Quarterly Report • Feb 9, 2012
Quarterly Report
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Earnings per share amounted to SEK 4.82 (4.98), a decrease of 3 percent, mainly due to higher taxes.
Net sales increased to SEK 16,695 million (14,808) mainly due to increased raw material prices and a better product mix, offset by a negative currency translation impact of SEK 983 million. Volume overall decreased by 1 percent due to lower commodity volumes, mainly in the UK. Speciality volumes continue to increase.
| SEK Million | Q4 | Q4 | Full year | Full year | ||
|---|---|---|---|---|---|---|
| 2011 | 2010 | % | 2011 | 2010 | % | |
| Net Sales | 4,483 | 3,930 | +14 | 16,695 | 14,808 | +13 |
| Operating profit | 265 | 251 | +6 | 911 | 824 | +11 |
| Operating profit per kilo | 0.69 | 0.67 | +3 | 0.64 | 0.57 | +12 |
| Net financial cost | -1 | -14 | +93 | -98 | -54 | -81 |
| Net result | 197 | 204 | -3 | 604 | 583 | +4 |
| Earnings per share | 4.82 | 4.98 | -3 | 14.72 | 14.15 | +4 |
Operating profit for the fourth quarter 2011 reached SEK 265 million (251), an improvement of 6 percent. At fixed exchange rates, operating profit improved by 10 percent.
Earnings per share decreased by 3 percent, from SEK 4.98 to SEK 4.82 due to higher taxes.
During the fourth quarter volumes increased by 2 percent due to increased speciality volume, including the impact of the Golden Foods/ Golden Brands acquisition (now renamed AAK Louisville). Commodity volumes continued to decline, mainly in the UK, consistent with previous quarters. As earlier communicated, the UK operation is being restructured for improved focus on speciality products.
Volumes in Food Ingredients and Chocolate & Confectionery Fats increased by 5 percent during the fourth quarter compared to last year comprising increased value added products. This is fully in line with the strategy and the action plans defined in AAK Acceleration. Commodity volumes in Technical Products & Feed were down.
In the largest business area, Food Ingredients, operating profit reached SEK 151 million (132*), an improvement of 14 percent. Volume increased by 5 percent during the quarter. Continued increases in highvalue products with a consequently improved product mix positively impacted the fourth quarter of 2011. At fixed exchange rates operating profit amounted to SEK 157 million (132*), an improvement of 19 percent.
The fourth quarter continued to demonstrate strong development in many speciality product areas, in particular Infant Nutrition, Dairy and Bakery.
AAK Louisville has significantly strengthened AAK's ability to supply both existing and new customers with a broader portfolio of speciality oils and fats solutions for primarily the Bakery segment in the US.
The AAK Louisville integration plan is on track according to plans.
Accordingly, operating profit per kilo in this business area
continued to improve - by 10 percent from SEK 0.59 per kilo to 0.65 SEK per kilo.
Operating profit amounted to SEK 115 million (106), an improvement of 8 percent. Volumes increased by 5 percent. Operating profit at fixed exchange rates amounted to SEK 120 million (106), an improvement of 13 percent. The general market conditions remained stable. Underlying operating profit per kilo in Chocolate & Confectionery Fats improved by 4 percent from SEK 1.34 to SEK 1.39 per kilo.
Operating profit reached SEK 21 million (36*) in the fourth quarter. Volume decreased by 9 percent compared to the corresponding quarter last year. The reduced profitability in the business area during the fourth quarter was due to continued pressure on margins for fatty acids and in crushing. As earlier commented though, this means somewhat of an improvement versus third quarter 2011.
The next two quarters are still expected to be challenging however.
The ongoing productivity improvements in the Scandinavian and UK units continue in line with plans.
We continue to see very positive effects of the AAK Acceleration program, in terms of organic growth in speciality products,
acquisitive growth and in productivity.
The impact on our industry of the more difficult general economy in Europe is difficult to predict. However, with dramatic food price inflation in 2010, at least for now, behind us, AAK's customer value propositions for health and reduced costs and the AAK Acceleration program, we remain prudently optimistic for the future mainly driven by the Food Ingredients business.
