Quarterly Report • Nov 7, 2012
Quarterly Report
Open in ViewerOpens in native device viewer
Operating profit – reached a record high result for the third quarter of SEK 273 million (246), an improvement of 11 percent compared to the corresponding quarter in 2011. Operating profit per kilo reached SEK 0.71 (0.67), a significant improvement attributable to a continuing trend away from low margin commodity volumes and an exceptionally favourable product mix in Food Ingredients.
Business Area operating profit:
Earnings per share increased by 17 percent, from SEK 3.48 to SEK 4.08.
Sales amounted to SEK 4,277 million (4,462) and was significantly influenced by lower raw material prices.
Continuing very strong cash flow in the third quarter amounted to SEK 364 million (189), including changes in working capital of SEK 141 million (negative 68).
During the third quarter Group volume grew by 5 percent. Food Ingredients continued to
demonstrate strong development, particularly in Bakery and Infant Nutrition, while commodity volumes in the UK declined materially. Chocolate & Confectionery Fats continued to be
challenged while Technical Products & Feed started to recover.
Hurricane Sandy has temporarily interrupted production at AAK´s plants in New Jersey, USA. See further comments on page 2.
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 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, mainly driven by a very strong Food Ingredients business.
Arne Frank CEO and President
| SEK Million | Q3 2012 |
Q3 2011 |
% | Q1-3 2012 | Q1-3 2011 |
% | Rolling 12 mth |
Full year 2011 |
|---|---|---|---|---|---|---|---|---|
| Volumes (000 MT) | 385 | 368 | +5 | 1,117 | 1,041 | +7 | 1,502 | 1,426 |
| Net Sales | 4,277 | 4,462 | -4 | 12,706 | 12,212 | +4 | 17,189 | 16,695 |
| Operating profit | 273 | 246 | +11 | 704 | 646* | +9 | 969 | 911* |
| Operating profit per kilo | 0.71 | 0.67 | +6 | 0.63 | 0.62 | +2 | 0.64 | 0.64 |
| Net profit | 171 | 142 | +20 | 441 | 407 | +8 | 638 | 604 |
| Earnings per share | 4.08 | 3.48 | +17 | 10.65 | 9.90 | +8 | 15.47 | 14.72 |
| Net debt | 2.859 | 3.637 | -21 | 2.859 | 3.637 | -21 | N.A | 3.141 |
| *Excluding non-recurring items |
1
Volume increased by 5 percent compared to third quarter 2011 mainly due to acquisitions.
Net sales decreased by SEK 185 million. Sales within Chocolate & Confectionery Fats decreased, partly offset by an increase in sales of Food Ingredients mainly driven by the recent acquisitions and was further significantly influenced by lower raw material prices. The impact of currency translation amounted to negative SEK 16 million.
Operating profit for the third quarter was record high reaching SEK 273 million (246), an improvement of 11 percent. The impact of currency translation was negligible but showed a negative trend.
AAK Louisville continues to develop according to plan. The contributions of the more recent acquisitions (Oasis Food and Crown) were limited, as expected. The integrations of these units are in line with plans.
Operating profit per kilo improved significantly from SEK 0.67 to SEK 0.71 per kilo, an improvement by 6 percent. Food Ingredients showed a very strong improvement mainly due to exceptionally favourable product mix, while Chocolate & Confectionary Fats remained challenged and showed a decrease in operating profit per kg. Technical Products & Feed improved from a low level.
The net financial cost of SEK 32 million (52) was lower due to the fact that the third quarter 2011 was negatively affected by expenses related to a nonrecurring interest rate swap.
Cash flow from operating activities excluding changes in working capital amounted to SEK 223 million (257), lower than last year mainly due to higher taxes paid. Further, a positive cash flow was achieved through a reduction in working capital by SEK 141 million in the third quarter (last year negative 68).
Cash flow from operating activities including changes in working capital was positive SEK 364 million (189).
After net investments (mainly routine maintenance investments) amounting to SEK 71 million (410), cash flow was positive SEK 293 million (negative 221).
