Releases

Date	Subject
30.01.2019	Apetit recognises an impairment loss in its 2018 financial statements Apetit Plc, Stock Exchange Release, 30 January 2019 at 3:30 p.m. Apetit Plc has completed the Group’s regular annual impairment tests and updated its estimate on the fair values of its balance sheet items. As a result of the impairment test on the fresh products group, Apetit will make an impairment of EUR 4.7 million. The impact of the impairment on the net profit, the taxes considered, is EUR 3.8 million. Due to the impairment the balance sheet value of the fresh products group does not include the acquisition cost allocations made in conjunction with an acquisition in 2012. The impairment will be recognised in the operating profit of Apetit’s continuing operations as a non-recurring item. The future profit expectation of the fresh products group is estimated to fall short of that forecast earlier despite growth in the sales of added value products, increased employee efficiency and the adjustment measures made. Apetit sold its Seafood business in 2017, but remains a minority shareholder of the seafood business in Finland, with a holding of less than 20 per cent. The estimated value of the holding has been recognised on the balance sheet as an earn-out receivable of EUR 1.0 million. The estimate has now been lowered by EUR 0.9 million. The impairment will be recognised in Apetit’s profit from discontinued operations. The impairments have no cash flow implications. Apetit will publish its Financial Statements Release 2018 on 20 February 2019. Apetit Plc For further information, please contact: Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 2100 Tero Heikkinen, CFO, Apetit Plc, 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 2017, the company’s net sales were EUR 312 million and it had an average 557 employees. Read more at apetitgroup.fi.
17.01.2019	Changes in the roles and responsibilities of the members of Apetit Plc’s Management Team Apetit Plc, Stock Exchange Release, 17 January 2019 at 9:30 a.m. The roles and responsibilities of the members of Apetit Plc’s Management Team have been clarified with the aim of further strengthening the company’s growing business and rapidly developing business segments with an unsatisfactory profit level. Two consecutive weak harvest seasons have reduced the volumes of Grain Trade significantly, making trading materially more challenging than in seasons with a normal harvest. The lack of opportunities to export Finnish grain and the imbalance in supply and demand in the Baltic market have caused profitability to deteriorate. As a result, Antti Snellman will focus on further developing the Grain Trade business and restoring its profitability. Snellman has been in charge of the Grain Trade and Oilseed Products businesses since the beginning of 2017. Anu Ora will be in charge of Frozen Foods and the Oilseed Products business, aiming to ensure their profitable growth by focusing on product development, growing international trade and seeing through major investments. Ora has been in charge of the Food Solutions business since 2015. The Fresh Products group will be made more agile and its profit responsibility will be strengthened as part of its ongoing structural transformation into a partner that serves the retail sector and professional food services. Leena Helminen, who has served as the director of the Fresh Products group since 2018, will in future report directly to CEO Juha Vanhainen. The key goals for the Fresh Products group are to continue increasing the efficiency of operations and to achieve a clear improvement in profitability. “By reassigning these roles and responsibilities, we are intensifying our efforts to strengthen Grain Trade and the Fresh Products group and to improve their profitability,” says CEO Juha Vanhainen. The new roles and responsibilities will take effect on 17 January 2019. Snellman, Ora and Helminen will remain members of Apetit Plc’s Management Team, reporting to CEO Juha Vanhainen. The changes will not have an effect on the reporting segments of Apetit Plc. Apetit Plc For further information, please contact: Juha Vanhainen, CEO, tel. +358 10 402 00 Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had an average 557 employees. Read more at www.apetitgroup.fi.
04.12.2018	Apetit Plc: Announcement of conveyance of own shares Apetit Plc, Stock Exchange Release, 4 December 2018 at 9:30 a.m. Apetit Plc has assigned a total of 5.471 shares (APETIT) on 4 December 2018 (other conveyance) as a reward to members of the Board of Directors. The assignment value is EUR 53.290,28 in total, which corresponds approximately to EUR 9.74 per share. Taking into account the above-specified conveyances, the company holds a total 105.955 shares. Apetit Plc’s Supervisory Board decided in April 16, 2018, that the Chairman will receive an annual remuneration of EUR 39,060, the Deputy Chairman will receive EUR 24,120 and the Board members’ EUR 19,560. 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 was decided to be paid in share and cash payments in December. Apetit Plc
07.11.2018	Change in the Board of Directors of Apetit Plc Apetit Plc, Stock Exchange Release on 7 November 2018 at 4:25 p.m. Mr. Veijo Meriläinen resigns from his position as the chairman of the Board of Directors for personal reasons. The Supervisory Board of Apetit Plc has at its meeting on 7 November 2018 appointed Mr. Esa Härmälä as the chairman and Mr. Lasse Aho as the deputy chairman of the Board of Directors. After the change, the Board of Directors of Apetit Plc will consist of five members. Apetit Plc
01.11.2018	Apetit Plc’s financial reporting in 2019 Apetit Plc, Stock Exchange Release, 1 November 2018 at 9:00 a.m. Apetit will publish its Financial Statements Release, Half Year Financial Report and two Business Reviews in 2019 as follows: February 20, 2019 - Financial Statements Release for 2018 May 8, 2019 - Business Review for January-March 2019 August 16, 2019 - Half Year Financial Report for January-June 2019 November 6, 2019 - Business Review for January-September 2019 The Annual Report for 2018 will be published during the week 10, 2019. Apetit's Annual General Meeting is planned to be held on Thursday, March 28, 2019. 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 apetitgroup.fi. Apetit Plc
01.11.2018	Apetit Plc’s Business Review 1 January – 30 September 2018: Favourable development continued in Food Solutions, weak crops are affecting Grain Trading’s profitability Apetit Plc, Stock Exchange Release, 1 November 2018 at 8.30 a.m. Since 1 January 2018, Apetit has reported its first (Q1) and third (Q3) quarter results as Business Reviews. The Half-year Financial Report (Q2) and Financial Statements Bulletin (Q4) provide more extensive reporting and contain segment information. July–September 2018 · Net sales amounted to EUR 76.6 (74.4) million · Operational EBITDA was EUR 3.1 (3.0) million · Operational EBIT was EUR 1.7 (1.6) million January–September 2018 · Net sales amounted to EUR 209.1 (225.3) million · Operational EBITDA was EUR 3.2 (4.2) million · Operational EBIT was EUR -1.1 (0.1) million The information is unaudited. The figures in parentheses are the equivalent figures for continuing operations for the same period in 2017, and the comparison period means the corresponding period in the previous year, unless otherwise stated. Juha Vanhainen, CEO: “Apetit seeks to lead the way in vegetable-based diets. Renewal, one of our strategic focuses, means a continuous stream of new products that interest consumers. This autumn, Apetit again introduced several new, tasty products that enable consumers to increase their consumption of vegetables and make responsible choices. We brought Finnish fish cakes made from fish caught from a lake as part of fish-stock management to the frozen food sections of retail shops. A vegan version was added to our family of spinach soup products, and a new vegetable mince product was added to our pizza selection. We also included new products in our selection for kids and new vegetable mixes in our Tuorekset product family. The Group’s net sales increased slightly due to a significant increase in the world market prices of grains. The two most recent harvest seasons have been very exceptional, and the Finnish grain crop in 2018 will be the weakest since 2000. The hot and dry summer also had a negative effect on the Finnish vegetable harvest. Food Solutions’ result continued to develop favourably due to the increased sales of not only frozen foods, but also fresh products, as well as adjustment and efficiency measures. Oilseed Products’ result remained at the comparison period’s level. Grain Trade’s profitability decreased significantly from the comparison period, due to the second consecutive weak grain crop and its effects on trading opportunities. I’m very pleased with the fact that Food Solutions’ improved performance during this quarter offset the decrease in Grain Trade’s result. The Group’s strategic focus areas are renewal, efficiency improvement and international operations. Our work to improve profitability and create future growth, even outside Finland, continues within the Group.” KEY FIGURES EUR million 7-9 7-9 Change 1-9 1-9 Change 2017 2018 2017 2018 2017 CONTINUING OPERATIONS, KEY FIGURES Net sales 76.6 74.4 3% 209.1 225.3 -7% 311.8 Operational EBITDA 3.1 3.0 3.2 4.2 6.8 Operational EBIT 1.7 1.6 -1.1 0.1 1.3 Operating profit 1.5 1.6 -2.6 -0.1 1.1 Share of profit of -0.1 0.1 -1.0 -0.4 1.0 associated company Sucros Profit for the period 1.1 2.6 -3.4 0.5 2.9 Earnings per share, 0.17 0.42 -0.55 0.09 0.46 EUR Working capital, at 49.1 39.5 30.0 end of period Investment 2.6 3.7 5.2 GROUP, KEY FIGURES incl. discontinued operations during comparison period, Seafood Equity per share, EUR 16.73 17.75 18.10 Return on capital 0.5% 2.5% 2.4% employed R12 (ROCE), % Net cash flow from -18.7 12.2 20.0 operating activities Equity ratio 63.6% 62,6% 72.6% Gearing 12.3% 8.8% -9.6% FINANCIAL PERFORMANCE IN JULY–SEPTEMBER Comparable net sales increased by 3 per cent to EUR 76.6 (74.4) million. Food Solutions’ net sales