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2016-02-26

Scandi Standard: Fourth quarter and year-end report 2015

26 February 2016

Fourth quarter

· Net sales increased by 10 percent to MSEK 1,376.0 (1,252.0), and
by 12 percent at constant exchange rates, with strong growth in
Sweden and Norway and a decline in Denmark.

· Adjusted*operating income decreased to MSEK 68.1 (79.6),
corresponding to an adjusted operating margin of 5.0 (6.4) percent,
due to the consolidation of the newly acquired Finnish operation
which reported a loss of MSEK -11.7.

· Income for the period declined to MSEK 28.1 (42.9), including
non-comparable items of MSEK -15.9 (-5.2), and earnings per share
were SEK 0.47 (0.71).

· Adjusted* operating cash flow amounted to MSEK 39.4 (64.5).
Full year 2015

· Net sales increased by 3 percent to MSEK 5,422.9 (5,267.2), and by
3 percent at constant exchange rates, with higher net sales in Sweden
and Denmark more than offsetting lower net sales in Norway.

· Adjusted* operating income decreased to MSEK 291.5 (301.0),
corresponding to an adjusted operating margin of 5.4 (5.7) percent.

· Income for the period increased to MSEK 163.9 (56.1), including
non-comparable items of MSEK -24.8 (-89.0), and earnings per share
were SEK 2.73 (1.02).

· Adjusted* operating cash flow decreased to MSEK 324.1 (438.1)
MSEK, negatively affected by higher capital expenditure and an
increase in inventories compared to last year.

· The Board of Directors proposes a dividend for 2015 of SEK 1.80
(1.30) per share.

+-------------------------------+-------+-------+------+-------+-------+------+
|MSEK |Q4 2015|Q4 2014|Change| 2015| 2014|Change|
+-------------------------------+-------+-------+------+-------+-------+------+
|Net sales |1,376.0|1,252.0| 10%|5,422.9|5,267.2| 3%|
+-------------------------------+-------+-------+------+-------+-------+------+
|Operating income | 47.6| 73.5| -35%| 259.5| 238.5| 9%|
+-------------------------------+-------+-------+------+-------+-------+------+
|Income for the period | 28.1| 42.9| -35%| 163.9| 56.1| 192%|
+-------------------------------+-------+-------+------+-------+-------+------+
|EPS | 0.47| 0.71| -34%| 2.73| 1.02| 168%|
+-------------------------------+-------+-------+------+-------+-------+------+
|Adjusted* EBITDA | 112.8| 118.8| -5%| 477.4| 470.2| 2%|
+-------------------------------+-------+-------+------+-------+-------+------+
|Adjusted* operating income | 68.1| 79.6| -14%| 291.5| 301.0| -3%|
+-------------------------------+-------+-------+------+-------+-------+------+
|Adjusted* operating margin | 5.0%| 6.4%| | 5.4%| 5.7%| |
+-------------------------------+-------+-------+------+-------+-------+------+
|Adjusted* income for the period| 44.0| 48.1| -9%| 188.7| 145.1| 30%|
+-------------------------------+-------+-------+------+-------+-------+------+
|Adjusted* EPS, SEK | 0.74| 0.80| -8%| 3.15| 2.63| 20%|
+-------------------------------+-------+-------+------+-------+-------+------+
|Adjusted* operating cash flow | 39.4| 64.5| -39%| 324.1| 438.1| -26%|
+-------------------------------+-------+-------+------+-------+-------+------+

*) Adjusted for non-comparable items in Q4 2015 of MSEK -20.5 (-6.1)
in EBITDA and operating income and MSEK -15.9 (-5.2) in income for
the period, and for the full year 2015 of MSEK -32.0 (-62.5) in
EBITDA and operating income and MSEK -24.8 (-89.0) in income for the
period. See page 4.

CEO Statement
We saw a substantial increase in net sales in the fourth quarter
driven by strong growth in both Sweden and Norway. Adjusted operating
income and margin declined, however, due to the consolidation of the
newly acquired Finnish operation.

The growth in net sales in Sweden was achieved on the basis of
continued strong market growth and successful product launches.
Adjusted operating income for the Swedish operation increased
substantially as a result of a higher volumes. The adjusted operating
margin was in line with last year.

Net sales in Norway have increased gradually since deliveries to Coop
under the new supply agreement started in August. It was also
gratifying to see a recovery of the Norwegian market after several
quarters of decline. Adjusted operating income and operating margin
for the Norwegian operation declined, however, due to a less
favourable product mix and stock clearance.

The price pressure in Denmark continued in the quarter both in the
local market and on exports, and net sales for the Danish operation
were lower than last year. We managed to improve both adjusted
operating income and margin through continued efficiency gains in the
supply chain.

Sales volumes in Finland were still small in the quarter. Finland is
an attractive market and we expect to be able to increase volumes
during 2016. We are also focusing on improving efficiency in the
facility.

For the full year 2015, higher net sales in Sweden and Denmark more
than compensated for a decline in Norway. The adjusted operating
margin declined to 5.4 percent from 5.7 percent in 2014, due to the
consolidation of the Finnish operation. For comparable units, the
adjusted operating margin increased to 5.8 percent. Cash flow was
strong although lower than last year due to higher capital
expenditure and an increase in inventories compared to a significant
decrease in 2014. The increase in capital expenditure relates to
investments in new processing capacity for ready to eat products.
Adjusted income for the period and adjusted earnings per share
improved, benefitting from substantially lower finance expenses. The
net debt/adjusted EBITDA ratio improved to 2.7 from 3.0 in 2014.

We made progress in a number of areas during the year. Our efforts in
product development generated an increased number of product launches
in all countries, and efficiency in production was improved. The
market position was strengthened in both Sweden and Norway. The
operation in Finland is in a start up phase and we will gradually
build our position and improve profitability. I believe the Group is
well positioned for continued profitable growth, and we will continue
to strengthen operations during 2016.

Leif Bergvall Hansen
Managing Director and CEO

Further information
For further information, please contact:

Leif Bergvall Hansen, Chief Executive Officer Tel: +45 22 10 05 44
Tobias Wastensson, Head of Group Finance Tel: +46 10 456 14 86
Patrik Linzenbold, Investor Relations Tel: +46 708 25 26 30
Financial calendar

· Annual Report: to be published on the website: week 13 2016
· Annual General Meeting: 25 April 2016.
· Interim report for the first quarter 2016: 10 May 2016.

This interim report comprises information which Scandi Standard is
required to disclose under the Securities Markets Act and/or the
Financial Instruments Trading Act. It was released for publication at
07:30 CET on 26 February 2016.

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http://news.cision.com/scandi-standard/r/fourth-quarter-and-year-end-rep...
http://mb.cision.com/Main/7156/9925249/482331.pdf

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