Arne Frank CEO and President
* Starting with the first quarter of 2011 the Group´s operations in crushing will be reported as part of business area Technical Products & Feed. The crushing operation has previously been reported within the business area Food Ingredients. For further information, see page 20.
Net sales increased by SEK 553 million mainly due to increased raw material prices and a better product mix, partly offset by a negative currency translation impact of SEK 137 million.
Volumes increased by 2 percent due to increased speciality volumes, AAK Louisville; commodity volumes were lower, particulary in the UK.
Operating profit for the fourth quarter of 2011 reached SEK 265 million (251), an improvement of 6 percent. At fixed exchange rates, operating profit improved by 10 percent.
AAK Louisville did not exert any significant impact on the operating result during 2011 (as earlier communicated).
Operating profit per kilo increased from SEK 0.67 to SEK 0.69 or by 3 percent due to a higher proportion of value added products. Speciality volumes increased whilst low margin commodity volumes decreased.
Net financial cost during the fourth quarter 2011 was impacted positively by effects of financial derivatives – mainly of a non-recurring nature.
Group investments amounted to SEK 97 million (91), mainly routine maintenance investments and capacity expansion in the US.
Cash flow from operating activities excluding changes in working capital was SEK 210 million (289). Changes in working capital was positive SEK million 289 in the fourth quarter (243). Raw material prices have decreased since the beginning of 2011. This had a positive impact during the fourth quarter 2011 and will most likely continue to have some positive effects during the first half of 2012.
Cash flow from operating activities including changes in working capital was SEK 499 million (532).
Cash flow, after net investments of SEK 97 million (87), was SEK 402 million (445).
The equity/assets ratio amounted to 36 percent (34 percent at 31 December 2010). Net debt at 31 December 2011
amounted to SEK 3,141 million (SEK 2,634 million on 31 December 2010). At 31 December 2011, the Group had total credit facilities of SEK 6,000 million.
The average number of employees at 31 December 2011 was 2,065 (2,101 on 31 December 2010). The net change consists of a reduction in Scandinavia and the UK in line with our restructuring programs, offset by increases in focused growth markets and an increase of 142 employees related to AAK Louisville.
The Parent Company is a holding company for the AAK Group. Its functions are primarily joint activities related to the development and administration of the Group.
0,00 0,50 1,00 1,50 2,00 2,50 3,00 3,50 4,00 4,50 5,00 Q1 0 7 Q2 0 7 Q3 0 7 Q4 0 7 Q1 0 8 Q2 0 8 Q3 0 8 Q4 0 8 Q1 0 9 Q2 0 9 Q3 0 9 Q4 0 9 Q1 1 0 Q2 1 0 Q3 1 0 Q4 1 0 Q1 1 1 Q2 1 1 Q3 1 1 Q4 1 1
NET DEBT/EBITDA
| AAK Group | Food Ingredients | Chocolate and Confectionery Fats |
Technical Products & Feed |
|---|---|---|---|
| +2 percent | +5 percent | +5 percent | -9 percent |
| 376,000 MT to 385,000 MT | 222,000 MT to 234,000 MT | 79,000 MT to 83,000 MT | 75,000 MT to 68,000 MT |
| -1 percent | -3 percent | +7 percent | -2 percent |
|---|---|---|---|
| 1,441,000 MT to 1,426,000 MT | 861,000 MT to 831,000 MT | 298,000 MT to 320,000 MT | 282,000 MT to 275,000 MT |
| AAK Group | Food Ingredients | Chocolate and Confectionery Fats |
Technical Products & Feed |
|---|---|---|---|
| +3 percent | +10 percent | +4 percent | -35 percent |
| 0.67 SEK to 0.69 SEK | 0.59 SEK to 0.65 SEK | 1.34 SEK to 1.39 SEK | 0.48 SEK to 0.31 SEK |
| +12 percent | +17 percent | +4 percent | -12 percent |
|---|---|---|---|
| 0,57 SEK to 0.64 SEK | 0.53 SEK to 0.62 SEK | 1.14 SEK to 1.18 SEK | 0.42 SEK to 0.37 SEK |
Net sales for the business area increased by SEK 497 million, up 22 percent due to increased raw material prices, a better product mix and the acquisition of AAK Louisville, partly offset by a negative currency translation impact of SEK 99 million.
