raisio plc, financial statements 2016
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Raisio’s Financial Statements 2016CEO Jarmo PuputtiRaisio plc13 February 2017
Raisio’s Q4/2016 in brief
2
• EBIT* 12.0 (12.0) M€• EBIT* 12.6 (9.8) % of net sales
• Net sales 95.4 (122.7) M€• Net sales change -22%
• Exchange rates had a negative impact on net sales and EBIT
• Raisio and Vaasan launched cooperation on the procurement of Finnish rye
Net sales Q4/2016
Q4/2015
Brands Division M€ 73.3 97.6
Healthy Snacks M€ 17.2 32.0
Benecol M€ 31.4 37.3
Confectionery M€ 24.8 28.5
Raisioagro Division M€ 24.7 28.3
Total M€ 95.4 122.7
*Comparable EBIT
Group EBIT and net sales Q4
3
12.0 12.0
9.8%12.6%
0
5
10
15
0
5
10
15
Q4/2015 Q4/2016
%Comparable EBITM€
12395
020406080
100120140
Q4/2015 Q4/2016
M€ Net sales
EBIT EBIT %
4
Raisio’s 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€
• Raisio’s relative profitability improved• Comparable return on equity improved to
11.6%• Raisio divested its UK snack business
*Comparable EBIT
5
Group EBIT 2007-2016
Comparable EBIT, rolling 12 months
-505
10152025303540455055M€
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
6
Group EBIT 2012-2016
34.6 39.3 34.8 51.7 50.7
5.9%7.1%
7.0%
9.9% 11.6%
0
5
10
15
0
10
20
30
40
50
60
2012 2013 2014 2015 2016EBIT EBIT %
%Comparable EBITM€
7
Group net sales 2012-2016
M€
330 305 306 385 320
256 254 202146
127
0
100
200
300
400
500
600
700
2012 2013 2014 2015 2016
521436494
558584
Brands Raisioagro
Great dividend history
0.03 0.04 0.07 0.09 0.10 0.11 0.12 0.13 0.14 0.16 0.170.00
0.02
0.04
0.06
0.08
0.10
0.12
0.14
0.16
0.18
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
8*The Board’s dividend proposal
€
*
Key figures, comparable income statement
Q1/2016
Q2/2016
Q3/2016
Q4/2016
Q4/2015 2016 2015
Net sales M€ 114.0 124.1 102.8 95.4 122.7 436.3 521.2
Change in net sales % -6.9 -12.3 -23.5 -22.3 4.2 -16.3 5.5
EBIT M€ 9.7 15.0 14.0 12.0 12.0 50.7 51.7
EBIT % 8.5 12.1 13.6 12.6 9.8 11.6 9.9
Depreciation and impairment M€ -3.1 -3.1 -2.6 -2.6 -3.5 -11.3 -16.5
EBITDA M€ 12.7 18.1 16.6 14.6 15.4 62.0 68.1
Financial items M€ -0.9 -0.9 -0.5 0.2 -1.0 -2.2 -2.5
Earnings per share (EPS) € 0.05 0.07 0.07 0.06 0.06 0.25 0.26
9
Key figures, balance sheet
2016 2015
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
10*The Board’s dividend proposal to AGM
Raisio renewing its strategy
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• The Board initiated work to renew the Group’s strategy
• New strategy will be completed in spring 2017
• Key theme is to turn net sales for the Brands Division back to growth path
• In 2017, Raisio will enhance its operational activities and invest in brand strengthening and in expansion into new product segments and markets
Brands 2016
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• EBIT* 50.5 (55.4) M€• EBIT* 15.8 (14.4) % of net sales
• Net sales 320.1 (385.1) M€• Net sales change -17%
• Brands Division’s key challenge: organic growth
Net sales 2016 2015
Healthy Snacks M€ 95.4 138.9
Benecol M€ 124.6 140.3
Confectionery M€ 100.2 105.4
Benemilk M€ 0.4 0.0
Total M€ 320.1 385.1
*Comparable EBIT
Brand Division’s EBIT2012-2016
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37.4 41.4 35.9 55.4 50.5
11.3%13.6%
11.7%
14.4%15.8%
0
5
10
15
20
0
10
20
30
40
50
60
2012 2013 2014 2015 2016
EBIT EBIT %
M€ %Comparable EBIT
Brand Division’s net sales2012-2016
15
330 305 306385
320
050
100150200250300350400450
2012 2013 2014 2015 2016
M€
Benecol
16
• EBIT at the comparison period level• Negative impact of exchange rate volatility
and price increases of wood-based sterols used as raw material for plant stanol ester
• Net sales decreased due to volatility in exchange rates and in consumer product sales in home markets
• In UK, Benecol’s market share strengthened• Sales of Benecol ingredient to licensing
partners grew, particularly in Asia
17
Benecol Soft Chew availablein five countries
• Available in Finland, Poland, Ireland, Belgium and Holland
