Annual Report • Feb 7, 2013
Annual Report
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Operating profit adjusted for hurricane Sandy ("Sandy")* reached a record high for the fourth quarter of SEK 292 million (265), an improvement of 10 percent compared to the corresponding quarter in 2011.
Operating profit per kilo adjusted for Sandy* amounted to SEK 0.74 (0.69), a significant improvement largely attributable to a continuing trend away from low margin commodity volumes. In addition, Food Ingredients had a very favourable product mix and unusually high production yields.
Business Area operating profit adjusted for Sandy*:
Operating profit for the fourth quarter including Sandy* effects amounted to SEK 271 million (265), an improvement of 2 percent.
Earnings per share increased by 4 percent, from SEK 4.82 to SEK 5.01.
Sales amounted to SEK 4,205 million (4,483), reflecting lost sales related to Hurricane Sandy and lower raw material prices.
Continuing strong cash flow in the fourth quarter amounted to SEK 439 million (499), including a reduction in working capital of SEK 112 million (289).
With the raw material price evolution during the second half of 2012, AAK will display a continuing reduction in working capital in the first half of 2013.
The proposed dividend is SEK 5.25 (4.75) per share an increase of SEK 0.50 or 11 percent.
During the fourth quarter Group volume increased by 2 percent.
Food Ingredients continued to demonstrate very strong development, particularly in Bakery and Infant Nutrition, while commodity volumes in the UK continued to decline. Further, Scandinavia lost some low margin volumes. Chocolate & Confectionery Fats continued as expected to be challenged and Technical Products & Feed stabilized.
The AAK plants in New Jersey, US which were affected by Hurricane Sandy are back in operation. Sandy* negatively impacted operating profit in the fourth quarter by estimated SEK 21 million.
We continue to see positive effects of the AAK Acceleration program (Growth-Efficiency-People). Recent acquisitions are developing in line with plans.
The impact on our industry from the more difficult general economy in Europe is, as we all know, really difficult to predict. However, based on AAK's customer value propositions for health and reduced costs, our customer product co-development and solutions approach, and the AAK Acceleration program, we continue to remain prudently
optimistic for the future. The main drivers are expected to be our strong Food Ingredients business and the expected recovery in our Chocolate & Confectionary Fats business.
The performance of the Chocolate & Confectionary Fats business is expected to stabilize in the first part of 2013 and, provided the cocoa butter price remains at the current more normal level – see page 19 - it is expected to start improving significantly during the second half of 2013.
Arne Frank CEO and President
| Q4 | Q4 | Full year | Full year | |||
|---|---|---|---|---|---|---|
| SEK Million | 2012 | 2011 | % | 2012 | 2011 | % |
| Volumes (000 MT) * | 394 | 385 | +2 | 1,511 | 1,426 | +6 |
| Net Sales | 4,205 | 4,483 | -6 | 16,911 | 16,695 | +1 |
| Adjusted Operating profit* | 292 | 265 | +10 | 1 ,003 | 918** | +9 |
| Adjusted Operating profit per kilo * |
0.74 | 0.69 | +7 | 0.66 | 0.64 | +3 |
| Operating profit | 271 | 265 | +2 | 975 | 911 | +7 |
| Net profit | 206 | 197 | +5 | 647 | 604 | +7 |
| Earnings per share | 5.01 | 4.82 | +4 | 15.66 | 14.72 | +6 |
| Net debt | 2,521 | 3,141 | -20 | 2,521 | 3,141 | -20 |
* Hurricane Sandy ("Sandy") had a negative impact on operating profit in the fourth quarter by an estimated SEK 21 million affecting Food Ingredients by SEK 6 million, Chocolate & Confectionary Fats by SEK 5 million and Group Functions by SEK 10 million. All volumes in this report have been adjusted to include lost shipments covered by insurance compensation. See further page 9 and page 16. The full year also includes SEK 7 million acquisition related costs incurred in the second quarter 2012.
