Apetit Plc, Stock Exchange Release, 19 August 2019 at 03:00 p.m.
Apetit Plc has made a decision and signed an agreement on the implementation of the bioenergy plant to be built at the rapeseed oil milling plant in Kirkkonummi as a result of a granted environmental permit for the project. The bioenergy plant is targeted to be completed in October 2020. Apetit announced the construction of the bioenergy plant on 16 August 2018.
The cost of the investment has been revised from the previous EUR 3.7 million to EUR 5.2 million. Originally, Apetit has been granted an investment aid for project based on renewable energy from the Ministry of Economic Affairs and Employment of Finland’s in August 2018. The total amount of investment aid has now been increased to about EUR 490,000 to reflect the adjusted costs of the project.
The bioenergy plant replaces the current energy solution that uses non-renewable fuels and would significantly reduce the carbon dioxide emissions of the entire Group. It also increases energy self-sufficiency of the plant.
Apetit Plc, Half-Year Financial Report, 16 August 2019 at 8:30 a.m.
April–June 2019, continuing operations
· Net sales from continuing operations were EUR 64.5 (66.7) million
· Operational EBITDA was EUR -1.2 (1.1) million
· Operational EBIT was EUR -2.5 (0.1) million
January–June 2019, continuing operations
· Net sales from continuing operations were EUR 135.5 (120.5) million
· Operational EBITDA was EUR 0.9 (2.0) million
· Operational EBIT was EUR -1.7 (0.0) million
April–June 2019, the Group, including discontinued operations*
· Consolidated net sales amounted to EUR 69.6 (72.8) million
· Operational EBITDA was EUR -1.3 (0.9) million
· Operational EBIT was EUR -3.0 (-0.6) million
January–June 2019, the Group, including discontinued operations*
· Consolidated net sales amounted to EUR 146.0 (132.5) million
· Operational EBITDA was EUR 0.5 (1.5) million
· Operational EBIT was EUR -2.7 (-1.4) million
* Discontinued operations: On 10 July 2019, Apetit Plc signed an agreement on selling its fresh cut products business to the Swedish company Greenfood AB. The business operations to be transferred are reported as discontinued operations in this half-year report. The transaction is expected to be completed in the second half of 2019.
Key events during the period
· The CEO of Apetit will change, with Juha Vanhainen resigning on 31 August 2019. Esa Mäki will become the new CEO as of 1 September 2019.
The information in this report is unaudited. The figures in parentheses are the equivalent figures for the corresponding period in 2018, and “comparison period” refers to the corresponding period in the previous year, unless stated otherwise.
PROFIT GUIDANCE FOR 2019 UNCHANGED
The Group’s full-year operational EBIT is expected to improve year-on-year (EUR -1.0 million in 2018). The profit outlook for early 2019 was burdened by the weak grain crop of 2018. Opportunities to export Finnish grain were limited, and an imbalance of supply and demand posed challenges in the grain trade in the Baltic countries.
Juha Vanhainen, CEO:
“As expected, the effects of the 2018 harvest season extended into the second quarter of 2019. Due to the record low grain crop, there was not much Finnish grain to export. In the Baltic countries, we met with an imbalance of demand and supply. In addition, due to the good crop outlook for 2019, grain prices decreased considerably during the spring, which significantly reduced margin opportunities related to old harvest stocks purchased at high prices. For this reason, Grain Trade’s result was far below target.
On the positive side, the conditions are now favourable for a good grain crop in Finland and our other main areas of supply, while the harvest of field vegetables is expected to be average.
Due to the weak crop, our Oilseed Products business was burdened by the limited availability of rapeseed in Finland and its neighbouring regions, which caused raw material costs to increase significantly. Expectations concerning the current harvest season have been overshadowed by a considerable decrease in rapeseed cultivation areas in Finland, as well as exceptionally high numbers of pests.
Food Solutions’ result continued to develop favourably: the sales of frozen products remained at the comparison period’s level, and the adjustment measures that were implemented improved profitability. During the spring, we completed the divestment of our service point network according to plan. An increase in labour efficiency, as well as other adjustment measures, improved the profitability of fresh cut products.
In July, we announced that we would sell our fresh cut products business operations to the Swedish company Greenfood AB, an international operator with the capacity to further develop these operations on a larger scale. The business transfer will further strengthen Apetit’s focus on Finnish primary production. If implemented, the transaction will also improve Apetit’s profitability.
I will resign as the CEO of Apetit on 31 August 2019. My period of nearly five years as the CEO has been challenging in many ways, but also very interesting and highly motivating. Under my supervision, we have streamlined and simplified Apetit’s business operations, as well as strengthening the company’s focus on vegetables in line with its strategy.
In 2017, we divested our loss-making seafood business. This year, we divested our service business operations. We have also systematically improved the efficiency and profitability of our fresh cut products business. The new owner will continue this work later this year.
We have implemented efficiency measures within the company, but we have also focused on growth and have made significant investments. Our investment of nearly EUR 10 million in the new patty and ball production line in Säkylä and our investment in a bioenergy plant in conjunction with our oil milling plant in Kirkkonummi are also strong investments in the future. We succeeded in putting our decreasing net sales from our frozen foods business back on the growth track by considerably increasing our investment in product development and international food sales.
