Financial review
In 2015, Raisio achieved EBIT of EUR 51.7 million excluding one-off items. At the same time, the Group's EBIT margin excluding one-off items rose to 9.9 per cent. EBIT improved by nearly EUR 17 million and EBIT margin by almost three percentage points. Good results together with efficient net working capital management ensured operating cash flow of EUR 65 million.
Group EBIT
Continuing operations, excluding one-off items
Raisio's 2015 in brief excluding one-off items
- The Group's EBIT excluding one-off items amounted to EUR 51.7 (34.8 in 2014) million, +48%.
- The Group's EBIT totalled 9.9 (7.0)% of net sales.
- The Group's net sales totalled EUR 521.2 (493.9) million.
- The Brands Division's EBIT excluding one-off items totalled EUR 55.4 (35.9) million, accounting for 14.4 (11.7)% of net sales.
- Raisioagro's EBIT excluding one-off items was EUR 2.8 (3.4) million.
- Cash flow from business operations was EUR 65.0 (26.2) million.
- The Board's dividend proposal is EUR 0.16 (EUR 0.14) per share, +14%.
Main events in 2015
- Acquisition of Benecol consumer product business at the end of 2014 was an important deal for Raisio and Benecol products showed strong organic growth in the UK at the end of 2015.
- A European organisation was formed in the Confectionery business. Sales increased in our own brands.
- Northern European Snack & Cereal business had a good year. Particularly good sales were seen in Elovena snacks.
- In the UK, operations of Snack & Cereal business were enhanced and adjusted to market conditions.
- Difficulties in dairy farming resulted in Finland in the switch to less expensive feeds with lower added value.
- Benemilk had its first Primafat order.
Key figures
| Q4/2015 | Q3/2015 | Q2/2015 | Q1/2015 | 2015 | 2014 | |
|---|---|---|---|---|---|---|
| Result | ||||||
| Net sales, M€ | 122.7 | 134.5 | 141.5 | 122.5 | 521.2 | 493.9 |
| Change in net sales, % | 4.2 | 5.9 | 6.8 | 5.0 | 5.5 | -11.4 |
| EBIT, M€ | 5.7 | 16.0 | 11.1 | 9.6 | 42.4 | 6.9 |
| EBIT, M€, excluding one-off items | 12.0 | 16.0 | 14.0 | 9.6 | 51.7 | 34.8 |
| EBIT, %, excluding one-off items | 9.8 | 11.9 | 9.9 | 7.9 | 9.9 | 7.0 |
| Depreciation and impairment, M€ | 7.1 | 3.5 | 6.9 | 3.6 | 21.1 | 32.9 |
| Depreciation and impairment, M€, excluding one-off items | 3.5 | 3.5 | 5.9 | 3.6 | 16.5 | 14.6 |
| EBITDA, M€ | 12.8 | 19.5 | 18.0 | 13.2 | 63.6 | 39.8 |
| EBITDA, M€, excluding one-off items | 15.4 | 19.5 | 20.0 | 13.2 | 68.1 | 49.5 |
| Financial items, M€ | -1.0 | -0.7 | -0.4 | -0.5 | -2.5 | -1.5 |
| Earnings per share (EPS), € | 0.04 | 0.08 | 0.05 | 0.05 | 0.22 | 0.04 |
| Earnings per share (EPS), € excluding one-off items | 0.06 | 0.08 | 0.07 | 0.05 | 0.26 | 0.18 |
| Balance sheet | ||||||
| Equity ratio, % | - | - | - | - | 62.3 | 60.2 |
| Gearing, % | - | - | - | - | 12.1 | 22.2 |
| Net-interest bearing debt, M€ | - | - | - | - | 42.2 | 72.2 |
| Equity per share, € | - | - | - | - | 2.23 | 2.07 |
| Dividend per share, € | - | - | - | - | 0.16* | 0.14 |
| Investments, M€** | 3.3 | 2.6 | 3.0 | 2,1 | 11.0 | 104.9 |
* Board of Directors' proposal to the Annual General Meeting
** Including acquisitions
One-off items, EUR million
| Q4/2015 | Q3/2015 | Q2/2015 | Q1/2015 | 2015 | 2014 | |
|---|---|---|---|---|---|---|
| Brands | ||||||
| Restructuring costs, Southall site, UK | -11.3 | 0.0 | 0.0 | 0.0 | -11.3 | 0.0 |
| Streamlining projects UK | 0.1 | 0.0 | -1.4 | 0.0 | -1.3 | -3.5 |
| Write-down of Honey Monster brand's book value | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -10.1 |
| Loss on disposal of Sulma pasta factory | 0.0 | 0,0 | -1.5 | 0.0 | -1.5 | 0.0 |
| Acquisitions and divestments | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -1.5 |
| Sale of Carlshamn Mejeri trade mark | 4.1 | 0.0 | 0.0 | 0.0 | 4.1 | 0.0 |
| Other | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.3 |
| Raisioagro | ||||||
| Restructuring of activities | -0.4 | 0.0 | 0.0 | 0.0 | -0.4 | -9.9 |
| Termination of vegetable oil business | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -2.4 |
| Common | ||||||
| Subsequent one-off compensation related to a divested business | 1.1 | 0.0 | 0.0 | 0.0 | 1.1 | 0.0 |
| Other | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.3 |
| Impact on EBIT | -6.3 | 0.0 | -2.9 | 0.0 | -9.2 | -27.9 |
Financial review
In 2015, Raisio achieved EBIT of EUR 51.7 million excluding one-off items. At the same time, the Group's EBIT margin excluding one-off items rose to 9.9 per cent. EBIT improved by nearly EUR 17 million and EBIT margin by almost three percentage points. Good results together with efficient net working capital management ensured operating cash flow of EUR 65 million.
