Apetit Plc, Stock Exchange Release on 1 March 2018 at 8:40 am
Tero Heikkinen, M. Sc. (Econ & Bus. Adm.) has been appointed CFO of Apetit Plc as from 1 March 2018. Heikkinen has been worked as acting CFO as from 27 November 2017. He reports to CEO Juha Vanhainen and is a member of the corporate management team.
Previously Heikkinen has worked for example as Group Controller at Apetit Plc, Financial Manager at Apetit Group’s subsidiary Avena Nordic Grain Oy as well as different financial positions at Tecnotree Plc.
“I am satisfied that we were able to find the most suitable person to the CFO position within the company. Tero Heikkinen possesses suitable knowledge and experience to this position. Thus, I am convinced that he can support Apetit’s strategic goal to become a leader in vegetable-based food solutions in the best possible way as well as bring strong insight in the company’s renewal, international operations and efficiency improvement,” says CEO Juha Vanhainen.
Apetit Plc
Juha Vanhainen
For more information, please contact:
Juha Vanhainen, CEO, tel. +358 10 402 00
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and expeller meal from rapeseed, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 314 million and it had 557 employees. Read more at apetitgroup.fi.
Apetit further specifies its strategic goals – its focus areas are renewal, internationalisation and efficiency improvement
Apetit Plc, Stock Exchange Release, 1 March 2018 at 8:35 a.m.
Apetit Group has further specified its strategic goals and focuses for 2018–2020. Its focus areas are renewal, internationalisation and efficiency improvement. Apetit seeks to lead the way in vegetable-based food solutions and be the best-known brand specialising in vegetable-based diets in Finland.
According to studies, consumers want to increase their use of vegetables, and the demand for vegetable-based proteins continues to grow strongly. Healthiness, sustainability, organic foods and well-being are also continuing to grow as trends. In addition, consumers appreciate ease of use in their hectic lives.
“The trends in eating firmly support Apetit and our chosen strategy. We are continuing the work that we started in the previous strategy period to strengthen our position as the leader in vegetable-based food solutions. Thanks to our hard work, bold strategic choices and continuous renewal, Apetit is now number one in its field,” says Juha Vanhainen, CEO of Apetit.
“With the vegetable trend continuing to grow, we have systematically increased our investment in research and development, which is reflected in the significant increase in the number of new products, as well as our determined expansion into new product groups. International food trade has also increased. In the strategy work that we have now completed, we have shifted our focus towards younger target groups, and we will launch new products that meet their needs and wishes.”
To increase the use of vegetables among consumers, Apetit has launched the Kasvimaani.fi online service and the Njam mobile app for recipe recommendations. The company has also renewed its Avenakauppa.fi online service for growers.
“We have now taken the first steps in digital services and the international food trade. Our goal is for these measures to significantly support the development of Apetit’s business operations over the long term,” says Vanhainen.
Apetit’s strategic focus areas for 2018–2020
Apetit is focusing on continuous renewal by increasing product and service development and on stronger internationalisation by increasing international food trade and mapping potential areas of supply in grain trade while strengthening its presence in the Baltics as well as on efficiency improvement in all of its business operations.
Apetit’s financial targets for 2020:
At least to double operational EBITDA (2017: EUR 6.8 million in continuing operations)
Operational return on capital employed (ROCE%) > 8% (2017: 2.4%)
The achievement of these strategic targets is based on customary crop development, systematic operational efficiency improvement, innovative and timely product launches and the development of international food trade. The company is open to corporate transactions that are in line with its strategy.
Updated dividend policy
The aim of the Board of Directors of Apetit Plc is that the company’s shares should provide shareholders with a good return on investment and retain their value. The company will distribute at least 50% of the profit for the financial year in dividends.
Strategic focuses of the business areas for 2018–2020:
The Food Solutions business seeks to grow profitably and more rapidly than the market in Finland. Its strategic focus areas are:
· The strong renewal of frozen foods and fresh products and the development of spearhead products for the international markets
· Supporting and increasing the consumption of vegetables among children and young people
· A clear improvement in profitability
· A sustainable value chain as a stronger competitive factor
The Oilseed Products business seeks to improve profitability and create higher added value. Its strategic focus areas are:
· Improving the efficiency of oil milling operations
· Further developing the cultivation of rapeseed in Finland
· New innovations and their rapid commercialisation
· Developing self-sufficiency in vegetable-based proteins in Finland
The Grain Trade business seeks to increase its trading volumes in its main areas of supply and to efficiently manage its working capital. Its strategic focus areas are:
· Increasing its market share in the area of supply consisting of the Baltic countries
· Creating strong value chain partnerships in Finland
· Developing the most highly advanced digital services that support logistics and the grain trade
· Studying potential areas of supply
Apetit Plc
Juha Vanhainen
For more information, please contact:
Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 00
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and expeller meal from rapeseed, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 314 million and it had 557 employees. Read more at apetitgroup.fi.
Apetit Plc: Invitation to the Annual General Meeting
Apetit Plc, Stock Exchange Release on 1 March 2018 at 8:30 a.m.
Annual General Meeting on 27 March 2018 at 1 p.m.
The company’s shareholders are hereby invited to the Annual General Meeting, which will be held on Tuesday 27 March 2018 at 1 p.m. in Apetit Plc’s Myllynkivi staff restaurant at Iso-Vimma, Säkylä. Reception of those who have registered for the meeting and the distribution of voting tickets will begin at 11 a.m.