In addition to accelerating product development, we have systematically carried out research to develop a rapeseed protein ingredient and increase Finland’s self-sufficiency in vegetable-based proteins. We submitted an application for a novel food marketing authorisation in December 2018, and the composition and manufacturing method of the rapeseed protein ingredient have been patented in Finland since the beginning of August.
This a solid foundation for the further development of the company.”
Apetit is applying the IFRS 16 Leases standard as of 1 January 2019. A simplified procedure has been applied to the transition and the figures for the year preceding implementation have not been adjusted. This affects especially the comparability of operational EBITDA, the equity ration and gearing. The effects are described in more detail in the notes to this Half-Year Financial Report.
NEWS CONFERENCE AND WEBCAST
A news conference (in Finnish) will be held today at 10:00 a.m. at Apetit’s office, Sörnäistenkatu 1 A, Helsinki. A live webcast of the news conference can be followed via apetit.fi/for-investors. The presentation material and a recording of the webcast will be available after the news conference on the company’s website.
Apetit Plc
For further information, please contact:
Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 2100
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2018, the company's net sales were EUR 283 million. Read more at apetit.fi.
Apetit Plc, Stock Exchange Release 16.8.2019 at 8.25 a.m.
On 10 July 2019, Apetit announced that it has agreed to sell its fresh cut products business, part of the Food Solutions segment to the Swedish company Greenfood AB. The transaction is expected to be completed in the second half of 2019. To be completed, the transaction requires the approval of the competition authorities.
As a result of the agreement, Apetit reports the sold business operations as a discontinued operation. In addition to Fresh Cut Foods, discontinued operations include the Seafood segment. The Seafood segment is included for 2018, the comparison year, and its impact is limited to financial items.
The updated comparison data on continuing and discontinued operations for 2018 and the first quarter of 2019 are presented in the tables below. Updated comparison data by segment are presented for both half-years of 2018. The data are unaudited.
NET SALES
EUR million Q1/2018 Q2/2018 Q3/2018 Q4/2018 2018 Q1/2019
Continuing 57.3 72.1 77.8 71.2 278.3 71.1
operations
Intra-group -3.6 -5.4 -7.0 -2.5 -18.4 -0.1
net sales
Total 53.7 66.7 70.7 68.7 259.9 71.0
Discontinued 6.0 6.1 5.8 5.4 23.2 5.4
operations
Group Total 59.7 72.8 76.6 74.0 283.1 76.4
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2018, the company's net sales were EUR 283 million. Read more at apetit.fi.
Apetit Plc, Insider information, 10 July 2019 at 14:30 p.m.
Apetit Plc discloses additional information on the sale of the fresh cut products business. On 10 July 2019 Apetit announced that it has signed an agreement on selling its fresh cut products business operations to the Swedish company Greenfood AB.
A transaction price of the business transfer is EUR 13,8 million. The price is paid in cash at the time of completion of the transaction which is expected to take place in the second half of 2019. The transaction requires the approval of the competition authorities.
Apetit Plc
For more information, please contact:
Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 2100
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2018, the company's net sales were EUR 283 million. Read more at apetit.fi.
Apetit Plc, Insider information, 10 July 2019 at 10:30 a.m.
Apetit Plc has signed an agreement on selling its fresh cut products business operations to the Swedish company Greenfood AB. Greenfood AB is an importer, distributor and processor of fruit and vegetables as well as a leading healthy fresh food actor that operates in the Nordic countries and Western Europe. In Finland, Greenfood AB owns Salico Oy, Satotukku Oy, Picadeli Oy and Snackpoint Oy. Salico is one of the leading Finnish suppliers of fresh cut fruit and vegetable products to food service, retail and fast food chains.
The arrangement will be carried out as a business transfer that covers Apetit’s plant property in Kivikko in Helsinki, including machinery and equipment. The employees of Apetit’s fresh cut products business operations will transfer to Salico Oy, Greenfood AB’s Finnish subsidiary, as existing employees. The parties are not disclosing the transaction price.
Apetit will recognise a non-recurring sales gain of around EUR 2 million after taxes for the corporate transaction in the second half of 2019. More detailed information will be available once the arrangement has been completed. Apetit’s net sales from fresh cut products business operations totalled EUR 23.2 million in 2018 and it has 120 employees.
Apetit will report its fresh cut products business operations under discontinued operations in its half-year financial report on 16 August 2019. The corporate transaction is expected to have a positive effect on Apetit’s full-year operational EBIT.
Juha Vanhainen, CEO of Apetit Plc:
“Apetit has recently made significant investments in improving the efficiency and, consequently, the profitability of its fresh cut products business operations. However, there is considerable competition in the fresh cut products market in Finland, and we have been unable to make these business operations profitable sufficiently quickly. Due to this, we have decided to sell our fresh cut products business operations to a strong international operator with the capacity to further develop these operations on a larger scale. The transaction is expected to improve Apetit’s profitability.”
