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Preliminary Annual Accounts / Fourth Quarter Report 2009

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"

"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

47m.

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

[HUG#1377906]

4Q Quarter Report 2009 : http://hugin.info/121/R/1377906/338577.pdf

4Q Presentation 2009: http://hugin.info/121/R/1377906/338578.pdf

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