The equity/assets ratio amounted to 38 percent (36 percent at 31 December 2011). Net debt at 30 September 2012 amounted to SEK 2,859 million (SEK 3,141 million on 31 December 2011). At 30 September 2012, the Group had total credit facilities of approximately SEK 5,600 million.
The average number of employees at 30 September 2012 was 2,242 (2,065 on 31 December 2011).The increase in the number of employees was mainly related to the recent acquisitions and additions in focused growth markets, while reductions in the number of
employees in Scandinavia and the UK were in line with the continuing productivity improvement programs.
As communicated in a separate press release October 31, 2012 AAK's two plants in the New Jersey area were temporarily shut down October 29, 2012 due to the Hurricane Sandy. No employees have been injured at any of the plants.
AAK's plant in Port Newark is still temporarily shut down. The company's initial assessment is that there is no major damage to the plant. The company expects the plant to be operational in a couple of weeks.
The production at the Oasis Foods plant was temporarily interrupted between October 29 and November 5, 2012.
AAK is continuously working with customers for the purpose of limiting the consequences of the temporary shut downs.
AAK has insurance cover for property damage and the business interruption. The company estimates the financial impact (net of expected insurance coverage) to be in the range of SEK 20 – 25 million, mainly affecting the fourth quarter, 2012. Both Food Ingredients and Chocolate & Confectionery Fats will be affected.
0,90
AAK Group - Operating profit*
Net Debt/EBITDA
*Excluding acquisition related costs
Volume increased by 7 percent compared to the first nine months of 2011 mainly due to acquisitions.
Net sales increased by SEK 494 million mainly due to acquisitions and the positive impact of currency translation of SEK 121 million.
Operating profit before acquisition related costs for the first nine months of 2012 reached a record high result of SEK 711 million (653), an improvement of 9 percent. The impact of currency translation was negligible.
Operating profit including acquisition related costs for the first nine months of 2012 reached SEK 704 million (646), an improvement of 9 percent.
Net financial cost of SEK 87 million (97) was lower due to the fact that the third quarter 2011 was negatively affected by expenses related to a nonrecurring interest rate swap.
Cash flow after changes in working capital for the first nine months of 2012 reached a record high cash flow of SEK 1,099 million (negative 210), including improvements in
working capital of SEK 476 million (negative 902).
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.
The acquisition is expected to have limited impact on AAK´s operating profit for 2012. The integration is progressing in line with plan.
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.
The acquisition is expected to have limited impact on AAK´s operating profit for 2012. The integration is progressing in line with plan.
| SEK Million | Q3 2012 |
Q3 2011 |
% | Q1-3 2012 |
Q1-3 2011 |
% | Rolling 12 mth |
Full year 2011 |
|---|---|---|---|---|---|---|---|---|
| Volumes ('000 MT) | 243 | 214 | +14 | 690 | 597 | +16 | 924 | 831 |
| Net sales | 2,755 | 2,694 | +2 | 8,081 | 7,290 | +11 | 10,867 | 10,076 |
| Operating profit | 190 | 143 | +33 | 483 | 367 | +32 | 634 | 518 |
| Operating profit per kilo | 0.78 | 0.67 | +16 | 0.70 | 0.61 | +15 | 0.69 | 0.62 |
Food Ingredients reported a significant volume growth of 14 percent compared to the corresponding quarter in 2011, attributable to acquired businesses. For comparable units volume decreased by 6 percent entirely due to reduced low margin commodity volumes in the UK. Excluding the impact of the lower commodity volumes in the UK the business area showed satisfactory organic growth.
Net sales increased by SEK 61 million mainly driven by the recent acquisitions and was further significantly influenced by lower raw material prices. The currency translation impact was negative SEK 1 million.
AAK Louisville, which was acquired on 1 July, 2011 has continued to develop in line with plan both as to integration and performance.
The recent acquisitions, Oasis and Crown, are expected to have limited impact on AAK´s operating profit for 2012.
Operating profit was a record high, reaching SEK 190 million (143), an increase of 33 percent. The impact of the currency translation was negligible but with a negative trend.