David von Laskowski, CEO, Greenfood AB:
“The acquisition of Apetit’s fresh cut products business operations offers us an opportunity to grow in Finland. We believe that, combined with our international expertise, this business transfer will create significant added value for the fresh cut products business operations, as well as strengthening their cost-competitiveness in particular.”
In order to be completed, the transaction requires the approval of the competition authorities. The transaction is expected to be completed in the second half of 2019.
Apetit Plc
For more information, please contact:
Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 2100
David von Laskowski, CEO, Greenfood, tel. +46 70 290 63 13
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2018, the company's net sales were EUR 283 million. Read more at apetit.fi (http://www.apetit.fi/).
About Greenfood Ab
We just love healthy food. Making it tastier. Easier. Better. And more accessible. Passion is what’s made us at Greenfood one of the Nordic region’s leading groups in healthy food, with a history that stretches back 50 years. In 2018 our sales totalled approx. SEK 4.7 billion, and we have just over 1,300 employees. We pursue a broad range of activities, and with our four business areas we cater for the entire grocery chain – from growing, processing and delivery to the moment the consumer puts the fork in their mouth. Greenfood’s business areas are: Picadeli, Food Solutions, Fresh Cut and Fresh Produce. The Group’s brands include: Picadeli, Green Deli, Wrapson, Daily Greens, SallaCarte. Read more at www.greenfood.se.
Apetit Plc, Stock Exchange Release, 11 June 2019 at 2:00 p.m.
Apetit Plc corrects inaccurate information about the company's financial position and equity presented in public in the last few days.
The company's financial position is very strong. Depending on grain trade stocks, the company's equity ratio has been at a level of 60-70% for a long time. In addition, the Group's net gearing was negative at the end of 2017, and at the end of 2018 it was slightly positive due to high grain stocks.
The company's equity has declined by some EUR 40 million over the past five years. More than half consists of dividends paid to shareholders based on the company's strong financial position and the rest mainly from write-downs and sales losses recorded in the Seafood business that was sold in 2017. Apetit's operational EBIT during the years 2014-2018 has been approximately EUR 9 million positive in total.
Apetit Plc
For more information, please contact:
Juha Vanhainen, CEO, tel. +358 10 402 00
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2018, the company's net sales were EUR 283 million. Read more at www.apetit.fi.
Apetit Plc, Stock Exchange Release, 31 May 2019 at 9:30 a.m.
Juha Vanhainen, CEO of Apetit Plc, will leave the CEO position of the company on 31 August 2019. Thereafter he will be available for special projects defined by the Board of Directors until 30 November 2019.
“The nearly five-year period as the CEO of Apetit has been challenging in many ways and at the same time a very interesting and motivating period. I am glad that we have taken the change through together with the great personnel of Apetit and have shaped the company as a clearly focused vegetable house. I will start a new phase in my career at the end of the year,” says Juha Vanhainen.
“I thank Juha Vanhainen on my and the Board of Directors’ behalf for his work. I wish him success for the future,” says Simo Palokangas, Chairman of the Board of Directors at Apetit Plc.
Esa Mäki appointed CEO of Apetit Plc as of 1 September 2019
Apetit Plc's Board of Directors has appointed Esa Mäki (52), M.Sc as a new CEO. Mäki will start at Apetit on 1 September 2019. He moves to the position from HKScan Corporation where he has been working since beginning of March 2019 in the position of EVP, Meat Balance & Supply Chain.
Esa Mäki has previously worked at Atria Plc being responsible for export and industrial sales as well as Managing Director at Best In Oy. In addition, Mäki's previous career includes CEO positions at Biolan Oy, Finnprotein Oy, Broilertalo Oy and HK Ruokatalo Oy.
“Apetit will get the leader, whose industry expertise and extensive management experience will strengthen development of the company's performance. Improving business efficiency and improving profitability clearly are the most important tasks of the Board of Directors and the CEO starting in September. It's great that we can work together with Esa Mäki,” says Palokangas.
“The common denominator of my new and previous duties is the Finnish food industry. Originally from countryside, I already at a young age have had a contact with Lännen Tehtaat, which has refined products from my home farm. The started development measures at Apetit, targeting to improve growth and profitability, will be a priority also in the future,” says Esa Mäki, President and CEO of Apetit Plc.
Apetit Plc
The Board of Directors
For further information, please contact:
Simo Palokangas, Chairman of the Board of Directors, tel. +358 400 521 697
Esa Mäki, puh. +358 44 0321 079
Juha Vanhainen, puh. +358 40 541 8178
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2018, the company's net sales were EUR 283 million. Read more at www.apetit.fi.
Apetit Plc, Stock Exchange Release, 8 May 2019 at 8.30 a.m.
JANUARY–MARCH 2019 IN BRIEF
January–March 2019
· Net sales amounted to EUR 76.4 (59.7) million
· Operational EBITDA was EUR 1.8 (0.6) million
· Operational EBIT was EUR 0.3 (-0.8) million
The information is unaudited. The figures in parentheses are the equivalent figures for the same period in 2018, and the comparison period means the corresponding period in the previous year, unless otherwise stated.