A. The following matters will be dealt with at the meeting:
1. Opening of the meeting
2. Election of chair for the meeting
3. Election of secretary for the meeting
4. Declaring the meeting legal and quorate
5. Election of minute-checkers and vote-counters
6. Order of business and addressing the meeting
7. Declaration of attendance and the voting list
8. Presentation of the financial statements for 2017
9. Presentation of the auditor’s report
10. Presentation of the Supervisory Board’s statement based on the financial statements, Board of Direc-tors’ report and auditor’s report
11. Adoption of the financial statements and consolidated financial statements
12. Distribution of the profits shown on the balance sheet and resolution on the payment of dividend
The Board of Directors proposes that a dividend of EUR 0.70 per share be paid for 2017 on the basis of the adopted balance sheet. 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. The Board of Direc-tors proposes to the Annual General Meeting that the dividend be paid on 10 April 2018.
13. Resolution on discharging the members of the Supervisory Board, the members of the Board of Direc-tors and the CEO from liability
14. Resolution on the number of members of the Supervisory Board and their remuneration
15. Election of the members of the Supervisory Board
16. Election of two members to the Supervisory Board’s Nomination Committee
17. Resolution on the number and remuneration of the auditors
The Board of Directors proposes that the number of the auditors be two (2). In addition, the Board of Directors proposes that the auditors’ fee be paid in accordance with the auditing invoice approved by the company.
18. Appointment of auditors
In accordance with the recommendation of the Corporate Governance Code for listed companies, the Board of Directors proposes to the Annual General Meeting that Pasi Karppinen, APA, and PricewaterhouseCoopers Oy, Authorised Public Accountants, with Jari Viljanen, APA, as the auditor with principal authority, be appointed as auditors for the period ending with the close of the 2019 Annual General Meeting.
19. Authorisation of the Board of Directors to decide on the issuance of new shares and on the transfer of Apetit Plc shares held by the company (share issue)
The Board of Directors’ proposes that the Board be authorised to decide on share issues by issuing new shares or by transferring Apetit Plc shares held by the company. The authorisation would cover a maximum total of 631,757 shares, of which a maximum of 520,331 can be new shares and 111,426 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 compa-ny’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.
It is proposed that the authorisation be 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.
20. Closing of the meeting
B. Documents of the General Meeting
The proposals of the Board of Directors and the invitation to the meeting are available on the company’s web-site at apetitgroup.fi/en/agm2018. The company’s financial statements will be available on the company’s web-site as of 6 March 2018 at the latest. Copies of these documents will be sent to shareholders upon request, and will also be available at the Annual General Meeting. The minutes of the Annual General Meeting will be available on the company’s website as of 10 April 2018.
C. Instructions for persons attending the Annual General Meeting
Right to attend and registration
Shareholders whose shares have been registered in the register of shareholders kept by Euroclear Finland Ltd no later than 15 March 2018 have the right to attend the Annual General Meeting. Shareholders must be pre-pared to prove their identity.
Shareholders wishing to attend the Annual General Meeting must notify the company of this by 4 p.m. on Thursday 22 March 2018 through the company’s website at apetitgroup.fi/en/agm2018, or in writing to: Apetit Plc, Tuija Österberg, Sörnäistenkatu 1, 00580 Helsinki, by phone (+358 10 402 2110/Tuija Österberg) or by email (). If notice is given by post, the letter must arrive before the end of the notification period. Any proxy documents should be delivered to the above-mentioned address before the end of the noti-fication period.
Pursuant to chapter 5, section 25 of the Limited Liability Companies Act, shareholders who are present at the Annual General Meeting have the right to request information on matters considered at the meeting.
Proxies and proxy documents
Shareholders may participate in and exercise their rights at the Annual General Meeting by means of proxy rep-resentation. A shareholder’s proxy must produce a dated proxy document or must otherwise demonstrate reli-ably their right to represent the shareholder at the Annual General Meeting. If a shareholder participates in the meeting by means of several proxies representing the shareholder with shares in different book-entry accounts, the shares with which each proxy represents the shareholder must be notified in connection with the registration for the Annual General Meeting.
Any proxy documents should be delivered as originals to the company no later than the expiry of the notifica-tion period at 4 p.m. on 22 March 2018.
Holders of nominee registered shares
Holders of nominee registered shares are advised to request in good time
from their asset manager the necessary instructions regarding registration in the company’s shareholder regis-ter, the provision of proxy documents and registration for the Annual General Meeting. The asset manager’s account management organisation must register a holder of nominee registered shares who wants to partici-pate in the meeting for temporary entry in the company’s shareholder register by 10 a.m. on 22 March 2018.
Other instructions and information
On the date of this notice, Apetit Plc’s total number of shares is 6,317,576. The company holds 111,426 treas-ury shares, which provide no voting rights at the Annual General Meeting.
The company’s Annual Report will be published in the week beginning 5 February 2018 in Finnish and English on Apetit Plc’s website.
Apetit Plc’s Financial Statements Bulletin 1 January – 31 December 2017: A turnaround in Food Solutions – The weak harvest season was reflected in the results for Grain Trade and Oilseed Products
Apetit Plc, Financial Statements Bulletin on 1 March 2018 at 8:30 a.m.
