Apetit Plc, Stock Exchange Release on 4th August, 2017 at 9:30 a.m. EET
Apetit Plc will publish its half-year financial report for January-June 2017 on
Friday 11th August 2017 at 8:30 a.m. Finnish time.
Apetit Plc, Stock Exchange Release on 4th August, 2017 at 9:30 a.m. EET
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 Mansku, (address:
Simonkatu 9, Helsinki). The presentation material will be also published on
company web pages at www.apetitgroup.fi/en after the event.
In the briefing Apetit Plc’s CEO Juha Vanhainen presents the half-year
financial 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
www.apetitgroup.fi/en
Apetit Plc, Stock Exchange Release, 29 June 2017 at 9.50 a.m.
Apetit Plc, Stock Exchange Release, 29 June 2017 at 9.50 a.m.
Apetit Plc has signed an agreement to sell its seafood business in Finland,
Norway and Sweden to the Norwegian seafood group Insula AS. Insula AS is a
group of specialized and traditional seafood companies currently operating in
Norway, Sweden and Denmark, serving demanding customers in the Scandinavian
retail and service market.
The parties will not disclose the total transaction price. The agreement is
structured as a business transfer in Finland and a share transaction of Maritim
Food Group in Norway and Sweden. In Finland, Apetit will remain a minority
shareholder of the seafood business, with a holding of less than 20 per cent.
Apetit will record a non-recurring write-down amounting to approximately EUR 1
million for the second quarter of 2017. The final result will be determined at
the closing of the transaction. Apetit will report the Seafood segment as a
discontinued operation. The transaction is not estimated to have a significant
effect on Apetit Group’s full year operational EBIT, and the financial outlook
for 2017 remains unchanged.
Apetit Plc CEO Mr Juha Vanhainen:
“Apetit Group’s aim is to become the leading vegetable-based food solutions
company in the market. As a part of this evolution, we have been seeking a
capable and professional partner to take responsibility of the strategic
development of our seafood business. I’m confident, that as the core business
in Insula AS, our seafood business will be able to step up to the next level.
This will benefit our customers, as well as our personnel in Finland, Sweden
and Norway. We believe strongly in this opportunity based on our view that
Insula AS is one of the most innovative and customer-oriented seafood companies
in Scandinavia.”
Insula AS CEO Mr Sigvald Rist:
“Apetit Seafood Finland provides us with a local platform for growth in the
Finnish seafood market. The company is well positioned in the retail segment
and has the capacity to grow further, both with existing and new seafood
business. Finland has high seafood consumption and we see this agreement as a
great opportunity to both learn more about and, at the same time, develop the
Finnish seafood market further. This agreement also supports our aim to
strengthen our seafood operations in Sweden and Norway. The product portfolio
in Finland, Sweden and Norway complements Insula’s existing seafood business
and it will contribute to developing the markets and introducing new products
and innovations to our customers."
Apetit Group’s Seafood segment comprises Apetit Kala Oy fish processing
business in Finland and Maritim Food Group in Norway and Sweden. Apetit Kala is
one of the major manufacturers of salmon and rainbow trout fish products in
Finland. Maritim Food Group produces high quality fish and shellfish products
in Norway and in Sweden. In 2016, the net sales of Apetit’s Seafood segment’s
operations were EUR 87.8 million and the operational EBIT was EUR -0.6 million.
Apetit’s Seafood operations employ 82 persons in Finland, 71 in Norway and 15
in Sweden.
Insula AS is a Norway-based seafood Group focusing on quality products for the
Nordic markets. It consists of solid and tradition-rich seafood brands and
companies in Norway, Sweden and Denmark. Through the acquisition of Apetit’s
seafood business in Finland, the company will also enter the Finnish market.
Insula AS was established in 2015 and is owned by Kverva AS (92%) and company
management (8%). Insula’s net sales in 2016 were NOK 2.4 billion (EUR 252
million) and it employed 800 persons.
The completion of the transaction is subject to the approval of the Norwegian
competition authorities and the fulfilment of the other terms and conditions of
the transaction. The transaction is expected to be completed in Q3, 2017.