Group EBIT
Continuing operations, excluding one-off items
Raisio's 2015 in brief excluding one-off items
- The Group's EBIT excluding one-off items amounted to EUR 51.7 (34.8 in 2014) million, +48%.
- The Group's EBIT totalled 9.9 (7.0)% of net sales.
- The Group's net sales totalled EUR 521.2 (493.9) million.
- The Brands Division's EBIT excluding one-off items totalled EUR 55.4 (35.9) million, accounting for 14.4 (11.7)% of net sales.
- Raisioagro's EBIT excluding one-off items was EUR 2.8 (3.4) million.
- Cash flow from business operations was EUR 65.0 (26.2) million.
- The Board's dividend proposal is EUR 0.16 (EUR 0.14) per share, +14%.
Main events in 2015
- Acquisition of Benecol consumer product business at the end of 2014 was an important deal for Raisio and Benecol products showed strong organic growth in the UK at the end of 2015.
- A European organisation was formed in the Confectionery business. Sales increased in our own brands.
- Northern European Snack & Cereal business had a good year. Particularly good sales were seen in Elovena snacks.
- In the UK, operations of Snack & Cereal business were enhanced and adjusted to market conditions.
- Difficulties in dairy farming in Finland resulted in the switch to less expensive feeds with lower added value.
- Benemilk had its first Primafat order.
Key figures
| 2015 | 2014 | |
|---|---|---|
| Result | ||
| Net sales, M€ | 521.2 | 493.9 |
| Change in net sales, % | 5.5 | -11.4 |
| EBIT, M€ | 42.4 | 6.9 |
| EBIT, M€, excluding one-off items | 51.7 | 34.8 |
| EBIT, %, excluding one-off items | 9.9 | 7.0 |
| Depreciation and impairment, M€ | 21.1 | 32.9 |
| Depreciation and impairment, M€, excluding one-off items | 16.5 | 14.6 |
| EBITDA, M€ | 63.6 | 39.8 |
| EBITDA, M€, excluding one-off items | 68.1 | 49.5 |
| Financial items, M€ | -2.5 | -1.5 |
| Earnings per share (EPS), € | 0.22 | 0.04 |
| Earnings per share (EPS), € excluding one-off items | 0.26 | 0.18 |
| Balance sheet | ||
| Equity ratio, % | 62.3 | 60.2 |
| Gearing, % | 12.1 | 22.2 |
| Net-interest bearing debt, M€ | 42.2 | 72.2 |
| Equity per share, € | 2.23 | 2.07 |
| Dividend per share, € | 0.16* | 0.14 |
| Investments, M€** | 11.0 | 104.9 |
* Board of Directors' proposal to the Annual General Meeting
** Including acquisitions
One-off items, EUR million
| 2015 | 2014 | |
|---|---|---|
| Brands | ||
| Restructuring costs, Southall site, UK | -11.3 | 0.0 |
| Streamlining projects UK | -1.3 | -3.5 |
| Write-down of Honey Monster brand's book value | 0.0 | -10.1 |
| Loss on disposal of Sulma pasta factory | -1.5 | 0.0 |
| Acquisitions and divestments | 0.0 | -1.5 |
| Sale of Carlshamn Mejeri trade mark | 4.1 | 0.0 |
| Other | 0.0 | -0.3 |
| Raisioagro | ||
| Restructuring of activities | -0.4 | -9.9 |
| Termination of vegetable oil business | 0.0 | -2.4 |
| Common | ||
| Subsequent one-off compensation related to a divested business | 1.1 | 0.0 |
| Other | 0.0 | -0.3 |
| Impact on EBIT | -9.2 | -27.9 |