Apetit Oyj · OMXHEX:APETIT
Apetit Oyj — FY2016 Earnings Presentation
27 slides from Apetit Oyj's earnings presentation, Feb 23, 2017
Slide 1: Apetit 2016 Financial Statements Bulletin
Apetit 2016 Financial Statements Bulletin Juha Vanhainen, CEO Sami Saarnio, CFO Briefing for Analysts and Media 23rd February 2017, Scandic Simonkenttä, Helsinki APETIT PLC | Financial Statements 2016 23 February, 2017 1
Slide 2: Apetit Financial Statements 2016
Apetit Financial Statements 2016 October-December 2016 (Q4) Full year 2016 • Net Sales EUR 100.1 (113.8) million • Net Sales EUR 386.5 (380.8) million • Operational EBITDA EUR 3.4 (4.5) million • Operational EBITDA EUR 7.5 (8.5) million • Operational EBIT EUR 1.6 (2.7) million • Operational EBIT EUR
Slide 3: Creating Wellbeing with Vegetables
• Apetit produces food solutions based on 15% vegetables, fish and vegetable oils • Apetit is active in the trading of grains, 39 % oilseeds and raw materials for feeds in DISTRIBUTION Finland and internationally 21% OF NET SALES • Its customers include consumers, the 2016 Creating retail trade, the
Slide 4: Business segment review
Business segment review APETIT PLC | Financial Statements 2016 23 February, 2017 4
Slide 5: Business segments – strategic focuses and target positions
Business segments – strategic focuses and target positions Food Solutions Oilseed Products Grain Trade Seafood Frozen + fresh Vegetable oils and Grain, oilseed and the vegetable solutions expeller animal feedstuff trade Strategic Leading brand in Product leader The most reliable Most reliable focus
Slide 6: Food Solutions: Frozen food group grows as expected
Food Solutions Q4/2016 Food Solutions Frozen food group grows as expected, the fresh products in the middle of business model transition CONSUMER AND CUSTOMER GOOD SALES DEVELOPMENT IN FROZEN Net Sales PRODUCTS In frozen foods, our investment in new products, EUR million, comparison and in marketing
Slide 7: Improved brand awareness, good sales development in frozen products
Improved brand awareness, good sales development in frozen products Apetit brand Top of Mind –development 2014-2016 Frozen foods net sales development 2014-2016 Annual change, per cent 47 44 36 35 +5.3% 33 33 31 47 percent of Finns mention Apetit -1.3% -1.4% first when asked to spontaneosly name fro
Slide 8: Expansion into the fruit and vegetable section in retail
Expansion into the fruit and vegetable section in retail Tuorekset-sales continued on a good track Delivery volumes 4/2016 – 1/2017 Pilot phase Launch • Tuorekset product assortment varies with the seasons. The new products launched in January have ~1000 pcs Store coverage* received good feedback •
Slide 9: Oilseed products: Net sales grew, EBIT improved year-on-year
Oilseed products Q4/2016 Oilseed products Net sales grew, EBIT improved year-on-year NET SALES BOOSTED BY ADDED VALUE Net Sales PRODUCTS EUR million, comparison OPERATING ENVIRONMENT 2016/2015 • Segment’s net sales was 15.9 (15.0) M€ 68.2 61.3 The oilseed growing season was mostly • The delivery vol
Slide 10: Grain Trade: Plentiful supply burdened profitability
Grain Trade Q4/2016 Grain Trade Plentiful supply burdened profitability NET SALES DECREASED YEAR-ON-YEAR Net Sales OPERATIONAL ENVIRONMENT EUR million, comparison • Segment’s net sales decreased and was 39.8 2016/2015 170.5 The price level in the international grain market (59.0) M€ 159.7 was relati
Slide 11: The price level in grain market declining, price fluctuations have decreased
The price level in grain market declining, price fluctuations have decreased • The price of wheat on the 350 international market has fallen over the last two harvest seasons 300 • The changes in wheat prices 250 affect also other food and feed grain prices • Market volatility has remained EUR / ton
Slide 12: Seafood: Positive EBIT reached
Seafood Q4/2016 Seafood Positive EBIT reached PRICES OF RAW MATERIAL INCREASED NET OPERATIONAL ENVIRONMENT SALES Net Sales EUR million, comparison • Segment’s net sales increased to 24.1 (21.2) 2016/2015 82.9 87.8 Throughout 2016, the price level of Norwegian M€ salmon was higher than in the previou
Slide 13: Norwegian salmon price increased significantly in 2016
