AarhusKarlshamn: AAK Interim Report Q3/2011

Malmo / SE. (aak) Net sales in the third quarter 2011 increased to 4’462 million SEK (3’774), mainly due to increased raw material prices and a better product mix, partly offset by a negative currency translation impact of 246 million SEK – Swedish AarhusKarlshamn AB (AAK) said in a press release. Volume increased by five percent due to increases in speciality volumes, including the impact of the Golden Foods/Golden Brands acquisition (225 million SEK in net sales); commodity volumes were down, mainly as earlier predicted in the United Kingdom.

Operating profit amounted to 246 million SEK (231), an improvement of six percent. At fixed exchange rates operating profit improved by 13 percent. Before acquisition related costs of seven million SEK, operating profit amounted to 253 million SEK, an improvement of ten percent. Earnings per share amounted to 3,48 SEK (3,73), a decrease of seven percent, due substantially to the impact of revaluing interest rate swap contracts arranged to fix forward interest rates.

First nine months 2011

Net sales in the first nine months increased to 12’212 million SEK (10’878) mainly, due to increased raw material prices and a better product mix; offset by a negative currency translation impact of 845 million SEK. Volume overall decreased by two percent due to lower commodity volumes, mainly in the UK. Speciality volumes continued to increase. Operating profit, excluding non-recurring items of three million SEK, amounted to 646 million SEK (573), an improvement of 13 percent. At fixed exchange rates operating profit improved by 21 percent. Before acquisition related costs of seven million SEK, operating profit amounted to 653 million SEK, an improvement of 14 percent. Earnings per share amounted to 9,90 SEK (9,17), an improvement of eight percent.