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Financial review

Raisio Group’s comparable EBIT of EUR 50.7 million was a good performance in a situation where the exchange rate changes of the British pound had a negative impact on EBIT. With comparable exchange rates, Raisio would have clearly exceeded the comparable EBIT of 2015.

Raisio’s year 2016

  • EBIT* 50.7 (51.7) M€
  • EBIT* 11.6 (9.9)% of net sales
  • Net sales 436.3 (521.2) M€
  • Net sales change -16%  
  • Impact of the British pound on EBIT -3 M€ and on net sales -20 M€
  • The Board’s dividend proposal EUR 0.17 (0.16) per share
  • Return on investment improved to 11.6%

*Comparable EBIT

Raisio’s EBIT 2007 - 2016

With comparable exchange rates, Raisio

Raisio’s dividends 2007 - 2016

If the Board’s dividend proposal is approved by the Annual General Meeting, Raisio has increased its dividend for 10 consecutive years.

Main events in 2016

  • The Group’s relative profitability improved
  • Benecol’s market share strengthened in the UK
  • Sales of the Benecol ingredient to licensing partners increased in Asia
  • Benecol product range expanded with a food supplement Soft Chew 
  • Raisio divested its UK snack business and licensed its Honey Monster brand
  • Success in new products increased net sales of Elovena brand by almost 10%
  • Net sales increase of almost 15% for the Czech confectionery business
  • Challenges continued at the UK Leicester confectionery plant
  • Brands Division’s key challenge is organic growth
  • Benemilk Ltd’s operations for the international commercialisation of the innovation were reduced significantly
  • Raisioagro renewed its cattle feed range as customers were shifting to feeds with lower added value
  • Raisioaqua launched its Baltic Blend fish feed recycling the Baltic Sea nutrients 

Raisio Group's key figures

    Q4/2016 Q3/2016 Q2/2016 Q1/2016 2016 2015
Result              
Net sales M€ 95.4 102.8 124.1 114.0 436.3 521.2
Change in net sales % -22.3 -23.5 -12.3 -6.9 -16.3 5.5
EBIT M€ 11.5 13.9 -6.2 9.7 28.9 42.4
   EBIT % 12.1 13.6 -5.0 8.5 6.6 8.1
Items affecting comparability M€ 0.5 0.1 21.2 0.0 21.8 9.2
Comparable EBIT M€ 12.0 14.0 15.0 9.7 50.7 51.7
   Comparable EBIT % 12.6 13.6 12.1 8.5 11.6 9.9
   - Depreciations M€ -2.6 -2.6 -3.1 -3.1 -11.3 -14.1
   - Impairment M€ 0.3 0.5 -17.0 0.0 -16.1 -7.0
Depreciation and impairment, in total M€ -2.3 -2.1 -20.0 -3.1 -27.4 -27.1
Items affecting comparable depreciations and impairment M€ -0.3 -0.5 17.0 0.0 16.1 4.7
Comparable depreciations and impairment M€ -2.6 -2.6 -3.1 -3.1 -11.3 -16.5
EBITDA M€ 13.8 16.0 13.9 12.7 56.3 63.6
Items affecting comparable EBITDA M€ 0.9 0.6 4.2 0.0 5.7 4.6
Comparable EBITDA M€ 14.6 16.6 18.1 12.7 62.0 68.1
Financial items M€ 0.2 -0.5 -0.9 -0.9 -2.2 -2.5
Earnings per share (EPS) 0.06 0.07 -0.05 0.05 0.12 0.22
Comparable earnings per share (EPS) 0.06 0.07 0.07 0.05 0.25 0.26
Balance sheet              
Equity ratio % - - - - 66.8 62.3
Gearing % - - - - 8.5 12.1
Net-interest bearing debt M€ - - - - 26.7 42.2
Equity per share - - - - 1.99 2.23
Dividend per share - - - - 0.17* 0.16
Investments M€ 5.0 5.1 4.3 4.0 18.3 11.0

*Board of Directors' proposal to the Annual General Meeting

Items affecting comparable EBIT

    Q4/2016 Q3/2016 Q2/2016 Q1/2016 2016 2015
Brands              
Write-down of Dormen and Fruitus brands M€ -0.1 -0.1 3.9   3.7  
Halo Foods Ltd's saleable assets valued at fair value M€   -0.4 15.1   14.7  
Restructuring costs of the UK snack business M€   1.1 0.7   1.7  
Reorganisation costs, Southall site, UK M€           11.3
Streamlining projects M€ 0.2       0.2 1.4
Capital loss for the Sulma divestment M€           1.5
Sale of Carlshamn Mejeri trade mark M€           -4.1
Raisioagro              
Restructuring of activities M€           0.4
Common              
Other expenses and legal fees M€ 0.4 -0.5 1.5   1.4  
Subsequent one-off compensation related to a divested business M€           -1.1
Impact on EBIT M€ 0.5 0.1 21.2 0.0 21.8 9.2

 

Raisio Group's key figures

    2016 2015
Result      
Net sales M€ 436.3 521.2
Change in net sales % -16.3 5.5
EBIT M€ 28.9 42.4
   EBIT % 6.6 8.1
Items affecting comparability M€ 21.8 9.2
Comparable EBIT M€ 50.7 51.7
   Comparable EBIT % 11.6 9.9
   - Depreciations M€ -11.3 -14.1
   - Impairment M€ -16.1 -7.0
Depreciation and impairment, in total M€ -27.4 -27.1
Items affecting comparable depreciations and impairment M€ 16.1 4.7
Comparable depreciations and impairment M€ -11.3 -16.5
EBITDA M€ 56.3 63.6
Items affecting comparable EBITDA M€ 5.7 4.6
Comparable EBITDA M€ 62.0 68.1
Financial items M€ -2.2 -2.5
Earnings per share (EPS) 0.12 0.22
Comparable earnings per share (EPS) 0.25 0.26
Balance sheet      
Equity ratio % 66.8 62.3
Gearing % 8.5 12.1
Net-interest bearing debt M€ 26.7 42.2
Equity per share 1.99 2.23
Dividend per share 0.17* 0.16
Investments M€ 18.3 11.0

*Board of Directors' proposal to the Annual General Meeting

Items affecting comparable EBIT

    2016 2015
Brands      
Write-down of Dormen and Fruitus brands M€ 3.7  
Halo Foods Ltd's saleable assets valued at fair value M€ 14.7  
Restructuring costs of the UK snack business M€ 1.7  
Reorganisation costs, Southall site, UK M€   11.3
Streamlining projects M€ 0.2 1.4
Capital loss for the Sulma divestment M€   1.5
Sale of Carlshamn Mejeri trade mark M€   -4.1
Raisioagro      
Restructuring of activities M€   0.4
Common      
Other expenses and legal fees M€ 1.4  
Subsequent one-off compensation related to a divested business M€   -1.1
Impact on EBIT M€ 21.8 9.2