Apetit Plc, Stock Exchange Release, February 15, 2017 at 3:00 p.m.
Apetit Plc, Stock Exchange Release, February 15, 2017 at 3:00 p.m.
Eero Kinnunen, Vice President, Strategic Projects, has announced that he is
leaving Apetit to join another company. He will continue working for Apetit
until April 28, 2017. Eero Kinnunen was the CFO of Apetit over the years
2006–2016.
“I would like to thank Eero Kinnunen for his contribution as the CFO and a
member of the Corporate Management at Apetit Group. During his ten years in
this position he has been an essential resource and a key person in Group
finance and the strategic development of the entire Group. I warmly wish Eero
all the best in his future endeavours,” says President and CEO Juha Vanhainen,
Apetit Plc.
Apetit Plc
Juha Vanhainen
President and CEO
For more information:
Juha Vanhainen, President and CEO, Apetit Plc, tel. +358 10 402 00
Distribution:
Nasdaq Helsinki
Main Media
www.apetitgroup.fi
Apetit Plc, Stock Exchange Release, February 1, 2017 at 12:15 p.m.
Apetit Plc, Stock Exchange Release, February 1, 2017 at 12:15 p.m.
Apetit Plc (Business ID 0197395-5) has received a disclosure under Chapter 9,
Section 5 of the Securities Markets Act according to which the holding of EM
Group Oy (Business ID 2778547-7) in Apetit Plc has decreased below 5 per cent
on January 30, 2017.
Em Group Oy’s position according to the notification:
% of shares and voting Total number of
rights shares and voting
rights
--------------------------------------------------------------------------------
Resulting situation on the date on 3,395 % of shares and 214 520
which treshold was crossed or 3,459 % of voting
reached rights
--------------------------------------------------------------------------------
Position of previous notification 4,978 % of shares and
5,072 % of voting
rights
--------------------------------------------------------------------------------
Notified details of the resulting situation on the date on which the threshold
was crossed:
A: shares and voting rights
Class/type of shares, Number of % of shares and voting rights
ISIN code shares and
voting rights
--------------------------------------------------------------------------------
Direct Indire Direct Indire
ct ct
--------------------------------------------------------------------------------
APETI (FI0009003503) 214520 - 3,395 % of shares and 3,459 % of -
voting rights
--------------------------------------------------------------------------------
TOTAL 214520 3,395 % of shares and 3,459 % of voting
rights
--------------------------------------------------------------------------------
Apetit Plc has a total of 6,317,576 shares, one series of shares, and each
share carries one vote. The company has in its possession a total of 116,805 of
its own shares. These treasury shares represent 1.8% of the company’s total
number of shares. The company’s treasury shares carry no voting or dividend
rights.
Apetit Plc
Mikko Merisaari
Manager, Communications and IR
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
Apetit Plc, Stock Exchange Release, January 2, 2017 at 4:00 p.m.
Apetit Plc, Stock Exchange Release, January 2, 2017 at 4:00 p.m.
Apetit Plc (Business ID 0197395-5) has received a disclosure under Chapter 9,
Section 5 of the Securities Markets Act according to which the holding of EM
Group Oy (Business ID 0854884-7) in Apetit Plc has been transferred to the new
EM Group Oy (Business ID 2778547-7) due to the total demerger of EM Group Oy on
January 1, 2017.
The total ownership of the new EM Group Oy is 314,520 shares corresponding
4.98% of the outstanding share capital and 5.07% of voting rights in Apetit
Plc.
Apetit Plc has a total of 6,317,576 shares, one series of shares, and each
share carries one vote. The company has in its possession a total of 116,805 of
its own shares. These treasury shares represent 1.9% of the company’s total
number of shares. The company’s treasury shares carry no voting or dividend
rights.
Apetit Plc
Mikko Merisaari
Manager, Communications and IR
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
Apetit Plc, Stock Exchange Release, December 20, 2016 at 10:30 a.m.
Apetit Plc, Stock Exchange Release, December 20, 2016 at 10:30 a.m.
Apetit Plc (Business ID 0197395-5) has received a disclosure under Chapter 9,
Section 5 of the Securities Markets Act according to which the holding of Jussi
Capital Oy (Business ID 2178276-9) in Apetit Plc has risen above the threshold
of 10 per cent.