The quarter continued the trend of strong development, in particular in Bakery and Infant Nutrition.
Operating profit per kilo improved substantially, by 16 percent from SEK 0.67 per kilo to SEK 0.78 per kilo, as a consequence of an exceptionally favourable product mix in this quarter comprising low commodity volumes.
We continue to remain clearly optimistic for the future of this business area.
| Q3 | Q3 | Q1-3 | Q1-3 | Rolling | Full year | |||
|---|---|---|---|---|---|---|---|---|
| SEK Million | 2012 | 2011 | % | 2012 | 2011 | % | 12 mth | 2011 |
| Volumes ('000 MT) | 77 | 85 | -9 | 229 | 237 | -3 | 312 | 320 |
| Net sales | 1,122 | 1,354 | -17 | 3,448 | 3,657 | -6 | 4,745 | 4,954 |
| Operating profit | 88 | 112 | -21 | 234 | 263 | -11 | 349 | 378 |
| Operating profit per kilo | 1.14 | 1.32 | -14 | 1.02 | 1.11 | -8 | 1.12 | 1.18 |
Total volume declined by 9 percent mainly due to continued challenges with very low prices on cocoa butter affecting the sales of speciality and semi-speciality products.
Net sales for Chocolate & Confectionary Fats decreased by SEK 232 million mainly due to lower volume, price pressure and an unfavorable currency translation impact of SEK 15 million.
As earlier communicated this business area continues to be challenged by the prevailing market conditions and this
intensified further during the third quarter. The pressure on CBE margins continued during the third quarter. Operating profit reached SEK 88 million (112). The result was SEK 24 million lower than the corresponding quarter last year. The impact of currency translation was negligible but showed a negative trend.
As expected the third quarter of 2012 showed a seasonality improvement compared to the first and second quarters of 2012.
Operating profit per kilo at SEK 1.14 per kg (1.32) was down mainly due to the margin pressure.
As earlier communicated this business area remains challenged and is expected to be under continued strong pressure during the fourth quarter 2012 and the beginning of 2013.
However, the very low cocoa butter price during 2011 and the first six months of 2012 has started to recover – see page 17. If this improvement stabilizes i.e. the cocoa butter price remains at historically more normal levels, this is likely to have a positive impact as from the second half of 2013.
| Q3 | Q3 | Q1-3 | Q1-3 | Rolling | Full year | |||
|---|---|---|---|---|---|---|---|---|
| SEK Million | 2012 | 2011 | % | 2012 | 2011 | % | 12 mth | 2011 |
| Volumes ('000 MT) | 65 | 69 | -6 | 198 | 207 | -4 | 266 | 275 |
| Net sales | 400 | 414 | -3 | 1,177 | 1,265 | -7 | 1,577 | 1,665 |
| Operating profit | 22 | 15 | +47 | 67 | 82 | -18 | 88 | 103 |
| Operating profit per kilo | 0.34 | 0.22 | +55 | 0.34 | 0.40 | -15 | 0.33 | 0.37 |
Volumes decreased by 6 percent compared to the corresponding quarter last year, which mainly was due to lower commodity volumes and the timing of a few larger deliveries.
Net sales for the business area decreased by SEK 14 million or by 3 percent mainly due to lower commodity volumes.
Operating profit of SEK 22 million (15), an improvement of SEK 7 million, is mainly due to better profitability from the
crushing. Last year there was an extended maintenance stop in the crusher affecting the third quarter 2011 negatively.
As previously communicated the next quarter will continue to be challenging, but profitability is expected to improve modestly.
No significant changes have taken place in relations or transactions with related parties since 2011.
AAK is a global group 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.
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 first nine months 2012 were SEK 35 million (32). The result for the Parent Company after financial items amounted to negative SEK 35 million (negative 28).
Interest-bearing liabilities minus cash and cash equivalents and interest-bearing assets totalled negative SEK 159 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 15-16.
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.
There have been no major changes since year-end.
