Huhtamäki Oyj's Interim Report January 1 - March 31, 2011: Continued net sales growth supports EPS stability
(Thomson Reuters ONE) -
HUHTAMÄKI OYJ STOCK EXCHANGE RELEASE 20.4.2011 AT 08:30
- Growth driven by the Flexible Packaging and Films segments
- Effective management of escalating raw material costs
- Continued tight cost control
- Earnings per share (EPS) maintained at the same level as in 2010 from
continuing operations
Key figures
EUR million Q1 2011 Q1 2010 2010
----------------------------------------------------
Continuing operations
Net sales 478.0 447.9 1,951.8
EBIT 27.4 28.9 134.3
EBIT margin % 5.7 6.4 6.9
EPS (EUR) 0.17 0.17 0.92
Including discontinued operations divested in 2010
EPS (EUR) 0.17 0.19 1.02
ROI % 12.0 9.5 12.0
Free cash flow -31.6 7.1 112.9
Net debt 295.0 371.0 269.9
Gearing % 0.35 0.49 0.32
Overview
Demand for consumer packaging remained robust during the reporting period and
the Group's trading conditions were favorable except in North America. Raw
material price levels remained high. Group net sales grew within the reporting
period compared to the corresponding period in 2010 as a result of favorable
volume development, especially within the Flexible Packaging and Films
segments.
Group earnings before interest and taxes (EBIT) decreased slightly during the
reporting period compared to the corresponding period in 2010. Raw material cost
pressure continued. Although margins were managed successfully in all segments,
this was not sufficient to offset the earnings decline in North America.
Earnings per share (EPS) remained stable compared to the EPS from continuing
operations in the corresponding period in 2010.
The Group's free cash flow in the reporting period was EUR -32 million (EUR 7
million). Cash flow generation in the reporting period was adversely impacted by
high raw material costs and inventory build-up in preparation for the
approaching peak season. Return on investment (ROI) was 12.0% (9.5%) remaining
at the same level as in the end of 2010.
Outlook for 2011
The improvement in the Group's trading conditions, which was visible in the
second half of 2010, is expected to continue during 2011. However, market
conditions in North America remain uncertain. Pressure on profit margins is
likely to continue due to increasing raw material costs, especially the price of
plastics. Financial charges and tax expenses are expected to increase from the
exceptionally low level in 2010.
The good financial position and ability to generate a positive cash flow will
enable the Group to address profitable growth opportunities. Capital expenditure
is expected to be around EUR 100 million.
Financial reporting schedule in 2011
Huhtamaki will publish the interim report for January 1 - June 30, 2011 on July
21 and January 1 - September 30, 2011 on October 20.
This is a summary of Huhtamaki's interim report for January 1 - March 31, 2011.
The complete report is attached to this release and is also available at the
company website at www.huhtamaki.com.
For further information, please contact:
Jukka Moisio, CEO, tel. +358 10 686 7801
Timo Salonen, CFO, tel. +358 10 686 7880
HUHTAMÄKI OYJ
Group Communications
Huhtamaki Group is a leading manufacturer of consumer and specialty packaging
with 2010 net sales totaling EUR 2 billion. Foodservice and consumer goods
markets are served by approximately 12,000 people in 53 manufacturing units and
several sales offices in 31 countries. The parent company, Huhtamäki Oyj, has
its head office in Espoo, Finland and its share is quoted on the NASDAQ OMX
Helsinki Ltd. Additional information is available at www.huhtamaki.com.
Huhtamäki Oyj Interim Report January 1 - March 31, 2011:
http://hugin.info/3006/R/1507830/442819.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Huhtamäki Oyj via Thomson Reuters ONE
[HUG#1507830]
Unternehmensinformation / Kurzprofil:
Datum: 20.04.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 53737
Anzahl Zeichen: 5066
contact information:
Town:
Espoo
Kategorie:
Business News
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