Apetit Plc
Juha Vanhainen
For more information, please contact
Apetit Plc: CEO Juha Vanhainen, tel. +358 10 402 00
Insula AS: CEO Sigvald Rist, tel. +47 957 81 300
Copies to:
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Main media
www.apetitgroup.fi
Apetit Plc, Stock Exchance Release on May 30th, 2017 at 4:00 p.m. EET
Apetit Plc will change its trading code (stock symbol) on Nasdaq Helsinki to
APETIT, effective at the start of trading on Thursday, June 1, 2017. The
previous trading code for Apetit was APETI.
Apetit Plc, Stock Exchance Release on May 30th, 2017 at 4:00 p.m. EET
Share details as of June 1, 2017:
Company name: Apetit Plc
New trading code: APETIT
ISIN: FI0009003503
Apetit Plc
Asmo Ritala
Corporate Counsel
For more information, please contact
Manager, Communications and IR, Mikko Merisaari, tel. +358 50 521 4055,
Copies to:
Nasdaq Helsinki
Main media
www.apetitgroup.fi/en
Apetit Plc, Stock Exchange Release, 5 May 2017 at 08:30 a.m.
This is a summary of the Interim Report January - March 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.
Apetit Plc, Stock Exchange Release, 5 May 2017 at 08:30 a.m.
New products introduced – work continues to improve profitability
First quarter (January-March)
-- Consolidated net sales amounted to EUR 91.9 (87.5) million
-- Operational EBITDA was EUR 0.5 (0.6) million
-- Operational EBIT was EUR -1.2 (-1.0) million
-- The profit for the period was EUR -1.8 (-2.2) million, and earnings per
share were EUR -0.29 (-0.35).
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 stated otherwise.
The profit guidance remains unchanged The Group’s full-year operational EBIT is
expected to improve year-on-year (EUR 0.9 million in 2016). Due to the seasonal
nature of the Group’s operations, most of the annual profit is accrued in the
second half of the year.
Juha Vanhainen, CEO:
“Our first quarter was characterised by the introduction of many new products,
which is in line with our strategy. Our product development activities now
produce solid, new vegetable products with good commercial potential more
efficiently than before. The most significant product launches in the first
quarter include the Apetit Kasvisjauhis patties and balls, Apetit Vegepops ice
lollies and Apetit Finnish rapeseed oil. In April, we launched Apetit
Kasvisjauhis products in the retail stores’ ready meal section.
Consolidated net sales increased in all segments, with the exception of
Seafood, where the high raw-material price of Norwegian salmon and rainbow
trout has lowered sales volumes in Finland. In Food Solutions sales performance
was good in both frozen and fresh products. In fresh products, we continued to
develop the sales structure according to plan to focus on wholesale
organisation and retail stores, and this produced new sales during the quarter.
A welcome piece of good news was that the Tuorekset product family, which was
launched last autumn, continued its good sales performance in January-March.
In Seafood, profitability improved thanks to better operational efficiency. In
the Grain Trade sales grew year-on-year but the low prices and margins
resulting from a high level of supply in the grain markets lowered our
profitability. In Oilseed Products profitability was reduced by the temporarily
lower margins of the oil agreements delivered in the quarter than in the
comparison period.
In January-March we continued to establish our position as a leader in
vegetable-based food solutions with the help of interesting new products for
consumers. In addition, we are now accelerating the research and development of
more highly processed oilseed products. We have launched a new R&D project on
the use of rapeseed as an advanced vegetable protein and have received backing
for the project from Tekes.
We aim for profitable growth in 2017. We will continue to work on improving
profitability by increasing sales and improving operational efficiency
throughout our operations.”
