Preliminary Annual Accounts / Fourth Quarter Report 2009
(Thomson Reuters ONE) - This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)Rieber & S?'s operating profit (EBIT) in the fourth quarter totalled NOK 185m(122m), while the figure for the year was NOK 424m (356m). EPS in the fourthquarter stood at NOK 1.52 (0.82) and NOK 3.32 (2.46) for the year.Sales in the fourth quarter came to NOK 1 256m (1 377m), while the figure forthe year was NOK 4 967m (4 997m). Structural effects had a negative effect onsales, reducing the performance by 1.6% in the fourth quarter, and by 0.6% forthe year. Currency conversion effects reduced sales in the fourth quarter by4.7% and by 0.4% for the year. Organic growth stood at -2.4% in the fourthquarter, while the increase for the year was 0.4%.The gross margin in the fourth quarter rose to 59.2% (57.1%) and to 56.7%(56,0%) for the year. The Group had good cost control in the fourth quarter andpayroll and operating costs were down 8% at NOK 569m, while the figure for theyear was 1% lower at NOK 2 218m. The EBITDA margin for the fourth quarter was13,9% (12.1%) and 12.1% (11.2%) for the year. The corresponding figures for EBIT margin were 14.7% (8.9%) and 8.5% (7.1%), respectively.The operating profit in the fourth quarter was positively affected by one-offeffects which contributed NOK 61m. This was the net effect of income of NOK 77mfrom the sale of the Sopps brand and the marine ingredients line in Arna, andcosts of NOK 16m related to the write-down of the production plant for Anja Cakein Poland and transaction costs for the acquisition of Gellwe which was notapproved by the Polish competition authorities. The operating profit for theyear was positively affected by one-off effects totalling NOK 32m. The Group'score activities exclusive one-off items provided EPS of NOK 3.09 for the year,which was 30% up on 2008.The return on capital employed was 22.7% (14.1%) in the fourth quarters and12.8% (10.9%) for the year.In line with the Group's dividend policy, the Board will ask the AGM to approvea dividend of NOK 2.00 per share. Together, this represents a 60% increase inthe dividend compared with the previous year and a dividend ratio of 60%."Our Future""Our Future" is aimed at achieving lasting improvements in results of NOK 400min 2012. The extra consumption of resources of a one-time nature in order torealise these improvements is estimated to cost NOK 125m. The programme isprogressing as planned.In the fourth quarter, the net effect of improvements in purchasing, productionand marketing under the "Our Future" platform totalled NOK 35m and comprisedpositive effects of NOK 44m in the fourth quarter and implementation costs ofNOK 9m. The accumulated total of the positive, lasting effects in the first 12months was NOK 96m, while implementation costs in the same period came to NOK47m.The aim to improve Group profitability was achieved in line with the plans for2009. Through good cost control and the implementation of efficiency programmeswhich provide lasting improvements, a sound basis has been laid for furthergrowth in profitability.Bergen, 27 January 2010Board of Directors of Rieber & S?SA[HUG#1377906] 4Q Quarter Report 2009 : http://hugin.info/121/R/1377906/338577.pdf 4Q Presentation 2009: http://hugin.info/121/R/1377906/338578.pdf
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Datum: 28.01.2010 - 02:02 Uhr
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