In the fourth quarter of 2011 total volumes increased by 5 percent compared to the corresponding quarter in 2010. The volume growth comprised increased speciality volumes and new volumes from the acquisition of AAK Louisville (SEK 251 million in net sales), which was partly offset by refocusing in the UK market on speciality products and consequently reduced commodity volumes.
Operating profit amounted to SEK 151 million (132*), an increase of 14 percent. The result includes negative translation effects of SEK 6 million. At fixed exchange rates, operating profit was up 19 percent compared to last year. We remain prudently optimistic for the future mainly driven by this business area.
Continued increases in volumes of high-value products and a consequently more profitable product mix enhanced the result for the fourth quarter of 2011.
AAK Louisville exerted a limited impact on the 2011 operating profit (as earlier communicated), but it will bring material benefits beginning from the first quarter 2012.
During the fourth quarter the integration process has continued according to plan.
* Starting with the first quarter of 2011 the Group´s operations in crushing will be reported as part of business area Technical Products & Feed. The crushing operation has previously been reported within the business area Food Ingredients. For further information, see page 20.
** All figures are excluding non-recurring items.
%
| SEK Million | ||||||
|---|---|---|---|---|---|---|
| Q4 | Q4 | Full year | Full year | |||
| 2011 | 2010 | % | 2011 | 2010* | % | |
| Net Sales | 2,786 | 2,289 | +22 | 10,076 | 8,667 | +16 |
| Operating profit | 151 | 132 | +14 | 518 | 454 | +14 |
| Operating profit per kilo | 0.65 | 0.59 | +10 | 0.62 | 0.53 | +17 |
| Volumes ('000 tonnes) | 234 | 222 | +5 | 831 | 861 | -3 |
Net sales for the business area improved by SEK 151 million, or by 13 percent, due to volume growth of 5 percent and raw material price increases, partly offset by negative translation effects of SEK 38 million.
The operating result reached SEK 115 million (106), an increase of 8 percent. This result includes a negative translation impact of SEK 5 million. At fixed exchange rates, operating profit was up 13 percent compared to last year.
Volume increased by 5 percent and operating profit per kilo increased from SEK 1.34 to SEK 1.39 or by 4 percent. Margins continued to be stable but with a favourable product/ customer mix and cost improvements in the fourth quarter of 2011.
The general market conditions were stable and we expect the business to remain stable during the next quarter.
For information regarding cocoa and cocoa butter please refer to information at www.icco.org.
* All figures are excluding non-recurring items
| Q4 | Q4 | Full year | Full year | |||
|---|---|---|---|---|---|---|
| SEK Million | 2011 | 2010 | % | 2011 | 2010* | % |
| Net sales | 1,297 | 1,146 | +13 | 4,954 | 4,474 | +11 |
| Operating profit | 115 | 106 | +8 | 378 | 341 | +11 |
| Operating profit per kilo | 1.39 | 1.34 | +4 | 1.18 | 1.14 | +4 |
| Volumes ('000 tonnes) | 83 | 79 | +5 | 320 | 298 | +7 |
Net sales for the business area decreased by SEK 95 million or by 19 percent.
Volumes in the fourth quarter 2011 decreased by 9 percent compared to the corresponding quarter last year, which mainly was due to lower volumes of fatty acids.
Operating profit of SEK 21 million (36*) decreased by SEK 15 million compared to the corresponding quarter last year.
The reduced profitability in the business area during the fourth quarter was due to continued pressure on margins for fatty acids and in crushing.
The underlying trend in Q4 was still very challenging but slightly less challenging than in Q3. As earlier communicated the next coming two quarters are still expected to be challenging but with a stable result.