Norwegian salmon price increased significantly in 2016 Salmon price development 2015-2016 (Nasdaq Salmon Index) • Throughout 2016, the price level of 2015 2016 Norwegian salmon was higher than in 10 the previous year 8 • The high price of salmon is the result Average price (week) €//kg of the global
Slide 14: Performance in 2016, by segment
Performance in 2016, by segment Apetit Group Food Solutions Oilseed products Grain Trade Seafood Q1-Q4/2016 Net Sales Net Sales Net Sales Net Sales Net Sales 97.8 M€ 68.2 M€ 159.7 M€ 87.8 M€ (95.8 M€) (61.3 M€) (170.5 M€) (82.9 M€) 386.5 M€ (380.8 M€) Intra-group net sales -27.0 (-29.6) M€ Operation
Slide 15: Apetit Group's Net Sales and Operational EBIT Q1-Q4/2016
Apetit Group’s Net Sales and Operational EBIT Q1-Q4/2016 Net Sales Operational EBIT EUR million, comparison 2016/2015 EUR million, comparison 2016/2015 2015 2016 Full year 2015 2016 Full year 380.8 386.5 2.7 2.6* 1.8 1.6 1.4 0.9 113.8 100.2 106.9 91.9 100.1 -0.3 91.5 87.5 75.3 -1.0 -1.1 -1.6 Q1 Q2 Q
Slide 16: Solid financial position
Solid financial position EUR, million Dec. 31 2016 Dec. 31 2015 Working capital 52.9 69.6 Freed-up Net cash flow from operating activities 21.9 -17.1 working capital Net debt 14.5 23.0 Equity ratio, % 64.1 % 61.1 % Positive cash flow Gearing, % 12.4 % 19.0 % Operational return on capital employed (R
Slide 17: Strategy review
Strategy review APETIT PLC | Financial Statements 2016 23 February, 2017 17
Slide 18: Strong balance sheet for the new year 2017
Strong balance sheet for the new year 2017 Balance sheet total, equity, net debt and equity ratio-% 2011 - 2016 To manage its liquidity, EUR % the Group has: million 250 75 % 80 70 % 70 % • A commercial paper 64 % 70 programme of EUR 100 200 61 % 61 % 60 million • The total of commercial 150 50 pape
Slide 19: Strategic objectives and success stories of 2016
Strategic objectives and success stories of 2016 2016 Success stories in 2016 Food Expansion in fresh products • Renewal & product development: Renewal of frozen products Tuorekset, new frozen products, digitalisation Enhancing production efficiency • Tuorekset, successful launch • Frozen food sales
Slide 20: Apetit's strategic aim is to be the leader in vegetable-based food solutions
Apetit’s strategic aim is to be the leader in vegetable-based food solutions 2016 2017 2018 Food Expansion in fresh products Renewal of frozen products Service and product development Enhancing exports Oilseed In-depth R&D operations Further processing of oilseed products Grain Expanding the grain t
Slide 21: Strategic guidelines
Strategic guidelines Growth through higher value-added Increased agility, with a focus on the products and an attractive brand production and commercial scale New opportunities and industrial symbioses Primary production in partnership networks for the food chain from the bioeconomy through closer c
Slide 22: Outlook for 2017
Outlook for 2017 Sales in the Finnish retail sector and professional food service sector are expected to pick up in comparison to the previous year, but the price competition is expected to remain intensive. Ample supply is expected to continue to prevail in the global grains market, keeping prices
Slide 23: Apetit develops and innovates
#kasvisjauhis #vegepops #apetit 2017: Apetit develops and innovates eating #vege #tuorekset #vegebuumi Visio 2018 #puolikiloapäivässä The leader in vegetable-based food solutions APETIT PLC | Financial Statements 2016 23 February, 2017 23
Slide 24: Dividend proposal Annual General Meeting
Dividend proposal Annual General Meeting APETIT PLC | Financial Statements 2016 23 February, 2017 24
Slide 25: Dividend proposal for the AGM 2017
Dividend proposal for the AGM 2017 The Board of Directors’ dividend proposal to the Annual General Meeting is EUR 0.70 per share. Dividend per share, EUR 1.20 1.00 Dividend policy 0.80 The aim of the Apetit plc Board is to 0.70 * ensure that the share generates a good return and retains its value. 0
Slide 26: Annual Report and Annual General Meeting
Annual Report Annual General Meeting Apetit Plc’s Annual Report for 2016 will be published in the week beginning on 27 February 2016 at www.apetitgroup.fi The Annual General Meeting will be held in Säkylä on Friday, 24 March 2017 at 1:00 p.m APETIT PLC | Financial Statements 2016 23 February, 2017 2
Slide 27: Thank you
Apetit Thank you