CONSOLIDATED KEY FIGURES
EUR million Q1 Q1 Change 2016 Rolling
2017 2016 12 m
--------------------------------------------------------------------------------
Net sales 91.9 87.5 +5.0% 386.5 390.9
--------------------------------------------------------------------------------
Operational EBITDA 0.5 0.6 7.5 7.4
--------------------------------------------------------------------------------
Operational EBIT -1.2 -1.0 0.9 0.6
--------------------------------------------------------------------------------
Operating profit -1.3 -1.0 0.6 0.2
--------------------------------------------------------------------------------
Share of profit of associated company -0.6 -1.0 0.7 1.1
Sucros
--------------------------------------------------------------------------------
Profit for the period -1.8 -2.2 1.2 1.5
--------------------------------------------------------------------------------
Earnings per share, EUR -0.29 -0.35 0.19 0.25
--------------------------------------------------------------------------------
Equity per share, EUR 18.08 18.52 19.00
--------------------------------------------------------------------------------
Working capital 50.1 62.2 52.9 53.5
--------------------------------------------------------------------------------
Operational return on capital employed, 1.2% 1.3%
(ROCE %)
--------------------------------------------------------------------------------
Net cash flow from operating activities -0.5 3.2 21.9
--------------------------------------------------------------------------------
Equity ratio, % 62.2% 62.3% 64.1%
--------------------------------------------------------------------------------
Gearing, % 14.9% 20.6% 12.4%
--------------------------------------------------------------------------------
Investment 1.6 4.1 9.7
--------------------------------------------------------------------------------
SEGMENT COMPARISON
The Apetit Group’s reporting business segments are Food Solutions, Oilseed
Products, Grain Trade and Seafood.
-- The Food Solutions business comprises the frozen foods group, the fresh
products group and service sales.
-- The Oilseed Products business comprises 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 business comprises the operations of the fish products group in
Finland, Sweden and Norway.
The associated company Sucros (holding 20%) will be reported after operating
profit in the income statement as of the beginning of 2016.
NET SALES, EUR million Q1 Q1 Change 2016 Rolling
2017 2016 12 m
----------------------------------------------------------
Food Solutions 25.8 25.0 +3.0% 97.8 98.5
----------------------------------------------------------
Oilseed Products 16.8 16.5 +1.9% 68.2 68.5
----------------------------------------------------------
Grain Trade 33.0 30.8 +7.0% 159.7 161.9
----------------------------------------------------------
Seafood 20.3 20.5 -1.1% 87.8 87.6
----------------------------------------------------------
Intra-group net sales -3.9 -5.3 -27.0 -25.6
----------------------------------------------------------
Total 91.9 87.5 +5.0% 386.5 390.9
----------------------------------------------------------
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
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
- March 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
Apetit Plc, stock exchange release, 5 May 2017, 8.30 a.m.
The market making agreement between Apetit Plc and S-Bank Ltd will be
discontinued on 31 May 2017.
Apetit Plc, stock exchange release, 5 May 2017, 8.30 a.m.
The purpose of the agreement has been to ensure the liquidity of Apetit’s
shares, listed on Nasdaq Helsinki Ltd, and to narrow the spread between buy and
sell quotations. Due to improved liquidity, Apetit Group has decided not to
engage in a new agreement to replace the one now ending, and as of 1 June 2017,
the company’s share will not be subject to external market making.
Apetit Plc
Sami Saarnio
Chief Financial Officer
Additional information:
Jaakko Happo, Head of Finance and Risk Management, tel. +358 10 4022 444
Copies to:
Nasdaq Helsinki
Main media
www.apetitgroup.fi
Apetit Plc, Stock Exchange Release on 28th April, 2017 at 9:30 a.m. EET
Apetit Plc will publish its interim report for January-March 2017 on Friday 5th
May 2017 at 8:30 a.m. Finnish time.
Apetit Plc, Stock Exchange Release on 28th April, 2017 at 9:30 a.m. EET
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 Bulsa-Freda, (address:
Simonkatu 9, Helsinki). The presentation material will be also published on
company web pages at www.apetitgroup.fi/en after the event.
In the briefing Apetit Plc’s CEO Juha Vanhainen presents the first 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
www.apetitgroup.fi/en
APETIT PLC, Stock Exchange Release, 13 April 2017 at 8:45 a.m.
At its meeting on 12th of April 2017, Apetit Plc’s Supervisory Board elected
Harri Eela as its Chairman and Marja-Liisa Mikola-Luoto as the Deputy Chairman.