increased in frozen foods and slightly in fresh products. Grain Trade’s net sales improved due to a significant increase in the world market prices of grains. Oilseed Products’ net sales remained at the comparison period’s level. Operational EBIT was EUR 1.7 (1.6) million. Food Solutions’ result improved as a result of good sales in frozen foods and fresh products, as well as adjustment and efficiency measures. Grain Trade’s profitability has decreased as a result of the weak crops of 2017 and 2018. Oilseed Products’ profitability remained at the comparison period’s level. In the comparison period, an item of EUR 1.3 million related to taxes recognised as a result of the divestment of the seafood business had a positive effect on the result. FINANCIAL PERFORMANCE IN JANUARY–SEPTEMBER Comparable net sales declined by 7 per cent to EUR 209.1 (225.3) million. Food Solutions’ net sales remained at the comparison period’s level. Sales increased in frozen foods and fresh products in all sales channels. Net sales from service sales decreased due to the reduction of the sales network. Grain Trade’s net sales decreased year-on-year. Oilseed Products’ net sales remained at the comparison period’s level. Operational EBIT was EUR -1.1 (0.1) million. Food Solutions and Oilseed Products improved their results slightly from the comparison period. In Grain Trade, profitability decreased significantly, mainly due to weak harvest seasons. The Group’s liquidity was good, and its financial position is strong. The equity ratio was 63.6 (62.6) per cent, and gearing was 12.3 (8.8) per cent. Consolidated cash flow from operating activities after interest and taxes amounted to EUR -18.7 (12.2) million in January–September, due to an increase in grain stocks and a significant increase in the world market prices of grains. SEASONALITY OF OPERATIONS In accordance with the IAS 2 standard, the historical cost of inventories includes a systematically allocated portion of the fixed production overheads. With production focusing on harvest time, raw materials are mainly processed into finished products during the third and fourth quarters of the year. This means that more fixed production overheads are recognised on the balance sheet in the third and fourth quarters than during the other quarters of the year. Due to this accounting practice, most of the Group’s annual profit is accrued in the third and fourth quarters. The seasonal nature of profit accumulation is most marked in the frozen foods group of the Food Solutions segment and in the associated company Sucros, where crop-season production focuses on the fourth quarter. PROFIT GUIDANCE FOR 2018 UNCHANGED The Group’s full-year operational EBIT from continuing operations is expected to decrease from the comparison period (2017: EUR 1.3 million). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Sales volumes and the profit outlook for 2018 are burdened by the weak harvest of 2017 and the poor harvest outlook for 2018. Apetit Plc
16.08.2018	Apetit Plc's Half-Year Financial Report 1 January–30 June 2018: A weak harvest lowered Grain Trade volumes and Group result - strategic measures lay foundations for future Apetit Plc's Half-Year Financial Report 1 January–30 June 2018: A weak harvest lowered Grain Trade volumes and Group result - strategic measures lay foundations for future Apetit Plc, Half-Year Financial Report, 16 August 2018 at 8:30 This release is a summary of Apetit’s Half-Year Financial Report for the January-June 2018. The complete report is attached to this release as a pdf file and it is also available on the company’s website at apetitgroup.fi/for-investors. April–June, continuing operations* · Net sales from continuing operations were EUR 72.8 (76.8) million · Operational EBITDA was EUR 0.1 (0.8) million · Operational EBIT was EUR -1.4 (-0.5) million January–June, continuing operations* · Net sales from continuing operations were EUR 132.5 (150.8) million · Operational EBITDA was EUR 0.1 (1.2) million · Operational EBIT was EUR -2.8 (-1.5) million Key events during the period · Apetit invests EUR 9.7 million in a new patty and ball production line in Säkylä. · Apetit invests EUR 3.7 million in the construction of a bioenergy plant in conjunction with the Avena Kantvik Oy rapeseed oil milling plant in Kirkkonummi. · Avena Nordic Grain Oy and Viljelijän Berner joined their purchasing and sales organisations in production input and grain trade under a new operating model based on partnership. · Apetit Vegepops Porkkana-mango was chosen as the Finnish Food of the Year 2018 *Continuing operations include Food Solutions, Oilseed Products and the Grain Trade. The information has not been audited. The figures in parentheses are the equivalent figures for the same period in 2017, and the comparison period means the corresponding period in the previous year, unless otherwise stated. REVISED (3 August 2018) PROFIT GUIDANCE FOR 2018 The Group’s full-year operational EBIT from continuing operations is expected to fall short of the 2017 level (2017: EUR 1.3 million). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Sales volumes and the profit outlook for 2018 are burdened by the weak harvest of 2017 and the poor harvest outlook of the current year. Juha Vanhainen, CEO: “Apetit has continued with the measures of the strategy announced in March 2018 in its focus areas, which are internationalisation, renewal and efficiency improvement. These measures reinforce Apetit’s position as number one in vegetables and help in building a foundation for the further development of the business. In June, we announced that we invest nearly EUR 10 million in a new patty and ball production line at our Säkylä plant. The new line will double our production capacity, meet current demand and enable us to produce new products for the Finnish and international markets. As a part of the project to improve efficiency, Apetit is building a bioenergy plant in conjunction with the Avena Kantvik Oy rapeseed oil milling plant in Kirkkonummi. The bioenergy plant will replace the current energy solution that uses non-renewable fuels and will significantly reduce the carbon dioxide emissions of the entire Group. Apetit participated in the share issue of the food business development company Foodwest which took place in May-June. Apetit’s holding in the company will promote our strategic goals to focus on product development and to renew and lead the way in vegetable-based diets. One result of the work we have done to date is the nomination of Apetit Vegepops Porkkana-mango as the Finnish Food of the Year 2018 in May. We also continued work on a project to develop a rapeseed ingredient in order to develop a new ingredient with high nutritional content for the international food market. The goals of renewal and continuous development of operations took concrete form when Apetit’s subsidiary Avena Nordic Grain Oy and Viljelijän Berner joined their purchasing and sales organisations in production input and grain trade under a new operating model based on partnership. Business will be conducted under the name Viljelijän Avena Berner and it will offer Finnish farmers a one-stop-shop for production input and grain trade services. Increasing the share of food sales abroad has proceeded according to plan. At the end of August Apetit will launch a new selection for the Swedish market called Free From which includes five patty and ball products. In Russia we are continuing work on reinforcing our position through local food product chains. As expected, the aftermath of the weak harvest of 2017 continued in the first half of 2018 and substantially lowered grain trade volumes and consolidated net sales on the comparison period. The shrinking of the Sales Services network had a negative impact on the net sales of Food Solutions. Oilseed Products’ performance remained stable as volumes slightly grew on the comparison period. The low price of sugar on the global market led to a weaker result for the associated company Sucros. During the spring Apetit has carried out adjustment measures to improve profitability, including personnel reductions and other cost saving measures. Their combined impact in 2018 will be EUR 1.0 million and the annual total impact will be EUR 1.8 million. It is likely that the 2018 harvest season will also be significantly worse than average, as was the 2017 season, which will have a negative impact on the Group’s profit-earning capacity in the second half of the year. The Finnish grain harvest is estimated to be the weakest of the 21st century, which will limit trade opportunities especially in exports. The harvest of field vegetables is also likely to be lower than usual.” KEY FIGURES EUR million 4-6 4-6 Change 1-6 1-6 Change 2017 2018 2017 2018 2017 Continuing operations Net sales 72.8 76.8 -5% 132.5 150.8 -12% 311.8 Operational EBITDA 0.1 0.8 0.1 1.2 6.8 Operational EBIT -1.4 -0.5 -2.8 -1.5 1.3 Operating profit -2.7 -0.7 -4.1 -1.7 1.1 Share of profit of associated company Sucros -0.4 0.2 -0.9 -0.5 1.0 Profit for the period -2.8 -0.5 -4.5 -2.0 2.9 Earnings per share, EUR -0.45 -0.08 -0.72 -0.32 0.46 Working capital, at end of period 28.5 25.3 30.0 Investment 1.8 2.5 5.2 Group (incl. discontinued operations during comparison period) Earnings per share, EUR -0.45 -0.27 -0.72 -0.56 -0.10 Equity per share, EUR 16.75 17.58 18.10 Return on capital employed (ROCE), % 0.9% 1.9% 2.4% Net cash flow from operating activities -0.1 23.1 20.0 Equity ratio -76.1% 71.1% 72.6% Gearing -4.7% -1.5% -9.6% NEWS CONFERENCE AND WEBCAST A news conference (in Finnish) will be held today at 10:00 a.m. at Apetit’s office, Sörnäistenkatu 1 A, Helsinki. A live webcast of the news conference can be followed via apetitgroup.fi/for-investors. The presentation material and a recording of the webcast will be available after the news conference on the company’s website. Apetit Plc For further information, please contact: Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 2100 Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had approximately 640 employees. Read more at apetitgroup.fi.
