Raisio plc Interim Report 14 August 2012 at 8:30 Finnish time
RAISIO’S EBIT IMPROVED
April-June 2012, continuing operations excluding one-off items
- Net sales totalled EUR 150.6 (Q2/2011: EUR 150.5 million).
- EBIT EUR 10.6 million (Q2/2011: EUR 10.2 million) accounting for 7.1% (6.8%) of net sales.
- Good profitability for the Brands Division, EBIT 12.8% (10.3%) of net sales.
- Raisioagro’s EBIT remains weak due to market conditions in feed protein business.
- Redemption process of Raisio UK’s non-controlling interest in the final stage.
Raisio Group’s key figures
|
Q2/ 2012 |
Q2/ 2011 |
Q1-Q2/ 2012 |
Q1-Q2/ 2011 |
2011 | ||
| Results from continuing operations | ||||||
| Net sales | M€ | 150.6 | 150.5 | 285.6 | 272.2 | 552.6 |
| Change in net sales | % | 0.1 | 30.0 | 4.9 | 37.0 | 30.5 |
| EBIT | M€ | 10.6 | 10.2 | 17.3 | 16.2* | 31.8* |
| EBIT | % | 7.1 | 6.8 | 6.1 | 6.0* | 5.8* |
| Depreciation and impairment | M€ | 4.2 | 4.1 | 8.3 | 8.0 | 17.0 |
| EBITDA | M€ | 14.8 | 14.2 | 25.6 | 24.2* | 48.8* |
| Net financial expenses | M€ | -0.6* | -0.9 | -0.9* | -1.0* | -1.5* |
| Earnings per share (EPS) | € | 0.05* | 0.05 | 0.08* | 0.08* | 0.16* |
| Balance sheet | ||||||
| Equity ratio | % | - | - | 58.1 | 60.7 | 60.2 |
| Gearing | % | - | - | 2.4 | 13.5 | -7.5 |
| Net interest-bearing debt | M€ | - | - | 7.5 | 42.7 | -24.8 |
| Equity per share | € | - | - | 2.05 | 2.02 | 2.13 |
| Gross investments | M€ | 1.8 | 1.3 | 6.0** | 66.8** | 71.2** |
| Share | ||||||
| Market capitalisation*** | M€ | - | - | 391.3 | 379.0 | 372.3 |
| Enterprise value (EV) | M€ | - | - | 398.8 | 421.7 | 347.5 |
| EV/EBITDA | - | - | 8.0 | 10.3 | 7.1 |
* Excluding one-off items
** Including acquisitions
*** Excluding the company shares held by the Group
Chief Executive’s review
“Raisio’s second quarter went as expected. Brands Division’s net sales growth and profitability developed in accordance with the objective. In the UK, business performance has been enhanced to meet the level of major branded houses.
In the first half of 2012, Raisioagro’s new business model and extended product range were well received by customers. In June, we started sales of Neste Oil's liquid fuels. In addition to feeds, Raisio’s goal is to provide Finnish grain and livestock farms with sufficiently wide range of the most common farming supplies at competitive prices. We are looking for new solutions to the profitability problem in vegetable oil crushing.
Raisio continues implementing its growth phase. This can be seen in our activeness on the acquisition front and in closer integration of the acquired companies. Our growth also brings added value to owners. Our acquisitions have been successful and the acquired companies are now in better shape than they were at the time of acquisition.”
Guidance unchanged
Raisio continues the implementation of its growth strategy both organically and through acquisitions. We expect EBIT to further improve annually.
RAISIO PLC
Heidi Hirvonen
Communications and IR Manager
Tel. +358 50 567 3060
Further information:
Matti Rihko, CEO, tel. +358 400 830 727
Jyrki Paappa, CFO, tel. +358 50 556 6512
Heidi Hirvonen, Communications and IR Manager, tel. +358 50 567 3060
Events:
A press and analyst event in Finnish will be arranged in Helsinki on Tuesday 14 August 2012 starting at 1.00 p.m. Finnish time. It will be held at Hotel Scandic Simonkenttä, in the Pavilion meeting room. The address is Simonkatu 9, Helsinki.
Chief Executive’s review in English will be published on Raisio’s web site at http://www.raisio.com/www/page/8133
