Raisio plc

Oikein hyvää päivää täältä Raisiosta ja tervetuloa kuulemaan niihin koko vuoden 2022 tuloksista, kuin myös sitten vielä tarkemmin neljännen vuosineljänneksen tilanteesta. Uutena aikaisempiin webcasteihin liittyen, niistä poiketen, niin meillä on myöskin mahdollisuus meille esittää kysymyksiä tässä presentaation aikana. It is now time to answer the questions after the presentation. I encourage you to send your questions immediately, as they are timely. We will try to answer them after the presentation. When we look at the last year as a whole, saavutimme liikevaihdon kasvua kaikilla markkina-alueilla, ja kannattavuudessa vuoden aikana vahva elpyminen. Mutta tällä kuvalla haluan itse asiassa kuvata sitä hyvin poikkeuksellista vuotta, joka Raision kohdalle osui. Voitan jo varmaan sanoa, että yhtiön 84-vuotisessa historiassa ei välttämättä näin dramaattisia muutoksia ulkoisessa toimintaympäristössä ole aiemmin tapahtunut. but with good cooperation, we were able to cope with it. In January 2022, we saw that the Covid-19 pandemic was starting to worsen, or at least the restrictions were starting to worsen, and we were able to return to normal, to normal practices in business as well. But unfortunately, At the end of February, both the European and, of course, the global world order, which changed when Russia brutally attacked Ukraine, and its effects on Russia were great. We decided to stop all Russian-related business without delay, right at the beginning of March, and we also started to a structural system, where we handed over Venäjä's sales company at the beginning of October and decided to sell Raisio Aqua. Then the sales activities of the business were launched at the turn of October-September. The price rise of grain-based products was completely exceptional. We saw two and a half times the price of the purchase compared to the average price over a long period of time. Of course, it had a significant impact on the first quarter and the second quarter. But we made price increases in the fastest possible time frame, and profitability began to improve from the beginning of the summer. When we talk about the fact that the company is about to lose more than 20% of its revenue, it is clear that the structure of the company and the way it operates must be examined very critically. At the beginning of August, we launched a strategy to speed up the implementation of a very comprehensive change program. To start this program, As a result of the planning, we increased the economic goals of the strategy period from the beginning of 2022 to 2025. All in all, it was a very challenging year, in which the results were clearly at a more normal level towards the end. The question mark in the right-hand side of the slide means that this very unstable situation continues with many different levels, but we are in a strong position and our funding position and our clear strategy are in good position to respond to this difficult situation as well. As of this year, the turnover and return are visible here, about 10% increase in the turnover, about 221 million euros. The turnover, comparatively speaking, decreased due to the actions. In the end, however, only fairly. Of course, we cannot be completely satisfied with the number, but the conditions of the first year and a half, as I mentioned earlier, were completely different. The sales of Elovena products in Finland and the B2B business have grown tremendously in comparison to the past. At the same time, the purchase prices of raw materials have not only increased dramatically, but all other purchase, transportation and raw material costs have also increased without forgetting energy. They have increased profitability during the first half of the year. But as has been stated, Tämä saatiin nopeasti käännettyä positiiviseksi suunnaksi ja näin sitten koko vuoden osalta pystytään kuitenkin säällisiä lukuja raportoimaan. Samalla on huomattava se, että panostukset myyntiin ja markkinointiin kasvoivat yli kolmella miljoonalla eurolla verrattuna vuoteen 2021. Tässä raaka-ainehinnoissa or the dramatic change in the monetary flow, which is understandable, since the two and a half times the price change is seen in a very short period of time, so there is more use of the stock at that time, but at the same time it is noticeable that during the last quarter the monetary flow was already better by comparison, being over 10 million euros positive. By the way, I already mentioned our strong balance and support position. They are, of course, an extraordinary backbone when the strategy is implemented further in these especially turbulent conditions. The fourth year of the fourth year clearly tells us how the profitability was restored. Se oli yli 22 % parempi kuin vuoden 2021, vuosi neljännes. Liikevaihto kasvoi maltillisesti. Siinä oikeastaan kaksi pääsyytä. Toinen hienoinen volyymilasku. Korjaan B2C-puolella. B2B-puolella varovaisuutta, erityisesti Grain Trade-puolella. Koska viljahinnat muuttuivat niin voimakkaasti tämän jakson aikana. Kaiken kaikkiaan tietysti koko elintarvikemarkkinassa on nähty kysynnänlaskua meidän osalta. Onneksi voidaan todeta, että se lasku, jonka näimme neljännellä neljänneksellä, on selkeästi tasoittunut, ja emme usko sen edelleen jatkuvan. Näkymistä olemme nyt tänään aamulla julkaissat seuraavan lausuman, eli odotamme vertailukelpoisen liikevoiton ja liikevaihdon kasvavan edellisestä vuodesta. Viittaan myöskin siihen, että olemme joulukuussa päivittäneet pitkän aikavälin tavoitteet. Meillä on varsin kunnianhemoset tavoitteet aina vuoteen 2025 saakka, jotka omalta osaltaan sitten tietenkin viitoittavat myöskin vuotta 2023-2024 eteenpäin. Voitojako-ehdotus on Antelias, eli hallituksen osinkoehdotus yhtiökokoukselle, on 14 eurosenttiä per osake, jossa on osinkopolitiikan mukaista perusosinkoa kahdeksan ja peräti kuusi eurosenttiä lisäosinkoa. Huomattavaa on myöskin se, että tavoitteemme moitoniajolle strategiakaudella 