October–December, continuing operations
• Net sales from continuing operations were EUR 87.1 (80.4) million
• Operational EBITDA was EUR 2.7 (2.0) million
• Operational EBIT was EUR 1.2 (0.6) million
• The profit for the period was EUR 2.3 (1.9) million, and earnings per share amounted to EUR 0.38 (0.31)
January–December, continuing operations
• Net sales from continuing operations were EUR 314.0 (312.0) million
• Operational EBITDA was EUR 6.8 (5.8) million
• Operational EBIT was EUR 1.3 (0.8) million
• Profit for the period came to EUR 2.9 (2.0) million, and earnings per share amounted to EUR 0.46 (0.33)
October–December, the Group, including discontinued operations*
• Consolidated net sales amounted to EUR 91.6 (100.1) million
• Operational EBIT was EUR 1.3 (1.6) million
• Profit for the period came to EUR 2.4 (2.4) million, and earnings per share amounted to EUR 0.38 (0.38).
January–December, the Group, including discontinued operations*
• Consolidated net sales amounted to EUR 368.1 (386.5) million
• Operational EBIT was EUR 1.7 (0.9) million
• Profit for the period came to EUR -0.6 (1.2) million, and earnings per share amounted to EUR -0.10 (0.19)
The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 0.70 per share be paid.
* Discontinued operations: On 29 June 2017, Apetit Plc signed an agreement on selling its seafood business to the Norwegian Insula AS. The transaction was completed on 31 October 2017. In this financial statements bulletin, the transferred business is reported as a discontinued operation. Consolidated net sales and profit for 2017 include the seafood business from January to October.
The figures for 2017 and 2016 are audited. The quarterly figures are unaudited. The figures in parentheses are the equivalent figures for the same period in 2016, and the comparison period means the corresponding period in the previous year, unless otherwise stated.
Juha Vanhainen, CEO:
“In 2017, Apetit established its position as the leading Finnish brand in vegetable-based food solutions. Its improved awareness is supported by the fact that the company introduced new products at a record pace and expanded into new product groups. Sales of existing products also increased.
In 2017, the weather remained cool throughout the growing season. The end of the growing season was marked by exceptionally heavy rain, which delayed and hindered the harvesting of grains, oilseeds and root vegetables. The oilseed harvest in Finland was markedly smaller than in the previous year. The challenges of the harvest season also reduced grain trade export volumes significantly. The availability of Finnish field vegetables has been limited to some extent. As a result of this, it has been necessary to replace Finnish field vegetables with more expensive imported vegetables or limit the production of certain products, particularly products containing Finnish carrots.
Despite the difficult harvest season, Apetit was able to improve its operational EBIT and net sales in continuing operations. The turnaround in the Food Solutions business was particularly pleasing. It was supported mainly by the increased sales of frozen and fresh products. Exports also increased in comparison with the previous year, with growth in the total exports of Food Solutions. In December, Apetit announced that it would start exporting to Russia and deliver various frozen products to the St Petersburg region.
The successful work to improve the efficiency of working capital management continued in 2017. The Group’s working capital tied up in operations decreased by EUR 22.5 million during the financial year. As a result of the more efficient management of working capital and the divestment of the seafood business, the Group was debt-free at the end of the year. Its balance sheet structure creates favourable conditions for investments and potential business arrangements that are in line with its strategy.
Apetit’s strategy to specialise and lead the way in vegetable-based food solutions is also supported by the divestment of its fish processing business. The business was sold to Insula AS in Finland, Norway and Sweden. The transaction was completed at the end of October.
In 2018, we will continue to invest in sales and product development in line with our strategy. The prevailing food trends support our goals: consumers are increasingly appreciating well-being, good taste and ease of use. High vegetable content, organic products and Finnish origin are also primary considerations when consumers are making purchasing decisions.”
KEY FIGURES
EUR million 10-12 10-12 Change 1-12 1-12 Change
2017 2016 2017 2016
Continuing operations
Net sales 87.1 80.4 8 % 314.0 312.0 1 %
Operational EBITDA 2.7 2,0 6.8 5,8
Operational EBIT 1.2 0.6 1.3 0.8
Operating profit 1.2 0.6 1.1 0.8
Share of profit of associated company Sucros 1.4 1.5 1.0 0.7
Profit for the period 2.3 1.9 2.9 2.0
Earnings per share, EUR 0.38 0.31 0.46 0.33
Working capital, at the end of the year 30.0 52,9
Group
(including discontinued operations)
Net sales 91.6 100.1 -8 % 368.1 386.5 -5 %
Operational EBIT 1.3 1.6 1.7 0.9
Operating profit 1.2 1.2 -2.5 0.6
Profit for the period 2.4 2.4 -0.6 1.2
Earnings per share, EUR 0.38 0.38 -0.10 0.19
Equity per share, EUR 18.10 19.00
Operational return on capital employed (ROCE), % 2.4 % 1.2 %
Net cash flow from operating activities 20.0 21.9
Equity ratio 72.6 % 64.1 %
Gearing -9.6 % 12.4 %
Investments 5.9 9.7
PROFIT GUIDANCE FOR 2018
The Group’s full-year operational EBIT from continuing operations is expected to improve year-on-year (EUR 1.3 million in 2017). Due to the seasonal nature of the Group’s operations, most of the annual profit is accrued in the second half of the year. Sales volumes and the profit outlook for early 2018 are burdened by the weak harvest of 2017.
BOARD OF DIRECTORS’ DIVIDEND PROPOSAL
On 31 December 2017, the parent company’s distributable funds totalled EUR 62,596,445.91, of which EUR 838,688.75 is profit for the financial year.
