Apetit Oyj Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the Year 2016
February 17, 2016 at 12:00 pm IST
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Apetit Oyj announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company's net sales were EUR 113.8 million compared with EUR 120.8 million a year ago. Operating profit was EUR 3.1 million compared with EUR 5.3 million a year ago. Profit before taxes was EUR 2.8 million compared with EUR 4.1 million a year ago. Profit attributable to equity holders of the parent was EUR 2.2 million or EUR 0.36 per basic and diluted share compared with EUR 3.5 million or EUR 0.57 per basic and diluted share a year ago. The operating profit excluding non-recurring items was EUR 3.1 million compared with EUR 5.3 million a year ago.
For the year, the company's net sales were EUR 380.8 million compared with EUR 384.7 million a year ago. Operating loss was EUR 2.0 million compared with EUR 5.9 million a year ago. Loss before taxes was EUR 3.5 million compared with EUR 8.1 million a year ago. Loss attributable to equity holders of the parent was EUR 4.3 million or EUR 0.69 per basic and diluted share compared with profit of EUR 8.0 million or EUR 1.29 per basic and diluted share a year ago. Net cash outflows from operating activities were EUR 17.1 million compared with net cash inflows from operating activities of EUR 18.1 million a year ago. Investments in tangible and intangible assets were EUR 9.1 million compared with EUR 2.5 million a year ago. The operating profit excluding non-recurring items was EUR 1.6 million compared with EUR 7.3 million a year ago. The full-year operating profit was supported by a good result in the Grains and Oilseeds Business.
The group's full-year 2016 operational EBIT is expected to improve year-on-year. Due to the seasonal nature of the Group's operations, a high proportion of the annual profit is accrued in the second half of the year. Positive profitability performance will be supported by improved cost-efficiency in the Food Business compared to the previous year and by the renewal of the product selection and increased processing value.
Apetit Oyj, formerly Lannen Tehtaat Oyj, is a Finland-based company engaged in the food sector. The Company is operational through two main business segments: Frozen Foods, which sells and markets frozen vegetables, frozen ready meals, frozen pizzas and pizza bases under the brand name Apetit; and Grains and Oilseeds, specializing in trading of grains, oilseeds, pulses and raw materials for feeds under the brand names Avena and Mildola. It also markets and sells vegetable oils and expeller. The Company operates a number of subsidiaries, including Apetit Suomi Oy, Apetit Pakaste Oy, Apetit Kala Oy, Martim Food AS, Avena Nordic Grain Oy, ZAO Avena St. Petersburg, TOO Avena Astana, OOO Avena-Ukraine and Mildola Oy, among others.
Apetit Oyj Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the Year 2016