Apetit Plc, Stock Exchange Release, 2 December 2014 at 2:00 p.m.
Apetit Plc will publish the following financial reports in 2015:
Apetit Plc, Stock Exchange Release, 2 December 2014 at 2:00 p.m.
-- Financial Statements Bulletin 2014, Wednesday 25 February 2015 at 8:30
-- Annual Report 2014, Week 10, 2015
-- Interim Report January-March, Tuesday 5 May 2015 at 8:30
-- Interim Report January-June, Wednesday 12 August 2015 at 8:30
-- Interim Report January-September, Friday 30 October 2015 at 8:30
Apetit Plc will hold its Annual General Meeting on Wednesday 25 March 2015. 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
Eero Kinnunen
CFO
Further information:
Eero Kinnunen, CFO, tel. +358 10 402 00,
Distribution:
NASDAQ OMX Helsinki
Main media
www.apetitgroup.fi
Apetit Plc, Changes in company's own shares, December 2, 2014 at 9:30 a.m.
Apetit Plc, Changes in company's own shares, December 2, 2014 at 9:30 a.m.
Apetit Plc has assigned a total of 1,037 shares (APETI) on December 2, 2014
(other conveyance) as a reward to the Chairman and members of the Board. The
assignment value is EUR 14,637.05 in total, which corresponds approximately to
EUR 14.11 per share. The Deputy Chairman will not be paid remuneration for
Board duties while serving as the company’s CEO. Taking into account the
above-specified conveyances, the company holds a total of 127,278 shares.
Apetit Plc’s Supervisory Board decided in April, 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 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 OMX Helsinki
Main media
www.apetitgroup.fi
Apetit Plc Stock exchange release 25 November 2014, 2:45 p.m.
Apetit Plc Stock exchange release 25 November 2014, 2:45 p.m.
The co-determination negotiations concerning the fish products group of the
Apetit Group’s Food Business have been concluded. The outcome of the
negotiations is that Apetit is to concentrate its fish products group
operations in larger units in Kuopio and Helsinki and the Kustavi production
unit will be closed. The Turku office will also be closed.
The closure of these locations will lead to the termination of employment for
12 people at Kustavi and 3 at Turku. The concentration of operations at Kuopio
and Helsinki will mean an additional 7 new positions in these locations.
The negotiations were commenced in beginning of October as part of the
long-term profitability programme for the fish products group and covered a
total of 121 people in its business locations in Kuopio, Helsinki, Kustavi and
Turku.
In the beginning of this year Apetit launched long-term profitability
programmes for the fish and fresh products groups of its Food Business in
Finland. Under the profitability programmes the business practices and
structures of purchasing, sales and the order-delivery chain are being revised
in order to achieve better profitability and sustainable competitiveness in
these product groups. Most of the programme measures are focused on the years
2014–2015, and they are expected to improve profitability gradually as of 2015.
The aim of the programmes is to achieve a reduction of EUR 4.5 million in
annual expenses.
“The closure decisions now made are difficult, but they are necessary in order
to improve the profitability of the fish products group and to adopt a new,
simpler operating model. With the concentration now taking place we are aiming
for improved cost efficiency, more effective logistics and more systematic
development and control of operations,” explains Veijo Meriläinen, Apetit Plc’s
CEO.
On 8 October 2014, Apetit issued a stock exchange release on the progress of
the profitability programme for the fish products group and the commencement of
co-determination negotiations.
Apetit Plc
Veijo Meriläinen
CEO
Further Information:
Veijo Meriläinen, CEO, tel. +358 10 402 00
Copies to:
OMX NASDAQ Helsinki
Main media
www.apetitgroup.fi
Apetit Plc, Major shareholder announcements, 10 November 2014 at 10:30 am
EM Group Oy (business ID 0854884-7) has notified today that it has sold 1,480
shares of Apetit Plc (business ID 0197395-5), and the total ownership has thus
fallen below 5 % of the company´s total share capital.
Apetit Plc, Major shareholder announcements, 10 November 2014 at 10:30 am
After the share transactions made on 5 November 2014, the ownership of EM Group
Oy totals 314,520 shares corresponding 4.98 % of the outstanding share capital
and 5.08 % of voting rights in Apetit Plc.
Apetit Plc, Interim Report, 6 November 2014 at 08.30 am
Apetit Plc, Interim Report, 6 November 2014 at 08.30 am
This is a summary of the Interim Report January - September 2014. The complete
Interim 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.