16.08.2018	Apetit builds bioenergy plant in conjunction with its rapeseed oil milling plant in Kirkkonummi Apetit builds bioenergy plant in conjunction with its rapeseed oil milling plant in Kirkkonummi Apetit Plc, Stock Exchange Release, 16 August 2018 at 8:00 a.m. Apetit builds a bioenergy plant in conjunction with the rapeseed oil milling plant in Kirkkonummi, Finland. The company has received a favourable decision of the Ministry of Economic Affairs and Employment of Finland’s investment aid that is granted for projects based on renewable energy. The aid will cover 10 percent on the total cost of the project, however, up to a maximum of 350.000 euros. On 7 June 2018 Apetit announced that it plans to build bioenergy plant. “We are clad to be able to invest in development of our strategic businesses and the use of renewable energy. The new bioenergy plant will increase energy self-sufficiency of the plant and use of production side streams as energy source,” says CEO Juha Vanhainen. The bioenergy plant will replace the current energy solution that uses non-renewable fuels and significantly reduce the carbon dioxide emissions of the entire Group. The value of the investment is about EUR 3.7 million. The project is conditional for an environmental permit. Apetit Plc For further information, please contact: Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 00 Sanna Väisänen, Director, Communications and Investor Relations, Apetit Plc, tel. +358 10 402 4041 Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had approximately 640 employees. Read more at apetitgroup.fi.
03.08.2018	Apetit revises its estimate of operational EBIT for 2018 Apetit revises its estimate of operational EBIT for 2018 Apetit Plc, Stock Exchange Release, 3 August 2018 at 9:30 am Apetit revises its estimate of operational EBIT for 2018. The company now estimates that the Group’s full-year operational EBIT will be below comparable level from continuing operations (EUR 1.3 million in 2017). Based on the existing crop forecasts, the domestic grain crop will be significantly below the average already second season in row. According to the estimates, the crop in 2018 will be the worst in the millennium. Trading opportunities, especially exports, are expected to be essentially more limited in the second half of 2018. The revised profit guidance for 2018: The Group’s full-year operational EBIT will be below comparable level from continuing operations (EUR 1.3 million in 2017). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Sales volumes and the profit outlook for 2018 are burdened by the weak harvest of 2017 as well as weak crop outlook during the year 2018. The previous profit guidance for 2018 (published on 1 March 2018): The Group’s full-year operational EBIT from continuing operations is expected to improve year-on-year (EUR 1.3 million in 2017). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Sales volumes and the profit outlook for early 2018 are burdened by the weak harvest of 2017. Apetit will publish its half-year financial report on 16 August 2018 at 8:30 am. Apetit Plc For further information, please contact: Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 2100 Sanna Väisänen, Director, Communications and Investor Relations, Apetit Plc, tel. +358 10 4024041 Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had approximately 640 employees. Read more at apetitgroup.fi.
15.06.2018	Apetit invests EUR 9.7 million in a new patty and ball production line in Säkylä Apetit invests EUR 9.7 million in a new patty and ball production line in Säkylä Apetit Plc, Stock Exchange Release, 15 June 2018 at 8:30 a.m. Apetit invests EUR 9.7 million in a new patty and ball production line at the Säkylä plant in Finland. Vegetable and fish based patties and balls as well as other new vegetable-based value-added products will be produced in the production line. The construction of the production line begins in August 2018 and the production is estimated to begin in June 2019. "Patties and balls have been one of the most rapidly growing product group for a few years, with annual growth about 20% on the average. Prospects for continuous growth are also bright - this is supported by strong growth in consumer demand, own product development efforts and new openings in international trade," says CEO Juha Vanhainen. The new patty and ball production line doubles the production capacity and aims to meet the current demand and enables new products to be produced for domestic and international markets. In addition, it improves production efficiency in many ways. "All of our strategic focus areas, renewal, internationalization and efficiency improvement, will become visible in the investment. In addition, the investment is material locally in Säkylä and it is also a strong message on developing and further strengthening of our operations. The investment will generate work and workplaces in the production and supply chains due to increased volumes. Raw material for products are also produced by local contract crowers in the area," Vanhainen continues. In the future, the investment will enable a more versatile product development in relation to e.g. product shapes, a raw material base and new flavours, and the production of entirely new types of vegetable-based products. Also, it enables better customization for different markets. Apetit Plc For further information, please contact: Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 00 Sanna Väisänen, Director, Communications and Investor Relations, Apetit Plc, tel. +358 10 4024041 Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had approximately 640 employees. Read more at apetitgroup.fi.
07.06.2018	Apetit plans to build bioenergy plant in conjunction with its rapeseed oil milling plant in Kirkkonummi Apetit plans to build bioenergy plant in conjunction with its rapeseed oil milling plant in Kirkkonummi Apetit Plc, Stock Exchange Release, 7 June 2018 at 9:30 a.m. Apetit is planning to build a bioenergy plant in conjunction with the Avena Kantvik Oy rapeseed oil milling plant in Kirkkonummi, Finland. The planned bioenergy plant would replace the current energy solution that uses non-renewable fuels and would significantly reduce the carbon dioxide emissions of the entire Group. “In addition to reducing carbon dioxide emissions, the bioenergy plant would also significantly lower Apetit’s current energy costs as oil milling is the Group’s most energy-intensive production process,” says CEO Juha Vanhainen. The value of the investment would be about EUR 3.7 million. The plant’s planned heat output is 4.5 MW, which would cover the energy needs of own production. A secondary boiler would also be built at the same time, to enable the use of natural gas. The bioenergy plant’s primary fuels would be forest chips and recycled wood and other fibre waste from forests and fields in the area. Apetit would also be able to use vegetable oil production side streams, such as rapeseed screenings, vegetable oil sludge and, when possible, the bentonite clay used in the rapeseed oil bleaching process, in its energy production. “The bioenergy plant would enable Apetit to utilise its production side streams. The plant’s energy self-sufficiency would increase and it would no longer be dependent on other users of its side streams. The key goal is for the bioenergy plant to be part of the plant’s circular economy and resource-smart use of raw materials,” says Vanhainen. Apetit will apply for the Ministry of Economic Affairs and Employment of Finland’s investment aid that is granted for projects based on renewable energy and will also submit an environmental permit application. Apetit will decide on the investment if both applications are accepted. Apetit Plc For further information, please contact: Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 00 Sanna Väisänen, Director, Communications and Investor Relations, Apetit Plc, tel. +358 10 4024041 Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had approximately 640 employees. Read more at apetitgroup.fi.
08.05.2018	Apetit Plc’s Business Review 1 January - 31 March 2018: Positive trend continued in Food Solutions - Grain Trade volumes declined as predicted due to weak harvest season Apetit Plc’s Business Review 1 January - 31 March 2018: Positive trend continued in Food Solutions - Grain Trade volumes declined as predicted due to weak harvest season Apetit Plc, Stock Exchange Release on 8 May 2018 at 8:30 am Since 1 January 2018 Apetit has started reporting its first (Q1) and third (Q3) quarter results as Business Reviews. The Half-year Financial Report (Q2) and Financial Statements Release (Q4) will provide more extensive reporting and contain segment information. JANUARY–MARCH 2018 IN BRIEF · Consolidated net sales amounted to EUR 59.7 (74.0) million. · Operational EBITDA was EUR 0.0 (0.4) million. · Operational EBIT was EUR -1.4 (-1.0) million. · Profit for the period came to EUR -1.7 (-1.4) million, and earnings per share amounted to EUR -0.27 (-0.23). The information has not been audited. The figures in parentheses are the equivalent figures for continuing operations for the same period in 2017, and the comparison period means the corresponding period in the previous year, unless otherwise stated. Juha Vanhainen, CEO: “The key focus areas of the strategy that was updated at the beginning of March - renewal, internationalisation and efficiency improvement - have defined activities in all the Group’s business operations during the first months of the year. We continued to be a leader in the area of vegetable-based diets by introducing to the market several new products in different product groups. We also expanded into a new product group area, which was ready-to-eat, portable snack products, by launching vegetable snacks and bowl dishes. Demand for various snacks has grown and will continue to grow significantly, as more and more people are replacing meals with snacks when they are on the move. As part of its nutrition commitments, Apetit wants to offer healthy alternatives in this product group and make it easier for people in different age groups to increase