This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Rieber & Søn's operating profit (EBIT) in the fourth quarter totalled NOK 185m
(122m), while the figure for the year was NOK 424m (356m). EPS in the fourth
quarter stood at NOK 1.52 (0.82) and NOK 3.32 (2.46) for the year.
Sales in the fourth quarter came to NOK 1 256m (1 377m), while the figure for
the year was NOK 4 967m (4 997m). Structural effects had a negative effect on
sales, reducing the performance by 1.6% in the fourth quarter, and by 0.6% for
the year. Currency conversion effects reduced sales in the fourth quarter by
4.7% and by 0.4% for the year. Organic growth stood at -2.4% in the fourth
quarter, while the increase for the year was 0.4%.
The gross margin in the fourth quarter rose to 59.2% (57.1%) and to 56.7%
(56,0%) for the year. The Group had good cost control in the fourth quarter and
payroll and operating costs were down 8% at NOK 569m, while the figure for the
year was 1% lower at NOK 2 218m. The EBITDA margin for the fourth quarter was
13,9% (12.1%) and 12.1% (11.2%) for the year. The corresponding figures for
EBIT margin were 14.7% (8.9%) and 8.5% (7.1%), respectively.
The operating profit in the fourth quarter was positively affected by one-off
effects which contributed NOK 61m. This was the net effect of income of NOK 77m
from the sale of the Sopps brand and the marine ingredients line in Arna, and
costs of NOK 16m related to the write-down of the production plant for Anja Cake
in Poland and transaction costs for the acquisition of Gellwe which was not
approved by the Polish competition authorities. The operating profit for the
year was positively affected by one-off effects totalling NOK 32m. The Group's
core activities exclusive one-off items provided EPS of NOK 3.09 for the year,
which was 30% up on 2008.
The return on capital employed was 22.7% (14.1%) in the fourth quarters and
12.8% (10.9%) for the year.
In line with the Group's dividend policy, the Board will ask the AGM to approve
a dividend of NOK 2.00 per share. Together, this represents a 60% increase in
the dividend compared with the previous year and a dividend ratio of 60%.
"Our Future" is aimed at achieving lasting improvements in results of NOK 400m
in 2012. The extra consumption of resources of a one-time nature in order to
realise these improvements is estimated to cost NOK 125m. The programme is
progressing as planned.
In the fourth quarter, the net effect of improvements in purchasing, production
and marketing under the "Our Future" platform totalled NOK 35m and comprised
positive effects of NOK 44m in the fourth quarter and implementation costs of
NOK 9m. The accumulated total of the positive, lasting effects in the first 12
months was NOK 96m, while implementation costs in the same period came to NOK
The aim to improve Group profitability was achieved in line with the plans for
2009. Through good cost control and the implementation of efficiency programmes
which provide lasting improvements, a sound basis has been laid for further
growth in profitability.
Bergen, 27 January 2010
Board of Directors of Rieber & Søn ASA
4Q Quarter Report 2009 : http://hugin.info/121/R/1377906/338577.pdf
4Q Presentation 2009: http://hugin.info/121/R/1377906/338578.pdf