Juha Vanhainen, CEO:
“Performance at the beginning of the year continued to be held back by the weakest harvest of the millennium. Thanks to the adjustment and efficiency measures carried out last year and the continued brisk sales in frozen foods we were able to achieve a food-driven result improvement. At the beginning of the year we announced new adjustment and efficiency measures which will focus especially on the fresh cut products. We also made some changes to the company’s management with the main purpose of further strengthening the company’s growing business and rapidly improving underperforming operations.
The Group’s net sales grew on the comparison period thanks to the improved net sales of the Grain Trade. In early 2018 we delivered the exceptionally high grain stocks that had built up due to the imbalance of supply and demand in the Baltic countries. The net sales of Food Solutions declined due to the discontinuation of service sales but profitability improved substantially, however. We can be very satisfied with this performance and the success of our own actions. The profit performance of the Oilseed business continued on a steady track.
As the number one in vegetables, Apetit seeks to continuously introduce new products that interest consumers in line with its strategy. New products launched this spring have expanded the offering of modern vegetable products. These new products are all delicious and made with interesting raw materials. In addition to quick-paced product development, Apetit is carrying out a significant research project to increase the added value of rapeseed. The company submitted an application for a novel food marketing authorisation for a rapeseed protein ingredient at the end of 2018. We have received confirmation that the composition and manufacturing method can be patented, and the patent will be granted later this year in Finland.
We will continue our unrelenting work to improve profitability and create growth in accordance with the Group’s strategic focuses of renewal, efficiency improvement and internationalisation.”
KEY FIGURES
+----------------------------------------------------+------+------+-------+------+
|EUR million |1-3 |1-3 |Change |2018 |
| |2019 |2018 | | |
+----------------------------------------------------+------+------+-------+------+
|Net sales |76.4 |59.7 |28% |283.1 |
+----------------------------------------------------+------+------+-------+------+
|Operational EBITDA |1.8 |0.6 | |4.8 |
+----------------------------------------------------+------+------+-------+------+
|Operational EBIT |0.3 |-0.8 | |-1.0 |
+----------------------------------------------------+------+------+-------+------+
|Operating profit |-0.6 |-1.4 | |-6.9 |
+----------------------------------------------------+------+------+-------+------+
|Share of profit of associated company Sucros |-0.5 |-0.5 | |-0.7 |
+----------------------------------------------------+------+------+-------+------+
|Profit for the period |-1,1 |-1.7 | |-6.6 |
+----------------------------------------------------+------+------+-------+------+
|Earnings per share, EUR |-0.17 |-0.27 | |-1.06 |
+----------------------------------------------------+------+------+-------+------+
|Working capital, end of period |45.1 |30.2 | |57.2 |
+----------------------------------------------------+------+------+-------+------+
|Investment |2.5 |0.7 | |6.7 |
+----------------------------------------------------+------+------+-------+------+
|Equity per share, EUR |15.72 |17.19 | |16.29 |
+----------------------------------------------------+------+------+-------+------+
|Operational return on capital employed R12 (ROCE-%) |-0.6% |2.3% | |-1.7% |
+----------------------------------------------------+------+------+-------+------+
|Net cash flow from operating activities |10.9 |-4.5 | |-23.5 |
+----------------------------------------------------+------+------+-------+------+
|Equity ratio |63.7% |73.6% | |61.4% |
+----------------------------------------------------+------+------+-------+------+
|Gearing |20.5% |-5.4% | |21.5% |
+----------------------------------------------------+------+------+-------+------+
FINANCIAL PERFORMANCE IN JANUARY–MARCH
Comparable net sales increased by 28 per cent to EUR 76.4 (59.7) million. In Food Solutions net sales declined as a result of a shrinking service sales network. Grain Trade net sales grew markedly as the high stock levels were discharged at the turn of the year. Oilseed Products’ net sales remained at the comparison period’s level.
Operational EBIT was EUR 0.3 (-0.8) million. In Food Solutions profitability improved markedly thanks to the adjustment and efficiency measures carried out in 2018 and the continued brisk sales of frozen foods. The profitability of Grain Trade was impaired by a record-poor harvest and the resulting low export potential for Finnish grain and, in the case of the Baltic countries, an imbalance in supply and demand. Oilseed Products’ profitability remained at the comparison period’s level.
The Group’s liquidity was good, and its financial position is strong. The equity ratio was 63.7 (73.6) per cent, and gearing was 20.5 (-5.4) per cent. Consolidated cash flow from operating activities after interest and taxes amounted to EUR 10.9 (-4.5) million in January-March mainly due to the decrease in grain stocks.
APETIT TO UPDATE OPERATIONAL INDICATORS
Apetit is updating its operational indicators and in the future the company will present operational indicators without the IAS-2 Inventories -standard capitalisation of fixed costs at inventory value. Due to harvest-time production, the IAS-2 accounting practice means that most of the profit is accrued in the last two quarters of the year, which weakens the result for the first two quarters and causes seasonal variation. As a result of this change, the information made available to investors will also better match the information used by company management to monitor and guide operations.
