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Financial review

The year 2014 was twofold for Raisio. Weak performance at the beginning of the year was exceptional but we were able to correct the situation quickly during the second half of 2014. In the last two quarters, Raisio reached higher EBIT than in the comparative periods, which shows that we are back on improving trend. 

  Q4/2014 Q3/2014 Q2/2014 Q1/2014 2014 2013
Result            
Net sales, M€ 117.8 126.9 132.5 116.7 493.9 557.6
  Change in net sales, % -10.2 -15.1 -10.9 -9.1 -11.4 -4.5
EBIT, M€ 8.9 12.1 8.5 5.4 34.8 39.3
  EBIT, % 7.6 9.5 6.4 4.6 7.0 7.1
Depreciation and impairment, M€ 3.4 3.8 3.6 3.9 14.6 14.9
EBITDA, M€ 12.3 15.8 12.1 9.3 49.5 54.3
Net financial expenses, M€ -1.0 -0.3 0.0 -0.3 -1.5 -1.8
Earnings per share (EPS), € 0.05 0.06 0.04 0.03 0.18 0.20
Balance sheet            
Equity ratio, % - - - - 60.2 68.2
Gearing, % - - - - 22.2 -8.6
Net interest-bearing debt, M€ - - - - 72.2 -28.5
Equity per share, € - - - - 2.07 2.13
Dividend per share, € - - - - 0.14* 0.13
Gross investments**, M€ 90.7 3.4 6.0 4.8 104.9 16.5
Share            
Market capitalisation***, M€ - - - - 656.8 683.1
Enterprise value (EV), M€ - - - - 728.9 654.6
EV/EBITDA - - - - 14.7 12.1

* Board of Directors' proposal to the Annual General Meeting

** Including acquisitions

*** Excluding the company shares held by the Group

Raisio Group's net sales in 2014 totalled EUR 493.9 (557.6) million, which is more than 11 per cent lower than in the comparison period. Net sales of the Brands Division were EUR 306.1 (304.7) million, those of Raisioagro Division EUR 201.6 (254.2) million and those of other operations EUR 1.2 (1.3) million. The Brands Division accounted for some 62 per cent and Raisioagro for some 38 per cent of the Group's net sales. Net sales from outside Finland represented 55.6 (49.1) per cent of the Group's total, amounting to EUR 274.9 (273.9) million.

The year 2014 was twofold for Raisio. At the end of the year, Raisio was back on improving trend.  

Most significant factors decreasing the Group's net sales from the comparison year were Raisioagro's decision to terminate its pig and poultry feed production at the end of September 2014, declined sales of cereals in the UK and challenges related to the centralisation of snack bar production and weakened service levels. On 19 November, Raisio acquired the Benecol business in the UK, Ireland and Belgium from the affiliates of Johnson & Johnson. The acquired Benecol business generated net sales of over 7 million euros for Raisio.

Raisio Group's EBIT amounted to EUR 6.9 (33.6) and, excluding one-off items, 34.8 (39.3) million, which is 1.4 (6.0) and, excluding one-off items, 7.0 (7.1) per cent of net sales. EBIT for the Brands Division totalled EUR 20.6 (35.7) and, excluding one-off items, 35.9 (41.4) million, for Raisioagro EUR -8.9 (3.1) and, excluding one-off items, 3.4 (3.1) million and for other operations EUR -4.7 (-5.1) and, excluding one-off items, -4.5 (-5.1) million.

The largest investments of 2014 were the acquisition of Benecol business from the affiliates of Johnson & Johnson and the centralisation of snack bar and confectionery production.

One-off items, million euros

  2014 2013
Brands    
  Streamling projects, Cereals and Snacks, UK -3.5 -4.9
  Other streamlining projects 0.0 -0.1
  Write-down of Honey Monster brand's book value -10.1 0.0
  Acquisitions and divestments -1.5 -0.6
  Other -0.3 0.0
Raisioagro    
  Restructuring of activities -9.9 0.0
  Termination of oil milling business -2.4 0.0
Common    
  Other -0.3 0.0
Impact on EBIT -27.9 -5.7