** During 2011 the acquisition related costs amounted to SEK 7 million which was recorded in the third quarter 2011.
Volume increased by 2 percent compared to fourth quarter 2011 mainly due to acquisitions and increasing semi-speciality and speciality volumes, partly offset by lower commodity volumes.
Net sales decreased by SEK 278 million mainly due to Sandy* and lower raw material prices. The impact of currency translation amounted to negative SEK 23 million.
Operating profit adjusted for Sandy* for the fourth quarter was a record high, reaching SEK 292 million (265), an improvement of 10 percent.
Operating profit for the fourth quarter amounted to SEK 271 million (265), an improvement of 2 percent. The impact of currency translation was negligible.
Operating profit per kilo adjusted for Sandy* improved significantly from SEK 0.69 to SEK 0.74 per kilo, an improvement by 7 percent. Food Ingredients showed a very strong improvement mainly due to strong development in Bakery and Infant Nutrition combined with another quarter
of a very favourable product mix and exceptionally high production yields, while Chocolate & Confectionary Fats remained challenged and showed a decrease in operating profit per kilo. Technical Products & Feed remained stable.
The net financial cost amounted to SEK 22 million (negative 1). In 2011 the fourth quarter was affected positively by financial income of a non-recurring nature related to the settlement of financial derivatives.
Income tax (deferred) in the fourth quarter was affected by a positive one time effect amounting to SEK 20 million due to the corporate tax rate in Sweden being reduced from 26.3 percent to 22 percent. The reduction in corporate tax rate in Sweden is not expected to have any material impact on AAK's future average tax rate.
Cash flow from operating activities excluding changes in working capital amounted to SEK 327 million (210). Further, a positive cash flow was achieved through continued reduction in working capital by
SEK 112 million (289) in the fourth quarter.
Cash flow from operating activities including changes in working capital was positive SEK 439 million (499).
After net investments amounting to SEK 99 million (97), cash flow was positive SEK 340 million (402).
The equity/assets ratio amounted to 40 percent (36 percent at 31 December 2011). Net debt at 31 December 2012 amounted to SEK 2,521 million (SEK 3,141 million on 31 December 2011). At 31 December 2012, the Group had total credit facilities of approximately SEK 5,599 million.
The average number of employees at 31 December 2012 was 2,211 (2,065 on 31 December 2011).The net change consists of a reduction in Scandinavia and the UK, in line with the continuing productivity improvement programs, offset by increases in focused growth markets and by recent acquisitions.
*Hurricane Sandy ("Sandy") had a negative impact on operating profit in the fourth quarter by an estimated SEK 21 million affecting Food Ingredients by SEK 6 million, Chocolate & Confectionary Fats by SEK 5 million and Group Functions by SEK 10 million. All volumes in this report have been adjusted to include lost shipments covered by insurance compensation. See further page 9 and page 16. The full year also includes SEK 7 million acquisition related costs incurred in the second quarter 2012.
Net Debt/EBITDA
4,00 4,50 5,00
*Excluding acquisition related costs and Sandy adjusted
Volume increased by 6 percent compared to 2011 mainly due to acquisitions, increases in semi-speciality and speciality products and continued reduction in commodity volumes, mainly in the UK but also in Scandinavia.
Net sales increased by SEK 216 million mainly due to acquisitions, better product mix and the positive impact of currency translation of SEK 97 million.
Operating profit adjusted for Sandy* and before acquisition related costs reached a record high of SEK 1,003 million (918), an improvement of 9 percent. The impact of currency translation was negligible.
Operating profit after acquisition related costs reached SEK 975 million (911), an improvement of 7 percent.
Net financial cost of SEK 109 million (98) was higher than last year. Last year the fourth quarter was affected positively by financial income of a nonrecurring nature related to the settlement of financial derivatives.
Income tax (deferred) in the fourth quarter was affected by a positive one time effect
amounting to SEK 20 million due to the corporate tax rate in Sweden being reduced from 26.3 percent to 22 percent.
Cash flow after changes in working capital for the full year of 2012 reached a record high of SEK 1,539 million (289), including improvements in working capital of SEK 589 million (negative 613).