After the Sievi Capital Plc’s dividend distribution on December 20, 2016, the
direct ownership of Jussi Capital Oy Plc totals 714,039 shares corresponding
11.30 per cent of the outstanding share capital and 11.52 per cent of voting
rights in Apetit Plc. Jussi Capital Oy’s indirect ownership through Sievi
Capital Plc totals 1,554 shares corresponding 0.02 per cent of the outstanding
share capital and 0.03 per cent of voting rights in Apetit Plc.
Apetit Plc has a total of 6,317,576 shares, one series of shares, and each
share carries one vote. The company has in its possession a total of 116,805 of
its own shares. These treasury shares represent 1.9 per cent of the company’s
total number of shares. The company’s treasury shares carry no voting or
dividend rights.
Apetit Plc
Mikko Merisaari
Manager, Communications and IR
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
Apetit Plc, Stock Exchange Release, December 20, 2016 at 10:30 a.m.
Apetit Plc, Stock Exchange Release, December 20, 2016 at 10:30 a.m.
Apetit Plc (Business ID 0197395-5) has received a disclosure under Chapter 9,
Section 5 of the Securities Markets Act according to which the holding of Sievi
Capital Plc (Business ID 019457-0) in Apetit Plc has fallen below the threshold
of 10 per cent.
After the Sievi Capital Plc’s dividend distribution on December 20, 2016, the
ownership of Sievi Capital Plc totals 1,554 shares corresponding 0.02 per cent
of the outstanding share capital and 0.03 per cent of voting rights in Apetit
Plc.
Apetit Plc has a total of 6,317,576 shares, one series of shares, and each
share carries one vote. The company has in its possession a total of 116,805 of
its own shares. These treasury shares represent 1.9 per cent of the company’s
total number of shares. The company’s treasury shares carry no voting or
dividend rights.
Apetit Plc
Mikko Merisaari
Manager, Communications and IR
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
Apetit Plc, Stock Exchange Release, 16 December 2016 at 9:30 a.m.
Apetit Plc will publish the following financial reports in 2017:
Apetit Plc, Stock Exchange Release, 16 December 2016 at 9:30 a.m.
-- Financial Statements Bulletin 2016, Thursday 23 February 2017 at 8:30
-- Annual Report 2016, Week 9, 2017
-- Interim Report January-March (Q1), Friday, 5 May 2017 at 8:30
-- Interim Report January-June (Q2), Friday 11 August 2017 at 8:30
-- Interim Report January-September (Q3), Thursday 2 November 2017 at 8:30
Apetit Plc will hold its Annual General Meeting on Friday 24 March 2017. The
Board of Directors will give a separate invitation to the Annual General
Meeting at a later date.
The financial reports are published in Finnish and English and will be
published on the company’s web pages at www.apetitgroup.fi
Apetit Plc
Sami Saarnio
CFO
Further information:
Sami Saarnio, CFO, tel. +358 10 402 00,
Distribution:
Nasdaq Helsinki
Main media
www.apetitgroup.fi
Apetit Plc, Stock Exchange Release, December 2, 2016 at 9:45 a.m.
Apetit Plc, Stock Exchange Release, December 2, 2016 at 9:45 a.m.
Apetit Plc has assigned a total of 1.353 shares (APETI) on December 2, 2016
(other conveyance) as a reward to the Chairman, Deputy Chairman and members of
the Board. The assignment value is EUR 17.645,42 in total, which corresponds
approximately to EUR 13.04 per share. Taking into account the above-specified
conveyances, the company holds a total 116.805 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, November 3, 2016 at 8:35 a.m.
The Board of Directors of Apetit Plc has appointed Mr. Sami Saarnio, CFO, as
Deputy CEO as of November 3, 2016. Mr. Sami Saarnio has been Chief Financial
Officer of the Apetit Plc since October 24th, 2016.
Apetit Plc, Stock Exchange Release, November 3, 2016 at 8:35 a.m.
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
Apetit Plc, Interim Report, 3 November, 2016 at 08:30 a.m.
This is a summary of the Interim Report January - September 2016. 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, Interim Report, 3 November, 2016 at 08:30 a.m.