the amount of vegetables in their diet. Internationalisation progressed in line with targets, as the share of international trade in the food trade in January-March 2018 had already equalled that of the full year in 2016. Apetit has traditionally been an important operator in the international grain trade, but the company now also wants to significantly increase the share of international trade in the food trade. Apetit’s food products that attract the most international interest are added-value products, such as vegetable patties and balls, as well as peas. The Group’s net sales declined as predicted from the comparison period as a result of the weak harvest season in 2017. The weak harvest season had the greatest impact on the grain trade where sales volumes have declined temporarily also weakening the first-quarter profit. Positive profit performance continued in Food Solutions where sales of frozen and fresh foods grew strongly. In Oilseed Products, production grew slightly on the comparison period in line with the target set in the strategy. We continue our measures to improve profitability. As a result of the sale of the Seafood business we are focusing on simplifying our operations and boosting their efficiency throughout the Group. Our clear target is to ensure profitable growth.” KEY FIGURES EUR million 1-3 1-3 Change 2017 2018 2017 CONTINUING OPERATIONS, KEY FIGURES Net sales 59.7 74.0 -19% 311.8 Operational EBITDA 0.0 0.4 6.8 Operational EBIT -1.4 -1.0 1.3 Operating profit -1.4 -1.0 1.1 Share of profit of associated company Sucros -0.5 -0.6 1.0 Profit for the period -1.7 -1.4 2.9 Earnings per share, EUR -0.27 -0.23 0.46 Working capital, at end of period 30.2 42.2 30.0 GROUP, KEY FIGURES incl. discontinued operations during comparison period, Seafood Equity per share, EUR 17.19 18.08 18.10 Return on capital employed (ROCE), % 2.5% 1.3% 2.4% Net cash flow from operating activities -4.5 -0.5 20.0 Equity ratio, % 73.6% 62.2% 72.6% Gearing, % -5.4% 14.9% -9.6% Investment 0.7 1.4 5.2 FINANCIAL PERFORMANCE IN REVIEW PERIOD Consolidated comparable net sales declined 19 per cent to EUR 59.7 (74.0) million. The decline in net sales resulted in full from the temporary decline in Grain Trade volumes. In contrast, in Food Solutions net sales grew considerably in both frozen foods and fresh products in all sales channels. In Oilseed Products, net sales fell slightly short of the comparison period as deliveries focused on expellers during the first quarter. Consolidated operational EBIT was EUR -1.4 (-1.0) million. In the Grain Trade, profitability was weakened by reduced volumes due to a weak harvest season. In Food Solutions, profit improved as a result of record sales in the frozen foods group. In Oilseed Products, profitability fell slightly short of the comparison period as the weak harvest season reduced the availability of Finnish raw materials. The Group’s liquidity was good, and its financial position is strong. The equity ratio was 73.6 (62.2) per cent, and gearing was -5.4 (14.9) per cent. Consolidated cash flow from operating activities after interest and taxes amounted to EUR -4.5 (-0.5) million in January-March mainly due to the increase in grain stocks. SEASONALITY OF OPERATIONS In accordance with the IAS 2 standard, the historical cost of inventories includes a systematically allocated portion of the fixed production overheads. With production focusing on harvest time, raw materials are mainly processed into finished products during the final quarter of the year. This means that more fixed production overheads are recognised on the balance sheet in the fourth quarter than during the other quarters of the year. Due to this accounting practice, most of the Group’s annual profit is accrued in the final quarter. The seasonal nature of profit accumulation is most marked in the frozen foods group of the Food Solutions segment and in the associated company Sucros, where production reflects the crop harvesting season. IFRS 15 REVENUE RECOGNITION – ADOPTION OF STANDARD Apetit is applying the IFRS 15 Revenue Recognition standard as of 1 January 2018. Adjustments based partly on volume will be recognised as an adjustment to net sales. These items were previously recognised in expenses. The change will not have an impact on the operating profit. As a result of the change, net sales will decline by about EUR 2 million per year. The updated net sales for Q1 2017 is EUR 74.0 (previously 74.6) million and the updated net sales for the full year 2017 is EUR 311.8 (314.0) million. PROFIT GUIDANCE FOR 2018 UNCHANGED The Group’s full-year operational EBIT from continuing operations is expected to improve year-on-year (EUR 1.3 million in 2017). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Sales volumes and the profit outlook for early 2018 are burdened by the weak harvest of 2017. Apetit Plc For further information, please contact: Juha Vanhainen, CEO, tel. +358 10 402 00 Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had approximately 640 employees. Read more at apetitgroup.fi.
16.04.2018	Organisational meeting of the Supervisory Board and election of the Board of Directors Organisational meeting of the Supervisory Board and election of the Board of Directors Apetit Plc, Stock Exchange Release on 16 April 2018 at 2:30 p.m. At its meeting on 16 April 2018, 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 six members to Apetit Plc's Board of Directors. Lasse Aho, Annikka Hurme, Esa Härmälä, Seppo Laine, Veijo Meriläinen and Niko Simula were elected as the members of the Board of Directors. Veijo Meriläinen was appointed as the Chairman and Esa Härmälä 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 Plc For further information, please contact: Corporate Counsel Asmo Ritala, tel. +358 10 402 00 Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 314 million and it had approximately 640 employees. Read more at apetitgroup.fi.
27.03.2018	Decisions by the Annual General Meeting of Apetit Plc Decisions by the Annual General Meeting of Apetit Plc Apetit Plc, Stock Exchange Release on 27 March 2018 at 3:30 p.m. The Annual General Meeting on 27 March 2018 approved the parent company's and consolidated financial statements for the financial year 1 January - 31 December 2017 and discharged the members of the Supervisory Board and the Board of Directors and the CEOs from liability. The Annual General Meeting decided to distribute a dividend of EUR 0.70 per share in accordance with the Board proposal. The Board of Directors' proposals were approved without changes. DIVIDEND The Board of Directors decided that a dividend of EUR 0.70 per share be paid for the financial year 2017. 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 29 March 2018. No dividend will be paid on shares held by the company. AUTHORISATION TO ISSUE SHARES AND TRANSFER APETIT PLC SHARES The Board of Directors authorised the Board to decide on share issues by issuing new shares or by transferring Apetit Plc shares held by the company. The authorisation covers a maximum total of 626,757 shares, of which a maximum of 520,331 can be new shares and 106,426 can be Apetit Plc shares held by the company at the publication of the invitation to the meeting. The authorisation includes the right to deviate from the shareholders’ pre-emptive subscription right (targeted issue) if the company has an important financial reason for doing so, such as the development of the company’s capital structure, the financing and implementation of corporate acquisitions or other arrangements, or the implementation of a share-based incentive or reward scheme. The subscription price for each new share will be at least the share’s nominal value (EUR 2). The minimum transfer price for Apetit Plc shares held by the company will be the market value of the share at the time of transfer, determined by the price quoted in public trading on Nasdaq Helsinki. The Board of Directors will also have the right to issue shares against considerations other than cash. In share-based incentive schemes, shares can also be issued without consideration. The authorisation is valid until the 2021 Annual General Meeting. The authorisation revokes the earlier authorisation to issue shares given on 25 March 2015 and the authorisation to transfer Apetit Plc shares given on the same date. 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. Seven persons were appointed to replace members of the Supervisory Board completing their term. Harri Eela, Laura Hämäläinen, Aki Kaivola, Jari Nevavuori, Markku Pärssinen and Johanna Takanen were re-elected. Juha Hämäläinen was elected as a new member. Jorma Takanen and Sauli Lähteenmäki 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 Jari Viljanen, APA, as responsible auditor, were elected as auditors for the period ending with the close of the 2019 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.apetitgroup.fi/en, as of 10 April 2018. 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 2017, the company’s net sales were EUR 314 million and it had approximately 560 employees. Read more at apetitgroup.fi.
06.03.2018	Apetit Plc's Financial Statements and Corporate Governance Statement 2017 published Apetit Plc's Financial Statements and Corporate Governance Statement 2017 published Apetit Plc, Stock Exchange Release on 6 March 2018 at 4:30 p.m. Apetit Plc’s Financial Statements and Corporate Governance Statement 2017 are published. The published reports contain the Board of Directors’ report, the consolidated and parent company financial statements, the auditor’s report, the statement by the Supervisory Board, Apetit Plc’s Corporate Governance Statement as well as Annual and Corporate Responsibility Report. The material in Finnish is attached to this release and available at apetitgroup.fi/en/for-investors. The material in English will be published during the week 10 at the company’s websites. Apetit Plc For further information, please contact: Sanna Väisänen, Director, Communications 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 314 million and it had approximately 560 employees. Read more at apetitgroup.fi.

