Apetit PLC: announces H1-2022 financial results

Helsinki / FI. (apg) The net sales of Apetit Group’s continuing operations increased significantly in Q2-2022 respective H1-2022, but profitability was lower than in the comparison period, Finland’s Apetit Group announced in its H1-2022 statement. In Food Solutions, the main challenge from profitability’s perspective was inflation that affects production inputs. In Oilseed Products, significantly increased raw material and logistics costs reduced profitability. However, demand for products in both businesses remained high.

April to June 2022, continuing operations*)

  • In continuing operations, comparable net sales increased by 40 per cent to EUR 47.3 (33.8) million. Ebitda was EUR 0.4 (1.7) million. Operating profit was EUR -1.0 (0.4) million. The sharp increase in the prices of production inputs could not be fully transferred to sales prices.
  • The net sales of Food Solutions were EUR 14.7 (14.0) million and operating profit EUR -0.4 (-0.1) million. Net sales increased especially in the food service channel.
  • The net sales of Oilseed Products were EUR 32.8 (19.9) million and operating profit EUR -0.2 (0.9) million. Net sales were boosted by the significantly increased sales prices due to the higher price of the oilseed raw material.

January to June 2022, continuing operations*)

  • In continuing operations, comparable net sales increased by 27 per cent to EUR 89.9 (70.9) million. Ebitda was EUR 1.5 (5.4) million. Operating profit was EUR -1.2 (2.8) million.
  • The net sales of Food Solutions were EUR 31.9 (30.7) million and operating profit EUR 0.7 (1.5) million.
  • The net sales of Oilseed Products were EUR 58.2 (40.4) million and operating profit EUR -0.8 (2.2) million. Sales volumes remained on a par with the comparison period.

April to June 2022, Group, incl. discontinued operations**)

  • Net sales decreased by -5 per cent to EUR 64.9 (68.7) million. Ebitda was EUR 2.8 (0.3) million. Operating profit was EUR 1.2 (-1.2) million.
  • The net sales of Grain Trade were EUR 21.9 (40.3) million and operating profit EUR 2.2 (-1.6) million.

January–June 2022, Group, incl. discontinued operations**)

  • Net sales increased by 2 per cent to EUR 139.7 (136.4) million. Ebitda was EUR 4.6 (2.8) million. Operating profit was EUR 1.4 (-0.3) million.
  • The net sales of Grain Trade were EUR 64.0 (76.2) million and operating profit EUR 2.6 (-3.1) million.

*) Apetit’s continuing operations are Food Solutions and Oilseed Products. In addition, Apetit reports Group Functions, consisting of the expenses related to Group management, strategic projects and listing on the stock exchange, that are not allocated to the business segments.

**) Grain Trade is reported as a discontinued operation starting from the Q1/2022 Business Review. The divestment of the Estonian grain trade business to Scandagra was completed on 10 March 2022, and the divestment of the Lithuanian business was completed on 31 March 2022. The divestment of the Finnish operations of the Grain Trade business to Berner Ltd was completed on 31 May 2022.

The information in this report is unaudited. The figures in brackets refer to the corresponding period in 2021, and the comparison period means the corresponding period in the previous year, unless otherwise stated.

For additional information please read the company’s PDF file below (337 KB):

20220820-APETIT-H1-2022
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