- Net sales in the first quarter increased to SEK 3,843 million (3,510) mainly due to increased raw material prices, partly offset by a negative currency translation impact of SEK 253 million. Volumes decreased by 4 percent due to lower commodity volumes. Speciality volumes continue to increase.
- Operating profit amounted to SEK 204 million (178), an improvement by 15 percent. At fixed exchange rates operating profit improved by 21 percent.
- Earnings per share amounted to SEK 3.38 (2.79), an improvement by 21 percent.
- Positive impact of the AAK Acceleration strategy for business area Food Ingredients.
- The business area Chocolate & Confectionery Fats showed volume growth and stable margins.
- Another strong quarter for the business area Technical Products & Feed.
- Additional rationalization program, more savings and increased focus on speciality products. The total cost for this rationalization program is estimated at approximately SEK 40 million with annual savings of approximately SEK 30 million with full impact during the second quarter 2012. The cost related to this rationalization program will be recorded during the second quarter 2011.
- “We are now going into the second quarter and we remain prudently optimistic for the quarter and for the execution of AAK Acceleration”, commented CEO Arne Frank.
The first quarter report 2011 will be presented today at 13:00 CET at a telephone conference. For participation, please see instructions at the AAK website, www.aak.com
For further information, please contact:
Arne Frank, President and CEO
Phone: + 46 40 627 83 10
Anders Byström, CFO
Phone: + 46 40 627 83 34
Fredrik Nilsson, Head of Investor Relations
Phone: + 46 40 627 83 34
Mobile: + 46 708 95 22 21
The information is that which AarhusKarlshamn AB (publ) is obliged to publish under the provisions of the Stock Exchange and Clearing Operations Act and/or the Trading in Financial Instruments Act. The information was released to the media for publication on 4 May 2011 at 11.15 CET.
AarhusKarlshamn is the world’s leading producer of high value-added speciality vegetable fats. These fats are characterized by a high technological content and are used as substitute for butter-fat and cocoa butter, transfree solutions for fillings in chocolate and confectionery products, and in the cosmetics industry. AarhusKarlshamn has production facilities in Denmark, Mexico, the Netherlands, Sweden, Great Britain, Uruguay and the US. The company is organised in three Business Areas; Chocolate and Confectionery Fats, Food Ingredients and Technical Products & Feed. Further information on AarhusKarlshamn can be found on the company’s website www.aak.com.