* Starting with the first quarter of 2011 the Group´s operations in crushing will be reported as part of business area Technical Products & Feed. The crushing operation has previously been reported within the business area Food Ingredients. For further information, see page 20.
| Q4 | Q4 | Full year | Full year | |||
|---|---|---|---|---|---|---|
| SEK Million | 2011 | 2010* | % | 2011 | 2010* | % |
| Net sales | 400 | 495 | -19 | 1,665 | 1,667 | -0 |
| Operating profit | 21 | 36 | -42 | 103 | 118 | -13 |
| Operating profit per kilo | 0.31 | 0.48 | -35 | 0.37 | 0.42 | -12 |
| Volumes ('000 tonnes) | 68 | 75 | -9 | 275 | 282 | -2 |
Net sales increased by SEK 1,887 million mainly due to increased raw material prices; a better product mix; and the acquisition of AAK Louisville, partly offset by a negative currency translation impact of SEK 983 million.
Volume decreased by 1 percent. Speciality volume increased in Food Ingredients and Chocolate & Confectionery Fats while commodity volumes for Food Ingredients, mainly in the UK, continued to decline. Further, commodity volumes in Technical Products & Feed declined.
There are no major changes in the general market conditions for speciality products compared to last year.
Operating profit, excluding nonrecurring items of SEK 3 million, reached SEK 911 million (824), an improvement of 11 percent. At fixed exchange rates, operating profit amounted to SEK 971 million (824), an improvement of 18 percent.
Before acquisition related costs of SEK 7 million, operating profit amounted to SEK 918 million, an improvement of 11 percent.
Operating profit per kilo increased from SEK 0.57 to SEK 0.64 or by 12 percent due to productivity and a higher share of value added products.
The Group result, after financial items, amounted to SEK 816 million (828). Net financial items totalled negative SEK 98 million (negative 54). This increase was mainly due to higher interest rates.
Reported tax cost corresponds to an average tax rate of 26 percent (24). The underlying average tax rate for the Group is approximately 27 percent (27). The favourable tax cost was due to tax credits received in certain countries, related to investments.
Group investments amounted to SEK 670 million (335), mainly comprising the acquisition of Golden Foods/Golden Brands, routine maintenance investments and capacity expansion in the US.
Cash flow from operating activities before changes in working capital was SEK 902 million (874). Changes in working capital was negative SEK 613 million (-117) due to high raw material prices during second half of 2010 have
impacted 2011 with a time lag of six to nine months.
Cash flow from operating activities including changes in working capital was positive SEK 289 million (positive 757).
Cash flow, after net investments of SEK 670 million (331), was negative SEK 381 million (positive 426) mainly because during the year the company acquired the AAK Louisville operation.
Long term refinancing of SEK 4,200 million was finalized in January 2011 and comprises part of the total committed facilities of SEK 6,000 million for four years or more.
During the first quarter 2011 the company announced an additional rationalization program for the UK operations in order to focus fully on our speciality strategy.
The rationalization implies a further move away from larger volume low margin commodity products to more complex, lower volume speciality products at higher margins.
No significant changes have taken place in relations or transactions with related parties since 2010.
During the second quarter the company finalized the insurance case related to business interruption in 2008 and 2009.
The net impact of this settlement was offset by UK restructuring costs during the second quarter of 2011.
All business operations involve risk – a controlled approach to risk taking is a prerequisite in maintaining good profitability. Risk may be dependent upon events in the outside world and may affect a specific sector, market or country, and the risk may also be purely companyspecific.
At AAK, effective risk management is a continuing process carried out within the framework of operational management and forms a natural part of the day-to-day monitoring of operations.
The AAK Group is exposed to the fierce competition that characterises the industry, as well as fluctuations in raw material prices affecting working capital.
The operations of the AAK Group involve exposure to significant financial risks, particularly currency risks and raw material price risks.
The raw materials used in the operation are agricultural products, and availability may therefore vary due to climatic and other external factors.
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 2010 Annual Report. The accounting policies are unchanged, compared with those applied in 2010.
