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Raisioagro

Raisioagro carried out an extensive reorganisation in 2014. Raisioagro's focus is on its cattle and fish feeds, grain trade and online sales. Raisioagro aims to be the leading operator in the agricultural sectors where success is based on feeding and plant cultivation expertise and on innovations. Innovations improving the effectiveness and profitability in agriculture and fish farming are in the core of Raisioagro's new strategy.

Main events in 2014

  • Termination of the pig and poultry feed production improved relative profitability and a total of EUR 10 million in working capital was released.
  • Oil milling business was terminated at the end of 2014.
  • Benemilk feed sales accounted for some 10% of Finnish dairy cattle feeds and for some 20% of Raisioagro's cattle feeds.
  • Hot weather in the mid-summer weakened good sales of fish feeds. Exports to Northwest Russia increased.
  • Strong increase in online sales. Expansion of the product range.

Financial review

Enhanced operative efficiency improved Raisioagro's profitability.

Raisioagro's net sales totalled EUR 201.6 (254.2 in 2013) million. Net sales decreased from the comparison period mainly due to the terminations of pig and poultry feed production and oil milling business. The summer was very hot in Finland and net sales in fish feeds decreased from the comparison year. Net sales in cattle feeds decreased mainly due to the fall in main raw material prices. Successful grain import deals, however, increased net sales.

Feeds and farming supplies account for almost 85 per cent of Raisioagro's net sales. 85 per cent of Raisioagro's net sales come from Finland. Russia is the largest export market for fish feeds.

Raisioagro's return on investment rose to over 10 per cent.

Raisioagro's EBIT was EUR -8.9 (3.1) and, excluding one-off items, 3.4 (3.1) million. One-off items totalled EUR -12.3 million, of which EUR -9.9 million resulted from expenses related to the termination of the pig and poultry production and EUR -2.4 million from the termination of the oil milling business. As the pig and poultry feed production was terminated, Raisioagro's relative profitability improved and a significant amount of working capital was released in the second half of 2014. A good product mix in cattle feeds and a growing share of further processed products also improved EBIT. The shutdown of the oil milling plant from the beginning of 2014 significantly decreased losses from the comparison period.

Key figures for Raisioagro

    Q4/2014 Q3/2014 Q2/2014 Q1/2014 2014 2013
Net sales M€ 35.6 54.4 62.6 49.1 201.6 254.2
EBIT, excluding one-off items M€ 0.0 2.0 1.4 0.0 3.4 3.1
EBIT, excluding one-off items % -0.1 3.7 2.2 0.0 1.7 1.2
One-off items M€ -2.4 -2.4 -7.5 0,0 -12.3 0.0
EBIT M€ -2.4 -0.3 -6.1 0.0 -8.9 3.1
Investments M€ 0.2 0.1 0.4 0.4 1.1 2.3
Net assets M€ - - - - 33.0 52.4