The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 0.70 per share be paid. The Board of Directors will propose that a total of EUR 4,344,305.00 be distributed in dividends and that EUR 58,252,140.91 be left in equity. No significant changes have taken place in the financial standing of the company since the end of the financial year. The company’s liquidity is good, and the Board deems that the company’s solvency will not be jeopardised by the proposed distribution of dividends.
No dividend will be paid on shares held by the company.
ANNUAL GENERAL MEETING
The Annual General Meeting will be held in Säkylä on Tuesday 27 March 2018.
PUBLISHING OF THE ANNUAL REPORT
Apetit Plc’s Annual Report for 2017 – including the Board of Directors’ report, the financial statements for 2017, a corporate responsibility report and a separate statement on Apetit Plc’s corporate governance – will be published in the week beginning 5 March 2018 on the company’s website at www.apetitgroup.fi (http://www.apetitgroup.fi).
INVITATION TO A BRIEFING
A briefing (in Finnish) for analysts and media will be held today at 10:00 a.m. in Hotel Scandic Simonkenttä, meeting room Espa (address: Simonkatu 9, Helsinki). In the briefing CEO Juha Vanhainen presents Financial Statements Bulletin. The presentation material will be also published on company web pages after the event.
Apetit Plc
Juha Vanhainen
For further information, please contact:
Juha Vanhainen, CEO, tel. +358 10 402 00
Apetit is number one in vegetables. It is a food industry company firmly rooted in Finnish primary production. We create well-being with vegetables by offering healthy and tasty food solutions that make daily life easier. We also produce high-quality vegetable oils and expeller meal from rapeseed, and trade grain on the international markets. Apetit seeks to lead the way in vegetable-based food solutions. Apetit Plc’s shares are listed on Nasdaq Helsinki. In 2017, the company’s net sales were EUR 314 million and it had 557 employees. Read more at apetitgroup.fi.
Apetit Plc, Stock Exchange Release, 1 March 2018 at 8:30 a.m.
On 29 June 2017, Apetit Plc announced that it had signed an agreement on selling its seafood business in Finland, Sweden and Norway to Insula AS, a Norwegian company specialising in the seafood business. As a result of the agreement, Apetit started to report the sold business as discontinued operation. The sale completed on 31 October 2017.
Apetit announced on 26 October 2017 that it has updated comparison data in relation to the sale of the seafood business. The earlier announced updated comparison data has been clarified after the completion of the sale and auditing. The clarified comparison data for 2016 and 2017 on the Group’s discontinued and continuing operations are presented in the tables below.
NET SALES Q1 Q2 Q3 Q4 Q1-Q4
EUR million 2016 2016 2016 2016 2016
Apetit Plc, Stock Exchange Release, December 4, 2017 at 9:30 a.m.
Apetit Plc has assigned a total of 4.135 shares (APETIT) on December 4, 2017
(other conveyance) as a reward to the Chairman, Deputy Chairman and members of
the Board. The assignment value is EUR 56.527,52 in total, which corresponds
approximately to EUR 13.67 per share. Taking into account the above-specified
conveyances, the company holds a total 111.426 shares.
Apetit Plc’s Supervisory Board decided in April 12, 2017, 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
Mikko Merisaari
Manager, Communications and IR
For more information, please contact
Corporate Councel Asmo Ritala, tel, +358 10 402 4005
Copies to:
Nasdaq Helsinki
Main media
www.apetitgroup.fi
Apetit Plc, Stock Exchange Release on 14 November, 2017 at 2.45 p.m. EET
Apetit Plc’s Chief Financial Officer Sami Saarnio will be leaving the company
from his own initiative. Apetit Plc’s Group Controller Tero Heikkinen has been
appointed as the acting CFO as of 27 November, 2017. The search for the new CFO
will start immediately.
- I wish to thank Sami for his work on developing Apetit's financial
management. I wish him success in his upcoming challenges, says Juha Vanhainen,
CEO of Apetit Plc.
Apetit Plc
Juha Vanhainen
CEO
For more information, please contact:
Juha Vanhainen, CEO, tel. +358 10 402 00
Copies to:
Nasdaq Helsinki
Main media
apetitgroup.fi
Apetit Plc, Stock Exchange Release on 2 November 2017 at 08:30 a.m.
Apetit Plc, Stock Exchange Release on 2 November 2017 at 08:30 a.m.
Apetit Plc will change its financial reporting practices as of January 1, 2018.
In addition to Financial Statements Bulletin and Half-year Financial Report
Apetit will disclose Business Review Reports for the three and nine month
periods presenting certain key figures and information on business performance
in the period.
Apetit Plc will publish the following financial reports in 2018:
1 March 2018 Financial Statements Bulletin 2017
8 May 2018 Business Review January-March 2018
16 August 2018 Half-year Financial Report January-June 2018
1 November 2018 Business Review January-September 2018
Apetit Plc will hold its Annual General Meeting on tuesday 27 March 2018. The
Board of Directors will give a separate invitation to the Annual General
Meeting at a later date.
Annual Report 2017 will be published on week 10, 2018
The financial reports are published in Finnish and English and will be
available on the company’s web pages at apetitgroup.fi
Sami Saarnio
CFO
For more information, please contact:
Mikko Merisaari, Manager, communications and IR, +358 10 402 4041
Copies to:
Nasdaq Helsinki
Main media
www.apetitgroup.fi/en
Apetit Plc, Interim Report, 2 November 2017 at 08:30 a.m.
This is a summary of the Interim Report January - September 2017. The complete
report, including tables of financial information, is attached to this release
and can be downloaded from the company’s website at apetitgroup.fi.