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 7 November 2012 at 08.15 am CET.
Malmö, November 7 2012
Arne Frank Chief Executive Officer and President
We have reviewed this report for the period 1 January 2012 to 30 September 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, November 7, 2012 PricewaterhouseCoopers AB
Anders Lundin Authorised Public Accountant Lead Auditor
| Q3 | Q3 | Q1-3 | Q1-3 | Rolling | Full year | |
|---|---|---|---|---|---|---|
| SEK Million | 2012 | 2011 | 2012 Q 4 |
2011 Q 4 |
12 mth Full year |
Full yea 2011 |
| Net sales | 4,277 | 4,462 | 12,706 | 12,212 | 17,189 | 16,695 |
| Other operating income | 13 | 17 | 37 | 90 | 53 | 106 |
| Total operating income | 4,290 | 4,479 | 12,743 | 12,302 | 17,242 | 16,801 |
| Raw materials and supplies | -3,353 | -3,591 | -10,079 | -9,770 | -13,659 | -13,350 |
| Other external expenses | -291 | -277 | -848 | -772 | -1,153 | -1,077 |
| Cost for remuneration to employees | -279 | -274 | -840 | -837 | -1,102 | -1,099 |
| Amortisation and impairment losses | -88 | -89 | -261 | -269 | -342 | -350 |
| Other operating expenses | -6 | -2 | -11 | -5 | -17 | -11 |
| Total operating costs | -4,017 | -4,233 | -12,039 | -11,653 | -16,273 | -15,887 |
| Operating result (EBIT) | 273 | 246 | 704 | 649 | 969 | 914 |
| Interest income | 1 | 1 | 6 | 4 | 8 | 6 |
| Interest expense | -27 | -27 | -80 | -66 | -108 | -94 |
| Other financial items | -6 | -26 | -13 | -35 | 12 | -10 |
| Total financial net | -32 | -52 | -87 | -97 | -88 | -98 |
| Result before tax | 241 | 194 | 617 | 552 | 881 | 816 |
| Income tax | -70 | -52 | -176 | -145 | -243 | -212 |
| Net result | 171 | 142 | 441 | 407 | 638 | 604 |
| Attributable to non-controlling | 4 | 0 | 6 | 2 | 6 | 2 |
| interests | ||||||
| Attributable to the Parent company´s | 167 | 142 | 435 | 405 | 632 | 602 |
| shareholders |
| Q3 | Q3 | Q1-3 | Q1-3 | Rolling | Full year | |
|---|---|---|---|---|---|---|
| SEK Million | 2012 | 2011 | 2012 Q 4 |
2011 Q 4 |
12 mth Full year |
Full yea 2011 |
| Income for the period | 171 | 142 | 441 | 407 | 638 | 604 |
| Exchange differences on translation | -100 | 56 | -98 | 16 | -149 | -35 |
| of foreign operations | ||||||
| Fair value changes in cash flow | -17 | - | -13 | - | -32 | -19 |
| hedges | ||||||
| Tax related to fair value changes in | 4 | - | 3 | - | 8 | 5 |
| cash flow hedges | ||||||
| Total comprehensive income for | 58 | 198 | 333 | 423 | 465 | 555 |
| the period | ||||||
| Attributable to non-controlling | 3 | -1 | 6 | 0 | 5 | -1 |
| interests | ||||||
| Attributable to the Parent company´s | 55 | 199 | 327 | 423 | 460 | 556 |
| shareholders |
| SEK Million | 30.9.2012 | 30.9.2011 | Q 4 31.12.2011 Q 4 |
|---|---|---|---|
| Assets | |||
| Goodwill | 1,026 | 768 | 733 |
| Other intangible assets | 78 | 104 | 94 |
| Tangible assets | 2,786 | 2,775 | 2,801 |
| Financial assets Total non-current assets |
138 4,028 |
170 3,817 |
144 3,772 |
| Inventory | 2,686 | 3,078 | 2,884 |
| Current receivables | 2,749 | 3,054 | 2,987 |
| Cash and cash equivalents | 294 | 253 | 331 |
| Total current assets | 5,729 | 6,385 | 6,202 |
| Total assets | 9,757 | 10,202 | 9,974 |
| Equity and liabilities | |||