With the raw material price evolution during the second half of 2012, a continued reduction in working capital is expected in the first half of 2013.
During the second quarter of 2012 AAK strengthened its position in the North American Food Service market by acquiring Oasis Foods Company (Oasis).
Oasis provides an expansive variety of quality products such as edible oils, margarine, spreads, shortenings, vinegars, mayonnaise and sauces.
Founded in 1975 Oasis employed approximately 160 people at Hillside, New Jersey, USA and had revenues of approximately SEK 925 million in 2011.
Oasis is a well-run company and it represents an excellent platform for our North American ambitions. The company´s wide variety of established Food Service products and brands significantly broadens AAK's product offerings in one of the largest food service markets in the world. The New Jersey location close to our Port Newark plant provides easy access to some of the largest population centres in the country.
During the second quarter of 2012 AAK also strengthened its position in the Scandinavian Food Service market by acquiring Crown-Foods A/S in Denmark (Crown).
The acquisition will strengthen AAK's ability to supply a broad portfolio of Food Service products to Scandinavian customers.
Crown is a local market leader producing sauces and dressings. Founded in 1988 and located in Mørkøv, Denmark, Crown employed approximately 20 people and had a turnover of approximately SEK 60 million in 2011.
*Hurricane Sandy ("Sandy") had a negative impact on operating profit in the fourth quarter by an estimated SEK 21 million affecting Food Ingredients by SEK 6 million, Chocolate & Confectionary Fats by SEK 5 million and Group Functions by SEK 10 million. All volumes in this report have been adjusted to include lost shipments covered by insurance compensation. See further page 9 and page 16. The full year also includes SEK 7 million acquisition related costs incurred in the second quarter 2012.
| Q4 | Q4 | Full year | Full year | |||
|---|---|---|---|---|---|---|
| SEK Million | 2012 | 2011 | % | 2012 | 2011 | % |
| Volumes ('000 MT) * | 248 | 234 | +6 | 937 | 831 | +13 |
| Net sales | 2,648 | 2,786 | -5 | 10,729 | 10,076 | +7 |
| Adj.Operating profit * | 220 | 151 | +46 | 703 | 518 | +36 |
| Adj.Operating profit per kilo* | 0.89 | 0.65 | +37 | 0.75 | 0.62 | +21 |
Food Ingredients reported a volume growth of 6 percent compared to the corresponding quarter in 2011, attributable mainly to acquired businesses, increases in semi-speciality and speciality products offset by a further drop in commodity volumes in the UK and in Scandinavia. The quarter also suffered from a significantly shorter operational December compared to 2011. For comparable units volume decreased by 8 percent.
Net sales decreased by SEK 138 million mainly as a consequence of lost sales related to Sandy*. In addition, raw material prices were lower, partly offset by acquired business. The currency
translation impact was negative SEK 1 million.
The integration of the recent acquisitions, Oasis and Crown, is progressing according to plan.
Operating profit adjusted for Sandy was a record high, reaching SEK 220 million (151), an increase of 46 percent. The impact of currency translation was negligible. This extraordinarily high operating profit is the result of a well received and well executed strategy as well as a favourable product mix and production efficiency, above our expectations, going forward.
The quarter continued the trend of strong development, in particular within Bakery and Infant Nutrition.
Operating profit per kilo adjusted for Sandy* improved substantially, by 37 percent from SEK 0.65 per kilo to SEK 0.89 per kilo.
Operating profit amounted to SEK 214 million (151).
The performance of the business area has exceeded our expectations all through the year.
While we remain optimistic for the future, we expect the rate of operating profit improvement in 2013 to be lower than during 2012, albeit still double digits.