Operational EBIT was unsatisfactory – Seafood's performance continued to improve
Third quarter (July–September)
-- Consolidated net sales amounted to EUR 91.9 (75.3) million
-- Operational EBITDA was EUR 3.1 (2.9) million
-- Operational EBIT*) was EUR 1.4 (1.8) million
-- Profit for the period came to EUR 1.8 (-4.0) million, and earnings per
share amounted to EUR 0.29 (-0.64)
January–September
-- Consolidated net sales amounted to EUR 286.4 (267.0) million
-- Operational EBITDA was EUR 4.1 (4.0) million
-- Operational EBIT*) was EUR -0.7 (-0.1) million
-- Profit for the period came to EUR -1.2 (-6.8) million, and earnings per
share amounted to EUR -0.19 (-1.05)
The information has not been audited.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 stated otherwise.
The profit guidance was changed on 19 October 2016. The Group’s operational
EBIT* for the full year is estimated to be positive but to fall short of the
comparison year’s level (2015: EUR 2.6 million). Due to the seasonal nature of
the Group’s operations, most of the annual profit is accrued in the second half
of the year.
*) Due to the new 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:
“When examined on the basis of operations, there were ups and downs in the
Apetit Group’s performance in July–September. From the perspective of the
company’s strategic development, I can see that by focusing on renewal we are
going in the right direction. Unfortunately, based on our clarified outlook for
the rest of the year, we do not expect to achieve an actual turnaround in
results this year.
I am pleased with the continued good performance of the Seafood segment.
Improvements in operational efficiency have boosted the profitability of
operations, even though the volume has been reduced by the higher raw material
prices of Norwegian salmon. The efficiency boosting investments and
improvements in processes carried out in Kuopio have achieved the expected
results.
The vegetable oil packaging plant extension that was opened in June quickly
enabled to increase the share of packaged vegetable oil products in net sales.
As a result, we were able to increase delivery volumes of packaged products,
particularly to the export markets, in this quarter.
During the year, we have faced difficulties on the international grain market.
The grain prices and margins, which have remained low, weakened profit also in
July–September despite increased sales volumes. The volume of grain crops in
the latest crop year is lower than the previous year in our area of supply,
while crops in the rest of the world have correspondingly grown. This will also
affect the market dynamics during the remainder of the year.
The Food Solutions segment has not yet achieved a turnaround in profitability.
Sales in frozen foods have improved. The Tuorekset product family that was
launched in August is helping us to generate new growth in in retail stores’
fruit and vegetable sections. However, sales volumes of fresh products to
professional food service sector customers have not performed as anticipated so
our aim is to improve operating efficiency and our market share.
From the perspective of renewal and growth, our strategy implementation has
proceeded as planned. We have increased resources in product development and
boosted the organisation’s speed of renewal. I am expecting these efforts to
produce results and to increase Apetit's market position in the future.”
GROUP-LEVEL KEY FIGURES
EUR million Q3 Q3 Change Q1–Q3 Q1–Q3 Change 2015 Rollin
2016 2015 2016 2015 g 12 m
--------------------------------------------------------------------------------
Net sales 91.9 75.3 +22 % 286.4 267.0 +7 % 380.8 400.2
Operational EBITDA 3.1 2.9 4.1 4.0 8.5 8.6
Operational EBIT 1.4 1.8 -0.7 -0.1 2.6 2.0
Operating profit 1.4 -2.5 -0.7 -3.7 -1.0 2.0
Share of profit of -0.1 -0.3 -0.7 -1.4 -1.0 -0.3
associated company
Sucros
Profit for the 1.8 -4.0 -1.2 -6.8 -4.6 1.0
period
Earnings per share, 0.29 -0.64 -0.19 -1.05 -0.69 0.17
EUR
Equity per share, 18.70 19.07 19.53
EUR
Working capital 56.3 57.1 69.6 58.3
Return on capital 1.2 % 1.2 %
employed, (ROCE %)
Net cash flow from 14.5 -8.4 -17.1
operating
activities
Equity ratio 64.3 % 60.2 % 61.1 %
Gearing 17.3 % 13.0 % 19.0 %
Investment 7.9 7.1 9.1
--------------------------------------------------------------------------------
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 and fresh
products group, as well as service sales.
-- The Oilseed Products business includes the processing and sale of vegetable
oils and expeller meals.
-- The Grain Trade business comprises Finnish and international trade in
grains, oilseeds and feed raw-materials.