As from 1 October 2010, AAK started to use full hedge accounting based on fair value hedging in accordance with IAS 39. Therefore the company did not report any IAS 39 impact commencing the first quarter 2011.
For definitions see the 2010 Annual Report.
At the 2011 Annual General Meeting, Mikael Ekdahl (BNS Holding AB), Carl Bek-Nielsen (BNS Holding AB), Henrik Didner, (Didner & Gerge Mutual Fund), Åsa Nisell (Swedbank Robur Fonder) and Claus Wiinblad (ATP), were elected members of the Nomination Committee in respect of the Annual General Meeting 2012. Mikael Ekdahl was elected chairman of the Nomination Committee.
The Annual General Meeting will be held on 15 May 2012 at 14.00 CET in Malmö, Sweden (Europaporten). The Annual Report for 2011 is expected to
be distributed to the shareholders during the week starting 23 April 2012 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 Wednesday 9 May 2012. Notification of attendance should be made to AAK's head office no later than 16:00 CET on Wednesday 9 May 2012. 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 Wednesday 9 May 2012.
The Board of Directors and the CEO propose that a dividend of SEK 4.75 (4.50) per share be paid for the financial year 2011. The proposed record day for the dividend is 21 May 2012. It is expected that the dividend will reach the shareholders on 24 May 2012.
The Parent Company's invoiced sales during fourth quarter 2011 were SEK 47 million (42). The result for the Parent Company after financial items amounted to positive SEK 111 million (1).
Interest-bearing liabilities minus cash and cash equivalents and interest-bearing assets totalled positive SEK 101 million (positive 160 as at 31 December 2010). 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 21-22.
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.
No major changes since yearend.
Malmö, February 9, 2012
Melker Schörling Chairman of the Board
Carl-Bek Nielsen
Vice Chairman
Martin Bek-Nielsen Board member
Mikael Ekdahl Board member
John Goodwin Board member
Märit Beckeman Board member
Harald Sauthoff Board member
Ulrik Svensson Board member
Arne Frank Chief Executive Officer and President
Annika Westerlund Trade union representative
Leif Håkansson Trade union representative
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 9, 2012 at 08.15 am CET.
We have reviewed this report for the period 1 January 2011 to 31 December 2011 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 9, 2012 PricewaterhouseCoopers AB
Anders Lundin Authorised Public Accountant
| SEK Million | Q4 2011 |
Q4* 2010 |
Q4 2010 Q 4 |
Full year 2011 Q 4 |
Full year Full year 2010* |
Full year Full yea 2010 |
|---|---|---|---|---|---|---|
| Net sales | 4,483 | 3,930 | 3,930 | 16,695 | 14,808 | 14,808 |
| Other operating income | 16 | 30 | 30 | 106 | 27 | 46 |
| Total operating income | 4,499 | 3,960 | 3,960 | 16,801 | 14,835 | 14,854 |
| Raw materials and supplies | -3,580 | -2,988 | -2,829 | -13,350 | -11,310 | -11,271 |
| Other external expenses | -305 | -332 | -332 | -1,077 | -1,169 | -1,169 |
| Cost for remuneration to employees | -262 | -284 | -284 | -1,099 | -1,146 | -1,146 |
| Amortisation and impairment losses | -81 | -100 | -100 | -350 | -376 | -376 |
| Other operating expenses | -6 | -5 | -5 | -11 | -10 | -10 |
| Total operating income | -4,234 | -3,709 | -3,550 | -15,887 | -14,011 | -13,972 |
| Operating result (EBIT) | 265 | 251 | 410 | 914 | 824 | 882 |
| Interest income | 2 | 2 | 2 | 6 | 8 | 8 |
| Interest expense | -28 | -15 | -15 | -94 | -59 | -59 |
| Other financial items | 25 | -1 | -1 | -10 | -3 | -3 |
| Total financial net | -1 | -14 | -14 | -98 | -54 | -54 |
| Result before tax | 264 | 237 | 396 | 816 | 770 | 828 |
| Income tax | -67 | -33 | -79 | -212 | -187 | -202 |
| Net result | 197 | 204 | 317 | 604 | 583 | 626 |
| Attributable to non-controlling | 0 | 1 | 1 | 2 | 4 | 2 |
| interests | ||||||
| Attributable to the Parent company´s | 197 | 203 | 316 | 602 | 579 | 624 |
| shareholders |
* Fourth quarter and full year 2010 are excluding the IAS 39 effect and insurance compensation.
