Net sales in 2023 at previous year's level, profitability significantly improved in a challenging operating environment
FINANCIAL DEVELOPMENT IN BRIEF
OCTOBER-DECEMBER 2023 , CONTINUING OPERATIONS
- The Group's net sales totalled
EUR 54.2 (55.6) million, which signified a decrease of 2.5%. -
Comparable EBITDA was
EUR 8.1 (8.5) million, which accounted for 14.9 (15.3) per cent of net sales. -
EBITDA was
EUR 6.7 * (8.3*) million, which accounted for 12.4 (15.0) per cent of net sales. -
Comparable EBIT was
EUR 5.5 (6.0) million, accounting for 10.1 (10.9) per cent of net sales. -
EBIT was
EUR 3.1 * (5.9*) million, which accounted for 5.7 (10.5) per cent of net sales. -
The Group's cash flow from continuing operations after financial items and taxes totalled
EUR 9.0 (10.8) million. -
Comparable earnings per share were
EUR 0.04 (0.03) per share. -
Earnings per share were
EUR 0.02 (0.03) per share.
*EBITDA and EBIT include
JANUARY-DECEMBER 2023 , CONTINUING OPERATIONS
- The Group's net sales totalled
EUR 219.5 (220.8) million, which signified a decrease of 0.6%. -
Comparable EBITDA was
EUR 32.8 (28.3**) million, which accounted for 15.0 (12.8) per cent of net sales. -
EBITDA was
EUR 30.3 * (27.8*) million, which accounted for 13.8 (12.6) per cent of net sales. -
Comparable EBIT was
EUR 22.7 (18.4**) million, accounting for 10.4 (8.3) per cent of net sales. -
EBIT was
EUR 19.1 * (17.9**) million, which accounted for 8.7 (8.1) per cent of net sales. -
The Group's cash flow from continuing operations after financial items and taxes totalled
EUR 37.0 (11.2) million. - The comparable return on invested capital (ROIC) was 9.2 (5.6) per cent and the return on invested capital (ROIC) was 7.9 (5.5) per cent.
-
Comparable earnings per share were
EUR 0.13 (0.08) per share. -
Earnings per share were
EUR 0.11 (0.08) per share. -
The Board of Directors' dividend proposal for the Annual General Meeting is
EUR 0.14 per share, of whichEUR 0.11 is the basic dividend in accordance with the company's dividend policy andEUR 0.03 the supplementary dividend.
EBITincludesEUR1.7millionincostsrelatedtobusinessexpansion,
**ThecomparableEBITDAandEBITforthecomparisonperiodincludeareturnof
CEO PEKKA KUUSNIEMI
Net sales in 2023 were roughly at the previous year's level, at
The sharp fall in consumer purchasing power due to high inflation and rising interest rates caused major changes in the market environment during 2023. Volumes fell and demand shifted to less expensive products; in particular, supermarkets' own-brand products grew at the expense of branded products. Raisio's focus is on innovative, healthy and responsible branded products, and the market proved surprisingly challenging for us.
As a premium-priced product with health benefits, Benecol® saw the hardest impact of inflation in its almost 30 years of success. There were large differences in demand between markets. The
The strong growth of Elovena® products has continued despite the gloomy consumption environment. Our 20 per cent growth, numerous successful launches and increased market share in the drinkable and spoonable oat product categories were truly great achievements during the year. As we have stated before, Elovena's strategy also includes international growth, and in the coming days, we are launching sales through
Unfortunately, the plant protein market has suffered the most in relative terms from the market turmoil. In the Finnish market, where Härkis® is a leading brand, the whole category has declined quite sharply. We will continue to develop our products, and our basic assumption about the future need and growth of plant proteins has not disappeared, despite the market turmoil. Business-to-business sales were also under pressure as our customers' final demand declined, but despite the pressure on prices, we were able to maintain our accounts thanks to our high-quality products and timely deliveries.
We updated the long-term objectives for the strategy period in
As a result, we announced in
I am very pleased with the results of our recent employee satisfaction survey. The response rate was very high at 91%, and the eNPS score was 40, which is an excellent score for a listed company based on the benchmark data we received. A stable, responsible employer is a desirable workplace and delivers improving business results. A sincere thank you to the employees of Raisio, which celebrates its 85th anniversary this year!
OUTLOOK 2024
Raisio provides guidance for its 2024 comparable EBIT to either remain at the same level as 2023 or slightly increase. In 2023, Raisio's comparable EBIT was
In
Board of Directors
Further information:
Pekka Kuusniemi, CEO, tel. +358 50 537 3883
The Financial Statements Bulletin has not been audited.
Webcast targeted for analysts, investors and media will be held in Finnish by CEO
Raisio's financial releases in 2024:
Raisio's Interim Report for January-March will be published on
Raisio's Half-Year Financial Report for January-June will be published on
Raisio's Interim Report for January-September will be published on
At Raisio, we make food from the heart, with the aim of bringing health to ourselves and the Earth. We keep creating better plant-based and heart-healthy products so that eating healthily and within the Earth's ecological capacity can be a pleasure. Our strong brands, such as Benecol®, Härkis® and Elovena®, turn our ambitions into reality. Through our responsibility work, we make the hard choices for consumers, so that they can choose Raisio products with confidence. We have around 350 healthy food colleagues in seven countries and export to more than 40 markets around the world. Raisio's shares are listed on
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