-- The Seafood business comprises the operations of the fish products group in
Finland, Sweden and Norway.
The associated company Sucros (20% holding) has been reported after operating
profit in the income statement as of the beginning of 2016 and Group
Administration costs have been allocated equally between the segments.
The profit guidance was amended with a stock exchange release published on 19
October 2016.
The Group’s operational EBIT* for the full year is estimated to be positive but
to fall short of the comparison year’s level (2015: EUR 2.6 million).Due to the
seasonal nature of the Group’s operations, most of the annual profit is accrued
in the second half of the year.
The new harvest season has clarified the Grain Trade segment’s outlook for the
remaining part of the year.Supply is plentiful, which is expected to keep the
price level and margins in international grain markets at a low level.
The profitability of the Food Solutions segment has not improved as
expected.The outlook for the remainder of the year is weakened by
lower-than-expected volume of fresh product sales to the professional food
service sector.
The improved operating efficiency of the Seafood segment is estimated to
continue to support the improvement of the segment’s profitability in the
remaining part of 2016.
The Oilseed Products segment’s outlook for the rest of 2016 is estimated to be
stable.
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
http://www.apetitgroup.fi/en/ after the event.
Copies to:
Nasdaq Helsinki
Main media
www.apetitgroup.fi
Apetit Plc, Stock Exchange Release on 26th October, 2016 at 9:30 a.m. EET
Apetit Plc will publish its interim report for January-September 2016 on
Thursday 3rd November 2016 at 8:30 a.m. Finnish time.
Apetit Plc, Stock Exchange Release on 26th October, 2016 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 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 the third quarter
financial report and gives more information about other actual matters. Apetit
Plc’s new 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, 19 October 2016, 9.00 a.m.
NEW PROFIT GUIDANCE FOR 2016
Apetit Plc, stock exchange release, 19 October 2016, 9.00 a.m.
The Group’s operational EBIT* for the full year is estimated to be positive but
to fall short of the comparison year’s level (2015: EUR 2.6 million). Due to
the seasonal nature of the Group’s operations, a high proportion of the annual
profit is accrued in the second half of the year.
The new harvest season has clarified the Grain Trade segment’s outlook for the
remaining part of the year. Supply is plentiful, which is expected to keep the
price level and margins in international grain markets at a low level.
The profitability of the Food Solutions segment has not improved as expected.
The outlook for the remainder of the year is weakened by lower-than-expected
volume of fresh product sales to the professional food service sector.
The improved operating efficiency of the Seafood segment is estimated to
continue to support the improvement of the segment’s profitability in the
remaining part of 2016.
The Oilseed Products segment’s outlook for the rest of 2016 is estimated to be
stable.
PREVIOUS PROFIT GUIDANCE FOR 2016
In Finland, the market situation in the retail sector is expected to remain
challenging. The growth outlook of the Finnish economy is weak. Prices on the
international grain market are anticipated to remain at a relatively low level
due to ample grain stores, at least during the first part of the new harvest
season.
The Group’s full-year operational EBIT *) is expected to improve year-on-year
(2015: EUR 2.6 million). Due to the seasonal nature of the Group’s operations,
a high proportion of the annual profit is accrued in the second half of the
year. The improvement of the Seafood segment’s profitability supports the
improvement of the Group’s operational EBIT in the comparison period.
Due to the significant effect of international grain market price fluctuations
on the entire Group’s net sales, Apetit will not issue any estimates of the
expected full-year net sales.
*) Due to the new 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.
Apetit will publish it’s January-September interim report on 3 November 2016 at
8:30 a.m.
APETIT PLC
Juha Vanhainen
CEO
For more information: Eero Kinnunen, CFO, +358 10 402 00
Copies to: Nasdaq Helsinki, Main media, www.apetitgroup.fi
Apetit Plc, Stock Exchange Release, September 2, 2016 at 9:30 a.m.
Apetit Plc, Stock Exchange Release, September 2, 2016 at 9:30 a.m.
Apetit Plc has assigned a total of 1,346 shares (APETI) on September 2, 2016
(other conveyance) as a reward to the Chairman, Deputy Chairman and members of
the Board. The assignment value is EUR 17,625.87 in total, which corresponds
approximately to EUR 13.10 per share. Taking into account the above-specified
conveyances, the company holds a total 118,158 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, August 16, 2016 at 8:30 a.m.
