Apetit (APETIT) Q2 2024 earnings summary

Executive summary

• Net sales for January–June 2024 were EUR 79.2 million, down 15% year-over-year, mainly due to lower oilseed product prices and seasonal volume fluctuations.

• Operating result improved to EUR 3.3 million, up 22% from the previous year.

• EBITDA rose to EUR 6.5 million from EUR 5.5 million year-over-year.

• Profit guidance for 2024 remains unchanged, with Group operating profit expected to match 2023 (EUR 7.5 million); Food Solutions to improve, Oilseed Products to decline.

• Investments focused on a new bottling line at Kantvik and ERP system implementation; product launches in vegetable oils continued.

Financial highlights

• April–June 2024 net sales were EUR 37.0 million, down 18% year-over-year; operating result for the quarter was EUR -0.1 million, compared to EUR 0.7 million last year.

• Group's total equity at June 30, 2024: EUR 100.5 million; net debt: EUR -6.3 million.

• Earnings per share for the half-year: EUR 0.32, down from EUR 0.45 year-over-year.

• Cash flow from operating activities: EUR 6.8 million (vs. 7.7 million last year).

• Equity ratio at 82.5% (down from 85.8% year-over-year); gearing at -6.2% (vs. -15.2% last year).

Outlook and guidance

• 2024 operating profit expected at 2023 level (EUR 7.5 million); Food Solutions to improve, Oilseed Products to decline due to market prices.

• Harvest outlook for root, field, and oilseed vegetables is moderately good to average, with some risks from weather for autumn.