*Hurricane Sandy ("Sandy") had a negative impact on operating profit in the fourth quarter by an estimated SEK 21 million affecting Food Ingredients by SEK 6 million, Chocolate & Confectionary Fats by SEK 5 million and Group Functions by SEK 10 million. All volumes in this report have been adjusted to include lost shipments covered by insurance compensation. See further page 9 and page 16.
| Q4 | Q4 | Full year | Full year | |||
|---|---|---|---|---|---|---|
| SEK Million | 2012 | 2011 | % | 2012 | 2011 | % |
| Volumes ('000 MT) * | 79 | 83 | -5 | 309 | 320 | -3 |
| Net sales | 1,135 | 1,297 | -12 | 4,583 | 4,954 | -8 |
| Adj.Operating profit* | 82 | 115 | -29 | 316 | 378 | -16 |
| Adj.Operating profit per kilo* | 1.04 | 1.39 | -25 | 1.02 | 1.18 | -14 |
Total volume declined by 5 percent mainly as a result of very low prices on cocoa butter in 2011 and the first three quarters of 2012, affecting sales of speciality and semispeciality products.
Net sales for Chocolate & Confectionary Fats decreased by SEK 162 million mainly as a consequence of lost volumes and lost sales related to Sandy*. Further, price pressure and an unfavourable currency translation impact of SEK 21 million affected sales.
As earlier communicated this business area continues to be very challenged by the market conditions and the pressure on Cocoa Butter Equivalent (CBE). Operating profit adjusted for Sandy* amounted to SEK 82 million (115). The impact of currency translation was negligible.
Operating profit per kilo adjusted for Sandy* at SEK 1.04 per kg (1.39) was down, mainly due to decrease in volumes and product mix.
Operating profit amounted to SEK 77 million (115).
The performance of the business area is expected to stabilize in the first part of 2013 and, provided the cocoa butter price remains at the current more normal level – see page 19 - it is expected to start improving significantly during the second half of 2013.
*Hurricane Sandy ("Sandy") had a negative impact on operating profit in the fourth quarter by an estimated SEK 21 million affecting Food Ingredients by SEK 6 million, Chocolate & Confectionary Fats by SEK 5 million and Group Functions by SEK 10 million. All volumes in this report have been adjusted to include lost shipments covered by insurance compensation. See further page 9 and page 16.
| Q4 | Q4 | Full year | Full year | |||
|---|---|---|---|---|---|---|
| SEK Million | 2012 | 2011 | % | 2012 | 2011 | % |
| Volumes ('000 MT) | 67 | 68 | -1 | 265 | 275 | -4 |
| Net sales | 422 | 400 | +6 | 1,599 | 1,665 | -4 |
| Operating profit | 21 | 21 | +0 | 88 | 103 | -15 |
| Operating profit per kilo | 0.31 | 0.31 | +0 | 0.33 | 0.37 | -11 |
Volumes decreased by 1 percent compared to the corresponding quarter in 2011.
Net sales for the business area increased by SEK 22 million or by 6 percent.
Operating profit of SEK 21 million (21) remained stable despite the challenging business climate affecting this business area.
The next quarters will continue to be challenging, and profitability is expected to slowly improve.
Technical Products & Feed - Operating profit per kilo
No significant changes have taken place in relations or transactions with related parties since 2011.
As communicated in a separate press release on October 31, 2012, AAK's two plants in the New Jersey area were temporarily shut down on October 29, 2012 due to Hurricane Sandy. No employees were injured at either of the plants.
The Oasis Foods plant was back in production on November 5, 2012.
The plant in Port Newark was back in production (reduced capacity) on November 26, 2012 and was by the end of the year back at almost full capacity.
AAK has insurance cover for property damage and business interruption.
During the fourth quarter the negative impact on operating profit of Sandy* was estimated to amount to SEK 21 million, representing among other things estimated self deductible amounts and qualifying periods. Food Ingredients was affected by an estimated SEK 6 million, Chocolate & Confectionery Fats by SEK 5 million and Group Functions by SEK 10 million.
The recognized insurance claim reported under "Other income" in the Income statement, was received subsequent to the year-end.
Reported volumes have been adjusted for lost shipments to reflect the normalized operations.
Additional insurance claims will be made during 2013.
AAK has a business interruption insurance coverage for 24 months and therefore it is not likely that the insurance settlement will be finalized until after the fiscal year 2013.