Food Solutions improved its net sales and result, Grain Trade and Oilseed
Products achieved a reasonable result despite challenging conditions
July-September, continuing operations
-- The net sales of continuing operations were EUR 75.0 (77.8) million.
-- Operational EBITDA was EUR 3.2 (2.8) million.
-- Operational EBIT was EUR 1.8 (1.6) million.
-- The profit for the period was EUR 2.7 (2.1) million, and earnings per share
amounted to EUR 0.44 (0.34).
January-September, continuing operations
-- The net sales of continuing operations were EUR 226.9 (231.6) million.
-- Operational EBITDA was EUR 4.7 (4.2) million.
-- Operational EBIT was EUR 0.7 (0.7) million.
-- The profit for the period was EUR 1.0 (0.5) million, and earnings per share
amounted to EUR 0.16 (0.08).
July-September, Group, including discontinued operations*
-- Consolidated net sales amounted to EUR 89.9 (91.9) million.
-- Operational EBIT was EUR 1.9 (1.4) million.
-- The profit for the period was EUR 0.5 (1.8) million, and earnings per share
amounted to EUR 0.09 (0.29).
January–September, Group, including discontinued operations*
-- Consolidated net sales amounted to EUR 276.2 (286.4) million.
-- Operational EBIT was EUR 0.4 (-0.7) million.
-- The profit for the period was EUR -3.0 (-1.2) million, and earnings per
share amounted to EUR -0.48 (-0.19).
* Discontinued operations: On 29 June 2017, Apetit Plc signed an agreement on
selling its seafood business to the Norwegian company Insula AS. The
transaction was completed as of 1 November 2017. The transferred business is
reported as discontinued operations in this interim report.
The information has not been audited. The figures in parentheses are the
equivalent figures for the same period in 2016, and comparison period means the
corresponding period of the previous year, unless otherwise stated.
The profit guidance remains unchanged. The Group’s full-year operational EBIT
is expected to improve year-on-year (EUR 0.9 million in 2016). Due to the
seasonal nature of the Group’s operations, most of the annual profit is accrued
in the second half of the year.
Juha Vanhainen, CEO:
“The Apetit Group continued to focus strongly on vegetable-based food
solutions. The sales of frozen and fresh products increased and profitability
improved. We have solidified our position in the minds of consumers and
retailers as a forerunner in vegetable-based eating. We continued to invest in
product development in order to delight consumers and retailers with new
products more frequently.
Customers’ expectations evolve and we seek to respond to these expectations
proactively. In the summer we launched an organic programme, the goal of which
is to substantially increase the proportion of organic products in our range in
the coming years. During this harvest season, we brought our first Finnish
organic products to stores and professional kitchens. We will increase research
and development into organic products at our experimental farm and offer our
knowledge on new farming methods to our contract growers who are interested in
this information. This way we can ensure that we also have organic alternatives
of high-quality produce available for our products and at the same time we can
support the competitiveness of Finnish primary production.
The July-September operational EBIT improved year-on-year, boosted by Food
Solutions. We have succeeded in making the sales of frozen products grow,
ensuring the product group’s profitability. In fresh products we continued to
change our operating model from direct retailer to professional kitchens to
partner serving the retail trade and professional kitchens and as a result we
achieved new, profitable net sales. In Grain Trade and Oilseed Products the
delay in the domestic harvest reduced volumes in Finland, but the results were
at a satisfactory level considering the challenging harvest conditions.
The sales of the fish processing business to Insula AS in Finland, Norway and
Sweden, announced at the end of June, was completed at the end of October.
Insula AS, the new owner of the seafood business, is a growing company with a
strong position in its sector that offers new growth and development
opportunities for both our transferring staff and for our customers.
According to a consumer survey that we commissioned in July, a third of Finns
have increased their consumption of vegetables in the past year and more than
half intend to continue increasing their consumption. This delights us at
Apetit and inspires us to go forward. We actively renew our products and
procedures to retain our position as number one in vegetables and to strengthen
our position as our customers’ first choice.”
KEY FIGURES
EUR million 7-9 7-9 Change 1-9 1-9 Change 2016 Rollin
2017 2016 2017 2016 g
12 m
--------------------------------------------------------------------------------
Continuing operations
--------------------------------------------------------------------------------
Net sales 75.0 77.8 -4 % 226.9 231.6 -2 % 312.0 307.2
--------------------------------------------------------------------------------
Operational EBITDA 3.2 2.8 4.7 4.2 6.3 6.8
--------------------------------------------------------------------------------
Operational EBIT 1.8 1.6 0.7 0.7 1.5 1.5
--------------------------------------------------------------------------------
Operating profit 1.8 1.6 0.5 0.7 1.5 1.3
--------------------------------------------------------------------------------
Share of profit of 0.1 -0.1 -0.4 -0.7 0.7 1.1
associated company
Sucros
--------------------------------------------------------------------------------
Profit for the period 2.7 2.1 1.0 0.5 2.5 3.1
--------------------------------------------------------------------------------
Earnings per share, EUR 0.44 0.34 0.16 0.08 0.41 0.49
--------------------------------------------------------------------------------
Working capital 39.5 49.7 43.9 40.1
--------------------------------------------------------------------------------
Group
(incl. discontinued
operations)
--------------------------------------------------------------------------------
Net sales 89.9 91.9 -2 % 276.2 286.4 -4 % 386.5 376.8
--------------------------------------------------------------------------------
Operational EBIT 1.9 1.4 0.4 -0.7 0.9 2.0
--------------------------------------------------------------------------------
Operating profit -0.7 1.4 -3.8 -0.7 0.6 -2.5
--------------------------------------------------------------------------------
Profit for the period 0.5 1.8 -3.0 -1.2 1.2 -0.6
--------------------------------------------------------------------------------
Earnings per share, EUR 0.09 0.29 -0.48 -0.19 0.19 -0.10
--------------------------------------------------------------------------------
Equity per share, EUR 17.75 18.70 19.00
--------------------------------------------------------------------------------
Return on capital 1.2% 2.5%
employed (ROCE), %
--------------------------------------------------------------------------------
Net cash flow from 12.2 14.5 21.9
operating activities
--------------------------------------------------------------------------------
Equity ratio 62.6% 64.3% 64.1%
--------------------------------------------------------------------------------
Gearing 8.8% 17.3% 12.4%
--------------------------------------------------------------------------------
Investment 4.4 7.9 9.7
--------------------------------------------------------------------------------
SEGMENT COMPARISON
The Apetit Group’s reporting business segments are Food Solutions, Oilseed
Products, Grain Trade and Seafood.