Date

Subject

30.01.2019

Apetit recognises an impairment loss in its 2018 financial statements

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

Apetit Plc has completed the Group’s regular annual impairment tests and updated its estimate on the fair values of its balance sheet items.

As a result of the impairment test on the fresh products group, Apetit will make an impairment of EUR 4.7 million. The impact of the impairment on the net profit, the taxes considered, is EUR 3.8 million. Due to the impairment the balance sheet value of the fresh products group does not include the acquisition cost allocations made in conjunction with an acquisition in 2012. The impairment will be recognised in the operating profit of Apetit’s continuing operations as a non-recurring item. The future profit expectation of the fresh products group is estimated to fall short of that forecast earlier despite growth in the sales of added value products, increased employee efficiency and the adjustment measures made.

Apetit sold its Seafood business in 2017, but remains a minority shareholder of the seafood business in Finland, with a holding of less than 20 per cent. The estimated value of the holding has been recognised on the balance sheet as an earn-out receivable of EUR 1.0 million. The estimate has now been lowered by EUR 0.9 million. The impairment will be recognised in Apetit’s profit from discontinued operations.

The impairments have no cash flow implications.

Apetit will publish its Financial Statements Release 2018 on 20 February 2019.

Apetit Plc

For further information, please contact:

Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 2100

Tero Heikkinen, CFO, Apetit Plc, 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 2017, the company’s net sales were EUR 312 million and it had an average 557 employees. Read more at apetitgroup.fi.

17.01.2019

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

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

The roles and responsibilities of the members of Apetit Plc’s Management Team have been clarified with the aim of further strengthening the company’s growing business and rapidly developing business segments with an unsatisfactory profit level.

Two consecutive weak harvest seasons have reduced the volumes of Grain Trade significantly, making trading materially more challenging than in seasons with a normal harvest. The lack of opportunities to export Finnish grain and the imbalance in supply and demand in the Baltic market have caused profitability to deteriorate. As a result, Antti Snellman will focus on further developing the Grain Trade business and restoring its profitability. Snellman has been in charge of the Grain Trade and Oilseed Products businesses since the beginning of 2017.

Anu Ora will be in charge of Frozen Foods and the Oilseed Products business, aiming to ensure their profitable growth by focusing on product development, growing international trade and seeing through major investments. Ora has been in charge of the Food Solutions business since 2015.

The Fresh Products group will be made more agile and its profit responsibility will be strengthened as part of its ongoing structural transformation into a partner that serves the retail sector and professional food services. Leena Helminen, who has served as the director of the Fresh Products group since 2018, will in future report directly to CEO Juha Vanhainen. The key goals for the Fresh Products group are to continue increasing the efficiency of operations and to achieve a clear improvement in profitability.

“By reassigning these roles and responsibilities, we are intensifying our efforts to strengthen Grain Trade and the Fresh Products group and to improve their profitability,” says CEO Juha Vanhainen.

The new roles and responsibilities will take effect on 17 January 2019. Snellman, Ora and Helminen will remain members of Apetit Plc’s Management Team, reporting to CEO Juha Vanhainen.

The changes will not have an effect on the reporting segments of Apetit Plc.
Apetit Plc
For further information, please contact:
Juha Vanhainen, CEO, tel. +358 10 402 00

Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had an average 557 employees. Read more at www.apetitgroup.fi.

04.12.2018

Apetit Plc: Announcement of conveyance of own shares

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

Apetit Plc has assigned a total of 5.471 shares (APETIT) on 4 December 2018 (other conveyance) as a reward to members of the Board of Directors. The assignment value is EUR 53.290,28 in total, which corresponds approximately to EUR 9.74 per share. Taking into account the above-specified conveyances, the company holds a total 105.955 shares.

Apetit Plc’s Supervisory Board decided in April 16, 2018, that the Chairman will receive an annual remuneration of EUR 39,060, the Deputy Chairman will receive EUR 24,120 and the Board members’ EUR 19,560. 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 was decided to be paid in share and cash payments in December.

Apetit Plc

07.11.2018

Change in the Board of Directors of Apetit Plc

Apetit Plc, Stock Exchange Release on 7 November 2018 at 4:25 p.m.

Mr. Veijo Meriläinen resigns from his position as the chairman of the Board of Directors for personal reasons. The Supervisory Board of Apetit Plc has at its meeting on 7 November 2018 appointed Mr. Esa Härmälä as the chairman and Mr. Lasse Aho as the deputy chairman of the Board of Directors. After the change, the Board of Directors of Apetit Plc will consist of five members.
Apetit Plc

01.11.2018

Apetit Plc’s financial reporting in 2019

Apetit Plc, Stock Exchange Release, 1 November 2018 at 9:00 a.m.

Apetit will publish its Financial Statements Release, Half Year Financial Report and two Business Reviews in 2019 as follows:

February 20, 2019 - Financial Statements Release for 2018
May 8, 2019 - Business Review for January-March 2019
August 16, 2019 - Half Year Financial Report for January-June 2019
November 6, 2019 - Business Review for January-September 2019

The Annual Report for 2018 will be published during the week 10, 2019.

Apetit's Annual General Meeting is planned to be held on Thursday, March 28, 2019. 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 apetitgroup.fi.

Apetit Plc

01.11.2018

Apetit Plc’s Business Review 1 January – 30 September 2018: Favourable development continued in Food Solutions, weak crops are affecting Grain Trading’s profitability

Apetit Plc, Stock Exchange Release, 1 November 2018 at 8.30 a.m.

Since 1 January 2018, Apetit has reported its first (Q1) and third (Q3) quarter results as Business Reviews. The Half-year Financial Report (Q2) and Financial Statements Bulletin (Q4) provide more extensive reporting and contain segment information.

July–September 2018

· Net sales amounted to EUR 76.6 (74.4) million
· Operational EBITDA was EUR 3.1 (3.0) million
· Operational EBIT was EUR 1.7 (1.6) million

January–September 2018

· Net sales amounted to EUR 209.1 (225.3) million
· Operational EBITDA was EUR 3.2 (4.2) million
· Operational EBIT was EUR -1.1 (0.1) million

The information is unaudited. The figures in parentheses are the equivalent figures for continuing operations for the same period in 2017, and the comparison period means the corresponding period in the previous year, unless otherwise stated.

Juha Vanhainen, CEO:

“Apetit seeks to lead the way in vegetable-based diets. Renewal, one of our strategic focuses, means a continuous stream of new products that interest consumers. This autumn, Apetit again introduced several new, tasty products that enable consumers to increase their consumption of vegetables and make responsible choices.

We brought Finnish fish cakes made from fish caught from a lake as part of fish-stock management to the frozen food sections of retail shops. A vegan version was added to our family of spinach soup products, and a new vegetable mince product was added to our pizza selection. We also included new products in our selection for kids and new vegetable mixes in our Tuorekset product family.

The Group’s net sales increased slightly due to a significant increase in the world market prices of grains. The two most recent harvest seasons have been very exceptional, and the Finnish grain crop in 2018 will be the weakest since 2000. The hot and dry summer also had a negative effect on the Finnish vegetable harvest.

Food Solutions’ result continued to develop favourably due to the increased sales of not only frozen foods, but also fresh products, as well as adjustment and efficiency measures. Oilseed Products’ result remained at the comparison period’s level. Grain Trade’s profitability decreased significantly from the comparison period, due to the second consecutive weak grain crop and its effects on trading opportunities. I’m very pleased with the fact that Food Solutions’ improved performance during this quarter offset the decrease in Grain Trade’s result.

The Group’s strategic focus areas are renewal, efficiency improvement and international operations. Our work to improve profitability and create future growth, even outside Finland, continues within the Group.”

KEY FIGURES

EUR million 7-9 7-9 Change 1-9 1-9 Change 2017
2018 2017 2018 2017
CONTINUING OPERATIONS,
KEY FIGURES
Net sales 76.6 74.4 3% 209.1 225.3 -7% 311.8
Operational EBITDA 3.1 3.0 3.2 4.2 6.8
Operational EBIT 1.7 1.6 -1.1 0.1 1.3
Operating profit 1.5 1.6 -2.6 -0.1 1.1
Share of profit of -0.1 0.1 -1.0 -0.4 1.0
associated company
Sucros
Profit for the period 1.1 2.6 -3.4 0.5 2.9
Earnings per share, 0.17 0.42 -0.55 0.09 0.46
EUR
Working capital, at 49.1 39.5 30.0
end of period
Investment 2.6 3.7 5.2
GROUP, KEY FIGURES
incl. discontinued
operations during
comparison period,
Seafood
Equity per share, EUR 16.73 17.75 18.10
Return on capital 0.5% 2.5% 2.4%
employed R12 (ROCE), %
Net cash flow from -18.7 12.2 20.0
operating activities
Equity ratio 63.6% 62,6% 72.6%
Gearing 12.3% 8.8% -9.6%

FINANCIAL PERFORMANCE IN JULY–SEPTEMBER

Comparable net sales increased by 3 per cent to EUR 76.6 (74.4) million. Food Solutions’ net sales increased in frozen foods and slightly in fresh products. Grain Trade’s net sales improved due to a significant increase in the world market prices of grains. Oilseed Products’ net sales remained at the comparison period’s level.