AAK is a global company represented in many countries and as such is exposed to a number of commercial and financial risks. Accordingly, risk management is an important process for AAK in its work to achieve established targets.
Efficient risk management is an ongoing process conducted within the framework of business control, and is part of the ongoing review of operations and forward-looking assessment of operations.
AAK's long-term risk exposure is assumed not to deviate from the inherent exposure associated with AAK's ongoing business operations.
For a more in-depth analysis of risks, refer to AAK's Annual Report for 2011.
This interim report is prepared in accordance with the Swedish Annual Accounts Act and IAS 34, Interim Financial Reporting. For information regarding the accounting policies applied, see the 2011 Annual Report. The accounting policies are unchanged, compared with those applied in 2011.
For definitions see the 2011 Annual Report.
At the 2012 Annual General Meeting, Mikael Ekdahl (BNS Holding), Carl Bek-Nielsen (BNS Holding), Henrik Didner, (Didner & Gerge fonder), Åsa Nisell (Swedbank Robur Fonder) and Lars-Åke Bokenberger (AMF Fonder), were elected members of the Nomination Committee in respect of the Annual General Meeting 2013. Mikael Ekdahl was elected chairman of the Nomination Committee.
The Annual General Meeting will be held on May 3, 2013 at 14.00 CET in Malmö, Sweden (Europaporten). The Annual Report for 2012 is expected to be distributed to the shareholders during the week starting April 8, 2013 and will at that time also be available on AAK's website and at its head office.
Shareholders who wish to participate at the Annual General Meeting must be registered in the share register maintained by Euroclear Sweden AB on Friday April 26 2013. To be eligible to participate in the Annual General Meeting, shareholders with nominee-registered holdings should temporarily reregister their shares in their own names through the agency of their nominees so that they are recorded in the share register in good time before Friday April 26, 2013. Notification of attendance should be made to AAK's head office no later than 16:00 CET on Friday April 26, 2013.
The Board of Directors and the CEO propose that a dividend of SEK 5.25 (4.75) per share be paid for the financial year 2012. The proposed recording day for the dividend is May 8, 2013. It is expected that the dividend will reach the shareholders on May 14, 2013.
The Parent Company is a holding company for the AAK Group. Its functions are primarily activities related to the development and administration of the Group.
The Parent Company's invoiced sales during the full year 2012 were SEK 50 million (47). The result for the Parent Company after financial items amounted to SEK 120 million (111).
Interest-bearing liabilities minus cash and cash equivalents and interest-bearing assets totalled negative SEK 626 million (positive 101 as at 31 December 2011). Investments in intangible and tangible
assets amounted to SEK 0 million (0).
The Parent Company's balance sheet and income statement are shown on pages 17-18.
AarhusKarlshamn AB (publ) is the Parent Company of the AAK Group. The company has prepared its financial reports in accordance with the Annual Accounts Act and RFR 2 Reporting for legal entities.
Märit Beckeman Harald Sauthoff Ulrik Svensson Board member Board member Board member
Arne Frank Annika Westerlund Leif Håkansson Chief Executive Officer Trade union Trade union and President representative representative
Melker Schörling Carl Bek-Nielsen Martin Bek-Nielsen Mikael Ekdahl Chairman of the Board Vice Chairman Board member Board member
The information is that which AarhusKarlshamn AB (publ) is obliged to publish under the provisions of the Stock Exchange and Clearing Operations Act and/or the Trading in Financial Instruments Act. The information was released to the media for publication on February 7, 2013 at 08.15 am CET.