Apetit Plc, Stock Exchange Release, August 16, 2016 at 8:30 a.m.
The Board of Directors of Apetit Plc has resolved to establish an Audit
Committee and decided on the composition of the committee during the Board’s
term of office. Seppo Laine was elected as the Chairman and Esa Härmälä and
Aappo Kontu as the members of the Audit Committee.
Apetit Plc
Board of Directors
For more information, please contact
Corporate Counsel Asmo Ritala, tel. +358 10 402 4005
Copies to:
Nasdaq Helsinki
Main media
www.apetitgroup.fi
Apetit Plc, Half year financial report, 16 August 2016 at 08:30 a.m.
Apetit Plc, Half year financial report, 16 August 2016 at 08:30 a.m.
This is a summary of the half year financial report January - June 2016. 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
-- Consolidated net sales amounted to EUR 106.9 (100.2) million
-- Operational EBITDA was EUR 0.4 (0.9) million
-- Operational EBIT *) was EUR -1.1 (-0.3) million
-- Profit for the period came to EUR -0.8 (-0.6) million, and earnings per
share amounted to EUR -0.13 (-0.10)
January–June
-- Consolidated net sales amounted to EUR 194.5 (191.7) million
-- Operational EBITDA was EUR 1.0 (1.1) million
-- Operational EBIT *) was EUR -2.1 (-1.9) million
-- Profit for the period came to EUR -3.0 (-2.9) million, and earnings per
share amounted to EUR -0.48 (-0.41)
The information has not been audited.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 stated otherwise.
The profit guidance remains unchanged. The Group’s full-year operational EBIT
is expected to improve year-on-year (EUR 2.6 million in 2015). Due to the
seasonal nature of the Group’s operations, a high proportion of the annual
profit is accrued in the second half of the year.
*) Due to the new 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:
“In April–June the net sales of the Apetit Group grew well in all business
areas and was seven per cent higher than in the comparison period.However,
operational EBIT declined on the comparison period.I cannot be satisfied with
this result, but the good and strong continued improvement of profitability in
the Seafood segment is a significant positive aspect within the overall
situation.
The way the operational EBIT developed reveals that the clearest individual
factor is the low margins of the Grain Trade in April–June. After a quiet early
part of the year, trade volumes picked up. But due to the plentiful supply,
sales margins remained thin and the operational EBIT of the Grain Trade segment
failed to match the strong performance of the comparison period. In Food
Solutions the operating profit was negatively affected by product development
investments in the Tuorekset product family and decreased sales volumes in the
professional food service sector.
Measures taken to improve profitability in the Seafood segment are producing
results and the Operational EBIT improved substantially on the comparison
period. I am especially pleased with the good development of our Finnish
operations, which was achieved despite the fact that the price of Norwegian
salmon, a key raw material, continued to increase in the review period. The new
fish processing plant in Kuopio reached a new level of efficiency when the new
automatic filleting line came on stream in May. The efficiency boosting
measures implemented earlier in our Norwegian and Swedish operations continued
to have a positive impact in the second quarter.
The implementation of strategic projects has got off to a solid start. In
addition to the efficiency boosting programme of the Seafood segment mentioned
above, we have also completed the extension of the Kirkkonummi vegetable oil
packaging plant, which will both boost our production efficiency and enable us
to increase the proportion of more highly processed oilseed-based products in
our overall sales. In the Grain Trade we have strengthened our position in the
Baltic countries and signed key logistical agreements that will enable us to
increase volumes.
At the beginning of April, after extensive product development, Apetit started
to pilot the new “Tuorekset” vegetable concept in Finnish grocery stores. As a
result, we can now market a vegetable concept that is unique in terms of its
ease-of-use, quality and preservation characteristics, and that answers the
needs of modern consumers in a new way. The products will be launched across
Finland in mid-August. Based on the pilot stage we expect the product to
attract considerable interest among traders and consumers and make a key
contribution to the growth story of vegetable-based diets.
In accordance with our strategy, we have launched a digitalisation-based
innovation portfolio to develop completely new dining and food-related services
for the producer-to-consumer value chain. Our “Digital food services” project
gained a positive financing decision from Tekes in April, and we have got off
to a speedy start that will lead to the building of a partner network in the
autumn.”