APETIT PLC, Stock Exchange Release, 13 April 2017 at 8:45 a.m.
The Supervisory Board decided to elect 6 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, Stock Exchange Release, 24 March 2017 at 3:45 p.m.
APETIT PLC, Stock Exchange Release, 24 March 2017 at 3:45 p.m.
The Annual General Meeting on 24 March 2017 approved the parent company's and
consolidated financial statements for the financial year 1 January - 31
December 2016 and discharged the members of the Supervisory Board and the Board
of Directors and the CEO from liability. The Annual General Meeting decided to
distribute a dividend of EUR 0.70 per share in accordance with the Board
proposal. The Board of Directors' proposals were approved without changes.
DIVIDEND
The Annual General Meeting decided to distribute as dividend EUR 0.70 per share
on the financial year 2016. The dividend will be paid on 4 April 2017 to
shareholders who are registered in the company’s shareholder register kept by
Euroclear Finland Ltd on the record date of 28 March 2017. No dividend will be
paid on shares held by the company.
ELECTION OF THE MEMBERS OF THE SUPERVISORY BOARD, THE MEMBERS OF THE
SUPERVISORY BOARD'S NOMINATION COMMITTEE AND THE AUDITORS, AND REMUNERATION
The Annual General Meeting confirmed that the Supervisory Board will have 18
members elected by the Annual General Meeting. Five members of the Supervisory
Board completing their term were reappointed. Reappointed members are Jaakko
Halkilahti, Mika Leikkonen, Marja-Liisa Mikola-Luoto, Petri Rakkolainen and
Mauno Ylinen.
Sauli Lähteenmäki and Jorma Takanen were elected by the Annual General Meeting
as the members of the Supervisory Board's Nomination Committee.
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 2018
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 7 April 2017.
APETIT PLC
Juha Vanhainen
CEO
For more information, please contact:
Corporate Councel Asmo Ritala, tel, +358 10 402 00
Distribution:
Nasdaq Helsinki
Main media
www.apetitgroup.fi/en
Apetit Plc, Stock Exchange Release, 3 March 2017 at 4:15 p.m.
Apetit Plc, Stock Exchange Release, 3 March 2017 at 4:15 p.m.
Apetit Plc’s Financial Statements and Corporate Governance Statement are
published. The published reports contain Apetit 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 2016 and company brochure.
The material is attached to this release and available in Finnish and in
English at http://www.apetitgroup.fi
APETIT PLC
Mikko Merisaari
Manager, Communications and IR
Further information:
Mikko Merisaari, tel. +358 10 402 4041
Copies to:
Nasdaq Helsinki
Main media
www.apetitgroup.fi/en
Apetit Plc, Stock Exchange Release, March 2, 2017 at 9:30 a.m.
Apetit Plc, Stock Exchange Release, March 2, 2017 at 9:30 a.m.
Apetit Plc has assigned a total of 1,244 shares (APETI) on March 2, 2017 (other
conveyance) as a reward to the Chairman, Deputy Chairman and members of the
Board. The assignment value is EUR 17,639.55 in total, which corresponds
approximately to EUR 14.18 per share. Taking into account the above-specified
conveyances, the company holds a total 115,561 shares.
Apetit Plc’s Supervisory Board decided in April 28, 2016, 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 50 per cent of
the annual remuneration will be in cash and the remaining 50 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 four
equal value share and cash payments in June, September, December and March.
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, 23 February 2017, 9.30 a.m.
Kaija Viljanen, Director of Apetit Group’s Grain Trade and Oilseeds Business
and Managing Director of Avena Nordic Grain Oy, has announced her decision to
retire by the end of 2017.
Apetit Plc, stock exchange release, 23 February 2017, 9.30 a.m.
Antti Snellman, M.Sc. (Tech.), has been appointed Director of the Grain Trade
and Oilseeds Business and Managing Director of Avena Nordic Grain Oy, under
which these businesses belong. He will join Apetit on 1 June 2017, and assume
responsibility for business operations on 1 September 2017.