Third quarter (July-September)
-- Consolidated net sales amounted to EUR 77.0 (91.6) million, down by 16 per
cent.
-- Operating profit excluding non-recurring items was EUR 1.6 (3.1) million.
The reported operating profit was EUR -11.1 (1.0) million.
-- The non-recurring items included in the reported operating profit were EUR
-12.7 (-2.1) million. These consisted of EUR -10.2 million in impairments
carried out in the Food Business on the basis of goodwill impairment
testing and EUR -2.5 million in expenses related to the arbitration court
process between Apetit and Nordic Sugar, which was concluded during the
period.
-- The profit for the period was EUR -11.1 (2.5) million, and earnings per
share amounted to EUR -1.74 (0.48).
-- The profit for the period excluding non-recurring items was EUR 1.0 (1.7)
million, and earnings per share excluding non-recurring items was EUR 0.20
(0.35).
-- The equity ratio remained strong and was 61.4 (67.4) per cent.
January - September
-- Consolidated net sales amounted to EUR 264.0 (290.0) million, down by 9.0
per cent.
-- Operating profit excluding non-recurring items came to EUR 2.0 (6.8)
million. The reported operating profit was EUR -11.2 (4.3) million.
-- The non-recurring items included in the reported operating profit were EUR
-13.2 (‑2.5) million. These consisted of EUR -10.2 million in impairments
carried out in the Food Business on the basis of goodwill impairment
testing and EUR -3.0 million in expenses related to the arbitration court
process between Apetit and Nordic Sugar.
-- The profit for the period was EUR -12.1 (4.9) million, and earnings per
share amounted to EUR -1.86 (0.91).
-- The profit for the period excluding non-recurring items was EUR 0.3 (4.4)
million, and earnings per share excluding non-recurring items was EUR 0.15
(0.84).
The assessment of profit performance for the full year has been updated on a
stock exchange release issued on 2 October 2014.
The information in this Interim Report has not been audited. The figures in
parentheses are the equivalent figures for the same period in 2013, and the
comparison period means the corresponding period of the previous year, unless
stated otherwise.
Veijo Meriläinen, CEO:
The Apetit Group’s third-quarter net sales were strongly affected by the low
world market prices for grains and the smaller delivery volumes in the grain
trade compared with the previous year.Sales performance in the Finnish retail
trade and in staff restaurants has been lacklustre due to reduced household
purchasing power, and in the Food Business we have been actively working to
maintain our market position.
The third-quarter consolidated operating profit excluding non-recurring items
was down from the previous year because of the impact of the unsatisfactory
profitability of the Food Business’s fish products group and the decline in the
share of profits of the associated company Sucros.In the Grains and Oilseeds
Business, the operating profit excluding non-recurring items improved
especially as a result of the good performance in the refining margin of
oilseed products.Profit performance was also good in the Food Business’s frozen
products group.During the period, impairments were carried out in the Food
Business on the basis of goodwill impairment testing in the fish products group
in Sweden and Norway and in the fresh products group.
Juha Vanhainen was appointed the new CEO of Apetit Plc, to take effect on 16
March 2015, and we are glad to have such an able and experienced expert from an
international process industry company.Before he starts, we will continue our
committed approach to the profitability and development programmes already
under way in order to improve profitability and renew our business.
In Food Business, under fish and fresh products groups’ long term profitability
programs the business practices and structures of purchasing, sales and the
order-delivery chain are being revised in order to achieve better profitability
and sustainable competitiveness in these product groups. Most of the programme
measures are focused on the years 2014-2015, and we expect them to improve
profitability gradually as of 2015.The aim of the programmes is to achieve a
reduction of EUR 4.5 million in annual expenses.
The significance of domestic content in consumers’ purchasing decisions
continues to increase, and this is also a cause that is supported in society at
large. We believe that our long-term investment in the development of domestic
contract growing, strong integration with primary production and the systematic
building of the Apetit Kotimainen domestic food brand will continue to produce
a competitive advantage that is difficult to imitate.