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| SEK Million | 2011 | 2010 | Q 4 2011 |
Q 4 2010 |
| Income for the period | 197 | 317 | 604 | 626 |
| Exchange differences on translation | -50 | -21 | -35 | -229 |
| of foreign operations | ||||
| Fair value changes in cash flow | -19 | - | -19 | - |
| hedges | ||||
| Tax related to fair value changes in | 5 | - | 5 | - |
| cash flow hedges | ||||
| Total comprehensive income for | 133 | 296 | 555 | 397 |
| the period | ||||
| Attributable to non-controlling | -1 | 1 | -1 | 2 |
| interests | ||||
| Attributable to the Parent company´s | 134 | 295 | 556 | 395 |
| shareholders |
| SEK Million | 31.12.2011 | 31.12.2010 |
|---|---|---|
| Assets | ||
| Goodwill | 733 | 580 |
| Other intangible assets | 94 | 102 |
| Tangible assets | 2,801 | 2,718 |
| Financial assets | 144 | 133 |
| Total non-current assets | 3,772 | 3,533 |
| Inventory | 2,884 | 2,299 |
| Current receivables | 2,987 | 2,880 |
| Cash and cash equivalents | 331 | 540 |
| Total current assets | 6,202 | 5,719 |
| Total assets | 9,974 | 9,252 |
| Equity and liabilities | ||
| Shareholders´equity | 3,547 | 3,164 |
| Non-controlling interests | 18 | 24 |
| Total equity including non | ||
| controlling interests | 3,565 | 3,188 |
| Total non-current liabilities | 3,799 | 3,486 |
| Accounts payable | 1,331 | 838 |
| Other current liabilities | 1,279 | 1,740 |
| Total current liabilities | 2,610 | 2,578 |
| Total equity and liabilities | 9,974 | 9,252 |
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 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 | - | -5 | -5 |
| Stock options | 11 | - | 11 |
| Dividend | -184 | - | -184 |
| Closing equity 31 December 2011 | 3,547 | 18 | 3,565 |
| Total equity | |||
|---|---|---|---|
| Total | Non | incl. non | |
| equity | controlling | controlling | |
| SEK Million | capital | interests | Q 4 interests |
| Openings equity 1 January 2010 | 2,927 | 22 | 2,949 |
| Profit for the period | 624 | 2 | 626 |
| Other comprehensive income | -229 | - | -229 |
| Total comprehensive income | 395 | 2 | 397 |
| Stock options | 16 | - | 16 |
| Dividend | -174 | - | -174 |
| Closing equity 31 December 2010 | 3,164 | 24 | 3,188 |
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| SEK Million | 2011 Q 4 |
2010 Q 4 |
Full year 2011 |
Full yea 2010 |
| Operating activities | ||||
| Cash flow from operating activities before change in working | 210 | 289 | 902 | 874 |
| capital | ||||
| Changes in working capital | 289 | 243 | -613 | -117 |
| Cash flow from operating activities | 499 | 532 | 289 | 757 |
| Investing activities | ||||
| Cash flow from investing activities | -97 | -87 | -670 | -331 |
| Cash flow after investing activities | 402 | 445 | -381 | 426 |
| Financing activities | ||||
| Cash flow from financing activities | -322 | -214 | 183 | -188 |
| Cash flow for the period | 80 | 231 | -198 | 238 |
| Cash and cash equivalents at start of period | 253 | 313 | 540 | 322 |
| Exchange rate difference for cash equivalents | -2 | -4 | -11 | -20 |
| Cash and cash equivalents at end of period | 331 | 540 | 331 | 540 |
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| SEK Million | 2011 | 2010* | Q 4 2011 |
Q 4 2010* Full year |
| Number of shares, thousand | 40,898 | 40,898 | 40,898 | 40,898 |
| Earnings per share, SEK** | 4.82 | 7.75 | 14.72 | 15.26 |
| Equity per share, SEK | 86.72 | 77.38 | 86.72 | 77.38 |
| Market value on closing date | 199.50 | 188.50 | 199.50 | 188.50 |
* Including I AS 39 effect and insurance compensation
** The calculation of earnings per share is based on weighted average number of outstanding shares. No dilution from outstanding subscription options during the fourth quarter 2011.