| Shareholders´equity | 3,693 | 3,414 | 3,547 |
| Non-controlling interests | 24 | 19 | 18 |
| Total equity including non | |||
| controlling interests | 3,717 | 3,433 | 3,565 |
| Total non-current liabilities | 3,449 | 4,188 | 3,799 |
| Accounts payable | 1,508 | 1,305 | 1,331 |
| Other current liabilities | 1,083 | 1,276 | 1,279 |
| Total current liabilities | 2,591 | 2,581 | 2,610 |
| Total equity and liabilities | 9,757 | 10,202 | 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 | 435 | 6 | 441 |
| Other comprehensive income | -108 | - | -108 |
| Total comprehensive income | 3,874 | 24 | 3,898 |
| Stock options | 13 | - | 13 |
| Dividend | -194 | - | -194 |
| Closing equity 30 September 2012 | 3,693 | 24 | 3,717 |
| 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 | 405 | 2 | 407 |
| Other comprehensive income | 18 | -2 | 16 |
| Total comprehensive income | 3,587 | 24 | 3,611 |
| Redemption non-controlling interest Stock options Dividend |
- 11 -184 |
-5 - - |
-5 11 -184 |
| Closing equity 30 September 2011 | 3,414 | 19 | 3,433 |
| Q3 | Q3 | Q1-3 | Q1-3 | Full year | |
|---|---|---|---|---|---|
| SEK Million | 2012 Q 4 |
2011 | Q 4 2012 |
Full year 2011 |
Full yea 2011 |
| Operating activities | |||||
| Cash flow from operating activities before changes in | 223 | 257 | 623 | 692 | 902 |
| working capital | |||||
| Changes in working capital | 141 | -68 | 476 | -902 | -613 |
| Cash flow from operating activities | 364 | 189 | 1,099 | -210 | 289 |
| Investing activities | |||||
| Cash flow from investing activities | -71 | -410 | -695 | -573 | -670 |
| Cash flow after investing activities | 293 | -221 | 404 | -783 | -381 |
| Financing activities | |||||
| Cash flow from financing activities | -261 | -90 | -424 | 505 | 183 |
| Cash flow for the period | 32 | -311 | -20 | -278 | -198 |
| Cash and cash equivalents at start of period | 277 | 561 | 331 | 540 | 540 |
| Exchange rate difference for cash equivalents | -15 | 3 | -17 | -9 | -11 |
| Cash and cash equivalents at end of period | 294 | 253 | 294 | 253 | 331 |
| Q3 | Q3 | Q1-3 | Q1-3 | Full year | |
|---|---|---|---|---|---|
| SEK Million | 2012 | 2011 | 2012 | 2011 | 2011 |
| Number of shares, thousand | 40,898 | 40,898 | 40,898 | 40,898 | 40,898 |
| Earnings per share, SEK* | 4.08 | 3.48 | 10.65 | 9.90 | 14.72 |
| Earnings per share incl dilution, SEK** | 4.05 | - | 10.59 | - | - |
| Earnings per share incl full dilution, SEK*** | 3.95 | - | 10.33 | - | - |
| Equity per share, SEK | 90.29 | 83.49 | 90.29 | 83.49 | 86.72 |
| Market value on closing date | 248.50 | 163.50 | 248.50 | 163.50 | 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 | ||||||||
| SEK Million | Q1 | Q2 | Q3 | Q4 | Q 4 year |
Q1 Q 4 |
Q2 | Full year Q3 Full yea |
| Food Ingredients | 104 | 120 | 143 | 151 | 518 | 137 | 156 | 190 |
| Chocolate & Confectionery Fats | 81 | 70 | 112 | 115 | 378 | 81 | 65 | 88 |
| Technical Products & Feed | 39 | 28 | 15 | 21 | 103 | 25 | 20 | 22 |
| Group Functions | -20 | -22 | -24 | -22 | -88 | -23 | -30 | -27 |
| Total AAK Group | 204 | 196 | 246 | 265 | 911 | 220 | 211 | 273 |
| Insurance compensation | - | 48 | - | - | 48 | - | - | - |
| Non-recurring items | - | -45 | - | - | -45 | - | - | - |