-- Food Solutions comprises the frozen foods group, fresh products group and
service sales.
-- The Oilseed Products business includes the processing and sale of vegetable
oils and expeller meals.
-- The Grain Trade business comprises the Finnish and international trade in
grains, oilseeds, pulses and feed raw-materials.
-- The Seafood segment’s operations in Finland, Sweden and Norway were
transferred to discontinued operations following a corporate transaction
announced on 29 June 2017.
The associated company Sucros (holding 20%) has been reported after operating
profit in the income statement since the beginning of 2016.
OPERATIONAL EBIT, EUR million 7-9 7-9 1-9 1-9 2016 Rolling
2017 2016 2017 2016 12 m
--------------------------------------------------------------------
Seafood 0.1 -0.2 -0.3 -1.4 -0.6 0.5
--------------------------------------------------------------------
PROFIT GUIDANCE FOR 2017
Sales in the Finnish retail sector and professional food service sector are
expected to pick up in comparison to the previous year, but the price
competition is expected to remain intensive. Ample supply is expected to
continue to prevail in the global grains market, keeping prices and margins at
a low level. This situation is not expected to change significantly during the
rest of the year.
The Group’s full-year operational EBIT is expected to improve year-on-year (EUR
0.9 million in 2016). Due to the seasonal nature of the Group’s operations,
most of the annual profit is accrued in the second half of the year.
With regard to profitability, favourable development will be supported by
higher added value and positive sales development in Food Solutions and
improved operational efficiency in Seafood segment.
Due to the substantial effect of international grain market price fluctuations
on the Group’s net sales, Apetit will not issue any estimates of its expected
full-year net sales.
Further information
Juha Vanhainen, CEO, tel. +358 (0)10 402 00
Sami Saarnio, CFO, tel. +358 (0)10 402 00
***************
Invitation to a briefing
A briefing (in Finnish) for analysts and media representatives will be held
today at 10.00 a.m. in Hotel Scandic Simonkenttä (address: Simonkatu 9,
Helsinki). In the briefing Apetit Plc’s CEO Juha Vanhainen presents the January
- September results of Apetit Plc and gives information about other current
issues. Apetit Plc’s CFO Sami Saarnio will also be present in the briefing.
The presentation material will be available on the company’s website at
apetitgroup.fi after the event.
Copies to:
Nasdaq Helsinki
Main media
www.apetitgroup.fi
Apetit Plc, Stock Exchange Release on 1 November 2017 at 09:30 a.m.
Apetit Plc announced on 29 June 2017, that it had signed an agreement on
selling its seafood business in Finland, Sweden and Norway to Insula AS. The
requirements of closing the sale have been fulfilled and the transaction has
been completed as of 1 November 2017.
Apetit Plc
Juha Vanhainen
CEO
For more information, please contact:
Juha Vanhainen, CEO, tel. +358 10 402 00
Copies to:
Nasdaq Helsinki
Main media
www.apetitgroup.fi/en
Apetit Plc, Stock Exchange Release, 26 October 2017 at 6:45 p.m.
On 29 June 2017, Apetit Plc announced that it had signed an agreement on
selling its seafood business in Finland, Sweden and Norway to Insula AS, a
Norwegian company specialising in the seafood business. The parties have agreed
that their goal is to conclude the deal on 31 October 2017.
As a result of the agreement, Apetit reports the business to be sold as a
discontinued operation. Discontinued operations include the Seafood segment,
which comprises the fish processing operations of Apetit Kala Ltd in Finland
and the Maritim Food Group and its subsidiaries in Sweden and Norway.
The updated comparison data for 2016 and the first half of 2017 on the Group’s
discontinued and continuing operations are presented in the tables below. The
data are unaudited.
Apetit Plc, Stock Exchange Release on 26th October, 2017 at 10:00 a.m. EET
Apetit Plc will publish its interim report for January-September 2017 on
Thursday 2nd November 2017 at 8:30 a.m. Finnish time.
A briefing (in Finnish) for analysts and media will be held on the same day at
10:00 a.m. in Hotel Scandic Simonkenttä, meeting room Espa, (address: Simonkatu
9, Helsinki). The presentation material will be also published on company web
pages at apetitgroup.fi after the event.
In the briefing Apetit Plc’s CEO Juha Vanhainen presents the third quarter
interim report and gives more information about other actual matters. Apetit
Plc’s CFO Sami Saarnio will also be present in the briefing.