We have reviewed this report for the period 1 January 2012 to 31 December 2012 for AarhusKarlshamn AB (publ). The board of directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the Swedish Standard on Review Engagements SÖG 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing in Sweden, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Malmö, February 7, 2013 PricewaterhouseCoopers AB
Anders Lundin Authorised Public Accountant Lead Auditor
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| SEK Million | 2012 | 2011 | 2012 Q 4 |
2011 Q 4 |
| Net sales | 4,205 | 4,483 | 16,911 | 16,695 |
| Other operating income *) | 71 | 16 | 108 | 106 |
| Total operating income | 4,276 | 4,499 | 17,019 | 16,801 |
| Raw materials and supplies | -3,309 | -3,580 | -13,388 | -13,350 |
| Other external expenses | -325 | -305 | -1,173 | -1,077 |
| Cost for remuneration to employees | -279 | -262 | -1,119 | -1,099 |
| Amortisation and impairment losses | -86 | -81 | -347 | -350 |
| Other operating expenses | -6 | -6 | -17 | -11 |
| Total operating costs | -4,005 | -4,234 | -16,044 | -15,887 |
| Operating result (EBIT) | 271 | 265 | 975 | 914 |
| Interest income | 2 | 2 | 8 | 6 |
| Interest expense | -22 | -28 | -102 | -94 |
| Other financial items | -2 | 25 | -15 | -10 |
| Total financial net | -22 | -1 | -109 | -98 |
| Result before tax | 249 | 264 | 866 | 816 |
| Income tax | -43 | -67 | -219 | -212 |
| Net result | 206 | 197 | 647 | 604 |
| Attributable to non-controlling | 1 | 0 | 7 | 2 |
| interests Attributable to the Parent company´s |
205 | 197 | 640 | 602 |
| Q4 | Q4 | Full year | Full year | ||
|---|---|---|---|---|---|
| SEK Million | 2012 | 2011 | 2012 Q 4 |
2011 Q 4 |
Full year |
| Income for the period | 206 | 197 | 647 | 604 | |
| Exchange differences on translation | 0 | -50 | -98 | -35 | |
| of foreign operations | |||||
| Fair value changes in cash flow | -0 | -19 | -13 | -19 | |
| hedges | |||||
| Tax related to fair value changes in | 0 | 5 | 3 | 5 | |
| cash flow hedges | |||||
| Total comprehensive income for | 206 | 133 | 539 | 555 | |
| the period | |||||
| Attributable to non-controlling | 0 | -1 | 6 | -1 | |
| interests | |||||
| Attributable to the Parent company´s | 206 | 134 | 533 | 556 | |
| shareholders |
*) include insurance compensation related to Hurricane Sandy.
| SEK Million | 31.12.2012 | 31.12.2011 |
|---|---|---|
| Assets | ||
| Goodwill | 1,045 | 733 |
| Other intangible assets | 87 | 94 |
| Tangible assets | 2,800 | 2,801 |
| Financial assets | 135 | 144 |
| Total non-current assets | 4,067 | 3,772 |
| Inventory | 2,583 | 2,884 |
| Current receivables | 2,780 | 2,987 |
| Cash and cash equivalents | 330 | 331 |
| Total current assets | 5,693 | 6,202 |
| Total assets | 9,760 | 9,974 |
| Equity and liabilities | ||
| Shareholders´equity | 3,899 | 3,547 |
| Non-controlling interests | 24 | 18 |
| Total equity including non | ||
| controlling interests | 3,923 | 3,565 |
| Total non-current liabilities | 3,170 | 3,799 |
| Accounts payable | 1,480 | 1,331 |
| Other current liabilities | 1,187 | 1,279 |
| Total current liabilities | 2,667 | 2,610 |
| Total equity and liabilities | 9,760 | 9,974 |
No changes have arisen in contingent liabilities.
