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 |