Snellman's previous employment was at Altia, where he headed the Starch and
Feed business unit, a part of the Industrial Services business, from 2010, and
the distillery and starch and feed production unit in Koskenkorva, which is a
part of the Supply Chain business, from 2011. Before Altia, Snellman was the
Sales and Marketing Director of Finnish Fibreboard Ltd, Project Manager at BMH
Wood Technology Ltd and worked in international water processing projects at
Hadwaco Ltd.
Juha Vanhainen, CEO:
“I am happy that Antti Snellman will continue Kaija Viljanen’s work. Antti is
a very experienced industrial professional who has proven his mettle in a range
of positions. He has management experience in business operations, production
and stakeholder relations in value chains in Finland and abroad. Antti’s
versatile experience will be an excellent foundation on which to continue the
successful development of the Grains Trade and Oilseeds Business at the head of
a very competent specialist organisation."
”Under Kaija Viljanen's leadership the Grain Trade and Oilseeds Business has
been developed systematically and successfully. It has become an
internationally respected grain, oilseed and feedstuff raw material trader and
the most important oilseed products manufacturer in Finland. I believe I am not
alone in saying that her work has had an international impact. Her contribution
to the development of the grain trade and in the use of oilseed in foods and
feed and in improving cultivation conditions are beyond comparison. I want to
express my heartfelt gratitude to Kaija for her long and successful career."
Apetit Plc
Juha Vanhainen
CEO
FURTHER INFORMATION
Juha Vanhainen, CEO, Apetit Plc, tel. +358 10 402 00
DISTRIBUTION
NASDAQ Helsinki
Principal media
www.apetitgroup.fi
Apetit is a Finnish food industry company firmly rooted in the primary
production of food. Our goal is to be a leader in the vegetable-based food
chain. We produce delicious and convenient fresh and frozen vegetable products
that enhance wellbeing. We produce high-quality vegetable oils and expeller
meal from rapeseed, and trade grain on international markets. We also process
fresh fish and prepare fish products. Apetit Plc’s shares are listed on NASDAQ
OMX Helsinki. In 2016, the company’s net sales were EUR 387 million and it
employed an average of 729 people.
Avena Nordic Grain Oy, which is responsible for Apetit Plc’s Grain Trade and
Oilseeds Business, is Finland’s leading trader in grains, oilseeds, pulses and
feedstuffs, and is a manufacturer and supplier of vegetable oils and expeller.
Avena’s main market is the European Union, but it also trades in many other
markets. The company’s principal location is Helsinki, but it also operates in
other parts of Finland: Vaasa, Pori, Salo, Kirkkonummi, Loimaa, Hämeenlinna,
Kouvola and Porvoo. Its oil milling plant is located in Kirkkonummi.
Apetit Plc, Stock Exchange Release, 23 February 2017 at 8:30 a.m.
I DIVIDEND
Apetit Plc, Stock Exchange Release, 23 February 2017 at 8:30 a.m.
The Board of Directors proposes to the Annual General Meeting that a dividend
of EUR 0.70 per share be paid on the financial year 2016.
II ELECTION OF THE AUDITOR AND FEES
The Board of Directors proposes to the Annual General Meeting that two regular
auditors be appointed for the company and that Mr. Pasi Karppinen, APA, and
PricewaterhouseCoopers Oy, Authorized Public Accountants, with Jari Viljanen,
APA, as the auditor with principal authority be elected as auditors for the
period ending with the close of the 2018 Annual General Meeting.Furthermore,
the Board of Directors proposes that the auditor's fee be reimbursed according
to invoice approved by the company.
Helsinki, February 22th 2017
APETIT PLC
Board of Directors
Distribution:
Nasdaq Helsinki
Main media
www.apetitgroup.fi
Apetit Plc, Stock Exchange Release, February 23rd, 2017 at 8:30 a.m
Good profitability development in fish products – strong consolidated cash flow
– unsatisfactory result
Apetit Plc, Stock Exchange Release, February 23rd, 2017 at 8:30 a.m
This is a summary of the Financial Statements Bulletin for 2016. Complete
Financial Statements Bulletin for 2016 is attached to this release and can be
downloaded from the company’s website at www.apetitgroup.fi/en
Fourth quarter (October–December):
-- Consolidated net sales amounted to EUR 100.1 (113.8) million.