| 2010 | 2011 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Full | Full | |||||||||
| SEK Million | Q1 | Q2 | Q3 | Q4 | year Q 4 |
Q1 Q 4 |
Q2 Full year |
Q3 | Full yea Q4 |
year |
| Food Ingredients | 413 | 443 | 448 | 522 | 1,826 | 391 | 412 | 477 | 528 | 1,808 |
| Chocolate & Confectionery Fats | 333 | 310 | 379 | 372 | 1,394 | 326 | 320 | 354 | 370 | 1,370 |
| Technical Products & Feed | 94 | 99 | 100 | 112 | 405 | 114 | 99 | 84 | 95 | 392 |
| Total AAK Group | 840 | 852 | 927 | 1,006 | 3,625 | 831 | 831 | 915 | 993 | 3,570 |
| 2010 | 2011 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Full | Full | |||||||||
| SEK Million | Q1 | Q2 | Q3 | Q4 | year Q 4 |
Q1 Q 4 |
Q2 Full year |
Q3 | Full yea Q4 |
year |
| Food Ingredients | 97 | 101 | 124 | 132 | 454 | 104 | 120 | 143 | 151 | 518 |
| Chocolate & Confectionery Fats | 76 | 57 | 102 | 106 | 341 | 81 | 70 | 112 | 115 | 378 |
| Technical Products & Feed | 25 | 28 | 29 | 36 | 118 | 39 | 28 | 15 | 21 | 103 |
| Group Functions | -20 | -22 | -24 | -23 | -89 | -20 | -22 | -24 | -22 | -88 |
| Total AAK Group | 178 | 164 | 231 | 251 | 824 | 204 | 196 | 246 | 265 | 911 |
| IAS 39 effect | 15 | -60 | -56 | 140 | 39 | - | - | - | - | - |
| Insurance compensation | - | - | - | 19 | 19 | - | 48 | - | - | 48 |
| Non-recurring items | - | - | - | - | - | - | -45 | - | - | -45 |
| Total legal operating profit | 193 | 104 | 175 | 410 | 882 | 204 | 199 | 246 | 265 | 914 |
| AAK Group | ||||||||||
| Financial net | -14 | -16 | -10 | -14 | -54 | -15 | -30 | -52 | -1 | -98 |
| Result before tax | 179 | 88 | 165 | 396 | 828 | 189 | 169 | 194 | 264 | 816 |
| Excl non | Non | Incl non | ||
|---|---|---|---|---|
| SEK Million | recurring | recurring Q 4 |
recurring Q 4 |
Full year Full yea |
| items | items | items | ||
| Food Ingredients | 518 | -45 | 473 | |
| Chocolate Confectionery Fats | 378 | +56 | 434 | |
| Technical Products & Feed | 103 | 0 | 103 | |
| Group Functions | -88 | -8 | -96 | |
| Total AAK Group | 911 | +3 | 914 |
Starting with the first quarter of 2011, the Group´s operations in crushing have been reported as part of the business area Technical Products & Feed. The crushing operation had previously been reported within the business area Food Ingredients.
