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2016-02-11

Huhtamäki Oyj's Results January 1 - December 31, 2015: Good progress throughout the year

Huhtamäki Oyj Financial statement release 11.2.2016 at 8.30

Huhtamäki Oyj's Results January 1 - December 31, 2015: Good progress
throughout the year

Q4 2015 in brief

* Net sales grew to EUR 691 million (EUR 581 million)
* EBIT improved to EUR 56 million (EUR 45 million)
* EPS were EUR 0.38 (EUR 0.39)
* Comparable net sales growth was 4% in total and 7% in emerging markets
* Currency movements had a positive impact of EUR 34 million on the Group's
net sales, and EUR 3 million on EBIT

FY 2015 in brief

* Net sales were EUR 2,726 million (EUR 2,236 million)
* EBIT excluding NRI was EUR 238 million (EUR 175 million)
* EPS excluding NRI were EUR 1.65 (EUR 1.24)
* Comparable net sales growth was 4% in total and 6% in emerging markets
* Currency movements had a positive impact of EUR 194 million on the Group's
net sales, and EUR 16 million on EBIT
* Free cash flow improved to EUR 91 million (EUR 65 million)
* Acquisition of Positive Packaging, a flexible packaging company operating
in India, United Arab Emirates and Africa, was closed at the end of January
and the business was consolidated into the Flexible Packaging business
segment as of February 1, 2015
* The European Commission imposed a fine of EUR 15.6 million on Huhtamaki
based on infringements of EU's competition regulation in 2002-2006.
Huhtamaki has launched an appeal on the decision.
* The Board of Directors proposes a dividend of EUR 0.66 (0.60) per share

Key figures

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| EUR million Q4 2015 Q4 2014 Change FY 2015 FY 2014 Change |
| Net sales 690.5 580.5 19% 2,726.4 2,235.7 22% |
| EBITDA* 82.5 67.6 22% 342.0 259.0 32% |
| EBITDA margin* 11.9% 11.6% 12.5% 11.6% |
| EBIT* 55.7 45.3 23% 237.5 174.9 36% |
| EBIT margin* 8.1% 7.8% 8.7% 7.8% |
| EPS*, EUR 0.38 0.39 -3% 1.65 1.24 33% |
| ROI** 14.7% 12.6% |
| ROE** 18.1% 16.1% |
| Capital expenditure 50.5 49.8 1% 146.9 127.0 16% |
| Free cash flow 53.0 54.1 -2% 91.2 64.6 41% |
| |
| Including discontinued operations |
| EPS**, EUR 0.38 0.35 9% 1.65 1.28 29% |
| EPS, reported, EUR 0.38 0.40 -5% 1.42 1.33 7% |
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* Excluding non-recurring items (NRI) of EUR -22.6 million in FY 2015.
** Excluding NRI of EUR -23.9 million in FY 2015 and EUR 5.1 million in Q4
2014 and FY 2014.

Unless otherwise stated, all figures presented in this report, including
corresponding periods in 2014, cover continuing operations only. Continuing
operations include the Foodservice Europe-Asia-Oceania, North America,
Flexible Packaging and Molded Fiber business segments. Discontinued
operations for 2014 and 2015 include the Films business segment, which was
sold at the end of December 2014. Unless otherwise stated, all comparisons in
this report are compared to the corresponding period in 2014. ROI, ROE and
RONA figures presented in this report are calculated on a 12-month rolling
basis.
Jukka Moisio, CEO:

"Huhtamäki had another strong year in 2015 and we are pleased with the solid
improvement in our profitability that yielded an all-time high EBIT, EBIT
margin and EPS. North America business segment had excellent improvement with
good organic net sales growth and strong profitability improvement. Flexible
Packaging business segment made good progress, both organically and by
integrating Positive Packaging into Huhtamaki. Both segments took actions to
improve their margins and it was rewarding to see those actions succeed.

The comparable net sales growth was 4% during the year and uneven across
geographies reflecting increasing economic uncertainty. Mostly this was
visible in emerging markets, where our comparable growth was 6% compared to
10% in 2014. Growth was subdued in large markets like China and India, while
our sales in constant currencies developed well in Russia, South America,
Southeast Asia and in certain parts of Africa. Prices for plastic resins
declined during the year and resulted in lower selling prices, which also had
an impact on our comparable growth for 2015.

Despite high organic growth investments our free cash flow grew by EUR 26
million (41%) to EUR 91 million. This together with our ROI excluding NRI at
14.7% and ROE excluding NRI at 18.1% complements our good achievements for
2015. We're well on our way towards our mid-term ambitions communicated in
March 2015.