-- Operational EBITDA was EUR 3.4 (4.5) million.
-- Operational EBIT*) was EUR 1.6 (2.7) million.
-- The profit for the period was EUR 2.4 (2,2) million, and earnings per share
were EUR 0.38 (0.36).
Financial year (January–December)
-- Consolidated net sales amounted to EUR 386.5 (380.8) million.
-- Operational EBITDA was EUR 7.5 (8.5) million.
-- Operational EBIT*) was EUR 0.9 (2.6) million.
-- The profit for the period was EUR 1.2 (-4.6) million, and earnings per
share were EUR 0.19 (-0.69).
-- Consolidated cash flow was EUR 21.9 (-17.1) million.
The Board of Directors will propose to the Annual General Meeting that a
dividend of EUR 0.70 per share be paid.
The figures for 2016 and 2015 are audited.The quarterly figures are
unaudited.The figures in parentheses are the equivalent figures for the same
period in 2015, and the comparison period means the corresponding period of the
previous year, unless otherwise stated.
*) Due to the amendments to the regulations of the European Securities and
Markets Authority (ESMA), Apetit has replaced the key figure “operating profit
excluding non-recurring items” with the key figure “operational EBIT” as of
2016.Operational EBIT does not include restructuring expenses, any significant
impairment on goodwill or other balance sheet items or reversal of impairment,
the profit of the associated company Sucros or other extraordinary and material
items.
Juha Vanhainen, CEO:
“2016 was the first year of our new strategy period.It was a year of renewal
and creating favourable conditions for growth.We strengthened product
development and invested in the Apetit consumer brand, and achieved good
results in these areas.We implemented expanded capacity for the production of
the new Tuorekset consumer-packaged ready-to-use vegetables and inaugurated the
packaging plant extension to our vegetable oil milling plant.We fine-tuned our
operating models and structures according to need, to increase efficiency and
execution ability throughout the organisation.Our consolidated cash flow was
strong as a result of freed-up working capital.
Our net sales grew in all segments, with the exception of Grain Trade, where
the historically low price levels in the grain markets reduced net sales
despite an increase in volumes.In the frozen foods group, we were able to
regain growth after a long period of steady sales, thanks to high-selling new
products and effective marketing.In the retail trade, we expanded into new
product groups by introducing the Kasvisjauhis and Vegepops products in early
2017.
Despite the favourable developments, the full-year operational EBIT was at an
unsatisfactory level. The profitability of the Seafood segment improved
strongly during the year, and it recorded a positive operational EBIT for
October–December. The good profitability of the frozen foods group and Oilseed
Products had a positive effect on the result.
In Grain Trade, we suffered from the low price and margin levels caused by
excessive supply in the grain markets. In fresh products, we began to change
our operating model in an effort to transform the company from a
direct-delivery wholesaler for the professional food service sector into a
fresh product partner and a manufacturer of consumer products. This process
burdened the result, but I am expecting the profitability of the product group
to increase with new sales and increased operational efficiency in 2017.
In line with our strategy, we are establishing our position as a leader in
vegetable-based food solutions. We aim for profitable growth in 2017. To this
effect, we will improve operational efficiency across our operations and will
continue to invest in increasing sales and in renewal and product development.”
