Bergen / NO. (rs) Norwegian Rieber + Son ASA recorded operating profits (Ebit) of 98 million NOK (127 million NOK) in the third quarter. EPS in the same period stood at 0,80 NOK (1,02 NOK), while the accumulated figure for the first nine months of the year was 0,99 NOK (1,54 NOK). The profit includes one-off costs of minus one million NOK related to organisational changes (minus five million NOK), costs of ten million NOK in connection with the Orkla process and an adjustment of the earn-out component of the acquisition of Lierne Bakeri (plus 14 million NOK). Sales in the third quarter came to 1’033 million NOK (1’077 million NOK), a decline of 4,1 percent, while organic growth was 2,2 percent down on last year´s third quarter. Sales were marginally affected by structural effects, but fell by 2,0 percent due to currency conversion effects. The gross margin in the third quarter was 58,3 percent (59,1) while the Ebitda margin was 14,2 percent (16,2) and the Ebit margin was 9,5 percent (11,8). Because of lower earnings, the return on capital employed (ROCE) was reduced and stood at 14,0 percent (17,4) for the third quarter.
The Rieber family have agreed to sell their shareholding to Orkla
The Rieber family has in the third quarter entered into an agreement with Orkla ASA to sell its shares in Rieber + Søn ASA. The agreement encompasses 90,11 percent of the shares in Rieber + Søn ASA for a price of 66,58 NOK per share. This values the company (on a debt-free basis) at 6,1 billion NOK (based on Rieber + Søn´s balance sheet as of 30 June 2012). The agreement has been entered into with the companies AS Atlantis Vest, AS Zee Ploeg and AS Flu. The selling companies are owned by representatives of the Rieber family.
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