Since 1st January 2011 the crusher has been operated by product area Feed, which is within the business area Technical Products & Feed. Below are the sales, gross contribution and operating profit for the respective quarters in 2010 according to the new
reporting structure. Earlier reported volumes are unchanged after this change in reporting for AAK business areas as reported volumes include only processed products and not sale of crude oil.
| Full | ||||||
|---|---|---|---|---|---|---|
| SEK million | 2010 | Q1 | Q2 | Q3 | Q4 | Year |
| Food Ingredients | New | 2,018 | 2,206 | 2,154 | 2,289 | 8,667 |
| Old | 2,062 | 2,241 | 2,233 | 2,391 | 8,927 | |
| Technical Products & Feed | New | 389 | 367 | 416 | 495 | 1,667 |
| Old | 345 | 332 | 337 | 393 | 1,407 |
| Full | ||||||
|---|---|---|---|---|---|---|
| SEK million | 2010 | Q1 | Q2 | Q3 | Q4 | Year |
| Food Ingredients | New | 413 | 443 | 448 | 522 | 1,826 |
| Old | 442 | 476 | 480 | 554 | 1,952 | |
| Technical Products & Feed | New | 94 | 99 | 100 | 112 | 405 |
| Old | 65 | 66 | 68 | 80 | 279 |
| Full | ||||||
|---|---|---|---|---|---|---|
| SEK million | 2010 | Q1 | Q2 | Q3 | Q4 | Year |
| Food Ingredients | New | 97 | 101 | 124 | 132 | 454 |
| Old | 101 | 107 | 130 | 137 | 475 | |
| Technical Products & Feed | New | 25 | 28 | 29 | 36 | 118 |
| Old | 21 | 22 | 23 | 31 | 97 |
| Full year | Full year | |
|---|---|---|
| SEK Million | 2011 | 2010 |
| Net sales | 47 | 42 |
| Other operating income | 4 | 2 |
| Total operating income | 51 | 44 |
| Other external expenses | -55 | -47 |
| Cost for remuneration to employees | -36 | -44 |
| Amortisation and impairment losses | -2 | -1 |
| Other operating expenses | 0 | 0 |
| Total operating expenses | -93 | -92 |
| Operating result (EBIT) | -42 | -48 |
| Income from shares in group | ||
| companies | 149 | 25 |
| Interest income | 164 | 164 |
| Interest expense | -160 | -140 |
| Other financial items | - | - |
| Total financial net | 153 | 49 |
| Result before tax | 111 | 1 |
| Income tax | -3 | 1 |
| Net result | 108 | 2 |
| Full year | Full year | |
|---|---|---|
| SEK Million | 2011 | 2010 |
| Net result for the period | 108 | 2 |
| Other comprehensive income | - | - |
| Total comprehensive income for | 108 | 2 |
| the period |
| SEK Million | 31.12.2011 | 31.12.2010 |
|---|---|---|
| Assets | ||
| Other intangible assets | 1 | 1 |
| Tangible assets | 3 | 4 |
| Financial assets | 7,055 | 7,667 |
| Total non-current assets | 7,059 | 7,672 |
| Current receivables | 35 | 54 |
| Cash and cash equivalents | 0 | 0 |
| Total current assets | 35 | 54 |
| Total assets | 7,094 | 7,726 |
| Equity and liabilities | ||
| Shareholders' equity | 4,098 | 4,174 |
| Total equity | 4,098 | 4,174 |
| Total non-current liabilities | 2,900 | 3,402 |
| Accounts payable | 14 | 11 |
| Other current liabilities | 82 | 139 |
| Total current liabilities | 96 | 150 |
| Total equity and liabilities | 7,094 | 7,726 |
The interim report for the first quarter for 2012 will be published on 3 May, 2012.
The interim report for the second quarter for 2012 will be published on 19 July, 2012.
The interim report for the third quarter for 2012 will be published on 7 November, 2012.
The fourth quarter and full-year report for 2012 will be published on 9 February 2013.
The annual and quarterly reports are also published on www.aak.com
Arne Frank, President and CEO Phone: + 46 40 627 83 00
Anders Byström, 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]
AarhusKarlshamn AB (publ) Jungmansgatan 12, 211 19 Malmö, Sweden Phone: + 46 40 627 83 00, Reg. No. 556669-2850, www.aak.com
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