AAK: Record high second quarter results

Malmo / SE. (aak) Swedish AarhusKarlshamn AB (AAK) announced record high second quarter results, the company said in a news release. Operating profit reached a record high 244 million SEK (218), an improvement of twelve percent compared to the corresponding quarter in 2012. At fixed exchange rates the improvement was 15 percent. Volumes increased by seven percent. For comparable units, total organic growth, mainly driven by Food Ingredients, was one percent. Food Ingredients reached a record high operating profit of 184 million SEK (156), an improvement of 18 percent. At fixed exchange rates the improvement was 21 percent. Chocolate + Confectionery Fats – remained stable at 65 million SEK (65) as expected. At fixed exchange rates the improvement was three percent. Technical Products + Feed improved operating profit by 15 percent and reported 23 million SEK (20). Earnings per share increased by 19 percent, from 3,14 SEK to 3,74 SEK. Very strong operational cash flow of 576 million SEK (351). Continued strong evolution of return on capital employed (ROCE), calculated on a rolling twelve month basis was 15,2 percent compared to 14,2 percent at year-end and 13,2 percent at the corresponding quarter last year. «Based on AAK´s customer value propositions for health and reduced costs, our customer product co-development and solutions approach and the AAK Acceleration program, we continue to remain prudently optimistic for the future. The main drivers are expected to be the strong Food Ingredients business and the expected recovery in the second half of 2013 for Chocolate + Confectionary Fats», said Arne Frank, CEO and President.