Comparison data has been published today in a separate stock exchange release on the new operational indicators.
IMPLEMENTATION OF THE IFRS 16 LEASES STANDARD
Apetit is applying the IFRS 16 Leases standard as of 1 January 2019. Apetit uses the exemption allowed by the standard regarding recognition and will not apply the standard to short-term leases or contracts where the target asset has minor value. A simplified procedure has been applied to the transition and the figures for the year preceding implementation have not been adjusted.
The Group’s most important leases are associated with long-term land and grain storage leases. As a result of the implementation, an additional EUR 6.0 million in right of use assets, EUR 5.0 million in non-current debt and EUR 1.2 million in current debt have been recognised in the closing balance sheet of the first quarter. EUR -0.1 million was recognised in equity in the year-opening balance sheet. Correspondingly, in the income statement for the first quarter, other costs declined by EUR 0.3 million, depreciation grew EUR –0.3 million and interest expenses grew EUR 0.0 million.
PROFIT GUIDANCE FOR 2019 UNCHANGED
The Group’s full-year operational EBIT is expected to improve year-on-year (EUR -1.0 million in 2018). The profit outlook for early 2019 is burdened by the weak grain crop of 2018. Opportunities to export Finnish grain are limited, and an imbalance in supply and demand poses challenges in the grain trade in the Baltic countries.
Apetit Plc
For further information, please contact:
Juha Vanhainen, CEO, tel. +358 10 402 00
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2018, the company’s net sales were EUR 283 million. Read more at www.apetit.fi.
Apetit Plc, Stock Exchange Release, 8 May 2019 at 8:25 a.m.
Apetit Plc is updating its operational indicators and in the future the company will present operational indicators without the IAS-2 Inventories -standard capitalisation of fixed costs at inventory value. Due to harvest-time production, the IAS-2 accounting practice means that most of the profit is accrued in the last two quarters of the year, which weakens the result for the first two quarters and causes seasonal variation. As a result of this change, the information made available to investors will also better match the information used by company management to monitor and guide operations.
Updated comparison data for operational key figures are presented in the tables below.
2018 2018 2018 2018
Apetit Group Q1 Q2 Q3 Q4
Previous Return on capital employed (ROCE), % 2.5 0.9 0.5 -1.2
Updated Return on capital employed (ROCE), % 2.3 0.6 0.0 -1.7
In order to illustrate the financial performance of its business operations and improve comparability between periods, Apetit presents operative indicators on the performance of its operations and financial situation in accordance with the “Alternative Indicators” instructions issued by the European Securities and Markets Authority ESMA. These indicators must not be considered replacements for the indicators specified in the IFRS financial statements standards. The formulas for calculating the alternative indicators are presented in the annual report under Calculation of Key Indicators.
Apetit Plc
For further information, please contact:
CFO Tero Heikkinen, tel. +358 10 402 2310
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc's shares are listed on Nasdaq Helsinki. In 2018, the company's net sales were EUR 283 million. Read more at apetit.fi.
Apetit Plc, Stock Exchange Release, 8 April 2019 at 3:00 p.m.
At its meeting on 8 April 2019, Apetit Plc’s Supervisory Board elected Harri Eela as its Chairman and Marja-Liisa Mikola-Luoto as the Deputy Chairman.
The Supervisory Board decided to elect 5 members to Apetit Plc's Board of Directors. Lasse Aho, Annikka Hurme, Seppo Laine, Simo Palokangas and Niko Simula were elected as the members of the Board of Directors. Simo Palokangas was appointed as the Chairman and Lasse Aho as the Deputy Chairman of the Board of Directors.
It was decided that the Board members will be paid an annual remuneration of EUR 19,560 and that the Chairman and Deputy Chairman will receive an annual remuneration of EUR 39,060 and EUR 24,120, respectively. A total of 60 per cent of the annual remuneration will be in cash and the remaining 40 per cent in the form of Apetit Plc's shares held by the company at the current value of the share at the time of transfer. The remuneration will be paid once a year in December. It was also decided that the Chairman and members of the Board of Directors will be paid a meeting allowance of EUR 510 and EUR 300, respectively.
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2018, the company’s net sales were EUR 283 million. Read more at apetit.fi/en.
Apetit Plc, Stock Exchange Release on 28 March 2019 at 3:15 p.m.
The Annual General Meeting on 28 March 2019 approved the parent company's and consolidated financial statements for the financial year 1 January - 31 December 2018 and discharged the members of the Supervisory Board and the Board of Directors and the CEO from liability. The Annual General Meeting decided to distribute a dividend of EUR 0.40 per share in accordance with the Board proposal. The Board of Directors' proposals were approved without changes.
DIVIDEND
The Annual General Meeting decided that a dividend of EUR 0.40 per share will be paid for the financial year 2018. 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 1 April 2019. The dividend is paid on 8 April 2019. No dividend will be paid on shares held by the company.