Operational EBIT was EUR 1.7 (1.6) million. Food Solutions’ result improved as a result of good sales in frozen foods and fresh products, as well as adjustment and efficiency measures. Grain Trade’s profitability has decreased as a result of the weak crops of 2017 and 2018. Oilseed Products’ profitability remained at the comparison period’s level.

In the comparison period, an item of EUR 1.3 million related to taxes recognised as a result of the divestment of the seafood business had a positive effect on the result.

FINANCIAL PERFORMANCE IN JANUARY–SEPTEMBER

Comparable net sales declined by 7 per cent to EUR 209.1 (225.3) million. Food Solutions’ net sales remained at the comparison period’s level. Sales increased in frozen foods and fresh products in all sales channels. Net sales from service sales decreased due to the reduction of the sales network. Grain Trade’s net sales decreased year-on-year. Oilseed Products’ net sales remained at the comparison period’s level.

Operational EBIT was EUR -1.1 (0.1) million. Food Solutions and Oilseed Products improved their results slightly from the comparison period. In Grain Trade, profitability decreased significantly, mainly due to weak harvest seasons.

The Group’s liquidity was good, and its financial position is strong. The equity ratio was 63.6 (62.6) per cent, and gearing was 12.3 (8.8) per cent. Consolidated cash flow from operating activities after interest and taxes amounted to EUR -18.7 (12.2) million in January–September, due to an increase in grain stocks and a significant increase in the world market prices of grains.

SEASONALITY OF OPERATIONS

In accordance with the IAS 2 standard, the historical cost of inventories includes a systematically allocated portion of the fixed production overheads. With production focusing on harvest time, raw materials are mainly processed into finished products during the third and fourth quarters of the year. This means that more fixed production overheads are recognised on the balance sheet in the third and fourth quarters than during the other quarters of the year. Due to this accounting practice, most of the Group’s annual profit is accrued in the third and fourth quarters. The seasonal nature of profit accumulation is most marked in the frozen foods group of the Food Solutions segment and in the associated company Sucros, where crop-season production focuses on the fourth quarter.

PROFIT GUIDANCE FOR 2018 UNCHANGED

The Group’s full-year operational EBIT from continuing operations is expected to decrease from the comparison period (2017: EUR 1.3 million). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Sales volumes and the profit outlook for 2018 are burdened by the weak harvest of 2017 and the poor harvest outlook for 2018.

Apetit Plc

16.08.2018

Apetit Plc's Half-Year Financial Report 1 January–30 June 2018: A weak harvest lowered Grain Trade volumes and Group result - strategic measures lay foundations for future

Apetit Plc's Half-Year Financial Report 1 January–30 June 2018: A weak harvest lowered Grain Trade volumes and Group result - strategic measures lay foundations for future

Apetit Plc, Half-Year Financial Report, 16 August 2018 at 8:30

This release is a summary of Apetit’s Half-Year Financial Report for the January-June 2018. The complete report is attached to this release as a pdf file and it is also available on the company’s website at apetitgroup.fi/for-investors.

April–June, continuing operations*

· Net sales from continuing operations were EUR 72.8 (76.8) million
· Operational EBITDA was EUR 0.1 (0.8) million
· Operational EBIT was EUR -1.4 (-0.5) million

January–June, continuing operations*

· Net sales from continuing operations were EUR 132.5 (150.8) million
· Operational EBITDA was EUR 0.1 (1.2) million
· Operational EBIT was EUR -2.8 (-1.5) million

Key events during the period

· Apetit invests EUR 9.7 million in a new patty and ball production line in Säkylä.
· Apetit invests EUR 3.7 million in the construction of a bioenergy plant in conjunction with the Avena Kantvik Oy rapeseed oil milling plant in Kirkkonummi.
· Avena Nordic Grain Oy and Viljelijän Berner joined their purchasing and sales organisations in production input and grain trade under a new operating model based on partnership.
· Apetit Vegepops Porkkana-mango was chosen as the Finnish Food of the Year 2018

*Continuing operations include Food Solutions, Oilseed Products and the Grain Trade.

The information has not been audited. The figures in parentheses are the equivalent figures for the same period in 2017, and the comparison period means the corresponding period in the previous year, unless otherwise stated.

REVISED (3 August 2018) PROFIT GUIDANCE FOR 2018

The Group’s full-year operational EBIT from continuing operations is expected to fall short of the 2017 level (2017: EUR 1.3 million). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Sales volumes and the profit outlook for 2018 are burdened by the weak harvest of 2017 and the poor harvest outlook of the current year.

Juha Vanhainen, CEO:

“Apetit has continued with the measures of the strategy announced in March 2018 in its focus areas, which are internationalisation, renewal and efficiency improvement. These measures reinforce Apetit’s position as number one in vegetables and help in building a foundation for the further development of the business.

In June, we announced that we invest nearly EUR 10 million in a new patty and ball production line at our Säkylä plant. The new line will double our production capacity, meet current demand and enable us to produce new products for the Finnish and international markets.

As a part of the project to improve efficiency, Apetit is building a bioenergy plant in conjunction with the Avena Kantvik Oy rapeseed oil milling plant in Kirkkonummi. The bioenergy plant will replace the current energy solution that uses non-renewable fuels and will significantly reduce the carbon dioxide emissions of the entire Group.

Apetit participated in the share issue of the food business development company Foodwest which took place in May-June. Apetit’s holding in the company will promote our strategic goals to focus on product development and to renew and lead the way in vegetable-based diets. One result of the work we have done to date is the nomination of Apetit Vegepops Porkkana-mango as the Finnish Food of the Year 2018 in May. We also continued work on a project to develop a rapeseed ingredient in order to develop a new ingredient with high nutritional content for the international food market.

The goals of renewal and continuous development of operations took concrete form when Apetit’s subsidiary Avena Nordic Grain Oy and Viljelijän Berner joined their purchasing and sales organisations in production input and grain trade under a new operating model based on partnership. Business will be conducted under the name Viljelijän Avena Berner and it will offer Finnish farmers a one-stop-shop for production input and grain trade services.

Increasing the share of food sales abroad has proceeded according to plan. At the end of August Apetit will launch a new selection for the Swedish market called Free From which includes five patty and ball products. In Russia we are continuing work on reinforcing our position through local food product chains.

As expected, the aftermath of the weak harvest of 2017 continued in the first half of 2018 and substantially lowered grain trade volumes and consolidated net sales on the comparison period. The shrinking of the Sales Services network had a negative impact on the net sales of Food Solutions. Oilseed Products’ performance remained stable as volumes slightly grew on the comparison period. The low price of sugar on the global market led to a weaker result for the associated company Sucros.

During the spring Apetit has carried out adjustment measures to improve profitability, including personnel reductions and other cost saving measures. Their combined impact in 2018 will be EUR 1.0 million and the annual total impact will be EUR 1.8 million.

It is likely that the 2018 harvest season will also be significantly worse than average, as was the 2017 season, which will have a negative impact on the Group’s profit-earning capacity in the second half of the year. The Finnish grain harvest is estimated to be the weakest of the 21st century, which will limit trade opportunities especially in exports. The harvest of field vegetables is also likely to be lower than usual.”

KEY FIGURES

EUR million 4-6 4-6 Change 1-6 1-6 Change 2017
2018 2017 2018 2017
Continuing operations
Net sales 72.8 76.8 -5% 132.5 150.8 -12% 311.8
Operational EBITDA 0.1 0.8 0.1 1.2 6.8
Operational EBIT -1.4 -0.5 -2.8 -1.5 1.3
Operating profit -2.7 -0.7 -4.1 -1.7 1.1
Share of profit of associated company Sucros -0.4 0.2 -0.9 -0.5 1.0
Profit for the period -2.8 -0.5 -4.5 -2.0 2.9
Earnings per share, EUR -0.45 -0.08 -0.72 -0.32 0.46
Working capital, at end of period 28.5 25.3 30.0
Investment 1.8 2.5 5.2
Group
(incl. discontinued operations during comparison period)
Earnings per share, EUR -0.45 -0.27 -0.72 -0.56 -0.10
Equity per share, EUR 16.75 17.58 18.10
Return on capital employed (ROCE), % 0.9% 1.9% 2.4%
Net cash flow from operating activities -0.1 23.1 20.0
Equity ratio -76.1% 71.1% 72.6%
Gearing -4.7% -1.5% -9.6%

NEWS CONFERENCE AND WEBCAST

A news conference (in Finnish) will be held today at 10:00 a.m. at Apetit’s office, Sörnäistenkatu 1 A, Helsinki. A live webcast of the news conference can be followed via apetitgroup.fi/for-investors. The presentation material and a recording of the webcast will be available after the news conference on the company’s website.

