Rieber & Søn's operating profit (EBIT) in the fourth quarter was minus NOK 90m (66m), while the figure for the year was NOK 47m (266m). EPS in the fourth quarter stood at minus NOK 1.47 (+0.54) and minus NOK -0.48 (+2.08) for the year.  The operating profit for the year was negatively affected by one-off effects totalling NOK 198m.

Sales in the fourth quarter totalled NOK 1 088m (1 110m), while the figure for the year was NOK 4 164m (4 293m). Structural effects reduced sales by 0.4% in the fourth quarter, but their effect for the year was positive, boosting sales by 0.6%. Currency conversion effects reduced sales in the fourth quarter by 1.5% and by 2.0% for the year. Organic growth in the fourth quarter stood at -0.1%, while the figure for the year was -1.6%.

The gross margin in the fourth quarter was 61.1% (58.8%) and 59.1% (58.7%) for the year. The EBITDA margin in the fourth quarter was 12.8% (10.0%) and 10.5% (10.8%) for the year. The corresponding figures for the EBIT margin were -8.3% (+6.0%) and 1.1% (6.2%), respectively.

The operating profit for the year was negatively affected by one-off effects totalling NOK 198m related mainly to the divestment of Cronions, manpower reductions in the sales and administration functions in Western Europe, and costs related to the Orkla process. The Group's underlying operations, adjusted for one-off items, provided EPS of approximately NOK 2.00 (2.20). The return on capital employed was -13.3% (+9.2%) in the fourth quarter and 1.9% (9.5%) for the year.   

Orkla's acquisition of Rieber & Søn ASA is expected to be approved by all of the relevant competition authorities (in EU, Norway and Russia) in the near future. At the present time the Board is not proposing a dividend. The dividend for 2011 was NOK 1.50 per share.

Bergen, 20 February 2013
The Board of Directors of Rieber & Søn ASA

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
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