| Total legal operating profit | 204 | 199 | 246 | 265 | 914 | 220 | 211 | 273 |
| AAK Group | ||||||||
| Financial net | -15 | -30 | -52 | -1 | -98 | -24 | -31 | -32 |
| Result before tax | 189 | 169 | 194 | 264 | 816 | 196 | 180 | 241 |
| Q1-3 | Q1-3 | Full year | |
|---|---|---|---|
| SEK Million | 2012 | 2011 | Q 4 2011 |
| Net sales | 35 | 32 | 47 |
| Other operating income | 4 | 2 | 4 |
| Total operating income | 39 | 34 | 51 |
| Other external expenses | -37 | -36 | -55 |
| Cost for remuneration to employees | -35 | -28 | -36 |
| Amortisation and impairment losses | -1 | -1 | -2 |
| Other operating expenses | 0 | 0 | 0 |
| Total operating expenses | -73 | -65 | -93 |
| Operating result (EBIT) | -34 | -31 | -42 |
| Income from shares in group | |||
| companies | - | - | 149 |
| Interest income | 116 | 124 | 164 |
| Interest expense | -119 | -121 | -160 |
| Other financial items | 2 | - | - |
| Total financial net | -1 | 3 | 153 |
| Result before tax | -35 | -28 | 111 |
| Income tax | 0 | -2 | -3 |
| Net result | -35 | -30 | 108 |
| Q1-3 | Q1-3 | Full year | |
|---|---|---|---|
| SEK Million | 2012 | 2011 | Q 4 2011 |
| Net result for the period | -35 | -30 | 108 |
| Other comprehensive income | - | - | - |
| Total comprehensive income for | |||
| the period | -35 | -30 | 108 |
| SEK Million | 30.9.2012 | 30.9.2011 | Q 4 31.12.2011 Q 4 |
|---|---|---|---|
| Assets | |||
| Other intangible assets | 1 | 1 | 1 |
| Tangible assets | 2 | 3 | 3 |
| Financial assets | 7,062 | 7,055 | 7,055 |
| Total non-current assets | 7,065 | 7,059 | 7,059 |
| Current receivables | 139 | 137 | 35 |
| Cash and cash equivalents | 0 | 0 | 0 |
| Total current assets | 139 | 137 | 35 |
| Total assets | 7,204 | 7,196 | 7,094 |
| Equity and liabilities | |||
| Shareholders' equity | 3,869 | 3,960 | 4,098 |
| Total equity | 3,869 | 3,960 | 4,098 |
| Total non-current liabilities | 2,500 | 3,000 | 2,900 |
| Accounts payable | 4 | 5 | 14 |
| Other current liabilities | 831 | 231 | 82 |
| Total current liabilities | 835 | 236 | 96 |
| Total equity and liabilities | 7,204 | 7,196 | 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 third quarter 2012, we invite you to a "Press & Analyst Conference" by telephone. The conference will be chaired by Arne Frank, President and CEO. Time: 7 November, 2012 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 2012.
A link to the presentation material will be available on the section Investor on www.aak.com.
The fourth quarter and full-year report for 2012 will be published on 7 February 2013.
The interim report for the first quarter 2013 will be published on 25 April 2013.
The interim report for the second quarter 2013 will be published on 22 July 2013.
The interim report for the third quarter 2013 will be published on 29 October 2013.
The fourth quarter and full-year report for 2013 will be published on 4 February 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, Head of Investor Relations Phone: + 46 40 627 83 34 Mobile: + 46 708 95 22 21 E-mail: [email protected]
Jungmansgatan 12, 211 19 Malmö, Sweden Phone: + 46 40 627 83 00, Reg. No. 556669-2850, www.aak.com
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.