GROUP-LEVEL KEY FIGURES
EUR million Q2 Q2 Change Q1-Q2 Q1-Q2 Change 2015 Rollin
2016 2015 2016 2015 g 12 m
--------------------------------------------------------------------------------
Net sales 106.9 100.2 +7% 194.5 191.7 +1% 380.8 383.5
Operational EBITDA 0.4 0.9 1.0 1.1 8.5 8.5
Operational EBIT -1.1 -0.3 -2.1 -1.9 2.6 2.4
Operating profit -1.1 0.4 -2.1 -1.2 -1.0 -1.9
Share of profit of 0.4 -0.4 -0.7 -1.0 -1.0 -0.6
associated company
Sucros
Profit for the period -0.8 -0.6 -3.0 -2.9 -4.6 -4.7
Earnings per share, -0.13 -0.10 -0.48 -0.41 -0.69 -0.77
EUR
Equity per share, EUR 18.35 19.70 19.53
Working capital 46.1 32.0 69.6 53.4
Return on capital 1.2% 1.4%
employed, (ROCE %)
Net cash flow from 22.7 14.1 -17.1
operating activities
Equity ratio 67.8% 75.8% 61.1%
Gearing 9.3% -6.7% 19.0%
Investment 6.5 4.9 9.1
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SEGMENT COMPARISON
Since the beginning of 2016, the new reporting business segments have been Food
Solutions, Oilseed Products, Grain Trade and Seafood.
-- The Food Solutions business comprises the frozen foods group and fresh
products group, as well as service sales.
-- The Oilseed Products business includes the processing and sale of vegetable
oils and expeller meals.
-- The Grain Trade business comprises Finnish and international trade in
grains, oilseeds and feed raw-materials.
-- The Seafood business comprises the operations of the fish products group in
Finland, Sweden and Norway.
The associated company Sucros (20% holding) has been reported after operating
profit in the income statement as of the beginning of 2016 and Group
Administration costs have been allocated equally between the segments.
In Finland, the market situation in the retail sector is expected to remain
challenging. The growth outlook of the Finnish economy is weak. Prices on the
international grain market are anticipated to remain at a relatively low level
due to ample grain stores, at least during the first part of the new harvest
season.
The Group’s full-year operational EBIT is expected to improve year-on-year
(2015: EUR 2.6 million). Due to the seasonal nature of the Group’s operations,
a high proportion of the annual profit is accrued in the second half of the
year. The improvement of the Seafood segment’s profitability supports the
improvement of the Group’s operational EBIT in the comparison period.
Due to the significant effect of international grain market price fluctuations
on the entire Group’s net sales, Apetit will not issue any estimates of the
expected full-year net sales.
Further information
Juha Vanhainen, CEO, tel. +358 (0)10 402 00
Eero Kinnunen, CFO, tel. +358 (0)10 402 4025
***************
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 Eero Kinnunen 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, August 16th, 2016 at 8:25 a.m.
Apetit Plc, Stock Exchange Release, August 16th, 2016 at 8:25 a.m.
Sami Saarnio M.Sc. (Econ. and Bus. Adm.) has been appointed as Apetit Plc's
Chief Financial Officer (CFO) and member of its Corporate Management with
responsibility for the company’s financial administration and finance
operations. Saarnio will report directly to Juha Vanhainen, CEO. He will take
up this position at the latest on 24 October 2016.
Sami Saarnio has solid and extensive experience of leading financial and ICT
operations. Most recently, he held the post of Chief Financial Officer at
Onninen Oy.
“To attain its strategic profitability and growth targets, Apetit Group will
have to renew itself. We want to increase the segments’ capacity to quickly
and efficiently perform analyses and make decisions. Sami Saarnio will bring
his strong expertise in managing financial administration and business
information systems and developing them in a rapidly changing and
multidimensional operating environment. He has solid experience of a demanding
CFO post in a wholesale company,” says Juha Vanhainen, CEO.
Eero Kinnunen, Apetit Plc’s current CFO, will take charge of strategic projects
when Saarnio assumes his post. He will report directly to the CEO.
Apetit Plc
Juha Vanhainen
CEO
For more information, please contact
CEO Juha Vanhainen, tel. +358 10 402 00
Copies to:
Nasdaq Helsinki
Main media
www.apetitgroup.fi