Apetit Plc

For further information, please contact:

Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 2100

Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had approximately 640 employees. Read more at apetitgroup.fi.

16.08.2018

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

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

Apetit Plc, Stock Exchange Release, 16 August 2018 at 8:00 a.m.

Apetit builds a bioenergy plant in conjunction with the rapeseed oil milling plant in Kirkkonummi, Finland. The company has received a favourable decision of the Ministry of Economic Affairs and Employment of Finland’s investment aid that is granted for projects based on renewable energy. The aid will cover 10 percent on the total cost of the project, however, up to a maximum of 350.000 euros.

On 7 June 2018 Apetit announced that it plans to build bioenergy plant.

“We are clad to be able to invest in development of our strategic businesses and the use of renewable energy. The new bioenergy plant will increase energy self-sufficiency of the plant and use of production side streams as energy source,” says CEO Juha Vanhainen.

The bioenergy plant will replace the current energy solution that uses non-renewable fuels and significantly reduce the carbon dioxide emissions of the entire Group. The value of the investment is about EUR 3.7 million. The project is conditional for an environmental permit.

Apetit Plc

For further information, please contact:

Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 00

Sanna Väisänen, Director, Communications and Investor Relations, Apetit Plc, tel. +358 10 402 4041

Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had approximately 640 employees. Read more at apetitgroup.fi.

03.08.2018

Apetit revises its estimate of operational EBIT for 2018

Apetit revises its estimate of operational EBIT for 2018

Apetit Plc, Stock Exchange Release, 3 August 2018 at 9:30 am

Apetit revises its estimate of operational EBIT for 2018. The company now estimates that the Group’s full-year operational EBIT will be below comparable level from continuing operations (EUR 1.3 million in 2017).

Based on the existing crop forecasts, the domestic grain crop will be significantly below the average already second season in row. According to the estimates, the crop in 2018 will be the worst in the millennium. Trading opportunities, especially exports, are expected to be essentially more limited in the second half of 2018.

The revised profit guidance for 2018:

The Group’s full-year operational EBIT will be below comparable level from continuing operations (EUR 1.3 million in 2017). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Sales volumes and the profit outlook for 2018 are burdened by the weak harvest of 2017 as well as weak crop outlook during the year 2018.

The previous profit guidance for 2018 (published on 1 March 2018):

The Group’s full-year operational EBIT from continuing operations is expected to improve year-on-year (EUR 1.3 million in 2017). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Sales volumes and the profit outlook for early 2018 are burdened by the weak harvest of 2017.

Apetit will publish its half-year financial report on 16 August 2018 at 8:30 am.

Apetit Plc

For further information, please contact:

Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 2100

Sanna Väisänen, Director, Communications and Investor Relations, Apetit Plc, tel. +358 10 4024041

Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had approximately 640 employees. Read more at apetitgroup.fi.

15.06.2018

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

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

Apetit Plc, Stock Exchange Release, 15 June 2018 at 8:30 a.m.

Apetit invests EUR 9.7 million in a new patty and ball production line at the Säkylä plant in Finland. Vegetable and fish based patties and balls as well as other new vegetable-based value-added products will be produced in the production line. The construction of the production line begins in August 2018 and the production is estimated to begin in June 2019.

"Patties and balls have been one of the most rapidly growing product group for a few years, with annual growth about 20% on the average. Prospects for continuous growth are also bright - this is supported by strong growth in consumer demand, own product development efforts and new openings in international trade," says CEO Juha Vanhainen.

The new patty and ball production line doubles the production capacity and aims to meet the current demand and enables new products to be produced for domestic and international markets. In addition, it improves production efficiency in many ways.

"All of our strategic focus areas, renewal, internationalization and efficiency improvement, will become visible in the investment. In addition, the investment is material locally in Säkylä and it is also a strong message on developing and further strengthening of our operations. The investment will generate work and workplaces in the production and supply chains due to increased volumes. Raw material for products are also produced by local contract crowers in the area," Vanhainen continues.

In the future, the investment will enable a more versatile product development in relation to e.g. product shapes, a raw material base and new flavours, and the production of entirely new types of vegetable-based products. Also, it enables better customization for different markets.

Apetit Plc

For further information, please contact:

Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 00

Sanna Väisänen, Director, Communications and Investor Relations, Apetit Plc, tel. +358 10 4024041

Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had approximately 640 employees. Read more at apetitgroup.fi.

07.06.2018

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

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

Apetit Plc, Stock Exchange Release, 7 June 2018 at 9:30 a.m.

Apetit is planning to build a bioenergy plant in conjunction with the Avena Kantvik Oy rapeseed oil milling plant in Kirkkonummi, Finland. The planned bioenergy plant would replace the current energy solution that uses non-renewable fuels and would significantly reduce the carbon dioxide emissions of the entire Group.

“In addition to reducing carbon dioxide emissions, the bioenergy plant would also significantly lower Apetit’s current energy costs as oil milling is the Group’s most energy-intensive production process,” says CEO Juha Vanhainen.

The value of the investment would be about EUR 3.7 million. The plant’s planned heat output is 4.5 MW, which would cover the energy needs of own production. A secondary boiler would also be built at the same time, to enable the use of natural gas.

The bioenergy plant’s primary fuels would be forest chips and recycled wood and other fibre waste from forests and fields in the area. Apetit would also be able to use vegetable oil production side streams, such as rapeseed screenings, vegetable oil sludge and, when possible, the bentonite clay used in the rapeseed oil bleaching process, in its energy production.

“The bioenergy plant would enable Apetit to utilise its production side streams. The plant’s energy self-sufficiency would increase and it would no longer be dependent on other users of its side streams. The key goal is for the bioenergy plant to be part of the plant’s circular economy and resource-smart use of raw materials,” says Vanhainen.

Apetit will apply for the Ministry of Economic Affairs and Employment of Finland’s investment aid that is granted for projects based on renewable energy and will also submit an environmental permit application. Apetit will decide on the investment if both applications are accepted.

Apetit Plc

For further information, please contact:

Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 00

Sanna Väisänen, Director, Communications and Investor Relations, Apetit Plc, tel. +358 10 4024041

Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had approximately 640 employees. Read more at apetitgroup.fi.

08.05.2018

Apetit Plc’s Business Review 1 January - 31 March 2018: Positive trend continued in Food Solutions - Grain Trade volumes declined as predicted due to weak harvest season

Apetit Plc’s Business Review 1 January - 31 March 2018: Positive trend continued in Food Solutions - Grain Trade volumes declined as predicted due to weak harvest season

Apetit Plc, Stock Exchange Release on 8 May 2018 at 8:30 am

Since 1 January 2018 Apetit has started reporting its first (Q1) and third (Q3) quarter results as Business Reviews. The Half-year Financial Report (Q2) and Financial Statements Release (Q4) will provide more extensive reporting and contain segment information.

JANUARY–MARCH 2018 IN BRIEF

· Consolidated net sales amounted to EUR 59.7 (74.0) million.
· Operational EBITDA was EUR 0.0 (0.4) million.
· Operational EBIT was EUR -1.4 (-1.0) million.
· Profit for the period came to EUR -1.7 (-1.4) million, and earnings per share amounted to EUR
-0.27 (-0.23).

The information has not been audited. The figures in parentheses are the equivalent figures for continuing operations for the same period in 2017, and the comparison period means the corresponding period in the previous year, unless otherwise stated.