| Total equity | |||
|---|---|---|---|
| Total | Non | incl. non | |
| equity | controlling | controlling | |
| SEK Million | capital | interests | Q 4 interests |
| Openings equity 1 January 2012 | 3,547 | 18 | 3,565 |
| Profit for the period | 640 | 7 | 647 |
| Other comprehensive income | -107 | -1 | -108 |
| Total comprehensive income | 4,080 | 24 | 4,104 |
| Stock options | 13 | - | 13 |
| Dividend | -194 | - | -194 |
| Closing equity 31 December 2012 | 3,899 | 24 | 3,923 |
| SEK Million | Total equity capital |
Non controlling interests |
Total equity incl. non controlling Q 4 interests |
|---|---|---|---|
| Openings equity 1 January 2011 | 3,164 | 24 | 3,188 |
| Profit for the period | 602 | 2 | 604 |
| Other comprehensive income | -46 | -3 | -49 |
| Total comprehensive income | 3,720 | 23 | 3,743 |
| Redemption non-controlling interest Stock options Dividend |
- 11 -184 |
-5 - - |
-5 11 -184 |
| Closing equity 31 December 2011 | 3,547 | 18 | 3,565 |
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| SEK Million | 2012 Q 4 |
2011 | Q 4 2012 |
Full year 2011 Full yea |
| Operating activities | ||||
| Cash flow from operating activities before changes in | 327 | 210 | 950 | 902 |
| working capital | ||||
| Changes in working capital | 112 | 289 | 589 | -613 |
| Cash flow from operating activities | 439 | 499 | 1,539 | 289 |
| Investing activities | ||||
| Cash flow from investing activities | -99 | -97 | -794 | -670 |
| Cash flow after investing activities | 340 | 402 | 745 | -381 |
| Financing activities | ||||
| Cash flow from financing activities | -306 | -322 | -730 | 183 |
| Cash flow for the period | 34 | 80 | 15 | -198 |
| Cash and cash equivalents at start of period | 294 | 253 | 331 | 540 |
| Exchange rate difference for cash equivalents | 2 | -2 | -16 | -11 |
| Cash and cash equivalents at end of period | 330 | 331 | 330 | 331 |
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| SEK Million | 2012 | 2011 | 2012 | 2011 |
| Number of shares, thousand | 40,898 | 40,898 | 40,898 | 40,898 |
| Earnings per share, SEK* | 5.01 | 4.82 | 15.66 | 14.72 |
| Earnings per share incl dilution, SEK** | 4.97 | - | 15.56 | - |
| Earnings per share incl full dilution, SEK*** | 4.85 | - | 15.18 | - |
| Equity per share, SEK | 95.32 | 86.72 | 95.32 | 86.72 |
| Market value on closing date | 276.00 | 199.50 | 276.00 | 199.50 |
* The calculation of earnings per share is based on weighted average number of outstanding shares. ** The calculation of earnings per share is based on weighted average number of outstanding shares including dilution from outstanding subscription options (in accordance with IAS 33).
*** Earnings per share after full dilution is calculated by dividing net income for the period by the total number of average outstanding shares for the period including a conversion of all outstanding share options to ordinary shares.
| 2011 | 2012 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Full | Full | |||||||||
| SEK Million | Q1 | Q2 | Q3 | Q4 | year Q 4 |
Q1 | Q 4 Q2 |
Full year Q3 |
Full yea Q4 |
year |
| Food Ingredients | 104 | 120 | 143 | 151 | 518 | 137 | 156 | 190 | 220 | 703 |
| Chocolate & Confectionery | 81 | 70 | 112 | 115 | 378 | 81 | 65 | 88 | 82 | 316 |
| Fats | ||||||||||
| Technical Products & Feed | 39 | 28 | 15 | 21 | 103 | 25 | 20 | 22 | 21 | 88 |
| Group Functions | -20 | -22 | -24 | -22 | -88 | -23 | -30 | -27 | -31 | -111 |
| Total AAK Group | 204 | 196 | 246 | 265 | 911 | 220 | 211 | 273 | 292 | 996 |
| Non-recurring items: | ||||||||||
| Insurance settlement | - | 48 | - | - | 48 | - | - | - | - | - |
| Restructuring cost | - | -45 | - | - | -45 | - | - | - | - | - |
| Impact related to Sandy* | - | - | - | - | - | - | - | - | -21 | -21 |
| Total legal operating profit | 204 | 199 | 246 | 265 | 914 | 220 | 211 | 273 | 271 | 975 |
| AAK Group | ||||||||||
| Financial net | -15 | -30 | -52 | -1 | -98 | -24 | -31 | -32 | -22 | -109 |