CONSOLIDATED KEY FIGURES
EUR million Q4 Q4 Change 2016 2015 Change
2016 2015
--------------------------------------------------------------------------------
Net sales 100.1 113.8 -12% 386.5 380.8 1%
--------------------------------------------------------------------------------
Operational EBITDA 3.4 4.5 7.5 8.5
Operational EBIT 1.6 2.7 0.9 2.6
--------------------------------------------------------------------------------
Operating profit 1.2 2.7 0.6 -1.0
Share of profit of associated 1.5 0.4 0.7 -1.0
company Sucros
--------------------------------------------------------------------------------
Profit for the period 2.4 2.2 1.2 -4.6
Earnings per share, EUR 0.38 0.36 0.19 -0.69
--------------------------------------------------------------------------------
Equity per share, EUR 19.00 19.53
Working capital 52.9 69.6
--------------------------------------------------------------------------------
Operational return on capital 1.2% 1.2%
employed (ROCE-%)
Net cash flow from operating 21.9 -17.1
activities
--------------------------------------------------------------------------------
Equity ratio,% 64.1% 61.1%
Gearing, % 12.4% 19.0%
--------------------------------------------------------------------------------
Investment 9.7 9.1
--------------------------------------------------------------------------------
OUTLOOK 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.
*) Due to the amendments to the regulations of the European Securities and
Markets Authority (ESMA), Apetit has replaced the key figure “operating profit
excluding non-recurring items” with the key figure “operational EBIT” as of
2016. Operational EBIT does not include restructuring expenses, any significant
impairment on goodwill or other balance sheet items or reversal of impairment,
the profit of the associated company Sucros or other extraordinary and material
items.
BOARD OF DIRECTORS’ DIVIDEND PROPOSAL
The parent company’s distributable funds totalled EUR 66,281,263.53 on 31
December 2016, of which EUR 3,332,724.66 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 will propose that a total of
EUR 4,340,539.70 be distributed in dividends and that EUR 61,940,723.83 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 2017
The Annual General Meeting will be held in Säkylä on Friday, 24 March 2017.
PUBLICATION OF ANNUAL REPORT AND Q1/2017 INTERIM REPORT
Apetit Plc’s Annual Report for 2016 – including the Board of Directors’ report,
the financial statements for 2016 and a separate statement on Apetit Plc’s
corporate governance – will be published in the week beginning on 27 February
2016 on the company’s website at www.apetitgroup.fi/en.
The company will publish its interim report for January–March 2017 on Friday, 5
May 2017 at 8.30 a.m.
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
financial statements bulletin for 2016 of Apetit Plc and gives more information
about current issues.
The presentation material will be available on the company’s website at
http://www.apetitgroup.fi/en/ after the event.
Apetit Plc, Stock Exchange Release, 23 February 2017 at 8:30 a.m.
Annual General Meeting to be held on 24 March 2017 at 1:00 p.m.
Apetit Plc, Stock Exchange Release, 23 February 2017 at 8:30 a.m.
The company’s shareholders are hereby invited to the Annual General Meeting,
which will be held on Friday 24 March 2017 at 1:00 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 commence
at 11:00 a.m.
A. The following matters will be dealt with at the meeting:
1. Opening of the meeting
2. Election of chairman 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. Declaring attendance and the voting list
8. Presentation of the financial statements for 2016
9. Presentation of the auditor’s report
10. Presentation of the Supervisory Board’s statement based on the financial
statements, Board of Directors’ report and auditor’s report
11. Adoption of the financial statements and consolidated financial statements
12. Distribution of the profits shown on the balance sheet and resolution on
the payment of dividends
The Board of Directors proposes that a dividend of EUR 0.70 per share be paid
for the financial year 2016 on the basis of the adopted balance sheet. The
dividend will be paid to shareholders who are registered in the company’s
shareholder register kept by Euroclear Finland Ltd on the record date of 28
March 2017. The Board of Directors will propose to the Annual General Meeting
that the dividend be paid on 4 April 2017.
13. Resolution on discharging the members of the Supervisory Board, the members
of the Board of Directors and the CEO from liability
14. Resolution on the number of members of the Supervisory Board and their
remuneration
15. Election of the members of the Supervisory Board
16. Appointment of two members to the Supervisory Board’s Nomination Committee
17. Resolution on the number of auditors and their remuneration
The Board of Directors proposes that two regular auditors be appointed for the
company. The Board of Directors also 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 will propose to the Annual General
Meeting that Pasi Karppinen, APA, and PricewaterhouseCoopers Oy, Authorized
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
2018 Annual General Meeting.
19. Closing of the meeting
B. Documents of the General Meeting
The proposed resolutions of the Board of Directors and the invitation to the
meeting are available on the company’s website at www.apetitgroup.fi. The
company’s financial statements will be available on the above-mentioned website
as of 3 March 2017 at the latest. Copies of these documents will be sent to
shareholders upon request and they will also be available at the Annual General
Meeting. The minutes of the Annual General Meeting will be available on the
above-mentioned website as of 7 April 2017.
