares is based on the authorisation granted to the Board of Directors by the Annual General Meeting on 5 May 2022. On the basis of the authorisation, the Board of Directors may decide on issuing shares in one or more tranches. On the basis of the authorisation, a maximum of 600,000 new or treasury shares may be issued.

Apetit Plc

For further information, please contact:

CFO Susanna Tevä
firstname.lastname (a) apetit.fi

Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2022, Apetit Group's net sales were EUR 182 million.

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