Interim Report Q1-2/2015 Group overview - hkscan.com...INTERIM REPORT Q1-2/2015 Interim Report...
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105 AUGUST 2015
INTERIM REPORT Q1-2/2015
Interim Report Q1-2/2015Group overview
Hannu Kottonen, President and CEO 5 August 2015
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205 AUGUST 2015
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Comparable EBIT and cash flow improved – Denmark on loss
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HKScan Group Q1-2/2015
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INTERIM REPORT Q1-2/2015
• Performance continued to recover− All market areas improved their comparable cash flow,
and also comparable EBIT improved, except in Denmark− Balance sheet strengthened further − Financial expenses reduced significantly − Inventories and meat balance managed tightly
• Group’s profitable growth strategy implementation advanced− Preparations for strategic investments proceeded− Sales office in Hong Kong established, General Manager for Asia appointed− Investments in innovation, brand and category work continue
• Business environment remained challenging− Political and economic uncertainty− Russian ban on meat import continues to cause over-supply and price pressure − Fierce competition in food retail tightened
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HKScan Group
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Feed basket – pork (12/2011 = 100)
505 AUGUST 2015
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Feed basket – poultry (12/2011 = 100)
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Market area Finland
05 AUGUST 20157INTERIM REPORT Q1-2/2015
• Clear improvements in profit and cash flow continued• Improved sales product mix and operational efficiency• Market declining in general terms but own brands continued making progress
− Decline in sales due to lower prices and volumes and weak BBQ season• Modernization and investment in Outokumpu beef slaughterhouse completed, Mikkeli
production facility and real estate purchased• Acquisition of 50% stake in Paimion Teurastamo after the reporting period
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Product novelties in Finland
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Market area Baltics
05 AUGUST 20159INTERIM REPORT Q1-2/2015
• Growth in net sales, EBIT and cash flow • Own brands, processed and seasonal products performed well• Market improved slightly from the previous year and domestic market’s overall demand
was good but export market struggled.• Estonia approved for exporting poultry to Hong Kong
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Product novelties in Baltics
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Market area Sweden
05 AUGUST 201511INTERIM REPORT Q1-2/2015
• Net sales declined as a result of lower volume and change in SEK exchange rate• EBIT improved thanks to completed production restructuring and better product mix. • Inventories reduced clearly• Private labels continued to seize market share but HKScan gained some market share
in some subcategories of processed meat. Own product development to be intensified further.
• Consumer demand for Swedish meat is on rise• Cooperation with North European Oil Trade started: byproducts of bioethanol
production utilized in pig feed
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Product novelties in Sweden
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Market area Denmark
05 AUGUST 201513INTERIM REPORT Q1-2/2015
• Market and competition continuously tough • Fierce price competition in retail and lower volumes• New production setup completed. Related cost savings start to materialize.• Increase in sales and further operational cost savings targeted. Organization
strengthened.
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Product novelties in Denmark
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Investments in Finland
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Purchase of the Mikkeli production facility and related real estate
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Investment in Outokumpu beef cutting area and part of slaughter line
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Acquisition of 50% stake in PaimionTeurastamo slaughterhouse
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Beef Value Chain
19
DistributionGenetics
Feed production
Primary production
Slaughtering
Cutting
Processing
Transportation
Meat import/sourcing, subcontracting
Animal sourcing
Bioproducts and waste management
Meat breed development
- BullsHKScan
HKScanTamminen
Kaivon Liha
Independent producers HKScanPaimio
HKScan(Tamminen)
Paimio
HKScanKaivon LihaTamminen
HKScan inOutokumpu
Paimio
HKScanTamminen
Kaivon LihaPaimio
Kaivon LihaTamminenHKScan in
Outokumpu
Not involved HKScanPaimio
HKScanPaimio
05 AUGUST 2015
INTERIM REPORT Q1-2/2015
Cus
tom
ers
and
cons
umer
s
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2005 AUGUST 2015
INTERIM REPORT Q1-2/2015
Interim Report Q1-2/2015 Group Financials
Tuomo Valkonen, CFO5 August 2015
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Financial Performance
05 AUGUST 201521INTERIM REPORT Q1-2/2015
EBIT (Operating Profit): more than 4%
Return on Capital Employed: greater than 12%
Net Gearing: less than 100%
Dividend Policy at least 30% of net profit
EBIT
ROCE EPS
Net Gearing
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Group EBIT development
05 AUGUST 201522INTERIM REPORT Q1-2/2015
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Group EBIT*)
Q2/2014 vs. Q2/2015
05 AUGUST 201523INTERIM REPORT Q1-2/2015
*) Excluding non-recurring items
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Group EBIT*)
Q1-2/2014 vs. Q1-2/2015
05 AUGUST 201524INTERIM REPORT Q1-2/2015
*) Excluding non-recurring items
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Group EBIT*)
05 AUGUST 201525INTERIM REPORT Q1-2/2015
*) Excluding non-recurring items
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Group EBIT last twelve months
05 AUGUST 201526INTERIM REPORT Q1-2/2015
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Finland EBIT*)
05 AUGUST 201527INTERIM REPORT Q1-2/2015
*) Excluding non-recurring items
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Baltics EBIT*)
05 AUGUST 201528INTERIM REPORT Q1-2/2015
*) Excluding non-recurring items
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Sweden EBIT*)
05 AUGUST 201529INTERIM REPORT Q1-2/2015
*) Excluding non-recurring items
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Denmark EBIT*)
05 AUGUST 201530INTERIM REPORT Q1-2/2015
*) Excluding non-recurring items
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Group cash flow before debt service
05 AUGUST 201531INTERIM REPORT Q1-2/2015
*) Excluding acquisition price of Rose Poultry A/S, EUR 23.4 million
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Group cash flow before debt service Q1-2/2014 vs. Q1-2/2015
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Group cash flow before debt service Q1-2/2014 vs. Q1-2/2015
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Group net financial expenses
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Group income tax
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Group cash flow before financing
05 AUGUST 201536INTERIM REPORT Q1-2/2015
*) Excluding acquisition price of Rose Poultry A/S, EUR 23.4 million
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Group investments
05 AUGUST 201537INTERIM REPORT Q1-2/2015
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Profit before taxes
05 AUGUST 201538INTERIM REPORT Q1-2/2015
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Profit before taxes excl. non-recurring items,last twelve months*)
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*) Excluding Sokolów
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Profit for the period*)
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*) Attributable to shareholders of parent company
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Earnings per share (EPS)
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Equity ratio
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Interest-bearing debt and maturity structure
05 AUGUST 201543INTERIM REPORT Q1-2/2015
Maturity of Group’s interest-bearing debt (EUR million)Interest-bearing debt by credit type
Total interest-bearing debt:162,1 mEUR
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Group personnel*)
05 AUGUST 201544INTERIM REPORT Q1-2/2015
*) End of month average
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Outlook for 2015 (unchanged)
• HKScan expects operating profit (EBIT) excluding non-recurring items to improve from 2014, and anticipates the last quarter to be the strongest.
• HKScan expects the economic and demand outlook and, accordingly, sales price competition to remain tough in 2015. However, the Group’s strategy work, restructuring and development programmes together with active sales margin management should contribute to better financial performance.
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Key figures
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4705 AUGUST 2015
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Thank you