• The first cholesterol-lowering soft, chewable food supplement
• Storage at room temperature
• A convenient way to lower cholesterol, e.g. during the workday or while travelling
• New sales channels: pharmacies and online store www.oatletstore.com
17
18
Healthy Snacks
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• In Finland, retail sales at the comparison year level
• New Elovena snacks sold well• Sales of snack biscuits tripled in six years
• Focus on brand renewals• In Russia, EBIT remained clearly positive
• Sales volume in flakes decreased due to price increases
• The UK’s unprofitable snack bar business divested on 12 July and Honey Monster brand licensed from 1 July
19
Success of new products increasedElovena brand’s net sales by almost 10%
20
Nalle brand renewed
• Traditional brand positioned as the favourite of families with children
• Healthy and tasty breakfast and snack products
• ”Good for kids, but I’ll have some myself”
20
21
Confectionery
• Net sales for the Czech operations increased by almost 15%: while net sales for the whole confectionery business declined
• Sales growth in Pedro brand continued in the Czech Republic
• Producer of inclusions and toppings Nimbus showed increased sales
• EBIT down from the comparison year• Czech operations account for almost 50%
of EBIT
• Continued challenges at the UK Leicester plant
Benemilk
22
• Patents granted for Benemilk feeds and their production method in Finland and New Zealand at the end of 2016
• Benemilk Ltd’s activities to internationally commercialise the innovation were significantly reduced in the autumn 2016
• Seattle office closed
• Benemilk feeds have an established market position in Finland. Exports to Russia on the rise
Raisioagro 2016
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• EBIT 3.7 (2.8) M€• EBIT +0.9 M€• EBIT 2.9 (1.9) % of net sales
• Net sales 126.6 (145.9) M€• Net sales change -13%
• Average return on capital employed 11.4%• Net working capital decreased by
almost 50%
25
Raisioagro’s EBIT 2012-2016
M€ Comparable EBIT
-0.3
3.1 3.4 2.8 3.7-0.1%
1.2% 1.7%1.9%
2.9%
-3
-2
-1
0
1
2
3
4
5
-3
-2
-1
0
1
2
3
4
5
2012 2013 2014 2015 2016
EBIT EBIT %
%
26
Raisioagro’s net sales 2012-2016
256 254202
146 127
0
50
100
150
200
250
300
2012 2013 2014 2015 2016
M€
27
Internet of Farming and feeding expertise raising the milk farm productivity• Milking robot monitoring (Tuotostutka®)
is Raisioagro’s first service for dairy farms. It processes the data of milking robots into profit
• 130 farms involved• Milk yields grown by an average of 6%
• New OMA feeding service model is based on the farmer’s own farming and feeding practices
27
Fish feeds
28
• Raisioaqua is the only Finnish fish feed producer
• Share of exports approx. 60% • Baltic Blend feeds launched in summer 2016
• Raw material: fishmeal and oil made from Baltic herring and sprat fished from the Baltic Sea and processed in Finland
• Nutrient emissions from fish farming decreased significantly
• Baltic Sea nutrients recycled• Benella’s sales season started in September
29
• Sustainable development, innovativeness and new business model placed Benella on the pioneer list of The Nordic Council of Ministers”Nordic bioeconomy – 25 cases for sustainable change”
• Sales network expanded significantly• Available in selections of Ruokakesko and Stockmann
• Innovation of the Year' finalist in the Golden Pepper competition for the food sector organised by a well-known Finnish newspaper Iltalehti
Benella is the pioneer of the Northern bioeconomy
Guidance 2017
30
In 2017, Raisio will invest in brands, product concepts, sales and marketing and in the enhancement of its operations.
This will pave the way for future growth and success. Raisio estimates its comparable EBIT for 2017
to fall slightly short of comparable EBIT for 2016. Exchange rates will continue to significantly affect Raisio’s EBIT.
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