RIE: Third Quarter Report 2009
(Thomson Reuters ONE) - Rieber & Søn recorded an operating profit (EBIT) of NOK 88m (98m) inthe third quarter. One-off items represented a charge of NOK 29m,compared with an income of NOK 4m in the same period last year. EPSin the third quarter stood at NOK 0.69 (NOK 0.68). Adjusted forone-off items EBIT totalled NOK 117m (94m) and EPS NOK 0.95 (0.64).Sales in the third quarter increased by 0.6% to NOK 1 219m (1 212m).Of this, 0.5% was due to positive currency conversion effects, whilenegative structural effects on the divestment of Rieber Kruiningenreduced sales by 0.6%. Organic growth in the period stood at 0.7%.The gross margin in the third quarter was 56.2% (55.3%). During theperiod the Group was negatively affected by foreign currencydevelopments, mainly in Norway and Poland where the local currencyhas weakened against the Euro and the American dollar. This meansincreased purchasing costs for our Norwegian and Polish businesses.The Group was slightly less affected by foreign currency fluctuationsthan in the first two quarters of the year.The EBITDA margin was 13.9% (12.3%t) in the third quarter, while theEBIT margin was 7.2% (8.1%), and 9.6% after adjusting for one-offcosts. The return on capital employed was 10.9% (11.7%), includingone-off items.In the third quarter, the net effect of improvements under "OurFuture" totalled NOK 14m, consisting of positive effects of NOK 33mand costs of NOK 19m, of which NOK 13m was booked as one-off costsrelated to personnel reductions. The accumulated effect of thepositive effects in the first nine months of the year was NOK 52m,while implementation costs in the same period came to NOK 38m.In the third quarter Rieber & Søn sold Rieber Kruiningen and signedan agreement to sell the Sopps brand. This is part of the Group's"Core Review" plan which intensifies the focus on core activities.The divestment of Sopps will give an accounting gain in the order ofNOK 50m. The takeover is expected to take place around year-end andis subject to the approval of the Norwegian competition authorities.King Oscar was hived off as a separate subsidiary effective from 1October 2009, in line with a resolution passed by the CorporateAssembly in May. This has been done in order to pave the way forstructural changes within the company and other ownershipconstellations.Rieber & Søn and the seller agreed to cancel the agreement to acquirethe Gellwe brand after the Polish competition authorities refused toaccept the acquisition. The authorities took the view that Rieber &Søn Poland's market position in certain product categories would makeit too dominating if the transaction was implemented. Rieber & Sønhas decided not to appeal the decision.Bergen, 28 October 2009Board of Directors of Rieber & Søn ASAhttp://hugin.info/121/R/1350950/326257.pdfhttp://hugin.info/121/R/1350950/326259.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.10.2009 - 08:01 Uhr
Sprache: Deutsch
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