2022-2025, which we already mentioned in the summer of 2021, is that with a strong level and also with our cash flow, we have the opportunity to pay stockholders during this strategy period, where we clearly have large deposits in growth and thereby, especially at the beginning of the strategy period, get used to slightly lower Yhtiön tavoitteena on pitää vuotuinen kokonaisosinko tasaisena läpi strategiakauden. On tietenkin huomattavaa, että jokaisen tilikauden jälkeinen osinko on aina yhtiökokouksen päätös. Näin. Sitten lyhyesti meidän kahteen liiketoimintasegmenttiin, eli terveelliset elintarvikkeet ensin. Siellä nähdään oikeastaan There were two major changes. One is that the Central and Eastern European part of this segment's sales reduced Russia's departure. At the same time, the sales of Western and Northern Europe were very successful almost throughout the year, both in Western and Northern Europe. The trade has developed significantly. In Western Europe, the last quarter of the year, the market for Great Britain was a bit weaker. But at the same time, it didn't affect the neighbouring island of Ireland. They made very good sales there throughout Q4. And because of that, the trade didn't... has changed from the previous year, and so has the turnover. We were able to maintain the same high level of 13%. The sales growth of the fourth line of Elowena products continued to be very positive. The Venecol brand is clearly a premium-priced product. In this inflationary situation, it may be that some consumers consider but we have seen that even if the volumes drop significantly, we can maintain the profitability thanks to the increase in prices. I would like to say about the protein market that there has clearly been a slower stage of the growth cycle, i.e. the category has not increased at all during the year 2022, We are working hard to get to the growth stage. As we all know, inflation has really affected the purchasing power of consumers. All consumer markets are, of course, a little bit ahead of where this combination of consumer purchasing power and consumer consumption habits will eventually lead. In terms of health, the biggest change was, of course, that the Calardews, which previously represented a very large part of the trade, were listed for sale in the fall-summer exchange as a business activity and are reported to be terminated, and I have not been involved in these previously discussed numbers for this reason, so we are really at the beginning of the summer, and we are still working towards the implementation of divestment. All in all, it is to be said that in these difficult circumstances, Rai-Sivakva has succeeded for a year, and that, of course, encourages the new owner to continue the business from here. Järjestelyt ovat kesken. Siellä nähtiin liikevaihdon kasvu noin yhdeksän prosenttia. Samalla liiketuloskohde enemmän kuin tuo. Noin 12,5 prosenttia ollen 60,9 prosenttia liikevaihdosta. Siellä vuoden 2021 erittäin heikkolaatuinen sato oli kiusanamme loppukesästä alkusyksystä, mutta sitten uuden sadon tultua the production performance and efficiency improved significantly. The supply and quality have been good, even though the price is still turbulent. All of this happened during the year 2022 only to strengthen We believe that we are strategically positioned correctly and we are making a healthy growth strategy, as we have already said in 2021. Now, perhaps, the structure of the company in terms of continuous business operations is clearer and easier to understand from the investor's point of view. The winds of growth are there regardless of inflationary developments or other benefits that have brought this short-term shift to the market. Indeed, in December, we increased our economic goals to the extent that the average annual growth in the strategic focus areas has been determined to be 11% and 9% in terms of the total revenue. At the same time, we defined our profitability target. It was more than 10% earlier. Now we wanted to define it more clearly. It is now more than 13% of the company's turnover in 2025. On the right side, you can see the result we achieved in 2022. The turnover growth of 7.5% and everything else. or at least two other areas, were developed in a positive way, especially all crop-based producers, and Benecol was at the same level as the previous year due to the slowed demand at the end of the year. So, we have a very strong confidence in how we will move forward in this period, Meitä ohjaaraisia on tarkoitus ruokaa suurella sydämellä, terveyttä meille ja maapallolle. Siitä johdettu megatrendeihin vahvasti nojaava strategia, jota tukee meidän pitkäjänteisesti toteutetut investoinnit ja todellakin vahva tekemisen meininki. Kiitoksia. Nyt on aika mahdollisille kysymyksille, joita siellä näyttääkin olevan. Tässä vaiheessa yksi. is the following. Does cost development still cause pressure to increase prices by 2023? This is a complex question. We can see that the price of raw materials, especially grain, has stopped. But on the other hand, for example, wage inflation in the food industry is still unclear what it will be. In any case, it will affect the price increase or pricing in the picture, so that at least for the selected products, where we see the need for an increase, we will come to find out. And it has already been done. Then there is the second question. At what stage do you believe that operations will be boosted in terms of cost savings? It can be seen already this year, during the year 2023, that we have determined quite large amounts of euros are generated from the acceleration of operations during this strategic period, and we are working very intensively on them. We can already see these savings in 2023. Now it seems that Meillä rupeaa aika loppumaan ja on aika kiittää katsojia tämän esityksen seuraamisesta ja toivottaa oikein hyvää kohta alkavaa kevättä ja hyvää menestystä myöskin sijoituspäätöksiin. Kiitos.