Please inform of your participation to Mrs Tuija Österberg, tel. +358 10 402
2110 or e-mail .
Apetit Plc
Juha Vanhainen
CEO
For more information, please contact:
Mikko Merisaari, Manager, Communications and IR, tel. +358 10 402 4041
Copies to:
Nasdaq Helsinki
Main media
apetitgroup.fi
Apetit Plc, Stock Exchange Release on 16 October, 2017 at 2:30 p.m.
Norwegian Competition Auhority has approved the transaction in which Apetit
sells its seafood business in Finland, Norway and Sweden to the Norwegian based
seafood group Insula AS. The parties have agreed to pursue the completion of
the transaction on 31 October 2017.
Apetit Plc announced on 29 June 2017, that it had signed an agreement on
selling its seafood business in Finland, Sweden and Norway to Insula AS, a
group of specialized and traditional seafood companies in Norway, Sweden and
Denmark producing and selling quality products to the Nordic markets.
Apetit Plc
Juha Vanhainen
CEO
For more information, please contact:
Juha Vanhainen, CEO, tel. +358 10 402 00
Copies to:
Nasdaq Helsinki
Main media
www.apetitgroup.fi/en
Apetit Plc, stock exchange release, 26 September, 2017 at 9:30 a.m.
The Norwegian competition authorities are still processing the sale of Apetit
Plc’s seafood business to Insula AS. As a consequence, Apetit is amending its
initial estimate of the date when the transaction will be closed. The updated
estimate is that the transaction will be completed in the final quarter of this
year.
On 29 June 2017, Apetit Plc announced that it had signed an agreement on
selling its seafood business in Finland, Sweden and Norway to Insula AS, a
Norwegian company specialising in the seafood business. The transaction was
initially expected to be completed in the third quarter of 2017.
Apetit Plc
Juha Vanhainen
CEO
Additional information:
Juha Vanhainen, CEO, tel. +358 10 402 2110
Copies to:
Nasdaq Helsinki
Main media
www.apetitgroup.fi
Apetit Plc, Stock Exchange Release, 11 August 2017 at 08:30 a.m.
Food Solutions’ growth enabled Group’s profitability improvement – sale of
seafood business sharpens strategic focus
Apetit Plc, Stock Exchange Release, 11 August 2017 at 08:30 a.m.
This is a summary of the half-year financial report January - June 2017. The
complete report, including tables of financial information, is attached to this
release and can be downloaded from the company’s website at
www.apetitgroup.fi/en.
April–June, continuing operations
-- The net sales of continuing operations were EUR 77,3 (85,9) million.
-- Operational EBITDA was EUR 1.0 (0.4) million.
-- Operational EBIT was EUR -0.4 (-0.8) million.
-- The profit for the period was EUR -0.4 (-0.3) million, and earnings per
share were EUR -0.07 (-0.05).
January–June, continuing operations
-- The net sales of continuing operations were EUR 151,9 (153,8) million.
-- Operational EBITDA was EUR 1.6 (1.4) million.
-- Operational EBIT was EUR -1.1 (-0.9) million.
-- The profit for the period was EUR -1.7 (-1.6) million, and earnings per
share were EUR -0.27 (‑0.26).
April–June, Group, including discontinued operations*
-- Group’s consolidated net sales were EUR 94.3 (106.9) million.
-- Operational EBIT was EUR -0.2 (-1.1) million.
-- The profit for the period was EUR -1.7 (-0.8) million, and earnings per
share were EUR -0.27 (‑0.13).
January–June, Group, including discontinued operations*
-- Group’s consolidated net sales were EUR 186.2 (194.5) million
-- Operational EBIT was EUR -1.5 (-2.1) million.
-- The profit for the period was EUR -3.5 (-3.0) million, and earnings per
share were EUR -0.56 (‑0.48).
* Discontinued operations: Apetit Plc has signed an agreement on selling its
seafood business to the Norwegian Insula AS.In this report, the business
operations to be transferred are reported as discontinued operations.The
transaction is expected to be completed during the third quarter of 2017.
The information has not been audited.The figures in parentheses are the
equivalent figures for the same period in 2016, and the comparison period means
the corresponding period of the previous year, unless otherwise stated.
The profit guidance remains unchangedThe Group’s full-year operational EBIT is
expected to improve year-on-year (EUR 0.9 million in 2016).Due to the seasonal
nature of the Group’s operations, most of the annual profit is accrued in the
second half of the year.
Juha Vanhainen, CEO:
“Our investment in new product development and renewal is generating new sales,
and the favourable development is also having a positive effect on products
that have been on the market for a longer time. Grocery sales continued to pick
up in the first half of the year. According to our estimate, our Food Solutions
business outpaced the overall development of the grocery trade.
In April–June, the increase in Food Solutions’ net sales supported
profitability, and the segment’s operational EBIT improved year-on-year.
However, we cannot be pleased with Food Solutions’ current level of
performance, and we will continue our work to increase sales and improve
efficiency. In April-June, especially the sales and profitability of fresh
products developed well.
Despite the increase in Food Solutions’ net sales, the Group’s net sales
decreased in the first half of 2017, as the sales volumes in Grain Trade and
Oilseed Products were lower than in the comparison period. We can be
particularly pleased that the Seafood segment’s operational EBIT improved
significantly and was slightly positive in April–June.
In late June, we announced that we would sell our seafood business operations
in Finland, Sweden and Norway to Insula AS, a Norwegian company specialising in
the processing of fish and shellfish. The transaction will enable us to
allocate more resources to the implementation of our strategy, which focuses on
diets with a high vegetable content. The transaction also means that the
seafood business will be run by a new owner committed to developing and
strengthening the business.