KEY FIGURES
EUR million Q3 Q3 Change Q1-Q3 Q1-Q3 Change Q1-Q4/
2014 2013 2014 2013 2013
--------------------------------------------------------------------------------
Net sales 77.0 91.6 - 16% 264.0 290.0 - 9% 387.3
--------------------------------------------------------------------------------
Operating profit excluding 1.6 3.1 2.0 6.8 12.2
non- recurring items
--------------------------------------------------------------------------------
Operating profit -11.1 1.0 -11.2 4.3 9.4
--------------------------------------------------------------------------------
Profit before taxes -11.1 2.7 -12.1 4.7 9.3
--------------------------------------------------------------------------------
Profit for the period -11.1 2.5 -12.1 4.9 9.3
--------------------------------------------------------------------------------
Profit for the period 1.0 1.7 0.3 4.4 9.1
excluding non-recurring
items
--------------------------------------------------------------------------------
Earnings per share, EUR -1.74 0.48 -1.86 0.91 1.63
--------------------------------------------------------------------------------
Earnings per share excluding 0.20 0.35 0.15 0.84 1.60
non-recurring items, EUR
--------------------------------------------------------------------------------
Equity ratio, % 61.4 67.4 70.3
--------------------------------------------------------------------------------
OUTLOOK FOR 2014
The Apetit Group’s net sales will be affected particularly by the level of
activity in the grain and oilseed markets and by changes in the price level of
grains and oilseeds. As a result of the lower global market prices of grains,
the Group’s net sales for this year are expected to decrease from the previous
year’s level.
The Group’s full-year operating profit excluding non-recurring items is
expected to be down significantly from the previous year. In the Food Business,
the market conditions are expected to remain challenging and, furthermore, the
profitability of fish products will remain poor this year. In comparison with
the same period in 2013, the profitability of the Grains and Oilseeds Business
has been positively influenced by the volume growth in the grain trade and in
packaged vegetable oil products, and by the success in raw material
procurement. Lower market prices for sugar are expected to weaken the result
considerably for the associated company Sucros, which is in the Other
Operations segment.
In addition, the 2014 reported operating profit will be affected by
non-recurring expenses in the form of Apetit’s expert costs and the process
costs ordered to be paid by Apetit in relation to the shareholder agreement
dispute regarding Sucros, and by the impairments carried out in the Food
Business in the third quarter on the basis of goodwill impairment testing.
***************
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 Veijo Meriläinen presents the
January - September results of Apetit Plc and gives more information about
current issues. Apetit Plc’s forthcoming CEO, Juha Vanhainen, will also be
present.
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, 5 November 2014 September 2014 at 5.30 p.m.
The Board of Directors of Apetit Plc appointed 19 September 2014 Juha Vanhainen
as the CEO of Apetit Plc. He will take up the post as the CEO on an earlier
date than previously announced, on 16 March 2015.
Apetit Plc, Stock Exchange Release, 5 November 2014 September 2014 at 5.30 p.m.
Deputy Chairman of the Board of Directors Veijo Meriläinen, who was appointed
CEO of Apetit Plc on 29 April 2014, will continue as CEO, while also taking
care of his duties in the Board of Directors, until Juha Vanhainen takes up the
post.
Apetit Plc
Board of Directors
For more information:
Veijo Meriläinen, CEO of Apetit Plc, tel. +358 10 402 00
Distribution:
NASDAQ OMX Helsinki
Main Media
www.apetitgroup.fi
Delightfully satisfying flavours and service experiences. Apetit Plc is a
Finnish food company whose mission is to offer delightfully satisfying flavours
and service experience. We are well known for our frozen vegetables and frozen
ready meals, fresh fish and fish products, ready-to-use fresh fruit and
vegetable products and grains and vegetable oils. The Group’s shares are quoted
in NASDAQ OMX Helsinki Ltd. In 2013 our net sales was EUR 387 million and our
average number of personnel was 782.
Apetit Plc, Stock Exchange Release, 30 October 2014 at 15:00
Apetit will publish its Interim Report for January-September 2014 on Thursday,
6 November 2014 at 8.30 a.m.(EET).
Apetit Plc, Stock Exchange Release, 30 October 2014 at 15:00
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 Veijo Meriläinen presents the third quarter
results of Apetit, and gives more information about other actual matters.
Apetit Plc’s forthcoming CEO, Juha Vanhainen, will also be present.
Please inform of your participation to Ms Maija Lipasti, tel. +358 10 402 4044
or e-mail .
