AAK Interim Report

Food Ingredients improved operating profit by 22 percent, despite the very tough economic conditions.

11 Aug 2009 AAK presents the second quarter interin report for 2009

The company has recorded additional preliminary insurance compensation of SEK 70 million, which is not included in the operating profit of SEK 146 million. This insurance compensation relates to business interruption in both 2008 and 2009.

Net sales at SEK 4,045 million (4,067).
Operating profit at SEK 146 million (171).

Earnings per share was SEK 2.05 (1.61). Including the IAS 39 adjustment and non-recurring items, earnings per share was SEK 7.26 (2.03).
Cash flow from operating activities before investments amounted to SEK 636 million (15).

The Group CEO comments “Strong cash flow in the second quarter materialised as expected and has further strengthened the balance sheet.

Food Ingredients improved operating profit by 22 percent, despite the very tough economic conditions.

Chocolate & Confectionery Fats continued to be negatively affected by the recession. Additional preliminary insurance compensation of SEK 70 million has been received.

The ongoing rationalisation has provided new opportunities for an additional SEK 200 million in annualised savings by late 2011, which will be achieved without any additional non recurring costs”, says Group CEO Jerker Hartwall in his comments to the report.