2016 has begun with high volatility and uncertainty in the markets. We remain
optimistic on the long term growth opportunities in food packaging and will
continue to invest in our three businesses - foodservice packaging, flexible
packaging and molded fiber packaging. We will utilize our presence in growth
markets to dedicate our capital allocation to the best opportunities. The
growth actions will be complemented by prudent housekeeping and continued
focus on improving our performance."

Financial review Q4 2015
The Group's comparable net sales growth was 4% during the quarter. Growth was
strongest in the Foodservice Europe-Asia-Oceania business segment followed by
the Molded Fiber and North America business segments. Growth was slightly
negative in the Flexible Packaging business segment mainly due to the impact
of lower raw material prices on selling prices. Comparable growth in emerging
markets continued at the same level as in the previous quarter and was 7%.
Growth continued to be strongest in Eastern Europe and South America, while
net sales development was soft in India and China. The Group's net sales grew
to EUR 691 million (EUR 581 million). Positive Packaging contributed EUR 54
million on the Group's net sales. Foreign currency translation impact on the
Group's net sales was EUR 34 million compared to the 2014 exchange rates.
Majority of the currency impact came from the strengthening of the US dollar
versus euro, while many of the other currencies weakened against euro.

Net sales by business segment

----------------------------------------------------------------------------------
| EUR million Q4 2015 Q4 2014 Change Of Group in Q4 2015 |
| Foodservice Europe-Asia-Oceania 168.7 155.6 8% 24% |
| North America 244.2 205.7 19% 35% |
| Flexible Packaging 214.5 159.8 34% 31% |
| Molded Fiber 66.5 63.2 5% 10% |
| Elimination of internal sales -3.4 -3.8 |
| Group 690.5 580.5 19% |
----------------------------------------------------------------------------------
Comparable growth by business segment

-----------------------------------------------------------------------
| Q4 2015 Q3 2015 Q2 2015 Q1 2015 |
| Foodservice Europe-Asia-Oceania 8% 6% 2% 3% |
| North America 5% 7% -2% 7% |
| Flexible Packaging -1% 5% 4% 5% |
| Molded Fiber 6% 5% 5% 5% |
| Group 4% 6% 1% 5% |
-----------------------------------------------------------------------
The Group's earnings grew driven by the robust earnings improvement in the
North America business segment. Earnings growth was further supported by good
development in the Flexible Packaging business segment with a positive
earnings contribution from Positive Packaging. Earnings development in the
Foodservice Europe-Asia-Oceania and Molded Fiber business segments was
negative. The impact of Other activities in the Group's earnings was
primarily due to expenses related to the Group's long-term incentive plans.
The Group's earnings before interest and taxes (EBIT) were EUR 56 million
(EUR 45 million). Positive foreign currency translation impact on Group's
EBIT was EUR 3 million.
EBIT by business segment

----------------------------------------------------------------------------------
| EUR million Q4 2015 Q4 2014 Change Of Group in Q4 2015 |
| Foodservice Europe-Asia-Oceania 10.3 13.0 -21% 17% |
| North America 23.2 8.6 170% 39% |
| Flexible Packaging 18.3 12.4 48% 31% |
| Molded Fiber 8.0 10.0 -20% 13% |
| Other acitivities -4.1 1.3 |
| Group 55.7 45.3 23% |
----------------------------------------------------------------------------------
Net financial expenses were EUR 7 million (EUR 8 million). Tax expense was EUR
8 million (EUR 4 million positive).

Profit for the quarter was EUR 40 million (EUR 42 million). Earnings per share
(EPS) were EUR 0.38 (EUR 0.39 and EUR 0.40 including discontinued
operations).

Financial review FY 2015
The Group's comparable net sales growth was 4% during the year. All business
segments contributed relatively evenly to the net sales growth. Comparable
growth in emerging markets was 6%, driven by good development in Eastern
Europe, Southeast Asia and South America. Net sales development was
relatively flat in India and negative in China. The Group's net sales grew to
EUR 2,726 million (EUR 2,236 million). Positive Packaging contributed EUR 203
million on the Group's net sales. Foreign currency translation impact on the
Group's net sales was EUR 194 million compared to the 2014 exchange rates.
The foreign currency translation impact weakened towards the end of the year.
The majority of the currency impact came from the strengthening of the US
dollar versus euro.
Net sales by business segment

----------------------------------------------------------------------------------
| EUR million FY 2015 FY 2014 Change Of Group in FY 2015 |
| Foodservice Europe-Asia-Oceania 667.5 620.4 8% 24% |
| North America 947.7 769.4 23% 35% |
| Flexible Packaging 868.9 618.0 41% 32% ...

Författare WKR

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