Apetit Plc
Veijo Meriläinen
CEO
For more information, please contact:
Manager, Communications and IR, Mikko Merisaari, tel. +358 10 402 4041
Copies to:
NASDAQ OMX Helsinki
Main media
www.apetitgroup.fi/en
APETIT PLC STOCK EXCHANGE RELEASE 8 October 2014, 10:00 A.M.
APETIT PLC STOCK EXCHANGE RELEASE 8 October 2014, 10:00 A.M.
The long-term profitability programme affecting the fish products group of the
Apetit Group’s Food Business is proceeding to the implementation stage. Under
the programme, the business practices and structures of the fish products
group’s purchasing, order-delivery chain and sales will be revised in order to
achieve better profitability and sustainable competitiveness. The profitability
improvement measures are to be carried out in stages by the end of 2015. The
aim is to lower the annual operating expenses by approximately EUR 3 million.
The profitability improvement measures will affect the operations of the entire
product group. The key measures to be implemented will be optimising the
product portfolio, re-evaluating the production structure, and establishing
clearer roles for production units. The organisational and operating models
will also be altered to support these measures.
As a part of the implementation of the programme, co-determination negotiations
affecting the personnel in Finland will be commenced for financial and
production-related reasons and in order to reorganise operations. These will
affect 121 blue-collar and white-collar positions in the fish products group’s
business locations in Kuopio, Helsinki, Kustavi and Turku.
The negotiations will deal with improving the profitability of operations by
simplifying the production structure and centralising production at the units
in Kuopio and Helsinki. At the same time, Apetit plans to revise fish products
group’s organisational structure and operating practises, and the white-collar
personnel’s job descriptions to correspond with the fish products group’s new
operating model. The changes are estimated to reduce the product group’s
personnel need by 10-20 person-workyears.
In addition to the profitability program in its fish product group, Apetit
continues to implement the long-term profitability programme also in its fresh
product group. The long-term profitability programmes launched this year are
expected to have a positive effect on the profitability of the Food Business as
of 2015.
APETIT PLC
Veijo Meriläinen
CEO
FURTHER INFORMATION
Veijo Meriläinen, CEO, tel. +358 10 402 00
COPIES TO:
NASDAQ OMX Helsinki Ltd
Main media
www.apetitgroup.fi
Apetit Plc, Stock Exchange Release, 2 October 2014 at 8:30 a.m.
Apetit is amending its profit guidance for 2014 and lowering its estimate of
full-year net sales and operating profit excluding non-recurring items.
Apetit Plc, Stock Exchange Release, 2 October 2014 at 8:30 a.m.
The outlook of the associated company Sucros for the rest of the year has
deteriorated due to the still continuing decline in the market price of sugar.
The outlook of the Food Business is also adversely affected by the persistent
challenging market conditions combined with the poor profitability of fish
products continuing for longer than previously expected. The effects of the
profitability improvement programme for the fish product group in Finland,
which was begun this year, are not expected to be evident in the profit
performance until 2015. In Norway and Sweden, the price increases carried out
as a result of higher raw material costs will not have an impact on the profit
level until the end of 2014.
Apetit will continue to implement the long-term profitability programmes
launched this year in its Food Business in Finland, affecting fresh products as
well as fish products. The programmes are expected to have a positive effect on
the profitability of the Food Business as of 2015. The expected financial
impact of these programmes will be presented later in the year.
The reference in the profit guidance to the resolution of the shareholder
agreement dispute regarding Sucros was separately announced in the Stock
Exchange Release of 19 August 2014.
New profit guidance for 2014:
The Apetit Group’s net sales will be affected particularly by the level of
activity in the grain and oilseed markets and by changes in the price level of
grains and oilseeds. As a result of the lower global market prices of grains,
the Group’s net sales for this year are expected to decrease from the previous
year’s level.
The Group’s full-year operating profit excluding non-recurring items is
expected to be down significantly from the previous year. In the Food Business,
the market conditions are expected to remain challenging and, furthermore, the
profitability of fish products will be lower in 2014 than previously estimated.
In comparison with the same period in 2013, the profitability of the Grains and
Oilseeds Business has been positively influenced by the volume growth in the
grain trade and in packaged vegetable oil products, and by the success in raw
material procurement. Lower market prices for sugar are expected to weaken the
result considerably for the associated company Sucros, which is in the Other
Operations segment. The Group’s July-December operating profit excluding
non-recurring items is expected to fall short of the previous year’s level.