ELECTION OF THE MEMBERS OF THE SUPERVISORY BOARD, THE MEMBERS OF THE SUPERVISORY BOARD'S NOMINATION COMMITTEE AND THE AUDITORS, AND REMUNERATION
The Annual General Meeting confirmed that the Supervisory Board will have 18 members elected by the Annual General Meeting. Six persons were appointed to replace members of the Supervisory Board completing their term. Jussi Hantula, Risto Korpela, Jonas Laxåback, Pekka Perälä, Timo Ruippo ja Veli-Pekka Suni were re-elected.
Heikki Laurinen and Tero Maaranen were elected by the Annual General Meeting as the members of the Supervisory Board's Nomination Committee.
Pasi Karppinen, APA, and PricewaterCoopers Oy Authorised Public Accountants with Tuomo Korte, APA, as responsible auditor, were elected as auditors for the period ending with the close of the 2020 Annual General Meeting.
The Annual General Meeting decided 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 auditors’ fees are paid according to an invoice approved by the company.
The minutes of the Annual General Meeting will be available on the company’s website, www.apetit.fi/en as of 11 April 2019.
Apetit Plc
For further information, please contact:
Asmo Ritala, Corporate Councel, tel, +358 10 402 4005
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2018, the company’s net sales were EUR 283 million. Read more at apetit.fi/en.
Apetit Plc, Stock Exchange Release, 6 March 2019 at 14:00 p.m.
Apetit Plc’s Annual Report 2018 has been published. The Annual Report includes the Board of Directors’ Report, Financial Statements, the Statement of Non-Financial Information and the Corporate Governance Statement.
The Annual Report is attached to this release and available at apetit.fi/en/for-investors.
Apetit Plc
For further information, please contact:
Sanna Väisänen, Director, Communications, Marketing and IR, tel. +358 10 402 4041
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable -based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2018, the company’s net sales were EUR 283 million. Read more at www.apetit.fi.
Apetit Plc, Stock Exchange Release on 20 February 2019 at 8:30 a.m.
Annual General Meeting on 28 March 2019 at 1 p.m.
The company’s shareholders are hereby invited to the Annual General Meeting, which will be held on Thursday 28 March 2019 at 1 p.m. in Apetit Plc’s Myllynkivi staff restaurant at Iso-Vimma, Säkylä. Reception of those who have registered for the meeting and the distribution of voting tickets will begin at 11 a.m.
A. The following matters will be dealt with at the meeting:
1. Opening of the meeting
2. Election of chair for the meeting
3. Election of secretary for the meeting
4. Declaring the meeting legal and quorate
5. Election of minute-checkers and vote-counters
6. Order of business and addressing the meeting
7. Declaration of attendance and the voting list
8. Presentation of the financial statements for 2018
9. Presentation of the auditor’s report
10. Presentation of the Supervisory Board’s statement based on the financial statements, Board of Directors’ report and auditor’s report
11. Adoption of the financial statements and consolidated financial statements
12. Distribution of the profits shown on the balance sheet and resolution on the payment of dividend
The Board of Directors proposes that a dividend of EUR 0.40 per share be paid for 2018 on the basis of the adopted balance sheet. The dividend will be paid to shareholders who are registered in the company’s shareholder register maintained by Euroclear Finland Ltd on the record date of 1 April 2019. The Board of Directors proposes to the Annual General Meeting that the dividend be paid on 8 April 2019.
13. Resolution on discharging the members of the Supervisory Board, the members of the Board of Directors and the CEO from liability
14. Resolution on the number of members of the Supervisory Board and their remuneration
15. Election of the members of the Supervisory Board
The membership term in the Supervisory Board of Jussi Hantula, Risto Korpela, Jonas Laxåback, Pekka Perälä, Timo Ruippo and Veli-Pekka Suni is expiring. The company has received proposals from six individual shareholders to re-elect the resigning persons as the members of the Supervisory Board. According to the information received by the company, each shareholder has proposed one member.
16. Election of two members to the Supervisory Board’s Nomination Committee
The company has received proposals from two shareholders for the two members to be elected to the Nomination Committee of the Supervisory Board at the Annual General Meeting. Heikki Laurinen and Tero Maaranen are proposed to be elected to the Nomination Committee. Each shareholder has proposed one member.
17. Resolution on the number and remuneration of the auditors
The Board of Directors proposes that the number of the auditors be two (2). In addition, the Board of Directors proposes that the auditors’ fee be paid in accordance with the auditing invoice approved by the company.
18. Appointment of auditors
In accordance with the recommendation of the Corporate Governance Code for listed companies, the Board of Directors proposes to the Annual General Meeting that Pasi Karppinen, APA, and PricewaterhouseCoopers Oy, Authorised Public Accountants, with Tuomo Korte, APA, as the auditor with principal authority, be appointed as auditors for the period ending with the close of the 2020 Annual General Meeting.
19. Closing of the meeting
B. Documents of the General Meeting
The proposals of the Board of Directors and the invitation to the meeting are available on the company’s website at apetit.fi/en/agm2019. The company’s financial statements will be available on the company’s website as of 6 March 2019 at the latest. Copies of these documents will be sent to shareholders upon request and will also be available at the Annual General Meeting. The minutes of the Annual General Meeting will be available on the company’s website as of 11 April 2019.
