Sales in the third quarter came to NOK 1 033m (1 077), a decline of 4.1%, while organic growth was 2.2% down on last year's third quarter. Sales were marginally affected by structural effects, but fell by 2.0% due to currency conversion effects.
The gross margin in the third quarter was 58.3% (59.1) while the EBITDA margin was 14.2% (16.2) and the EBIT margin was 9.5% (11.8). Because of lower earnings, the return on capital employed (ROCE) was reduced and stood at 14.0% (17.4) for the third quarter.
The Rieber family has in the third quarter entered into an agreement with Orkla ASA to sell its shares in Rieber & Søn ASA. The agreement encompasses 90.11% of the shares in Rieber & Søn ASA for a price of NOK 66.58 per share. Closing of the transaction is conditional upon receiving approval from the European Commission and Russian competition authorities. It is expected that closing of the transaction can take place by the end of the first quarter of 2013. It is the view of the Board that a combination of Rieber & Søn and Orkla creates a sound industrial platform.
Bergen, 24 October 2012
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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