In addition, the 2014 operating profit will be affected by non-recurring
expenses in the form of Apetit’s expert costs and the process costs ordered to
be paid by Apetit in relation to the shareholder agreement dispute regarding
Sucros.
Previous profit guidance for 2014:
The Apetit Group’s net sales will be affected particularly by the level of
activity in the grain and oilseed markets and by changes in the price level of
grains and oilseeds. As a result of the lower global market prices of grains,
the Group’s net sales for this year are expected to decrease or to be no higher
than the previous year’s level.
The Group’s full-year operating profit excluding non-recurring items is
expected to fall short of the previous year’s level. In the Food Business, the
market conditions are expected to continue to be challenging. In comparison
with the same period in 2013, the profitability of the Grains and Oilseeds
Business has been positively influenced by the volume growth in the grain trade
and in packaged vegetable oil products, and by the success in raw material
procurement. In the Other Operations segment, lower market prices for sugar are
expected to weaken the result for the associated company Sucros. The Group’s
July-December operating profit excluding non-recurring items is expected to be
no higher than the previous year’s level.
In addition, the outcome of the shareholder agreement dispute concerning Sucros
may have a significant effect on the result for 2014. Apetit has received a
notification from the Arbitral Tribunal that the Arbitral Award regarding the
dispute is rendered to the Parties on Tuesday 19 August 2014, unless nothing
unexpected will take place.
Apetit will publish its January-September Interim Report on 6 November 2014 at
8.30 am.
APETIT PLC
Veijo Meriläinen
CEO
Further information:
Veijo Meriläinen, CEO, tel. +358 10 402 00
Copies to:
NASDAQ OMX Helsinki Ltd
Main media
www.apetitgroup.fi
Apetit Plc, Stock Exchange Release, 19 September 2014 at 8:30 a.m.
Apetit Plc, Stock Exchange Release, 19 September 2014 at 8:30 a.m.
The Board of Directors of Apetit Plc has appointed Juha Vanhainen (born 1961),
M. Sc. (Eng.) as the CEO of Apetit Plc. He will take up the post as CEO of
Apetit Plc on 2 April, 2015. Currently he is Executive Vice President and
member of the Group Leadership Team at Stora Enso Oyj.
Deputy Chairman of the Board of Directors Veijo Meriläinen, who was appointed
CEO of Apetit Plc on 29 April 2014, will continue as CEO, while also taking
care of his duties in the Board of Directors, until Juha Vanhainen takes up the
post.
Aappo Kontu, Chairman of the Board of Directors: “The Apetit Group’s business
areas occupy a strong market position, which has improved steadily over recent
years. However, we have faced challenges in achieving the targeted growth and
in the profitability of certain Food Business product groups. Therefore we are
very pleased that Juha Vanhainen will be joining the company as our new CEO. He
has very solid and versatile management experience and a proven track record in
a notable international process industry company operating in a challenging
environment. He has also achieved excellent results in the field of
representing the interests of Finnish business communities. I believe he will
facilitate the new development trend that we are pursuing and help achieve the
targeted regeneration in our company.”
Juha Vanhainen, CEO of Apetit Plc as of 2 April 2015: "Apetit is a Finnish food
industry company operating in the Food business and Grains and Oilseeds
business that is in a very interesting phase of regeneration. The company’s
operations cover the entire food production chain from primary production to
the consumer table. This provides a good starting point to transform Apetit
into a Finnish food industry success story. I am really looking forward to
working with the skilled and experienced employees at Apetit and taking Apetit
forward together.”
Juha Vanhainen’s CV and photo are attached to this release.
Apetit Plc
Board of Directors
FOR MORE INFORMATION
Aappo Kontu, Chairman of the Board of Directors, Apetit Plc, tel. +358 44 425
2210
Juha Vanhainen, CEO of Apetit Plc as of 2 April, 2015. tel. +358 40 541 8178
Veijo Meriläinen, CEO of Apetit Plc, tel. +358 50 521 4061
DISTRIBUTION
NASDAQ OMX Helsinki Ltd. Main Media, www.apetitgroup.fi
Delightfully satisfying flavours and service experiences. Apetit Plc is a
Finnish food company whose mission is to offer delightfully satisfying flavours
and service experience. We are well known for our frozen vegetables and frozen
ready meals, fresh fish and fish products, ready-to-use fresh fruit and
vegetable products and grains and vegetable oils. The Group’s shares are quoted
in NASDAQ OMX Helsinki Ltd. In 2013 our net sales was EUR 387 million and our
average number of personnel was 782.
