RIE - Good underlying growth in Rieber & Søn
(Thomson Reuters ONE) - The underlying growth in Rieber & Søn in the third quarter is good.One-off items of NOK 29 million related to divestment of frozen onionrings in the Netherlands and downsizing by Arna plant weakensoperating profit in the quarter."We have improved operating profit by 23 million Norwegian kronercompared with third quarter last year, if we exclude the one-offitems," says CEO Patrik Andersson, who is pleased with the underlyinggrowth.Rieber & Søn had stable sales in the quarter, and it is primarilycost savings and business improvements in the Group's program "OurFuture" that improve the result."We would like to see stronger sales growth. The decrease in theworld economy has varying impact on the Group's Business Units. Wewill therefore in the fourth quarter focus on how we can maintain orimprove the top line in our different markets," says Andersson.Program "Our Future" provides a positive net effect in the quarter,and accumulated for the year, the Group has achieved savings of 52million Norwegian kroner, while implementation costs amounting to 38million Norwegian kroner."We are very pleased with the progress of the Program "Our Future",and in the third quarter, among other things established anintegrated procurement organization across businesses," saidAndersson.Key ratios for third quarter:* Sales up 0.6 percent to 1 219 MNOK (1 212 MNOK)* Operating profit (EBIT) of 88 MNOK (98 MNOK).* EPS at NOK 0.69 (NOK 0,68).* One-off items of -29 MNOK, +4 MNOK in Q3 last year.* Adjusted for one-off items EBIT of 117 MNOK (94 MNOK) and EPS ofNOK 0.95 (NOK 0.64).Contact persons:CEO Patrik Andersson Tel.:+46761113400Financial Director Fredrik Witte Tel.:+4797016769Director of Communications Geir Mikalsen Tel.:+4790620851Rieber & Søn in briefRieber & Søn is one of Norway's leading food companies. The mainmarkets are the Nordic countries, Central- and Eastern Europe, wherethe Group has considerable market shares. Rieber & Søn developsproducts based on local taste, and shall inspire people to prepareexciting and tasty food in an easier way.Rieber & Søn has leading brands such as Toro, Denja, Mr.Lee, KingOscar (Norway), Frödinge (Sweden), K-Salat and Bähncke (Denmark),Delecta (Poland), Vitana (Czech Rep. and Slovakia) and Chaka(Russia).Rieber & Søn had a revenue of 5 billion NOK in 2008. The Group has aworkforce of 3 800 (2 550 of these outside Norway). Rieber & Søn hasproduction in Norway, Sweden, Denmark, The Netherlands, Poland, CzechRep. and Russia. In addition the Group has sales organisations inGermany, Great Britain, Slovakia, Belgium and US.http://hugin.info/121/R/1350948/326248.pdfhttp://hugin.info/121/R/1350948/326249.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.10.2009 - 08:15 Uhr
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