| Result before tax | 189 | 169 | 194 | 264 | 816 | 196 | 180 | 241 | 249 | 866 |
*See page 9
| Full year | Full year | |
|---|---|---|
| SEK Million | 2012 | 2011 |
| Net sales | 50 | 47 |
| Other operating income | 5 | 4 |
| Total operating income | 55 | 51 |
| Other external expenses | -72 | -55 |
| Cost for remuneration to employees | -47 | -36 |
| Amortisation and impairment losses | -1 | -2 |
| Other operating expenses | 0 | 0 |
| Total operating expenses | -120 | -93 |
| Operating result (EBIT) | -65 | -42 |
| Income from shares in group | ||
| companies | 185 | 149 |
| Interest income | 156 | 164 |
| Interest expense | -156 | -160 |
| Other financial items | 0 | - |
| Total financial net | 185 | 153 |
| Result before tax | 120 | 111 |
| Income tax | -4 | -3 |
| Net result | 116 | 108 |
| Full year | Full year | |
|---|---|---|
| SEK Million | 2012 | 2011 |
| Net result for the period | 116 | 108 |
| Other comprehensive income | - | - |
| Total comprehensive income for | ||
| the period | 116 | 108 |
| SEK Million | 31.12.2012 | 31.12.2011 |
|---|---|---|
| Assets | ||
| Other intangible assets | 1 | 1 |
| Tangible assets | 2 | 3 |
| Financial assets | 7,060 | 7,055 |
| Total non-current assets | 7,063 | 7,059 |
| Current receivables | 134 | 35 |
| Cash and cash equivalents | 0 | 0 |
| Total current assets | 134 | 35 |
| Total assets | 7,197 | 7,094 |
| Equity and liabilities | ||
| Shareholders' equity | 4,020 | 4,098 |
| Total equity | 4,020 | 4,098 |
| Total non-current liabilities | 2,500 | 2,900 |
| Accounts payable | 12 | 14 |
| Other current liabilities | 665 | 82 |
| Total current liabilities | 677 | 96 |
| Total equity and liabilities | 7,197 | 7,094 |
For information regarding cocoa and cocoa butter please refer to information at www.icco.org.
AarhusKarlshamn is one of the world's leading producers of high value-added speciality vegetable fats. These fats are characterized by a high technological content and are used as substitute for butter-fat and cocoa butter, transfree solutions for fillings in chocolate and confectionery products, and in the cosmetics industry. AarhusKarlshamn has production facilities in Denmark, Mexico, the Netherlands, Sweden, Great Britain, Uruguay and the US. The company is organised in three Business Areas; Food Ingredients, Chocolate & Confectionery Fats and Technical Products & Feed. Further information on AarhusKarlshamn can be found on the company's website www.aak.com.
In connection with the release of AarhusKarlshamn AB's Interim Report for the fourth quarter and Year-end Report 2012, we invite you to a "Press & Analyst Conference" by telephone. The conference will be chaired by Arne Frank, President and CEO. Time: February 7, 2013 at 1 pm CET.
How to register in advance: A link will be published on our website, www.aak.com. Please click on the section Investor. Those wishing to attend the conference are kindly asked to click on the link for registration and fill in your details and from which country you will call. To participate in the conference call, you must dial the conference number provided in the confirmation, no later than five minutes before 1 pm , February 7, 2013.
A link to the presentation material will be available on the section Investor on www.aak.com.
The interim report for the first quarter 2013 will be published on April 25, 2013.
The interim report for the second quarter 2013 will be published on July 22, 2013.
The interim report for the third quarter 2013 will be published on October 30, 2013.
The fourth quarter and year-end report for 2013 will be published on February 4, 2014.
The annual and quarterly reports are also published on www.aak.com
Arne Frank, President and CEO Phone: + 46 40 627 83 00
Peter Korsholm, Chief Financial Officer Phone: + 46 40 627 83 00
Fredrik Nilsson, Director Group Controlling and Investor Relations Phone: + 46 40 627 83 34 Mobile: + 46 708 95 22 21 E-mail: [email protected]
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