Apetit Plc, Stock Exchange Release, September 3, 2014 at 8:45 a.m.
Apetit Plc, Stock Exchange Release, September 3, 2014 at 8:45 a.m.
Apetit Plc has assigned a total of 888 shares (APETI) on September 3, 2014
(other conveyance) as a reward to the Chairman and members of the Board. The
assignment value is EUR 14,622.87 in total, which corresponds approximately to
EUR 16.47 per share. The Deputy Chairman will not be paid remuneration for
Board duties while serving as the company’s CEO. Taking into account the
above-specified conveyances, the company holds a total of 128,315 shares
(APETI).
Apetit Plc’s Supervisory Board decided in April, 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 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 will be paid in four equal value share and cash payments in June,
September, December and March.
APETIT PLC,Stock Exchange Release 19 August 2014 at 1:20 p.m.
APETIT PLC,Stock Exchange Release 19 August 2014 at 1:20 p.m.
The Arbitral Tribunal dismissed Apetit Plc's claims concerning Nordic Sugar's
alleged breaches of the shareholder agreement. Furthermore, the Arbitral
Tribunal dismissed Nordic Sugar's counter-claim against Apetit Plc over
Apetit's alleged actions in breach of the shareholder agreement in connection
with the dismissal of Sucros Ltd’s managing director.
In accordance with the Arbitral Tribunal’s decision, neither party is obligated
to pay a contractual penalty to the other party. The Arbitral Tribunal ordered
Apetit Plc to pay part of the fees of the Arbitral Tribunal and to compensate
part of the Nordic Sugar’s legal costs. In total, the cost impact to Apetit Plc
is approximately EUR 2.4 million. Apetit Plc will enter the expenses and
allowances as negative non-recurring item under the Other Operations segment's
other operating expenses in the third quarter 2014. During the process, Apetit
Plc has already entered its own legal costs as non-recurring items under the
Other Operations segment's other operating expenses in 2012-2014.
Apetit Plc and Nordic Sugar Oy are joint owners of Sucros Ltd, a company
engaged in the processing and marketing of sugar in Finland. Nordic Sugar Oy,
the majority shareholder, owns 80 per cent of the company's shares, while
Apetit Plc owns 20 per cent. Under the shareholder agreement, Apetit Plc has
special protection as the minority owner.
The now completed arbitral process was initiated in October 2011, when Apetit
Plc decided to submit the dispute concerning the shareholder agreement to the
Arbitral Tribunal. In Apetit's view, the majority owner, Nordic Sugar, had
repeatedly violated Apetit’s minority rights in Sucros Ltd with its
decision-making and actions. Since, despite the objections made, the majority
owner did not rectify its practices, Apetit Plc filed three claims in the
Arbitral Tribunal against Nordic Sugar. During the arbitral process Nordic
Sugar filed a counter-claim concerning alleged breach of the shareholder
agreement in connection with the dismissal of Sucros Ltd’s managing director.
APETIT PLC
Veijo Meriläinen
CEO
FURTHER INFORMATION
Veijo Meriläinen, CEO, +358 10 402 00
COPIES TO
NASDAQ OMX Helsinki Ltd
Main media
www.apetitgroup.fi
Apetit Plc, Stock exchange release 14 August 2014 at 8:35 a.m.
Apetit Plc, Stock exchange release 14 August 2014 at 8:35 a.m.
The Apetit Group is changing the Finnish organisation of its Food Business and
reassigning responsibilities within the segment. The purpose of these changes
is to promote the implementation of strategy and clarify performance
responsibilities inside the organisation.
Three product groups with performance responsibility and a corporate planning,
development and quality function will be set up under Apetit’s Food Business in
Finland. The product groups are frozen products, fish products and fresh
products. A commercial function, already set up, will be in charge of the sales
and marketing operations of these groups. In addition, responsibility for
procurement and logistics for the business area as a whole will be assigned to
the heads of the product groups.
Antti Kerttula (b. 1956), QBA, has been appointed head of frozen products and
Managing Director of Apetit Ruoka Oy. In addition to being responsible for the
product group, Kerttula will be in charge of the Food Business’s procurement
operations. Previously, Kerttula was the Managing Director of Caternet Finland
Oy, which is part of the Apetit Group.