C. Instructions for persons attending the Annual General Meeting
Right to attend and registration
Shareholders who on 14 March 2017 are registered in the company’s register of
shareholders kept by Euroclear Finland Ltd shall have the right to attend the
Annual General Meeting.
Shareholders wishing to attend the Annual General Meeting must notify the
company of this no later than 4.00 p.m. on Friday 17 March 2017 either through
our website (www.apetitgroup.fi/yhtiokokous), in writing (Apetit Plc, Tuija
Österberg, PO Box 100, FI-27801 Säkylä), by phone (+358 10 402 2110/Tuija
Österberg) or by e-mail (). If notice is given by
letter, this must arrive before the expiry of the notification period. Any
proxy documents should be delivered to the above-mentioned address before the
expiry of the notification period.
Pursuant to chapter 5, section 25 of the Limited Liability Companies Act,
shareholders who are present at the Annual General Meeting have the right to
request information on matters considered at the meeting.
Proxies and proxy documents
Shareholders may participate in and exercise their rights at the Annual General
Meeting by means of proxy representation. A shareholder’s proxy must produce a
dated proxy document or must otherwise demonstrate reliably his/her right to
represent the shareholder at the Annual General Meeting. If a shareholder
participates in the meeting by means of several proxies representing the
shareholder with shares in different book-entry accounts, the shares with which
each proxy represents the shareholder must be notified in connection with the
registration for the Annual General Meeting.
Any proxy documents should be delivered as originals to the company no later
than the expiry of the notification period at 4.00 p.m. on 17 March 2017.
Holders of nominee registered shares
Holders of nominee registered shares are advised to request in good time from
their asset manager the necessary instructions regarding registration in the
company’s shareholder register, the provision of proxy documents and
registration for the Annual General Meeting.
If a holder of nominee registered shares wishes to attend the Annual General
Meeting, he or she must be registered for temporary entry in the company’s
shareholder register by the asset manager’s account management organisation no
later than 10.00 a.m. on 17 March 2017.
Other instructions and information
On the date of this notice, Apetit Plc’s total number of shares is 6,317,576.
The company holds a total 116.805 shares, which do not have voting rights in
the Annual General meeting
The company’s Annual Report will be published in the week beginning 27 February
2017 in Finnish and English on Apetit Plc’s website. The printed version of the
Annual Report will be sent to those who order it on the website
(www.apetitgroup.fi/en/investors). The printed version of the Annual Report
will be posted during the week beginning 13 March 2017.
Apetit Plc, Stock Exchange Release on February 16th, 2017 at 11:00 a.m. EET
Apetit Plc will publish its Financial Statements Bulletin 2016 on Thursday,
23th February 2017 at 8:30 a.m. Finnish time.
Apetit Plc, Stock Exchange Release on February 16th, 2017 at 11:00 a.m. EET
A briefing (in Finnish) for analysts and media will be held 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
www.apetitgroup.fi/en after the event.
In the briefing Apetit Plc’s CEO Juha Vanhainen presents Financial Statements
Bulletin 2016, and gives more information about other actual matters.
Please inform of your participation to Mrs Tuija Österberg, tel. +358 10 402
2110 or e-mail
The Financial Statements Bulletin 2016 can be found on company web pages at
www.apetitgroup.fi/investorson February 23th, 2017 after 8.30 a.m. and the
presentation material after the briefing.
Apetit Plc
Juha Vanhainen
President & CEO
For more information, please contact:
Mikko Merisaari, Manager, Communications and IR, tel. +358 10 402 4041
Copies to:
Nasdaq Helsinki
Main media
www.apetitgroup.fi/en
