RIE: Half-year accounts/second quarter report 2009
(Thomson Reuters ONE) - Rieber & Søn recorded operating profits (EBIT) of NOK 55m (61m) inthe second quarter and NOK 151m (135m) in the first half of 2009,while the operating margin in the two periods was 4.4% (5.0%) and6.0% (5.6%), respectively.Sales in the second quarter increased by 3.5% to NOK 1 255m (1 213m),and of this 1.4% was attributable to currency conversion effects.Organic growth in the second quarter stood at 2.1%. Sales in firsthalf-year totalled NOK 2 491m (2 408m), while organic growth wasrecorded at 1.9%.The gross margin which in the second quarter was 54.8% (55.4%) and55.7% (55.8%) in the first half-year, was negatively affected byexchange rate developments in Norway, the Czech Republic and Polandwhere the local currency weakened in relation to the Euro and theAmerican dollar. This has increased the cost of raw materials andpackaging.The EBITDA margin in the second quarter was 8.6% (9.4%) and 10.2%(10.1%) in the first half-year.Earnings per share were NOK 0.34 (0.45) in the first quarter and NOK1.11 (0.96) at the half- year, while the return on capital employedfor the same periods was 6.6% (8.2%) and 9.1% (8.7%), respectively."Our Future""Our Future" is aimed at achieving lasting improvements in results ofNOK 400m in 2012. The extra consumption of resources of a one timenature in order to realise these improvements is estimated to costNOK 125m. The programme is progressing as planned and it is expectedthat bigger positive effects will be realised in the coming quarters.Improvements in purchasing, production and marketing under the "OurFuture" platform provided positive effects totalling NOK 14m in thesecond quarter, while the accumulated effect was NOK 19m. Externalcosts related to these initiatives came to NOK -11m in the secondquarter and NOK -19m in the first half-year.Programmes are under way at the plants in Arna (Norway) and Bysice(Czech Republic) which will provide lasting cost reductions of aroundNOK 50m on a whole-year basis. A large part of this will be achievedthrough better planning and more efficient work methods. The benefitsof the programmes were already apparent in the second quarter in theform of less overtime and less use of temporary employees.The improvement process will lead to manpower reductions. Therestructuring work has started, with completion due by the end of2009. In connection with the personnel reductions one time costs willarise which will be specified and charged in the third quarteraccounts. These costs are included in the total cost of implementing"Our Future" which is estimated at NOK 125m.The roll-out of the efficiency programme is continuing at theFrödinge plant and at the Danish plants in Havnsø and Skælskør.CapitalThe net cash flow from operations in the first half-year amounted toNOK 66m (8m). The improvement was mainly due to a reduction in thelevel of capital tied up in stocks and higher half-year profits. TheGroup's net investments totalled NOK 109m (106m). Capital employedamounts to NOK 3 299m (3 250m), with net working capital totallingNOK 695m (643m). At 30 June 2009 the equity ratio was 43% (41%). Anordinary dividend of NOK 1.25 per share, in total NOK 96m, was paidon 27 May 2009.Bergen, 12 August 2009Board of Directors of Rieber & Søn ASAhttp://hugin.info/121/R/1334334/316675.pdfhttp://hugin.info/121/R/1334334/316676.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 13.08.2009 - 08:01 Uhr
Sprache: Deutsch
News-ID 4670
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 190 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"RIE: Half-year accounts/second quarter report 2009"
steht unter der journalistisch-redaktionellen Verantwortung von
Rieber & Søn ASA (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