The interest in vegetable-based and vegan foods among consumers and customers
in the professional food service sector supports our strategic direction and
guides our investments in product development. We will continue to implement
measures to improve growth and profitability by increasing sales and improving
efficiency across our operations.”
KEY FIGURES
EUR million Q2 Q2 Change Q1-Q2 Q1-Q2 Change 2016 Rollin
2017 2016 2017 2016 g
12 m
--------------------------------------------------------------------------------
CONTINUING OPERATIONS
--------------------------------------------------------------------------------
Net sales 77.3 85.9 -10% 151.9 153.8 -1% 312.0 310.0
--------------------------------------------------------------------------------
Operational EBITDA 1.0 0.4 1.6 1.4 6.4 6.5
--------------------------------------------------------------------------------
Operational EBIT -0.4 -0.8 -1.1 -0.9 1.5 1.3
--------------------------------------------------------------------------------
Operating profit -0.5 -0.8 -1.3 -0.9 1.5 1.1
--------------------------------------------------------------------------------
Share of profit of 0.2 0.4 -0.5 -0.7 0.7 0.9
associated company
Sucros
--------------------------------------------------------------------------------
Profit for the period -0.4 -0.3 -1.7 -1.6 2.5 2.5
--------------------------------------------------------------------------------
Earnings per share, -0.07 -0.05 -0.27 -0.26 0.41 0.40
EUR
--------------------------------------------------------------------------------
Working capital 25.3 38.5 43.9 39.9
--------------------------------------------------------------------------------
GROUP
(incl. discontinued
operations)
--------------------------------------------------------------------------------
Net sales 94.3 106.9 186.2 194.5 386.5 378.3
--------------------------------------------------------------------------------
Operational EBIT -0.2 -1.1 -1.5 -2.1 0.9 1.2
--------------------------------------------------------------------------------
Operating profit -1.8 -1.1 -3.1 -2.1 0.6 -0.4
--------------------------------------------------------------------------------
Profit for the period -1.7 -0.8 -3.5 -3.0 1.2 0.7
--------------------------------------------------------------------------------
Earnings per share, -0.27 -0.13 -0.56 -0.48 0.19 0.11
EUR
--------------------------------------------------------------------------------
Equity per share, EUR 17.58 18.35 19.00
--------------------------------------------------------------------------------
Return on capital 1.2% 1.9%
employed (ROCE), %
--------------------------------------------------------------------------------
Net cash flow from 23.1 22.7 21.9
operating activities
--------------------------------------------------------------------------------
Equity ratio 71.1% 67.8% 64.1%
--------------------------------------------------------------------------------
Gearing -1.5% 9.3% 12.4%
--------------------------------------------------------------------------------
Investment 2.9 6.5 9.7
--------------------------------------------------------------------------------
SEGMENT COMPARISON
The Apetit Group’s reporting business segments are Food Solutions, Oilseed
Products, Grain Trade and Seafood.
-- Food Solutions comprises the frozen foods group, fresh products group and
service sales.
-- The Oilseed Products business includes the processing and sale of vegetable
oils and expeller meals.
-- The Grain Trade business comprises the Finnish and international trade in
grains, oilseeds, pulses and feed raw-materials.
-- The Seafood segment’s operations in Finland, Sweden and Norway were
transferred to discontinued operations following a corporate transaction
announced on 29 June 2017.
The associated company Sucros (holding 20%) has been reported after operating
profit in the income statement since the beginning of 2016.
OPERATIONAL EBIT, EUR million Q2 Q2 Q1-Q2 Q1-Q2 2016 Rolling
2017 2016 2017 2016 12 m
----------------------------------------------------------------------
Seafood 0.1 -0.3 -0.4 -1.2 -0.6 0.2
----------------------------------------------------------------------
PROFIT GUIDANCE FOR 2017
Sales in the Finnish retail sector and professional food service sector are
expected to pick up in comparison to the previous year, but the price
competition is expected to remain intensive. Ample supply is expected to
continue to prevail in the global grains market, keeping prices and margins at
a low level. This situation is not expected to change significantly before a
more specific outlook is available for the new harvest season.
The Group’s full-year operational EBIT is expected to improve year-on-year (EUR
0.9 million in 2016). Due to the seasonal nature of the Group’s operations,
most of the annual profit is accrued in the second half of the year.
With regard to profitability, favourable development will be supported by
higher added value and positive sales development in Food Solutions, improved
operational efficiency in Seafood and increased sales volumes in Grain Trade in
comparison to the previous year.
Due to the substantial effect of international grain market price fluctuations
on the Group’s net sales, Apetit will not issue any estimates of its expected
full-year net sales.
Further information
Juha Vanhainen, CEO, tel. +358 (0)10 402 00
***************
Invitation to a briefing
A briefing (in Finnish) for analysts and media representatives will be held
today at 10.00 a.m. in Hotel Scandic Simonkenttä (address: Simonkatu 9,
Helsinki). In the briefing Apetit Plc’s CEO Juha Vanhainen presents the January
- June results of Apetit Plc and gives information about other current issues.
Apetit Plc’s CFO Sami Saarnio will also be present in the briefing.
The presentation material will be available on the company’s website at
http://www.apetitgroup.fi/en/ after the event.
Copies to:
Nasdaq Helsinki
Main media
www.apetitgroup.fi