Juha Vanhainen, CEO:

“The key focus areas of the strategy that was updated at the beginning of March - renewal, internationalisation and efficiency improvement - have defined activities in all the Group’s business operations during the first months of the year.
We continued to be a leader in the area of vegetable-based diets by introducing to the market several new products in different product groups. We also expanded into a new product group area, which was ready-to-eat, portable snack products, by launching vegetable snacks and bowl dishes. Demand for various snacks has grown and will continue to grow significantly, as more and more people are replacing meals with snacks when they are on the move. As part of its nutrition commitments, Apetit wants to offer healthy alternatives in this product group and make it easier for people in different age groups to increase the amount of vegetables in their diet.
Internationalisation progressed in line with targets, as the share of international trade in the food trade in January-March 2018 had already equalled that of the full year in 2016. Apetit has traditionally been an important operator in the international grain trade, but the company now also wants to significantly increase the share of international trade in the food trade. Apetit’s food products that attract the most international interest are added-value products, such as vegetable patties and balls, as well as peas.
The Group’s net sales declined as predicted from the comparison period as a result of the weak harvest season in 2017. The weak harvest season had the greatest impact on the grain trade where sales volumes have declined temporarily also weakening the first-quarter profit. Positive profit performance continued in Food Solutions where sales of frozen and fresh foods grew strongly. In Oilseed Products, production grew slightly on the comparison period in line with the target set in the strategy.
We continue our measures to improve profitability. As a result of the sale of the Seafood business we are focusing on simplifying our operations and boosting their efficiency throughout the Group. Our clear target is to ensure profitable growth.”

KEY FIGURES

EUR million 1-3 1-3 Change 2017
2018 2017
CONTINUING OPERATIONS, KEY FIGURES
Net sales 59.7 74.0 -19% 311.8
Operational EBITDA 0.0 0.4 6.8
Operational EBIT -1.4 -1.0 1.3
Operating profit -1.4 -1.0 1.1
Share of profit of associated company Sucros -0.5 -0.6 1.0
Profit for the period -1.7 -1.4 2.9
Earnings per share, EUR -0.27 -0.23 0.46
Working capital, at end of period 30.2 42.2 30.0
GROUP, KEY FIGURES incl. discontinued operations during comparison period, Seafood
Equity per share, EUR 17.19 18.08 18.10
Return on capital employed (ROCE), % 2.5% 1.3% 2.4%
Net cash flow from operating activities -4.5 -0.5 20.0
Equity ratio, % 73.6% 62.2% 72.6%
Gearing, % -5.4% 14.9% -9.6%
Investment 0.7 1.4 5.2

FINANCIAL PERFORMANCE IN REVIEW PERIOD

Consolidated comparable net sales declined 19 per cent to EUR 59.7 (74.0) million. The decline in net sales resulted in full from the temporary decline in Grain Trade volumes. In contrast, in Food Solutions net sales grew considerably in both frozen foods and fresh products in all sales channels. In Oilseed Products, net sales fell slightly short of the comparison period as deliveries focused on expellers during the first quarter.

Consolidated operational EBIT was EUR -1.4 (-1.0) million. In the Grain Trade, profitability was weakened by reduced volumes due to a weak harvest season. In Food Solutions, profit improved as a result of record sales in the frozen foods group. In Oilseed Products, profitability fell slightly short of the comparison period as the weak harvest season reduced the availability of Finnish raw materials.

The Group’s liquidity was good, and its financial position is strong. The equity ratio was 73.6 (62.2) per cent, and gearing was -5.4 (14.9) per cent. Consolidated cash flow from operating activities after interest and taxes amounted to EUR -4.5 (-0.5) million in January-March mainly due to the increase in grain stocks.

SEASONALITY OF OPERATIONS

In accordance with the IAS 2 standard, the historical cost of inventories includes a systematically allocated portion of the fixed production overheads. With production focusing on harvest time, raw materials are mainly processed into finished products during the final quarter of the year. This means that more fixed production overheads are recognised on the balance sheet in the fourth quarter than during the other quarters of the year. Due to this accounting practice, most of the Group’s annual profit is accrued in the final quarter. The seasonal nature of profit accumulation is most marked in the frozen foods group of the Food Solutions segment and in the associated company Sucros, where production reflects the crop harvesting season.

IFRS 15 REVENUE RECOGNITION – ADOPTION OF STANDARD

Apetit is applying the IFRS 15 Revenue Recognition standard as of 1 January 2018. Adjustments based partly on volume will be recognised as an adjustment to net sales. These items were previously recognised in expenses. The change will not have an impact on the operating profit. As a result of the change, net sales will decline by about EUR 2 million per year. The updated net sales for Q1 2017 is EUR 74.0 (previously 74.6) million and the updated net sales for the full year 2017 is EUR 311.8 (314.0) million.

PROFIT GUIDANCE FOR 2018 UNCHANGED

The Group’s full-year operational EBIT from continuing operations is expected to improve year-on-year (EUR 1.3 million in 2017). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Sales volumes and the profit outlook for early 2018 are burdened by the weak harvest of 2017.

Apetit Plc

For further information, please contact:

Juha Vanhainen, CEO, tel. +358 10 402 00

Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 312 million and it had approximately 640 employees. Read more at apetitgroup.fi.

16.04.2018

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

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

Apetit Plc, Stock Exchange Release on 16 April 2018 at 2:30 p.m.

At its meeting on 16 April 2018, 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 six members to Apetit Plc's Board of Directors. Lasse Aho, Annikka Hurme, Esa Härmälä, Seppo Laine, Veijo Meriläinen and Niko Simula were elected as the members of the Board of Directors. Veijo Meriläinen was appointed as the Chairman and Esa Härmälä 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 Plc
For further information, please contact:

Corporate Counsel Asmo Ritala, tel. +358 10 402 00
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and rapeseed expellers for feeding stuff, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 314 million and it had approximately 640 employees. Read more at apetitgroup.fi.

27.03.2018

Decisions by the Annual General Meeting of Apetit Plc

Decisions by the Annual General Meeting of Apetit Plc

Apetit Plc, Stock Exchange Release on 27 March 2018 at 3:30 p.m.

The Annual General Meeting on 27 March 2018 approved the parent company's and consolidated financial statements for the financial year 1 January - 31 December 2017 and discharged the members of the Supervisory Board and the Board of Directors and the CEOs from liability. The Annual General Meeting decided to distribute a dividend of EUR 0.70 per share in accordance with the Board proposal. The Board of Directors' proposals were approved without changes.

DIVIDEND

The Board of Directors decided that a dividend of EUR 0.70 per share be paid for the financial year 2017. 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 29 March 2018. No dividend will be paid on shares held by the company.

AUTHORISATION TO ISSUE SHARES AND TRANSFER APETIT PLC SHARES

The Board of Directors authorised the Board to decide on share issues by issuing new shares or by transferring Apetit Plc shares held by the company. The authorisation covers a maximum total of 626,757 shares, of which a maximum of 520,331 can be new shares and 106,426 can be Apetit Plc shares held by the company at the publication of the invitation to the meeting.

The authorisation includes the right to deviate from the shareholders’ pre-emptive subscription right (targeted issue) if the company has an important financial reason for doing so, such as the development of the company’s capital structure, the financing and implementation of corporate acquisitions or other arrangements, or the implementation of a share-based incentive or reward scheme.

The subscription price for each new share will be at least the share’s nominal value (EUR 2). The minimum transfer price for Apetit Plc shares held by the company will be the market value of the share at the time of transfer, determined by the price quoted in public trading on Nasdaq Helsinki. The Board of Directors will also have the right to issue shares against considerations other than cash. In share-based incentive schemes, shares can also be issued without consideration.

The authorisation is valid until the 2021 Annual General Meeting. The authorisation revokes the earlier authorisation to issue shares given on 25 March 2015 and the authorisation to transfer Apetit Plc shares given on the same date.

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. Seven persons were appointed to replace members of the Supervisory Board completing their term. Harri Eela, Laura Hämäläinen, Aki Kaivola, Jari Nevavuori, Markku Pärssinen and Johanna Takanen were re-elected. Juha Hämäläinen was elected as a new member.

Jorma Takanen and Sauli Lähteenmäki 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 Jari Viljanen, APA, as responsible auditor, were elected as auditors for the period ending with the close of the 2019 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.apetitgroup.fi/en, as of 10 April 2018.

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 2017, the company’s net sales were EUR 314 million and it had approximately 560 employees. Read more at apetitgroup.fi.

06.03.2018

Apetit Plc's Financial Statements and Corporate Governance Statement 2017 published

Apetit Plc's Financial Statements and Corporate Governance Statement 2017 published

Apetit Plc, Stock Exchange Release on 6 March 2018 at 4:30 p.m.

Apetit Plc’s Financial Statements and Corporate Governance Statement 2017 are published. The published reports contain the Board of Directors’ report, the consolidated and parent company financial statements, the auditor’s report, the statement by the Supervisory Board, Apetit Plc’s Corporate Governance Statement as well as Annual and Corporate Responsibility Report.

The material in Finnish is attached to this release and available at apetitgroup.fi/en/for-investors. The material in English will be published during the week 10 at the company’s websites.

Apetit Plc

For further information, please contact:

Sanna Väisänen, Director, Communications 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 314 million and it had approximately 560 employees. Read more at apetitgroup.fi.

Contact us

Shortcuts