Veijo Meriläinen (b. 1952), M.Sc. (Agric.), eMBA, the CEO of Apetit Plc and the
Managing Director of Apetit Kala Oy, has been appointed head of fish products.
Timo Kärnä (b. 1963), M.Sc. (Econ), has been appointed head of fresh products
and Managing Director of Caternet Finland Oy. In addition to product group
responsibility, Kärnä will be in charge of the logistics operations of the Food
Business. Kärnä has a solid background in food from Valio Ltd and in logistics,
order/delivery chains and sales management from HK Ruokatalo Oy.
Vesa Moisio (b.1965), M.Sc. (Econ) has been appointed in charge of corporate
planning, development and quality. Moisio will transfer from the positions of
Managing Director of Apetit Ruoka Oy and director responsible for the
order/delivery chain of the Food Business.
Esko Lantto (b.1966), M.Sc. (Food Science) will continue as Commercial Director
in charge of commercial operations.
The composition of the Apetit Group’s corporate management has also been
confirmed. The members of corporate management are Veijo Meriläinen, CEO of
Apetit Plc and Director of the Food Business, Kaija Viljanen (b. 1952),
Director of the Grains and Oilseeds Business, Managing Director of Avena Nordic
Grain Oy and of Mildola Oy, Eero Kinnunen (b. 1970) CFO, Asmo Ritala (b.
1958), Corporate Counsel, and Johanna Heikkilä (b. 1962), HR Director.
These changes will take effect on 18 August 2014. They will not affect the
segment or reporting structure of the Apetit Group. The Apetit Group’s business
areas and reporting segments are the Food Business, the Grains and Oilseeds
Business and Other Operations.
Apetit Plc
Veijo Meriläinen
CEO
FURTHER INFORMATION
Veijo Meriläinen, CEO, tel. +358 10 402 00
COPIES TO
OMX NASDAQ Helsinki Ltd
Main media
www.apetitgroup.fi
Apetit Plc, Interim Report, 14 August 2014 at 08.30 am
Apetit Plc, Interim Report, 14 August 2014 at 08.30 am
This is a summary of the Interim Report January - June 2014. The complete
Interim 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.
SECOND QUARTER (APRIL-JUNE)
-- Consolidated net sales were at the previous year’s level and amounted to
EUR 98.1 (98.4) million.
-- Operating profit excluding non-recurring items was lower than a year
earlier and came to EUR 0.7 (2.4) million; non-recurring items totalled EUR
‑0.1 (‑0.3) million.
-- The profit for the period was EUR 0.1 (1.7) million, and earnings per share
amounted to EUR 0.02 (0.28).
JANUARY-JUNE
-- Consolidated net sales were down on the previous year and amounted to EUR
187.0 (198.4) million.
-- Operating profit excluding non-recurring items came to EUR 0.4 (3.8)
million; non-recurring items totalled EUR ‑0.5 (-0.5) million.
-- The profit for the period was EUR -1.1 (2.4) million, and earnings per
share amounted to EUR -0.12 (0.44).
The assessment of profit performance for the full year is unchanged.
he information in this Interim Report has not been audited. The figures in
parentheses are the equivalent figures for the same period in 2013, and the
comparison period means the corresponding period of the previous year, unless
stated otherwise.
Veijo Meriläinen, CEO:
The Apetit Group’s second-quarter net sales were at the previous year’s level.
Net sales grew in the Grains and Oilseeds Business as a result of high sales
volumes in the grain trade and despite a decrease in market prices. In the Food
Business, net sales declined as a result of a decrease in sales of fresh
products to the professional food service sector.
Second-quarter operating profit excluding non-recurring items was down on the
previous year. The Food Business operating profit in the comparison period
included EUR 1.5 million recognised as income in association with the
additional purchase price of Caternet Finland Oy. In the Other Operations
segment, lower market prices for sugar weakened the result for the associated
company Sucros.