C. Instructions for persons attending the Annual General Meeting
Right to attend and registration
Shareholders whose shares have been registered in the register of shareholders kept by Euroclear Finland Ltd no later than 18 March 2019 have the right to attend the Annual General Meeting. Shareholders must be prepared to prove their identity.
Shareholders wishing to attend the Annual General Meeting must notify the company of this by 4 p.m. on Friday 22 March 2019 through the company’s website at apetit.fi/en/agm2019, or in writing to: Apetit Plc, Tuija Österberg, Sörnäistenkatu 1, 00580 Helsinki, by phone (+358 10 402 2110/Tuija Österberg) or by email (). If notice is given by post, the letter must arrive before the end of the notification period. Any proxy documents should be delivered to the above-mentioned address before the end of the notification period.
Pursuant to chapter 5, section 25 of the Limited Liability Companies Act, shareholders who are present at the Annual General Meeting have the right to request information on matters considered at the meeting.
Proxies and proxy documents
Shareholders may participate in and exercise their rights at the Annual General Meeting by means of proxy representation. A shareholder’s proxy must produce a dated proxy document or must otherwise demonstrate reliably their right to represent the shareholder at the Annual General Meeting. If a shareholder participates in the meeting by means of several proxies representing the shareholder with shares in different book-entry accounts, the shares with which each proxy represents the shareholder must be notified in connection with the registration for the Annual General Meeting.
Any proxy documents should be delivered as originals to the company no later than the expiry of the notification period at 4 p.m. on 22 March 2019.
Holders of nominee registered shares
Holders of nominee registered shares are advised to request in good time from their asset manager the necessary instructions regarding registration in the company’s shareholder register, the provision of proxy documents and registration for the Annual General Meeting. The asset manager’s account management organization must register a holder of nominee registered shares who wants to participate in the meeting for temporary entry in the company’s shareholder register by 10 a.m. on 25 March 2019.
Other instructions and information
On the date of this notice, Apetit Plc’s total number of shares is 6,317,576. The company holds 100,955 treasury shares, which provide no voting rights at the Annual General Meeting.
The company’s Annual Report will be published in the week beginning 4 March 2019 in Finnish and English on Apetit Plc’s website.
Apetit Plc, Financial Statements Release, 20 February 2019 at 8:30 a.m.
October–December 2018
· Net sales amounted to EUR 74.0 (86.6) million
· Operational EBITDA was EUR 2.0 (2.7) million
· Operational EBIT was EUR 0.6 (1.2) million
January–December 2018
· Net sales amounted to EUR 283.1 (311.8) million
· Operational EBITDA was EUR 5.3 (6.8) million
· Operational EBIT was EUR -0.5 (1.3) million
Key events during the period
· Apetit announced that it will divest its remaining service sales operations of the Food Solutions business gradually during early 2019. The divestment of the service sales operations is in line with Apetit’s strategy of focusing on its core businesses and a natural continuation of the seafood business divestment in 2017.
· As a result of impairment testing in the fresh cut products category, Apetit made an impairment of EUR 4.7 million. The impairment has no impact on cash flow.
The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 0.40 per share be paid.
The figures for 2018 and 2017 have been audited. The quarterly and six-month figures are unaudited. The figures in parentheses are the equivalent figures for the same period in 2017, and the comparison period means the corresponding period in the previous year, unless otherwise stated.
Juha Vanhainen, CEO:
“The year 2018 was one of large contrasts. Two consecutive exceptionally weak harvest seasons in Finland have reduced the volumes of Grain Trade significantly, making trading materially more challenging than in seasons with a normal harvest. The significant decrease of opportunities to export Finnish grain and the imbalance of supply and demand in the Baltic market have reduced profitability. On the other hand, profit improvement in Food Solutions and the related improvement measures create confidence in finding the right direction in the Food Business. The stable performance of the Oilseed Products business lays the foundation for long-term development.
During the fourth quarter of 2018, we continued the restructuring of the Food Business and announced that we would discontinue our service sales operations. This is in line with Apetit’s strategy of focusing on its core businesses and a natural continuation of the seafood business divestment in 2017.
After the divestment of the service sales operations, the Food Business will focus on the frozen food and fresh cut product categories. The frozen foods has continued to grow commendably, thanks to systematic investments in product development, among other factors. This growth will also be supported by our investment in the new patty and ball production line in Säkylä, which will double the plant’s production capacity in this product category.
The fresh cut products category has been developing in the right direction, but this development has been disappointingly slow. As a result we have no choice but to continue to implement ongoing and new, rapid measures to improve profitability by streamlining our operations. At the beginning of 2019 we agreed on efficiency improvement measures with the aim of improving profitability concerning the planning of working hours and on working methods that improve the efficiency of operations and reduce the need for temporary agency workers. With these measures we aim for an annual overall impact of around EUR 1 million.
