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Raisio’s Interim Report January-September 2011
Matti Rihko, CEO 8 November 2011
Raisio Group Q3/2011
• Raisio’s all-time best quarterly result!
• Net sales growth +28%
• 141.7 M€ (111.0 M€ Q3/2010)
• EBIT improvement +70%
• 10.7 M€ (6.3 M€)
• 7.5% (5.7%) of net sales
• Due to strong cash flow, the company is again net debt free
• Good profitability for the Brands Division
• EBIT 12.8% (10.3%) of net sales
• Business to Business is now Raisioagro
• Slight improvement in Raisioagro Division’s profitability
• EBIT 0.7% (0.5%) of net sales
2
Group net sales increased 28%
3
86.9 83.0
121.7
87.0
115.7
150.5
90.8
111.0
141.7
85.3
113.9
0
50
100
150
2009 2010 2011
Net sales, M€ (continuing operations)
Q1 Q2 Q3 Q4
4
Group’s EBIT improvement +70%
4.9 4.4
6.1
3.1
5.9
10.2
7.5
6.3
10.7
1.9
2.7
0
2
4
6
8
10
2009 2010 2011
EBIT, M€ (continuing operations, excluding one-off items)
Q1 Q2 Q3 Q4
Key figures, result
Q3/ 2011
Q3/ 2010
Q1-Q3/ 2011
Q1-Q3/ 2010 2010
Net sales M€ 141.7 111.0 413.9 309.7 423.6
Change in net sales % 27.6 22.2 33.6 17.0 21.0
EBIT M€ 10.7 6.3 26.9* 16.6 19.2
EBIT, % % 7.5 5.7 6.5* 5.3 4.5
Depreciation and impairment
M€ 4.5 4.0 12.5 11.2 15.1
EBITDA M€ 15.2 10.2 39.4* 27.7 34.3
Net financial expenses M€ -0.2 0.8 -1.2* -2.2 -1.9
Earnings per share (EPS) € 0.05 0.03 0.13* 0.07 0.08
Earnings per share (EPS), diluted
€ 0.05 0.03 0.13* 0.07 0.08
5
*Excluding one-off items
Key figures, balance sheet
Q3/ 2011
Q3/ 2010
Q1-Q3/
2011 Q1-Q3/
2010
2010
Equity ratio % - - 60.5 69.0 67.6
Gearing % - - -0.2 -18.3 -22.5
Net interest-bearing debt
M€ - - -0.7 -58.7 -72.9
Equity per share € - - 2.08 2.04 2.06
Gross investments M€ 1.9 3.2 68.6* 45.8* 48.5*
SHARE
Market capitalisation** M€ - - 374.4 470.7 439.1
Enterprise value (EV) M€ - - 373.7 397.0 356.1
EV/EBITDA - - 8.1 11.4 10.4
6
*Including acquisitions **Excluding the shares held by the company
7
Brands Division
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Brands: Net sales 81.5 M€, growth +29%
44.5 43.4
72.9
44.2
64.5
81.1
43.5
63.0
81.5
45.5
65.5
0
40
80
2009 2010 2011
Net sales, M€
Q1 Q2 Q3 Q4
9
Brands: EBIT 10.4 M€ (12.8% of net sales), growth +60%
5.8
4.8
5.8
4.6
5.8
8.4
7.3
6.5
10.4
2.8 2.9
0
2
4
6
8
10
2009 2010 2011
EBIT, M€
(excluding one-off items)
Q1 Q2 Q3 Q4
Food: Western Europe
• UK strengthened its position as the largest market of Raisio’s branded products (almost 45%)
• Net sales increased and profitability improved
• Situation in retail product markets was further tightened • Raisio has a broad, but targeted customer
base and product range
• Level of promotional sales still high
10
Food: Northern Europe
•Slight increase in net sales
•Sales of non-dairy products sold under Carlshamn brand rose almost 27% in Sweden
•Gluten-free Provena products launched in Finland, Sweden, Baltic Countries and Denmark
•Honey Monster launched in Finland
11
Food: Eastern Europe
•Net sales increased by 25% from the comparison period
•EBIT positive
•Sales in Nordic flakes grew in Russia and Ukraine
•Sales in Benecol drinks growing strongly in Poland
12
Benecol
•Net sales and EBIT almost at the comparison period’s level
•A few per cent growth in sales volume of plant stanol ester
•Strong sales growth in Benecol products continued in the UK • Advertising campaign & promotions
• Product range extension & new flavours
•Despite tough competition, sales in Poland turned into growth
13
14
Raisioagro
Raisioagro
• Rise in raw material prices increased net sales
• Good development in fish feed and input trade improved profitability
• Cooperation agreement with Yara
• Raisio had to import almost 80% of seeds of rapeseed used in feed protein production
• Agreement with Viking Malt allows exports of malting barley
15
16
Raisioagro: Net sales 60.5 M€, growth +25%
45.0
39.9
49.5 45.0
51.4
71.0
49.5 48.4
60.5
40.2
49.0
0
40
80
2009 2010 2011
Net sales, M€
Q1 Q2 Q3 Q4
17
Raisioagro: EBIT 0.4 M€ (0.7% of net sales)
0.5
0.1
0.7
-0.8
1.2
2.3
0.5
0.2 0.4
-0.3
0.4
-1
0
1
2
3
2009 2010 2011
EBIT, M€
(excluding one-off items)
Q1 Q2 Q3 Q4
Outlook 2011 unchanged
• Raisio continues implementing its growth phase
according to plan.
• Activeness in growth projects brings extensive
costs in relation to the company size, thus
undermining profitability in the short term.
• The Group’s target is to maintain the earlier
profitability level of 4-5% also during the
growth phase.
• Despite the changed market environment,
Raisio has been able to exceed the set
profitability level.
• Economic crisis also opens up interesting prospects for future
acquisitions.
18
19