HKScan Sees Sales Rise09 November 2012
FINLAND - Finnish based meat processor HKScan has seen group net sales in January-September 2012 reach €1,873.3 million compared to €1,841.4 million for the corresponding period in 2011, a groeth of two per cent.
Group EBIT came to €19.9 million compared to €22.1 million in 2011 and was 1.1 per cent of net sales compared to 1.2 per cent in the previous year.
The EBIT shortfall compared to the corresponding period in 2011 relates to losses during the first six months in the Swedish business.
In Denmark the fire at the Vinderup plant in early June slowed sales and good business development.
The businesses in Finland, Baltics and Poland recorded positive progress and they improved their performance compared to the previous year.
Group cash flow before debt service was €26.1 million compared to € 9.6 million in 2011 and group net financial expenses stood at minus €24.4 million compared to minus €21.9 million in 2011, based mainly on higher loan margins.
HKScan maintains the outlook for 2012, which stated that due to the weak development of business in Sweden there is a risk that the Group’s EBIT will come out below the level of 2011.
However, including the estimated non-recurring income of fire insurance compensation is very likely to improve the reported EBIT compared to 2011.
TheMeatSite News Desk