Despite the decrease in operating profit, there were positive aspects in the
profit performance of the business areas. The profitability of the Grains and
Oilseeds Business improved on the previous year as a result of the volume
growth in the grain trade and strong demand for vegetable oils and expeller. In
Food Business, the profitability was better than the comparison period, taking
into consideration the income recognition of the reduction in the additional
purchase price of Caternet Finland Oy, which was included in the operating
profit for the comparison period. The profitability of frozen products was good
and the profitability of fish and fresh products improved or remained unchanged
from the previous year, although this was again at an unsatisfactory level. In
response to the weak state of the market and unsatisfactory profitability
level, we are seeking to reduce overhead costs by EUR 1.6 million in comparison
with the figures for 2013. Savings of EUR 1.0 million towards this total were
made during the first half of the year.
We also launched long-term programmes early in the year aiming to improve the
profitability of the fish and fresh products groups. The majority of the
measures under the programmes will be carried out in 2014 and 2015, and we
expect them to improve the efficiency of operations extensively in purchasing,
in the supply chain and in sales. The expected financial impact of these
programmes will be announced later in the year.
The import ban set by Russia effects a wide range of food products produced by
Finnish food companies. Apetit Plc’s business segments do not export to Russia
in considerable amounts. Therefore the sanctions are not expected to have a
direct impact on our sales or operations.
Our longer-term target is to strengthen Apetit as a Finnish company and brand
operating in the food industry and solidly integrated with primary production.
We will revise our food and vegetable oil solutions in order to better meet
consumers’ and customers’ needs, and will actively seek opportunities to
strengthen our market position in the grains and oilseeds market."
KEY FIGURES
EUR million Q2 Q2 Change Q1-Q2/ Q1-Q2/ Change Q1-Q4/
2014 2013 2014 2013 2013
--------------------------------------------------------------------------------
Net sales 98.1 98.4 0% 187.0 198.4 -6% 387.3
Operating profit, excluding 0.7 2.4 0.4 3.8 12.2
non-recurring items
Operating profit 0.6 2.1 -0.1 3.3 9.4
Profit before taxes 0.1 1.7 -1.1 2.4 9.3
Profit for the period 0.02 0.28 -0.12 0.44 1.63
Earnings per share, EUR 21.71 21.80 22.90
Shareholders' equity per 76.7 73.1 70.3
share, EUR
OUTLOOK FOR 2014
The Apetit Group’s net sales will be affected particularly by the level of
activity in the grain and oilseed markets and by changes in the price level of
grains and oilseeds. As a result of the lower global market prices of grains,
the Group’s net sales for this year are expected to decrease or to be no higher
than the previous year’s level.
The Group’s full-year operating profit excluding non-recurring items is
expected to fall short of the previous year’s level. In the Food Business, the
market conditions are expected to continue to be challenging. In comparison
with the same period in 2013, the profitability of the Grains and Oilseeds
Business has been positively influenced by the volume growth in the grain trade
and in vegetable oil products, and by the success in raw material procurement.
In the Other Operations segment, lower market prices for sugar are expected to
weaken the result for the associated company Sucros. The Group’s July-December
operating profit excluding non-recurring items is expected to be no higher than
the previous year’s level.
In addition, the outcome of the shareholder agreement dispute concerning Sucros
may have a significant effect on the result for 2014. Apetit has received a
notification from the Arbitral Tribunal that the Arbitral Award regarding the
dispute is rendered to the Parties on Tuesday 19 August 2014, unless nothing
unexpected will take place.
PUBLICATION DATES FOR FINANCIAL REPORTS
Interim reports for 2014 will be published as follows: January-September on 6
November at 8.30 am.
FURTHER INFORMATION
Veijo Meriläinen, 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 Veijo Meriläinen presents the
January - June results 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.
COPIES TO
NASDAQ OMX Helsinki Ltd
Main media
www.apetitgroup.fi.
Apetit Plc, Stock exchange release 14 August 2014 at 8.00 a.m.
Apetit Plc, Stock exchange release 14 August 2014 at 8.00 a.m.
Apetit Plc has received a notification from the Arbitral Tribunal that the
Arbitral Award regarding the dispute concerning breaches of shareholder
agreement between Apetit Plc and Nordic Sugar Oy is rendered to the Parties on
Tuesday 19 August 2014, unless nothing unexpected will take place.
More information related to the dispute has been reported in the first quarter
Interim Report published on 13 May 2014.
APETIT PLC
Veijo Meriläinen
CEO
FURTHER INFORMATION
Veijo Meriläinen, CEO, tel. +358 10 402 00
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Main media
www.apetitgroup.fi