We have done a great deal of good work within the Group – unfortunately, much of this work is overshadowed by Grain Trade’s considerably weaker performance. On average, our growth in frozen foods and fresh cut products outpaced market development last year, and production volumes at the Kantvik oil milling plant were higher than ever before. In Grain Trade, we launched a new cooperation model, Farmer’s Avena Berner, which is off to a promising start, and we have high expectations for the cooperation and its results for 2019. Our systematic investment in research and development again resulted in numerous new products. In recognition of its expertise in processing Finnish-grown vegetables, Apetit’s Vegepops was chosen as the Finnish Food of the Year 2018.
All in all, however, I am not pleased with the company’s performance. We must continue to improve the efficiency of all of our operations and take measures to significantly improve profitability, also over the short term. Based on this need, the roles and responsibilities of the members of Apetit Plc’s Management Team were further specified in early 2019. The purpose of this is to further strengthen the company’s growing business and rapidly improve underperforming operations.
In 2018, we worked on ensuring the company’s competitiveness. Apetit implemented its strategy systematically, leading the way in vegetable-based diets through renewal and by improving our operational efficiency and taking the first important steps in growing international food sales.”
The Group’s full-year operational EBIT is expected to improve year-on-year (EUR -0.5 million in 2018). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. The profit outlook for early 2019 is burdened by the weak grain crop of 2018. Opportunities to export Finnish grain are limited, and an imbalance of supply and demand is posing challenges in the grain trade in the Baltic countries.
DIVIDEND PROPOSAL
On 31 December 2018, the parent company’s distributable funds totalled EUR 58,632,855.11, of which EUR 380,714.20 is profit for the financial year.
The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 0.40 per share be paid. The Board of Directors will propose that a total of EUR 2,486,648.40 be distributed in dividends and that EUR 56,146,206.71 be left in equity. No significant changes have taken place in the financial standing of the company since the end of the financial year. The company’s liquidity is good, and the Board deems that the company’s solvency will not be jeopardised by the proposed distribution of dividends.
No dividend will be paid on shares held by the company.
ANNUAL GENERAL MEETING
The Annual General Meeting will be held in Säkylä on Thursday 28 March 2019.
PUBLISHING OF THE ANNUAL REPORT
Apetit Plc’s Annual Report for 2018 – including the Board of Directors’ report, the financial statements for 2018, a sustainability report and a separate corporate governance statement – will be published in the week beginning 4 March 2019 on the company’s website at www.apetit.fi.
NEWS CONFERENCE AND WEBCAST
A news conference (in Finnish) will be held today at 10:00 a.m. at Apetit’s office, Sörnäistenkatu 1 A, Helsinki. A live webcast of the news conference can be followed via apetit.fi/for-investors. The presentation material and a recording of the webcast will be available after the news conference on the company’s website.
Apetit Plc
For further information, please contact:
Juha Vanhainen, CEO, tel. +358 10 402 00
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable -based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2018, the company’s net sales were EUR 283 million. Read more at www.apetit.fi.
Apetit Plc, Stock Exchange Release, 7 February 2019 at 9:00 a.m.
Apetit Plc has on 6 February 2019 received a notification under Chapter 9, Section 5 of the Securities Markets Act, according to which the holding of Jussi Capital Oy in Apetit Plc’s shares and votes has decreased below 10 percent on 6 February 2019.
According to the notification, Jussi Capital’s holding in Apetit Plc’s shares and votes is 9.99 percent.
Total position of Jussi Capital Oy subject to the notification:
+------------------+------+-----------+---------+----------------------+
| |% of |% of shares|Total of |Total number of shares|
| |shares|and voting |both in %|and voting rights of |
| |and |rights | |issuer |
| |voting|through | | |
| |rights|financial | | |
| | |instruments| | |
+------------------+------+-----------+---------+----------------------+
|Resulting |9.99% |- |9.99% |6,317,576 |
|situation on the | | | | |
|date on | | | | |
|which the treshold| | | | |
|was crossed or | | | | |
|reached | | | | |
+------------------+------+-----------+---------+----------------------+
|Position of |11.30%|- |11.30% | |
|previous | | | | |
|notification (if | | | | |
|applicable) | | | | |
+------------------+------+-----------+---------+----------------------+
Notified details of the resulting situation on the date on which the threshold was crossed:
A: Shares and voting rights:
+------------+---------+------------------------+---------+-------------------+
|Class / type|Number of shares and voting rights|% of shares and voting rights|
|of shares | |%-osuus |
|ISIN code | | |
+------------+---------+------------------------+---------+-------------------+
| |Direct |Indirect |Direct |Indirect |
| |(SMA 9:5)|(SMA 9:6 ja 9:7) |(SMA 9:5)|(SMA 9:6 ja 9:7) |
+------------+---------+------------------------+---------+-------------------+
|FI0009003503|631,757 |0 |9.99% |0% |
+------------+---------+------------------------+---------+-------------------+
|SUBTOTAL A |631,757 |9,99% |
+------------+---------+------------------------+---------+-------------------+
Apetit Plc
For further information, please contact:
Sanna Väisänen, Director, Communications, Marketing and IR, tel. +358 10 402 4041
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had an average 557 employees. Read more at apetitgroup.fi.
